Latest / The Ben Ferguson Podcast / Trump's Art of the EU, $128M Obama Phone Fraud Scheme & BoA Predicts Trump-Led Economic Surge

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Trump's Art of the EU, $128M Obama Phone Fraud Scheme & BoA Predicts Trump-Led Economic Surge · The Ben Ferguson Podcast

• 0:01
  Speaker 1: Thrilled to sign the VA Home Loan Program Reformact into law.
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  Speaker 2: You're listening to the forty seven Morning Update with Ben Ferguson.
• 0:25
  Speaker 3: Good Saturday morning to you. Ben Ferguson with you, and
• 0:28
  Speaker 3: these are some of the stories that you may have
• 0:30
  Speaker 3: missed that we talked about this week on the forty
• 0:32
  Speaker 3: seven Morning Update. First up, call it the Art of
• 0:35
  Speaker 3: the Deal. The USA has the biggest ever trade agreement
• 0:40
  Speaker 3: with the European Union. Donald Trump getting it done, and
• 0:44
  Speaker 3: the EU will also buy seven hundred and fifty billion
• 0:48
  Speaker 3: in US energy. I'll have all the details on that
• 0:51
  Speaker 3: deal for you in a moment. Also, I also want
• 0:54
  Speaker 3: to talk about Donald Trump's promise to clean up waste,
• 0:58
  Speaker 3: fraud and abuse. Remember back in twenty twelve, there was
• 1:02
  Speaker 3: a scam. It was called the Obama phone scam. You
• 1:05
  Speaker 3: may remember a woman saying she's gonna vote for Obama
• 1:08
  Speaker 3: because it gives her a free phone. Well, now a
• 1:11
  Speaker 3: CEO is headed to prison and must pay one hundred
• 1:15
  Speaker 3: and twenty eight million dollar fine after defrauding the government,
• 1:18
  Speaker 3: and it deals with it that those Obama phones are
• 1:22
  Speaker 3: still around, and finally the media finally having to tell
• 1:26
  Speaker 3: the real story. Yes, there isn't just a recovery, it
• 1:30
  Speaker 3: is a boom. Bank of America now saying the key
• 1:33
  Speaker 3: tail risk is well that the Trump economy will actually
• 1:37
  Speaker 3: start to take off. We're gonna break that down for
• 1:41
  Speaker 3: you in just a moment. All right, I want to
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  Speaker 3: take a moment talk about the economy. You've been seeing
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• 4:00
  Speaker 3: starts with them. It's the forty seven Morning Update, and
• 4:03
  Speaker 3: it starts right now.
• 4:04
  Speaker 2: Story number one.
• 4:06
  Speaker 3: Donald Trump reaches a historic trade deal with the European Union.
• 4:10
  Speaker 3: Europe is going to buy seven hundred and fifty billion,
• 4:16
  Speaker 3: We're now being told in US energy. This is massive.
• 4:22
  Speaker 3: President Trump announcing the sweeping trade agreement with the European
• 4:27
  Speaker 3: Union on Sunday, setting a baseline fifteen percent tariff on
• 4:32
  Speaker 3: European imports, including automobiles, while keeping existing fifty percent duties
• 4:37
  Speaker 3: on steel and aluminum in place. Now, as part of
• 4:40
  Speaker 3: the deal, the EU committed to purchasing seven hundred and
• 4:44
  Speaker 3: fifty billion in US energy production. Trump announcing the agreement
• 4:48
  Speaker 3: during a press conference with the European Commission president after
• 4:51
  Speaker 3: a private meeting at the Trump Turnberry golf course in Scotland.
• 4:56
  Speaker 3: Here is part of what was said by the President
• 4:59
  Speaker 3: United States America at that event, where they say, we've
• 5:03
  Speaker 3: reached a deal.
• 5:04
  Speaker 1: So we're going to do the following the European Union
• 5:08
  Speaker 1: is going to agree to purchase from the United States
• 5:13
  Speaker 1: seven hundred and fifty billion dollars worth of energy, seven
• 5:17
  Speaker 1: hundred and fifty billion dollars worth of energy. They are
• 5:20
  Speaker 1: going to agree to invest into the United States six
• 5:25
  Speaker 1: hundred billion dollars more than they're investing already. So they're
• 5:30
  Speaker 1: investing a large amount of money. You know what that
• 5:34
  Speaker 1: amount of money is. It's very substantial, but they're going
• 5:36
  Speaker 1: to invest an additional six hundred billion dollars. They're agreeing
• 5:41
  Speaker 1: to open up their countries to trade at zero tariff,
• 5:46
  Speaker 1: so that's a very big factor opening up their countries.
• 5:50
  Speaker 1: All of the countries will be opened up to trade
• 5:52
  Speaker 1: with the United States at zero tarraff and they're agreeing
• 5:55
  Speaker 1: to purchase a vast amount of military equipment. We don't
• 5:59
  Speaker 1: know what numbers, but it's the good news is we
• 6:02
  Speaker 1: make the best military equipment in the world, so sort
• 6:05
  Speaker 1: of you have to do that. I mean until somebody
• 6:07
  Speaker 1: tops us, which is not going to happen. We're way
• 6:09
  Speaker 1: ahead of every other country in terms of the quality
• 6:12
  Speaker 1: of the military equipment. You saw that recently in Iran,
• 6:16
  Speaker 1: and you see that unfortunately, you see that often for
• 6:19
  Speaker 1: all the wrong reasons. Right, So those things are seven
• 6:22
  Speaker 1: hundred and fifty billion, six hundred billion, opening up the country.
• 6:27
  Speaker 1: We are agreeing that the tariff straight across for automobiles
• 6:33
  Speaker 1: and everything else will be a straight across tariff of
• 6:36
  Speaker 1: fifteen percent. So we have a tariff of fifteen percent.
• 6:39
  Speaker 1: We have the opening up of all of the European countries,
• 6:43
  Speaker 1: which I think I could say we're essentially closed. I mean,
• 6:46
  Speaker 1: you weren't exactly taking our orders, you weren't exactly taking
• 6:50
  Speaker 1: our agriculture, and then you would have smaller things. But
• 6:53
  Speaker 1: for the most part, it was closed. And now it's open.
• 6:56
  Speaker 1: It's open for our companies to go in and do
• 6:58
  Speaker 1: a good job with it. I think you'll like them.
• 7:00
  Speaker 1: I think you like it, and we will. Very importantly,
• 7:03
  Speaker 1: they'll be investing a lot of money. But the military
• 7:06
  Speaker 1: is a big number. But that's one number we're not
• 7:08
  Speaker 1: determining it's going to be whatever it is. But they're
• 7:10
  Speaker 1: going to be purchasing hundreds of billions of dollars worth
• 7:14
  Speaker 1: of military equipment. They're very importantly, they're going to purchase
• 7:18
  Speaker 1: seven hundred and fifty seven hundred and fifty billion dollars
• 7:22
  Speaker 1: worth of energy, so that's going to be great, and
• 7:25
  Speaker 1: six hundred billion dollars worth of investments into the United
• 7:29
  Speaker 1: States over and above what they have, and I think
• 7:32
  Speaker 1: that basically concludes the deal. I mean, those are the
• 7:35
  Speaker 1: main factors. I don't think there are too many other
• 7:37
  Speaker 1: factors other than we're going to get along great, and
• 7:40
  Speaker 1: we have a great relationship now with NATO, which is
• 7:44
  Speaker 1: largely the same I mean not exactly but pretty pretty close,
• 7:47
  Speaker 1: right largely and with NATO, as you know, they're going
• 7:50
  Speaker 1: up to five percent from two percent, and the relationship
• 7:54
  Speaker 1: is very strong with NATO. So I just want to
• 7:57
  Speaker 1: congratulate you. I think it's I think it's great that
• 8:00
  Speaker 1: you made a deal today instead of playing games and
• 8:02
  Speaker 1: maybe not making a deal at all. I think it's
• 8:05
  Speaker 1: I'm gonna let you say, but I think it's the
• 8:07
  Speaker 1: biggest deal ever made. Thank you very much.
• 8:14
  Speaker 3: Yet again, another massive promise the President kept in a
• 8:18
  Speaker 3: victory for American workers and American manufacturers as well, the
• 8:23
  Speaker 3: President saying he was going to bring back fairness to
• 8:26
  Speaker 3: the marketplace, especially in places that were taking advantage of us,
• 8:30
  Speaker 3: where our markets were virtually shut down completely in Europe
• 8:33
  Speaker 3: from our automobiles and agriculture, just to name two different categories.
• 8:38
  Speaker 3: So if you're an American manufacturer, the president is your
• 8:41
  Speaker 3: best friend. If you're an American company that needed access
• 8:45
  Speaker 3: to europe farmers, president should be your best friend. And
• 8:50
  Speaker 3: yet again the President putting America first as he promised.
• 8:55
  Speaker 2: Next story number two.
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  Speaker 3: I want to take you back in history for just
• 8:59
  Speaker 3: a moment. May remember when President Donald Trump ran for office.
• 9:02
  Speaker 3: One of the things he promised when he was going
• 9:05
  Speaker 3: to clean up waste fraud and abuse. Now when did
• 9:09
  Speaker 3: our government get really big into waste fraud and abuse.
• 9:13
  Speaker 3: A lot of it actually happened when President Barack Obama
• 9:17
  Speaker 3: was in office, because he understood that it's easier to
• 9:20
  Speaker 3: buy votes than to convince people to vote for you
• 9:23
  Speaker 3: for actual policy reasons. You may remember the perfect example
• 9:28
  Speaker 3: of buying votes, a woman that became famous for her
• 9:31
  Speaker 3: reason for voting for Barack Obama over a guy by
• 9:35
  Speaker 3: the name of Mitt Romney. Let me be clear, I'm
• 9:37
  Speaker 3: not advocating for voting for Mitt Romney for anything. We
• 9:40
  Speaker 3: now know what a disaster he was, but at the time,
• 9:44
  Speaker 3: he obviously was willing to do a lot better job
• 9:46
  Speaker 3: for this country than Barack Obama insert September twenty six
• 9:51
  Speaker 3: of twenty twelve and the famous woman who loved her
• 9:55
  Speaker 3: Obama phone.
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  Speaker 1: Oama, you got Obama phone? Yesbody Cleveland, No, my Nordy
• 10:01
  Speaker 1: got Obama fault.
• 10:02
  Speaker 3: Give a woman president. You know he gave us a fault.
• 10:05
  Speaker 1: Give you a phone. Let he give you a phone?
• 10:07
  Speaker 3: Can you sign up during your full steps?
• 10:10
  Speaker 2: Well, sell charity?
• 10:11
  Speaker 1: You got low income, your disability? Okay, what's wrong with
• 10:16
  Speaker 1: Romney again?
• 10:17
  Speaker 2: Romney?
• 10:17
  Speaker 1: He sucks me?
• 10:22
  Speaker 3: There it is. The woman made it clear, you can
• 10:24
  Speaker 3: buy my vote. The Obama phone was real, and it
• 10:27
  Speaker 3: was a way to buy votes, and the Democratic Party
• 10:30
  Speaker 3: was giving out those Obama phones and free sales service
• 10:34
  Speaker 3: each and every month. Well, fast forward to where we
• 10:37
  Speaker 3: are today, and we know a lot more about how
• 10:39
  Speaker 3: corrupt the program actually was, the Obama phones. It was
• 10:44
  Speaker 3: also a big scam. And a Florida ceo is now
• 10:48
  Speaker 3: headed to prison and has been ordered to pay one
• 10:51
  Speaker 3: hundred and twenty eight million dollars in fines after quote
• 10:55
  Speaker 3: defrauding the government. And we're also being told this made
• 11:00
  Speaker 3: the tip of the iceberg. The owner of a Florida
• 11:03
  Speaker 3: telecommunications company will spend the next five years in prison.
• 11:08
  Speaker 3: That's it, only five years, and his firm must pay
• 11:11
  Speaker 3: a hefty fine. Regarding the Obama phone scam, q Link
• 11:16
  Speaker 3: Wireless LLC and its owner, identified as a CEO isa Asade,
• 11:21
  Speaker 3: previously pled guilty to conspiring to commit wired fraud and
• 11:26
  Speaker 3: still federal funds from the Lifeline program that originally began
• 11:30
  Speaker 3: in the nineteen eighties to offer home phone service to
• 11:35
  Speaker 3: those that were in need so they could call nine
• 11:37
  Speaker 3: one one. Well, the program offered subsidized cell phone service,
• 11:41
  Speaker 3: then to lower income people, and then free phones. And
• 11:45
  Speaker 3: in that twenty twelve video, you had that protester emerging
• 11:48
  Speaker 3: outside of Mitt Romney event who claimed her neighborhood received
• 11:51
  Speaker 3: then Obama phone. Everybody's got one, every minority. When asked
• 11:55
  Speaker 3: why she supported Obama, the woman said, everybody in Cleveland,
• 12:00
  Speaker 3: low minority got Obama phones. Keep Obama and President, you know,
• 12:04
  Speaker 3: he gave us the phone. He's gonna do more. Now.
• 12:06
  Speaker 3: This clip was really the first time many Americans ever
• 12:09
  Speaker 3: heard about the abuse in this program, and the name
• 12:13
  Speaker 3: Obama Phone caught on after the video went viral. Some
• 12:16
  Speaker 3: telecommunications companies with Lifeline contracts embraced the term as a
• 12:22
  Speaker 3: marketing ploy. The government, by the way, did not go
• 12:25
  Speaker 3: back to twenty thirteen. Bright bart News reported the opposition
• 12:30
  Speaker 3: to the Lifeline program was growing, as Track Phone Wireless,
• 12:34
  Speaker 3: the company that most benefited from the government's upse is
• 12:37
  Speaker 3: now advertising on the inside the Beltway news websites in
• 12:41
  Speaker 3: an effort to quote unquote save it. You go to
• 12:44
  Speaker 3: the Fox article and it now says that a Side
• 12:47
  Speaker 3: was sentenced to prison and he along with his company,
• 12:50
  Speaker 3: must pay one hundred and twenty eight million dollars in fines.
• 12:53
  Speaker 3: In a press release on Friday, the US Attorney's Office
• 12:57
  Speaker 3: for the Southern District of Florida shared more details about
• 13:00
  Speaker 3: the case and just how bad the fraud may be.
• 13:03
  Speaker 3: Aside to fraud in another federal government program, it states
• 13:07
  Speaker 3: the Paycheck Protection Program, also known as PPP. By making
• 13:11
  Speaker 3: false statements about q Link's business, Congress you may remember,
• 13:16
  Speaker 3: created PPP and it was filled with waste, fraud, and
• 13:19
  Speaker 3: abuse during the COVID nineteen pandemic to authorize forgivable loans
• 13:23
  Speaker 3: of small businesses for job retention as well as quote
• 13:27
  Speaker 3: other expenses. Aside, the q links name executive executed a
• 13:32
  Speaker 3: fraudulent scheme to obtain and keep PPP proceeds to further
• 13:36
  Speaker 3: the scheme, Asside mays false statements about q Link's business,
• 13:40
  Speaker 3: including a false claim that q Link's Lifeline reimbursement substantially
• 13:45
  Speaker 3: decreased because of the pandemic. Aside then in twenty twenty
• 13:49
  Speaker 3: one engaged in an unlawful financial transaction involving approximately three
• 13:55
  Speaker 3: hundred and eighty nine thousand of those proceeds. Asside spent
• 13:58
  Speaker 3: PPP loan proceeds on a land rover, payment, his personal
• 14:02
  Speaker 3: AMEX card, jewelry, and personal property taxes. Aside was reportedly
• 14:08
  Speaker 3: charged with murder several years ago in connection with driving
• 14:12
  Speaker 3: over a grounds keeper at his business. Per another Fox article.
• 14:17
  Speaker 3: He later pled note, pleaded no contest to misdemeanor culporable negligence,
• 14:22
  Speaker 3: and was slapped with one year of probation in order
• 14:25
  Speaker 3: to pay just a one hundred and twenty five dollars fine.
• 14:29
  Speaker 3: The outlet said, proof if you've got really good lawyers,
• 14:32
  Speaker 3: you can get away with a hell of a lot.
• 14:34
  Speaker 3: As for the Obama phone scam, for the CEO at
• 14:37
  Speaker 3: least is headed to prison and we'll pay in theory
• 14:40
  Speaker 3: one hundred and twenty eight million dollars in fines for
• 14:43
  Speaker 3: defrauding the American taxpayer. But is this program still going yes?
• 14:49
  Speaker 3: Is the program still corrupt as hell?
• 14:51
  Speaker 1: Yes?
• 14:52
  Speaker 3: And is it time that the Trump administration look into it?
• 14:55
  Speaker 3: You better believe it. There's a very good chance that's
• 14:58
  Speaker 3: exactly what's happening right now.
• 15:01
  Speaker 2: And finally, story number three, not.
• 15:03
  Speaker 3: Just a cycled recovery but a boom. That is how
• 15:08
  Speaker 3: Bank of America is talking about Donald Trump's economy in
• 15:12
  Speaker 3: a market landscape that is fixated on fear or stagnation
• 15:18
  Speaker 3: and modest recoveries. Because Donald Trump's in office and they
• 15:21
  Speaker 3: want everything to be doom and gloom, the Bank of
• 15:24
  Speaker 3: America is now having to tell us the truth. They're
• 15:28
  Speaker 3: sounding the reality and even deciding that they are bullish
• 15:33
  Speaker 3: on where we are headed. According to a new note
• 15:36
  Speaker 3: from a Bank of America research analysts, the next phase
• 15:40
  Speaker 3: for the US economy and equities might not be a
• 15:44
  Speaker 3: routine recovery, but quote an outright boom. Today, a confluence
• 15:50
  Speaker 3: of factors argue that the key tail risk that may
• 15:55
  Speaker 3: not be priced in is not just a cyclical recovery,
• 16:00
  Speaker 3: but a boom. The note says, exactly, so, why is
• 16:04
  Speaker 3: this happening? Well, there's five reasons, they state for a boom.
• 16:08
  Speaker 3: Bank of America analysts, citing these five pillars, they say
• 16:11
  Speaker 3: support this more than bullish case. First is political will.
• 16:17
  Speaker 3: They argue that the US midterm elections a few quarters away,
• 16:22
  Speaker 3: policymakers have strong incentive for near term pro growth initiatives.
• 16:29
  Speaker 3: Why because everybody in Congress right on the House side
• 16:32
  Speaker 3: is up for reelection, and there's a lot of members
• 16:34
  Speaker 3: of the Senate that are up as well. Second, they say,
• 16:38
  Speaker 3: is Washington's One Big Beautiful Bill Act. Yes, you may
• 16:42
  Speaker 3: remember the media said it was going to destroy our economy. Nope,
• 16:45
  Speaker 3: now they're saying the One Big Beautiful Bill. Well, it
• 16:48
  Speaker 3: is targeting domestic manufacturing and having a huge impact. The
• 16:53
  Speaker 3: third thing they say is the massive overseas jolt gathering
• 16:58
  Speaker 3: now with Germany read enacting the largest stimulus package in
• 17:02
  Speaker 3: EU history, while global reflationary forces are building elsewhere. Bank
• 17:08
  Speaker 3: of America says, fourth, they see a broad expansion of
• 17:11
  Speaker 3: capital expenditures in the US. Companies like Amazon, Meta, Microsoft,
• 17:17
  Speaker 3: and Alphabet set for nearly seven hundred billion in capital
• 17:20
  Speaker 3: expenditures between twenty twenty five and twenty twenty six alone.
• 17:24
  Speaker 3: They also said in addition, more non US companies plan
• 17:28
  Speaker 3: to expand manufacturing capacity in the US. WOW municipalities are
• 17:34
  Speaker 3: focused on updating aging infrastructure. Now, this goes back to
• 17:38
  Speaker 3: what Donald Trump promised. If you put American workers in
• 17:41
  Speaker 3: manufacturing first, and in these tariff agreements that you're doing,
• 17:45
  Speaker 3: these trade deals you're doing, you make sure that companies
• 17:48
  Speaker 3: are forced to come back and do work in the
• 17:51
  Speaker 3: United States of America, it could explode our economy. Bank
• 17:54
  Speaker 3: of America is saying that is actually working and a reality. Finally,
• 18:00
  Speaker 3: the last thing on the list the Bank of America
• 18:02
  Speaker 3: sided is Proprietary Regime indicator that is a blend of
• 18:07
  Speaker 3: macro signals including corporate revisions to earnings per share as
• 18:11
  Speaker 3: well as GDP forecasts and other emerging signals. They say
• 18:17
  Speaker 3: it's on the verge of flipping from a downturn to
• 18:20
  Speaker 3: a quote recovery, a change that historically means a rally
• 18:25
  Speaker 3: in value stocks now the dominant narrative and the indicator
• 18:29
  Speaker 3: remains conservative. According to the Bank of America team, it
• 18:32
  Speaker 3: is one they say in June, seventy percent of fund
• 18:35
  Speaker 3: managers still predicted stagflation, with only ten percent for seeing
• 18:40
  Speaker 3: a boom. A above trend growth and inflation. Yet Bank
• 18:44
  Speaker 3: of America argues the catalyst for an upside breakout is
• 18:48
  Speaker 3: real and now imminent. If the regime indicator does indeed
• 18:52
  Speaker 3: flip to recovery in early August, historical presence suggests a
• 18:57
  Speaker 3: rapid rotation is quote likely. So these are the big
• 19:02
  Speaker 3: factors that even the banks are now saying are going
• 19:05
  Speaker 3: to have a huge impact on your life. This also
• 19:09
  Speaker 3: is going to be a major issue come the midterm elections.
• 19:12
  Speaker 3: This is exactly why so many people trusted Donald Trump
• 19:15
  Speaker 3: and voted for him the first time. Let's be clear,
• 19:17
  Speaker 3: the midterms is a referendum on the president's agenda, and
• 19:21
  Speaker 3: many conservatives have been supporting and advocating for the president,
• 19:24
  Speaker 3: voting for things like the Big Beautiful Bill. If they
• 19:27
  Speaker 3: run on it, there's a very good chance the president
• 19:29
  Speaker 3: will have even more power after the midterms, and that's
• 19:32
  Speaker 3: good for all Americans.
• 19:34
  Speaker 2: Thank you for listening to the forty seven Morning Update
• 19:37
  Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever
• 19:41
  Speaker 2: you're listening to this podcast right now and for more
• 19:44
  Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast
• 19:48
  Speaker 2: and we will see you back here on Monday morning,