1 00:00:09,430 --> 00:00:11,289 As we embark on the new year, 2 00:00:11,290 --> 00:00:12,749 lots of folks are expecting higher 3 00:00:12,750 --> 00:00:14,289 costs for the health care that they 4 00:00:14,290 --> 00:00:16,148 need to live their best lives. 5 00:00:16,149 --> 00:00:17,589 That's after Congress failed to 6 00:00:17,590 --> 00:00:19,009 extend subsidies to the Affordable 7 00:00:19,010 --> 00:00:20,609 Care Act during last year's 8 00:00:20,610 --> 00:00:22,149 government shutdown and ahead of the 9 00:00:22,150 --> 00:00:23,069 new year. 10 00:00:23,070 --> 00:00:24,049 We're going to talk about how 11 00:00:24,050 --> 00:00:25,589 Austinites in Texans will be 12 00:00:25,590 --> 00:00:28,049 affected in 2026 and 13 00:00:28,050 --> 00:00:30,029 the city of Austin and a former APD 14 00:00:30,030 --> 00:00:32,048 officer are being sued for excessive 15 00:00:32,049 --> 00:00:32,849 force. 16 00:00:32,850 --> 00:00:34,289 Austin has struggled for years to 17 00:00:34,290 --> 00:00:36,069 change the culture at APD's training 18 00:00:36,070 --> 00:00:36,869 academy. 19 00:00:36,870 --> 00:00:38,449 We're gonna have more about both of 20 00:00:38,450 --> 00:00:39,949 these stories that's coming up on 21 00:00:39,950 --> 00:00:41,089 today's show. 22 00:00:41,090 --> 00:00:42,989 The Austin Signal is a production 23 00:00:42,990 --> 00:00:45,109 of KUT News, hosted by 24 00:00:45,110 --> 00:00:46,069 Jerry Quijano. 25 00:00:46,070 --> 00:00:47,689 Plus, we've got some advice on how 26 00:00:47,690 --> 00:00:49,189 to best achieve those financial 27 00:00:49,190 --> 00:00:51,709 goals you set for 2026. 28 00:00:51,710 --> 00:00:53,209 Thank you for investing some time 29 00:00:53,210 --> 00:00:54,609 with us today. 30 00:00:54,610 --> 00:00:56,789 Lots more Austin Signal coming 31 00:00:56,790 --> 00:00:57,790 up next. 32 00:01:08,490 --> 00:01:10,309 Howdy out there and thank you for 33 00:01:10,310 --> 00:01:12,989 tuning in. This is Austin Signal. 34 00:01:12,990 --> 00:01:14,989 We are listener powered public radio 35 00:01:14,990 --> 00:01:17,089 here on KUT News. 36 00:01:17,090 --> 00:01:19,109 It's Tuesday, January 6th. 37 00:01:19,110 --> 00:01:21,149 Thank you for making us part of your 38 00:01:21,150 --> 00:01:23,169 day. It is another warm 39 00:01:23,170 --> 00:01:25,089 one here in Austin and not just 40 00:01:25,090 --> 00:01:26,249 warmer than normal. 41 00:01:26,250 --> 00:01:27,809 High temperatures this week are in 42 00:01:27,810 --> 00:01:28,949 record range. 43 00:01:28,950 --> 00:01:30,809 The forecast high in Austin today of 44 00:01:30,810 --> 00:01:32,629 84 would tie the record set 45 00:01:32,630 --> 00:01:34,829 back in 1989 and 46 00:01:34,830 --> 00:01:36,759 tomorrow's expected high of 81. 47 00:01:36,760 --> 00:01:38,319 Would set a new record for that 48 00:01:38,320 --> 00:01:40,279 date. But the week will end with 49 00:01:40,280 --> 00:01:42,239 a strong cold front, so we 50 00:01:42,240 --> 00:01:44,319 have that going for us at 51 00:01:44,320 --> 00:01:45,219 least. 52 00:01:45,220 --> 00:01:47,339 Let us get into today's 53 00:01:47,340 --> 00:01:48,139 show. 54 00:01:48,140 --> 00:01:49,679 Government subsidies for the 55 00:01:49,680 --> 00:01:51,539 Affordable Care Act expired at 56 00:01:51,540 --> 00:01:53,819 the start of 2026. 57 00:01:53,820 --> 00:01:55,299 So what does this mean for folks who 58 00:01:55,300 --> 00:01:57,379 rely on this to get their insurance? 59 00:01:57,380 --> 00:01:58,919 Well, for one, it means millions of 60 00:01:58,920 --> 00:02:00,619 Texans and many more Americans will 61 00:02:00,620 --> 00:02:02,659 be facing richer healthcare 62 00:02:02,660 --> 00:02:03,489 premiums. 63 00:02:03,490 --> 00:02:04,929 For more about that, we are speaking 64 00:02:04,930 --> 00:02:06,769 with KUT's healthcare reporter, 65 00:02:06,770 --> 00:02:07,569 Olivia Aldridge. 66 00:02:07,570 --> 00:02:08,719 Hi, Olivia, thanks for being here. 67 00:02:08,720 --> 00:02:09,549 Hi, Jerry. 68 00:02:09,550 --> 00:02:11,310 So, take us back a little bit, if 69 00:02:11,311 --> 00:02:13,369 you would, speaking of extending 70 00:02:13,370 --> 00:02:15,249 those subsidies, that's what 71 00:02:15,250 --> 00:02:16,709 Congress was going back and forth 72 00:02:16,710 --> 00:02:18,389 over during that time last year when 73 00:02:18,390 --> 00:02:19,469 the government was shut down, 74 00:02:19,470 --> 00:02:19,869 correct? 75 00:02:19,870 --> 00:02:21,349 That's right. So during that federal 76 00:02:21,350 --> 00:02:23,169 government shut down last fall, 77 00:02:23,170 --> 00:02:24,409 Democrats were trying to hold out 78 00:02:24,410 --> 00:02:26,669 for a deal to renew these enhanced 79 00:02:26,670 --> 00:02:28,869 premium tax credits, 80 00:02:28,870 --> 00:02:30,249 essentially subsidies that offset 81 00:02:30,250 --> 00:02:31,929 the cost of marketplace insurance 82 00:02:31,930 --> 00:02:33,409 for a lot of people. 83 00:02:33,410 --> 00:02:34,429 They didn't get that. 84 00:02:34,430 --> 00:02:35,849 Ultimately, what they got was an 85 00:02:35,850 --> 00:02:37,329 agreement to bring the matter to a 86 00:02:37,330 --> 00:02:38,509 vote in the U.S. 87 00:02:38,510 --> 00:02:39,849 Senate before the end of the year. 88 00:02:39,850 --> 00:02:41,369 And there were plans floated to 89 00:02:41,370 --> 00:02:42,589 address these subsidies, but 90 00:02:42,590 --> 00:02:44,509 ultimately no proposal passed 91 00:02:44,510 --> 00:02:45,929 before December 31st. 92 00:02:45,930 --> 00:02:47,989 So the tax credits did expire. 93 00:02:47,990 --> 00:02:49,409 Okay, and you mentioned a little bit 94 00:02:49,410 --> 00:02:51,369 about what they are, what they do. 95 00:02:51,370 --> 00:02:53,089 Why are they so important to many 96 00:02:53,090 --> 00:02:54,549 Texans and Americans? 97 00:02:54,550 --> 00:02:56,449 Well, so many folks who buy health 98 00:02:56,450 --> 00:02:57,589 insurance through the Affordable 99 00:02:57,590 --> 00:02:59,549 Care Act marketplace get some kind 100 00:02:59,550 --> 00:03:01,069 of tax credit from the government 101 00:03:01,070 --> 00:03:02,929 that offsets their costs. 102 00:03:02,930 --> 00:03:04,369 But historically, people who made 103 00:03:04,370 --> 00:03:06,429 more than 400% of the federal 104 00:03:06,430 --> 00:03:08,929 poverty level got no assistance. 105 00:03:08,930 --> 00:03:10,969 And this changed in 2021 106 00:03:10,970 --> 00:03:12,269 when the Biden administration 107 00:03:12,270 --> 00:03:14,529 instituted this enhanced premium 108 00:03:14,530 --> 00:03:16,409 tax credit and made insurance 109 00:03:16,410 --> 00:03:17,849 affordable for a lot of middle 110 00:03:17,850 --> 00:03:19,429 income earners for the first time. 111 00:03:19,430 --> 00:03:21,229 And it gave additional assistance to 112 00:03:21,230 --> 00:03:22,999 lower earners as well. 113 00:03:23,000 --> 00:03:24,319 And this led to more people 114 00:03:24,320 --> 00:03:26,159 enrolling. So in Texas, 115 00:03:26,160 --> 00:03:27,899 the number of people enrolled in 116 00:03:27,900 --> 00:03:29,619 marketplace plans more than tripled 117 00:03:29,620 --> 00:03:31,179 after 2021. 118 00:03:31,180 --> 00:03:32,499 So there's concern that many of 119 00:03:32,500 --> 00:03:34,019 those folks will choose to forego 120 00:03:34,020 --> 00:03:36,059 insurance this year because they 121 00:03:36,060 --> 00:03:37,459 can't take on these increased costs 122 00:03:37,460 --> 00:03:38,399 without those credits. 123 00:03:38,400 --> 00:03:40,019 And that could have ripple effects 124 00:03:40,020 --> 00:03:41,889 throughout our healthcare system. 125 00:03:41,890 --> 00:03:43,609 Well, our Austin Signal listeners 126 00:03:43,610 --> 00:03:45,189 will remember that you were with us 127 00:03:45,190 --> 00:03:47,229 last month to talk about Blue 128 00:03:47,230 --> 00:03:49,649 Cross Blue Shield and their ongoing 129 00:03:49,650 --> 00:03:52,149 contract dispute with Ascension. 130 00:03:52,150 --> 00:03:53,509 We talked about, you know, how these 131 00:03:53,510 --> 00:03:54,949 fights kind of happen and then maybe 132 00:03:54,950 --> 00:03:56,289 things get resolved a little bit 133 00:03:56,290 --> 00:03:57,229 later. 134 00:03:57,230 --> 00:03:58,889 The subsidies for the ACA have 135 00:03:58,890 --> 00:03:59,749 expired. 136 00:03:59,750 --> 00:04:01,409 Is there a chance that we might see 137 00:04:01,410 --> 00:04:03,429 them be saved later on by 138 00:04:03,430 --> 00:04:05,259 Congress, anything like that. 139 00:04:05,260 --> 00:04:07,079 It is still possible. 140 00:04:07,080 --> 00:04:08,459 Technically, enrollment is still 141 00:04:08,460 --> 00:04:10,099 open through January 15th. 142 00:04:10,100 --> 00:04:11,479 People can still make changes to 143 00:04:11,480 --> 00:04:13,299 their plans through that time 144 00:04:13,300 --> 00:04:15,339 and Congress could extend 145 00:04:15,340 --> 00:04:17,479 that period or even reinstate 146 00:04:17,480 --> 00:04:19,278 the enhanced credits later. 147 00:04:19,279 --> 00:04:21,719 Now, is it likely? 148 00:04:21,720 --> 00:04:23,159 Analysts experienced in this area 149 00:04:23,160 --> 00:04:24,979 are kind of saying no at 150 00:04:24,980 --> 00:04:26,659 this point. Congress is back in 151 00:04:26,660 --> 00:04:27,539 session. 152 00:04:27,540 --> 00:04:28,819 There have been reports of some 153 00:04:28,820 --> 00:04:30,359 bipartisan groups meeting to discuss 154 00:04:30,360 --> 00:04:32,059 a possible deal, but. 155 00:04:32,060 --> 00:04:33,639 We've also heard Democrats kind of 156 00:04:33,640 --> 00:04:35,079 saying President Trump would really 157 00:04:35,080 --> 00:04:37,279 need to give any deal his blessing, 158 00:04:37,280 --> 00:04:38,939 because he has a lot of influence 159 00:04:38,940 --> 00:04:41,439 over the Republican majority. 160 00:04:41,440 --> 00:04:43,039 Many Republicans are hesitant about 161 00:04:43,040 --> 00:04:44,539 how extending these credits would 162 00:04:44,540 --> 00:04:46,519 add to the deficit, and perhaps 163 00:04:46,520 --> 00:04:48,239 wanna see Obamacare replaced or 164 00:04:48,240 --> 00:04:49,679 reformed in some more significant 165 00:04:49,680 --> 00:04:50,680 way. 166 00:04:51,020 --> 00:04:53,599 Now that the subsidies have expired, 167 00:04:53,600 --> 00:04:55,439 the expiration was January 1st, 168 00:04:55,440 --> 00:04:57,339 2026, how will 169 00:04:57,340 --> 00:04:59,179 this or how is this affecting people 170 00:04:59,180 --> 00:05:00,919 who use the Affordable Care Act 171 00:05:00,920 --> 00:05:02,309 Insurance Marketplace? 172 00:05:02,310 --> 00:05:03,829 I mean, the headline is people are 173 00:05:03,830 --> 00:05:05,529 just going to be paying more. 174 00:05:05,530 --> 00:05:07,489 People who enrolled 175 00:05:07,490 --> 00:05:08,929 ahead of the new year are already 176 00:05:08,930 --> 00:05:10,869 paying more, the policy organization 177 00:05:10,870 --> 00:05:12,849 KFF said people will see an average 178 00:05:12,850 --> 00:05:14,989 114% increase 179 00:05:14,990 --> 00:05:16,969 in what they pay each month, 180 00:05:16,970 --> 00:05:18,569 but that will vary depending on your 181 00:05:18,570 --> 00:05:19,949 income, you know, your household 182 00:05:19,950 --> 00:05:21,749 size, your age. 183 00:05:21,750 --> 00:05:23,049 For people whose income is kind of 184 00:05:23,050 --> 00:05:25,769 on the bubble of that 400% 185 00:05:25,770 --> 00:05:27,529 limit, they'll really have to pay 186 00:05:27,530 --> 00:05:29,129 attention to be sure their income 187 00:05:29,130 --> 00:05:31,049 doesn't exceed that this year. 188 00:05:31,050 --> 00:05:32,349 Or else they may have to return 189 00:05:32,350 --> 00:05:33,749 money to the government during next 190 00:05:33,750 --> 00:05:35,449 tax season, a lot of it. 191 00:05:35,450 --> 00:05:36,589 And for many people, this is tough 192 00:05:36,590 --> 00:05:37,929 to predict because they're 193 00:05:37,930 --> 00:05:40,089 self-employed or freelancers, 194 00:05:40,090 --> 00:05:41,389 small business owners, and their 195 00:05:41,390 --> 00:05:42,879 income just fluctuates. 196 00:05:42,880 --> 00:05:44,059 You mentioned a little bit there 197 00:05:44,060 --> 00:05:45,959 that Congress could be working 198 00:05:45,960 --> 00:05:47,839 to possibly extend, 199 00:05:47,840 --> 00:05:49,739 maybe not work with these 200 00:05:49,740 --> 00:05:50,839 subsidies. 201 00:05:50,840 --> 00:05:51,679 What happens next? 202 00:05:51,680 --> 00:05:53,039 Is there a plan to replace 203 00:05:53,040 --> 00:05:54,939 Obamacare, or are folks just kind 204 00:05:54,940 --> 00:05:56,339 of winging it when it comes to 205 00:05:56,340 --> 00:05:57,979 finding insurance this year? 206 00:05:57,980 --> 00:05:59,439 Well, nothing concrete. 207 00:05:59,440 --> 00:06:00,999 President Trump has floated an idea 208 00:06:01,000 --> 00:06:02,639 to replace tax credits with some 209 00:06:02,640 --> 00:06:04,639 kind of health savings account. 210 00:06:04,640 --> 00:06:05,599 There have been some proposals 211 00:06:05,600 --> 00:06:07,459 related to that, but as 212 00:06:07,460 --> 00:06:09,119 of right now, it's kind of back to 213 00:06:09,120 --> 00:06:11,559 that pre-2021 reality, 214 00:06:11,560 --> 00:06:13,539 which is Obamacare is available, 215 00:06:13,540 --> 00:06:15,199 but with higher costs for a lot of 216 00:06:15,200 --> 00:06:16,839 people, especially for those middle 217 00:06:16,840 --> 00:06:18,719 income earners that we talked about. 218 00:06:18,720 --> 00:06:20,179 Alrighty, we have been speaking with 219 00:06:20,180 --> 00:06:21,359 Olivia Aldridge. 220 00:06:21,360 --> 00:06:23,619 She is KUT's healthcare reporter. 221 00:06:23,620 --> 00:06:25,259 You can find more of her reporting 222 00:06:25,260 --> 00:06:27,559 at KUT.org. 223 00:06:27,560 --> 00:06:28,560 Olivia, thanks as always. 224 00:06:37,490 --> 00:06:38,909 This is Austin Signal. 225 00:06:38,910 --> 00:06:39,849 Thank you for spending part of your 226 00:06:39,850 --> 00:06:41,769 Tuesday here with us. 227 00:06:41,770 --> 00:06:43,149 The city of Austin and a former 228 00:06:43,150 --> 00:06:45,029 police officer are being sued after 229 00:06:45,030 --> 00:06:46,709 a woman alleged the officer used 230 00:06:46,710 --> 00:06:48,809 excessive force against her, 231 00:06:48,810 --> 00:06:50,409 causing permanent brain damage. 232 00:06:50,410 --> 00:06:52,249 That officer was fired last 233 00:06:52,250 --> 00:06:54,989 month by APD after an investigation. 234 00:06:54,990 --> 00:06:56,149 For more about this story, we're 235 00:06:56,150 --> 00:06:57,449 talking with KUT's government 236 00:06:57,450 --> 00:06:59,009 accountability reporter, Andrew 237 00:06:59,010 --> 00:07:00,189 Weber. Andrew, thanks for being on 238 00:07:00,190 --> 00:07:00,489 the show. 239 00:07:00,490 --> 00:07:01,379 Yes, sir. Thank you, Jerry. 240 00:07:01,380 --> 00:07:03,239 So can you please tell us first a 241 00:07:03,240 --> 00:07:04,719 little bit about this incident and 242 00:07:04,720 --> 00:07:05,859 who is the woman at the center of 243 00:07:05,860 --> 00:07:05,989 it? 244 00:07:05,990 --> 00:07:07,529 Yeah, Natalie G. 245 00:07:07,530 --> 00:07:09,709 Lennas was visiting Austin from 246 00:07:09,710 --> 00:07:10,649 South Carolina. 247 00:07:10,650 --> 00:07:12,749 She was staying downtown at the 248 00:07:12,750 --> 00:07:14,989 Marriott off Cesar Chavez, and 249 00:07:14,990 --> 00:07:16,769 she got into an altercation with 250 00:07:16,770 --> 00:07:18,709 hotel staff after going 251 00:07:18,710 --> 00:07:20,169 out for, you know, like a lot of 252 00:07:20,170 --> 00:07:21,289 people do at night. 253 00:07:21,290 --> 00:07:23,309 Um, this was around 3 a.m. 254 00:07:23,310 --> 00:07:24,989 Staff called the police, police 255 00:07:24,990 --> 00:07:27,329 showed up and she was handcuffed 256 00:07:27,330 --> 00:07:29,169 and by 257 00:07:29,170 --> 00:07:31,829 officer Joseph Spies and 258 00:07:31,830 --> 00:07:32,850 after that, 259 00:07:35,590 --> 00:07:37,469 you dropped her ID, tried to pick 260 00:07:37,470 --> 00:07:38,449 it up. 261 00:07:38,450 --> 00:07:39,609 He thought she was trying to flee. 262 00:07:39,610 --> 00:07:40,929 And then he flung her down on the 263 00:07:40,930 --> 00:07:42,869 ground and she hit her head very 264 00:07:42,870 --> 00:07:44,349 hard by all accounts. 265 00:07:44,350 --> 00:07:45,769 That's from her lawsuit that she 266 00:07:45,770 --> 00:07:47,889 filed and from APD's investigation 267 00:07:47,890 --> 00:07:48,709 into this. 268 00:07:48,710 --> 00:07:50,309 And then she was taken into a squad 269 00:07:50,310 --> 00:07:51,829 car and then she was sort of shoved 270 00:07:51,830 --> 00:07:53,269 into the squad car. 271 00:07:53,270 --> 00:07:55,449 And hit her head again. 272 00:07:55,450 --> 00:07:57,509 And, um, she filed a lawsuit this 273 00:07:57,510 --> 00:07:59,429 week, uh, saying that this 274 00:07:59,430 --> 00:08:00,549 was excessive force. 275 00:08:00,550 --> 00:08:02,629 And you mentioned that APD filed 276 00:08:02,630 --> 00:08:04,229 an investigation into it. 277 00:08:04,230 --> 00:08:05,649 They found enough evidence to fire 278 00:08:05,650 --> 00:08:06,619 the officer, correct? 279 00:08:06,620 --> 00:08:08,159 They did, which is super rare. 280 00:08:08,160 --> 00:08:09,899 A lot of these instances, the 281 00:08:09,900 --> 00:08:11,479 officer is given a reprimand, 282 00:08:11,480 --> 00:08:13,379 they're suspended for a certain 283 00:08:13,380 --> 00:08:14,399 amount of time, a couple of months, 284 00:08:14,400 --> 00:08:15,479 a couple weeks. 285 00:08:15,480 --> 00:08:17,359 This was an indefinite suspension, 286 00:08:17,360 --> 00:08:19,299 which is APD speak for you're 287 00:08:19,300 --> 00:08:20,239 fired. 288 00:08:20,240 --> 00:08:21,679 And the officer fired was Joseph 289 00:08:21,680 --> 00:08:24,059 Spies. He was an 11-year veteran. 290 00:08:24,060 --> 00:08:25,899 Police found that he 291 00:08:25,900 --> 00:08:27,919 sort of exaggerated the danger 292 00:08:27,920 --> 00:08:29,619 here. He rated it an eight out of 293 00:08:29,620 --> 00:08:31,359 10. They said, no, that wasn't the 294 00:08:31,360 --> 00:08:32,798 case, and he sort misled 295 00:08:32,799 --> 00:08:34,479 investigators, so they ended up 296 00:08:34,480 --> 00:08:35,288 firing him. 297 00:08:35,289 --> 00:08:37,109 OK, one thing that's not as rare 298 00:08:37,110 --> 00:08:38,288 as the Austin Police Department 299 00:08:38,289 --> 00:08:40,408 coming under scrutiny for alleged 300 00:08:40,409 --> 00:08:42,369 use of excessive force. 301 00:08:42,370 --> 00:08:44,189 What does this suit mean for the 302 00:08:44,190 --> 00:08:45,829 department and how many suits or how 303 00:08:45,830 --> 00:08:47,409 many cases were listed in the suit 304 00:08:47,410 --> 00:08:48,809 filed? There were four 305 00:08:50,380 --> 00:08:52,459 This lawsuit was filed by 306 00:08:52,460 --> 00:08:54,199 Jeff Edwards, a local attorney who 307 00:08:54,200 --> 00:08:56,099 files a lot of these cases. 308 00:08:56,100 --> 00:08:57,739 He listed, you know, obviously the 309 00:08:57,740 --> 00:08:59,899 2020 protest cases, 310 00:08:59,900 --> 00:09:01,259 the lawsuits that have resulted in 311 00:09:01,260 --> 00:09:03,179 more than $27 million in payments, 312 00:09:03,180 --> 00:09:05,079 which we've covered a lot. 313 00:09:05,080 --> 00:09:06,899 And he also listed another 314 00:09:06,900 --> 00:09:08,779 incident involving Breanne King, 315 00:09:08,780 --> 00:09:09,759 who was an elementary school 316 00:09:09,760 --> 00:09:11,379 teacher. She was on her way to work, 317 00:09:11,380 --> 00:09:13,199 she was speeding, and was 318 00:09:13,200 --> 00:09:15,399 taken down in a similar way to 319 00:09:15,400 --> 00:09:16,919 G.L. Ennis. 320 00:09:16,920 --> 00:09:17,899 And it, you. 321 00:09:17,900 --> 00:09:19,659 This list of cases goes back all the 322 00:09:19,660 --> 00:09:20,959 way to 2011. 323 00:09:20,960 --> 00:09:22,099 This has been a problem for the 324 00:09:22,100 --> 00:09:23,759 department for at least five years. 325 00:09:23,760 --> 00:09:25,539 The city said we want to revamp how 326 00:09:25,540 --> 00:09:27,479 we do our training because it's 327 00:09:27,480 --> 00:09:29,519 been a concern to citizens. 328 00:09:29,520 --> 00:09:31,799 And it's also been, you know, these 329 00:09:31,800 --> 00:09:33,179 lawsuits aren't cheap. 330 00:09:33,180 --> 00:09:34,699 They usually result in settlements 331 00:09:34,700 --> 00:09:36,219 and the city has to pay out millions 332 00:09:36,220 --> 00:09:37,459 of dollars a year. 333 00:09:37,460 --> 00:09:38,719 That is KUT's government 334 00:09:38,720 --> 00:09:40,199 accountability reporter, Andrew 335 00:09:40,200 --> 00:09:41,459 Weber, as he says, has been doing a 336 00:09:41,460 --> 00:09:43,559 lot of reporting on those 337 00:09:43,560 --> 00:09:44,819 suits. You can find more of that 338 00:09:44,820 --> 00:09:47,199 reporting over at KUT.org. 339 00:09:47,200 --> 00:09:48,059 Andrew, thanks for being here, 340 00:09:48,060 --> 00:09:49,060 buddy. Yes, sir. Thank you. 341 00:09:57,250 --> 00:09:59,129 All right, since Texas is one of the 342 00:09:59,130 --> 00:10:01,029 world's energy hubs, what is 343 00:10:01,030 --> 00:10:02,829 happening in Venezuela right now 344 00:10:02,830 --> 00:10:04,489 could have huge ripple effects 345 00:10:04,490 --> 00:10:06,109 closer to home. 346 00:10:06,110 --> 00:10:07,589 Texas standards David Brown spoke 347 00:10:07,590 --> 00:10:09,609 with Matt Smith, lead energy 348 00:10:09,610 --> 00:10:11,449 analyst at Kepler to talk 349 00:10:11,450 --> 00:10:14,009 about oil and Venezuela. 350 00:10:14,010 --> 00:10:15,629 What do you make of the president's 351 00:10:15,630 --> 00:10:17,309 comments to rebuild the oil 352 00:10:17,310 --> 00:10:18,129 industry? 353 00:10:18,130 --> 00:10:20,029 Perhaps we should think back a 354 00:10:20,030 --> 00:10:22,029 little more about the history of 355 00:10:22,030 --> 00:10:24,389 oil in Venezuela, especially U.S. 356 00:10:24,390 --> 00:10:25,390 Companies. 357 00:10:25,570 --> 00:10:27,489 Yeah, absolutely. 358 00:10:27,490 --> 00:10:29,329 In a nutshell, Venezuela's 359 00:10:29,330 --> 00:10:31,729 oil industry has been destroyed over 360 00:10:31,730 --> 00:10:33,909 the last few decades by corruption 361 00:10:33,910 --> 00:10:35,169 and the lack of investment. 362 00:10:36,350 --> 00:10:38,189 So production was, it 363 00:10:38,190 --> 00:10:39,489 peaked at like three and a half 364 00:10:39,490 --> 00:10:42,089 million barrels a day last century. 365 00:10:42,090 --> 00:10:44,069 Start of this century, 366 00:10:44,070 --> 00:10:46,989 you 367 00:10:46,990 --> 00:10:48,949 2015 it was around two and 368 00:10:48,950 --> 00:10:50,469 a half million barrels a day, but 369 00:10:50,470 --> 00:10:52,269 then has dropped significantly in 370 00:10:52,270 --> 00:10:54,559 the second half of last decade 371 00:10:54,560 --> 00:10:56,639 So what we saw really early in 372 00:10:56,640 --> 00:10:59,799 the century was that 373 00:10:59,800 --> 00:11:01,759 Chavez essentially kicked out 374 00:11:01,760 --> 00:11:02,819 a lot of U.S. 375 00:11:02,820 --> 00:11:04,559 Oil companies there and essentially 376 00:11:04,560 --> 00:11:06,019 seized those assets. 377 00:11:06,020 --> 00:11:08,019 So we have seen the 378 00:11:08,020 --> 00:11:09,479 production really come off. 379 00:11:09,480 --> 00:11:11,459 Now it is below about a million 380 00:11:11,460 --> 00:11:12,299 barrels per day. 381 00:11:12,300 --> 00:11:13,439 So it's just been this There's a 382 00:11:13,440 --> 00:11:14,909 gradual deterioration there. 383 00:11:14,910 --> 00:11:16,209 Yeah, I was reading an article this 384 00:11:16,210 --> 00:11:17,509 weekend that pointed out that the 385 00:11:17,510 --> 00:11:19,969 world's largest oil reserves should 386 00:11:19,970 --> 00:11:21,709 suggest that Venezuela would be a 387 00:11:21,710 --> 00:11:23,369 much wealthier country than it is, 388 00:11:23,370 --> 00:11:25,189 but there just hasn't been an 389 00:11:25,190 --> 00:11:27,029 investment in oil. 390 00:11:27,030 --> 00:11:28,429 President Trump is talking about 391 00:11:28,430 --> 00:11:30,369 rebuilding the oil 392 00:11:30,370 --> 00:11:31,709 infrastructure there. 393 00:11:31,710 --> 00:11:33,689 If you're in the oil biz in 394 00:11:33,690 --> 00:11:35,789 Houston or Irving right now 395 00:11:35,790 --> 00:11:37,489 What do you think this means for the 396 00:11:37,490 --> 00:11:39,169 Texas oil industry? 397 00:11:39,170 --> 00:11:40,709 Are we looking at the possibility 398 00:11:40,710 --> 00:11:42,589 that US companies 399 00:11:42,590 --> 00:11:44,669 could rush down into Venezuela as 400 00:11:44,670 --> 00:11:46,309 a result of what happened this 401 00:11:46,310 --> 00:11:47,310 weekend? 402 00:11:48,880 --> 00:11:50,699 Well, no, so it's a crude 403 00:11:50,700 --> 00:11:52,999 quality thing, right, David? 404 00:11:53,000 --> 00:11:55,239 So if we just consider US production 405 00:11:55,240 --> 00:11:57,259 and Latin American production 406 00:11:57,260 --> 00:12:00,139 in Venezuela specifically, 407 00:12:00,140 --> 00:12:02,159 US shale is light sweet crude. 408 00:12:02,160 --> 00:12:04,099 It is very high quality. 409 00:12:04,100 --> 00:12:06,259 Venezuelan crude is low quality, 410 00:12:06,260 --> 00:12:08,199 heavy sour crude. 411 00:12:08,200 --> 00:12:10,059 And US Gulf Coast refineries 412 00:12:10,060 --> 00:12:11,719 have been geared towards running 413 00:12:11,720 --> 00:12:13,739 this Venezuelian heavy sour 414 00:12:13,740 --> 00:12:15,819 crude, Mexican heavy sour, crude as 415 00:12:15,820 --> 00:12:17,649 well. So it's not 416 00:12:17,650 --> 00:12:19,969 going to impact US production 417 00:12:19,970 --> 00:12:21,769 per se, because it's not going be 418 00:12:21,770 --> 00:12:24,049 displacing that crude. 419 00:12:24,050 --> 00:12:25,809 The way, if you're cynical, you can 420 00:12:25,810 --> 00:12:27,929 look at this is that the US needs 421 00:12:27,930 --> 00:12:29,709 this Venezuelan crude. 422 00:12:29,710 --> 00:12:31,449 And so that's what's driving 423 00:12:31,450 --> 00:12:33,309 President Trump's 424 00:12:33,310 --> 00:12:34,310 efforts here. 425 00:12:35,190 --> 00:12:37,469 Well, what are the markets doing? 426 00:12:37,470 --> 00:12:39,409 What about a price response to the 427 00:12:39,410 --> 00:12:40,749 ousting of Maduro? 428 00:12:40,750 --> 00:12:42,449 Isn't there still a blockade in 429 00:12:42,450 --> 00:12:44,349 place that would stop Venezuelan 430 00:12:44,350 --> 00:12:45,749 oil from reaching some of its 431 00:12:47,740 --> 00:12:49,419 So in terms of all prices, the 432 00:12:49,420 --> 00:12:51,219 response has been fairly muted. 433 00:12:51,220 --> 00:12:52,979 We saw prices sell off immediately 434 00:12:52,980 --> 00:12:55,079 when markets opened last night, 435 00:12:55,080 --> 00:12:56,999 and now they're up about 1%. 436 00:12:57,000 --> 00:12:59,299 So fairly limited 437 00:12:59,300 --> 00:13:01,179 response there, you know, because 438 00:13:01,180 --> 00:13:02,879 there's a lot of uncertainty. 439 00:13:02,880 --> 00:13:04,779 Yes, that blockade is still in place 440 00:13:04,780 --> 00:13:06,659 there, but it's not likely to 441 00:13:06,660 --> 00:13:07,979 last forever. 442 00:13:07,980 --> 00:13:09,419 President Trump wants to keep oil 443 00:13:09,420 --> 00:13:11,279 prices down, prices at the pump 444 00:13:11,280 --> 00:13:13,519 down, and so he's going to 445 00:13:13,520 --> 00:13:15,339 want that crew to move at some point 446 00:13:15,340 --> 00:13:16,189 there. 447 00:13:16,190 --> 00:13:18,009 I think the bigger question is, 448 00:13:18,010 --> 00:13:20,249 is what happens in Venezuela 449 00:13:20,250 --> 00:13:22,789 over the medium term here, because 450 00:13:22,790 --> 00:13:24,849 there could be the expectation that 451 00:13:24,850 --> 00:13:26,569 production will ramp back up as we 452 00:13:26,570 --> 00:13:28,529 get US producers back in 453 00:13:28,530 --> 00:13:29,829 there, operating these all 454 00:13:29,830 --> 00:13:32,169 facilities again, repairing things, 455 00:13:32,170 --> 00:13:34,009 investing, but what it's going to 456 00:13:34,010 --> 00:13:36,029 take is tens of billions of dollars. 457 00:13:36,030 --> 00:13:37,809 It's going to takes many years to do 458 00:13:37,810 --> 00:13:39,629 that, so a lot of time and 459 00:13:39,630 --> 00:13:41,869 money, and so this isn't going to be 460 00:13:41,870 --> 00:13:43,729 fixed in any material 461 00:13:43,730 --> 00:13:45,439 way in the next... 462 00:13:45,440 --> 00:13:46,919 Let's talk short-term here for a 463 00:13:46,920 --> 00:13:48,019 moment. We've been enjoying some 464 00:13:48,020 --> 00:13:49,799 pretty low prices at the pump in 465 00:13:49,800 --> 00:13:50,800 recent months. 466 00:13:51,380 --> 00:13:52,779 With what's happening now in 467 00:13:52,780 --> 00:13:54,499 Venezuela, what's that going to mean 468 00:13:54,500 --> 00:13:55,779 for consumer short-terms? 469 00:13:57,060 --> 00:13:58,759 Well, as long as the oil price 470 00:13:58,760 --> 00:14:01,079 remains around this $60 level, 471 00:14:01,080 --> 00:14:03,119 which it should likely do so, 472 00:14:03,120 --> 00:14:05,059 then it means that prices 473 00:14:05,060 --> 00:14:06,339 of the pump are going to remain in 474 00:14:06,340 --> 00:14:07,979 check. National average is well 475 00:14:07,980 --> 00:14:09,999 below $3 a gallon. 476 00:14:10,000 --> 00:14:12,339 In Texas, it's about $2.40. 477 00:14:12,340 --> 00:14:14,339 We should expect that to continue 478 00:14:14,340 --> 00:14:15,919 at least through the first half of 479 00:14:15,920 --> 00:14:17,759 this year as the oil prices remain 480 00:14:17,760 --> 00:14:18,679 in-check. 481 00:14:18,680 --> 00:14:20,099 Ultimately, that's what President 482 00:14:20,100 --> 00:14:21,659 Trump wants as he heads into the 483 00:14:21,660 --> 00:14:24,319 midterm elections later this year. 484 00:14:24,320 --> 00:14:26,059 Matt Smith, Lead Energy Analyst at 485 00:14:26,060 --> 00:14:27,659 Kepler. Matt, thanks so much. 486 00:14:27,660 --> 00:14:28,660 Thank you, David. 487 00:14:34,320 --> 00:14:35,859 And thank you out there for spending 488 00:14:35,860 --> 00:14:37,779 part of your Tuesday right here 489 00:14:37,780 --> 00:14:39,659 with us on Austin 490 00:14:39,660 --> 00:14:41,479 Signal. This is KUT News 491 00:14:41,480 --> 00:14:43,479 and we are listener powered 492 00:14:43,480 --> 00:14:45,439 public radio. 493 00:14:45,440 --> 00:14:47,019 Coming up after the break, what 494 00:14:47,020 --> 00:14:48,859 sorts of resolutions did you 495 00:14:48,860 --> 00:14:50,959 set for 2026? 496 00:14:50,960 --> 00:14:52,319 Perhaps you want to get out and 497 00:14:52,320 --> 00:14:54,719 experience Austin a little more. 498 00:14:54,720 --> 00:14:56,359 Don't forget that free week is 499 00:14:56,360 --> 00:14:57,199 coming up this weekend. 500 00:14:57,200 --> 00:14:59,039 We talked with KUTX morning host 501 00:14:59,040 --> 00:15:01,159 Taylor Wallace yesterday about 502 00:15:01,160 --> 00:15:02,999 the shows you don't want to miss. 503 00:15:03,000 --> 00:15:03,939 You can find that. 504 00:15:03,940 --> 00:15:05,819 At kut.org slash 505 00:15:05,820 --> 00:15:06,639 signal. 506 00:15:06,640 --> 00:15:07,979 But perhaps you want to save up to 507 00:15:07,980 --> 00:15:09,879 buy a new car or a new house 508 00:15:09,880 --> 00:15:12,219 or a knew something. 509 00:15:12,220 --> 00:15:13,939 Carl Stuart from Money Talk is going 510 00:15:13,940 --> 00:15:15,199 to have some advice that you can 511 00:15:15,200 --> 00:15:17,119 take into the new year. 512 00:15:17,120 --> 00:15:18,979 That's after this break. 513 00:15:18,980 --> 00:15:20,299 This is Austin Signal. 514 00:15:20,300 --> 00:15:21,519 Thanks for being here with us. 515 00:15:29,290 --> 00:15:30,729 This is Austin Signal. 516 00:15:30,730 --> 00:15:31,929 Thank you for joining us today. 517 00:15:31,930 --> 00:15:33,409 We are in the middle of the first 518 00:15:33,410 --> 00:15:35,109 full week of 2026. 519 00:15:35,110 --> 00:15:36,469 And for lots of us, that means 520 00:15:36,470 --> 00:15:38,269 working toward new goals, some 521 00:15:38,270 --> 00:15:40,209 physical, some personal, and for 522 00:15:40,210 --> 00:15:42,509 plenty of us new financial goals. 523 00:15:42,510 --> 00:15:44,269 Here to help us with some of that is 524 00:15:44,270 --> 00:15:46,009 Carl Stuart. He is the host of Money 525 00:15:46,010 --> 00:15:47,669 Talk, all about the world of 526 00:15:47,670 --> 00:15:49,309 financial investment planning. 527 00:15:49,310 --> 00:15:51,209 Money Talk with Carl Stuart airs 528 00:15:51,210 --> 00:15:52,629 Saturday afternoons at five o'clock 529 00:15:52,630 --> 00:15:53,829 here on KUT. 530 00:15:53,830 --> 00:15:55,569 And today we've got Carl here in the 531 00:15:55,570 --> 00:15:57,249 studio with us on Austin Signal, 532 00:15:57,250 --> 00:15:58,619 howdy Carl. 533 00:15:58,620 --> 00:16:00,199 Thanks for being here with us. 534 00:16:00,200 --> 00:16:02,119 Like I said, you have a show here on 535 00:16:02,120 --> 00:16:03,999 KUT as Saturday afternoons, 536 00:16:04,000 --> 00:16:05,719 but for our listeners who might not 537 00:16:05,720 --> 00:16:07,239 have caught your show yet, tell us a 538 00:16:07,240 --> 00:16:08,639 little bit about money talking about 539 00:16:08,640 --> 00:16:09,619 yourself. How long have you been 540 00:16:09,620 --> 00:16:10,169 doing the show? 541 00:16:10,170 --> 00:16:12,229 So I started, I just will 542 00:16:12,230 --> 00:16:14,209 celebrate at the end of January my 543 00:16:14,210 --> 00:16:16,549 31st year on the radio. 544 00:16:16,550 --> 00:16:18,169 Congratulations. Thank you. And it's 545 00:16:18,170 --> 00:16:19,949 been a lot of fun. 546 00:16:19,950 --> 00:16:21,849 I think the reason 547 00:16:21,850 --> 00:16:23,529 that the show, as they say in show 548 00:16:23,530 --> 00:16:26,109 business, has legs is 549 00:16:26,110 --> 00:16:28,109 because the agenda is 550 00:16:28,110 --> 00:16:30,069 driven by the listeners. 551 00:16:30,070 --> 00:16:31,929 People either call or 552 00:16:31,930 --> 00:16:34,169 text and ask their financial 553 00:16:34,170 --> 00:16:35,929 and investment planning question. 554 00:16:35,930 --> 00:16:37,749 And so while the theme 555 00:16:37,750 --> 00:16:40,059 can never be that unique, 556 00:16:40,060 --> 00:16:42,099 because it's important 557 00:16:42,100 --> 00:16:44,099 to the person, she wouldn't 558 00:16:44,100 --> 00:16:46,119 call or text if it weren't. 559 00:16:46,120 --> 00:16:47,919 We're all interested in other 560 00:16:47,920 --> 00:16:49,819 people. We are curious 561 00:16:49,820 --> 00:16:50,619 beings. 562 00:16:50,620 --> 00:16:52,299 And so I think that's the reason 563 00:16:52,300 --> 00:16:53,999 people continue to listen. 564 00:16:54,000 --> 00:16:56,599 I have several goals. 565 00:16:56,600 --> 00:16:58,419 The first is to 566 00:16:58,420 --> 00:17:00,719 treat every caller with respect. 567 00:17:00,720 --> 00:17:02,599 And the second is to 568 00:17:02,600 --> 00:17:04,618 explain hard to understand stuff 569 00:17:04,619 --> 00:17:06,618 in plain English, because 570 00:17:06,619 --> 00:17:08,439 every profession has its own 571 00:17:08,440 --> 00:17:10,959 jargon, whether it's accounting, 572 00:17:10,960 --> 00:17:12,919 or medicine, or engineering, or 573 00:17:12,920 --> 00:17:14,919 architecture, or radio. 574 00:17:14,920 --> 00:17:17,098 And then the third is, 575 00:17:17,099 --> 00:17:18,219 I don't wanna talk about myself. 576 00:17:20,339 --> 00:17:22,019 I want to give people the best 577 00:17:22,020 --> 00:17:24,039 advice I can based on my 47 578 00:17:24,040 --> 00:17:25,959 year experience and not talk 579 00:17:25,960 --> 00:17:27,338 about me and what I do 580 00:17:27,339 --> 00:17:28,159 professionally. 581 00:17:28,160 --> 00:17:29,719 And I think those are the reasons 582 00:17:29,720 --> 00:17:31,819 that the show has frankly 583 00:17:31,820 --> 00:17:33,719 remained popular and 584 00:17:33,720 --> 00:17:35,819 I'm thrilled as of April 585 00:17:35,820 --> 00:17:37,799 of 2025 to 586 00:17:37,800 --> 00:17:39,739 join you and your colleagues at 587 00:17:39,740 --> 00:17:40,169 KUT. 588 00:17:40,170 --> 00:17:41,649 Yeah, we've been glad to have you. 589 00:17:41,650 --> 00:17:42,529 It's one of my favorite shows to 590 00:17:42,530 --> 00:17:44,649 listen to because you you say 591 00:17:44,650 --> 00:17:46,449 that the the listeners drive the 592 00:17:46,450 --> 00:17:48,009 show But you are this driving force 593 00:17:48,010 --> 00:17:49,069 behind it. 594 00:17:49,070 --> 00:17:51,269 You do you know you host Having 595 00:17:51,270 --> 00:17:52,609 been a producer on your show, you 596 00:17:52,610 --> 00:17:54,249 know, it's a really wild ride You 597 00:17:54,250 --> 00:17:56,269 have so much energy and it really 598 00:17:56,270 --> 00:17:57,889 comes through in the show Thank you 599 00:17:57,890 --> 00:17:59,869 And I think lots of folks have 600 00:17:59,870 --> 00:18:01,649 new energy or energy at the 601 00:18:01,650 --> 00:18:03,169 beginning of a new year something 602 00:18:03,170 --> 00:18:05,229 fresh is starting What 603 00:18:05,230 --> 00:18:06,789 is it about the calendar change that 604 00:18:06,790 --> 00:18:08,069 makes us think about important 605 00:18:08,070 --> 00:18:09,849 things like finances when? 606 00:18:09,850 --> 00:18:11,229 We probably should be doing that 607 00:18:11,230 --> 00:18:12,649 every single day, not just the first 608 00:18:12,650 --> 00:18:13,110 day of the year. Yeah. 609 00:18:13,111 --> 00:18:14,709 Yeah, yeah. Well, there's a fair 610 00:18:14,710 --> 00:18:16,669 amount of literature in behavior 611 00:18:16,670 --> 00:18:18,489 sciences about 612 00:18:18,490 --> 00:18:20,789 doing goal 613 00:18:20,790 --> 00:18:22,769 setting, and that's 614 00:18:22,770 --> 00:18:24,949 what really resolutions are. 615 00:18:24,950 --> 00:18:26,249 But there's also a lot of literature 616 00:18:26,250 --> 00:18:28,189 suggests that we're terrible at 617 00:18:28,190 --> 00:18:29,029 success. 618 00:18:29,030 --> 00:18:30,989 We fail with great regularity 619 00:18:30,990 --> 00:18:32,229 and predictability. 620 00:18:32,230 --> 00:18:33,869 And that's true whether it's I'm 621 00:18:33,870 --> 00:18:36,469 going to lose five pounds, or 622 00:18:36,470 --> 00:18:38,589 I'm gonna quit smoking, or 623 00:18:38,590 --> 00:18:40,169 by golly I'm going to contribute to 624 00:18:40,170 --> 00:18:41,589 my 401k. 625 00:18:41,590 --> 00:18:44,069 They're all great ideas, 626 00:18:44,070 --> 00:18:45,689 but the trick is to make it 627 00:18:45,690 --> 00:18:46,729 permanent behavior. 628 00:18:46,730 --> 00:18:48,889 And what we know is 629 00:18:48,890 --> 00:18:51,329 changing behavior is hard, 630 00:18:51,330 --> 00:18:53,309 because we've been doing something, 631 00:18:53,310 --> 00:18:55,249 or in this case, not doing something 632 00:18:55,250 --> 00:18:56,909 for a long time. 633 00:18:56,910 --> 00:18:58,809 And it's my understanding, if I want 634 00:18:58,810 --> 00:19:00,789 to change my behavior, I 635 00:19:00,790 --> 00:19:03,429 have to go through a period of some 636 00:19:03,430 --> 00:19:05,389 discomfort, cognitive dissonance, 637 00:19:05,390 --> 00:19:07,209 if you will, until I 638 00:19:07,210 --> 00:19:08,229 have a new habit. 639 00:19:08,230 --> 00:19:10,189 So, for example, I take a 640 00:19:10,190 --> 00:19:11,459 walk every morning. 641 00:19:11,460 --> 00:19:13,819 So if I'm on a long vacation, 642 00:19:13,820 --> 00:19:16,399 say, out of the country, 643 00:19:16,400 --> 00:19:18,559 I may not be able to do that. 644 00:19:18,560 --> 00:19:20,379 But when I get back, the first 645 00:19:20,380 --> 00:19:21,779 day I get up, what do I do? 646 00:19:21,780 --> 00:19:22,739 I take a walk. 647 00:19:22,740 --> 00:19:24,699 Because it's now permanent 648 00:19:24,700 --> 00:19:26,259 behavior. 649 00:19:26,260 --> 00:19:28,459 So financial planning and 650 00:19:28,460 --> 00:19:30,319 resolutions are about 651 00:19:30,320 --> 00:19:32,139 changing behavior, and 652 00:19:32,140 --> 00:19:33,919 more importantly, sustaining that 653 00:19:33,920 --> 00:19:34,920 new behavior. 654 00:19:35,550 --> 00:19:37,829 Well, speaking of sustainment, 655 00:19:37,830 --> 00:19:39,529 the U.S. Stock market had a bit of a 656 00:19:39,530 --> 00:19:40,889 volatile 2025. 657 00:19:40,890 --> 00:19:42,869 The year did end on an upswing. 658 00:19:42,870 --> 00:19:44,529 Can we take anything away from that 659 00:19:44,530 --> 00:19:45,969 and apply it to our investment 660 00:19:45,970 --> 00:19:48,029 decisions as we go forward in 2026? 661 00:19:48,030 --> 00:19:49,030 Absolutely. 662 00:19:50,050 --> 00:19:51,949 If I had told you at 663 00:19:51,950 --> 00:19:54,529 the beginning of 2025 that 664 00:19:54,530 --> 00:19:57,549 the war in Ukraine would continue, 665 00:19:57,550 --> 00:19:59,569 that we would have the highest 666 00:19:59,570 --> 00:20:01,729 tariffs in American 667 00:20:01,730 --> 00:20:03,989 history, that 668 00:20:03,990 --> 00:20:05,829 artificial intelligence would 669 00:20:05,830 --> 00:20:07,709 likely put lots of people 670 00:20:07,710 --> 00:20:10,049 out of work, you 671 00:20:10,050 --> 00:20:11,609 would have said, Carl, I don't think 672 00:20:11,610 --> 00:20:13,189 it's a particularly good time to 673 00:20:13,190 --> 00:20:15,169 invest in the stock market. 674 00:20:15,170 --> 00:20:16,129 And of course, you'd have been 675 00:20:16,130 --> 00:20:17,089 mistaken. 676 00:20:17,090 --> 00:20:19,169 The big takeaway from 2025 677 00:20:19,170 --> 00:20:20,989 is you cannot let, 678 00:20:20,990 --> 00:20:23,549 and you must not let, the headlines 679 00:20:23,550 --> 00:20:25,269 make your investment and financial 680 00:20:25,270 --> 00:20:27,189 planning decisions because the 681 00:20:27,190 --> 00:20:28,189 headlines are important. 682 00:20:28,190 --> 00:20:30,109 You wanna stay alert, you wanna 683 00:20:30,110 --> 00:20:32,069 listen to KUT, but you 684 00:20:32,070 --> 00:20:34,189 also wanna divorce that 685 00:20:34,190 --> 00:20:36,829 from your own personal goals. 686 00:20:36,830 --> 00:20:38,849 So if you are investing in 687 00:20:38,850 --> 00:20:40,689 a company-sponsored plan 688 00:20:40,690 --> 00:20:42,629 for your future financial 689 00:20:42,630 --> 00:20:44,809 independence, then that's 690 00:20:44,810 --> 00:20:46,649 what you need to keep your eye on. 691 00:20:46,650 --> 00:20:48,709 Not what's happening today. 692 00:20:48,710 --> 00:20:50,369 The other thing is most people don't 693 00:20:50,370 --> 00:20:51,809 have all the money they're ever 694 00:20:51,810 --> 00:20:53,389 gonna have to invest for their 695 00:20:53,390 --> 00:20:55,449 future. It comes in dribs 696 00:20:55,450 --> 00:20:56,649 and drabs. 697 00:20:56,650 --> 00:20:58,849 That turns out to be a good thing. 698 00:20:58,850 --> 00:21:01,349 Let's take 2022. 699 00:21:01,350 --> 00:21:03,389 In 2022, 700 00:21:03,390 --> 00:21:04,989 the U.S. Stock market, measured by 701 00:21:04,990 --> 00:21:06,869 the Standard& Poor 500, was down 702 00:21:06,870 --> 00:21:08,249 19%. 703 00:21:08,250 --> 00:21:10,149 The NASDAQ, which is an index, 704 00:21:10,150 --> 00:21:12,049 lots of high-tech companies, down 705 00:21:12,050 --> 00:21:13,389 33%. 706 00:21:13,390 --> 00:21:15,449 And bonds a safe investment down 707 00:21:15,450 --> 00:21:16,709 13%. 708 00:21:16,710 --> 00:21:19,169 If you had been investing regularly 709 00:21:19,170 --> 00:21:21,009 on your own, in your 710 00:21:21,010 --> 00:21:23,529 IRA, in your 401k, 711 00:21:23,530 --> 00:21:25,429 every pay period, as stocks 712 00:21:25,430 --> 00:21:27,489 declined and you got your statement, 713 00:21:27,490 --> 00:21:29,269 you say, oh man, I'm putting this 714 00:21:29,270 --> 00:21:30,869 money in, and it's just like putting 715 00:21:30,870 --> 00:21:32,129 it down a hole. 716 00:21:32,130 --> 00:21:34,069 What happened was, you bought more 717 00:21:34,070 --> 00:21:36,389 and more shares at lower prices, 718 00:21:36,390 --> 00:21:38,669 and then in 2023, 719 00:21:38,670 --> 00:21:40,829 2024, you had lower 720 00:21:40,830 --> 00:21:42,689 average costs, greater 721 00:21:42,690 --> 00:21:44,589 gains. So how 722 00:21:44,590 --> 00:21:44,969 important 723 00:21:44,970 --> 00:21:46,869 is it's a 2-2 jump in 724 00:21:46,870 --> 00:21:47,889 despite that volatility. 725 00:21:47,890 --> 00:21:50,089 It's absolutely critical and 726 00:21:50,090 --> 00:21:51,849 we have to look at history and not 727 00:21:51,850 --> 00:21:53,769 allow the headlines to drive our 728 00:21:53,770 --> 00:21:55,399 investment decisions. 729 00:21:55,400 --> 00:21:56,299 All right, we have been speaking 730 00:21:56,300 --> 00:21:58,179 with Carl Stuart, the host of Money 731 00:21:58,180 --> 00:21:59,479 Talk. If you enjoyed what you were 732 00:21:59,480 --> 00:22:01,199 just hearing, you can hear the show 733 00:22:01,200 --> 00:22:03,199 Saturday afternoons, five o'clock, 734 00:22:03,200 --> 00:22:04,979 right here on KUT News. 735 00:22:04,980 --> 00:22:05,859 Carl, thank you for joining us 736 00:22:05,860 --> 00:22:06,140 today. You're welcome. 737 00:22:06,141 --> 00:22:07,299 You're welcome. A lot of fun. 738 00:22:07,300 --> 00:22:08,300 Thank you. 739 00:22:13,900 --> 00:22:16,079 And that is it for 740 00:22:16,080 --> 00:22:17,079 today's show. 741 00:22:17,080 --> 00:22:18,499 Thank you for joining us. 742 00:22:18,500 --> 00:22:20,519 And thank you to Olivia Aldridge, 743 00:22:20,520 --> 00:22:22,499 Andrew Weber, and Carl Stuart for 744 00:22:22,500 --> 00:22:24,659 making today's show a reality, 745 00:22:24,660 --> 00:22:26,339 Kristen Cabrera is our managing 746 00:22:26,340 --> 00:22:28,239 producer, Rayna Sevilla is 747 00:22:28,240 --> 00:22:30,059 our technical director, and 748 00:22:30,060 --> 00:22:31,619 Jimmy Mass is our show runner. 749 00:22:31,620 --> 00:22:33,559 And I'm your host, Jerry Quijano. 750 00:22:33,560 --> 00:22:35,799 Now, I'm no financial expert, but 751 00:22:35,800 --> 00:22:37,439 I certainly hope you'll invest in 752 00:22:37,440 --> 00:22:38,699 yourself this year. 753 00:22:38,700 --> 00:22:40,759 You are 100% worth 754 00:22:40,760 --> 00:22:42,359 it. And we will be back with you 755 00:22:42,360 --> 00:22:43,679 tomorrow afternoon. 756 00:22:43,680 --> 00:22:45,819 At one o'clock here on KUT, 757 00:22:45,820 --> 00:22:47,619 you can find all our episodes at 758 00:22:47,620 --> 00:22:50,159 kut.org slash signal. 759 00:22:50,160 --> 00:22:51,979 And don't forget to subscribe to the 760 00:22:51,980 --> 00:22:53,819 show wherever you listen to 761 00:22:53,820 --> 00:22:54,820 your podcasts.