This transcript was taken from a Stand in the Gap Today radio program originally aired on Feb. 15, 2021. To listen to the program, please click HERE.
Sam Rohrer: Well, hello, and welcome to this Monday edition of Stand in the Gap. Today, I’m Sam Rohrer and I’ll be joined today, again, by Dr. Gary Dull and a special guest today, actually first time with us, Bob Adelmann. He is a contributing writer for the New American Magazine, writing primarily in the economic arena. And within also happens to be his area of expertise.
Each of us know that a year ago, the stock market and the US economy was seemingly pounding out one historical marker after another. Remember that? After three years of Trump economic policies, unemployment was at it’s historic lows, employment and minority employment, stock market gains and investments were on the opposite end. They were at historic highs. Energy independence, even to the US becoming an energy exporter actually was a reality, we were there for a while. Then came the Wuhan virus and heavy-handed governmental policies. And the entire world’s economy was crashed along with ours.
Now, after $5 trillion in new spending in just these couple of years, the market still continues to climb, but unemployment is now reversed and it is high, not low. Debt is rising, commercial real estate is sagging. So the question is, how long can this scenario continue? Some refer to it as a bubble, so I’m going to refer to it as a bubble. How long can this bubble grow before it bursts? And then when it does, what will happen?
Well our title for today’s program is this Bursting Bubbles from the Stock Market to Joe Biden. Now we’ll connect those so you understand how those fit together, maybe not until the end of the program, but you’ll see how it fits. But on today’s program, we’ll talk first about the concept of bubbles. That’s a name that it’s often given, we’re going to define it.
Wall street, bubble banking, bubble housing, market bubble to Joe Biden and his administration. We’ll put those together. We’ll define what bubble is. We’ll identify the warning signs indicating that a bubble may be about to burst and we’ll discuss the fallacy of limitless spending, which is obviously the path that we’re on in this nation. And then we’re going to conclude with some thoughts on the inevitable impacts and then what you should do in this scenario. And with that, I want to welcome in right now to the program Bob Adelmann. Bob, thank you for being with us today.
Bob Adelmann: Thank you, Sam. Delighted to be here. Appreciate the opportunity.
Sam Rohrer: Well, it’s good to get you on this program. I read an article that you did some time ago and you entitled that article Could a Coming Stock Market Crash Burst Biden’s Bubble. And it caught my attention because we’ve done things on this program on economics, and you really can’t separate the economic from the political since generally it’s political policies that determine much of the economics. And so that’s why you’re in that space. But this caught my attention, at least the title did.
And I’d like to consider various aspects of that today. Everyone’s heard the term as an example, bubble in reference to various economic conditions, I just described some of them. So let’s go here first, if we could, can you define the term bubble first of all, right off so that we can get our discussion today here on the same page. When you say bubble, when people say bubble, what do they mean?
Bob Adelmann: Well, I like any observer of economic affairs, you can have a million different opinions. I especially like the one that Yogi Berra said so many years ago, he said, “It’s tough to make predictions, especially about the future.” The best definition I can run across comes from Jeremy Grantham. He’s the chief investment strategist at Grantham Mayo and Van Otterloo, there’s a name for you. And he said “The long, long bull market in stocks since 2009 has finally matured into a full-fledged, epic bubble that features extreme overvaluation, explosive price increases, frenzied issue of new shares of stock by existing companies and hysterically speculative investor behavior.” He said, “I believe this event will be recorded as one of the great bubbles of all financial history.”
Gary Dull: That’s very interesting, Bob, it’s a delight to have you with us today and talking about the bubble, in reality, many people have said for a long time that the stock market could never go to 25,000 and yet, they say, “Well, it was just the bubble.” But right now the stock market is nearly 31,500. So the question that I have for you is this. Is a bubble, a technical and objective measurement, or is it a very subjective measurement in the eyes of the holder?
Bob Adelmann: No, it’s entirely subjective. Forecasters like Grantham, and some others are using various numbers, ratios and so on and pointing out that they are exceedingly high, well above the norm, above the mean, but there’s no way to predict. There could be, you can come up with exogenous events, there could be a war somewhere, it could be an attack by one of Biden’s anti-capitalist people, shutting down the economy for one reason or another.
What happens is that we only know about this after the fact, so many bubbles are just forming for months and months now. And they can continue, it can continue to grow and grow and grow. And so to try to predict, as Grantham does, in this article, he suggests that we’re good to go until the summer, but he doesn’t say specifically what happens in the summertime.
He says that investors are becoming euphoric, they’re borrowing money, they’re trading more shares than ever. We’ve very seldom seen levels of investor’s euphoria like this. They’re throwing their hearts and souls and their credit cards, may I say, and all their cash reserves into the market. I just saw a headline about one fellow who was playing the Gamestop, kind of run up. And he actually not only put in all the reserves that he had available, maxed out his credit cards, but went to the bank and borrowed another $20,000 to get on this ride.
And it is now come down and he is now left with essentially an empty bag and a big debt. In his case, for him, the bubble is over. What Grantham does, and I think the reason that I wrote about him particularly is that his investment philosophy is that all markets eventually quote, “revert to the mean.” He’s an historian, not just an economist. He said, he’s looked at every bubble and every bust in history. And he said that there are no exceptions. Every single one of them has broken all the way back to the trend that existed prior to the bubble forming,
Sam Rohrer: And Bob hold that right there. Because that’s a great setup. Ladies and gentlemen, you’re listening to Stand in the Gap today, I’m Sam Rohrer accompanied by Dr. Gary Dull and our theme bursting bubbles from the stock market to Joe Biden. We’ll connect those two as we go into it, our special guest, Bob Adelmann, when we come back, we’re going to get into some of these warning signs that he was just beginning to discuss.
Sam Rohrer The matter of economic bubbles. We’ve all, and if you’ve been listening to the program now, and you’ve lived any length of time you’ve heard that word a lot. Economic bubble, student loan bubble, a whole host of things. We’re talking about that today to try to bring some clarity so that we can understand it because it is something that should get our attention. But I like to think of it like this. In the first segment, we asked our guest Bob Adelmann to define that word, but in a very simple sense, when it comes to literal bubbles such as the kind that children can blow at birthday parties, we all understand what that is. Maybe we’ve even done it ourselves at weddings instead of throwing rice.
But we know those little bubbles, they look pretty, but they are very, very fragile. They look good, but only for a moment and they provide a sense of excitement, but they were not made to last forever. They move with the wind, they float, and then they burst all by themselves in mid air or they collapse when their movement is stopped by some object. Well, such are economic type bubbles, whether it’s Wall Street bubble or banking or housing or student loans or a host more.
There are the real and the foundational truths and principles of finance. And then there is the result of what comes of the abuse of the laws of finance and economics, which can be done for a while, but then warning signs begin to appear. And when they do, we have, as a nation, we have as a people, as individuals, but two choices. We consider them and change directions, or we ignore them and like the child’s bubble, we wait for the ultimate bursting.
Now with that, Bob, you’re an MBA, I’ll set up some of that. You’re an MBA from an Ivy league university. You do writing on economics and politics for the New American Magazine and a whole lot more. And in that article that you referred to, that I saw that it caused me to reach out to you. You said this, and you already mentioned his name, Jeremy Grantham, Chief Investment Strategist at Grantham Mayo and van Otterloo, GMO, is what that stands for. That’s the letters that describe that group name.
And went on to say “Has seen it coming for months.” This guy, Jeremy Grantham has seen coming for months. I’m still reading “The implosion of one of the greatest stock market bubbles in history.” And then you went on to cite a number of warning signs. Actually, I guess he did and you identified them. But I would like you to, again, right now, identify a few of these warning signs. I want to also ask you this as a part of this question, what is really different now about these signs as compared to for instance 2008 economic collapse or any other previous, we would say at this point, a temporary market correction. Is this different, now what he’s talking about. So factor in your knowledge, your experience and his historical approach, what do you say?
Bob Adelmann: Wow, that’s a big question. Essentially. Every bubble is funded with paper or phony money. Now back in 2008, the bubble was blown up by excessive bank loans, to people who were buying homes that they couldn’t otherwise buy or afford. Here the bubble is being blown by these payments, the Coronavirus, stimulus payments, everybody gets $600. An awful lot of people say, “Gee this is free money. I’m going to put this into the stock market.” And that’s exactly what’s happened. The evidence here is that the price of Gamestock jumped some 1,500% within just a couple of weeks. Here’s one data point, which I thought was interesting. On January 27th, the normal trading day on the New York Stock Exchange about 4 billion shares are traded. On Wednesday, January 27th that number spiked to 24.5 billion shares setting an all-time record.
For anybody who would like to do it visually, they can go to their search engine of choice. I of course stay away from Google for all the obvious reasons, but there are other ones and just ask for a graph. A stock market graph of any of the major companies, Amazon, Apple doesn’t matter. And you will see a parabolic, an exponential curve. And it’s obvious that that simply cannot be sustained. So how much evidence do we need of a bubble? It’ll be very clear after it’s burst. And then there’ll be all manner of discussions of why and who poked it and who pricked it and who set it off and so on. But essentially the answer to your question is every bubble is funded with phony money.
Gary Dull: That’s important to know. And of course I’ve always been amazed in these last years to see how rapidly the market has gone up. But Bob, citing Jeremy Grantham, the chief investment strategist for GMO. He noted what he termed as investor euphoria, where people were putting all their cash into the market. They’re borrowing money and putting their hearts and souls into the market. And some would say that to borrow now at historic lows is a smart move or because interest rates are so low, you might as well just make some money in the market. And I suppose that can be debated as well. But can you explain why investor euphoria now is a true warning sign that we should take heed to?
Bob Adelmann: Well, part of the answer is the fact that we had free money. The stimulus checks that got out and out. The other is that where else can a serious investor, a long-term investor obtain any sort of long-term positive, inflation adjusted returns. With interest rates so low, there isn’t any other place to go. And so by the operation of the free market, people will flock to the least worst… The cleanest, dirty shirt on the line, if you will, which happens to be the stock market. So it’s not just the day traders and the guys that throw money at AMC and GameStop and other ones, but the serious investors. I think of the hedge fund managers who have made enormous promises to their investors. I look at the mutual fund managers who are looking for any way to keep their investors ahead of inflation.
And there just simply are no very viable options except stocks. As there’s another individual, I wrote again about another man and two people doesn’t make a rock solid case on this thing, but this is another man, David Rosenberg, a 36 year wall street, veteran, and founder of a Rosenberg Analysis, takes a look at this from a pure economic and financial numbers. And he says, “from my lens, we have a market that appears egregiously, overpriced, overbought, and over extended.”
And then he refers to something and this is a little technical, but I don’t want to go down the road too far. He has a signal, a ratio that kind of gives a handle on how far we are from reality. It’s something called CAPE, C-A-P-E. It’s called the cyclical adjusted price to earnings ratio. That’s as technical as I’m going to get with you, Sam. But essentially it’s a way of measuring the size of the bubble. And back in November, he was complaining about how it was all overextended when that particular ratio was at 32. It is now pushing 37, which again goes back to this business of you can continue to blow the bubble and it’ll continue to get bigger until, and I suggest in that article, the prick that pops the bubble could be the enormous debt that the US treasury has taken on during the virus crisis.
Sam Rohrer: No. Well, I tell you, that’s confused a lot of people, Bob, and I’ve called it a lot of things, the virus that is. But in this regard, I want to get a piece of policy here now. Because what you’re saying help… And I’m trying, as you are, trying to keep it as simple as possible for those who are listening, because some people say, “Well, you know what, economics are economics, and I don’t understand it and I don’t need to.”
But in reality, we do need to, because it affects our jobs, it affects our pensions, it affects our retirement, it affects everything. So this is critical. And so I ask all of you who are listening, kind of stay with us as we go through here. But you mentioned something and Gary asked a question about interest rates. When interest rates go as low as they have gone, there is no incentive for people to save. Now that really hurts a very fundamental principle, name me a couple of things that are different now, it could be interest rates too, but different now compared to the 2008 economic drop. What’s significantly different now, compared to that one?
Bob Adelmann: Well, going into 2008, the 10 year treasury, which is probably the benchmark measure of interest rates, was at about 7% or 7.5% percent. And so the Fed, according to their philosophy that they can manage these things, that’s a false ideology, but it’s one that they’ve bought into of course, had a lot of room to reduce interest rates and reduced the interest rates all the way down to 1%. Thereby as some people have said, cushioning the results of the bursting of the bubble. Right now interest rates are less than 1%. How much lower can the Fed go? It is essentially out of ammo. All it can do at this point is simply fund the enormous federal deficits by simply providing the liquidity through and the creation of new credit.
Sam Rohrer: And ladies and gentlemen, we’re going to talk about that in the next segment, stay with us because we’re going to talk about the fallacy of limitless spending. You see, that’s where we’ve gotten, just print more money. And Congress goes along with it and just prints… What’s another 1 trillion or $2 trillion. Well, there’s a big impact because of that. And we’ll talk about that in more detail in the next segment.
Well, welcome to Stand in the Gap today, if you’re just joining us and if you’ve been with us from the beginning, thank you for being with us and staying with us at this point. I’d just like to, again, thank all of you who are listening right now for being a part of our nationwide audience. Many don’t know this, but this program has carried on over 430 stations nationwide, about 50 stations or so carry it live when we’re doing it the others are carrying it sometime delayed during the day, but that’s a significant number.
Over the weekend I heard from people all the way from Alaska to California, to here in Pennsylvania, where I sit, pretty amazing. And I want to thank all of you who are participating with us in prayer. Because God’s answering your prayer. And for those who are helping us financially, and I encourage those of you who have not yet partnered with us consider doing so. In these days when truth is being squashed so significantly, being limited, being canceled, as we know it is where there are platforms for the communication of truth that remained like ours here, God is using it but much more can be done. And we want you to be a part of that if you are committed to truth and committed, as we ask regularly, committed to standing in the gap for truth.
So go to standinthegapradio.com. That’s our main website. You can sign up for our emails. I encourage you to do that. You can sign up to be a partner in prayer. You can give to us online from that, download our app if you’ve not done that. Stand in the Gap, just go to your store, put in Stand in the Gap and download our free app, you can do all of those things there, access all of our archives and be a part of this program in a substantive way. God will bless you for it. I know he will, and he’ll help us, all of us together to get the truth into the hearts and the ears of more people. All right. Our theme today on the program is this, bursting bubbles from the stock market to Joe Biden. And we’re talking about economic focused thing.
These are more the bubbles of the economic part, but we’re in that day where a very big one, well, actually multiple are before us. And we’re talking about certain aspects of that now. For over a generation, the concept of spending or over spending, which you don’t ever hear about overspending anymore it seems. Deficit spending, well, it used to be a sin. Now it’s a way of doing business it seems. But federal and state government spending has been increasingly minimized. I mean, who stands up and says “We can’t do that. We can’t fund that program. We can’t do that.” Because money seems to be no problem. Just print it. Let me give you some numbers here. And we’re going to talk about it with our special guest Bob Adelmann in just a minute. The total US national debt right now, just before the program stands at $28 trillion.
That’s that US national debt. There’s other kinds of debt, at 28 trillion. US federal spending, now this is our spending, stands at $6.6 trillion a year. But now get this, the total US federal revenue is only 50% of that, at $3.4 trillion. So we’re spending twice as much as the revenue that comes in. Problem, I guess so.
Now here’s another one, interest that’s paid on the US federal spending stands now at 3.8 trillion. Boy that’s 3.8 trillion at a federal spending of 6.6. That’s nearly 60% of the yearly spending goes to paying interest. That’s another obvious problem. Yeah, now here comes Congress just approved spending another $2 trillion, even though there’s about a trillion dollars between what was done last year, and this year, that’s still not spent. You say is something off? You better believe that’s something is off.
Bob, let me go to you now. It seems that the limitless spending has occurred with only a few people, as I mentioned, taking it seriously. It’s almost like Alice in Wonderland. The concept that our elected officials are not really spending what we don’t have, because as they say, “well, we’re only borrowing it from ourselves.” Kind of a nifty thought, it’s been rather convincing, but is it true?
And with the debt skyrocketing during the Obama administration, then actually climbing faster during the last couple of years and particularly last year. And now even more under the Biden administration, it comes down to this how long can it continue? And I’m going to ask you to factor this into it. We, as conservatives have been saying for a long time, you can’t continue to do this. You just can’t continue to do that. But yet it seems like we can go and go and go. And that’s what makes it hard for people to grasp and they say, “Well, you’re just crying wolf,” because it appears nothing’s happened so far. What’s going to make it happen now. Talk to me about that if you don’t mind.
Bob Adelmann: I’d like to expose the canard that the United States government or the US Treasury is only in debt by $28 trillion. If we add the total debt, that is to say household, corporate, federal state, and local, that number is closer to $77 trillion. That works out to be about $620,000 per household. Now Rosenberg pointed out that at the height of the 2000 tech bubble, when it burst, at that point, the amount owed per household was just $260,000. And in 2007, at the peak of the housing and credit bubble, it was $475,000. And I would like to suggest that those are also inaccurate and grossly understating the real numbers. I give credit to and we’ve written about this before Boston university, professor Laurence Kotlikoff, it’s spelled with a K, has come up with his number. What he’s done is simply said that the way that the government treats its books and runs its credits and debits is faulty and deliberately so.
He said he has created something called generational accounting. And that way we can measure what one generation has promised to pay to another. And the last time he ran those numbers, that number was $210 trillion. Now, if our economy, when it’s steaming along, creates$20 trillion worth of gross domestic product GDP. It’s very clear that that $210 trillion or $77 trillion, or even the federal debt $27, simply isn’t going to be paid. And so that raises a question I’d like to kind of talk about a little bit. First of all, when is this bubble likely to pop and what is it going to look like? And what do we as believers, what kind of a role can we play in this inevitable downturn that’s headed our way. Rosenberg says, “Get ready.” I’m quoting, “For a July reckoning.”
Now he didn’t say in his writing, and I’ve dug through it, why he picked July. I think it’s just a matter of him being in the business for 36 years. And you’ve seen this three or four times that this momentum, this euphoria will continue for a period of time and then bang, we’ll see something to the point where the Dow, which as you had just quoted, was 31,000, 32,000 will be trading at 15,000 at the bottom. That’s going to lead by the way, to my connection to Mr. Biden’s longevity. But let’s not get too far ahead of ourselves. The point is that this is not going to be paid. It’s going to be… How do I want to say this nicely?
It will be paid through default. Promises made will not be kept. There will be massive… Well, let me put it this way. I’m a recipient of a social security. We all know that social security is essentially a transfer scheme. That’s a wealth transferring scheme. And when I received my check in my credit and checking account, I know that it is coming right out of the hide of some other individual who is earning and paying the way and writing checks. It’s just simply a transfer, that simply cannot continue. And eventually through default, directly or through inflation or by cutting the amount of the payment people who have been made promises simply are not going to enjoy them. There will be a massive, readjustment is a nice way of saying it simply because we’ve gotten ourselves into something we simply cannot get out of by simply paying it off with surplus funds.
Today, we find that so many people are using that word reset, Bob, maybe that’s a word that you could use as well. It’s appalling, is it not, to see how irresponsible our government is with our money. And the effect that this is going to have on the generations to come, but as it relates to this financial spending bubble, what kind of circumstances do you think that would actually lead up to bursting that bubble?
Bob Adelmann: I don’t know, Sam, that’s a speculative question. I don’t spend a lot of time on how God is going to arrange things. All I know is that things are so far out of kilter, that they simply cannot continue. I like what Ben Stein said, “If something cannot continue, it will stop.” What he fails to tell us of course is when or what the mechanism will be. We can speculate all day long. It could be an exogenous event, it could be a war, it could be a failure of a major bank, it could be a hedge fund going under. It could be somebody saying, “I no longer trust the United States government to return the money I’ve loaned to them in my US treasuries.” Or it could be something totally out of left field.
Sam Rohrer: Okay. And Bob, I appreciate the idea of not speculating and I’m glad you went there because any number of things, when you have a bubble can burst that bubble, ladies and gentlemen. Touching a blade of grass, a leaf, or just bursting by itself because it can’t sustain, any of those things. When we come back, we’re going to talk a bit more about the inevitable impacts. We’ll go a little bit further with Bob, then we’ll give some solutions.
Sam Rohrer: During biblical times, the prophets like Isaiah or Jeremiah or others were sent by for the purpose of warning and repeating that warning again and again, to the nation of Israel. And some of that warning had to do with the idea of spending on what they did not have or borrowing from others and forgetting God’s principles of faith and diligence and gratefulness and hard work. That if they did not do those things, did not do what God said, he said would ultimately result in physical bondage. Where the enemies would come in and take them over effectively.
Well, God had his prophets warn them that God’s blessings would turn to judgment. And they would see it in terms of harsh weather, pestilence and attacks from their enemies would occur. And God warned them that if they went down this path, in time, when his mercy was extended and was stopped, that they would lose their leadership position among the nations. And instead of being the head, the leader, as God intended, they would become the tail.
And that was specifically put into context with their concept of them borrowing from their neighbors, because the borrower does become servant to the lender. That’s a biblical principle and nobody beats it. You can’t beat any more than you ultimately will beat gravity. It’s a natural law. It will happen. And what goes up sometime or another is going to come down. And God also said, as a result of those bad principles, that was in effect when they did that kind of thing, they were basically demonstrating that they didn’t really need God and that something else had replaced God as supreme. Could be what they thought was their money. It could be what they thought was their military, but it was idolatry as well. So that is the context. And I think we should apply it to where we are today. Bob I’ve mentioned some of the general impacts that God said would come to a nation I just mentioned some of them.
As you look at the current American landscape, what do you see as the most imminent impacts as a result of the financial bubble and our enormous national debt. And I would just want to go back to have your answer it in this fashion. Before we go and we connect it to the Biden administration here. But that is, this Gary said reset you talked about a walking away from obligations. In real life what does that look like? Does that mean that all of a sudden, when at time comes that a person who’s getting social security, for instance, may not get it anymore. Or maybe they get 25 cents on the dollar or something of that type. What does it look like in terms of financial and economics when this thing happens? Because again, it’s like gravity, nobody’s going to beat it. It’s going to happen at some point. What’s it look like?
Bob Adelmann: It doesn’t look happy. Again the people who have studied the great depression have tried to apply the same history, the same graphs, the same picture. The stock market was at a tear in the late 20s. And in October of ’29, the first warning signal, the market came down it then went back up again. And people said, “Oh, it was just a little blip, a little bump in the road.” And then it came down again. And by the time the stock market had bottomed out, it had lost, are you ready for this, 97% of its value. That was in the bottom of the Great Depression in 1933. God has provided, as you well know, Sam answers and solutions. They basically all say a three word phrase, “Come to me.”
I love 2 Chronicles, 7:14, and you’re, very well familiar with it. “If my people who are called by my name shall humble themselves and pray and seek my face and turn from their wicked ways, then I’ll hear from heaven, forgive their sin and heal their land.” I also like a quote that isn’t quite as popular as it should be. Brooklyn pastor T. De Witt Talmage in the 19th century, wrote something I thought was extraordinary about our situation right now. He said “Despots may plan and armies may march, and the congresses of the nations may seem to think they are adjusting all the affairs of the world, but the mighty men of the earth are only the dust under the chariot wheels of God’s Providence.” I think we need to be aware that all of this is… He’s aware of every one of it. I like Psalm 37, “Do not fret because of those who were evil or be envious of those who do wrong for like the grass they will soon wither and like green plants they will soon die away.”
I’d like to touch on this as we wrap things up. And this has been an amazing hour, Sam, I can’t believe we’ve been an hour almost. The reason I’m encouraged. And I am a glass half full kind of guy, and it’s been pretty tough in the last couple of weeks or months or so to find a lot to cheer about. But when people are looking at their 401k balances, after the bubble has popped, it should happen to coincide just a few months before the midterm elections. And there is already a movement afoot to replace some 47 very weak Democrats in the House of Representatives. Historically the midterm elections grant the opposing party a gain of somewhere between 25 and 27 seats. All we would need as Republicans to regain control of the house would be five.
Of course, it raised the question of what kind of people will be replacing those weak Democrats and others. That’s another story for another day, but I’d like to touch something that you and I spoke on. And that is to say, what is the tipping point? What is the moment in our culture when so many people have had it, they’re disgusted. They’ve had broken promises, not only economically, but politically where they simply take it out on the opponents or they have the influence, the degree of influence to start to change the culture. How many people, what is the size of the remnant that is necessary and to change the culture of self-indulgence and self-reliance, and change it back to reliance totally on the creator of the universe. What is that number?
Sam Rohrer: And with that, I’m going to say about 10%. You know, I think Isaiah talks about that, Bob, and with so many different ways, you can analyze those who say they’re Christians with those who truly are, it seems that number is about that 10%. Ladies and gentlemen, I want you to know if you are in that number, you absolutely, along with us here and others across the country will be and can be used mightily of God, to resurrect and to lift up the standards of truth. And that can change this nation. And it can be the light to the world, even in the midst of all of these things. I encourage you to do that. Gary we’re about out of time, could you close this program in prayer because it’s really needful that we do and go to God of Heaven here.
Gary Dull: Yes indeed. And we can thank the Lord that he’s the one who causes, allows and directs all things. And so nothing ever surprises him because he’s in control. How we can thank him for that. And father, as we come to you today, I thank you for the opportunity that we’ve had to put this program on. I thank you for Bob and his insights. I pray, Father that you’ll work in the hearts and the minds of those of us who know you. That we might be able to in our own lives, live a responsible life spiritually and financially. And that, that in turn might be something that would be spread on to others across our nation. And we’ll thank you for it, in Jesus name. Amen.
Sam Rohrer: Amen. Bob, do you have a website that people can go to here?
Bob Adelmann: LightfromtheRight.com.
Sam Rohrer: Light from the Right dot what?
Bob Adelmann: Dot com.
Sam Rohrer: Lightfromtheright.com. Ladies and gentlemen, Bob Adelmann, thank you so much for being with us today. And ladies and gentlemen, thank you for being with us. Go to our websites, Standinthegapradio.com and until tomorrow, take every opportunity you can to stand in the gap for truth.