Aug. 11, 2025
The Bill Martinez Show 08 11 25
The Bill Martinez Show 08 11 25
Transcript
WEBVTT
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Are you ready?
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Yeah, Okay, let's do it.
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Ill Martinas Live a program about current events, our culture,
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our values, our politics, and our future.
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And now Bill Martinez, wel.
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Good morning and welcome. Six minutes after the top of
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the art. Right now we got Liz Peak, the Fox
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News contributor in Wall Street analyst, Liz, how you doing.
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I am terrific, Thanks for having me.
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Hey, great to have you here. Lots to catch up
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on Donald Trump fuming over numbers still and you can't
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blame him, you know, you and I come from a world.
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You know, when you were projecting business numbers, you've got
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to be spot on. I mean I worked for a
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company you couldn't be off by, you know, mega inches.
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You know, you had to give a number that you
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could as our CEO would say that you could fall
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on your sword over you know.
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Well that's right. And you know it is interesting. We
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have two examples just in the last few.
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Weeks of.
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That are collected by the government that really do appear
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to have been sort of a mess. One one, of course,
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is the jobs tally. And you know, Steve Moore was
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on air the other day, maybe yesterday, talking about how
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during Biden's administration, they overcounted jobs by about a million
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and a half jobs. Well, I'd say it's even worse
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than that. I don't even know what the think.
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You think it's bigger than that, because they did admit
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it was like close to a million. Now they're well
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over a million. That's that's incredible. And of course during
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the Obama years, remember they used to give the numbers
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and then thirty days later there'd be an asterisk on it.
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And I don't think in all the number adjustments they
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made that it ever went up. It always went down well.
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And the same thing for the Biden White House, right,
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I mean, I think of their forty eight months, I
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think something incredible like forty six were eventually downgraded in
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the revisions. And so you know, I remember even Jack
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Wells during the Obama years, the head of GE, pretty
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famous guy, skept goal about the numbers. By the way,
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in during the during the Biden years, there was I
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think May of twenty three maybe they reported two hundred
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and seventy two thousand jobs have been added. Even Jay
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Powell said, well maybe that's a little overstated here. Bill,
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let me explain to you something that is really in
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the weeds that I won't take long on this, but
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this is something I don't even think Steve Moore has
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kind of figured out.
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There are two surveys.
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One is the Establishment Survey, the other is the household
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And during the Biden years they had a big divide.
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All of a sudden, the Household Survey actually for one
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twelve month period show absolutely no change in employment.
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At all, no jobs added.
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The Employment Survey, meanwhile, showed two and a half million
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jobs added. So how could those two things be different.
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They collect data in a different way, but they're supposed
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to be the same, right, They're supposed to be reporting
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basically the number of people employed in the country.
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And here's what's different.
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In the Establishment survey, any job is a job added.
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In the household survey, if a person takes two jobs,
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that counts as one person being employed. So during the
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Biden years, when things got kind of tough, you had
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an awful lot of people taking second and third gig jobs,
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mainly exactly, and so all of a sudden you had
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a huge number of jobs added. But that wasn't really real.
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It was it was not like more people going to work.
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It was more people working harder at multiple jobs. And
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it's funny to me. I wrote a piece about this
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a couple of years ago during the Biden years, because
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no one ever looked, well, I shouldn't say no one
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ever looked at this divide between the two surveys, which
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had really never happened before.
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But people kind of ignored.
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It, and it actually I thought it was extremely relevant
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and meaningful in terms of what it reflected about the
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Biden economy exactly.
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Well, and the thing is is that we're making economic
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decisions based on this stuff, on these numbers, right, I mean,
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like you know, and of course this is what puts
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Powell under the microscope, even more so because he was
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much more liberal with Biden as opposed with Donald Trump.
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Well whats yeah.
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So basically, I think even a lot of people like
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my felt my fellow Fox newsperson Charles Paine, who I
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think is a terrifically smart investor guy. He's on Fox Business,
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great investor, great, also very good on TV. But Charles
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and I were kind of communicating after this last round
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where clearly they should have cut rates and agreeing that
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you know, both of us I think wanted to give
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Powell the benefit of the doubt, kind of going through
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the Biden years and even now. But the reality is
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what he did a year ago in terms of cutting
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rates by fifty basis points clearly was a plus for
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the Kamala Harris campaign, which was running on, hey, we're
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really good doing a great job managing the economy, so
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it could have given her a little pop. It didn't work,
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But now the opposite is true. Now I would have
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to tell you if I had been browbeaten as badly
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as Powell has been by the President and sort of,
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I mean, it's like watching.
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A puppy be abused.
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It's just so god awful, you know, I think my
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back would be up to and I'm not sure I
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would immediately jump to do something that everybody would have said,
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Oh my gosh, he's bending the need to Donald Trump.
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So I think Trump created a little bit of this problem, frankly.
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But when you look at the jobs report that came
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out hours after j. Powell had decided and told the country,
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not hours but a couple of days after he had
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told the country the employment market or employment situation was
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in very good shape.
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It clearly is not.
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And here's the thing Bill that I think is astonishing
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in all of the minutes of the FED meeting. In
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all of his published commentary, he almost never talks about AI.
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Bill do you know that there are.
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Seven hundred million users now of chat gbt? Doesn't anyone
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think that maybe that's having some impact. I have never
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seen a quicker pickup of a technology than we are
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seeing right now with chat gbt and other AI forms.
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And look in all the investment lists. That's right, I mean,
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you've got you got Meta Zuckerberg is trying to hire
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an AI expert, offering them a billion dollars. How's that
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for a Yeah, an employment back age utt.
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Well, and so there they are very dramatically competing to
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be in the race. But really more important and is
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all the corporations out there who are paying for Meta's
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AI services, who are paying for chat gbt, et cetera.
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Why are they paying tens of millions in some cases
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billions of dollars because they are you know, people, we
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need to focus here.
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Why are they doing that?
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Because they want to get rid of employees. That is
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the end mission here. And I don't mean it's a
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terrible thing they're doing that. They're trying to hurt their companies.
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They are using this to be more efficient. More efficient
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translates into yeah, we don't need six pair of legals,
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we need two.
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And I've heard for.
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Example, this is kind of a wacky example, but someone
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was telling me that I think South Korea or possibly
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Japan is building new frigates, new war vessels, maybe vessels,
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and whereas the old ones needed something like three hundred
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and fifty, people demand them now it's like ten. I mean,
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it is just an extraordinary thing that's going on, and
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honestly is it is reckless of J. Powell never to
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talk about this, never to talk about the impact on
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employment for what's going on in the AI world, because
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there's a direct correlation when I look at these jobs numbers.
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I see that.
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I mean, but anyway, I got to tell you, I
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think that he just completely.
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Missed the boat.
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There were so many signs that the job market was
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beginning to soften.
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I wrote about it. You I'm sure you've read about it.
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You know, it's not like a mystery.
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And yet they haven't cut rates, which I just think
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is appalling.
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Yes, and then yesterday we saw driverless trucks.
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Yeah, yeah, I mean, you know again, come on, people,
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let's wake up here. Driverless trucks, driverless taxis. Do you
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know I think maybe I mentioned to this to you
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last week, but a friend of mine interviewed Sam Altman
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about the head of who created tat GBT open AI
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and said, this isn't a business forum, and said, well,
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you know, can you give us an example of a
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job that's going to disappear? Thinking it would be a
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paralegal or an analyst or something, And he goes to
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construction worker and my friend is like, what what are
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you talking about? He said, well, between robotics and AI,
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we now can create machines that are going to do
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a better job building a building than a construction worker.
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Wow, we got to let's go to a quick break. We'll
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pick it up on the other side. More from Liz
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after this stay with us.
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