Episode 4453: Tony Katz Today Hour 3 - 03/13/26

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1:05Live from the heartland and the crossroads of America. It's Tony Katz today, so we have two different reports, really two different pieces of data, and it sent the markets right from the beginning up, but it tells us that inflation is 3.1%. It tells us that the GDP was only 0.7% growth in the fourth quarter. I mean, that number's freaking anemic. That's all because of the shutdown in October, November, and if inflation is 3.1, why are both the down the NASDAQ, at least at the start of the market? Today, why did they go up over 300 points in the Dow over 100 in the NASDAQ? What exactly is going on here? Tony Katz. Tony Katz today, good to be with you. Dr. Matt will join us economist at the University of Indianapolis, caught up while he's on the road. Appreciate you taking the time. Let's start with this inflation number, because this inflation number says 3.1%.

2:10Well, 3.1%, 3% inflation. Well, that's more than the 1.7 that the administration wants to talk about, how they want to look at the numbers, and if it's 3.1, why is the market saying, well, that's good news. Well, let me just say that the market's not saying it's good news, because the market's digesting two reports. The GDP revision and the PCE report, the PCE is what you're referring to, it's the inflation report that the Fed uses, and the reason the market didn't react negatively is neither one of these are a surprise. That's the key. The key is what is expected and what actually happens, and neither one of these are a surprise, but let me correct the number. You said 3.1. Again, that's the headline they want to tell you. Core PCE was 0.4 for the month. Let me repeat that, 0.4 for the month. Is it going to work? For the year. Yeah, 4.8. We knew it. You're going to multiply by 12, and you know, make it sound

3:11all miserable, and that's why people say you're Dr. Doom, but you're not trying to be Dr. Doom. No, no, I'm just trying to be realistic here, because that's what it is, and that's what the Fed is looking at. The most recent month is trending up. It's not in a small way. It's trending up in a pretty significant way, and that's what we're seeing in this inflation report, and it's across the board. Healthcare, housing, utilities, financial services, final expenditures for institutions, all these top four categories. You mentioned it all the time. Insurance, insurance rates massively up 16%. That's not a small amount, and that's in this PCE report that the Fed uses to make policy. So now, we take a look at 0.4. You say, well, then that's higher than 3.1. But why doesn't the market react to that number? As you're describing, the number we should focus on. Well, the market's not reacting because this isn't news.

4:13The PCE is given us the same data that we saw in the ISM report, which is the manufacturing index report, which it said was extremely high inflation. It's now a trend, and again, we saw that trend, so it's not news. And so the market is not reacting negatively, because this is expected. Is it good? No, but it's not a surprise to the market. And I believe the market is reacting more to the war than they are to these two reports, because these two reports have nothing new in them, and therefore the market's okay, let's put it aside. And I believe what you're seeing in the market is other information, such as oil isn't as bad as we thought, okay? So there's other data that's consuming other than just these two reports. Talking to Dr. Matt Wille, economist at the University of Indianapolis, you brought up oil. Let's just get into this really quick before I get back to the inflation conversation. We see that there are tankers not willing to move through the straight-up or moves. We see that Iran has made threats on tankers going through the straight-up or moves.

5:17We have seen the administration say we aren't yet putting a naval escort to tankers. We heard the Secretary of War Pete Hegs had to say today, say, don't worry about the straight-up or moves. We have seen the oil prices go up to 120, come back down to 80. The issue here with oil, as you see it, is this something that self-regulates its way out? Is this something that needs a bit of military intervention escorts, and then immediately you see oil go back to $60 as a barrel? What's the move over here? Oh, goodness. Well, okay, I got to get a little nerdy on this. I only hope you would. The problem we have with oil is we have a flow system. It used to be that we did batch processing, which means the crude oil would show up on a truck or a tanker, go to a refinery. The refinery would process it, put in another tank, and then the tank would

6:18send it out to the world through trucks and so forth. Now it's a flow system because the darn liberals haven't let us build new refineries in forever. So any slight disruption, and now flows off of the loop out in the Gulf of Mexico, typically, goes to a refinery, goes on to a pipeline up the Mississippi, goes to another distribution center, let's say Illinois, it's flowing. So any disruption in the flow, whether that disruption occurs in the Gulf or occurs in Saudi Arabia or when I say Gulf, I'm talking like the Middle East or the Gulf of America, it doesn't matter. That flow is being disrupted, and the war is doing that. So you ask a question, how can we resolve it? I'm sorry to say this. This may sound tough, but from an economic standpoint, the US has to get control of the straits. It's not S-quarts. It's not just minesweepers. They have to get control the straits. And what does that mean? Maybe you put boots on the ground on the other side in Iran in order to control the straits. If they don't control the straits, the flow will be disrupted.

7:22And the flow is what's important, and it's being disrupted at this very moment. I think one can control what's known as Carg Island, and still be able to get that result, talking to Dr. Matt Wille, economist at the University of Indianapolis. And I should note that we are building in the United States, because I'm totally with young refineries. We're building our first new refinery in 50 years. This is going to happen in Brownsville, Texas. It's a 300 billion dollar deal that is being funded with help from, I believe it's India. That's a part of this, which, all right, I've got questions about there, but we do have a new refinery that's slowly being built that we are years behind in our refinery capacity. But now let's bring it back to the inflation conversation. The markets seem to, at this report, seem to go, okay, great, this is in line with where we thought things would be. We've already got it baked into the cake. Everything's good. Let things build and grow from here.

8:28We'll take any good news anywhere we can find the good news. And it just seems to be very disconnected from the oil price conversation that on any given day, the markets will allow any given thing to affect them. And none of that is telling us an economic story, presenting a valuable picture, an honest picture of where we're at. Paint the picture for me. Here we are March 2026. Where is this economy at? Well, I don't know that I can say it much better than what you just did, because that's the whole point. The market is being reactive. It's seen what's happening with oil tanker. It's seen what's happened with a bomb being shot into the Middle East, whether it's Dubai or Tel Aviv. It's reacting to all these things. The problems in Washington, gridlock on the DHS. These things are causing the market to react. And the picture that needs to be drawn is

9:34we don't want that. We want the market. We want the economy to not be looking in the Middle East to Washington, DC, to Congress, and to the President. We want the market to be looking at Wall Street, Main Street, Manufacturing, Profits, Productivity. We wanted to be looking at the day-to-day things that happen in the economy, not politics. And that is totally causing chaos. The market doesn't like, you know, again, people may not like to hear this. They don't like Republicans. They don't like Democrats. They like stability. And there is no stability right now. There is chaos in the world. And that is what the market hates. It wants the chaos to disappear so it can focus in on the nuts and bolts of business. So now let's move this around, talk to Dr. Matt Well, economist at the University of Indianapolis. And let's talk about this GDP number. Fourth quarter GDP got revised down to 0.7%. I used the word enemic. 0.7% is horrible,

10:38awful, very bad, nonexistent. What the hell is happening to you growth? Explain the number to me. Well, you know, enemic is even a generous term. Because this is like, you know, in using the analogy of poker, it's like you're sitting across a table from someone and the opponent you're playing against just drew an inside straight. And you throw your cards on a table thinking you got to be kidding me. How do pair of aces in this person draws an inside straight? Yeah, because if you look at the GDP numbers, every single component was revised in the wrong direction. So first of all, right out of the gate, the GDP price deflator, which is the inflation part of the GDP was higher than expected. The consumer spending was lower than expected. Business investment was lower than expected. Exports, okay, and I'm going to, you know, yeah, Dr. Doom is here. Exports were less than expected because of tariffs. Tariffs don't increase exports. They decrease them in the long run. We've seen it in the data shows it. Imports also caused a contraction

11:43and the only good part, but it's a drag on GDP is government reduced its size more than it was anticipated originally. So all these things moved in the exact wrong direction to cause this GDP to decline. You couldn't have asked for a more perfect storm to negatively impact. And of course, we all know where this came from mostly was the massive government shutdown in the fourth quarter. So now you've mentioned that before. Walk us through it again in case anybody missed it. I don't mean before just now. Well, we talked to Dr. Will a lot. How does the shutdown, remember, this was October, November, this was 42 days. How does the shutdown have such a radical effect on the gross domestic product? Well, the one component which I believe and we've discussed is very flawed is that government spending can actually expand the GDP and government contraction can actually reduce the GDP. So that part is a good reason why GDP would fall and that's what

12:46happened because the government was shut down. But what the government also does is things we need, it runs, you know, Norfolk, Virginia, Port, Bale, New Jersey, Oakland, California, Jacksonville, Florida. The government, if they're not operating, those ports cannot operate to import and export goods. So that slows it down. You need a permit to continue to build the new refinery that you just mentioned. Well, that process to get the ball rolling is stopped because of the government shutdown in the fourth quarter. It's not, you know, I'm not a big government guy, but I'm not a no government guy. You need the government to be the referee, to be the police officer, to be the military and also simply to make sure everybody is following the rules. Well, those people were sideline for the fourth quarter and it impacts every one across the board. You can't put a factory without an approval from the government, even though Trump is expediting those approvals, you couldn't get the approval because the government was shut down.

13:46Talking to Dr. Matt Wille, economist at the University of Indianapolis, soon we see this revised down number 0.7. The market looks at this and says, okay, there's a reason for it. Go full Taylor Swift. Shake it off. Onward and upward. What is an onward and that's what I think they're saying. You could disagree with me there. But what does an onward and upward look like? The, you know, the first quarter of 2026, everything's going to be just fine. We still have a partial shutdown with Department of Homeland Security. So there's going to be some impact there. At what moment do we see low GDP numbers affect the US economy? You know, you're afraid I like to shake it off phrase because that's what the market was doing. That's what it is doing at this very moment as we speak. It's saying, okay, this is fine. We understand why it happened. By the way, I'm no genius on this Tony. The market do exactly the same thing that I just said about why GDP was not where it should be. But let me go back to

14:49your earlier comment. The chaos has been created by the geopolitical world right now is going to make the market nervous because if that can be put aside, we've sent this two months in a row of growing domestic manufacturing. Wow. We haven't seen that in years. And then you look at the other things that are having such as the AI, such as the deep investments that's occurring throughout the country domestically and also importing dollars into the US investments scene. There are a lot of positive things. You know, we could list them all. We've done it before. No need to do it again. That's what the market is looking for. That's what the market sees. And if we could just stop the chaos around the world, that's what the market is optimistic about. If big if big if last but not least, me before I let you go. In all of this, we noticed that there's no conversation of AI investment whatsoever. And there's been a lot of talk from a lot of people

15:56about maybe the AI investment is overblown. And you've got people like the famous Mark Burry, Michael Burry, who's betting against this, that the investment is just too much. It's been too great. It's overblown. It's unserious. And it has to be clawed back. There's just too much reliance on AI investment to lead everything. Are we going to see an AI snapback or is this investment still full bore ahead? No questions. No, no, look, look, you know, Michael Burry got he got he got big, you know, he got successful on the big short. Okay, good for him. He's wrong on this one. There is no stopping. The reason you haven't heard it in the news because it's now just a foregone conclusion. We just assume it's happening. And it is. So no, we should do not negate and do not bet against AI. That's that that doesn't be like betting against the internet when it was first invented. I remember people said, Oh, that online e-commerce shopping thing. It's a sad. It's not going anywhere. Yeah. Have that thought at your own risk. Well, that's definitive. That's

17:00that's very direct right there. Dr. Matt Well economist at the University of Indianapolis. I appreciate you taking the time to be with us more is coming up on Tony cats. This is Tony cats today. The Toyota Tundra and Tacoma are built to keep going blending rugged muscle with precision engineering all supported by Toyota's time tested legacy of dependability. Step into a Tundra and feel the unyielding capability with the available I force max engine. Tundra puts out impressive power torque and towing performance in the roomy high tech cabin keeps you connected on the go or take a look at Tacoma made for drivers who push past the path agile tough and relentless with available features like crawl control a powered rear window portable JBL speaker and a power lift gate. So gear goes in fast and the adventure keeps moving that Tacoma and Tundra are engineered to endure season after season mile after mile. So drive one home today visit Toyota

18:02dot com for deals and local inventory or stop by your Toyota dealer to find out more Toyota. Let's go places. Temple Israel is a pillar of the community. It's one of the largest performed Jewish congregations in North America with Friday night service is attracting over a thousand people. People celebrate bar and botnets fuzz weddings and holidays here. Parents bring their children to daycare and and school. And it's a place of peace unity light and life. Yesterday's attack was anti-Semitism. It was hate playing and simple. Now the governor of Michigan Gretchen Whitmer there is not wrong about that. It's anti-Semitism playing and simple. It was an act of terrorism. Yes, it was directed at the synagogue, but you now add to what happened at Old Dominion University. Now add to it what happened in Austin, Texas over a week ago. It's terrorism and all these things have a connection point in terms of the people who committed these acts and how they're

19:05connected. She doesn't want to talk about that. So she is only engaging half the story of course it's anti-Semitism, but the story is greater. This is about an attack on us. We already know that Jews are under attack has been going on for years. It's like she never noticed what was happening at Columbia University. Tony Katz. Tony Katz today thanks for being a part of the show. She shot now all of a sudden matters because it's in her state. We know this, but there's a larger story too and you got to be able to talk about both or you're not talking about anything properly. We will fight this ancient and rampant evil. We will stand together as we do it and we will call it out. We must lower the rhetoric in this state and in this country, especially at this moment where we've seen such a rise in anti-Semitism and more attacks on the Jewish community. We've been calling it out for a couple of years now. Where have you been Governor Whitmer? Where's the Democratic Party been against Columbia University,

20:08against Makwood Colleal, against UCLA, and all of these schools against Rashida to leave in your state? You're a hard one to believe, Governor Whitmer. Let's keep each other close. This community is on the edge very understandably. We've seen a rise in attacks, especially over the last decade, especially over the last 10 months. And so it is important for us to stand up to stand against it and to thank the people who showed up to support the community, but also pull out where we see acts of anti-Semitism, where we see threats, where we see something, how important it is to say something. Oh look, it's the Mayor of New York, Governor, Governor Whitmer, it's the Mayor of New York, look there. And to recognize that each of us has a responsibility. People like the person that

21:10attacked this community yesterday get full-mantered by rhetoric that they see online and that they see on television and they hear on the radio that radicalizes people. Look, you can blame me for a lot of things, but engaging in radicalizing Islamists to try and create a worldwide caliphate by destroying Western civilization. No, I'm the guy warning against that. Let's talk about who is trying to enable that? Who is supportive of the attacks on Jews in America? Let's do something about DACA. This is Tony Katz today. Bottom line up front for the world to hear and the press to actually admit that the United States is decimating the radical Iranian regime's military in a way the world has never seen before. Never before has a modern, capable military which Iran used to have been so quickly destroyed and made combat ineffective, devastated. We said it would not be a fair fight and it has not been.

22:14As I stated during our first press conference on day two, that was ten short days ago, the combination of the world's two most powerful air forces is unprecedented and unbeatable. Between our air force and that of the Israelis, over 15,000 enemy targets have been struck. That's well over 1,000 a day. No other combination of countries in the world can do that. That was the Secretary of War, Secretary of Defense, depending on how you like to talk about these things. Pete Hegsett, with the press briefing today, Tony Katz, Tony Katz, today good to be with you, good to be here. I wanted to share it with you because they do it earlier in the day. I wanted to make sure that you heard it. I wanted to break down some pieces of it because some of it is him going directly at the press. Some of it is him relaying. Here's what we've done. As some of it, he's worth playing in a way that I don't think works. I think you can take this from nearly any press conference. But these things have been going on. They're not really getting

23:15as reported as much as I think they should be. So I want to be someone who reports it. So let's head back to the Secretary of War, Secretary of Defense, depending on how you say these things. Pete Hegsett, with this press briefing this morning. So today, as we speak, we fly over the top, Iran and Tehran, fighters and bombers all day picking targets as they choose. As our intelligence gets better and better and more refined. Looking up, the IRGC in Iranian regime, sees only two things on the side of aircraft, the stars and stripes and the star of David. The evil regimes worst nightmare. This is about trying to demoralize the IRGC. This is about, as these messages get back to them, we're everywhere. You can't stop us. We're all over you. We can see you. We know everything that you're doing. That's what this is all about.

24:16Iran has no air defenses. Iran has no air force. Iran has no navy. They're missiles. They're missile launchers and drones being destroyed or shot out of the sky. Their missile volume is down 90 percent. They're one way attack drones yesterday. Down 95 percent. And as the world is seeing, they are exercising sheer desperation in the straits of Harmoos. Something we're dealing with. We have been dealing with it and don't need to worry about it. You can't say that. No, no, no, no, you can't say that. Oh, dear Lord, that line at the first time I heard it was like, oh, come on now. Tell people, yeah, yeah, yeah, all that oil, like the whole conversation we were having with Dr. Will, I forget about that. Wait, wait, it'll be fine. No, no, when it's fine, it's fine. Don't tell me not to pay attention when it's not fine.

25:16Take out the regime. It'll be fine. Why is there still a regime left? It leads to those kinds of questions. So this from from Beat Hegg's death is if I was talking to him, I would have laughed out loud and said, oh, come on now out loud. I would have said that. Don't worry about it. I'll worry about it a little bit. Gas prices, gas prices, by the way, are much higher than they were two weeks ago. But I still don't think they're at the numbers they were under Biden. Are they? Have we made that comparison yet? I got to go back and check. Maybe they're maybe they're close to at those numbers. This was an act of war that leads to the increase in gas prices. What caused the increase in gas prices when Joe Biden was president? You're going to talk about it now. You didn't talk about it then. This is you and me saying of the political left you people. You'll do you'll do anything. You'll say anything. You'll take advantage of anything. You are not to be trusted. I'm talking about you and me. We're allowed to say, hey, the gas prices are higher because

26:21of this. And I don't think the Trump administration has done a good job of selling it and why this has to be why this matters and we can get through this. We can make it through this. It will be a short-term pain. We can get through it together. We are capable. We're strong. We're Americans. We can handle it. What we get on the other side is a terrorism-free Iran, which makes America far safer. Kind of sell it, right? But don't worry about it. Yeah. The Secretary should know that dog won't hunt. We're on plan to defeat, destroy, disable all of their meaningful military capabilities. At a pace, the world has never seen before. But it's not just that Iran doesn't have a functioning air force, or that their entire navy is at the bottom of the Persian Gulf, or their missile force is shrinking daily. Even more importantly, they also don't have the ability to build more. That's the most important component I'd like to emphasize today.

27:23Soon and very soon, all Iran's defense companies will be destroyed. For example, as of two days ago, Iran's entire ballistic missile production capacity. Every company that builds every component of those missiles has been functionally defeated, destroyed. Buildings, complexes, and factory lines all across Iran destroyed. So we're shooting down and destroying what missiles they still have in stock, but more importantly, ensuring that they have no ability to make more. Their production lines, their military plants, their defense innovation centers, defeated. The real question here, Secretary Hegsett, is what are we doing to ensure that China can't drop off any more missiles? Russia the same way. Not that those missiles are necessarily effective. And there really is a story here about the SU-400. The SU-400 is the Russian missile defense system. No, I'm sorry,

28:24the SU-400 is the missile. The S-400 is the missile defense system. And their missile defense system has been rendered a big hot mess. Like, it doesn't work. This was supposed to be the Patriot fighter. Right, the F-35 killer. Remember the F-35 strike fighter? That's our most advanced fighter jet. And this, the S-400 was supposed to absolutely be able to ruin this. And so it was a big problem when the Turks bought this system, but they were instrumental in building as a NATO nation. Part of the F-35 is like, what the hell is going on? And then the S-400 gets out into the field. And nope. Doesn't work. And these Chinese missiles, they don't seem to work. And so that is a big, big part of this story that doesn't get much coverage at all.

29:29And maybe there's a positive to that, that we're fully aware of it, but we don't talk about it much, but the military is going through every last bit of it. Because some of these people, they unzip their fly, to use a crash expression I get, I guess. And we are like, we're able to see that they ain't working with much. I was pretty cross with me. That is not my every day. Bravo me. Look at that. I'm all out there on the edge. It's what I am. All of a sudden, I'm sounding like Nordmic Donald. I'm not doing a Nordmic question right now. Rest is soul. I just simply go back to what the Defense Secretary was saying. And I just wonder what we're doing to ensure that no more Russian or Chinese main missiles are making their way to Iran, if Iran is not capable to make their own, which is, of course, excellent news. Iran's leadership is in no better shape. Desperate and hiding, they've gone underground,

30:32cowering. That's what rats do. We know the new so-called not-so-supreme leader is wounded and likely disfigured. He put our statement yesterday, a week one, actually, but there was no voice and there was no video. It was a written statement. He called for unity, apparently killing tens of thousands of protesters as his kind of unity. Iran has plenty of cameras and plenty of voice recorders. Why a written statement? I think you know why. His father, dead. He's scared and he's injured. He's on the run and he lacks legitimacy. It's a mess for them. Who's in charge? Iran may not even know. With every passing hour, we know and we know they know that the military capabilities of their evil regime are crumbling. They can barely communicate, let alone coordinate. They're confused and we know it. Our response, we will keep pressing, we will keep pushing, keep advancing,

31:39no quarter, no mercy for our enemies. Now, this idea that he's disfigured. I have no idea, I have no proof of such a thing, but it is worth noting that he has not been heard from. Mosvata, Kamani, and people of Prance's name and all sorts of ways, I don't have to give the guy any respect. I do the best I can and I move on with my day. Where is he? All we see are statements, all we get are references, but we don't see him. My digital director, Sarah, has now named him Ayatollah Autopen. Because who knows if he's alive or dead? By the way, Ayatollah Autopen, she wrote me that. She's like, is this funny? I'm like, maybe? And the more I think about it, I think it's in the delivery. So I'll credit her with the writing, but I'll credit me with the delivery. I give her all the credit. Well done, well played. Who knows if this guy is alive or dead or what's going on?

32:44And then they have that whole commitment ceremony pledging their loyalty. It's a cardboard cut out of the dude. But I think it's interesting that he used terminology like disfigured and then that it's kind of makes you think that they do know something, even if they're not telling us everything. And then Pete Hegseth got into a very, very direct admonishment of the media. Yet some in this crew in the press just can't stop. A lot of me don't make a few suggestions. People look up at the TV and they see banners, they see headlines. I used to be in that business. And I know that everything is written intentionally. For example, a banner or a headline, mid east war intensifies, splashing on the screen the last couple of days alongside visuals of civilian or energy targets that Iran has hit because that's what they do. What should the

33:45banner read instead? How about Iran increasingly desperate? Because they are. They know it and so do you. If it can be admitted. Or more fake news from CNN reports that the Trump administration underestimated the Iran war's impact on the state of Hormuz. Patently ridiculous, of course. For decades, Iran has threatened shipping in the state of Hormuz. This is always what they do. Hold the straight hostage. CNN doesn't think we thought of that. It's a fundamentally unserious report. The sooner David Ellison takes over that network, the better. That's brutal. David Ellison, the company that bought Paramount, therefore CBS, brings in Barry Weiss. Now they're the ones who have outbid a Netflix for Warner, which owns CNN. And everybody at CNN is wetting the bed and losing their mind because some of them are going to be on the

34:48unemployment line. And I would tell them to learn to code, but AI already took care of that. So they're going to be working at dairy queen, although they don't get to make the blizzards because they're not yet capable of working the machine. What being afraid of the high pitched warring noise? It sounds so violent. They need a safe space from, you know, Oreos being put into my blizzard, which is my preferred way. I know some people are with the Reese's and I'm not opposed to Reese's. Reese's is a solid, solid candy world class top three anywhere, but the cookies and cream. Can we and by the way, that's a lately thing with cookies and cream cravings almost. You would think I was pregnant. No, no, no, no, I just love food. So this was a pretty kind of all over the place. Presser. You guys in the media aren't serious. It's like you want us to fail and you want to report that we're failing. That's nonsense. We've eliminated this, not the other. We've weakened, we've degraded. And I believe all that to be true. And I believe the data back set up.

35:49But don't tell us not to worry about the state of her moves or oil. They're still able to throw bombs and throw missiles. And we have to stop that. It must get thwarted and the sooner the better. I absolutely favor this hit only if the regime is gone completely and totally. And whatever comes next is not in the terrorism game. I'm Tony Katz and this is Tony Katz today. The all new 2026 Toyota RAV4 is here building on everything drivers know and love about Toyota with a redesigned look and modern tech that makes life behind the wheel easier than ever. The new RAV4 comes standard as a hybrid providing smooth, efficient performance for both city streets and longer journeys. Enjoy the legendary reliability Toyota is known for in the all new 2026 RAV4. Learn and shop more at toyota.com Toyota. Let's go places. So I guess I'm now to take it that Congressman Thomas Massey believes that

36:51Israel controls the US government. He's now one of these guys. Is this who he is? And this is all about the Epstein files. Tony Katz. Tony Katz today he was outside speaking to the press. So there's this siren that comes through as he starts as he's talking about these files, meaning the Epstein files, which I call for the release of and have since the beginning. So don't let this iron freak you out. It's not behind you. You're not speeding. Please don't be speeding. Listen, these files implicate billionaires and Prince of him of his and political donors that he's trying to protect. And Epstein also had close ties to our own intelligence agencies and Israel's intelligence agencies. That's why there's so much effort in trying to stop this. And I do believe they'll try to stop it somewhere else. And that's going to backfire on them too. I again call for the release of the files. Is he making the argument that Israel is trying to keep this from happening because

37:54their people will be implicated and others will be implicated and that's what I honestly don't know what the hell Massey is saying here. I don't give a damn who is implicated. If you were abusing children, you have to go to jail and I don't care where you're from. I don't care about your religion. Don't care about how much money. Don't care about your political party. Don't give it to him. Don't care. But this kind of talk gets people into the conspiracy freak world. And I now wonder with him whether he's doing this on purpose. Everything should be released. Good Lord. Just be done with this already. We want to know and people need to go to jail. Now people don't go to jail. Well, then we start having some serious words. Find everything at TonyCats.com. I'll catch you on Monday, everyone. Take care. The all new 2026 Toyota RAV4 is here building on everything drivers know and love about Toyota with a redesigned look and modern tech that makes life behind the wheel easier than ever. The new RAV4 comes standard as a hybrid providing smooth, efficient performance for both city streets and longer

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