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Archives for March 2020

‘The Markets Have Panicked’

March 10, 2020 by GregC

Listen to “‘The Markets Have Panicked'” on Spreaker.

For the past couple of weeks, Wall Street has looked like a roller coaster. And while there have been days of big gains, the Dow Jones has dropped more than 4,000 points as of Tuesday’s close. Monday witnessed the worst losses since the 2008 financial crisis.

Concerns over coronavirus are attracting the most attention but upheaval in the oil market and record-low yields in the bond market also have investors jittery.

Wall Street hates uncertainty but a top economist says the wild fluctuations we’ve seen recently are a major overreaction.

“I just believe that the markets have panicked,” said Brian Wesbury, chief economist at First Trust Advisors in Wheaton, Illinois. He is also a former chief economist for the Joint Economic Committee of Congress.

“Our models suggest right now that investors…are pricing in a 50-80 percent drop in corporate profits in America. I think that’s a panic. That’s too much.

“That doesn’t mean we can’t go down from here, but it does mean that once this passes, we will snap back, I think, very quickly,” said Wesbury, noting that all previous outbreaks ran out of steam when the weather turned warmer.

Wesbury does think the volatility could last until May or perhaps longer and that oil prices and the bond market add to the uncertainty.

But while acknowledging that plummeting oil prices are a nightmare for debt-ridden fracking companies, Wesbury explains why he thinks this could lead to a much more stable industry in the long run.

Finally, Wesbury tells Greg Corombos whether the government ought to intervene to ease the economic pain of the coronavirus or whether the markets should sort themselves out.

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Filed Under: Economy, Health Care, Journalism, News & Politics Tagged With: bonds, coronavirus, Economy, interest, oil, recession, taxes, Trump

Newsom Plays Nice, Biden’s Gun Fight, Dem Race Suddenly A Yawner

March 10, 2020 by GregC

Listen to “Newsom Plays Nice, Biden’s Gun Fight, Dem Race Suddenly A Yawner” on Spreaker.

Things are a bit more subdued Tuesday after Monday’s Wall Street carnage. So join Jim and Greg as they get a kick out experts having to spend time telling people not to snort cocaine or drink bleach to prevent coronavirus, no matter what they see on social media. As for the actual martinis, they actually applaud California Gov. Gavin Newsom for being one of the few Democratic governors to discuss the extensive cooperation he’s getting from the Trump administration and refusing to entertain media efforts to get him to slam Trump. Jim and Greg also assess Joe Biden’s dust up with an auto worker over the second amendment – from the facts to his verbal flubs to his insults. And they marvel that less than two weeks after Joe Biden was a political afterthought, few people are glued to today’s six presidential contests because a Biden nomination is a foregone conclusion.

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Filed Under: Elections, Guns, Health Care, Journalism, News & Politics, Podcasts Tagged With: 2020, Bernie Sanders, Gavin Newsom, guns, Joe Biden, National Review, President Trump, Three Martini Lunch

Monday Market Plunge, Montana Senate Showdown, CPAC’s Coronavirus Caper

March 9, 2020 by GregC

Listen to “Monday Market Plunge, Montana Senate Showdown, CPAC’s Coronavirus Caper” on Spreaker.

There’s not a lot of good news Monday, so let’s just tackle the bad stuff on Three Martini Lunch.  Join Jim and Greg as they react to the massive Wall Street sell-off as investors are spooked by coronavirus, oil prices, and the bond market, and once again they call out irresponsible figures either whipping up panic or openly cheering for the virus to spell Donald Trump’s political doom.  They also wince a bit as Montana Democratic Gov. Steve Bullock launches a challenge to GOP Sen. Steve Daines, adding another race where Republicans will have to work hard to keep a seat.  And they react to the news that a CPAC attendee has tested positive for coronavirus, prompting Sen. Ted Cruz and Rep. Paul Gosar to self-quarantine themselves after interacting with that person.

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Filed Under: Economy, Health Care, Journalism, News & Politics, Podcasts Tagged With: Bullock, coronavirus, CPAC, Daines, markets, media, Montana Senate, National Review, oil, Ted Cruz, Three Martini Lunch

The Economy: Another Jump in Jobs, Coronavirus Impact Looms

March 6, 2020 by GregC

Listen to “The Economy: Another Jump in Jobs, Coronavirus Impact Looms” on Spreaker.

The U.S. economy keeps humming along, boosted on Friday by much stronger February job growth than expected, but with the markets in turmoil over the coronavirus, what will the economic impact be in the weeks and months to come?

On Friday, the Labor Department released the February jobs report, showing 273,000 new hires, nearly 100,000 more than Wall Street analysts anticipated.  Hiring was strong across most sectors and the unemployment rate once again dipped to a roughly 50-year low of 3.5 percent.

What is driving this continued hiring and economic growth?  Supporters of President Trump or his policies point to tax cuts and regulatory reductions as spurring business owners to add personnel or expand operations, but how exactly do those policies do that?

Heritage Foundation economist Joel Griffith shares those answers with Radio America’s Greg Corombos.  Griffith also explains why the markets are wildly fluctuating in response to the coronavoirus threat, which policies make the most sense in response, and why the Federal Reserve was wrong to institute an unscheduled interest rate cut this week.

Listen here for the full podcast.

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Filed Under: Economy, Health Care, Journalism Tagged With: coronavirus, Economy, Federal Reserve, jobs, news, regulations, taxes

Fantastic Jobs Report, Media & Coronavirus, MSNBC’s Really Bad Math

March 6, 2020 by GregC

Listen to “Fantastic Jobs Report, Media & Coronavirus, MSNBC’s Really Bad Math” on Spreaker.

Join us for some end of the week fun on the Friday Three Martini Lunch. Today, Jim and Greg cheer a really strong February jobs report and are hopeful the strong economy can ward off any coronavirus-related slump. Speaking of which, they also vent about the media’s inability to cover the coronavirus story in a non-hysterical manner, which may be helping to fuel the Wall Street volatility. And they get a lot of laughs from MSNBC anchor Brian Williams and New York Times Editorial Board member Mara Gay concluding that Mike Bloomberg spent enough money in his failed campaign to give each person in America a million dollars.

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Filed Under: Economy, Elections, Health Care, News & Politics, Podcasts Tagged With: 2020, Bloomberg, coronavirus, jobs, math, media, MSNBC, National Review, Three Martini Lunch

Warren Persists No Longer, Schumer’s SCOTUS Meltdown, March Madness Germophobes

March 5, 2020 by GregC

Listen to “Warren Persists No Longer, Schumer’s SCOTUS Meltdown, March Madness Germophobes” on Spreaker.

The Three Martini Lunch has you covered as the presidential race narrows yet again. Join Jim and Greg as they react to Elizabeth Warren dropping out of the 2020 field and chronicling how this top-tier candidate turned into an electoral dud. They also dissect Senate Minority Leader Chuck Schumer’s bizarre threats against Justices Gorsuch and Kavanaugh outside the Supreme Court on Wednesday and his pathetic response to the rebuke from Chief Justice John Roberts. And they sigh as the coronavirus panic leads the National College Players Association to suggest the NCAA play its March Madness games with no audiences in the arenas.

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Filed Under: Abortion, congress, Elections, Health Care, News & Politics, Sports Tagged With: abortion, Chuck Schumer, coronavirus, Elizabeth Warren, March Madness, National Review, SCOTUS, Three Martini Lunch

Bloomberg Bites the Dust, Sad Night for Socialists, Trump Trolls Sessions

March 4, 2020 by GregC

Listen to “Bloomberg Bites the Dust, Sad Night for Socialists, Trump Trolls Sessions” on Spreaker.

It’s a wild Wednesday Three Martini Lunch as we recap the events of Super Tuesday.  Join Jim and Greg as they relish the very expensive implosion of Michael Bloomberg, who spent hundreds of millions of dollars for one win in American Samoa while getting creamed in all 14 states before dropping out of the race on Wednesday. While they have plenty of concerns about Joe Biden, they are glad to see socialism take one on the chin Tuesday, as Bernie Sanders fell far below expectations and won just four states. They also detail how the past week and a half proves Sanders is actually a really bad politician. And they cringe as President Trump trolls former Attorney General Jeff Sessions upon the news Sessions is headed to a runoff for the nomination.

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Filed Under: Elections, Foreign Policy, News and Politics Tagged With: 2020, Bernie Sanders, Jeff Sessions, Joe Biden, Mike Bloomberg, National Review, President Trump, Super Tuesday, Three Martini Lunch

Inside the Israeli Elections

March 3, 2020 by GregC

Listen to “Inside the Israeli Elections” on Spreaker.

On Monday, Israeli voters went to the polls for the third time in less than a year to determine it’s political leadership. After two election results that failed to result in a winner, voters this time seem more favorable to keeping Prime Minister Benjamin Netanyahu.

Incomplete returns show Netanyahu’s Likud Party winning the most seats. When factoring coalition partners, Netanyahu is within a seat or two in the Israeli Knesset of being able to forge a new government, but getting those final few seats could be a major challenge.

Why is Israeli so divided politically? Why did Netanyahu do better in this election despite having formal corruption charges lodged against him? What are the pros and cons of Netanyahu’s chief rival, Gen. Benny Gantz of the Blue and White Party.

We discuss all of these questions with retired Israeli Brig. General Elihu Ben-Onn, who also offers his advice on how to avoid another exhausting campaign if Netanyahu cannot form a government in the days ahead.

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Filed Under: Elections, Foreign Policy, News & Politics Tagged With: corruption, elections, Gantz, Israel, Netanyahu, news

Biden’s Beto Blunder, ‘Hardball’ Strikes Out, Brazile’s Bogus Rant

March 3, 2020 by GregC

Listen to “Biden’s Beto Blunder, ‘Hardball’ Strikes Out, Brazile’s Bogus Rant” on Spreaker.

There are no good martinis but it’s still a Super Tuesday on the Three Martini Lunch! Join Jim and Greg as they discuss Joe Biden vowing that he wants Beto O’Rourke to be leading the charge on the gun issue – meaning Biden appears on board with Beto’s gun confiscation agenda. They also walk through the sudden departure of longtime MSNBC host Chris Matthews and how his “retirement” is part #MeToo and partly because of his politics. And they remind former DNC Chairwoman Donna Brazile of some very inconvenient facts after Brazile angrily told RNC Chairwoman Ronna McDaniel to “go to hell” for suggesting the Democratic nominating process was rigged against Bernie Sanders.

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Filed Under: Elections, Guns, Journalism, News & Politics Tagged With: Bernie Sanders, Beto O'Rourke, Chris Matthews, Donna Brazile, guns, Joe Biden, MSNBC, National Review, Ronna McDaniel, Three Martini Lunch

Why Non-Bernie Dems Are Rallying Around Biden

March 3, 2020 by GregC

Listen to “Why Non-Bernie Dems Are Rallying Around Biden” on Spreaker.

Joe Biden scored a dominating win in Saturday’s South Carolina primary. Less than 48 hours later, three rivals have dropped out and the endorsements are flooding in.

So why are so many prominent Democrats coalescing around Biden after one win and three disappointing finishes? The immediate answer involves a huge number of delegates at stake tomorrow on Super Tuesday. But why Biden?

For answers, we turn to former Clinton administration official Larry Haas. We also ask whether Pete Buttigieg and Amy Klobuchar dropped out of the race on their own accord or were pushed out.

Haas and Radio America’s Greg Corombos also discuss President Obama refusing to join the parade of endorsements, Joe Biden’s regular verbal gaffes, and how Bernie is likely to respond to Democrats uniting against him.

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Filed Under: Elections, News & Politics Tagged With: Bernie, Biden, Buttigieg, Klobuchar, news

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