The following is a presentation of TFNN, the morning market's kickoff with your host Tommy O'Brien. Good morning everybody. I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Tuesday morning. We got markets right now trading in the positive but barely a bounce when you consider the action that we had yesterday. S&Ps right now, you're positive by 19 points. That's trading up half a percent at 37.72. The NASDAQ 100, you're up 8.10%. 11,416. The Dow up 100 points. We almost got a 29,000 handle in the Dow yesterday folks. Remarkable when you consider the facts that we were trading at 33,000 on just Thursday. That was Monday action. We almost got a 29 handle. You're talking about 3,000 points potentially in the Dow. You're talking about 9% in the indices. Can't overstate that. Basically, two to three trading days. Thursday, Friday, you come back Monday. Markets give up almost 8, 9, 10% depending on what market you're looking at. Remarkable. S&Ps, just for that same context, you were trading at almost 41.50. You dived down to 37.35. What is that? 265.415 points almost. That's almost an exact 10% pullback in the S&Ps from just Thursday morning to where we were on Monday low, 37.35. Zoom in on the overnight action. You see the climb that we did get. You were as high as 38.07, the volatility folks. You know it's here to stay. Look at the run that we had. We're positive by 18 points, but in the span of the overnight session, you had a move of, what is that, 50 points to the downside from 38.08 to 37.58? 37.56. 52 points you traded down from high to low. So yes, we are in positive territory, but I imagine it's going to be another day of some volatility. We come into a Fed meeting begins today. We get the announcement tomorrow. We're looking into that in a moment. The market now pricing in 75 basis points. We got a PPI number this morning, the headline number pretty startling, but not as high as expectations. And why don't we get right into that? You know what? Before we do, let's get to commodities because you got crude. Check out that acceleration, man. No pullback for crude. Crude yesterday was at 117.50. We just hit 123.37.  That's above where we were. Nope, to a penny. Okay. No, wait, what was our high today? Yeah, 128. Excuse me. 123.37 is the high. We get above the high from June 8th. So you're only talking about three days that we traded above this price level. That is higher highs and lower lows folks coming at you. 123.10 right now for the price of crude. We'll talk to our man, Teddy Kakes, that tomorrow, if you're into 4x folks, if you're into crude oil, 40 past the hour on Wednesdays, I talked to Teddy, always a great segment. He's been a bull in this crude market for a while. And man, you talk about a run, folks. You know, just for a second, taking a look at this crude. I mean, if you take that acceleration that began on March 1st when the war broke out, okay. I mean, this is a trend that's pretty well intact. You know, maybe things got a little bit ahead of itself too quickly. But you take this out and I'm ballparking it, but you get the point. We are in a run that we have been in for the better part of December 2nd from a low of $62. That trend picking up right where it was for basically December through February, we trade higher, you pull back. Now yeah, I'm ballparking. Where does this line sit below? The general idea though, we are in an uptrend in the price of crude and that is remarkable when you're trading at $123.02 right now in the price of crude. You jump over to gold, backing off a bit, gold at $18.21, down about $10 and we jumped to notes and bonds, a slight reprieve from where we were yesterday. Jumping over, where are we right now? What are we sitting at? Like 3.28% I think on the 10-year? Oh no, we're not. We backed off. We're at 3.34%. 3.34%. What were we sitting at at the low? Does anybody know what we hit on the 10-year when this thing kind of accelerated towards the end of the day yesterday? What did we get for a high in the yield in the 10-year? We hit 3.5%. So we're positive by 8 ticks right now. We're almost a full point off of the low and we're still have a yield of 3.34%. Crazy action in a big way. All right, let's jump over to the news. So we're going to jump to Coinbase and crypto in a moment, but why not start with the PPI? Wholesale numbers, 10.8% in May near a record annual pace. You could almost say near record or record with about every number going on right now as we do 3.28, Tommy. All right, what I was looking at, yeah, is it 3.28? The number I was pulling up had the yield of 3.34. Maybe that's wrong. Either way, folks, 3.3% the yield on the 10-year right now. That or there about 10.8% in May was the number for PPIs. How about 0.8% for the month? Month over month, almost a full percentage increased. The monthly rise in line with estimates and doubling the pace in April, so they were expecting 0.8 to come in. If you exclude food and energy and trade, the so-called core PPI rose 0.5% for the month, slightly below the 0.6 estimate, but an increase from the 0.4 reading in the previous month, I wouldn't get so caught up, folks, in the readings from previous. The estimate is how the market is usually going to react. Now, as the trend shapes, if you're increasing month over month over month, the market's going to react, and maybe it's going to pull back 10% or something like that, like we've seen the last three days. On a year-over-year basis, the core measure, 6.8% matching April's gains. The two PPI measures remain near their historic highs, and the highs 11.5% for the headline, 7.1% in core. Both of those hit in March. Now, when we got the CPI number, though, remember March was supposed to be where inflation had peaked. It might not be the case, man, with what's going on. That's not what the CPI said. On Friday, and the markets reacted tremendously. Okay, let's jump over to crypto. Let's pull up a chart of Bitcoin. Bitcoin, we breached 21,000, folks. You watch out, man. Yesterday, when I was doing my show, zooming in on the action of where we are on that timeframe, let's see, did my show at about 23.5. That's where the stock was trading at for most of the hour. And you reach down an additional $3,000 to $20,775. Now, here's the thing to keep in mind, man. Bitcoin's down. There's a lot of things to keep in mind when you're talking about crypto right now. MicroStrategy. They have no business trading right now at $152, folks. I'm not sure what's going to happen with this equity, but stay away. Margin calls are coming. Here's the headline. I was talking about it yesterday. They said on one of their conference calls, I think, or it was released in a filing, I think it was a conference call on their last earnings that 21,000 would be the price point that they would have to come up with more collateral. But here's the kicker, and here Bitcoin needs to cut in half for around 21,000 before we'd have a margin call. That was the president said on a call in early May. Well, I imagine he was hoping or thinking or just being optimistic to the nth degree that Bitcoin wouldn't get cut in half that quick. Nonetheless, here we are. You just breached 21,000. That means that MicroStrategy is probably on a call with their bankers this morning or last night or yesterday, more likely. More Bitcoin to the collateral package. Before it gets to 50%, we could contribute more Bitcoin so it never gets there. So I'm not sure if they did that, but here's the thing. They're using Bitcoin to collateralize Bitcoin purchases as Bitcoin crashes. The collateral they're using is crashing for the loans that they're getting and what they're buying with those loans. That's a dicey strategy, folks, and maybe that's part of the reason it just crashed to below 20,000. Maybe they were part of the reason that it went from 23,000 to 20,000 yesterday. Well, talking with our man, Kevin Hinks, when we come back, folks from TD Ameritrade Network, we'll be right back. In a time of booming inflation, we are purchasing powers eroded. There's no better place to protect your harder and money than in gold. Vista Gold's flagship asset is the Monk Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tier one mining district. This is a large-scale, low-cost project with significant existing infrastructure and a politically safe and friendly mining jurisdiction. 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Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's market newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars absolutely free. At TFNN, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit TFNN.com and try Mastering Probability, 30 days risk-free today. TFNN, educating investors. Let's jump over to our man, Kevin Hinks. Every trading day, folks, 12 noon Eastern Time, right here on Tiger TV, fast market on the TD Ameritrade Network. Your host, Kevin Hinks, Tom White. Do you think we have a fast enough market in these markets right now? Kevin Hinks, good morning. Good morning, Tommy O'Brien. Yes, things are moving kind of quickly. Yesterday, excuse me, was a pretty incredible day. I think it was frankly, you know, the CPI number on Friday sent the market, you know, a very negative tone over the market, which bled into the weekend, which bled into the future Sunday night and all day yesterday. Now we've got some dust settling as several things got into the oversold category. I think this is going to be interesting. A lot of speculation on Jerome Powell doing more than 50 basis points when the Fed meets for the record, for my perspective, he has never shown a propensity to do things that, you know, in terms of shocking the market. And I think since he told us he was going to move 50 basis points, I would be surprised if he does that. I mean, now, I don't say never, I don't say always I use probabilities. I would say it's a low probability, but boy, the talking pundits and the talking heads, they are screaming for a bigger move by the Fed. I don't know if that's coming. I think if Jerome Powell was going to do that, Tommy, he would have pre announced and guided that way early. So I don't know if he's going to come out and shock the market, Tommy. That would not be his normal course of action. It seems like it's still, and this is my opinion in the shift, it's still pretty early in the hiking cycle that they might have the room, as they've been saying, is that they're going to be data dependent and they need to give it a little bit of time. And maybe that's his wiggle room there that they made their decision. He's not going to be guided off one CPI number in June. There's a lot going on outside of the core there that we all know. I was looking, Kevin, before you came on the air, we talked to you every Tuesday, Wednesday and Thursday, three times a week. We stay in touch with you, man. The last time we talked to you on Thursday, we had the S&P trading at 4100 and we had Bitcoin trading at 30,000. What's your take on crypto right now, man?  I mean, everybody's talking about it, whether you're in the market or not. It seems like everybody knows that the crypto is crashing right now. What's your take on crypto and maybe how that plays into just the market volatility as well? Do you think that's one of the factors here, bringing down the market as well? What's the chicken and egg, right? What's doing what here? Yeah, exactly. I think there's a relationship between speculative asset and Bitcoin and cryptocurrency, but it doesn't make me feel good. Now, on the record, I have never traded a cryptocurrency or Bitcoin. Never, Tommy. Now, that being said, there are highly speculative asset and it would cause me great concern the fact that some of these firms aren't letting you get your money out or aren't letting you do things. Any restriction on movement of money or trading is a big red flag for me, Tommy. And I don't think these markets in Bitcoin, they're just highly speculative. And if you don't want volatility in your life or you don't want more of it, I wouldn't be trading these unless you have the temperament for volatility because that's what these are. I mean, it's been quite a ride here. But then again, Tommy, you can look at Bitcoin and I'll say, what about Boeing? Boeing is out 75% and that's a major US industrial. So, you know, things can move and there's never been a more obvious reason as of late to trade risk defined. And you can be right and you can be wrong and both of them are limited, Tommy. So, I think there's lessons to be learned here. Never say something can't move. Never say it can't go any further than this because it always can. Yeah, you make some great points. Boeing, man. Zoom, jump to mine, Kevin. As I've been in conversation with a friend yesterday, I mean, Zoom, I just have it on a three-year weekly. There's quite a list, Tommy. You're back to 2019 prices on Zoom. The cool thing about Zoom is that Zoom makes money. You know, a lot of these companies, right? You don't make money. Maybe things get really out of whack. Zoom makes money. Still, the multiples got a little crazy. Got up to almost 600. You're trading at 100 right now. Not many people would have thought Zoom was trading back to 2019 prices as a profitable company even when they had that runoff. You speak to it, man. Defined risk. Because I imagine a lot of people, big believers in Zoom, it traded above 300 for almost a full year I'm looking at, well above that area. We were at 400 less than a year ago. I'm not sure a lot of people were defining that risk in Zoom, even if they were just holding the equity, thinking they were risking 75, 85% loss to what they had in those numbers. Just staggering, man. We march forward. We have some earnings coming out, Kevin, but we got a Fed meeting starting today. All eyes, as you say, will be on the decision tomorrow. Lots to talk about for those talking heads. Always tantalizing when you can talk about that they may ramp it up with a 75 basis point cut. Hike. Hike. Excuse me. We find out tomorrow. What are you guys going to be talking about on Fast Market coming up at 12 today, Kevin? Yeah, we're going to look at FedEx that has news out today. Activist Investor is causing that company to make some moves. And then like Bolio will do a presentation on the travel sector focusing on Expedia. And then in the third segment, we'll look at DoorDash or just Dash, as they call it, food delivery. Nice. Yeah. FedEx with a nice pop DoorDash. Another one of those companies, man, right? $257 down to $58 from November to June. But the world has changed, man. Ordering food, DoorDash. I use Instacart often. The thing I find, you've talked about in your program, Kevin, some of these things like streaming, of course, right? You start out, everything is so cheap. Now it feels like I'm paying more for just the streaming entities I have. Uber used to be as cheap as could be. You see some time, at least they're going to ramp things up. I found myself Instacart. Things are just getting so expensive, man. When you add the fees, you add the tips, you add everything in there. It's interesting to see how that's going to play out. Competition. Very fierce when you got Uber and Dash competing. Well, Kevin, we appreciate the time you take with us every morning, man. And we'll be watching at 12 today. It should be an interesting one. Defined risk, man. We love it. We enjoy the program.  Have a great day, Tommy. Thanks for having me on. Buckle up, everybody. That's right. Buckle up, folks. And you know how you buckle up? You watch Fast Market at 12. You watch Tiger TV and define your risk, folks. It's one of the amazing things that you can do with options. You can do it in equities as well. But man, we've seen surprises overnight, right? Where things fall out of bed. We've seen them over and over. And as I stated, it's not just defined risk, avoiding an overnight gap, defining your risk with equities and maybe that's using stops. But boy, I've learned some lessons. I think we've all learned some lessons when you get ahead of yourself and you think where things could possibly go. Zoom. It just comes to mind, folks, because it's a profitable company. This is not a company banking on future earnings, where you can trade from $5.88 down to a price point of $80. It's a profitable company. Still, multiples, way ahead of itself. Roku. $4.90 to $73. Now, I keep talking about Roku, man. At some point, there is value in Roku for a competitor. The story flopped out there recently with Netflix. Roku right now is sitting about $10 billion. I mean, for context, folks, that's about a $0.60 move in the price of Apple is $10 billion in terms of their market cap. Apple, quite a pullback from $180 to $131. You're sitting right at this 3A2 critical area for Apple in terms of maybe that's an area of support just under that price level right now. We're catching a little bit of a lift for Apple shares this morning. Stay tuned, folks. We'll be right back for the open. If you want to take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector, as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30-day money back guarantee, so you have nothing to lose. Every Monday morning, I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting TFNN.com. Don't miss out on the next great gold trade. Sign up today. 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Using this first-of-its-kind program, the Art of Timing the Trade Chart allows you to scan thousands of stocks for Fibonacci formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of the Art of Timing the Trade Charts today by visiting TFNN.com. Welcome back, folks. We've got markets open right now. You have Apple open up about eight-tenths percent. You're seeing a little bit of a give-back. I mean, check out that give-back on Apple. You're almost opening a buck higher. I mean, that's the type of move I'm talking about, folks. You think that Roku is expensive at $10 billion, okay? Apple was just trading at $133.80 and they just gave up $16 billion in market cap that quick to show how little that money is actually to a company like Apple. Netflix, it's a lot more money, okay? Netflix right now is only trading at a market cap of, I think, what, $80 billion, something like that? The last time I checked, let's see where we're at. $75 billion as of today. So, not that easy to buy a $10 or $15 billion company or $20 billion when you're paying some premium, but you add in the likes of Amazon, the streaming Apple, streaming company, and maybe Netflix. Maybe that's their turnaround ideal, getting the gatekeeper being Roku, having tens of millions of basically the portal to streaming that Roku is. I'm not sure if they'd face some antitrust. I don't think so, the way that Amazon controls their fire stick, but a lot of people know more than I on that. S&Ps, they give up some of it, folks. I mean, for the destruction that we saw yesterday, this is not even a bounce, folks, because you are, right now, from where you were trading last night, a solid 1% off of the highs already is one way to look at it. Yes, we're up by 12 points on the session, but we are down 1% since 2 in the morning. So, negative returns are not past us just yet. Quite a drop-off. I was going to ask Kevin, I meant to, because he made some great points prior that a couple of times when we've had an acceleration, I'm not sure when it was off to pull it up, but one of these accelerations, and it might have been March 15th, yeah. I think that was right as we came into a Fed meeting. So, maybe it's the rumor that you, buy the rumor, sell the news, as in all of the acceleration gets built into the markets prior to the actual event that the market is trading, and then from there you get a relief rally of sorts. I mean, we haven't seen a drop-off like this, folks, in a long time. Those are three daily bars that take the S&P down 10% over those three days. That is lightning-fast action. NASDAQ 100, we're up about 100 points right now, 11,427. Let's jump around to some of the fang stocks, see how they're trading. Amazon gets a lift. How about a spike high on the first day that after they go public, you trade up to 128, 29, and then Amazon gives up, what, $25? That's a $500 move pre-split, $500 move pre-split. Amazon, up by about 1.5% to 104 right now, just above the lows of May 24th of 101.26. You jump to Microsoft shares, up about 8.10% right now. We talked about Apple, up about 1.5% right now. We jump over to Tesla shares. Tesla, up a bit, excuse me, up 1.5%. We jump over to Twitter shares. There's a lift for you up 3.8%. Facebook shares, I always go to Facebook. It's meta now, meta up 8.10% right now. Oracle had numbers, give it up some of that. Look at this drop-off. Oracle basically gets back what it lost in the last four days. You're up 10.5%. Staggering, that's what you lost in the last few days. Oracle, out with their numbers. Better than expected earnings report. Well, that should be the case. Major increase in demand for cloud infrastructure is what their CEO said in a statement. The earnings, $1.54 versus $1.37, $11.84 versus $11.86. Revenue increased 5% from a year earlier, driven by growth in the company's cloud infrastructure, which competes with Amazon Web Services and Microsoft Azure. I imagine there's going to be room for all of the big players in the cloud, folks. The cloud is the future. That unit increased sales by 36%. Cloud revenue by 19% to $2.9 billion. They don't crack the top five global providers of cloud infrastructure as of the end of last year, but the company's been touting its ability to not just pull legacy customers over to its cloud products, but also attracts new ones. That's crazy when you think about it. Cloud revenue is $3 billion, and they're not even in the top five. They're not even a big player on Oracle. They do open a little bit, getting back to the 15 minute. They give up some of those gains from 73 to 70, but that's strong acceleration. They're basically sitting right where they were after the initial thrust hire and the earnings call. I gave you some of those quotes about demand being higher. You just give back some of that. You're still up 10% in a dicey market right now. Let's jump over to crypto. Bitcoin, $22,430 right now. We jump over to micro strategy. Micro strategy down 2.7% right now. We jump over to Coinbase. You can't fault them for trying to save some money, folks, because I imagine that their trading revenue is drying up immensely. You can't trade Bitcoin when it's a one-way drop to zero prices, folks. Look at this drop, man. $368 to $50, and that is in the span of about seven months. Bitcoin over that time, $70,000 to $22,000. This is an important area, folks, as in we just broke away from an area of support that has been holding since basically the beginning of 2021. I've been talking about it, 10,000, folks. It was a one-way trip from October to January 4th. You went from 10,000 to 42,000 in the span of about three months. It's no reason why you can't go back to 10,000, just like that, in the price of Bitcoin. Be careful.  That is of this acceleration you got upward. Regardless of that, you're talking about what? You go from 5,000 to 2,500. Check this out. Ethereum might have just completed an A to B, C to D on the downside. I'm ballparking numbers, but let's call it 5,000 down to about 2,500. If you want to be exact, it's 4,900. Maybe you call the B point 2,158. What are you looking at? 2,750 would be your A to B. 2,750. That would take you down to an additional 75, as in 750 would be your D point. But if you're just ballparking, you make it to almost 5,000. Here's an area where you're kind of based for a period. That's your B point about 2,500. So you have your A to B about 2,500 points.  You get 1,000. We're almost there. Amazing that you did it in these are weeks. You trade from 3,500 to 1,000 in the span of two and a half months. Wild. All right. Let's jump around and see what else I had pulled up here. We talked about the producer price index. Well, before we jump away from crypto, all I'll say is don't listen to the crypto bulls, folks. What else are they going to say? Novogratz. He's been a huge crypto bull. Crypto going through a quote-unquote long-term capital management moment, but it's nearing the bottom, folks. It's nearing the bottom. Anyway, very biased opinion. Do not be swayed by people who are super biased bulls in crypto. Okay. You want to hear analysis from people who are not super biased bulls in crypto.  We've gone to the level that should be close to a bottom. Why? Why? There's capitulation. This thing is going straight down. Usually not a good area to sell, but it doesn't mean we can't go lower, thanks to the obvious. I think the macro environment is still pretty challenging out there. Be careful. Bottom line. All right. What else do we have pulled up here? One second. Yeah, talking about capitulation, but that's not the article I wanted. Oh, come on. All right. Good. I got a break. I'm going to find the article I wanted to talk about. All right. We're seeing the markets weighing, folks. We've got 22 minutes left in my program and we got a treat. Larry Pesvento is going to be back live at 11 o'clock, folks. Basil's up next at 10. I got 20 minutes left in my show, but Larry, he couldn't stay away from this market. He's back at 11 o'clock. We'll be right back for the next segment. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa, and Clearwater markets? 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To obtain a fund's prospectus and summary prospectus call<PHONE_NUMBER> or visit directioninvestments.com. A fund's prospectus and summary prospectus should be read carefully before investing. An investment in the funds is subject to risk, including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, Four-Side Fund Services, LLC. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Welcome back folks and just like that we have the S&P are barely positive, we're positive by three points right now at $37.57 and you're talking about a give back folks of 50 points in the S&P from the highs that we were at at two in the morning and it's been all negative action since we've opened the S&P is trading down about 25 points. That's where you're almost open. You get the NASDAQ barely positive by eight, the Dow positive by 46, the Russell actually going into the negative. Bitcoin back to flirt with that 22,000 mark, 22,160 Ethereum under $1,200 at $1,196. You had a low of $1,075 in Ethereum last night. Gold contract down about $10 at $18.20 and we jumped to notes and bonds. We're sitting with the yield right now. Let's make sure. 3.34% I believe the yield on the 10-year, $115.15 right now on the 10-year. You pull this thing back on a weekly basis. Talk about breaking out of the range man. This thing already was trading lower in August of last year. You come into the year at $134.14. We've given up 15 points of action in the 10-year and in that time you've seen yields go from about 1.5% to kick off the year to now 3.5% in the 10-year and it's not even halfway through the year folks, June 14th today. We jump over to the VIX. You talk about some spikes, 33.86. Here's what I'll say. That's a spike for you. Recent highs when you start to see maybe some waning of volatility, I'd say high 30s. Last year we had some lower levels in the middle of last year. That was prior to inflation raging. Then we had the highs that had to do with 2020 volatility. For COVID, of course, we have the 85 spike high as the market crashed as COVID began, but the market inching towards a level worth 33.89. Maybe we're not done yet though folks. S&Ps just go negative as we speak. As I said, usually the high 30s are where we've been peaking out this year at least. 38.94, 37.52, technically where are we going? 37.52 maybe and 36.64 are the recent highs we're sitting at 33.88 right now for the volatility index and yeah, markets turn a negative, NASDAQ turn a negative as well. Jumping over to one chart I wanted to show you. So inflation data likely to push the Fed to consider 75 basis point hike. There's a lot of people saying it as Kevin was talking about it. You take a look at this chart, man. The CPI is in black, the core number is in pink. That's a scary chart if you're the Fed folks. You've already hiked 25 and then you hiked 50 and it doesn't seem to be waning. It's mind blown when you think about that we are now running into comps folks that were at four and five percent on a core basis. Right? May's number from last year, okay? This is the worrisome part that I wanted to talk about. May's number from last year was already a 5% headline inflation number with core prices hitting 4%. I'm rounding up from 3.8, okay? Core was 3.8, headline number is 5%. We just came in at 8.6 and 6. So you rose 5% then you rose almost 9%. So that means on a two-year basis, okay? Now you did have the dip going back last year to be fair, okay? Where's our May? You had no headline increase in May of 2020 from 2019, okay? But if you take where we are from May of 2020, you had a 5% number and then an 8.6% number. That's a 13.6% number, not even compounded. So you're talking about rising prices of what, 14% or something like that, okay? The scary part is that these comps that we are now into, okay? It's not going to get any better. The comp of 5% in May was basically what the market had been waiting for because if you look, the comps were dealing within June or 5.4. I mean, the core number sitting at about 4.3, the headline number sitting at about 5.3, okay? For the next, what? June, July, August, and September, that's the comp we're getting. That's it. So the market is already blown away that comp and it's going to be there for the next four months. And in May it was 8.6%. Even on the core number, you've blown it away. Now things are really going to get interesting folks, okay? If we start comping out, and that really begins, the numbers that really accelerated were October, November, December, we had a 7% headline, we had a core number at 5.5, we had a 6% core number in January, okay? But that's six months away. We're still dealing with numbers, but that's what the market's worried about right now, okay? We're dealing with comps that should have made things easier when this go around. And still the market is crushing inflation even against comps that were pretty high. So you have Goldman and Nomura Holdings, both shifted on Monday to a 75 basis point hike. This week and at the Fed's meeting in late July, JP Morgan also went to 75 basis points at this week's meeting, joining Barclays and Jeffries. So you have Barclays, Jeffries, JP Morgan, Goldman Sachs, and Nomura, saying 75 basis points. He's going to get some questions if he doesn't do it. And I saw an interesting take yesterday, as the markets climb a little bit back into the positive, saying the Fed's in a really tough spot now, and that's what happens when you get behind the eight ball, okay? Because what do they do? If they go 50 basis points, market's going to say not enough, not enough, did you see those inflation numbers? Not enough, you're not bringing it, you're not doing what's necessary, okay?  Those are their two choices, and there's going to be rhetoric like I just stated on either side of it. That is a tough scenario. Where's the optimism, folks? Excuse me. I mean, we saw the non-farm payroll from A came in, and people called it almost a Goldilocks number, as in it was just a sweet spot, right? Waning growth, but not too much waning growth to crush the economy, but maybe just enough waning growth for jobs that there'll still be jobs gained. We won't hit a recession, but it'll be the pullback that we need to slow the growth in this economy and bring down inflation, and still the market's sold off. And then we got the CPI number, and now we get the PPI number. It's a tough spot for the Fed. We're dealing with some tough comps. Food prices are going nowhere lower right now. Energy prices, crude is sitting still comfortably at $12346 as we spike higher. The last 15 minutes, crude just traded up $1. It's like it just doesn't end right now in that market. All right, let's jump around and see what other headlines I had pulled up here. If you want a little bit of hope, you might see a little bit of glimmer, because basically, the market's been trashed so much. That's what this article says, at least NASDAQ bulls, see a glimmer of hope in aggressive Fed. The yield on the 10-year Treasury note jumps to the highest since 2011. The market's drop in 2022 has eased concerns over valuation. Well, yeah, but there's still some concerns, folks. You take a look at the yield. This is what I wanted to pull up here. Rising yields, you're above where you were in 2018, above where you were in 2013, 2014, and you're back to 2011. As I said, crazy when you think about it, right? The yields were at half a percent in 2020. You came into this year at 1.5%. That's when everybody knew the hiking cycle was coming. Just if you didn't learn it from this one, okay, you've got to learn how decisively markets can trade sometimes to get ahead of an event. I mean, you're seeing a play out right now with potentially the Fed meeting coming down the line. The market is getting ahead of that event. If he comes out and he hikes 75 basis points tomorrow, maybe in the market rallies. That's quite a word we live in right now. Stay tuned, folks. We've got one more segment. We'll be right back to finish up the show. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis. And it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 AM to 4.00 PM Eastern for free. 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The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices.  First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com Educating Investors Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pesavento on stocks you need to pay attention to and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com Educating Investors is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. We have markets back in the green right now. You got an S&P positive by about 10 points. Taking a look on a Fibonacci basis, you go for the low of 21.74 up to the high of 48.08. We're sitting right now just below that 3A2. We're breaking that level. That was about 3,800. We're 3,765. You trade to the 50%. You're talking about 3,495. If I had cash out of this market that I was thinking about getting back in, I wouldn't be too worried about the opportunity cost right now. Yes, you're going to get some bounces. Yes, eventually it's going to find a low. If you're that worried about missing out, then you'll have to find an entry. But boy, I'd be looking for 3,500 or even 3,200 in this market. 3,200 I'd feel a lot more comfortable. I was talking to a friend yesterday in a friend group chat, right? And I was saying, you have to consider where this market has been. This is not what market death looks like. Somebody's saying, will the market ever go up again? Look where it's been. Look where it's been, folks, since 2009. Will the market ever go up again? You take the COVID collapse out of here and this thing's going straight up from 670 to 5,000. Now, if you want some real context, the S&Ps were sitting at 2100 when Trump got elected. I'm not cherry picking the 600 low. You can take a lot of different price levels, but remember, Trump and Harris are the best economy ever. That's what a lot of people said, right, that it was already on course. Whatever it was, that seems like yesterday. The market was at 2100. The market's sitting at 3,700 right now, six years later. That's double digit returns over the last six years, even from where that lives.  You go back 10 years ago to where the S&Ps were. You were trading at a price point of, is that right? Yeah. Now, again, I'm not even cherry picking the lows. I'm not taking 600. I'm going back 10 years ago. The S&Ps were trading at about 1,400. What's that? Two and a half to three times your money over 10 years. Okay. Huge returns still across the board. So keep that in mind. When you think about where we are, the death of the markets, what is possible on a pullback, folks? Stay vigilant. Define your risk. Think about areas that you want to be buying potentially. If it gets lower, think about your risk tolerance. We will get over this, but we get some volatility coming down the line, folks. Stay tuned. Basil's up next. Larry Live at 11. Live programming all day, folks. Have a great Tuesday.


Being decisive is one of the number one traits you need as a CEO, so if you want to go out there and grow your business, learn to be decisive, you're not going to win every time. Go out there, practice making small decisions, and try to get comfortable making the wrong decision. Know that it's not always your fault and it's just part of playing the game.


Thank you for checking out this unboxing video. This is for the August BAM box horror box I have to apologize off the bat. I usually am happier and have a lot more energy, but it's been a rough day It's been a rough day. So Hopefully this BAM box can help lift my spirits because I know they're supposed to be a signed Funko pop in this August BAM box Now this is the first time that BAM box is doing a signed Funko pop for the horror box They've done. I think three signed Funko pops now for the pop culture one I got two of those And then I stopped getting the pop culture box as people who have been watching this. No, I don't remember any of the franchises for the August box I remember them being pretty good, but I Can't remember any of them to be honest and like I said most interested in the sign Funko pop I'm not a big sign or a big pop collector I have a few pops that I really like, but I you know total I have Maybe 10 total so not a big collector with pops. I like them. I think they're kind of cool But I just don't want to put the money into it And room wise where am I gonna put all that stuff? You know, I know some people out there who watch this I know a lot about Funko pops There was someone who had commented on my last unboxing the one just I put up what two days ago For the July horror box that finally came it finally showed up I was saying that I was hoping that it would be a signed captain spaulding Funko pop for for this box signed by Sid Hague But someone who pointed out on that video to me who obviously knows pops was like that's like a hundred and thirty five dollar value pop So I was like, oh, okay.  Oh, no three tissue papers get it. She's already checking it out. So it's good. All right, let's go It looks feels like the first thing the prop feels like a coin of sorts Neko the the I can't read it. I cannot even read it What is it? I Mean with the way it looks I Mean, I know it wouldn't be this but it looks like something from like Clash of the Titans And I'm talking about the original like that's the one that I watched. I know there was an updated clash of the Titans I saw a small portion of that and I was like this sucks in comparison to the one that Ray Harryhausen worked on which by the way claymation is still legitimately good in my opinion I really like it. I go back and watch some of those movies from time to time Especially the Harryhausen ones like Sinbad Jason Argonauts Clash of the Titans and they still look cool They still impress me because that is hard work, but I don't know what this is Like I've said before when I do my unboxings. I don't really care for the props. So that doesn't really matter to me Let me go with the pin. I love the pins. I'm a fan that so the pin is Done by Brian Romero. That is a familiar name to me. He's done He's done a few other pin designs as far as I can remember and it is terrified This is a good pin. This is a really good pin. Actually, I really like this pin quite a bit Oh, it looks so good like the detail. Okay, I should just show you guys, right? Look at the detail on this. It's it's for people who don't know. It's art the clown from terrifier So this is a really low-budget film if you have not seen it It's really really low-budget, but they use their low budget really well They put all the money in the right places and the guy who I don't know his name I'm sorry off the off the top of my head the guy who plays art the clown did an outstanding job with that character His mannerisms the way he smiles just the way he moves. Everything is so good I heard they're doing a sequel to that. So I will definitely check it out. Plus. There's a really brutal Slash awesome kill scene in that film You know what I'm talking about if you've seen it if you haven't you should check it out It's really good. Man. That looks really good. Take another look at this like that That looks good. That's really good detail on that And it looks like art the clown. That's pretty impressive. That's Looking over there that may be like the best Horror pin detail wise that we've gotten. Good job, Brian Romero. That was really good I'm gonna do the Funko Pop last by the way Okay, so this is an art print done by artist Sam Dolch It is entitled clown. Okay, that makes sense. I got number 1181 out of 2000 it is Pennywise Avi because The new it movie just came out which I haven't seen the second or it chapter 2 yet, but I've heard Not so great things, but I think part of it is in comparison to the first one So I'll have to see it for myself and and do my own assessment of it But one of the things I'm hearing about it This is not a spoilery is that there are moments where like it's terrifying or it's like jump scares or something And then they cut to something funny way too fast So it doesn't give you the time to like let the terror and the scary stuff sink in which that kind of sucks If that's true, but I'll check it out, but this looks good. I like this I really like this the way this looks obviously. This is the Bill Skarsgard Pennywise I really does look like his face and that smile in particular the shape of it. It really looks like him That's really good. I guess this this red portion and when I was first looking at I'm like What is that supposed to be? This is a portion of a balloon right here after looking at it I like the style of it being like all cracked It looks good Yeah, I mean it looks it looks really good This is like legit and this is what I was talking about like in the in the July box I was saying I don't like it when it's just kind of like poster art or when it's like computer graphics They like took an actual picture and they just kind of changed it a little bit I mean maybe that was done with this But it was done so much to a point where you can't tell that that's what it was it legit I mean, it looks like actual like art to me. So this looks really good. I'm very very pleased with this I like this a lot. I had gotten another actually I got two other Pennywise or it pieces of artwork through Bambox one was in the expansion pack that had been done and one was just regular, you know their horror box So this will go well with those other two. I'm excited pretty good so far. I'm um, I'm down So I think the yeah, I think the pop is it. Okay. Here we go. The pop is Okay Okay All right, that's fine. I'm good with that It's a signed Chucky Pop. That's cool. Actually. I like that from Child's Play 2 Which I'm gonna be honest. I haven't seen I know this keeps happening. Oh, that's a really cool picture on the back I like that. So it is signed by Ed Gale who played Chucky in Child's Play to I assume So I guess oh Okay, I'm like wait a minute. He didn't do the voice. Okay. He was the the live action portions of the movie That's who he was he played actual like in the suit Chucky on the shots where they had to have an actual person like moving and Stabbing and doing all the stuff that he does Cool, that's cool. I really like that. That's cool. Like I said, I like the idea of the signed Funko pops This is the first one they've done for horror. This is a good one. That's fun And it's a good-looking pop, you know Chuckies I got to put it the right way, but you can see Chuck is holding this knife Yeah, and they have the protection on here The pop protector very good because these boxes can get really dented up and this just helps Okay, so let me look and see what the variants were and whatnot Okay, so we had the Ed Gale sign Chucky Funko pop awesome. Don't need to show that to you There was one variant of the art print which is a cool variant and this is what I'm talking about once again Like make the variant different and don't just change a color Which they did that with the pins and I'll show you in a minute So that's still one of my pet peeve, but look it's like legitimately different artwork For the rare piece of art and it looks really cool. It's just a different View of Pennywise and it's pretty badass. I mean both of them are really badass. So Brian Romeri did an excellent job Now here we go to my problem Which is the pin variant is just different colors So like to me, that's not really that doesn't really speak like variant I mean more than anything it just kind of looks like warhol ask where it's like here's a can of soup numerous times done in different colors You know what I mean, but But the pin looks so good and to be honest looking at this like I don't even want the variants I just want the regular one because it actually looks like art the clown color wise like there are no color variants of art The clown in the movie. So I would rather just have the normal one. So I'm glad that that's what I got Okay, so that this is what the coins from it's from Annabelle Comes from fairy men prop coin from Lord of the big screen. We bring you one of the fairy men coins I don't get the reference. I haven't seen I saw the first Annabelle I think I only like half watched it because I don't really like those movies all that much like the ghost story stuff Anything tied to the Warrens. I'm sorry. I know some people don't watch this and be like, oh, I love stuff with the Warrens Anything tied to the Warrens like I don't like it me personally like believe what you want. I think it's all totally bunk I think they're huge con artists were huge con artists and It's not my thing, but I'm not casting judgment on people out there who think that it is legitimately real I know a lot of people like that. I just think for me personally. I don't think it's real So anyway, I just don't really like that stuff, but those types of movies. I'm not big into anyway so for their big giveaway, they're doing a Graded comic book, which is kind of cool It's called The Clowns and it's got a 9.8 reading apparently Right there. I don't know anything about that But it looks cool They do good giveaways like the last one the judge the Well, I'll fix it later the The July one was the Clive Barker and Doug Bradley signed picture, which is super super cool I put my name in to try and get that one But you know like everyone's gonna put in for it. So who knows but anyway, um, this is a good box I'm actually really happy with this and here's the thing like I felt like the July one was a little bit of a letdown I think partially that's probably because You had to wait so long for it, you know So this is a really good bounce back in my opinion. Like I said, I really do like to sign Funko Pop This is very cool I don't really care about the coin because I'm not a prop person this pin is Outstanding Brian Romero. It is outstanding and this guy is named again Sam Dolch Art print really good as well really awesome. I'm very happy with this box right now. This this is a nice box great bounce back Thank you, Bambox. That makes me excited about the September one. Oh and makes me think even more about the October one What are you gonna do for the October one? Okay people throughout your guesses Hopefully we can look forward to like a trick-or-treat or something like that in October. I don't know put your comments down there What do you think they're gonna do or I think they they already put out the information on the September one, but not the October So let's guess the October properties Friday the 13th Halloween Trick-or-treat. Oh, I would hope for Halloween 3. How we three would be awesome I know they did pins before but like an art print from Halloween 3 would be really cool Or like a signed mask if they can get anyone from Halloween 3. I don't know Might not be doable, but yeah, put some comments down there Do me a big big favor if you like any of my videos this one or any of them because I do a lot of movie reviews And I think I do a pretty good job on them But if you like anything I do do me a favor hit that subscribe really helps me out a lot Encourages me to keep going to and it literally takes you a second totally painless, but thank you so much for Checking out this unboxing it did cheer me up. So thank you, Bambox. I was having kind of a really crappy day and You cheered me right up. You gave me a big old penny wise smile That was terrible as more like Mark Hamill from Janssen pop strike back. There you go Mark Hamill Anyway, thanks everyone for taking this out until next time keep it brutal


So it's time in this video for a highly educational etymology lesson yesterday I got a comment on one of my videos, which was probably a joke But it's a joke that I can give a very serious response to and the joke is or the comment was How do you say cuck in proto-indo European? Probably just someone messing around but you posted that on the right channel if you wanted to get an answer about that So how do you say cuck in indo-european? Let's say you want to own someone thousands of years ago in a language that's not spoken anymore. How do you do that? Let's find out so of course cuck in English short for cuckold comes from the cuckoo bird which lays its eggs and other birds nests That's not a very interesting etymology I think it actually comes from the the sound that the bird makes it's onomatopoeia But let's look at the word cuck in other languages other indo-european languages and see if we can't reconstruct something So in Spanish the word for cuck or cuckold is cornudo, okay Now that means literally someone who is horned like cornudo also means something like you know something that has horns, right? Now in other romance languages as well For example, Italian you say cornuto. That's a cuck Same same etymology. It means something with horns now.  It's something phallic or something I don't think any people just have folk etymologies as for why but the word in romance languages that means horned Usually means a cuck and it's the same thing in Latin as well Cornutus in Latin means a cuck and that means literally means someone with horns, but it also means cuck That's basically what it what it Mounts to and I'm trying to think so we do have some so cornu in Latin means horn We have some English words that actually come from this. So like cornucopia Cornu means horn and copia means plenty. So a cornucopia is a horn of a horn of plenty But where things get interesting if we want to reconstruct some into European word is that if you look at earlier English You see that English actually use the same kind of metaphor So, you know in Middle English or so, you know several hundred years ago If you described someone is horned or horned That actually meant basically the same thing it meant that they were a cuck So there are two possibilities here. Well three possibilities one is it could just be a coincidence Another one is that English speakers heard this metaphor used in romance languages and borrowed it Another one is that both of them go back to the same Indo-European source And I think this actually might be a stronger alternative here Because the word horn if you don't know already Horn is actually related to the Latin word cornu etymologically They sound very different if you have an untrained ear but um in Indo-European, of course Germanic languages go through, you know, the Grim and and Werner's law where they a bunch of sound sounds change systematically So a sound the co sound in most other Indo-European languages shows up as a ha sound in Germanic languages So there are other words like this as well. So like, you know, corno in Latin versus horn in English or like let's say like Kratos in Greek that means like strong. That's equivalent to the English word hard or even something like The Latin word Carlos which means beloved or dear or sometimes expensive That's actually related to our English word whore which took on different connotations But it used to mean someone beloved or something like that or loved or something So Ka actually corresponds to ha in English and of course, if you know Grim and Werner's law There are a bunch of other sounds, but this is the one that matters for us So horn is actually the same word etymologically as corno in Latin and that's horned Etymologically is basically the same word. It's not like English speakers borrowed it on to just a similar like a Word in similar meaning they happen to borrow it on to the if they borrowed it from Latin languages They would coincidentally borrow it to the word that etymologically was the same and this might be good proof that Calling someone a cock actually etymologically goes back further than English and Latin back to where they had a common ancestor in Proto-Indo-European contrary to popular belief It's not like European languages and Indo-European are more closely related than they are to other languages You know Germanic and Italic slash romance. They basically have to go back to the source if you want to find how similar they are So what's next so the other interesting thing? Let's say we actually want to figure out which Indo-European word What it would sound like an Indo-European now if you look at words for horn in other languages So for example in Hittite the word for horn is Sorno, I think so Sorno Sorna something like that and that actually is related as well to Corno and horn and I think in Sanskrit. There's a word. I don't know Sanskrit that well, but there's something like Shinga Shinga starts with the SH kind of sound now You might be asking why does an SH sound or Sorna in in Hittite? How is that related to the Cah sound in Latin? Well, that's because all of them come Whenever you see that in an Indo-European language that actually corresponds to the Indo-European Palatal K Which sounded some it's not exactly like a K sound. It's more like it's a little bit different But in Western, well, that's actually the wrong term to use But in some Indo-European languages like Latin and English that sound actually Merges with the normal K. So it comes to Latin as Corno It comes to Latin or it comes to English as horn because you know both become K and then K changes to H Whereas in other Indo-European languages like Sanskrit and like Hittite that actually the Palatal K The K sound becomes something more like sh and you can sort of see how those are related or Hittite. It's it's or whatever So what this tells us is that the Indo-European word for Cuck had to have had a Palatal vealer in fact the specific root it would have come from is Kerr Which can mean different things sometimes, you know, it's associated with horns But it's also associated with just like the top of your head or something like that So one derivative of this of Kerr is in Latin. There's the word Kerebrum, which is brain We obviously get the word cerebrum from it So this too is related actually to the same source. So Kerr gives us all of those things Now this is where things get a little fuzzy for me. Now, of course, I can give you a good word for it But I haven't done a new European in a couple years. So I might get some details wrong So here's the important thing now first off We have an in and in's pop up in many different places in Indo-European It's not too weird to have, you know, a root from Kerr like Kerr no or something like that. So that that isn't too surprising But it also so the Latin ending cornutus that sort of tells you that it comes from the toos comes from a A adjectival ending or sort of a nominalizing ending in Indo-European that's toos And that's what it's specifically what's called a hetero wait hysterokinetic and I think that's it hysterokinetic Suffix because when you put it on a word the stress actually shifts to the suffix and sometimes you'll have vowel changes or Ablald or something like that You can if you can get it wrong. You can correct me if I get something a little wrong here, but The so anyway what the Indo-European word for a cuck should be literally someone who is horned should be like let's see Knottos or something like that Knottos and it depends on What exact word you want to have it come from you could just say instead of having a? a Solabic r it has an o because that's what you see in Latin Cornotos Cornotos I should be clear. We have stress at the end. So that should basically be your Indo-European word for cuck again, it now this is definitely the Indo-European word for Horned or something like that barring any mistakes that I make made as I'm Etymologizing in my car here today, but that should be the Indo-European word for horned horned But it might be the case that like in Germanic and romance languages that has the connotation of being a cuck as well So that is that is basically how you say cuck in proto-Indo European and I will put the maybe I'll put the declension for it in the video description or in the comment section in case any you guys want to decline the word in all Appropriate cases so anyway, that's about it, and I will see you guys next time


Richard, thank you for joining us. I was wondering if you could set the historical context for this social revolt that we are seeing. Okay, let me focus on what I know best, and I'm sure others will have other dimensions that they know better and that they can help us with. You're quite right. This has been building for a very long time, to put it in the broadest historical perspective. One of the most remarkable things about the United States was that from around 1820 to roughly the 1970s, every decade shows a rising level of real wages, that is, the average real wage, what you could afford to buy with whatever money wage you got, went up. Even across the Great Depression, it went up because the wages dropping in dollars were more than matched by the prices of what they had to buy dropping even further. So you've developed in the United States over those 150 years a peculiar mentality, peculiar in the sense that no other capitalist country was able to assemble that kind of record. So Americans began to think that they were exceptional, that God liked them better than everybody else because he was giving them such a wonderful run, that capitalism was a very nice system because their real wages were rising, and finally that it was somehow built into the United States, that every generation would live better than the one before. And if you worked hard and went to school, well, by golly, you will live better than your parents. All of that ended in the 1970s, which is why your use of numbers like 40 or 50 years is actually quite historically appropriate. The last 40 or 50 years have been the time when real wages stopped rising. Now this was not discussed in the United States. The vast majority of people had no idea, and I'm including here politicians, journalists, and academicians. The numbers were there, but they didn't get the attention. And so all that happened was that the mass of the American working class began to notice the obvious, which is their wages weren't going up. Their standard of living wasn't going up. And in the good tradition of individualism, they mostly blamed themselves as if it was an individual problem and not the economy or the society. And so the working class did two things in America. Number one, if you can't get more dollars per hour in real wage, well, then do more hours. And everybody with one job got a second job. And if the members of the household hadn't been working for pay, they were now pressed to do so, creating, for the first time in American history, that spectacular movement of adult white women out of the house and into the paid labor force, because there was no other way for the so-called American dream to be realized, given that real wages were going nowhere. Just a footnote, they have gone nowhere in the last 50 years. Real wages today are not much different from what they were in the late 1970s. The extra work didn't solve the problem. Pushing women out into the labor force didn't solve the problem. So the American working class did the second private individual action to try to cope. They became the working class, willing and able to go into debt on a scale that no working class in any other country had ever done before. We didn't even have credit cards for the massive people before the 1970s. That's when they were invented. Before that, they were something that businessmen and women used. The American Express card and so on. But the Mastercard and Visa, that's a new industry designed to provide massive credit. So when you come to the end of the century, you have a working class staggering under amount of work that is exhausting physically and mentally, and anxiety-ridden because by the turn of the century, they had accumulated a quantity of debt they knew they could never repay. And in 2008, the system crashed. It crashed because on a stale, stable, stagnant real wage, you cannot keep accumulating more and more debt. It doesn't take rocket science to understand eventually, and in 2008 we know, you can't cover your mortgage, you can't make your credit card payments, et cetera, et cetera. One had to develop for the first time in America that the generation of this last 25 years is a generation of students who cannot get a bachelor's degree without going into tens of thousands of dollars of debt. So we have an additional debt category beyond mortgage, auto debt, and credit cards. We now have student debt. That also is unpayable, and that has put an extra burden on young people especially because the decline in the quality and quantity of jobs and incomes make the debt that they incurred to get a BA less supportable than ever. Under these circumstances, you have a working class that I would define as tinder, very dry tinder waiting for a spark, whatever that spark might be, to begin to articulate its bitterness, its rage, its disappointment at being denied the American dream that they had been led to expect would be theirs. And that's what I think has happened now. I think that the racial dimension is the spark, is the trigger, is the event that is bringing it all kind of forward. Let me conclude this historical context with a little bit of history, not of the past, but of what is coming, because I believe that is absolutely crucial to understanding where we are. This crash, the one that happened on top of the pandemic, this crash of capitalism in our country and abroad, is a kind of declaration of war against the American working class. Whatever happened before, it is now about to get much worse. When you have 42 million people unemployed, you are inviting every employer to say to these unemployed people, if and when you come back, I'm going to pay you 20% less, I'm going to give you fewer benefits, I'm going to make you come into work longer, you are going to have to take whatever I dish out. At the same time, the same message will be given to the workers still working. And they too will be assaulted now. So we're in for an extraordinary moment. It has to be put in these terms. The employer class, the capitalist class, having really messed up on the pandemic and on the cycle, is now in a position to be able ironically to go much further in the assault on the working class than they were able to achieve in the last 40 years. And that's the next step. And that means protests far beyond what we have seen already. Richard, any comments, particularly on what Margaret said about the establishment really has up against the wall here. Are they scared in your view? They know what to do. Yes, I think they're scared. They're not that much scared in my judgment yet about the protests. They have the confidence of history that some combination of Democratic Party symbolism, the way Margaret said, coupled with Republican Party harshness will do the job. I think they're wrong about it, but I think that's what they see. But here is what scares them. The economic crash, together with the pandemic, has produced a collapse on a scale they had no idea. It's not just that they didn't prepare for the pandemic, which they clearly messed up. And it's not just that they can't manage it.  So we don't even know who has a disease. It's utterly unsafe to go back to work because you'll be standing next to people who have the disease but haven't been tested. This is an out of control disaster. That by itself wouldn't have overwhelmed them. But now they see, and by the way, just a footnote, we are now in the worst depression of US capitalism. We have gone beyond the 25% unemployment. If you have 42 to 45 million unemployed, that's more than 25% of the US labor force. The highest point of unemployment in the Great Depression was in 1933, and it was 25%. There is no precedent for this in the last century. And to have it happen at a time when the United States has taken this nationalist turn, cutting off its relationship with the rest of the world, and a pandemic it didn't prepare for and doesn't know how to control, that's too much. And when you add the irresponsible out of control narcissist idiot who we have in office, then it's clear that we don't have any mechanism to get under control, and that's, I think, what terrifies them. The protests then become kind of proof that this situation is indeed as terrible as they know it to be. You have not inspired a lot of confidence in us in terms of how our leaders will deal with this, and that it could only be some more chaos and disintegration rather than a real movement towards progress. That's what I'm afraid of. I see the behavior of the police as a symptom that this problem is far too profound, far too socially encompassing for the police to be able to do anything. They are being asked to do something that is absurd. It's not in their power. They can't do it. It's not a question of this or that protest. They can't keep the lid on a system that's blowing up. Let me give you a couple of examples. During the months of April and May, over one half of all commercial enterprises did not pay their rent. Let me explain that to you again. Over one half of commercial enterprises, including small businesses like Starbucks or Bed Bath and Beyond or dozens of others, did not pay their rent. What that means is that the commercial landlord to whom they normally would pay that rent isn't getting any revenue. That means that that commercial landlord cannot pay back the banks from whom the money was borrowed to build them all, to set up the whole enterprise, which then rented space to Starbucks and all the rest. This is a cascading catastrophe, what we're involved in, with a government that doesn't even understand what is going on so it can't handle it. Here's a second statistic. Half of the daycare arrangements made by the half of the American people who can even afford a little bit of daycare, most of that's gone and it isn't about to come back. What that does is it adds to the already unsustainable pressure in the households that have children. What in the world are they going to do? There's no solution. There's no solution on the horizon. There is this vague nonsense about reopening America. Let me conclude with that. We are saying to the American people an absolutely astonishing thing. We're saying to the working class, we are going to make you go back to work. Remember when Trump ordered the workers in the meat packing plant in the Midwest? He ordered them to go back to work. The interesting thing wasn't that he made that order which he doesn't have the legal right to do. That's not interesting. What's interesting was there was absolutely no accompanying demand that the employer make the workplace safe. Employers don't like to spend money on making places safe. That's why we have OSHA. That's why we had 800 laws over 200 years trying to force the employer to do what they do not want to do because there's no profit in it. They want the workers to work in crappy environments that they haven't spent money for clean air, clean water, clean bathroom. You know the story. You know it from another example. A hundred years ago, children were made to work. Kids as young as five years old were regularly hired until the mass of people said you can't do that to our children anymore. The business community said well we have to, the whole economy will collapse if we don't. Our profits depend on it plus we're doing a good thing for poor families because now they can get a little income from their kid which they otherwise couldn't do. Spectacular. The American people said to them you can go eff yourself. There will be no child labor. They passed the laws that were necessary and businesses had to find their profits somewhere else. I'm hopeful that the American working class will understand they are being herded like animals into workplaces that are unsafe.  The government is not only pressing them to go back to work. Job has already threatened that if you're offered the job and you don't go back to work you may be no longer qualified for the unemployment compensation because you have rejected a job. In other words you either go back to an unsafe workplace or we're going to plunge you into poverty. By the way in the Congress right now a bill is being considered to provide a bribe to find workers that are so desperate that if you give them a bonus they will go back to work. They will only get the bonus if they go back to work in a job where no requirement of safety has yet been enforced. I don't think these are sustainable arrangements. If you think we've built up anger up until this point try to go with me to the level of anger that you're going to see when the failures to handle the pandemic and the failures to manage this economic crash are compounded by making people go back to work and get sick. This is in a way that Margaret said before this is another kind of slavery. People in other countries who did this would be called slave labor. You're forcing your workers back to work in an unsafe environment against their will. That's what slave labor always was. And I think what you're seeing is the slow recognition of white as well as non-white workers that that's the condition they are now being herded into.