China Increases Tariffs to 125% | Hard Working Homeless

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You're listening to Bill Handle on demand from KFI AM
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six forty.
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KFI AM six forty Bill Handle. Here.
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It is a Friday morning, April eleventh. Today is footy Friday. Oh,
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I should do that Dodgers thing. Here we go Tonight,
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on the iHeartRadio app. The keyword is AM five seventy
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LA Sports. All Right, we're looking at the doll right now,
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CNN and Fox. And by the time I say we're
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looking at the Dow, it is either up or down
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one hundred points.
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It is going crazy.
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Jared Dillion, who is a financial writer, best selling and
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who has been part of his care we are on
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Wall Street, an active investor, so he knows a lot
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what's going on. Jared, thank you for joining us, taking
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your time here on KFI.
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Hey, thanks for having me.
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Okay, now you're looking at we are looking at one
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hundred and twenty five percent tariffs on the United States
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from Beijing, and of course I think we're up to
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one hundred and forty five percent the other way, and
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beij Beijing says we're done. We're not going to do
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it anymore because at one hundred and twenty five percent,
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it makes it financially unfeasible for you to sell anything
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here anyway, so you know, you can go for wherever.
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What does this really mean in terms of business, in
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terms of what we are actually going to pay because
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the administration is not telling us very much.
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Yeah, there has been a communication problem out of the
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White House. And let me give you my best interpretation
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of what they're trying to do. China is an adversary,
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They're an enemy. I want to go back to Raygan
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in the eighties, and you know, Reagan is mythologized for
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getting into an arms race with the uss ARE and
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eventually bankrupting them, you know, using our own economic power,
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and the Berlin wallfell, and now there's an airport named
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after Reagan. Trump is trying to do the same thing
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to China with tariffs. You know, we have one hundred
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and twenty five percent tariffs on China. China sells more
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goods into the US than we sell to them. It's
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totally asymmetrical. This hurts China more than it does US.
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China is playing poker. They're saying that, you know, they
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can raise tariffs and definitely, and you know, the reality
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is they can't. What Trump is trying to do is
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to weaken their economy and push them into a depression.
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They're already in a recession. They've had a real estate crash,
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and they have terrible demographics and they have deflation, and
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Trump is trying to push them into a depression so
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that they're no longer a military power.
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Okay.
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With that being said, as you said that they have
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more to lose than we do. There's a political consideration
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here that I would like you to comment on, and
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that is she is not elected. I mean, he is
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now an autocrat and he doesn't have to talk to
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the electorate because there isn't one. For the most part,
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he doesn't report to anybody. And China has been known
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to play the long game ever since well forever, I mean,
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that's just the way they operate. And so with that
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being said, and him saying, you know what, we're willing
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to tough it out, which they have before, who do
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you think is going to blink first.
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I think China will blink first. I absolutely do. I
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think people in the US tend to, I guess over
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inflate China as a threat or as an economic power.
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The Chinese bureaucracy is very dysfunctional. Nothing really moves in
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that country without she saying so, it's sclerotic, it's bloated,
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it's corrupt, it's very slow. I am I am not
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too worried about if in a tariff war, in a
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trade war between the US in China, the US is
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going to win. Having said that, you know, as a
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free trader, as somebody who believes in pre trade and
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believes that pre trade benefits everybody, I'm you know, I'm
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sort of skeptical that this is a good idea in
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the first place. But you know, you mentioned in the
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beginning that, you know, Trump hasn't really communicated the goal
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behind this, and this is sort of a bad marketing
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job by the administration. If he said, look, we're all
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in this together, We're going to have to pay higher
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prices for goods, We're going to have to endure a
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little stock market volatility in the pursuit of this goal,
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then I think people would be on board. But he's
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done a terrible job selling him.
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You know what, I have to tell you, I disagree
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because I think he's making it very clear now and
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he's doing a lot what Reagan did. When Reagan came
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in and said, hey, it's not going to be good
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for a while, guys, you're going to have to just
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suck it up. And he was very open about it,
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and he goes but in the end, it's going to
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come back, and it did. I mean, he was right
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on in terms of the financial world. And Trump has
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gone from of course, day one, I promise you the
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economy is going to explode. I promise you price is
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going to be down day one. It's going to be
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a beautiful economy on January twentieth.
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Okay, thank you.
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With that being said, now he has already said there's
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a transition. We have to live through it a little bit.
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The question is how long can we live through it?
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Even believing that in the end the endgame is exactly
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what Trump wants, and that's manufacturing here, employment here, that
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we don't have to rely on foreign markets as much,
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manufacturing as much.
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How long can we last?
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I don't know. I haven't I haven't seen this before.
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I mean, you know, Scott Bessen, the Treasury secretary, he
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actually sold it a little bit. I mean he said,
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we're going to have to go through a period of detox,
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That's what he called it. And you know, Biden is
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in his term front loaded all the pleasure during the pandemic,
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with all the stimulus checks and PPP loans and stuff
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like that. And Trump is front loading all the pain
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much like Reagan did. Just like you said. So you know,
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let's say cars start costing ten twenty thousand dollars more,
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food costs more, Walmart costs more. All this stuff. It
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causes people some pain. How long can we last? I
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don't know. I mean, the interesting thing is is that
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Trump's popularity. If you look at the polls, there's been
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some polls that if they re ran the election right now,
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even with all this economic chaos, Trump would have still
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beaten Kamala if the election were held today.
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For the life of me, I don't get it, I
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really don't. As Trump said, prices have gone down. I
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went to the store about a dozen eggs, paid twelve bucks,
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walked to the clerk and they go it's twelve dollars.
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I go, no, no, prices have gone down. Oh no, no,
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it's still twelve bucks. No, no, you're wrong, prices have dropped.
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Don't you understand anyway, So we will see, by the way,
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real quickly.
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Are you a fan, yes or no, of any of
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these tariffs?
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I think the only I'm not a fan of the
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ten percent across the board tariffs. I don't think. Look,
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I mean, if the goal is to bring back manufacturing,
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there's two things. First of all, why do we want
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manufacturing jobs? Manufacturing jobs are stultifying and boring and tedious.
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Let other countries do it. So I don't think we
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really want manufacturing jobs. And manufacturing jobs have been going
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down for one hundred years, regardless of all the free
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trade agreement. It's just a matter of automation. So that's
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part of it. And I lost my train of thought
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and I can't remember the other part.
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Oh good, get a talk show. I get a talk
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show because this is what we do. Jared, thank you
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so much for being with us. You have a lot
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in explaining. All right, you take care. All right, I
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want to quickly talk about Karen Bass and a guy
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with named Steve Sobaroff.
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Now I want to be fair to Karen Bass.
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I've been very rough on her, and well, you know,
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I'm not a big fan of hers. I'm less of
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a fan now and I think she screwed the pooch
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even more. Yeah, I don't know how she's going to
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get re elected. I have no idea, but anyway. Steve
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soberof Soberoff is LA's fire Recovery zar by named by
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Karen Bass, and he's a civic leader and man, he just.
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Shoots from the hip.
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He does not mind saying things zill tell people to
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f off at press conferences.
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He doesn't go.
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He just doesn't stop. And he is a developer and
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very well known in the world real estate. And he
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was hired for a three month term to lead the
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Let's Fix the Palisades after the fires. Salary of five
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hundred thousand dollars for three months, by the way, not bad.
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And there was such an up where he goes, okay,
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I'll do this for free. He certainly doesn't need the money. Well,
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what he says is from the minute he was hired
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by Karen Bass, he was shut out. She just wasn't
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interested in him doing his job. Now he still worked,
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but not what he was supposed to do. He ended
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up being a fixer, called people up. He was able
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to negotiate FEMA getting involved in helping by the way,
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his exclusion, according to him, came within two weeks after
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his appointment. For example, she opened the mayor opened palis
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ages to the public. According to Steve Soberoff, she didn't
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even tell him. He wasn't anywhere near the press conference.
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And this is the guy who was supposed to take
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care of all this, and how was she How did
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she respond, Well, I have known Steve for years and years,
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and he's not going to be that far away anyway,
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in reference to him not being at the press conference,
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so he knows I'll stay in contact. And she said
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that Soberoff has laid a great foundation in his role.
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I don't know what any of that means. This is
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political speak.
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This is an accusation being thrown at a political figure
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who comes back and says, I believe in what I
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am doing for the benefit of the people in Los Angeles,
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and I am fixing the problems with the fires more
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so than anybody else, and we're doing it the greatest
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job we've ever done in history of fixing up a city.
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How about responding to the fact you didn't let Steve
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sober off anywhere near uh the fires or repair that
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you said you were going to.
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I believe in Los Angeles.
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I believe that we are going to fix this city
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as quickly as possible.
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And her spokesperson said.
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And no one has done a job the way she
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has done it, typical, typical political speech.
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I'm not a fan.
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I couldn't believe that Paul Caruso did not win that
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mayor's race.
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Could not believe it. Rick Crusoe, that's him too, That's right,
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Rick Caruso.
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I don't know why I have a They're brain all
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the time.
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No, I don't know. It's a mental block I have.
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Who's Paul Crusoe.
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I have no idea. I have absolutely no idea who
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Paul Caruso is.
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As a matter of fact, he act.
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Okay, I feel better, I feel like Eminem. Well, the
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real Paul Caruso, please stand up, Please.
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Stand up as an actor. He died in two thousand
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and one.
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Even better, all right. I have often said I am
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not an exceptionalist. And what do I mean by that? Well,
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it's in reference to people who say America is the
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greatest country in the world, and in many ways I
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agree with that. There is no question opportunity, certainly natural resources.
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Now there are some issues. For example, our medical system.
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You think that's broken. Are we the best in the
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world in terms of our medical system? Really the number
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of people in prison more than any place else in
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the world, not only in terms of numbers, but per capita.
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We are the greatest country in the world. Right, Well,
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you know we are in many many ways.
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Now one of the things where we are maybe not
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the greatest country in the world homelessness. You think that's
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a problem. So let me tell you a story about
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what's going on in New York and homeless. There are
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New York homeless shelters, and about a third of the
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families that live in these shelters, not including migrants, by
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the way, have at least one adult who gets up,
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goes to work every day and they're living in homeless shelters.
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Some of them make up to fifty thousand dollars a
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year and they're living in homeless shelters. How is that possible? Well,
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there are two reasons. And by the way, this is
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not the kind of homeless that we see that. They
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see people sleeping on subway cars or begging for change
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on street corners. I love it when you was some
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guy on a three corner, Hey, mister, do you have
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any change? And I look and I go, I have plenty,
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and then I walk away. Or if I have a
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bunch of change in my pocket, I jingle it and say, yeah,
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lots of it, and then I walk Not big fan
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of people just begging for money on the street corner.
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But you've got people who are mentally ill or addicted. Okay,
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that's part of the homeless population.
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Got it. But people who work full time? How is
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that possible?
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Well, the cost of living in New York, the price
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of real estate in terms of rentals, are just out
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of control. You make fifty thousand dollars a year, all right,
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Then you're down to, after taxes, thirty five thousand dollars
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a year, and rent is twenty five hundred dollars a year.
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So you have a spendable income of thirty thousand dollars
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thirty five thousand, your rent is thirty thousand dollars.
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And by the way, there are no places to rent.
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So what ends up happening, Well, you have thousands of
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working people that end up in shelters, and that one
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just rips me to shreds. You go to other countries
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in the world. I just got back from Italy. You
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don't see homeless people on the street. You go to Amsterdam,
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you go to any of the Scandinavian countries, you go
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to Germany, you don't see homeless people on the street.
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Imagine you're in New York. Someone gets up, goes to work,
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even cops. Are you ready for this? Even police officers?
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And what happens is these people don't admit it because
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I mean, how humiliating is that living in a shelter. Now,
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these are separate shelters that they are building. They are
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shelters for people to work. And there are small shelters
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people live two or three to There are dorm rooms,
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single beds, but there is a cafeteria there.
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They give up bus tokens.
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There are people to help people get jobs, all paid
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for by the city, because the number one employer of
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these people who get up and go to work is
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the city of New York. They're bus drivers, they work
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in the schools, they work on the subway, tackling those
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people that try to jump the line, go over the
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little gates. They work and they're janitors, but they work
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and they live in shelters. Ask them if America is
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the greatest country in the world. Now you ask me,
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I live in a nice house. Yeah, America is the
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greatest country in the world. I can afford insurance, so
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I have great medical care. I mean, I pay for it,
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but I have great medical care. So I'll tell you
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all that level. America is the greatest country in the world.
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And then you have opportunity. I came here as an immigrant.
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I came here to the United States when I was
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five years old. Didn't speak a word of English, and
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there was no English as a second language. There weren't
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many teachers that taught in Portuguese when I started going
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to school, so it was a baptism and fire.
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But the opportunity was there.
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You know, there are many countries in the world where
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you come to a country dirt poor. I mean, you know,
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I'm gonna tell you, Yeah, I walked to school of
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four miles in the snow uphill both ways here in
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southern California. Yeah, yeah, okay, fine, But my parents did
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come here with nothing, and you know, I was able
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to get a La City unified, great education.
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That's when you could actually come out and be literate.
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And then I went to a state.
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College, then I went to law school, and you know,
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all of it. That's opportunity. That's America in its best ways.
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Talk to those people who live in shelters in New
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York live who can't get a place to stay because
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of all the craziness. All right, coming up at the
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top of the hour, Neil Savager of Foodie Friday, and
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then ask handle anything fairly new segment where we have
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a good time and humili ate me for the most part. Okay,
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that's Justin. You're hearing Justin Worsham who used to be
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on this show. And I was just talking to Justin.
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He was our board operator, Kono. Just want to let
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you know he was so far better than you could
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ever be good. Yeah, it could be that great. I
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don't work here.
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And it's been almost it's been ten years.
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Ten years, man, twenty fifteen. You know that's got to
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that weird. It doesn't feel like it. I'll be honest.
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Now it feels like it. Well for me, yeah, wow,
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ten years. So anyway, Justin left us. Were you fired?
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Or do you voluntarily leave?
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You know, it's a little bit of both. I was
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fired because management at the time thought I made the
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show sound too FM and too silly, because I felt
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I was originally hired to make like do comedy bits
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because I was a comedian, and then so I was like, okay,
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and they wanted me to just be the board op
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no offense Steve and so anyway, I eventually I had
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to go in there and say I think I'm good.
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I think I'm out. And then they I said, but
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go ahead and find somebody. I'll train them whatever. And
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that took like five months, and I go, hey, at
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the time, we're under hiring Freeze, and I said, do
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you need me to quit in order to hire somebody?
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And they were like yeah, So I said okay.
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And by the way, for those people had never heard,
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do you do comedy? Still?
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I don't because you are very funny. By the way,
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if you weren't, I would tell you that. I know,
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I know you would.
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You're actually one of my the joys of my life
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was at my time here was making you laugh. To
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be an all sincerity. I know I got a lot
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of hell for laughing at you. That was another thing.
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I got in trouble because I thought you were funny
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and nobody else did.
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Y's true.
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I can't even begin to tell you how true. Hey,
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let's talk about real estate. You left, and you left
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for real estate, which was obviously a great decision for you.
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And then this weekend you're going to do a program, yes,
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in real estate.
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They're giving me an audition to do a show about
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southern California real estate. So's the way I'm describing it
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at this point is it's like the high school class
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everybody should have about buying a home. It's the information
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that everybody should know, and most people don't.
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Shouldn't you talk about how you're not going to be
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able to buy a home? That's a big talkopic, Yeah,
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that is. I was talking to my daughter last night.
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I was with my daughter, Marjorie, and we were having dinner,
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and my daughter said, I'm never going to buy a house.
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And Mom, when you know you bought your first house?
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She goes, two years after I started working. She goes,
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how is that possible? And how much was it?
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And she said one hundred thousand dollars And we started
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talking about how much money she was making at the time,
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and she started her job at twenty five thousand dollars
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a year and was able to buy a one hundred
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thousand dollars home. That's a four to one ratio. Okay,
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let's say you make one hundred thousand dollars. If you
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make one hundred thousand dollars a year, which is not bad.
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By the way, you're talking about a four hundred thousand
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dollars house. Where do you get that in southern California, especially.
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Right out of college, when you're riddled with because college costs
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way more, so they're just strapped with student loans and debt.
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I can't do it.
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State of California is already we talked about it at
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the first show last week. Is sixteen percent affordability. So
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that means that sixteen percent of Californians can afford to
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pay the mortgage payment on a on the median price
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home of about nine hundred and fifty six thousand in
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the state of California, only sixteen percent.
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And by the way, what is nine hundred and fifty
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six thousand dollars buy yout In.
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Southern you can get a pretty nice condo.
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I know, I look out the window and I know
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you live in Burbank, right, you're right around the corner.
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I look out the window and I look at these.
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Homes, huge homes, eleven hundred square feet, twelve hundred square feet. Right,
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they're ginormous, I know, you know, built in nineteen twenty two,
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you know, with yards basically smaller than the size of
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the studio.
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And they're a million dollars million.
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My house is eleven hundred square feed, three bedroom, one bath.
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Ten years ago I paid just under half a mill
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for it's now worth about one point one million dollars.
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That's insane, It's stupid. It's stupid.
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So is that ever going to turn around? Or is
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La or Southern California completely crazy? Interest rates?
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The interest rates were supposed to lower prices, right, They
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expected a five to ten percent drop in other markets
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around the country, absolutely at lower prices, some more than others.
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But in La County last year, eight percent appreciation, Orange
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County twenty one point seven percent appreciation with seven and
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a quarter interest rates.
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Here's one last question I want to ask you. People
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are still thinking three percent money? They got to their heads.
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That's exactly what I say. When does that go away?
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When you were looking at six percent as a reasonable rate.
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If you look back at the data, six percent was
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a good rate for a long time with good appreciation.
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It's just when you start hearing two or three and
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then it doubles in a year like that, that tits
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people's mental state and they're just not happy with it,
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and that's.
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Going to disappear. You know, three percent people will die.
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The other thing I've learned in preparation for these shows
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that I'm doing on is that we're one point four
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million unit housing units by twenty twenty nine behind. This
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is according to all of the counties in southern California
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getting together, and they can only legally build about four
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hundred thousand. So what they're saying is one point four
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million would meet the demand and create a more balanced
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market where these housing prices would stop going up so much,
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but they can only build a third of that.
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Crazy. Okay, When is the show?
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By the way, two to four on Sundays, And they
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just extended me through the rest of the month. So
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things are looking good for this guy so far.
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All right, And it's called Cleverly the Justin Worsham Show.
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Yeah, you don't like that. It's brilliant we'll get luxury,
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we'll spitball the better ideas then yeah, all right. I
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tried Worsham Duel but they said it was taking out.
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All right, that's two to four this Sunday, justin Worsham,
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and it's gonna be worth it because he's a very
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funny guy and he's actually very smart too.
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Thanks manah No, And if you weren't, I would.
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Tell you this is very uncomfortable to get compliments.
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And I was just talking. I was what was it?
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Amy was in this morning and we were talking about
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who looks good and done? I said, Amy d Liot,
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great today. And you've been listening to The Bill Handle Show.
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Catch My Show Monday through Friday, six am to nine am,
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and anytime on demand on the iHeartRadio app.