The Jon Sanchez Show

11/25-Wall Street loves the Treasury Secretary nominee.

Could a new Treasury Secretary do the following: rally stock prices, move bond yields lower, entice the world to buy our U.S. dollar and lastly, tank gold prices? We’ll if today’s trading action is any indication, the answer just may be yes. We’ll discuss president elect Trump’s Treasury Secretary pick and how he could affect your portfolio, this afternoon on the Jon Sanchez Show

Duration:: 35m
Broadcast on:: 26 Nov 2024
Audio Format:: other

Hey, it is Ryan Seacrest. There's something so thrilling about playing Chumba Casino. Maybe it's the simple reminder that with a little luck, anything is possible. Chumbak Casino.com has hundreds of social casino style games to choose from with new game releases each week. Play for free anytime, anywhere, for your chance to redeem some serious prizes. Join me in the fun. Sign up now at Chumbak Casino.com. Sponsored by Chumba Casino. No purchase necessary. VGW Group. Void, where prohibited by law, 18 plus terms and conditions apply. Good Monday afternoon to you. Welcome to the John Sanchez Show on his TOC 780K. It's a pleasure to be with you. I am flying solo. Mr. Gunt has the afternoon off. And I am so pleased to be with you on this holiday, short and trading week. Happy Thanksgiving to all of you before I forget. Before I forget, I've got two more days to remember, but I want to get it out of the way. All right, well, I hope you had a great weekend. I hope you had a great start to the week. The market sure did. And I'm going to tell you why this afternoon. We rallied once again to another record close of the Dow Jones Industrial Average. Little bit out, eh. OK on the NASDAQ, eh, kind of OK on the S&P 500. But once again, just like on Friday, the Dow Jones Industrial Average closing at a record finish. But today's rationale/reason of the Dow closing hire really had nothing to do with the market fundamentals. It had nothing to do with some of the big corporate earnings. Some of the things that we normally see as the catalyst to a market rally. What was different about today's rally that I hope and pray sustains was this. Late Friday, soon to be President Trump, announced that Scott Besent, a Wall Street veteran, hedge fund manager, has his nomination to be the next Treasury Secretary of the United States of America. Now, you probably are going, wait a minute here. The market rallied on this? Why? Well, this goes to show folks, as we've said many times since the election results were known, that President, soon to be President Trump, his nominations are crucial, critical, to Wall Street's perspective of what's going to happen in the economy under his administration. You see, and I said this-- oh, I don't know. Probably, I think, a day or so after the election results. And I said, look, one thing that is really going to be different among many others-- one thing that's going to really be different under term number two with him is he's not going to make the same mistakes that he made before. I'm sure he'd like every president. He'll make plenty of mistakes. They all do. But I can see right now, and I'm very confident, that one of those mistakes that will not be repeated of his first term is putting the right people in the right jobs from the very beginning. Back in 2016, well, let's go to 2015, when he obviously won and was not put into office until 2016. We didn't know really much history. Yeah, Treasury Secretary from Goldman Sachs at that point. That was a short-lived stint. And the revolving door just opened up. How many people did he put into the position-- very important positions, like Treasury Secretaries, et cetera? How many people did he put in positions that just did not stay, for whatever reason. They didn't get along with him. They were criticized by Wall Street. Whatever the case was criticized by the Democrats, it was a revolving door. And it was very, very difficult for that first term, for him to get any type of momentum. Because, again, people kept quitting. He would remember how many people he fired. And it just created no congruency whatsoever among the various cabinet members. This time, at least right now, it's appearing to be completely different. Other than his first AG pick, which, again, he's long gone and brought somebody else in over the weekend, so far it seems to be everything has stuck. Wall Street seems to like his picks. And boy, oh boy, do they like his pick of Treasury Secretary Scott Bassett. So you may think it's kind of bizarre. But I want to tell you why, though, Street Rally today, and why I'm glad when I decided to do this topic this morning that the market continued to rally, or I would add a really bad topic to go over with you. But I want to spend this afternoon talking about who this man is. As I always say, there's probably three of the most important people in the entire world. And I don't mean-- again, US, I use the word "the world." The three most important people, in my opinion, in the world are the President of the United States, the Federal Reserve Chairman or Chairwoman, and the United States Treasury Secretary. Folks, they, again, they are the most powerful, because they set precedents, they set currency, they set the tone on Wall Street, they set tax policies, they do it all. And without the right person in the position, Wall Street is not happy. Well, let me tell you, Wall Street is thrilled with this position and this pick. And again, today's indication, at least on the downside of things, big, broad-based rally today, record closes, I said, is indicative of that. So who is Scott Bassett? Why did Wall Street get happy about this today? Well, I'm going to hit some of the bullet points that I'll be discussing this afternoon. So you'll see how this treasury pick in Wall Street's perception of him could have a very positive influence on your portfolio. Number one, he's going to be softer on tariffs. This, of course, has been something that has sparked a lot of concern with former President Trump coming in, right? Slapped the 60% plus tariffs on China and 40% on other countries and some tariffs on our allies and so on and so forth. None of us really wanted to see anything that dramatic. Wall Street's perspective is Scott Bassett is going to be very soft on those. Kind of let the president ease into them. Maybe not even get to the extreme. That's a positive for your money. Number two, we've discussed many times, of course. One of the major concerns when we did not know who the next president was going to be was Trump's sunset of the tax cuts that he implemented in his last term. Those were going to go, by the way, side in 2025, end of 2025. Obviously, no concern of that now. You bring a Wall Street guy in, do you think he wants high taxes? No. So second benefit of Scott Bassett, tax cuts. Third, something that we all are very concerned about, the national debt, his plans, reduce it. That's right. Finally, somebody in Washington that wants to reduce the national debt. Well, it'd be a successful, I don't know. But at least he has the right intention. And then also, right along that same line, cutting the national deficit to 3% of GDP. Again, something nobody really has talked about, but is ultimately a goal of Scott Bassett. This among his years of experience on Wall Street as a global hedge fund manager, very successful guy, not real flamboyant. I'll tell you that. I saw an interview with him. Oh gosh, it was probably two or three weeks ago. The way that he speaks, I mean, he's got the personality for whatever that's worth. He's got the personality to definitely be a treasury secretary, very, very dry, very eloquent speaker, very smart speaker. He seems to check all the boxes. And I see absolutely why Trump nominated him. So this afternoon, again, what I'm going to do is I'm going to go through and go through these different areas of why Wall Street likes this guy. Because folks, this could be that final nudge that we need to have one hell of a strong stock market under the Trump administration. If these cabinet picks can hold and get through the Senate confirmation process, and these gentlemen and women can do what they say they want to do, which again, talk is cheap. Let's see the action, let's see the results. I was telling my wife yesterday. It's like, I can't imagine where this economy is going to go under the Trump administration. It's going to be one hell of a ride. That's all I can say. It's going to be one hell of a ride. And I'm so glad to be behind this microphone to share it with you and to be taking care of our clients, retirement futures with their trust in us. Because it's going to be, like I said, just one hell of a ride that we're going to see. So we will go through that. We'll talk about who Scott Bessin is. Give you a little bit of bio on him, and then start drilling down to some of these areas. But first, let me tell you, let me jump right to what this market did on this news, okay? We had some very unusual things happen today. We saw bond yields absolutely tank today, absolutely tank. I'm talking a 15 basis point decline on the 10 year treasury that is a huge one day move based upon Mr. Bessette. But it wasn't just the 10 year. All yields moved down. We had the 30 year down 15 basis points, the five year down 13 basis points, the three year down 10 basis points, and even the two year, which does not move that much. That's a short run into the curve down 10 basis points. Wow, how do you like that? So of course, I can't talk basis point decline of that substantiation amount without going to the mortgage side of things. If Dwight was sitting here with me this afternoon, guess what, he had been one smiling man because the 30 year mortgage went below the 7% mark again. Remember we had that strong trajectory up? Guess what? We broke back below it, 6.93% down 10 basis points according to mortgage news daily on the 30 year fixed mortgage. The 15 year was down five basis points, 15 year fixed mortgage, 6.35, 30 year FHA down 20 basis points today, six and a quarter percent, and the 30 year VA for you veterans down 20 basis points to a 6.27%. Great. I mean, think about this. See the power of this pick today? Bond market yields falling like a rock, helping the mortgage side out, helping the bond market out, and then a great move in the equity markets today. Oh, it's gonna be a fun discussion. Let's get to it, but first we gotta get to Kristin Snow. She's in the right now, traffic center. Hey, Kristin, happy Monday to ya. Welcome back to the John Sanchez Show on News Talk 780KOH. Happy Monday to all of you. All right, here's how we finish. As I said at the beginning of the last segment, it was a record close for the Dow once again, 440 point increase, 0.99% with the Dow closing of 44,736. Then as it gained 51 points, 0.27% closing at 19,054 and the S&P 500 higher by 18 points, 0.30% to close at 5,987. Once again, our topic is Wall Street, loves the Treasury Secretary nominee. I'll tell you the reasons why momentarily. Let's get to the quantity side. Big pullback in oil prices today. Good timing before all of you start to head out for the holiday weekend. 3.3% drop in oil prices, 68.93 a barrel. Gold, well, due to again, this news of Mr. Besant being nominated by the president soon to be president, guess what? The dollar, the dollar weekend, let's just put it that way. That's an understatement, $93.70 increase on the price of gold, $93.70 loss to $2,618.50. And as I mentioned on the Treasury side of things, 15 basis point decline on the 10-year Treasury to a close of 4.27%. All right, once again, let's get down to the details. So who is Scott Besant? Who is he, right? Well, first of all, of course, we need to go back and do his history a little bit. Been on the street, and this is why again, Wall Street today just applauded his nomination. Been around a long time. Yale graduate, he is married. He and his husband have two children. Losing South Carolina, Yale graduate, got started, I mean, been around a long time on the street, got started, believe it or not, with Soros, George Soros, his fund management back in 1991, was a partner there throughout the 1990s. Eventually, he became head of the London office, leading member of the team who, if you remember, he made the big bet on Black Wednesday's collapse of the British Pound, which garnered over a $1 billion profit for the firm. He bet against the Japanese yen in 2013, which brought additional profits. Then he resigned and got some seed money from Soros, founded a $1 billion hedge fund, that is called Key Square Group, that was founded back in 2015. He's been the head of global capital markets there. They use geopolitics and economics to make macro investment. So you'll hear the term a lot, that he is a macro guy. Remember on Wall Street, you have macro and micro. Macro, of course, you're looking at the big picture, such as global issues. Micro, you're drilling down to things like Ernie's, the very small minutia of an investment. Key Square received a $2 billion anchor investment from Soros, as I said, then at the end of 2017. Key Square's assets, about $5.1 billion. Their main fund returns increased by about 13% in 2016, but they lost money or broke even every year from 2017 to 2021, before making some major gains, 2021, 2022, 2023. The inconsistent track record did scare away some clients. AUM, assets under management, strength from 5.1 billion in 2017 to 577 million last year, and the number of institutional investors declined from 180 to 20. So not the best track record there, but as part of her prearranged deal, the firm returned in 2018. The Soros capital took in other assets. Its investors include the Australian Sovereign Wealth Fund, Future Fund. So he's got a lot of global experience from an investing perspective, which is again, kind of a key criteria as Treasury Secretary. I've been a Trump backer for a long period of time. He also, believe it or not, back in the early days, he, I don't mean early early, but 20,000, or excuse me, 2000. He holds, hosted a fundraiser for Al Gore. It is East Hampton, New York home. He's also donated to Hillary Clinton. He donated Barack Obama 2016. He donated $1 million to Trump's 2017 inaugural committee. In 2023 and 2024, he donated more than a million dollars to Trump's 2024 campaign. So once again, as I said a few weeks ago, it's amazing what donations can buy you, i.e., a job. So, you know, again, you get the idea. The guy has, again, a lot of Wall Street experience, okay? Now, why did the street get excited about him? Why is the street ready, you know, looking at what's going on and what they want to do with it? What he thinks that he can do for, again, the global markets, the global economies, not only the U.S., but of course around the world? Well, you know, you have to look at a lot of different things when you start talking about the Treasury Secretary. Again, this is a position that holds a tremendous amount of responsibility. Last time I checked, I think there was 120-some-a-thousand people that he would be in charge of. That's how many people are in the Treasury Department. And then, you know, I think the other thing that I came to mind and I haven't been able to finding the research on this, you know, the IRS, of course, made a huge hiring push here in the last year or so, hiring additional auditors, et cetera. I'm wondering, again, if he is going to seek reduction of that or, of course, if somebody that has probably one of the coolest jobs in the world and that is Elon Musk, if he's going to push for that to be reduced. I don't know, we will see. That was just something I was trying to find, but like I said, couldn't find anything. So the other way to look at, you know, what is the Treasury Secretary of the United States of America? Here's the easy way to put it. They're the CFO of the United States. They're the Chief Financial Officer of the United States, Principal Advisor to the President on all matters relating to the economy and all matters relating to fiscal policy. Secretary is, by custom, a member of the President's Cabinet and by law, a member of the National Security Council. And here's a little tidbit for you. The Treasury Secretary is fifth in line in the event of a presidential succession. That's right. So the President, the Vice President and the other, I forget the other two that make up the line of succession. If they all get wiped out, guess what? Treasury Secretary can actually become the President of the United States. Under the appointment clause of the United States Constitution, the office holder is nominated by the President and following a confirmation hearing before the Senate Committee on Finance will take the office, if confirmed, by the majority of the U.S. Senate. Now, if you don't know who's our current Treasury Secretary, you don't hear much about her or from her. That, of course, is Jenna Yellen, right? Two terms now. She, well, she's, I don't know, love Jenna Yellen. I don't care for her policies. Sweet lady, like I've always said, I mean, how can you get mad at her? She's just, what is she about? Four foot five, maybe five foot on a wearing high heels or something, this is a sweet, sweet lady. But she just, in the Biden administration, this last go around, you know, she was with Obama and now, of course, with Biden. Just this time around, I mean, I don't know what she has done or, you know, will do with a, you know, a few weeks remaining, probably nothing. But I think this is, I think people have forgot how powerful this position is. And therefore, when our new Treasury Secretary takes hold, I think you're gonna see a lot of things changing because, again, she just has not done much of anything. All right, when we come back, now we're gonna get into, again, the bullet points I laid out to begin into the show. Why did Wall Street get excited about him today? Why did they get excited? Again, he's gonna be soft on tariffs, something to counter act President Trump. Tax cuts, national debt reduction. And of course, cutting the deficit to 3% of GDP. Those are the main points I wanna hit. All these folks can benefit you as an investor. And I'll tell you why when we come back. Let's turn it over to Greg Neff. He's got news traffic and he has weather. Hey, Greg. Welcome back to the John Sanchez show. And his talk, 780K, which Jason has the afternoon off. I am flying solo. All right, it was a heck of a day on the street. Record close on the Dow, finished up 440 points, 0.99%, with a close of 44,736. Little ho-hum on the NASDAQ in the S&P, just a 51-point rise on the NASDAQ, 0.27%. S&P's up eight, or finished up 18 points, 0.30%. But once again, a lot of action in other worlds, in the currency and gold prices, I wanna go over this one more time, gold prices tumbling today, $93.70 loss, 2006, 18.50 due to the movement of the US dollar. And again, a big movement in the bond market, bond prices surging, bond yields plummeting, 10-year yield down, 15 basis points, to a close of 4.27%. And again, according to mortgage news daily, that 30-year mortgage now breaking that 7% market at a level of 6.93%. All right, so today, one of the big catalysts, of course, was the announcement late Friday of Scott Besent, a Wall Street hedge fund manager. Been around a long time, again, donors to both Democrats and Republicans, being nominated by the president. Like I said, late Friday to the US Treasury Secretary position, again, one of the most important positions in the entire world. Wall Street applauded the move, applauded the nomination. And again, he does have to be confirmed by the Senate. So far, no one is saying this guy should have any problem whatsoever. So a major Wall Street reaction today, as you heard with the numbers. Now, I want to mention before I get to, why did the street get excited about him? How could he be a positive impact to your portfolio? I want to throw one other little catalyst in today that also, I think, may, and this is just, I guess you could say it's more speculation on my part than anything else, but I'm going to throw it in the mix anyways, as to the reason of the strength of the market today. Evidently, quote, quote, evidently, Israel is potentially just days away from a ceasefire agreement with Hezbollah. That's according to the Israeli ambassador to the US. And so when that news came out, and again, they saw a little bump up in the market on that side of things. So again, we will see on that if that indeed happens, but who knows, we've heard that story before. All right, so I've highlighted basically four major areas that Wall Street thinks that Mr. Bassett is going to be very positive for the street. Now, the first one I want to tackle is, again, the tariff side of things. Now, we all know, of course, what the president did, the former president did last time in office with tariffs. Like I said, to relive it, sitting in my seat. Up very early, working very late, I saw the tweets all hours of the night. I used to be awoken to two o'clock tweets in the morning by the former president. I'm slapping a new tariff on this country. I'm slapping a new one on this one. I'm increasing the tariff on this one. And the street would then by the time, you know, by the time 630 rolled around in the opening bell ring on Wall Street, the markets will plummet on the news. It was impossible, absolutely impossible, to predict what his next move was going to be when it came to tariffs. Now, we all know there's a lot of controversy about tariffs. Matter of fact, as you also know, that many of the tariffs that Trump did put into play, Biden can't, matter of fact, majority of them, and he's even added a few. But yet, of course, when Kamala Harris was campaigning, she was all against tariffs. And it says so funny that her current boss kept many of those tariffs in place. So that whole economic approach, that tariffs are bad for the economy. Well, again, that's a whole other subject. But one thing, again, that Wall Street was concerned about is if the president kind of went back to his old ways and started slapping tariffs on everybody in a dramatic fashion, that could be a major negative for Wall Street. So here comes this new nominee, Scott Bassett. He is four, he just did an interview on, I think it was on CNN a couple of weeks ago. And he is four, what's called a, excuse me, it was a CNBC interview, he is calling for what's called a phased approach to implementation of the tariffs. Now, a phased approach just as those two words say, let's slowly work our way into this. Let's see where things go. He acknowledged, of course, that tariffs are a negotiating tool, right? He just says Trump has. Well, Trump didn't negotiate with him. He went after him, he did him. Again, the part that got me concerned is when he was throwing tariffs on our allies, like Europe and Canada and Mexico and so on and so forth. But we will see with those two coming together what they have planned. Now, if this is all hogwash at this point, that he's not gonna implement a phased approach, yeah, we can be in trouble 'cause you can have two guys that really, and now again, when running the treasury, that sides with Trump and they go after China, they go after everybody, that again would spark a lot of concern on Wall Street. But I think at this point, the street's sitting back and going, okay, you know what, they're gonna take their time. Trump is supposedly very, listens very closely. Now, Bessent was an advisor to Trump in the last administration also. So they have quite a track record to go. And I think that's why Trump spent a lot of time vetting who the next treasury secretary was gonna be. You know, there's a lot of names that were thrown into the hat. Spent a lot of time, like I said, vetting them and figuring out who he wanted to work with, who was gonna believe in his policy, which of course any president does with a cabinet pick. But of course, one of great importance like the treasury secretary. Yeah, you don't want somebody, which again, we learned, you know, many times in his last cabinet that people did not agree with his policy and he fired him where they quit. You know, in a very short period of time and it just just obviously disrupts the entire administration. Again, I think this time it's gonna be completely different. So on that topic, that's why the street liked it, liked his nomination, phased in approach to tariffs, take the time, let's not get crazy with this. Again, Trump listens to him very closely and they kind of think that he's gonna be somewhat of a calmer head to prevail. Let's go to the second bullet point that I touched on earlier, the tax cuts. Folks, I can't tell you, we all know, of course, from a personal standpoint how important taxes are to our personal life. But imagine being corporate America, right? Well, here's a man, of course, that comes from Wall Street, a hedge fund, which hedge funds in some cases get some very preferential tax treatments through what's called the carry trade. It's a certain way that they avoid paying income taxes on gains and so on and so forth. So I'm sure he's gonna bring that perspective to the treasury secretary's position. Again, very large position. You're managing hundreds, over 100,000 individuals, IRS auditors and so on and so forth. But many feel, of course, that he's gonna be very aggressive, literally within his first 100 days is what they're saying. Within his first 100 days, he's gonna be very aggressive, implementing and getting through Trump's tax cuts. Now, one thing that I think is very interesting is we now know, of course, since we have the House and we have the Senate, things should quote, quote, excuse me, things should go through relatively quickly through Congress. It's never gonna be a smooth sale. There's obviously, still a number of Democrats that are in there, but we have the majority. So things should eventually win out. But what nobody has really touched on is specifically what is Trump going to do in his first 100 days in regards to the tax policies. The only thing that I have been able to find is that he's going to extend his 2016 tax cuts that he created, right? Or whatever, I think they weren't actually creating 2016, but every year he finally got him through, I think 2017, actually. But he's gonna extend his previous tax cuts. But also, I think his interesting is, is he going to create new ones, right? Is he gonna drop the corporate tax rate down? Is he gonna reduce capital gains? Is he gonna maybe, again, as Corey and I and Dwight, we have said many times from a real estate perspective, is he going to do something from a tax perspective to stimulate the housing market? What's he gonna do on that? Is there gonna be some type of mortgage programs? Sky's the limit. But again, you've got a Wall Street guy running treasure. You don't have an academic like Janet Yellen and some of the others. You've got a guy that's been in the trenches that understands money, understands currency, understands what makes this economic engine hum. You don't have somebody sitting back that's mild and meek and again, levered to death, but mild and meek. And yeah, never, never, never did anything to go against Obama or against Biden, meaning Janet Yellen. Again, you don't even know she exists. She's just like in the wings, which is not what the Treasury Secretary position is supposed to do. So I'm very excited from that perspective. What does he bring to the table when it comes to tax cuts? I don't know what they are. I don't think anybody does at this point. He probably doesn't even at this point. But I'm sure the team is working on a number of different ideas. They want to hit the ground running and get this economy. Just, you know, it's doing pretty well right now. I'd say we're running on probably six out of eight cylinders. I think they want to definitely get it up to running eight cylinders without that nasty word called inflation raised on its ugly head. We'll come back to the two other points that we think this new Treasury Secretary will announce or do to benefit you in your portfolio. Let's drop it up with Kristin Snow. She's in the right now, traffic center. All right, Kristin. Welcome back to the John Sanchez Show on News Talk 780. KOH, happy Monday to all of you. All right, once again, I wouldn't tell you about my good friends over at SNW Attractor. Yeah, Snow's falling, getting it up in the mountains. A little brushing on the valley floor. Nothing too big yet. But we all know that the big snow is going to come. It always does. And once you love to have a great coyote tractor, nice air conditioned heat for the winter time, air conditioning for the summer, to crawl into to plow that big long driveway you have. And then the springtime to get all the projects done around the homestead, put in fences and grade and plant and everything that you want to do. But you just don't want to physically get out there and do it. Yeah, I guess what? Let the equipment do the work. And that's what a great coyote tractor is going to do for you. Sam still has a great inventory coming into the end of the year, incredible financing, 0% to 84 months or 484 months on select models. They got it all, but something that can't be replaced is that 25 plus year experience that he and the crew have at SNW Attractor. Stop by and see them and get that tractor package put together. They're located at 4880 East 9 Lane in Carson City, online at snwtractor.com. Or just pick up the phone and call them at 882-1225-882-1225. I think you're going to be pleasantly surprised how affordable a brand new coyote tractor can be. All right, we've been talking about Scott Besant. President-- soon to be President-- I'm going to be so glad when this thing's over, so I can just say President Trump. But I always get criticized if I say President Trump. He is the president in my mind. Former President Trump's pick for Treasury Secretary, again, one of the top positions in the entire world with the most important, in my opinion. Who is this guy? Well, as we said, his nomination, Scott Besant. Currently, a hedge fund manager ran around a long time, managed a lot of money. Political contributions galore to both Democrats and Republicans. But the street likes him and hints. One of the reasons that we rallied so strong today in bond yields came down, and so on and so forth. So as I mentioned, one of the reasons a street rallied today on this nod from Trump on Friday, he soft on tariffs, as I said. Number two, the tax cuts. What's he going to do? We know they were going to extend the former president's tax cuts that he put into place when he was in office. But what new ones are lurking out there? That's going to be the really exciting part. Let's go to something a little bit more complicated, and that is reducing the national debt. So we all know we're all concerned with national debt, $36 plus trillion growing rapidly. You look at, again, just the interest that we are paying on that debt, and it is a massive amount over a trillion dollars or a pain annually on the debt. So what's going to be his plans for reducing that national debt? Haven't heard anything specifically. I'm not going to sit here and guess at this point. But he has made it a point that he wants to reduce that, as Trump does. Now, we will see this is where politics come into play. The only way you can reduce debt is, again, you either increase revenues, i.e. taxes, or excuse me, increase revenue, or reduce debt somehow. And that means getting rid of programs, and that's where Musk and so on and so forth come into play, in the new Doge position. But they've got to do something. It's out of control over, like I said, when you're talking $36 trillion, there's no way we can catch up to it. So he is very much of a proponent for reducing that national debt. But we will see, like I said, it's very easy for people to say, yeah, I want to reduce it. Well, we all do. But can you really do it? There's too much of a runaway train. The last point I want to mention is cutting the deficit to 3% of GDP. Now, let's not get too complicated here. GDP, of course, is the total output of goods and services in the US, right? I like to call it our report card. How are we doing one on GDP? How are we doing as far as the overall health of the economy? Well, one ratio that we look at is, again, deficit to GDP. Well, we're currently sitting right around 6.3%, which is a historically high number. So that, again, are deficit divided by the GDP around 6.3%. He's made it a point that he wants to get it down to around 3%, which historically is a number that all economists on both sides of the aisle-- yes, we have economists on both sides-- both sides of the aisle feel that that's a good, solid, comfortable number. Can he do it? Again, talk his cheat. Let's see the action. But you see, my point is he's thinking about all these things. And I think that was one of the reasons that the president nominated him, or soon to be president. And also, because, again, you got to remember, when Trump or any president, soon to be president, picks their cabinet, they want people that are going to basically, I won't say be yes men to the most part, but also come to the table with some experience and some ideas that the president's not thinking about. And like I said, he was a huge advisor to Trump in his last term. So the bottom line is we can go on and on and on. All you need to remember is his policies, his beliefs, his track record, et cetera, for this Yale graduate should be very positive for Wall Street. If, again, he can implement these things. And most importantly, all I care about is his policies and ideas and things should be very positive to your portfolio. I want all of you to make as much money as you possibly can. And I think this is the best pick for Treasury Secretary to make that happen. So we will see, again, the street kind of just keeps going back and forth with some of these picks and so far so good. Everybody likes what they're seeing at this point. We'll do it again tomorrow on the John Sanchez show. God bless. Have a great afternoon. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at Sanchez Wealth Management.com or 775-800-1801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Remember, FINRA SIPC. Securities offered only in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Hey, it is Ryan Seacrest. There's something so thrilling about playing Chumba Casino. Maybe it's the simple reminder that with a little luck, anything is possible. Chumbak Casino.com has hundreds of social casino style games to choose from with new game releases each week. Play for free anytime, anywhere for your chance to redeem some serious prizes. Join me in the fun. Sign up now at Chumbak Casino.com. Sponsored by Chumba Casino. 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