Afford Anything

First Friday: Tariffs Grab Headlines, But These Financial Changes Nobody Is Talking About Will Impact You Too


Listen Later

#596: Yesterday, the White House rolled out the biggest tariffs in a century, sending markets into their worst decline since the pandemic. While headlines focus on supply chains and inflation, there are important economic stories you're not hearing about.


During the first half of this month's First Friday episode, we dig into what nobody's talking about. And in the second half, we grapple with the headlines.


Student loan rules just changed again. The government added new limits to Public Service Loan Forgiveness. Right now, 9.2 million people — one in five borrowers — can't keep up with payments. Many folks don't even know payments started again after that four-and-a-half-year break.


S&P just dropped a new report that backs what smart money already knows: index funds crush actively managed funds 90 percent of the time. Even with all those tech stocks dominating the market, you still come out ahead with simple indexing.


You know who's gobbling up the mortgage market? Rocket Companies. They just bought both Redfin and Mr. Cooper. They'll handle one of every six mortgages in America. They've positioned themselves at every step of the homebuying journey — from when you search for homes on Redfin to financing and monthly payments for the next 30 years.


The White House just made a surprising move with Bitcoin. They're setting up a Strategic Bitcoin Reserve to hold coins long-term. They're also creating a separate stockpile for crypto they seize in legal cases. Pretty clear signal that Bitcoin stands apart from other cryptocurrencies.


In the second half, we dive into those significant new tariffs making headlines. 


The S&P 500 dropped 4.8 percent on Thursday — we haven't seen a drop like that since the pandemic. The new rules put at least a 10 percent tariff on everything coming into the country. Then come the "reciprocal" rates: 20 percent for European goods, 27 percent for items from India, and a combined 65 percent for Chinese imports.


We bring in Bob Elliott to make sense of this situation. His credentials are impressive — he spent 13 years at Bridgewater Associates (the world's largest hedge fund), served as head of Ray Dalio's investment team, and graduated magna cum laude from Harvard. 


During the 2008 crisis, he directly advised the Treasury, Federal Reserve, and White House. 

Bob offers a reality check about bringing back manufacturing jobs: you can't build factories overnight. These investments take years, and companies hesitate to make 30-year commitments when policies change every few months.


Bob breaks down four economic forces all hitting at once: tariffs jacking up prices, government cutting spending, tax policies on hold, and the Fed moving like molasses. Put them together? Yikes. He doesn't sugarcoat it — the short-term outlook looks "pretty negative."


For more information, visit the show notes at https://affordanything.com/episode596

Learn more about your ad choices. Visit podcastchoices.com/adchoices

...more
View all episodesView all episodes
Download on the App Store

Afford AnythingBy Paula Pant | Cumulus Podcast Network

  • 4.7
  • 4.7
  • 4.7
  • 4.7
  • 4.7

4.7

3,409 ratings


More shows like Afford Anything

View all
Money Guy Show by Brian Preston and Bo Hanson

Money Guy Show

3,133 Listeners

Mark Levin Podcast by Cumulus Podcast Network

Mark Levin Podcast

23,667 Listeners

Red Eye Radio by Cumulus Podcast Network

Red Eye Radio

1,280 Listeners

Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Your Money, Your Wealth

763 Listeners

Jill on Money with Jill Schlesinger by Audacy

Jill on Money with Jill Schlesinger

1,914 Listeners

The Stacking Benjamins Show by StackingBenjamins.com | Cumulus Podcast Network

The Stacking Benjamins Show

1,959 Listeners

The Chris Plante Show by WMAL | Cumulus Podcast Network | Cumulus Media Washington

The Chris Plante Show

1,772 Listeners

The Rich Eisen Show by The Rich Eisen Show | Cumulus Podcast Network

The Rich Eisen Show

1,393 Listeners

So Money with Farnoosh Torabi by Farnoosh Torabi

So Money with Farnoosh Torabi

1,946 Listeners

Rolling Stone Music Now by Rolling Stone | Cumulus Podcast Network

Rolling Stone Music Now

976 Listeners

Jim Rome's Daily Jungle by Cumulus Podcast Network

Jim Rome's Daily Jungle

995 Listeners

THE ED MYLETT SHOW by Ed Mylett | Cumulus Podcast Network

THE ED MYLETT SHOW

14,052 Listeners

ChooseFI by ChooseFI

ChooseFI

5,099 Listeners

Inside of You with Michael Rosenbaum by Cumulus Podcast Network

Inside of You with Michael Rosenbaum

10,123 Listeners

The Jim Rome Podcast by Cumulus Podcast Network

The Jim Rome Podcast

2,962 Listeners

Millionaires Unveiled by Jace Mattinson, CPA

Millionaires Unveiled

906 Listeners

BiggerPockets Money Podcast by BiggerPockets

BiggerPockets Money Podcast

3,054 Listeners

Mike Drop by Mike Ritland

Mike Drop

6,371 Listeners

The Jim Rome Show by Cumulus Podcast Network

The Jim Rome Show

715 Listeners

Earn & Invest by Jordan Grumet (Doc G)

Earn & Invest

433 Listeners

Shawn Ryan Show by Shawn Ryan

Shawn Ryan Show

41,454 Listeners

Give Them Lala by Lala Kent | Cumulus Podcast Network

Give Them Lala

13,002 Listeners

The Candy Valentino Show by Candy Valentino | Cumulus Podcast Network

The Candy Valentino Show

193 Listeners

Personal Finance for Long-Term Investors - The Best Interest by Jesse Cramer

Personal Finance for Long-Term Investors - The Best Interest

109 Listeners

Two Sides of FI by Jason and Eric

Two Sides of FI

345 Listeners

All the Hacks with Chris Hutchins by Chris Hutchins

All the Hacks with Chris Hutchins

1,436 Listeners

Mile High FI Podcast by Carl Jensen & Doug Cunnington

Mile High FI Podcast

184 Listeners

Money For Couples with Ramit Sethi by Ramit Sethi

Money For Couples with Ramit Sethi

3,316 Listeners

The Benny Show by Benny Johnson

The Benny Show

2,023 Listeners

Talk Ville by Tom Welling & Michael Rosenbaum

Talk Ville

2,849 Listeners

Rich Valdés America At Night by Cumulus Podcast Network

Rich Valdés America At Night

77 Listeners

Catching Up to FI by Bill Yount & Jackie Cummings Koski

Catching Up to FI

315 Listeners

What The Football with Suzy Shuster and Amy Trask by Rich Eisen Productions | Cumulus Podcast Network

What The Football with Suzy Shuster and Amy Trask

62 Listeners

America In The Morning by Cumulus Podcast Network

America In The Morning

13 Listeners

No-Contest Wrestling by Rich Eisen Productions | Cumulus Podcast Network

No-Contest Wrestling

126 Listeners