DOC: Doc Thompson in for Glenn along with Kris Cruz and Kal. We have to get on to other news including President Trump in Puerto Rico. Before we go any further, I am going to need a disclaimer at this point. I Doc Thompson support much of what the president has done and I think he has been unfairly criticized by the media. I didn't vote for him and I didn't vote for Hillary Clinton. I do support him as president and hope he does good things and I have given him fairly high marks on things like the Supreme Court nominee he put forth. Having said that, we will now criticize President Trump. Did you like that?
President Trump has been pretty good with the handling of natural disasters. He did what a president does. You open up the purse swings. There is going to be FEMA money, natural disaster, all of this. Both the governors of Florida and Texas did a good job for the two hurricanes that came through. But President Trump was very good there.
They tried to criticize him, they being the media and the left, for those two. It didn't happen. He did a pretty good job. For Puerto Rico, he did a good job early on but they were not letting it be and had to find ways to come out and criticize him.
I was fine with him criticizing the mayor of San Juan. She is clearly a leftist and was pretending like President Trump was leaving them high and dry even though he had opened up the purse springs and sent the military and National Guard and sent the trauma guard. Having said all of that, when he went to Puerto Rico he looked goofy.
KRIS: It is a sign I like from Trump. When he is visiting things like this, I was super excited. Everything he did literally checked by box.
DOC: Even the throwing the paper towels?
KRIS: We had a good follow-up. He knows he have good basketball players. I will give him that. He was like Puerto Rico, here is your chance.
DOC: He's a good jump shot. But at the full court press he is horrible. He is not playing good D or hustling to the other end of the court and where is his rebound.
If you want to apply him as a jump shot specialist that is fine but you have to play both ends of the court.
KRIS: I will give you that.
DOC: That is the type of sports take you normally don't get on the Glenn Beck program and by that, I mean sports talk.
His comments about money and the budget in Puerto Rico not inaccurate. I know he is a guy who just kind of throws it out there. You got to know you are going to step in it. I know he is not concerned about the media or the left criticizing him but you are not as effective of a leader when you say things like he said.
Here is President Trump talking about the budget:
I hate to tell you, Puerto Rico. You are throwing our budget out of whack because we have spent a lot of money on Puerto Rico and that is fine. We have saved a lot of lives. Every death is a horror but if you look at a real catastrophe like Katrina and the hundreds of people that died and you look at what happened here with really a storm that was just totally overpowering. Nobody has ever seen anything like this.
DOC: This goes to my point when we started the show we don't give each other the benefit of the doubt anymore. He brought it back a little bit when he said people have died. That is fine. He was drawing a comparison to Katrina and that is fine but that is going to get you in trouble every time. As much as many didn't give him the benefit of the doubt that he did not mean bad things, he also didn't realize there is a lot of people hurting right now. There is a lot of people in Puerto Rico that are struggling. When you lay out facts that way they come across insensitive and in normal circumstances we would say man up, get a little tougher there and that is fine. But while people are still in this much parallel. There are people that are still facing all kinds of challenges. Health challenges. Food and shelter challenges in Puerto Rico. Maybe it was a callus comparison and not good timing. Probably shouldn't have gone there.
I agree. But he was right with the comment about Puerto Rico mishandling their money. Even when I visited Puerto Rico, I looked around and I was like wait a minute. What is going on here? To be a beautiful island. Tourists in San Juan. And you have all this wasted money? Where is it going?
DOC: Puerto Rico just had a default. They went through billions of dollars. This has been something they have been struggling with for decades and keep trying to get out in front of it. There was a bond issue like a lot of different places in America.
States/cities. That was an issue. But you are supposed to plan for those things.
You are supposed to have politicians that say during the lean times when you have stuff coming in you have to put things away and plan for the lean times. Puerto Rico has had sketchy politician and people who have not done what is right. They are not prepared it. We are going to be on the hook at one point for the debt of loss of Puerto Rico like we would be anywhere else. One way or another that is coming. Trump even suggested that.
KRIS: Trump also said he is going to wipe out the debt.
DOC: How is he doing that?
KRIS: I do not know.
DOC: Anything owed to the government he has control over? I don't know if he can unilaterally do that. He likely has money owed through the executive branch like military where he could wipe it out by paying for it somewhere else or something but he is not exclusively in control nor is he to any bond debt that would be owed to people outside the Federal Government.
KRIS: This is a quote he said. He said they owe a lot of money to our friends on Wall Street and we are going to have to wipe that out. You are going to say Good-bye to that. I don't know if is Goldman Sachs or whoever it is but you can wave Good-bye to that.
DOC: He wasn't talking government or executive branch but people on Wall Street. Here is the problem. Wall Street is not some inanimate object not connected to people. Wall Street is a system of investors and ways to invest. Companies and organizations that govern or regulate or you invest through.
Who invests? People. It is easy to say you will have to say Good-bye to that. You will have to do that when you are not the one who loses money. It is not just Mr. Goldman Sachs and I have trillions and I am able to forgive a few million dollars here and there because I am wealthy, Mr. Goldman Sachs. No, Goldman Sachs is a company that invests money for people. If they say Good-bye to that money they are saying Good-bye to the money from people who invested in Puerto Rico. How about you are the little old lady in Indiana who invested part of your retirement in something that invested in Puerto Rico. Should she say Good-bye to that money? Of course not. There are risks that come with it and if that is what he meant that is fine. But if he means we should give that up, that is crazy. It is not for him to say.
KRIS: And the market responded.
DOC: If he is talking about a reset, of course we have to reset. There is going to be a reset in the market. Today? I don't know. Five years from now? I don't know. Eventually it will reset. That is what markets do. It is inflated right now. Eventually it will reset and whether that takes it down 1% or 40% that is what will happen.
KRIS: It dropped to 33 cents on the dollar where last month it was trading around 50 sent on the dollar.
DOC: Another clip of the president.
We will help the people. $72 billion in debt before the hurricane hit. They had a power plant that didn't work before the hurricane. We will help them do something and get it back on its feet. But I am just very, very proud of the fact, you know, if you look at one statistic, 16 deaths. That is a lot of deaths. If you look at Katrina it was in the thousands. We had FEMA here before the storm even came. They were on the island during the storm and before the first storm. They got hit by two hurricanes. We are very proud of the job we have done. Very, very proud. We will have to try to get them back. The power is slowly getting on. The roads are open. The runways are open. If these people you have met today, all of the different people, first responders, these are incredible people.
I totally agree.
DOC: He is accurate. FEMA was there. I give him props. The $72 billion is how much they were out and defaulted on. And power plant trouble, sure. What does he mean we will take care of that?
KRIS: That is another thing that scares me. Puerto Rico is my county. But what does that mean? If a president is saying hey, we are going to take care of it. Last time I checked, well this president has money, but last time I checked the government doesn't owe money. It is my money. So that means I am going to pay for it.
DOC: Exactly. Where is that coming from? It is fine to lead on this but if he was saying we are just going to pony up money I am happy to help people in Puerto Rico even with public funds but I need assurances just like I do in the rest of America that you are actually doing what you have to do. Balance your budget, start paying down the national debt, start finding a way to pay for the unfunded liabilities that will come up over the next 10 years, get your spending under control, come up with a new tax plan, repeal Obamacare. You have to do those things before you promise to build a power plant in Puerto Rico or bail them out of $72 billion.
If the president wants to lead on some sort of primarily private/public partnership, fine. Puerto Rico, there is an opportunity to make money for all of us for Puerto Rico to be a testing ground. It is three and a half, four million people? Not huge geographically wise. But I think broadcast market. San Juan is top 20 or top 15. And it is American territory. Those are Americans.
If you have to rebuild the grid, Kris, let's do it right. Let's do fiber optics and wi-fi throughout the island. The government can't pay for it but if you show people an investment opportunity and we say people of Puerto Rico, I as a private company, want to build and this will be a bigger tourist destination there is opportunities that way. Lead that way. That is awesome.
KRIS: We learned during the morning headlines that Google is sending wi-fi balloons to connect people back to the internet.
DOC: They are what?
KRIS: Sending hot wear balloons.
DOC: Google, one of the most profound technology companies in the world today, that has been a trendsetter for a decade or more and on the cutting edge of things we don't even understand, their big technological solution to helping Puerto Rico get wi-fi established is balloons? Come on?
KRIS: Wi-fi balloons.
DOC: Balloon technology? This is it. We are employing the most advanced balloon technology available. We are here to help. We have balloons. Stand by, Puerto Rico. Hang on, we are inflating them now. You will be up in no time. We have got our IT balloon guys on the ground. They have made landfall.
Doc Thompson in for Glenn Beck.