00:18welcome to the myers report fast 15 it is friday august 28th 2026
00:26with this today as usual we have dande our weather guru and he will explain exactly what happened
00:33in nepal isaac is traveling again and is expected back soon in place of logistics today we will be
00:41giving a national fuel inventory report spoiler alert we are not running out despite what anyone
00:49may say our chief economist bob ganetsky is keeping tabs on the economic events of the day
00:56as usual and we're going to start off with don don what exactly happened in nepal well that's a
01:06good question because we're still trying to get some details but the main culprit was a glacial
01:12ice lake that the glacial in the himalayas like the higher mountains of most of the world
01:22have glaciers at very high altitudes that during the summer melt season will melt water at the base
01:30of the glacier and then rocks and ice will act as a dam and these are naturally occurring have been
01:36around for a long time and occasionally what will happen is is that these dams will break now there's
01:43questions whether or not an earthquake actually causes to happen or the ice dam breaking caused the
01:50earthquake uh we we really don't quite know yet till we dig into the details a little bit more
01:56but when these high elevation glacial dams burst uh and then go into these very steep ravines and
02:05drainages from the high himalayas into these very steep uh canyon-based valleys that people have
02:12decided to live in uh there's very little warning when these things happen um and so uh it was it
02:20was
02:20tragic have these happened before yes a lot of people are trying to pin climate change as the cause
02:26of this glacial ice dam to break was it climate change well you know it's like anything that people
02:34you can never say one variable when it comes to weather and climate caused one thing it's always a
02:40combination of things uh is it true that the glaciers are smaller in the himalayas than they were 30 years
02:46ago yes uh is it true that climate changes causes ice dams to break probably not i think that's a
02:53big
02:54stretch but like lawyers chasing an ambulance you know you're you're going to have people uh go and
03:01impend this on climate change it was a tragic situation there's a lot of infrastructure uh that
03:07is built along these rivers in these very steep terrain areas which is just really asking for it
03:15there was also some dam work going on upstream and there's some questions on whether or not some of
03:22the things that they were doing upstream may have made this a worse situation okay so there are two
03:27two points here uh this is also like hurricanes they seem to be much worse when they hit populated
03:34areas and not so terrible when they hit land where there's nobody living well yeah i mean these these
03:42these ice dams will break and be out in the middle of nowhere not affect anybody and no one's going
03:46to
03:46claim climate change caused that right and there won't be any news about it right but you have this
03:51dramatic video and this tremendous loss of life and and and property and everything else it's you know
03:57it's extremely tragic and dramatic though i always tell people the world is a very dangerous place we live
04:04in a very dangerous place and there's every which way but sideways where the world is trying to kill you
04:10in some form of fashion and and you should not put yourself in situations if you look at that video
04:18critically and look at where buildings are placed and where everything else they they built it right
04:24in the middle of where a flood is going to occur over time eventually this is sort of like
04:30new orleans being built below sea level next to an ocean yeah we tend to build things where they shouldn't
04:37be built everyone loves to be next to a river everyone loves to be next to an ocean
04:42but if you don't absorb or internalize the natural risk by doing there then the immediate knee-jerk reaction
04:51to say well it wasn't our fault for building it there it was some something else that caused it right
04:56so you always have to weigh those factors in when you look at these tragedies like this
05:01well the other question going back to a point you said even if the glaciers are shrinking
05:07uh for now in the himalayas they're also expanding in other parts of the world yeah and there there's a
05:14there's a really big misconception with people in glaciers is i always ask them this question
05:19are glaciers supposed to be steady steady state meaning the glacier that we see now is supposed to
05:25look exactly the same 100 years from now if it shrinks or it grows no no i will tell you
05:32this if glaciers
05:33are growing globally we've got bigger problems than than than shrinking but glaciers are dynamic
05:41they they they sculpt the land they cause these things they're moving and changing all the time
05:48so we're we should expect glaciers to change shrink and grow can this disaster happen any place else
05:56that you can think of in big high mountain ranges around the world we we've we've had a similar
06:03situation not long ago in europe in the alps where this happened on a much smaller scale though
06:12okay thank you very much now on to our fuel report as we can see the oil prices are falling
06:22in general
06:23they are generally in a downward trend for the past couple months they are certainly significantly lower
06:29than they were when they hit a 112 per barrel uh back i guess in april uh yes our strategic
06:38oil
06:38reserve is declining and that's because we're supplying the rest of the world we are using it
06:44now the decline today is nowhere near as significant as it was during the biden administration
06:51and as demonstrating that we are supplying the rest of the world uh our oil exports are higher than our
06:59imports and this is what we're showing for net uh oil uh net oil imports basically we're we're
07:06selling off more than we are bringing in so we are we are the largest oil producers in the world
07:13our total oil production is larger than the next two which would be saudi arabia and russia combined
07:20now in terms of our inventories our inventories did go down for a while this is a trending of 13
07:27weeks
07:28and the fact is we are rebuilding our inventories of gasoline and diesel so things should get better
07:35there moving on
07:39uh bob janetsky
07:43iran might be heating up but the stock market keeps chugging along
07:47uh what's driving prices bob
07:51profits are driving prices and the latest big profit news was nvidia the head ai company that
07:59has a market cap of five and a half trillion dollars they just reported once again their earnings and they
08:07blew things away the earnings growth and the revenue growth were at an equivalent on a quarterly basis
08:15of a hundred percent a year or close to it
08:18um this is what nvidia has been doing they've been increasing their earnings they've been increasing
08:26their revenues at extraordinary rates and they just again made a uh released a report that shows in the
08:35second quarter they were growing as fast as they've grown before and their outlook was for continued
08:41growth so uh we're seeing some extraordinary things happen in the stock market is mainly driven by
08:47profits and those profits are reflected in the prices that are going up
08:53uh what's the outlook for interest rates how are those markets reacting
08:57well the interest rates have remained pretty high um high relative to where they had been
09:04uh we had gotten down at one point to close to four percent on the 10-year government
09:09and that drives the long-term market and now we're up to four point seven percent so that that's an
09:16increase now we've been higher we briefly got up to very close to uh five percent on that but
09:23uh we are uh still at rates that are considered pretty high in terms of the mortgage market
09:29and those rates are high because with oil prices not coming down anymore there's concern that we'll
09:37continue to have this inflation for a couple of more months so what is your outlook for your forecast
09:44or analysis of inflation ahead well i i look at the federal reserve and how much money they're putting
09:51in when they put in an awful lot of money i get very concerned because that money ends up going
09:57into
09:57huge increases in spending and that goes into inflation uh the fed as i see it right now is not
10:05pouring in excessive amount of money into the economy they're doing what i call uh moderate stimulus
10:13uh they're putting in some money but it's very little and that money is being used for loans and
10:20investments circulating in the economy and when i look at what's happening to the economy
10:26my conclusion is that we're coming along at a very good pace we've just got some really
10:33strong business reports on surveys for august they were very preliminary this coming week we're going
10:40to get more and i think what we'll find is that the economy is growing at a pretty strong rate
10:45in fact
10:47the federal reserve bank of atlanta uses all current data and they use a lot of surveys and things like
10:56that to try and estimate how strong our real growth is in the economy and their latest figure
11:01is 4.6 percent real growth for the current quarter now that's very preliminary 4.6 percent
11:09annualized or that's annualized yes okay it's an annual rate of growth of four four percent and they
11:15just raised it to 4.6 percent it's very preliminary but it's in line with all the data that i'm
11:22looking at
11:23it looks like the economy is coming along very well we just got again some figures on manufacturing
11:29orders and shipments and over the past three months we're looking at double digit annualized rates
11:37of growth in orders and that's that's very strong and bodes for more strong activity in the latter half
11:46of the year which has been our forecast we basically said the economy is in decent shape
11:51a lot of positive developments occurring and the second half of this year is going to be pretty
11:56strong so you don't see any market crash or recession on the horizon fortunately no okay our question for
12:07the week guys in view of the president's new executive order where the post office is supposed to be
12:15uh curing the ballots and making the mail-in ballots and making sure only citizens are voting
12:22and also keeping track of those ballots uh do you think that the midterm elections will be cleaner than
12:302020 or 2022 and why do you think so don what's your opinion well i i think they will be
12:38now um i think the the main reason for that is the heightened awareness things like the executive
12:43order other people working really hard on trying to make these more fair and less susceptible to fraud
12:51so i i think if you look at a trend uh i think the trend will be downward on fraud
12:57bob and your view yeah i think i think it's going to be better i don't think it's going to
13:02be
13:03the way we want it yet i'm keep yeah keep track of what's happening here in michigan
13:09and in michigan we have some issues with the east part of the state around detroit where again they
13:16have very difficulty uh counting ballots and getting the results in on time there's often a big lag at
13:23the end and you find out a huge amount of mail-in ballots have come in lately and low what
13:29they did is
13:30change the election uh we we are trying to control that but so far i have not seen any evidence
13:37that
13:37is completely under control your son is uh a county clerk in michigan and one of the he tells me
13:45in
13:45his county that they are through counting immediately and they uh quickly go over and do not find any errors
13:54when they go through their recount and they're still waiting for results from places far away
14:00i remember when we did when we helped him do an audit uh some years ago and it came out
14:07spot on the
14:08money dead on my question is he's what he's known for being one of the better uh county clerks in
14:14the
14:15whole country is he optimistic he still sees problems okay
14:22you're always gonna have problems in detroit that that's that's that's like gravity
14:27this is gonna happen
14:31okay guys uh be well stay safe we'll be taking off next week
14:37and but we'll be talking in the meantime and if anything dramatic breaks then we'll we'll reconvene
14:44in any case be well have a good weekend and god bless america
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