S15 EP181: Hour 2 - The Tariff Price Hike Economy

Erick opens with a Gulf Coast hurricane warning for Alabama and the Florida Panhandle, then breaks down the New York Fed report showing tariffs raised prices on 67 categories of goods by 2.9 percentage points, plus Morgan Stanley data on the stock market slump and an AI boom holding up the economy. He defends Treasury Secretary Scott Bessent against a Wall Street Journal hit job, takes on the Kimberly Guilfoyle stories, and warns Republicans that corruption is now a top midterm issue.

• Gulf Coast hurricane: category two storm headed for Gulf Shores, Alabama and Pensacola, hurricane warning from Ocean Springs, Mississippi to Gulf County, Florida, flooding risk through Meridian, and the Georgia and Alabama game in Tuscaloosa
• Tariffs and prices: the New York Federal Reserve study of 67 categories of goods, the 2.9-point price hit, 26 percent pass-through to consumers, Erick's case that tariffs are 1950s protectionism, and the comparison to modern monetary theory under Biden
• Stock market and AI boom: Morgan Stanley data showing 89 percent of stocks down more than 10 percent since June 1, autos and semiconductors hit hardest, banks holding up, and Nvidia and data centers carrying GDP growth
• Iran sanctions and oil: Trump says no attack before the midterms, Treasury sanctions 17 shadow fleet tankers, West Texas crude near $90 and Brent at $103
• Scott Bessent, Kimberly Guilfoyle and corruption: the Wall Street Journal hit job on Bessent, Howard Lutnick's orbit, the Guilfoyle Greece ambassador stories, why corruption is a top three midterm issue, and Erick's call for Republicans to clean house, plus the listener stress test of his new website