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We've been watching the stock market correction crash that I've been predicting is coming now for a while.
As recently as last week or the week before, I was saying I don't give economic advice.
I don't that's not my area of expertise.
However, I said I can see it coming.
That's my opinion.
I'd rather be about wealth preservation than about, you know, oh, the possibility of a 30-40% gain or whatever.
I just uh it's all nice and good on paper, but you know, look what's happening.
The Japanese stock market plunged 12%.
They had the worst day since the 1987 Black Monday crash for Wall Street.
All of this, you know, what's happening to U.S. stocks, and we saw it this morning when futures came out, you know, is all part of a global market sell-off centered around what is clear U.S. recession fears in light of last week's horrific economic reports, including Friday's disappointing jobs reports.
You know, this is going to be followed up by more Biden inflation, I'm sure when the latest CPI number c comes out.
And when we start getting earnings reports from these corporations, uh, I wouldn't expect that you're gonna see massive economic growth.
And in every area right now, things are not going well.
But after the jobs report came out on Friday, the White House economic advisor, Jared Bernstein, went out there and said, Oh, I don't see any recessionary signals.
Listen.
Are you not worried about increased odds of a recession or a hard landing after we've seen this move higher in the unemployment rate?
Well, I'm kind of paid to worry about everything, so uh are you not worried?
Questions uh tend not to uh worry.
Are the chances increasing?
I think the way to think about that is to look at the broader set of economic indicators.
Again, some of what you were just talking about uh with the former guest, and we're certainly seeing cooling, but uh I I don't see recessionary signals coming from some of the most important indicators out there.
I mean, obviously, GDP came in well above trend in Q2.
And if you get under the hood there and look at consumer spending and investment, actually, if you add those two together, you get a better predictor of where GDP is heading than GDP itself, and they've been very solid.
Now, we have pointed that out to you.
Then if you look at other comments after Friday's jobs report, the acting labor secretary, Julie Sue, uh her reaction to the jobs report.
Oh, we're definitely not in a recession.
Definitely not.
Listen.
The acting labor secretary tells me she's not worried.
43% has triggered the SAM rule, so are we in a recession?
We're definitely not in a recession, and I think usually that rule is meant to predict uh a recession.
But keep in mind, everything about this economic recovery has defied expectations.
And so the Somme rule has never been applied in a situation in which the unemployment rate has been so low.
Now, just remember the same people that have lied about Joe's cognitive state and covered it up, lied about uh the border being closed and the border being secure.
They have been lying about the economy, and every American feels it.
The Biden administration, how often did they tell you inflation was transitory?
Listen.
Some folks have raised worries that this could be a sign of persistent inflation.
But that's not our view.
Over time, as the economy was turning back on, we'd see some of these transitory effects.
That's what we that's what's been predicted.
I'm not saying that this is a one-month phenomenon, but I think over the medium term we'll see inflation decline back to a normal levels.
All of the economists uh that the president has been relying on suggests that there is a transitory nature nature to the inflation.
These one-time increases in prices are likely to have only transitory effects on inflation.
Economists call all these things transitory effects.
Their expectation is that these inflation uh rises will be transitory, that they will come back down next year, and that one of the best things we can do is pass his agenda.
Was it wrong to consider inflation transitory?
I mean, these price spikes seem like they're going to be with us for a while.
We have to address the fact that we got to deal with the fact that folks are paying paying for gas, paying for groceries, and our are need solutions to it.
Now, they've been saying that and saying that and saying that just the last five months in a row, we have averaged a 3.4% increase in GDP, uh, which you know, in inflation was non-existent when they came into office, and it is over 20 plus percent under Biden and and Kamala Harris.
And then the resulting Fed policy has been crushing the the home building business.
Uh you feel it every day.
Twenty-five percent of Americans recently said they had to forego meals because of Biden Harris policies.
Nearly two-thirds of the country living paycheck to paycheck.
They're literally gasping for air.
Under Donald Trump, we never once, as a country average gasoline at at anywhere near three dollars a gallon.
We became energy independent for the first time in 75 years.
Uh they keep citing jobs.
Well, we're learning that most of the new jobs, if you want to even count them, or either part-time are going to illegal immigrants, and that they have been lying about almost a million jobs created that were never created, and they still want the Green New Deal.
I mean, Kamala Harris, I'll play it again at the bottom of the hour, but Kamala Harris has been out there saying over and over again she would she would use the filibuster to pass the Green New Deal.
That's trillions of dollars in free money that we don't have.
You know, she defends AOC and her radicalism and even a 70 to 80 percent tax rate.
She supports raising taxes on pretty much everything, and and has even gone as far to say that she wants to tax the rich, raise the estate tax.
At some point, there's only so much raise taxes for corporations, corporations don't pay taxes.
Anyways, Steve Moore is back with us.
Uh, you know, here we're watching the potential of war break out all over the Middle East, and we got Steve Moore, co-author of Trumponomics inside the America First plan to revive our economy, and he has just come out with a study called Great Again, the Trump Boom versus the Bidenomics bust.
How do you read what's happening here?
Well, a couple of things, Sean.
Thanks for having me on.
And you know, you and I have been in this game a long time.
I go back, I think as you do to the the Reagan years.
And so I've seen all these Democratic candidates for president, everybody from Michael Dukis to Walter Mondale, you know, to John Kerry.
And I've got to tell you, I mean, Kamala, I think she's to the left of all of them, even Dukakis and Mondale, and and she has a an agenda that I I as an economist I view as very frightening.
It's it's put America last agenda.
And now the reason I see that and why that's relevant to what we're talking about today, which is the stock market crash or correction or whatever you want to call it, is that you know it's interesting.
If you go back to about two weeks ago, Sean, Trump had a about a 12-point lead in the presidential race.
In the because of this incredible honeymoon period, I've never seen anything like it with this love affair that media has with Camilla.
You'd think she was Mother Teresa.
Uh, you know, now the the race, you know, and according to some polls is almost tied.
Now, why is that?
What do you think the markets are doing here?
They're looking at her rise in the poll and saying, oh my God, this woman might actually be president.
And that is extremely bearish.
That is extremely bearish for stocks.
You mentioned some of these things, but I want to punctuate a couple of these points.
Uh Camilla Harris wants to double the capital gains tax.
Well, the the tax uh capital gains it affects 150 million people who own stocks in this country, and it re it reduces the value of stock.
She wants to tax unrealized capital gains.
So even if you don't sell your stock, you still have to pay a tax on it.
Uh she wants to regulate virtually anything that moves.
She wants to take away your gas car.
I mean, I could go on and on with these things, but what I am telling you is I do I think Trump was right, Sean, when he said earlier today that this is the what did he call it?
The camel crash.
And I think there's a lot of truth to that.
I think a lot of investors are spooked by the idea that this woman might be in the White House.
Now I don't think that's going to happen, but it could.
Well, I agree with everything that you're saying.
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Hey there.
I'm Mary Catherine Hamm.
And I'm Carol Markowitz.
We've been in political media for a long time.
Long enough to know that it's gotten, well, a little insane.
That's why we started normally a podcast for people who are over the hysteria and just want clarity.
We talk about the issues that actually matter to the country without panic, without yelling, and with a healthy dose of humor.
We don't take ourselves too seriously, but we do take the truth seriously.
So if you're into common sense, sanity, and some occasional SAS.
You're our kind of people.
Catch new episodes of Normally every Tuesday and Thursday.
On the iHeartRadio app, Apple Podcasts, or wherever you listen.
I'm Ben Ferguson, and I'm Ted Cruz.
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Nationwide, we have millions of listeners every Monday, Wednesday, and Friday.
We break down the news and bring you behind the scenes inside the White House, inside the Senate, inside the United States Supreme Court.
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All right, we continue now with Steve Moore talking about the disastrous, you know, economic meltdown that's been going on for three days, especially the stock market crashed today on top of the last two days.
I had an opportunity.
I know you spent a lot of time putting graphs together.
We'll put a copy of it on Hannity.com, but you know, real income increases four grand under Trump, but it's down two thousand under under Joe and and Kamala Harris.
I mean, and we're not even talking about the inflation pressures, which is costing the average family eleven, twelve grand more for the same items they were buying just four years ago.
Consumer confidence reflects that, as it has sunk under Joe Biden and Kamala Harris.
Inflation is over 20 plus percent higher under Joe Biden and Kamala Harris, and it's been you know hurting everything.
Uh essential items to buy, three to five times more expensive under Joe Biden and Kamala Harris.
Uh Kamala Harris wants higher taxes than Biden, but their tax rates would be higher than China and Russia in terms of a corporate tax rate.
And correct me if I'm wrong, Steve, you're smarter than me on this topic, but corporations don't pay taxes.
They end up passing it on to us, the consumers.
And the Trump tax cuts actually, when you look at the real numbers, increased revenues uh paid for, quote, by the evil rich people.
America's, you know, rate economy is stronger under Trump.
Re-regulation is costing you know the average Americans uh over ten thousand plus dollars.
The illegal immigration, you know, it goes insane under their policies, and we're paying for all of the housing and the food and Hamala wants free health care and free education uh for all.
You know, mortgage rates were at three percent and under, now they're over seven percent under Biden and and Harris.
Uh put it put that into the mix, and the monthly mortgage payments of people have pretty much doubled because of the higher interest rates to deal with their inflation.
Never mind the cost of a barrel of oil and and their hostile energy policies.
Well, you pretty much summarized the the the booklet very well done.
I mean, you're exactly right.
So we looked at somewhere around twenty-five major measurements of how the economy performs, and you've mentioned a number of them.
Uh things like gas prices, things like poverty rates, things like real incomes of middle class families, things like small business competence.
That's another one I don't think you mentioned.
Small business confidence boomed when Trump was president, and it's uh under the in the floor under uh under Biden.
And so of those twenty-five or so measurements, there were only two that we could find where Biden had a better record than Trump did.
By the way, one of those was job creation, but now the job market is in trouble.
Uh and you know, how many I've you and I have been doing talking about you know Biden's economic record for the last couple of years, and I keep saying on your show, I don't know when a financial crisis will come.
I can't tell you if it's gonna be three days or three weeks or three months or three years.
But it will come.
It will the chickens will come home to roost, and this all circles back.
I want to just make sure I'm you know connecting the dots here for your listeners.
Why is this happening?
The central reason is Biden came in and he spent three to four trillion dollars on spending programs.
Every penny of that was borrowed, every penny of that was paid for by printing money, and I'm here to tell you you can't keep doing that.
And by the way, his new budget, which is Camel has totally signed off on, another two trillion dollars a year from now until Kingdom Comes.
They don't even pretend that they have a plan to balance the budget.
So um you know, people that's why when when I hear my Democratic friends and Camelons say, Oh, the economy's done so well under Biden, I'm like, what are they talking about, Sean?
Have they been to Main Street America?
Yeah.
Well, they have not.
That's uh and these are the people listen, I've been there, Steve.
I didn't start out my life uh with a silver spoon in my life.
I've told my story many times, and I know what it's like to live paycheck to paycheck in my adult life.
I know what it's like.
And it's not fun.
And you see, all of these Americans now live in paycheck to paycheck or just you know, now they're putting items on their credit cards with high interest rates just to pay for bare necessities.
I mean, the the the higher cost of just simple groceries is killing people, the higher cost of energy.
You know, Donald Trump left office.
It was about what, two, thirty, forty cents a gallon.
I mean, it's well over a dollar a dollar over that on average.
And and prices are going higher, even though they they pretty much you know rated the strategic petroleum reserves.
So we're in deep trouble here.
So just one anecdote that you know, um that uh emphasizes what you're saying.
You know, I I do talk to a lot of middle c middle class families as well.
And uh, you know, and I'm I'm not rich, I'm upper middle class, but even going to McDonald's is expensive now.
I mean, you got a family of four and you load them in the in the SUV and you go out and get big Mac meals, you're talking about fifty, sixty dollars now.
It's uh you know, so a lot of companies saying, I can't even afford fast food anymore.
I mean, it's not by the way, I was at that point in my life.
Yeah, I really was.
Uh you know, it just is it's a horrible thing to watch so many Americans.
You see now for the first time in how long even McDonald's earnings are down.
Well, you know, a lot of the sell-off is due to the fact that corporations are really recording lower earnings.
And you know, I'm so sick of Ben Harris Keep saying these greedy corporations.
Americans own these companies.
We all do.
Anyone with the four or one K plan does.
So you're looking at People who you know have their whole savings in the stock market.
And when it crashes, it causes great pain to millions, not just the rich people, and by the way, the rich people have enough money, they don't have to really worry that much about it.
But a middle class family, let's say you've saved up Sean uh four hundred thousand dollars for your retirement.
And now you get a cr something like this where the the m you know the market's down like this, and all of a sudden people say, I'm not gonna have enough money to, you know, because you can't live on social security.
People need uh a booming stock market.
Under Camelow's plan, by the way, the United States of America would have the highest business tax rate in the world, higher than even Russia and China.
I mean, gotta I thought we were the freedom country.
Well, that's scary.
Steve Moore.
All right, quick break, right back.
We'll continue.
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All right, 25 to the top of the hour, 800, 941 Sean is on number you may not know violent crime is committed every 24 seconds in America.
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The criminal will likely walk free.
That's how sick things have gotten.
Now, look, they got us to a point where we're now fighting to keep our God given second amendment rights.
And that means we are risking losing everything if we actually use them.
Now, luckily, there is a simple solution, and that is becoming fully prepared uh for the before, during, and after any God forbid, self-defense situation you may find yourself in.
I've been a proud member of the USCCA for nine years, and with the US C C A you get firearms safety and training and education, but you also get self-defense insurance so you can stay out of prison and with your family, keeping your freedom where you belong.
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Uh imagine a Republican woman saying what Kamala Harris is saying about this balance between being tough and well, listen.
And as a woman, there is a balance to be struck between being tough and being a giggles again.
But you can't talk about giggles according to that hard-hitting news show, The View.
That's sexist.
Uh let's go to the real issues at hand.
We've got the possibility of war breaking out in the Middle East at any minute, and Iran now threatening to fire uh against Israel again.
And I'm sure that Joe and Kamala will will, of course, surrender in the war on terror.
And on the economy, we're watching a a worldwide panic set in.
And, you know, for example, here's Kamala Harris promising to get rid of the filibuster and pass the Green New Deal.
This is Kamala also saying she wants to raise taxes for corporations and the rich.
Kamala Harris also had added she would support that's a great idea.
Fantastic idea.
70 to 80 percent tax rate.
Listen.
So again, back to the United States Congress.
Here's my point.
If they fail to act as president of the United States, I am prepared to get rid of the filibuster to pass a Green New Deal.
So these are some of the ways, but we've got to increase the corporate tax rate.
We also have to increase taxes for the top one percent.
And that part of that is gonna be about repealing that tax bill that they just passed.
And also looking at estate taxes are gonna have to go up for the richest Americans.
Alexandria Casio Court has his new darling of the party.
She officially has more Twitter followers than Nancy Pelosi.
She's on 60 minutes this weekend, proudly calling herself a radical, and she's promoting policies like saying that every single carbon emission in the country, every car should be eliminated within the next eleven years, everything from a seventy to eighty percent tax rate.
Do you agree that she could possibly, in this ideology of the socialist left, could splinter your party?
No.
You know, I think that she is challenging the status quo.
I think that's fantastic.
I think that she is introducing bold ideas that that should be discussed.
70 to 80% tax rate.
Great.
Let's boldly discuss it.
Now we have this issue.
Linda, how many times in the last six months did you hear me say to people, I don't give a I don't give advice on how people should manage their money.
However, it is my strong belief that the stock market is headed for a major correction.
Did I not say that?
You have said that the stock market is headed for a major correction for quite a while now.
And didn't I say that I personally have reduced my exposure to the market many, many times.
Yes, you've talked about that often.
I think I talked about it in the last week or and week and a half.
Yeah, last Thursday.
We're actually going to try and go through and see all the times you said market correction because you said it so much.
And are you telling me I repeat myself?
Is that what you're saying?
I would never say you repeat yourself.
No.
No, I do repeat myself, and I do it on purpose because I know that there are new people listening to this show every minute of every day.
And if I just talked about Kamala's radical record only one time, I know not everybody's going to hear it, but if I do it a hundred times, uh I think people will have it memorized and they can share it with their friends, which is why we have right at the top of Hannity.com the Kamala files so that you can download all of these clips and cuts and all of a radical positions in print or audio, whatever you prefer, and share it with all your friends and co-workers and neighbors and people that you run into.
But this is, you know, also Kamala Harris saying that we're so proud of Bidenomics.
Meanwhile, the economy's crashing before our eyes as if you needed any more data when it comes to the bad economy.
Listen.
Sean, she she is not proud of Bynomics, if I may, for a moment.
I mean, Bynomics could be the name of Queffy Culata that they told her to say.
She doesn't know the difference between the economy and anything else.
She's just reading a script.
Well, this is what she said.
All that, ladies and gentlemen, and everyone else, that is called by dynamics.
That is called biodynamics, and we are very proud of it.
We're very proud of it all.
And then she wants her legacy to be that she cured the economy and the environment.
Listen.
Mr. President, what do you want your life to do from San Diego?
I'm a trigger congressman.
What are you going to do?
Everyone.
Three days in a row, the market has been tanking.
And, you know, when I woke up this morning and saw U.S. stock futures, I said, oh no, this is not going to be good.
Americans' portfolios are going to be hit in a major, massive way.
That means, you know, you you're wiping out over a trillion dollars, over a trillion dollars in American wealth in it in in just a few days.
And it's not going to recover that quickly.
You know, Biden inflation, how many more times do I have to go over how much eggs and meat and and items cost you?
You feel it every time you go to the store.
Even before this this market, you know, the look, let's put it this way.
Japan's market plunged 12%.
The worst day since the 1987 Black Monday crash of Wall Street.
You know, fears of a U.S. recession now are the main culprit for the entire global market meltdown.
We had disappoint we had two massive disappointing economic reports and more coming.
We got earnings reports coming from corporations soon.
We've got GDP numbers.
I don't expect them to be particularly good.
And then on top of it, now we're on the on the verge of them surrendering again and leaving Israel to fight a war against a three-front front war against Hamas Hezbollah and Iran at the same time.
And they're gonna and they're lecturing us on how we should have the courage not to use the term radical Islamic terrorism and lecturing Israel for taking out the architect of the October 7th attacks there.
Pretty scary times.
All right, let's get to our phones.
Uh let us say hello to Keith in Georgia.
Keith, hi.
How are you?
Doing fine, Sean.
I've been listening to you since you were here in Atlanta and went to do and cold show.
By the way, I do know in Georgia that there's a lot of angst over, you know, the the comments that President Trump made about uh Governor Kemp.
I don't I'll be honest, I don't really know Governor Kemp.
I don't know why I don't know him.
I just he's never really been on our radar.
He's been on the show before, right, Linda?
I don't I can't remember.
I've I don't talk to him privately.
I don't know him that well.
The uh yeah, I w I I have something else I was gonna talk about, but Kemp is the one who shot the first, you know, shot did the first shot over the bowel.
He went on CNN to tell them he didn't vote for Trump.
He didn't need to tell anybody that, but he went on a Democratic network to tell the Democrats he wasn't gonna support Trump.
He started the whole thing.
And then Trump Trump gets all the publicity, but but go back one month ago on CNN, he's he told everybody I'm not voting for Trump.
So and why did he do that as a Republican governor?
I don't know, but that's what he did.
Um what I was talking about is one thing.
Well, let me tell you something.
There are so many bigger issues at play for the people of Georgia that this is so insignificant and irrelevant to me.
And would I rather that they get all both get along?
Yeah, I would actually.
I would.
And I think we've got to understand.
I think everybody's got to understand that we're better united than divided.
We sure are, and I don't know why you try to divide in the beginning.
But anyway, but one thing that Kamala is bringing up is she is becoming a tremendous advocate for all of Trump's policies.
You know, she believes in fracking, drill baby drill, no no longer believes that we should, you know, send immigrants back taking refugee status.
She thinks we should strengthen the border, and she no longer supports mandatory assault weapon buybacks.
I mean, you could run what she's saying right now was a commercial for Donald Trump.
I mean, is she now decided that Trump was a far superior president to j Joe Biden?
Because now what she says she supports is her policies are all Trump's policies.
I mean, has she seen the light?
Is that what she's trying to tell us?
Now you and I both know that I don't believe that, but the word she's using, you could put her in a truck commercial.
I mean, that's what Trump believes in, always has believed in.
Do you agree?
Uh listen, I'm just gonna tell you something.
The differences between these two candidates, America's never had a bigger choice election ever.
There's never been anybody this radical that has ever run for president of our country.
Uh, you know, uh, you can't say radical Islamic terrorism or illegal alien or you know, going after ice or wide open borders and supporting the defund, uh no bail, dismantle, you know, insanity.
I mean, on every major issue, she is radical, extreme, and frankly, her policies are dangerous, and she's she's also not up to the job.
She's not particularly bright.
He does not.
You're right.
She does not understand the danger that this world is currently facing.
It's it's a frightening thought.
And uh Joe Biden didn't understand it, and I think she has become a tool for the radicalized left, the new Green Deal movement, socialism, leftism, Marxism, statism.
It's all her.
And this is what's on the ballot.
And that's why if you're in Georgia, uh uh yeah, I would agree.
I'd rather Republicans not fight.
However, I tell you, you better take a close look at Kamala's positions.
Better take a very good close look because it will impact all of us for years, maybe decades to come.
Uh appreciate the call, my friend.
800-941 Shauna's on number if you want to be a part of the program.
Uh let's say hi to Todd in Florida, the free state of Florida.
What's up, Todd?
How are you?
I'm doing well.
Thank you, Sean.
Um, we just we managed to stay on the ver on the edge of the hurricane.
We only got about 50, 60 miles of wind and about five inches range.
So we're doing good here.
No, I've been watching very closely, and it's not fun.
And it's uh, you know, it went up through South Florida a little bit, and then more in the you know, Tampa, Panhandle, Jacksonville area got got pounded pretty hard into Georgia, Atlanta, and those areas and southern Georgia, and now into you know, heading into South Carolina.
Right, I'm about eight miles from the villages.
But anyhow, the reason I call it is we talk about um Kamala Harrison.
We talk about this argument a lot about abortion.
And I have pretty strong views on this subject.
But you know, if i I will tell you this, I'm against abortion except in certain situations.
Rape, incest, or some early diagnosed disease that the child can't survive rather than suffering.
And people argue back and forth about when to do the abortion.
And I think what people should really do is say, all right, if you want to say you had an abortion all the way to 42 weeks, 50 weeks, whatever.
If we're gonna allow abortion up to the time of birth, then any child who's born premature or prior to that same date that has critical health problems that can't survive, then is that child not alive too, and we shouldn't provide neonatal care units and intensive care units.
How can one set be life and one set be not a life?
And I think if you put it in people's face, say, wait a minute, if we're gonna say you didn't have abortion up until birth, anything born premature with health problems, we're not gonna treat, we're not gonna provide that care, but that's not life either.
make people stop and think.
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