As the debate over immigration and labor policy intensifies ahead of the 2024 election, market analyst Scott “The Cow Guy” Shellady joined Chicago’s Morning Answer with Dan Proft and Amy Jacobson to weigh in on recent developments impacting the U.S. economy, workforce, and global markets.
The interview opened with a discussion of former President Trump’s recent back-and-forth comments about whether to target undocumented workers in agriculture and hospitality. Shellady offered a blunt critique: illegal is illegal, regardless of the job. He acknowledged the importance of agricultural labor to the U.S. economy—given his own background on a dairy farm—but argued that making public exceptions for certain industries undermines the rule of law. Instead, he endorsed expanding legal guest worker programs where needed, pointing out that the infrastructure for such programs already exists but could be better managed.
The conversation pivoted to a recent immigration raid at a meatpacking plant in Nebraska that resulted in over 100 arrests. Proft noted that, contrary to expectations of labor shortages, American citizens quickly filled the vacant positions. Shellady praised the response, calling it evidence that the narrative of Americans refusing so-called “undesirable jobs” may be oversimplified.
On global issues, Shellady was cautiously optimistic about the potential market fallout from rising tensions in the Middle East. He acknowledged that Israel’s airstrikes on Iranian nuclear sites are serious, but said markets have a tendency to price in geopolitical shocks quickly and often recover within weeks unless larger powers like China or Russia get involved. As of now, oil prices remain relatively stable, and Shellady sees no evidence of a long-term spike in energy costs—despite online speculation.
Trade policy also came under scrutiny. Shellady was skeptical about the practical impact of recently announced trade frameworks, such as the U.S.–UK agreement touted at the G7. While the rhetoric sounds good, he warned that without concrete follow-through, the markets and businesses will eventually lose patience. He likened repeated announcements without tangible results to a salesman returning from a meeting with no contract in hand: “At some point, you need more than just a handshake and good vibes.”
The conversation concluded with a discussion on corporate America’s retreat from ESG (Environmental, Social, Governance) and DEI (Diversity, Equity, Inclusion) commitments. With companies like Walmart and Nestlé pulling out of ambitious plastic reduction pledges, Shellady suggested that businesses are waking up to the financial and reputational risks of overcommitting to progressive social agendas. He dismissed many sustainability and DEI initiatives as ineffective or symbolic at best, and praised the shift toward more pragmatic energy policies focused on reliability over ideology.
Throughout the interview, Shellady struck a populist tone—championing energy independence, calling out what he sees as policy inconsistency, and urging a return to what he considers “common sense economics.”