Scott Martin – Fox Business News 8.25.22 – Fox Business Tonight
Program: Fox Business Tonight
Station: Fox Business News
BRIAN BRENBERG: Well, joining me now is Scott Martin, Kingsview Wealth Management, chief investment officer and a Fox business contributor. Scott, great to see you. Okay. California says not long and you’re not going to be able to buy a gas powered car. This sounds incredibly, incredibly expensive. But like, what do you do if you’re living in California and you’re thinking these are the guys the guys who can’t handle the electric grid in California are now going to force me to buy an electric vehicle by 2035, Scott. How does that work?
SCOTT MARTIN: Great point. Well, to your question, Brian, if you’re living in California, you’re making plans to move. Yeah, the problem is that Jonathan said, though, this is going across the country sweeping the nation. You’re right, Brian. That was my main concern. I mean, great, great piece by Jonathan there about all the challenges. I mean, the reliance on China, the fact that electric cars, Bryan, drive differently. People have to get used to that. Maybe the fact that the the power grid is vulnerable and the charging stations, I mean, last time I checked, California, I think is a pretty big state. I mean, guys like Paul Pelosi drive drunk all over it and that takes a lot of mileage off the road. So can you imagine, Brian, going from California, from San Francisco, California, to LA in California? Yes, same state, rather. And guess what? That’s going to be, what, three charges along the way and that’s going to take 30 minutes of time each time. If the charger works, if there’s availability, it just does not work. It doesn’t look logistical to me.
BRENBERG: Scott, why can’t a state like California? There are a lot of rich people in California, a lot of innovation in California. Why can’t states like that simply say, you know what, overtime? I bet a lot of these guys are going to migrate to electric vehicles. Let them do that. God bless them. But we’re not going to box in the people who simply cannot afford this utopian vision that we have. Scott Why not let innovation run its course according to the economics of it?
MARTIN: I’m confused because you’re talking about California, like there’s an abundance of common sense. Great point, though, Brian, about you don’t have to force people to do this. Let the the proof ruse, whoever it is, I like Kim Kardashian now. I mean, I wasn’t a fan of hers early on, but let the Kardashians get the electric vehicles, all them. But, you know, the reality is let people choose, because you’re right, a lot of folks don’t want them, frankly. And a lot of people that do want them should be able to buy them. And the fact, too, that there’s poor leadership, as we know, all over California and some of the government leadership and some of the folks that we saw in the interviews that Jonathan did, they’re are just totally whacked out. And they’ll tell you all these reasons that this is good for the environment, good for us, good for California. We know, by the way, we’ve got a couple of billion barrels of oil sitting in the Permian Basin that maybe we’ll just never, will never tap because of this thing, too, by the way, we’ll just let that go to waste.
BRENBERG: Scott, just got about a minute left. I want to get your take on Fed stuff. We got Fed meetings coming up tomorrow. Jackson Hole, this is we’re going to find out what they’re going to do, raise interest rates. I frankly get so tired of hearing them. Signal signals, signal. What do you think’s going to happen? What does it mean for people?
MARTIN: Signal signal reminds me of the NFL season coming up. The Vikings fans. I’m fed up with the Fed talk, Brian, because the Fed’s on our side. And I know that sounds crazy. And a lot of people just turned the channel not because of my jacket, but because of that statement. Powell knows what he’s done, Brian. He knows that he’s slowed down the economy. He knows that he’s hurt the stock market. He is dense at times. He’s transitory in nature, I hear, at dinners and so forth. But the reality is this they’re going to put in two more rate hikes. It’s probably going to be a total of 125 basis points. The market has figured that out and the Fed is going to step back only to lower rates next year, my friend. So the rally starts in about, I don’t know, 60 days and 8 hours and 2 minutes.
BRENBERG: Look at that. He has timed it right down there, by the way. That looks like that looks like an NFL Hall of Fame jacket.
MARTIN: It is the Hall of Fame jacket. And it was brown when I walked in and it turned gold. I don’t know how that happened.
BRENBERG: Scott Martin, always good to have you with us, sir.
MARTIN: Take care. I hope I see you again.
BRENBERG: : You bet. Well, who’s on first?