PBD Podcast - Home Team: Wealth Inequality | PBD Podcast | EP 103

Episode Date: November 19, 2021

During the PDB Podcast Episode 103, Patrick Bet-David sits down with Adam Sosnick, Tom Ellsworth, and Danielle DiMartino Booth to talk about topics such as Thanksgiving essentials, Wealth Inequality, Trump vs. Biden on China, and much more. Watch the full episode: https://youtu.be/3G5Xh93Da6Q --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

We're alive. We are alive. You missed it. Five seconds ago, we were we were wrapping me and Adam, but today was not good. That wasn't rap. That was power func with Rick James. That's what it was. It was Rick James.

I was on fire this morning. I was in an elevator with Rick James once. You were also an elevator with Britney Spears ones. Remember that? You came back. You're like, I just saw Britney Spears. That's right. That's crazy.

At the when we were staying at Palazzo at the whatever that property. Yeah, exactly right. And I you. And when we were staying at Palazzo, whatever that property was. Yeah, exactly right. And I, You need to spend more time in elevators. And I, You know, it's funny. You know, it was funny.

I didn't say, I didn't do the, like, the little tourist thing or the fan thing. Hey, Britney, Our kids go to the same school together. That's what I said. I said, hey, Sarah Canyon, PTA, how are you doing? And she goes, oh, hi. You're great. You know, doing your best to pretend that she recognized me.

Brittany's views? Yeah, well anyways, today listen, today, I watch the case, but it was, it was a PTA, honestly. She's officially free, FY, thank God she's free and she can do whatever she wants to do today, which is great news because people wanna see what she does when she's free. Freedom is a good thing, I don't know if you know that.

It's great, it's certain parties like freedom, certain parties like force, We like freedom here. And FYI, if you're here, if you're here, we gotta, we gotta, we gotta, we gotta, I'm free. We gotta, Tom is a little bit, we gotta stop singing, so we're gonna have to join. Tom's been doing it all morning. So let's get right into it.

So here's what we got, listen, by the time the podcast over today, Daniel's gonna make you smarter, Tom's gonna make you think about certain companies to invest in or not. There's a 20% chance Adam's gonna make you smarter. Tom's gonna make you think about certain companies to invest in or not. There's a 20% chance Adam's gonna make you be a cat man. You know, maybe a little bit more of a fan of cats. Who knows?

And Daniel dressed up just for you today. Right. Yeah. She just for you to do. I am the cat woman today just for you. The high fashion cat. I did not board the plane from Dallas yesterday without my leopard.

Thank you for thinking of me when you were very well to come here. She gave a hint on Twitter, but you're not on Twitter. You're not on Twitter. I am on Twitter, however, I don't check it that often, but I'm pleasantly surprised. All I said was I was bringing Adam a surprise. Well, you know who's a big fan of your outfit, our entire audience. I'm sure they're loving everything that you wear. No, no, no, they're not all cat people.

Well, they're Danielle people. They are Danielle people. Okay, well they're loving everything that you wear. No, no, no, they're not all cat people. Well, they're Danielle people. They are Danielle people. Okay, well, we'll take that. But it all matches. When we get to the economy, the clause you're coming out here. That's true. Yeah, so Danielle's got three charts. She's going to show us. She will show me two of them.

It's absolutely sick. What's going on with independent voters, level of inequality, number of Americans quitting jobs. Why? She'll give you a completely different angle. There's a bacon data we're gonna look at today. Bacon, bacon, bacon. That's right. And then we got actual bacon, or a-

Yes, actually, actual bacon. I hope your green bean casserole does not involve bacon as a base. Let's just say that in front of Thanksgiving, okay? Well, as a former rabbi yourself, that this is- I rabbi who has converted to bacon. I love bacon. Okay. The Sophocles, was it rabbi yourself that this is it. I rabbi who has converted to bacon. I love bacon. Okay.

Mr. Mustafa Cleese was a rabbi? Staple Center in LA is being renamed crypto.com. Arena, the contract is massive. We'll talk about that. It's 20 years Thanksgiving essentials are out of stock. Amazon has slashed the cost of its go cashier list store technology by 96% since 2017. Rivian Leaps's post passed Volkswagen valuation as EV Mania Rages.

By the way, when you see the numbers on that, it's ludicrous what's going on there. Yeah. Fox News dominates basic cable MSNBC finishes behind 29 networks amongst advertisers, coveted demo. China becomes the richest country in the world, overtaken US by the way.

Texas Church under fire for screaming, let's go brand in chance. Karam video, Saki confronted claims, no economist is predicting higher inflation from massive spending bill. Joe Biden gets terrible news after court is chosen to adjudicate his vaccine mandate. US COVID cases are starting to rise again

during holiday season. Report Biden to order diplomatic boycott of 2022 Beijing Olympics. McConnell's got some stuff that's going on that he can really be a pain in about for the Biden administration. Former Clinton advisor talks about most Democrats will be wiped out after 2022 elections. Then we have a certain interview I saw on Chinese dissident, former political prisoner in China.

Warns Americans, you're already in the authoritarian state, you just don't know about it. So we'll go into that as well. But first things first, let's get into the Thanksgiving essentials since it's around a corner a couple weeks from now. So if you want to go to page three, Thanksgiving essentials, let's take a look at this, here are Thanksgiving, what we got going on on page three.

Thanksgiving essentials are out of stocks, CNN story. During the first week of November, whole bird frozen fixed weight turkey were in stock at a rate of 64% on average, across national retailers. This time last year that figure was around 86% availability. A package pie was roughly 68% last week compared to 78% in 2020.

Liquid gravy with an in stock rate of 73% is down 12% compared to last year and cranberry sauce with availability of 79% is down from 89% same time last year retailers typically like to have around 95% in stock rate overall this year's stores aren't anywhere close to that a number of factors are contributing to Thanksgiving staples disappearing from store shelves including supply chain ruptures and an unexpected spike in demand. Daniel, why is this happening? Well, people look, the media has been going nuts with this. So everybody's saying buy early, buy early, buy now, buy now, buy now. So everybody's shopping for Thanksgiving early. So

you can't stock the way you did in prior Thanksgiving's if you're a big supermarket chain, if people are not going to buy it all the way into next week, if they're freaking out and buying it and hoarding in advance. I mean, I'm going to have to make my own gravy this year, which is fabulous. But I was amazed at the grocery store a few nights ago at the sheer number of empty shelves that I saw around the store, but I did see one area of the store where it was fully stocked. What's that? That was bacon. Really?

Well, the bacon, the bacon's on the shelf. It's not flying off the shelves. Do we have a chart to show what's going on with bacon? We have a chart. We have a bacon chart. Let's pull that up and take a big deal. OK. Look at the 2020 price of bacon, which and 83 cents a pound on average in 2020

So you've had a little bit of inflation in in pork bellies here the last few years I love a lot of a decade for bacon mostly. You know what you're right from 554 to 583 Yeah, so when I was at the grocery store a few nights ago Oscar Mara bacon one pound nine 99 be quiet nine and one pound nine ninety nine. Be quiet. Nine ninety nine. Wow. From five eighty three to nine ninety nine.

Nine ninety nine. But don't tell SACCY because you know inflation doesn't exist. Hold. So let me ask you. No economist. No economist can go from five eighty three to nine ninety nine and call it no inflation. Here's a question for you. How much of this has to do with what's going on at Long Beach LA?

How much of this is that? Is any's going on at Long Beach LA? How much of this is that? Is any of this imported or is this in the States? Most of this is in the States. Okay, so this has nothing to do with what's going on. I mean, we're not exactly, you know, buying Chinese cranberry sauce. It's just no. So that's clear.

Let's hope not. So I will tell you that one of the largest pork producers in America is owned by the Chinese. So they're probably enjoying sticking it to us. So I guess the question becomes, is somebody could say, well, you know, the reason why this is happening is because so many things are sitting on the containers

where a year ago was $2,000 now, it's $2,540,000, $2,000 that's China's charging, but this is not that. So if it isn't that thing, what is it? Then what is it though? No, it's panic buying. It's people who are, it's people who are, I mean, the media is all over this.

And actually, you know what, refreshingly, because I will say right here now publicly, I am a former Bloomberg columnist as of this week, because I'd been hired by Bloomberg to be a contrarian. And after Biden was elected, if I wrote anything about the economy that was even perceived as being remotely negative, even though I'm not writing negative, positive, or in between, I'm just reporting what's going on. It was rejected by editorial.

So for a long time, for a long time, we've seen a lot of individuals in the media try and kind of cover up what's going wrong with this economy. All you have to do is look at Biden's approval rating to see what, if you put Biden's approval rating against the rate of inflation, it's pretty damn apparent what's going on. So even Bloomberg is not letting stories against Biden go up. They weren't against Biden.

They could be, I submitted a story that said that because, you know, the state of Texas froze solid, that we were going to see plastic prices increase more. And that was going to put more pressure on producers because they had to shut down so much capacity. It took them so long to bring it back online after the ice magedon. And they're like, that's a little iffy. And I'm like, I'm just saying that there's going to be pricing. So what's actually happening?

Give us, you know, she's saying panic, I'm saying panic, but I'm saying saying that there's going to be pricing. So what's actually happening? Give us, you know, she's saying panic, but I'm saying what what shift it is between now and then is there is an undeniable ability. You cannot deny bacon going from 5.83 last year to 9.99. The media can no longer ignore this story. That's probably why MSNBC is ranked at the very bottom of the barrel because they're doing everything that they can to not report the real news. There's something big that's here. Right now, this is Thanksgiving.

In America, it does a good job of being charitable. You look around America, we do a pretty good job when your local food bank says we need some help, we need some support. Yes, of course. Americans will fill that. The BizDoc Bay, my wife, this is the time of year, will buy, like we'll do a car load at Costco, and we'll go to the food bank, and we drop it off the food bank, the kind of things that they need that are long shelf life things.

And she was at Costco and she said, you know, it says, I'm not buying the 6.2% Tom, I said, why? She said, I know what I buy, and I buy large, you know, shrink packs and everything of the foodstuffs. And I just paid $440 for this food bank run. And it was normally, you know, 360, 365. She said, that's not 6.5%. And it says, and I'm buying the staples

that are necessary, not just a bunch of Isovium canned. That's who sings. That's exactly the same thing. That's exactly the same thing. The bizzahq babe, my wife, because it thinks that the lady will show, remain nameless. So this is no name for the dog there.

So this is Thanksgiving trying to do nice things by a carload of groceries and take it to the food bank. Well, that's very sweet of her. And nobody's saying that it's not 6.2%. It's like you're talking bacon from 5 to 9.99. But what you just said is the person that's feeling the most is the person that's going and buying the market regularly. And when you get in a routine of what you that's going and buying the market regularly.

And when you get in a routine of what you buy, you know what you're buying. It's not like you're buying routine changes dramatically. Tingo. Week to week to week, year to year, unless if you have a new baby or newborn, what you guys haven't had that. So it's been a very steady same lifestyle. That's interesting from 360 to 440. So Bank of America came out this morning with a fresh data that shows that if you had just for inflation, that grocery shopping in America over the past year has

gone, has turned negative. The amount of groceries that Americans are buying, consumption itself, when you had just it for inflation, has turned negative year over year. What does that mean exactly? That means that they're buying less. That's sensible. But here here's a thing you know the whole lot thought about that the other day i sent something on twitter uh... about the fact that gas prices are going higher inflation is this inflation is that the day i'm doing to it that yeah i know you did but the can somebody from canada commented and said

well that's because you guys consume too much you need to consume less here in canada we're not as that we don't consume as much as you guys consume you guys need to be more minimalist, right? So that's what he's saying. We hear a lot of politicians that are also going to be behind that message that rhetoric saying that Americans need to consume less. It's not healthy to do this. It's not healthy to do that. So my question would be how much of this is planned? How much of this is a side effect of something they did and how much of it is accidental? A lot of it is too much stimulus. Look, I was at Highland Park Village. So would you say intentional,

or would you say just the side effect of something, we did not know that's gonna end up being here. It was the side effect of fiscal spending on steroids. So it wasn't intentional. We did not know what to be here. And fed policy that's gone straight to the 1%. So I was at Highland Park Village last week, the Hoi Ditoideas little place to shop.

I was going there because I was gonna get one thing on sale at my my little store that still actually remains there even though it's not Chanel. Sprinkle scupcakes. I think sprinkle is gone. Sorry. A lot a lot of the lowest end stores have gone because the rich have gotten so much richer. There were lines around Fendi. There were lines around Dior, there were lines around Chanel, there were lines around Hermes, the Rolex store opened the day before, sold out in one day, lines around the Rolex store, even though they had no merchandise, they were just going into the trying order Rolex.

So I mean, if you think about, there's a chart that we've got that talks about wealth disparity. Can you pull up that chart, please? And what the top 1% has, and they're conspicuously consuming. And then you've got some Canadians saying that we should drive less. When if you're the average working Joe, you have to live out in the exerbs and commute way in,

if you're going to be a bus in the middle of city. No, of course. You can't afford rent unless you're way the hell out there. So you have to consume more gas just to get to work and use car prices or are up, by the way, 30% more than that year over year. Because before we move on from Thanksgiving, because I think that's the most essential topic.

I'm sure we'll talk on this. Question round table, then I have a point here. I know that's ironic. What are you doing for Thanksgiving? We're here. Christmas right here. We're here. Christmas right here.

What are you guys doing for Thanksgiving? We're staying in the home. You're spending it with your family, with your kids. All four kids have the whole week off. We're just hanging in there. The biz doc babe, the biz doc kids. Biz doc mom is still around 83, so we got the... Babs?

Yeah, babs. Yeah, you know. My sister's come into Dallas for getting everybody together around babs for Thanksgiving. Okay, so there's a comment team here. You're gonna spend it with your family. Yeah, great. Well, we're having a lot of fun. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, salty-ass turkey and the gravy, overrated, the most overrated food on the market.

So foods a little more expensive and you need to shift your philosophy on what you're eating, I'm sorry. Like the fried turkey, the, what's it called? The, when you fry the turkey, what's it called? It's called the fried turkey. Okay, but there's something like a chicken, goose, hen, whatever. That's different, whatever that's called.

You're mixing the fried turkey. Here's my point. Okay, point number one. Point number one that's called. You're mixing the fried chicken. Here's my point. Okay, point number one. Point number one, Thanksgiving, food overrated. Number two, what's not overrated is the fact that we're gonna be spending time with our families.

That's the most important. It didn't happen. It didn't happen. So if I don't care if we have steak on Thanksgiving, I don't care if we have chicken on Thanksgiving. I don't do need a hug. Bacon, I'm happy, I feel good. So you want the family to get together, but you want to determine what we eat. Eat whatever you want. I don't give you shit if you have turkey.

How come? I don't care. I don't care. But but I want you to spend it with your family. All right. So I'm just saying all these prices are overrated. Cranberries too much. I don't know. I don't have cranberry this year. What is that hell are you talking about? I'm just saying, Adam, everybody at this table can afford probably the company to buy a case of cranberry for them. Exactly, that's why I don't feel bad for an air. But this isn't about you, buddy. I'm not saying it's about America. This is about America. This is about spending with your family.

This is about the husband and wife making. There's certain things called rituals. One of the things I appreciate about your religion, Judaism, Jewish, you guys have a lot of rituals. Very symbolic. America also has a lot of rituals. Thanksgiving is a ritualistic type of a holiday where we get together and do certain things.

Those things include Turkey, those things include gravy, those things include great conversations, those things include football games, those things include people coming together. loves turkey turkey rocks turkey ducking is what I'm talking about turkey ducking chicken that's what I'm thinking I mean there's nothing better than eating too much turkey and then going on the couch and watching the cowboys game but you see what you said food coma it's the tradition before the cowboys lose if the Tristan too much turkey might not be a good to full on disclaimer for everybody listening if Adam invites you to a Thanksgiving party do not do not

go there's not gonna be food there won't be to it will be like turkey you know the sushi I mean I really he is hot dog oh good America I'm not I don't care oh you're gonna go rocks I'm gonna I'm I care I'm gonna I'm gonna have to tweet the family over stuff. Oh my gosh family over Stine are you done with your your Someone needed to say that Thanksgiving food is overrated. I'm sorry or the only person needed to say it because nobody agrees with you But is thank you Because this is like he's gone. I'm looking at the same the dislike button is officially right here I'm looking at the same the dislike button is officially right here. I don't

Want this like I got you see it. I don't see it on my end. This like is fully gone Look at it. Okay. I don't have this like anymore. Okay. Can you show us the It's we get in the DeLorean and like go back to the future five minutes to the card I think we had charts and analysis and it upset Adam and so he went on that rant no the Adam is I think listen He's confused I'm gonna say the things that people don't want to hear okay. I'm sorry it upset adam and so he went on that round no the adam is i think listen he's confused i'm gonna say the things that people don't want to hear okay i'm sorry no no it's confusing he can think it case there's a great quality over here i'm getting a stag cancel turkey that's adam's a hashtag today then you'll

you show us what people really don't want to write so this is federal reserve data those cute little green bars show who own stocks in America. So the top 1% owns the majority, more than 15% of the 401K. They're supposed to sell. Bottom 50% they have. They're living paycheck to paycheck and on credit. The only thing they're relying on is their house. Okay, the 50 and 90% there's a middle income, that's middle income America right there. They only have 10% of their holdings in stocks. But the vast majority of their wealth is in their home. That blue bar, and you've had the Federal Reserve

jack-and-up speculation, this morning I was talking to a gal whose homeowner's insurance is going up 40% this year here in Florida. I'm like, what did you say? What did you say? How much is your insurance gonna go up? So what is the average retired couple living on a fixed income supposed to do, even if they did the 30-year mortgage and paid it off before they retired, which that's kind of

retirement 101? What are they going to do if on their fixed income, their property tax, excuse me, their insurance, because at 40 percent? I mean, people are going to lose their homes. This is insanity. So with that, when we look at this, the top 1 one percent today makes what is it four sixty five is that the number today is it and it can you pull up the top one percent and I think like four sixty five to five hundred thousand dollars but they're on the

majority of stocks they do just yeah go to top one percent earners top a one percent burners then you know there's one thing that you would top one percent this chart is not telling us. What percentage of Americans do you think actually own stars? That's not right. That's not right. That's not right. That's not right. I thought that that's too low. You're thinking of the top 10%. No, no, no. I'm thinking so the one percent,

the number I remember was 465. So the top one percent represents about 1.3 million households who roughly make more than 500K euro. That's about right. Okay, 500K euro. What is the top 1% represents about 1.3 million households who roughly make more than 500K. That's about right. Okay 500K. What is the top 10% make today put top 10% just add a zero I want to say it's quarter million because top money is making six things less than that. So top 10% only 15% of America makes over a hundred grand. Okay, so Top 10% makes top 10% makes this is 2018 So, top 10% makes, top 10% makes, this is 2018. So, 158 and 20% makes six figures.

Now, when you roll the top 10%, in which was not on that chart, when you're talking about the top 10% of Americans, they own 89% of the stock market. The top 10%, owns 89%. Go back to that chart. I believe that. No, it's not in the chart.

That particular... I just wanna see the chart. I believe that. I believe the fact that the top 10% always go back one more. There you go. So the top 10%. Okay, so this whole concept, this whole concept, let me ask the question and see what you're going to say about this.

So this whole concept where they say the rich is getting richer and the poor is getting poor. Okay, the rich keeps getting richer, the poor keeps getting poor. The Rolex store sold out the first day it was opened. Fully get it, fully get it, but what I'm asking you is, how much of that has to do because the rich invests into the market, the rich gets high returns on their money and the poor spends habitually, meaning there are more spenders on the bottom than their investors at the top. They have to spend, I mean, if you look, okay, look at the flip side of it.

The top 1%, their net worth is 10% in real estate. They don't care what's happening with real estate prices. They don't care what the price is. Of course they do. Galen, Galen and Versus. All of this is irrelevant to their budgets. Completely irrelevant to their budgets. Your wealth shouldn't be tied to the house you live in.

It's your correct. You're correct, but the bottom people, all they're doing is paying the rent and getting by. That's it. They're living paycheck to paycheck. And we're watching credit card spending. I don't know if I buy that. So let me, yes, I, yes, I'd, I said, Robert Kiyosaki was interviewing me and I said, so he was, he's doing a, there was like 30,000 people that are going to be on the, the lowest income

earners in America are going to spend 22% less. Here's my point. Here's my point to you. So he goes and he says, he goes and he says, when he was a kid, he was a kid. the lowest income earners in America are gonna spend 22% less. Here's my point to you. So he goes and he says, he goes and he says, when he was a kid, he was working for the rich dad, who the rich dad would say, I want you to go and collect rent from all my renters, from all these properties that I own.

So Robert's job was to go knock on the doors and collect checks. So he'd go in, day, you know, I'm collecting rent. Oh, we don't have the money. You got to give us another 15 days. It's like, well, you got a big screen TV. Well, you got everything over here. So I go to the next place, and the next place,

and the next place, and the next place, and the next place. This is the part where I'm in the army. I'm 18 years old. The scan him Jeff, who's a good friend of mine. Jeff says to me, Pat, save 10% your money. I don't save 10% of my money. I buy Jose Coybl, Jack Jack Daniels and I go straight to club call connections And I spent every dime I was broke every two weeks. I was fully broke

Two and a half years later when we ETS the guys had the guys got 20,000 dollars in a bank He's the same rank as me. We live in the same place. He's got a nicer car. Everything was nicer The guy had 20 25,000 dollars in a bank. This is how much I came out of the army with the Mitsubishi Eclipse twin turbo, nice car, but broke like you wouldn't believe. So for me, I think if we constantly just say, you know, the poor and middle income, they have to spend their money, they have to spend their money, they have to spend their money. I don't know if I agree with that. What you're describing is the middle. What you're describing are millennials. What you're describing is why one in four millennials

still lives with their parents because they're spending every single dime on experientials. You're not describing the lowest income earners. The lowest income earners are being eaten alive by rental inflation. Oh, I don't disagree with that. But when you say lowest income,

you're talking what, less than 25,000 a year, what are you saying? No, it's closer, less than 50,000 a year. 40,000? This particular cohort spends 40 to 50% of their after-tax income on housing. And the maximum, when you spend 30% of their after-tax income on renting a apartment. That's inciting. That should be 25 to 30%. 30% amount.

But again, the Fed's been out there jacking up home prices with all the speculation with you there I'm not disagreeing with you there but here's we look if we constantly okay there's two sides to the coin here right one side of it is what one side of it is you're right we keep printing money shit keeps going up we're not affected by by this table but maybe Kim is when she goes shopping instead of spending 360 she's spending for 40 80 dollars on 360 is what around 22% she's feeling the hike it's not 6.2% this is a donation but we keep making but but this is the part This is the part. This is the part. This is the part. I got for you. So for me Okay, so when is the last time anybody got up and talked about the fact that hey, let's start saving a little bit better money

Let's let's change some of our habits Let's actually start thinking long term. Let's change some of our habits. Let's actually start thinking long-term. Let's actually start thinking about financial education. Wait, there's a story in here about how to look for that thing. Do you need to core out 27 dollars for a big deal? Yeah, I don't know. Like, I don't know.

I'm kind of with you because I think there's a little bit of consumption in there that you don't need 27 dollars for a big thing. I was in an abrogant with my friend. I'm at in an abrogant with my friend and we typically would order lemonade and lemonade was 229 medium right and we sat there we said listen we sat down with this one guy says Why do you guys even order lemonade first of all when you put that ice in it the whole thing is ice The lemonade is really 40% of it you you're gonna pay two twenty nine for that's a waste of money How many times you order this every day go to lunch? We're like every day to twice a day?

That's five bucks a day. You're wasting your damn much. So here's what we started doing. He said, this is the trick, how will you do? He said, and you can save 200 bucks a month. This is when I'm making 36 grand a year, I'm broke. He says, go in, take a cup, ask for a cup, the plastic, it's typically the seed through because it's differentiation because they're taking

inventory of the real cups. He says, take the cup, go get water. It's free, put ice, take sweetener, go get water, it's free, put ice, take sweetener, take lemon, squeeze the lemon in there, that's free lemonade, you just saved yourself 229 times. Oh, yes. You know what we did? You want to take it?

We did that for two years. So we agree. We're on the same page when it comes to the financial illiteracy that often hurts the lowest income earners. But right now, if you add up what rent and gas and essentials cost, they're negative. They're net negative because of what's happened to inflation. But you're also, like I said, you're also describing millennials who are still living at home with their parents.

Because they still get up every day and go buy a $7 latte and think that that's a normal way to budget and it's ass-in-ine and they wonder why they're in their parents' basement still. Well, it's a past credit. The story you said that you had you were broke, you were spending it on quervo, but your buddy saved up 20 grand. You guys were making the exact same amount of money. Yes, exact same money. This is what I say all the time. Yeah, a nice card that he took F-150, he had a nice thing going on for himself. And how much money were you making at this time? Solve for inflation.

$1,200. $1,100. Okay, so you're making $1,200. Or month, working 80 hours a week. You got me the army, I'm broke. Okay, got you. But you're making $20 a year in the army, whatever you don't have to pay for. You would take.

So listen, some people that don't understand is there's actually formulas to this. There's a reason that your buddy was making the exact same amount of you was you know had money and you were broke is because there's something called a budget or a game plan for your money. There's something called the 50-30-20 rule. American workforce. Blah blah blah. There you go. So the 50-30-20 rule is 50 percent of your income should go to your needs. 30 percent should go to your wants, 20% should go to your financials. Savings are paying off debt. The problem is even if rent is a little more expensive, sure.

A little, what's that? 15%. Okay, but even if it is more expensive, the wants start taking the place of your savings are paying off debt. Because if you don't have a lot of money coming in or a lot of money left over, you sure as hell want to get some new clothes. or you want to look good, you want to drive

a nice car. Deloitte and Tush did a survey just a few weeks ago. They surveyed all Americans and said, what are you going to spend this holiday season? The highest income earners said, you know, we're going to take some really nice vacations, we're going to head out of town, we're going to the average higher income earner is going to spend 15, 15, 15% more this holiday season. The lowest income earners in America are going to spend 22, 1, 5, 15% more this holiday season. The lowest income earners in America are going to spend 22% less this holiday season

because their essentials cost so much. They can't buy what they want. So if inflation is here, like, that's a byproduct of bad policies. It's a byproduct of really bad policies that the Biden administration is. We're 1 million percent together. Delusional about that.

We're 1 million percent together. But let me ask you a question. Let's go fast for next 10, 20 years. Sure. Okay. How many more presidents or Congress or Senate or governor or whatever we're going to have that's going to come up with bad policies? What is the likelihood of more shitty policies over the next two decades? I mean, I mean, I mean, both parties when they're in power spend like drunk and salad. So this is not a Republican Democratic. No. There is bad policies coming near future even more. And that's why that's why you're seeing the rise of the middle. And the more AOC gets power, the more likelihood

is in the next 20 years, a socialist is going to become a president. I think that the middle is going to rise. I think that Virginia taught the country something about the silent majority that lives in the middle of this country. No problem. But walking on eggshells and being afraid to voice your opinion about what you feel and, you know, being concerned about defending some of Trump's policies, not necessarily Trump saying that Trump policy was actually good policy or so nervous, that around your friends and peers, you end up, you know, giving them more of an argument. But this is the point I'm trying to make. I think the midterms are going to be a bit little bit blood-bath. I think Obama's record is going to be broken. 63 seats, whatever.

I think Americans are up to here with AOC and professors. But here's my point to you. Here's my point to this one. I'm going with this. I come from a place of, I think, bad policies are coming. It's a bipolar relationship. Meaning one side of it is winter are coming. It's a bipolar relationship. Meaning one side of it is winter is coming, the other side of it is, future looks bright. This is what's in

my brain, okay? Winter is coming, future is bright, but here's a point I'm trying to make to you. So what is that one saying that says, you know, say for a rainy day? No, it's not, you got to prepare for a rainy day. Okay, is this a rainy day today? It's a rainy day today. It's been a rainy rainy season right? It's been a pretty rainy season for the moon for the low and middle income Not the rich for the low and middle income. It's a rainy season. Mm-hmm. Okay. What did you do the last five ten years? What did you do the last five ten years 15 years? So how about Buffett right now that's sitting on 140 billion dollars of cash And everybody's calling them an idiot and he's sitting there for 140. Why do you think he's sitting on cash? What do you think he's expecting to happen?

You think he's a dummy? Like you think he's lost it? So the point I'm trying to make is fully agree this whole printing stuff they keep doing. I keep making more money than they are. And the richest I've ever been in my life, the more money they print, the more money I make. But the principles, values and principles are ever in principles. I can. We can't get away from that.

Look, coming into the pandemic, coming into the pandemic, the vast majority of Americans who made $75,000 or more had no savings. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no rainy day, that they're living like you were living when you were making $36,000. That's scary to me though. It is scary. So, so guess what? $75,000 of income and you can't find 20% of it to set aside for debt and saving. Let me ask you question, Daniel, if you were in charge of banking, okay, if you were in charge of banking, if you're in charge of banking, let's talk about this.

I'm actually curious to know what you say. What would you not do? Meaning, I want to buy a house. I make $75,000. I make $100,000. I make $150. I make $200. Pick the number. I'm not a millionaire, but I'm making anywhere between 80 to 258 a year. You qualified in my house. I qualified in my house. No matter how much income I make, what if you were in charge of banking, what would you expect my minimum down payment to be on a house 20% 20% what do you think well you can qualify for

3% these days and three and a half is fh atom for once listen to my question okay how much should you if you are in charge that you could qualify for 3% if you ran banking what would you want the minimum to be across the board for whatever reason twenty percent is the de facto answer well because exactly twenty percent typically exemplifies a loan that's not going to go bad okay and if you and and and it's loaned out you know what's the bank doing today what's the bank doing today what did they financing a seven hundred twenty thousand dollar loan for today is a it 20% down payment? Is it 10% is a 5% you are A lot of options

Right now in America we have record levels of home equity that's been built up which means what which means what is a down payment If I want to buy a house today what is expected down payment from me to be to 20% and that is and that is And that's low. I think that's low. Yes. I think that's low. Let me explain why that's low. Let. I think that's low. And that is low. You think that's low? I think that's low. Yes, I think that's low. Let me explain why that's low. Let me explain why that's low. Listen, when I bought my first house, I did a story on Denver Post,

and this was like a cover story time. Remember that story? Why are you rent? I'm like, here's how much money I make. Here's how much money I got. Here's what, and I'm renting, and here's why. Okay. What are you talking about real estate people,

my friends who were realtors? What kind of an article is that? You're hurting our business. So that's what I believe in. I don't think you should buy a house. If you can only afford to put 10 or 20% down payment, I think you should buy a house. If you can put 50% down, but you only put 25.

I think this whole idea of trying to do financing of five, 10% so what does that do to you? Here's what it does. So here's what the conversation happens with your son with your daughter You say son when you get married and you want to buy a house down payments 25% if you do XYZ I'll come help you I would 12 and a half you come up with the other 12 and a half fine So now there is some kind of a one involvement versus how it worked in the 70s and 85 away I'm supposed to be what it comes down to those disciplines.

I completely agree. So for me, I think if I'm in charge of banking, the whole... So if you think about families, I can only imagine being raised in your house with you and your husband, I would expect your sons were probably raised with high standards, right? If you adopted me at 12 years old and I came into your family and I'm coming from a divorce family where you know my mom couldn't control me anymore because I'm like you know can do whatever the hell I want to do if I came into your house Probably not gonna like it probably gonna be like I can't stand this lady Who the hell do you guys think you are talking to me like that? What do you mean I need to make my bed?

What do you mean I need to do this? Perfect, I think we need to raise the standards in America I'm so simple I'm not expecting to do that. So if we do that, that's $72,000 of your person won't be broke. He'll have some savings. Agreed. Yeah, but that's housing the housing administration does not want to hear that. Who doesn't want to hear that? I don't care if you don't want to. I know. I don't care if you want. But they want someone who can pay the minimum entry for

you. 3% get them in. Yeah. And then when that mortgage defaults, hey, sorry, we tried to help you out. I think that's right. There's two things that are going on in America. And I'm going to talk really, really fast to get this out. The first thing, starting in 1990, the United States increasingly became a payment-driven lifestyle culture.

In other words, if you could have the payment, you could have the nicer car. Car leases showed up and allowed consumers to get even nicer cars at lower monthly payments. How much do you want to pay a month? How much do you want to pay a month? So this payment culture came up there. Then you had 2008 when the real estate crash isn't it interesting?

The Texas required 20% of Srivast at lived in Texas, remember that? It saved the state that that's the fact that Texas did not have home equity that you could Pull all this cash out of your house bingo It may not do it in Texas. No, and guess what happened? 2008 there was a question. I love that. That one happened what this was It was his responsibility. That's right. It was not the nanny state saying what you couldn't couldn't do This is a simple regulation that says we will not allow houses to be over leveraged. So 20% equity always has to be there.

In other words, if you put 30% down in your house and you want to put 10% that you want to get a home equity loan to put the pool in, the bank says, oh, that's okay. You'll still have 20% equity. There you go. There's your pool. But California, they let you jack all the way up to 5% equity. So guess what happened Tom? And we're going to get out he locks and all this fun

When you and I were in California 2007 2008 what happened to Riverside County Riverside County became Poland after World War two, but do you know what happened? Do you know it was horrifying? It's six and five percent of the homes right? Yeah, we're done Overleveraged Dude every six property value dropped 60% of the rivers. Tell me about the desert. Oh, even Phoenix, those two were very close. Pat, tell me about the brand new neighborhoods that were deserted. The

lawns were dead because people had been evicted. These are $250,000 houses. They were sold to people that should have been renting at a more sensible thing. And these are all repossessed and how the bank owns this neighborhood that looks like Poland after World War II complete desolation no grass scary scary it looked like it was the fault on that the banks the people the real standard no no let's talk about it everybody was involved California allowed the financing regulations Nina and other things to go on in its state, states like Texas did not.

What did California end up with? That. And where were the vast majority? No, no assets, that's mean. Nina, that's right. Where were the vast majority of subprime lenders based, countrywide, new century? Tony, right?

California, Anthony, what was his name? Anthony, what was his name? Anthony, what was his name? Anthony, what was his name? Anthony, Anthony, what was his name? Anthony, Anthony, what was his name? Anthony, what was his name? Anthony, what was his name? Ditech, you might be scared because he was orange. Well-spoken guy, though. Listen, people around here love scary orange people. Ditech, the great big billboards in the four-o-five.

Ditech was five. Zero point, zero, zero percent. New century was another one. Exactly. But here's a point. During that time, while he's saying this, and they're talking about Texas, which the point they made, I'm talking to a real-terr and Plano.

You know what the guy says? He says, oh, during 2007, 2008, Plano, worse area, took 10% hit, maybe 15% hit, we didn't feel it. So that's the benefit of that. That's the question, that's the benefit of that. And how to implement those rules? Do no income no assets? No, no, no, no, no, no, no. I Plano did the state of waste.

So does the state make? every state can make credit card and credit and lending laws okay Texas said 20% buffer period 20% I'm gonna drop a big big housing housing very good very happy was in the room he would he would backslap me I would hurt. As of yesterday's data.

Or the girl that was here at Berrywood Backslap. There are more homes if you count multi-unit and single-family under construction since 1974. New homes? Under construction. Under construction right now. Since 1974, we haven't been building this many houses and apartments. One in four homes today, according to CoreLogic,

one in four homes today are being bought all cashed by investors. How is this going to end? Anybody heard of Zillow? How is this going to end? One in four, nearly. That's why home sales. Home is being built, are being purchased cashfully.

One in four home sales in America today are being purchased by investors. Investors who are levered. They're buying all cash, but the cash is levered because they're taking advantage of the zero interest rate policy at the Federal Reserve. Give me free money and they're jacking up home prices like you never heard about. So you if you're Joe Q who's trying to buy your first home, even if you've saved up the down payment, you're still going to lose because the investors come in in with all cash. But they're playing with somebody else's money.

And they're levered to the hilt. And they're like, this is not the same thing as the subprime crisis. And I'm like, yeah, you're right. There's more debt involved. There's no question there's more debt involved, but there's also institutional money. Yeah. Hey, Pat, what percent? And how quickly do you think they're going to hold on to these homes?

If the peanut butter hits the fan? Well, we know what's going to happen. The investors? They wrote a question here. Instapole, what percent of the total housing in America is owned by the top 10 percent? What percent of what percent of the total housing in America is owned by the government? I'm gonna have to write this down. The learning housing wealth? No, no, no, what percent of all the homes? Correct. Of total housing in America is owned by the top

10 percent. I'm gonna say 70 percent. 45 percent. Okay. And it's moving like 7 percent a year. So guess what? In the last two years? Yes. So now the highest FICO. So now I want to just, highest fight goes. If she's right and the bubble pops, these people have got leverage problems. If the bubble doesn't pop, she's still right,

but if the bubble doesn't pop, who's the new landlords? Who's the surfs and lords here? You're going to have 10% of America owning over 50% of the housing in America in 14 months. Because Airbnb is hot. Airbnb is hot. I'm not surprised by that. Good way to make.

And that's why I think that's why I'm not surprised. Because what was the number on top 10% of stock market? What was the top 10% of stock market? 89% it's not on that, but it's 89%. Okay. I mean, you know, so I'm not surprised by them. As a fact, it's lower than I thought it would be. I thought it'd be around

67% and this takes it back to why there will be be bad policies in the future because if something goes wrong with this Which it will when you have wealth inequality that is you haven't seen wealth inequality like this since prior to the fall of the Roman Empire When you have wealth inequality like this even Republicans will vote policies in that you would consider to be Socialist you're saying what more stimulus health inequality like this even Republicans will vote policies in that you would consider to be socialist. You're saying what more stimulus? No, I'm saying 78. You mean in a corner. You mean in a wage and price controls.

No, price controls. I think Biden is this close to gasoline, price controls. I really do. Let me ask you. I don't have to talk about Carter, 1978, control everything. Let me ask you a question about what's going on right now. Try to. Okay, Long Beach, LA, that gets 40% of all imports in America

comes to the Long Beach, Long Beach, LA, right? And the prices have gone off from $2,000 to $25,000, $30,000. One guy was talking about in 60 minutes this Sunday. I don't know if he guys saw the 60 minutes about the whole what's going on with the ports. He says, I have a million dollars that I have to spend on the containers. He says, I can't take it out, but they're forcing you to pay the rent, even though I have a million dollars that I have to spend on the containers. He says, I can't take it out, but they're forcing you to pay the rent, even though I have,

and no way I've taken it out right now, right? Okay, here's a question for you. What percentage of the tariffs on China are still on? What percentage of tariffs that- We did not remove any tariffs on China. All the tariffs are still there, right? Correct. Okay, fantastic.

Which sticks it to American companies. I want to ask you guys a crazy question. And you tell me, I'm actually going to be curious to know what you guys are going to say about this. This port situation is worse than we think it is. Christmas is going to be a weird Christmas while you're buying gifts. You ain't going to get the stuff that you want to get. If you haven't started Christmas shopping folks, you're probably not going to get the

gift you want to get for your friends. You're probably gonna be Christmas shopping at CVS and getting some shitty gift for your family and whatever's left over for you. Because that's what ends up happening. It's gonna be a record for gift cards. Never mind Christmas. Give me a gift card season. Yeah, hey.

You can never mind Christmas. We can't get building supplies. But we couldn't do it with our building. That's what we just bought a different building. So we got two buildings we're buying instead of one because we can't get glass. It's all there. It's just on a boat.

It's heard off of Long Beach. Anyways, this the point I'm trying to make to you. Here's a question I got for you. I'm so curious to know what you guys are gonna say. I am so curious to know what you guys are gonna say. So if this massive crisis we have at the ports that's taking place, what has Biden done about it? I'm curious.

What's Biden done about it? What phone call has Biden made to China? What phone call has Kamala made to China? Schumer Pelosi. She's not allowed to make calls. But what I'm asking a serious question. I'm not being sarcastic. I'm not being condescending. I'm asking a very serious question. This is a catastrophic event that's taking place in America today. This is not a small issue. They're just not if this was the other administration, every second would be hearing about what's going on

at the port, right? But it's not every second, right? If Biden could, what could Biden do right now to make the phone call? He's done nothing. So here's my trick question for you. Let's see what you're gonna say. And see if you can, you all,

and you know where this question is going. If your friend, DJT, was president today, okay? If your body, you guys are from the same area, Florida, whatever. If your body was a president today, do you think he makes a phone call to China? Are you saying that Biden hasn't spoken to Xi? If he has spoken to Xi, has anything changed?

No, they actually did finally speak to Xi. They were called the other day. What's changed? Nothing. I think the call was like last week. Bro, you and I can talk for three hours and we can shoot the shit and nothing gets done. I don are. Call the other day. What's changed? Nothing. I think the call was like last week. You and I can talk for three hours and we can shoot the shit and nothing gets done.

I don't think by this year shooting the shit. Oh, so what are they doing? So here's what I'm asking you here. If Trump was president and you find that this is going on at the ports and the raising prices from $2,000 to $25,000, from two to $25,000, hurting this small business owner

where that price of $2,25 gets passed down to middle America because the guy said, I have to raise my prices. If DJT, the most hated president of the last 40 years, most controversial president of the last 40 years, like him or hate him, if he was president today, would he make that phone call on what would have happened? The answer is yes or no.

Would he have made the phone call? Would he have called China and done something to expedite the process and sheep and the cost to be with some dialogue? Dialogue is good. Do you think more progress would have been made? Where we're I don't know. I don't know.

You really saying you don't know? Are you are you telling me to say? You want me to say yes? No, no, no, no What don't we understand? Biden spoke to she for three hours. Tom, he made the call. Tom, what are we talking about? Adam, let me go to the question for you here. Let me ask the question in a different way. Say Clinton's the president.

Can you guy you like? This isn't like to say Bush is the president. Say Reagan's the president. Say JFK's the president. Say any of these guys are the president. Do you not think a phone call would be made right now to figure something out? FYI, you can't say the J.F. Kays the president, say any of these guys are the president. Do you not think a phone call would be made right now to figure something out? FYI, you can't say the answer. You don't know what Trump would have done.

You had four years of track record to say what he would have done. Do you think he would have called China and said, hey, if you raise these container prices one more time, 25% tariff, 35% tariff, you think he would have done that? You think he would have done that? You think now that China is a richest country in the world, richer than US? You think he would be okay? That happened during his administration? Wouldn't be happening. He'd be making a phone call. China's sitting there saying, freaking awesome. Give us more money. These guys are idiots. They're letting us do it.

China is, they're really taking advantage of the absolute. It doesn't matter what subject you're talking about. The Biden administration is paralyzed. It doesn't fill in the blank. They're paralyzed, paralyzed, paralyzed, paralyzed. They can't get anything done. And what is frightening? I mean, you had, in 2019, you had more than a thousand trucking companies go out of business. In 2020, you had like 3,200 trucking companies go out of business, mostly small mom and pops. Why haven't regulations been ripped back immediately to make life on truckers easier? Why?

We're talking about executive order stuff here. Just get out your campaign and sign it. Why haven't we seen more executive orders period out of Biden? Do you want that whole complain to Biden that he did too many executive orders at the beginning of the rest of the last time he got out of it? How long did it take him to sign the infrastructure bill so that he could have this huge ceremony on Monday and then go to some bridge that's falling down and try and quote unquote sell the legislation after it had passed. What the hell's up with that? But i don't need you to go to some ribbon cutting ceremony i need you to be

president of the country when it's being eaten alive by inflation do something so what do you think he is actually now they're waiting for you to get a lot of money to question no one no one's given my answer i asked a question here's my question to if trumps president today if the santa's president today if mashing is president today pick any of these guys. But specifically to Trump,

because we got four years of track record, that's what I'm specifically asking about. If he was president today, how would he handle what's going on with China? I'm curious, what do you think? You're saying, I don't know, very naive answer, you're smart guy. I'm not saying that.

What do you think he would do? You framed the question. What do you think? Why question what do you think he made a phone call they spoke to sheep for three hours what you're framing is he didn't see it in the comments i'm asking you what what would trump have done if he was president today in regards to china and the shit show we have at the ports i'm sure he would do something about it. Like whether it was good or he would have... Bombastic, I'm sure he would have threatened...

Do you think China would be a little bit more careful to bump up prices? 60 minutes, the guy says, he says the 60 minutes guys, what's the name, not Leicester Hold, what is the guy? Anyway, the 60 minute guy, he speaks very calm. He says, do you think China is taking advantage of the crisis and Raising up prices on containers because they can't does here's a guy's answer says it certainly feels like it

Adam from to 25,000 from two to 25,000 orders Adam who produces 90% of the containers in the world Who China China? China manufacturers 90% of the containers in the world. China. China, China manufactures 90% of the containers in the world. Okay, so what should be done? No, they're not. They're not. They're not. They're not. Okay, let me ask Patrick's question in a different way.

By now, would there have been multiple delegations of advisors on airplanes, two Beijing, sitting down, ripping doors open, multiple meetings, saying, we're going to get to the bottom of this because you're not going to rape our country. There would have been multiple delegations, and if there was no response, as there has not been a response, all they do is continue to raise prices. If there was no response, then there would have been retaliation. And I'm speaking for a, a Joe Manchin. I'm speaking for a Bill Clinton.

You don't watch what's happening to americans happen to americans and and have your your press secretary stand up in front of a podium and say most economists don't see inflation you and denial is not it's not a strategy no it's no economist no economists live on my floor say there's a thought that was attached to the infrastructure bill that's a separate question. When she's saying no economist see inflation. Attached to the infrastructure bill.

Everyone sees the 6% inflation. You know what I agree with you. The infrastructure bill is not because you know what? Joe Biden got up and said this infrastructure spending bill is going to create tons of union jobs. It's like saying we're officially formally announcing to you that we're gonna piss away taxpayer money by having unionized positions.

That's what the entire Obama care $600 billion, whatever the hell it was. It, Obama said after he got out of office that it accomplished nothing for the economy, zero zippo. If you're gonna do this the way that it's always been done, pork spending, Sack is right, it's not gonna create inflation, it's not gonna create economic output,

it's not gonna create shit. Yeah, I, I, I, I wanna answer your question directly. Please, because this guy is not an answer. I don't know what, he would have threatened him, he would have done something. I don't have the answer here. What you asked maybe what had done.

Mr. Sons think, you asked us a question, you said what do you guys do for Thanksgiving? Mm-hmm. We answered, we went to the process with you. I answered it as well. I know, but you haven't answered Thanksgiving? We answered. We want to be answered as well. I know, but you have an answer to it. Your answer is I don't know what he was. From what I was making threats to Luke them.

I don't know. What would you? What would he do? Come on. I was sarcasm, which is fantastic. You know, that's great. So that means you're not answering. You're copying out with.

Go ahead. I've answered it. 17 times. Stop, stop, stop. Excellent. I was quiet. Freaking cool guy. I was quiet while, stop, stop, stop. Excellent. I was quiet. Quick and cool guy. I was quiet while you were not answering.

So let me let you be quiet while I'm answering. Big give a case study. So Q4 of last year, we started to see an abating of COVID stats, not as much as we wanted, but they started to move. Q1 of this year, we saw a little bit more abating of COVID stats. And what happened in Q1 of this year, Pat? All the economic stats started coming out. We started realizing what was

going on with employment. The USA today, Matt of COVID cases rising. And I believe in Q1 of this year, DJT, what I called China and said, hey, you know, COVID's turning the corner. We're getting good visibility in line of sight on a lot of these economic stats. WTF, and he would have had an economic summit in Q1 of this year when we had the stats and we looked like we were moving on COVID. And at that point, we also had unemployment.

We had labor stats. We had a lot of other things going on. And at that point, he would have said, holy crap, we're being gamed. And he would have made the phone call and had an economic summit. If you wanted to have multiple delegations flying over there there's my direct yes yes

delegation import export balancing act threatening of the tariffs coming back was to see how many times minutia was on an airplane think about how many time i believe what i have to get an LNN has not Janet LN had gotten she couldn't find a airplane it this is ridiculous and by the way, winter's coming. Winter's coming. Tell us what this chart is. To Tom's point, there wasn't, there was a window of opportunity to Tom's point.

A month ago, four of those states, a month ago, four of the states had rising COVID cases. Yeah, not rewriting history. I'm just going back. This is not, no. This is not, no. Where were we, Q4, Q1 and what sort of status was? You're talking about that.

There was an opportunity then. The opportunity window closing because now you have the vast majority of US states with rising COVID cases. The vast majority. Yeah, we're back looking internal. Yeah, all the cold states where you have to be in Texas cold. Is Oklahoma cold? Texas is Arizona cold.

Is Mexico cold? Read the map Danielle. Those those parts are steady. It started. The reds are growing growing all the cold states and Texas all the Northeast Texas is red Oklahoma is red Texas is not red Danielle's gray what Texas is red buddy Texas is red. I'm not blind Texas is red. You okay?

I'm looking at the actual map the cats really confusing you isn't it. So what's going on there with the gray? What is new cases are steady There is no steady there's you there's you there's there's a hell does it have a gray box there because sometimes cases hold steady So where's the gray why show it? Out of you okay, because there is no great side the growing or shrinking There is no what the f is the point of showing a gray box there Call the editors at USA today and tell them Well, then we'll I'll send a memo

I'll tweet out to USA today if it's not at Texas that's great and I don't want to tweet it out right now you're showing me Texas is not great when it's fucking great okay I'm gonna I'm gonna tweet on believe of editors at USA today the state of Texas is great you're like no it's not great it's red okay I love this red so They have it the design is horrible so

Nancy can you please help these guys out? They create a better design than these guys have so if you know why not just have the states So so dumb as design so let me let me let me read that though because what she is talking about is What's going on right now with COVID cases? What pages that by the way? What pages that we had it as something wanted to talk about? Because then yeah, okay, there's a page number seven. Let me go to page number seven So US US COVID case start to rise again as a holiday Approaches. This is an NPR story. It's a worrying sign for the US at a holiday season coronavirus infection Arising more than half of the state's experts.

Warned this could be a start of an extended winter surge. The rise is a turnaround after cases had steadily declined from mid-September to late October. The country is now averaging around 83,000 cases a day, about 14% increase compared to week ago. That's a pretty solid increase in a week, by the way, and 12% more than two weeks ago. Growth in cases isn't unexpected, given the patchwork of COVID-19 immunity across the US where about 60% of populations fully vaccinated.

As we head into the holidays, COVID risk increases with more people traveling and socializing indoors but we also have some things that are helping like more vaccines and kids getting vaccinated as doctor, Ashish Ja, Dean of Brown University School of Public Health. You know the other day I saw a video of health health and services going to houses knocking on doors on apartments saying do you need COVID shots do you need COVID vaccine shots do you need vaccine shots this is in Houston this is in California this is in Houston and in Disney just announced that

they're doing their cruises. Did you hear about Disney's cruises? No. So they just announced they're doing cruise. Disney cruises back. Vaccine only. But kids five years and above have to be vaccinated to get on these cruise ships. Here's what's crazy about it.

90% of Disney cruises leave Florida. What do you kind of do with Florida? These kids aren't. You're leaving a state like this. You should be doing it more from California than from here. So, yeah. What's your Twitter handle again? Do you need to Google it?

So, it talks money. So. So, is this something that concerns you with COVID cases going up? Honestly, I had one sign this week that we are officially moving past COVID. There was one sign the country Concert you want to or I was at that country cons we can talk about that too uber is now back to doing No, I said Did you hear what I said uber pull was back over pool is back? Thank you

Thank you, thank you I Said it's my point. What's my point? That's a dumb design is back. Thank you. Thank you. Thank you. And I'll just just want to just to So what's my point? What's my point? That's a dumb design. What is your point? What's my point?

Uber has eliminated Uber pool. Lift, lift used to have lift share all throughout COVID. You cannot do Uber pool. You're not none of that. Hey, it is officially and now I landed in Fort Lauderdale. They're like, you don't have to wear a mask anymore. In Uber. Well, none of that. It is officially and now, I'll check in. I landed in Fort Lauderdale,

they're like, you don't have to wear a mask anymore, in Uber. Welcome to Florida. No, no, no, no, this is nationwide. Okay. So that told me Uber, big tech, Silicon Valley, California, they said, all right, we're back to business as usual. That's a big deal, to put two random people

in a car together, in a ride share. The fact that that is now a thing, that's a telltale sign that we're moving past this pandemic. Got it, so Uber Pool tells you we're moving past pandemic. Well, it doesn't tell you. It's an indicator. Is that Uber Pool only for Florida across the country? I don't know, I haven't, I've only taken it.

It's probably only for Florida. Yeah, okay, man. And when Florida, if you look at it, it's what color? It's apparently gray slash blue. Yeah, so Florida. Are we all right here? Do we need to get an optometrist immediately?

I just think it's a dumb map. Can somebody call line one? Just make the map. You put the boxes on top. Adam Florida, the demographic. You say today was horrible. They will get back to me shortly, I promise you. Let's do that.

So I'm afraid of you. So the benefit is you live in a Florida, and you have no idea what it's like in California. So I told you I was in California this week, last week, for wedding, and at the wedding, I went to crustaceans, I told the story last week, what happened? So California.

So how do you use the bathroom? Yeah, everything is a mask. You can't eat inside. You can only eat outside as of November 4th, only people that can eat inside are the ones that are fully vaccinated, they have their passport. And I don't carry my vaccination passport card.

I don't like to do that, because I know, because it's very heavy. I don't like to carry my passport, or when I'm traveling domestic, I don't like to carry it. Yeah, just have to take a photograph of it on your phone. After you get into a restaurant in New York. Being on the side of the building, what are they saying? Nothing, they said, thank you for not using a bathroom

in size, I'm like, anytime. California standards have changed. But, no, they let me use a bathroom, but the challenge was, you know, it is still mass counted. Did you actually have to use the bathroom or you're thinking, all right, let's see what they say about this. Actually, Jennifer had to use a bathroom and I was asking on her behalf, but I also wanted to have some fun with my way. I figured that I know you were an asshole. Because my bladder is a once a day, twice a day, tap a deal, but it is really.

That was way too much information. Yeah. Well, the people that know me, they know what you and what the marathon had. Nothing to do with forerunal too much information. Yeah, well, to give it that no me, they know what, what that's. What the marathon had nothing to do with for our farmers. Yeah, no, nothing to do with for our normal. Okay, so were you gonna say something about these COVID cases? Like you're saying this was their

opportunity, they had their opportunity to dot, dot, dot, like how bad can this look be if this thing goes? Oh, right, right. The, okay, there are two, there are two sets of individuals in America who are upset by inflation, the most. I mean, a lot of people are, like the 999 Oscar Mara Bacon, I'm still upset because we eat like a pound a week

in the house and I'm like, no bacon for you. So I didn't buy it. I'm like, sorry, excuse me. No, no bacon. I didn't buy the bacon. No, no, I'm sorry. You didn't buy the bacon, just out of principle. You can afford the bacon.

The principle, no. The kids are not happy right now. You know what, on Wednesday, they put a coupon in my little Tom Thum Flyer, and you can get two, limit two with my electronic coupon for $3.99 each. Janiel DiMartino Booth is using coupons to go grocery shopping. I always use coupons, don't you?

Wow, completely. No, I don't have coupons. It's pretty easy. Even for you, like, to have something called an app. Do you know what an app is? They have an app, and you just download the digital app. We'll understand all of that stuff when we get smear. OK, so keep going.

Keep going. You were talking to everybody. You were talking to everybody. We can rap bacon. Stefano Richesuit. So there was an opportunity. But who's upset by inflation the most? The lowest income earners, we get that, right?

And people over the age of 65. Because they're on fixed income. And who holds the vast majority of savings in America? Older 65. And what happens when their state turns red if they're over 65? A lot of them. They have to stay home, they get mandated and tada tada tada. Well, in That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. That. older individuals who are freaking out about inflation. Didn't they just get a social security bubble for the set up? It gives a whole new meaning to winter is coming.

They just got more money though. That's what I heard. If you look in the aggregate, if you look in the aggregate, US household savings in absolute numbers are where they were prior to the pandemic. All of that stimulus money that was pissed into the wind is gone. No, it's not. It's in the EBITDA of the company.

Oh, yes. You really think general motor. The trillionaires are. You really think that I'm agreeing with you. $5 trillion richer. Kelly Blubot came out a few days ago and said that the average car in America is $46,000. $6,300. New car prices have gone up eight months in a row.

They've taken incentives away. Nobody can convince me. Nobody can provide a convincing case that because there's a semiconductor shortage, by the way, inventory car inventories are rebuilding and they're rebuilding rapidly. Nobody can tell me that all of these car makers didn't raise the prices of cars more than they needed to because they could stick it to them. What are you going to say? You're going to say, no, you don't have a choice. You've got to do it because the inventory's down. So here we go. Stick it to him. What are you going to say? You're going to say, no, you don't have a choice.

You've got to do it because the mentor is down. So here we go. I can increase it. Yeah, but their inventors are rising again. So again, winter's coming. Yeah. By the way, let's go back to the Sackie story, because we never fully read that article

about what she said or comments. So Sackie confronted claims no economist is predicting higher inflation from massive spending bill, the political insider. NBC Peter Alexander, Americans are seeing their dollars, their paychecks stretched right now. Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?

Sacky answers, because no economist out there is projecting that this will have a negative impact on inflation. Sacky said on Monday suggested the spending spree would actually help combat inflation. Oh my God. Economists across the board will say this will actually help reduce inflation, address inflation over the long term she said. If Saki can't find no economist who thinks inflation

is a grown problem, she needs only contact former Obama, economic advisory, Larry Summers, who said we are going to see inflation of a kind. We haven't seen in 30 years, which has already happened since 1991. We've been screaming a lot today, but let's give a quick summary for our wonderful audience, and thank you for being out there. And if you like it, hit the subscribe button there. There's three things, and you can help me here.

Three things that will help inflation. Increasing the value of the money, which means increasing the interest rates. Second, is causing the government's current deficit to be shrunk so the government's borrowing less. And lastly, is to shrink the money supply. Those are not Republican or Democrat things. These are just the aren't these just the sliders

that moderate inflation. Okay, so let's let's just printed how much money and we increased our budget deficit in the current year by the spending. So we ran two out of the three, really up to red line, did we not? We did.

What's important to realize though is that the growth of the money supply is what matters, not the absolute level of the money supply. So in June of 2020, the money supply in the United States was growing by 30 percent. That's collapsed to 3.8 percent because Congress is paralyzed. This is M1. This is M4. This is all this is the biggest aggregate you can have. So that's gone from 30 percent to 30 percent. The whole enchilada entire 30% growth rate down to a 3.8% growth rate as of September. So we're not injecting more money into the economy. I'm actually going to do something that I'm going to reiterate what I said earlier Patrick. What's that?

Sacky's right that this particular infrastructure spending bill is not in fact in fact Tyler can you pull up can you pull up the the quill again and go to the last page that my week there you go look no no the very last page that right there that's when all this starts to kick in it's like it peaks out in 2026 can you explain to us what that is? That is, a 10-year infrastructure program doesn't hold a candle to Stimmy Checks. And the money is going to trickle out into the economy. And as Biden has told us, it's going to create lots of union jobs. Yay! And this is why this will not, in and of itself, ignite inflation.

Because you're not actually going to get out there tomorrow with private companies to make sure that you don't waste taxpayer money and get these damn projects underway immediately. It takes a long time permitting again, you're working through unions and so it's by definition going to be inefficient but that does not change the dynamics at the ports. That does not change the dynamics about rental inflation. It doesn't change the dynamics about the dam bacon. All of that inflation is very real right now. This is going to be like the Obama infrastructure plan was.

It's going to be a big... That's a scary side by looking at that. ...2026 is when we're going gonna see the highest impact on GDP, which peaks out at just over 0.5%. Woohoo! Yeah, but you get people money directly, you direct deposit, $5 trillion into people's checking accounts? Yeah, it's gonna get spent.

Hey, Tyler, can you do me a favor and pull up the Bloomberg article about Powell's five benchmarks for inflation if you have that with you? And then I just sent you five benchmarks for inflation. If you have that with you, and then I just sent you a picture as well, we'll cover that here in a minute on what Fauci just said, which is pretty crazy. Yeah, Bloomberg Powell five inflation benchmark and it'll come up. This is a story from yesterday. Well, right there you go. So check this out. Check this out. So Powell's five, okay, go to see if you can get rid of the talk.

There you go. Number one, our inflation pressures brought based in August, Powell said in the spike in inflation up until that point was largely the result of price rises in a narrow group of goods and services directly affected by the pandemic that no longer the case, right? So, he was talking about across the board beyond the usual suspects. Gasoline, okay, fantastic. Go to the next one.

Number two, our price rises moderating in those goods and services that have experienced the biggest run-ups. So while there were some signs that was happening a few months ago, it's no longer so clear cut. Yes, use car price inflation has come down a lot from its 45.2% in June, though it's still running in excess of 25%. And manheim just released new data that shows that through the middle of November,

every use car prices have accelerated. It just takes a little while to show up in the CPI data. So that 25%, it's going up. Okay, so that price is going up and he says annual prices rise for durable goods in general, though clocked in at 7.3% in September, biggest increase since 1981. Okay, fine.

Let's go to the third one, third one, third one. What has happened into wages? Powell told the Jacksonville conference that he saw little evidence of wage increases that my threatened excess inflation worker pay has picked up since then as employees have taken advantage of plentiful job openings to quit in record numbers in search of better opportunities.

I know you got data on that, which we'll get to that here in a second right after this. So we believe the U.S. is entering the tightest labor market conditions since 1950s, wholly, moly. Number four, what is happening to a long-term inflation expectations? Fed policy makers pay a lot of attention to what Americans are thinking about prices because officials believe that goes a long way to determine where a lot of them goes. If workers and companies are fearful of prices spiraling, unwirt, the Latin ways that will be help bring that about. Okay, go to the fifth one.

Let's see what the fifth one is. Number five is our longer term global forces still pushing down inflation over the past quarter century. Inflation has generally been low in the US and across Maranoza. Part of the going to come to our signs though that some of the forces may be coming less powerful. Yeah, trying to stick in it to us. No question about it because they can't and no one's fighting back and saying anything about it. So okay so you were talking about labor forces of people quitting. Okay. You want

to get into that. There are two. I think this is the last chart that that we're going to pull up from from my weekly go back a page. Focus in on the bottom right hand of page nine. All right. So you pay people a ton of money to not work, right? Mm-hmm. So we have a deficit compared to the prior- And they don't, right on cue. And prior to COVID, this is the trend line, the yellow dot at line. We're 7.8 million jobs below that line. Some of it's because people have retired early. A lot of it's because people have gotten used to not working. And a lot of it is also because if you're an employer, if you're an employer and you see this this 20 month gap on somebody's resume,

is that an attractive potential employee? Or do you want the guy who's one of the 4.4 million who's like, I haven't quit working? My skill sets hot. I haven't, none of my workers will have atrophy. I want to hire that person so that there's the haves and they have nots in the labor force. And they have nots have been taught to behave like socialists.

We're going to pay you to not work and then you're going to get used to it. So you're not going to work. And by the way, you're not just going to not work and we're going to pay you for it. You're going to be unemployable at the other end while companies have accelerated automation. You've seen investment in R&D and artificial intelligence, any form of software. You've seen companies automate out of existence millions of jobs.

But if you have the skills, you can name your price. So there is a great big divide going right down the middle of... Skills are always... Man, it's so great. But this is such a great... Skills do always win, but we took skills away from people by paying them to not work. Of course. Of course. Yeah, of course. Yeah, of course.

Well, of course, you did policy. Why do you know that they're unemployable when there's a work shortage and people can hire and you're a question. If you demonstrated that you're going to run out on me, why why take a risk on you versus her? Or do you have the basic skill set? The question is whether she's going to be okay. What's the whole thing that we say at Dunkin get don't it's if you don't like the

long line apply for a job so a lot of people that they don't want those jobs exactly and there's something that we're not talking about that we can and by the way how many people are not going back to the shitty ass jobs because they made a billion dollars from crypto

is a lot of young people there are twenty years old that started investing in dogecoin or in Bitcoin or in Ethereum, and they were worth negative money prior to 20. And now they're worth 50 grand. I don't think they're 7.8. I don't think they're 7.8. A lot of young people out there, they're not going to go back in the workforce because they made money from crypto.

Okay, and I'm happy for them, but I don't think they probably comprise nearly 8 million people. I'm just saying young people. Okay. A lot of young people. So look, there's a few things you can take into account with that. One is that community, but what percentage

does 7.9 do you think that is? Yeah, maybe 10%. I don't know. Let's say a big number, that's probably not that big of a person. It's probably three or five percent, but let's just say that's what it is. Yeah, at a 7.9, let's take some that are 65 and up, 63

and up, 62 and up. I want my social security now Yeah, and they're just kind of like listen man. I'm good Back to the one we're gonna have the answer to this question What is the difference in income if you collect so security at the youngest age versus starting at the oldest age to collect 62 versus 70 You're saying how much this my monthly check. Yeah? My monthly check is when I'm 65 is big. Right, but if you wait until you're 70, it's way bigger. If you wait until you're 70, the difference between the two is 30%.

If you can wait until you're 70. If you can wait until you're 70. If you wait until you're 70, the longer you can wait, the bigger your check will be. It's about 59.50 to 70. Yes, I'm saying if you cover that, so a lot of people who left the workforce early and started to collect Social Security early have left a lot of people who left the workforce early and started to collect Social Security early have left a ton of money on the table because they're getting all these stimulus checks, their house is worth more than it's ever been worth and they're

like, screw it, I'm quitting. You know this is really interesting. And I started collecting my Social Security early, but how's that going to feel in a few years? Those people are going to go back to work. You know, we are going to see seniors come back into the workforce and you know what They're going to be more employable than the younger people who have been replaced by I don't think so at all I would older people be more employ they're going to be more employable than the person who was replaced by a kiosk and

Companies have totally disagree companies have lamented the fact that people who are 55 plus have better work ethics than younger workers. 55 plus maybe. Not flexible hours. And they don't want to come into the office and they want to make sure that they can. OK, here's a little anecdote. Talk about the 4.4 million who are quitting their jobs. Buddy and mine runs a huge logistics company

for, I don't know, the biggest telecommunications company in the country, but he runs a logistics division. So he has a new employee. After two days, the guy quits, why? Because he doesn't like the color of the safety vest. It's orange. And he didn't like the, even though it was required to be worn on the floor of the factory, everybody,

it's just, you don't get hit by a four-clift. Everybody's gotta wear the orange vest and the guy after two days he's like I can get a better job unlike the orange vest by I don't think you have to do it. You probably just wanted a better job. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no I'm sorry. I'm sorry. You think that's the reason you left the job because the color of the vest. That is what he told his boss after making the job for 48 hours. That's what he said. I don't, I refuse to wear the orange vest. So this is, this is where I'm going.

This is where I'm going. You know what this leads me to? Here's where this leads me to. On what she just said, that 7.8 million on what he just said. And you look at that number, and if I'm Amazon, if I'm Walmart, if I'm any of these companies, I'm sitting there saying, we kinda gotta figure out a way to not rely on workers because they complain too much,

they constantly want more, they want to do this, they want to do that, and sometimes they're gonna automate. So Amazon just did this, This is what Amazon just did. And here's what their numbers are looking like, right? Amazon has slashed the cost of its go cashier, less store technology by 96% since 2017. This is an insider story. Let me tell you what this means.

This means if the cost was a million dollars to run this store, now it's only $40,000. That's what this means. So it doesn't mean prices went down. It means the overhead of running this place went from a million bucks to 40 grand. So Amazon has radically reduced the cost of its just walk out cashier less store technology.

A testament to the company's ability to turn long-term experimental projects into more affordable business offerings. Amazon estimates to operating costs for technology behind a thousand square foot gold cashier less store has dropped a hundred and fifty nine thousand dollars a store this year. That's a 96.4% decline from four million a year in 2017.

A month before it opened the first location, even more savings are forecast about the end of 2023. The cost includes payments for using Amazon Web Services, cloud technology and hiring remote employees who manually verify the accuracy of checkouts and stores amongst other tasks. Amazon debuted its GoCache or Lestore in 2016, creating the convenience store where customers could purchase

items through an app without having to go through a checkout. So the consequences of you sitting on the sideline is companies who are innovative, who don't sit around and say, I can't, I got to figure this part out. So this is where this takes me. This is where it takes me. It takes me a couple different places. I want to share my thoughts on this and I want to hear your thoughts and rebuttal on this.

This is where this takes me. Number one. So The first part is where you know the whole orange stuff, you know, you know, the guy doesn't want to wear the vest. Yeah, that's probably one percent of the population. Whatever, they're just four point four million. I get that. But the same way this guy's talking about 10% of it is crypto only America's Investors are 7% is crypto community. So either that's% of crypto community, what percentage to make a lot of money, maybe some of them got in late, so that's like 23% that let's just say one or two percent. Fine.

Here's the part I think about. Here's the part I think about. Okay, and this is gonna sound a little weird, but what the hell is the purpose of us being alive and living? Like what are we supposed to do? Are we just supposed to sit around, collect the check from the government and play video games on Smokeweat?

Are we just supposed to stay home, assume the government's gonna send me a check? And I'm gonna have kids with my wife, and we stay home and watch Netflix all day long while they pay me five grand a month. And that is my life. Do you really not think eventually at some point when you're watching these inspirational, aspirational movies, like pursuit of happiness, like gladiator, like, you know, any of these movies you can be lean on me, you sit there and say, what the hell is my purpose? Is my purpose to have somebody give me free money on a monthly basis? So it can steal my dreams away or do I want to do something big with my life? So maybe my legacy is not going to be worldwide, like in Elon Musk or a president or billionaire

or an athlete or Hollywood celebrity, but maybe my legacy is going to be regional, maybe it's going to be state-wide. Maybe it's going to be a local community. I was a star that came out of my city and I started a business and we have 200 employees. Or maybe I'm just going to be that cousin that did something special in our family and I inspired my nephews and needs to want to do something big as well. I'm proud of that. It doesn't matter what it is.

Maybe you're the first kid out of your family that got a degree. Maybe you're the first kid out of your family that became a doctor. Maybe you're the first kid out of your family that came out and started a business. Race, healthy kids, they did good, they became good citizens. At the end of the day, this whole thing about UBI to me is, listen, the technology innovative creative people, they're not gonna wait on you to complain. You can complain all you want.

They will gradually sit there and say, you know what, machines don't complain. They produce. And why am I not gonna just keep producing machines? So then if I'm a 28-year-old, 32-year-old person right now sitting there listening to this, I'm kinda like, yesterday Robert asked me a question about what would you do in today's economy.

I said, everything I'm looking at is finding a way to be irreplaceable. What is irreplaceable me? What can I do to be irreplaceable? What kind of value do I bring to the marketplace? What kind of context do I bring to the marketplace? What skillsets do I need today that's gonna be valuable 18 months from now,

36 months from now, five years from now. Am I a good leader? Am I good at working with people? Am I good at solving issues? Am I compatible? Do I get along with people? Am I a good negotiator? Do I build good leaders?

What is my value? So if you ain't thinking about producing your own type of value today in a marketplace, you're probably gonna be replaced by a machine and a robot. And this whole UBI concept that people think it's a good idea, all it's doing is stealing your purpose away from life and what a waste of a life ain't nobody want that. And there's no dignity, there's no integrity. None.

There's no, you have no values, you can pass down to your children, why have kids? Why do we watch inspirational movies though? Why do we watch great movies? What what happens at the end of the movie when you and I watch a Movie that just what do you why do you watch Rocky? You know for what? Why do you watch these movies? You want to be the underdog who comes back and we exist that's like in our DNA is to be somebody We all want to be somebody and this free money steals that away from people. I mean, George Washington crossed, look, our founding fathers are spinning in their graves. They fought for freedom.

They fought for liberty. They fought for a population that could have a purpose. There have been countless American boys who've paid with their lives and women boys who've paid with their lives and women who've paid with their lives for this. Yeah, I don't know. And you know, listen, here's a part, you know how they say the more things change, the more they don't, like everything. Yeah, the whole thing where it's like, hey, well let me take this is the end of the world. Now listen, 50 years ago there was free loaders.

50 years ago, there was low income, middle income. 50 years ago, there was guys that capitalized. 50 years ago, there was criminals. 50 years ago, there was dividers. 50 years ago, there was guys that wanted free money. 50 years ago, there were communists. 50 years ago, there were guys that hated rich people. 50 years, I mean, it's this ain't changing.

The only thing that's changing is the following. Here's the only thing that's changing today. 50 years ago, if my wife and I got into a fight while I'm at work and have a 30 minute drive when I'm coming home, 50 years ago, I probably didn't have a cell phone to call or again to biggest fight and say a word they regret because ends up leading to our marriage,

eventually leading into a divorce. 50 years ago, I had 30 minutes to calm down by the time I came home and I'm like, listen, I'm so sorry, let's just figure this out. We're good, okay, we're good, we move on, right? 50 years ago, when shit hit the fan, you didn't hear about it to 14 hours later. 50 years ago, maybe you heard it at news,

eight o'clock at night, but maybe you didn't hear about it on the paper the next day, it took a while. So the reaction was, we were more common we reacted. Today's like, what happened? Let me post it. Oh my gosh. So the exaggeration of issues today is so much bigger that we are reacting and it's making everything bigger. Yes, that's the only thing. So that's the only part that people have to be very careful. You're having so quickly. Yeah, I can't even process it I agree, but let's go into that story about media what's going on on page six with Fox some of these things that came out with MSNBC

Let's see what story this is that a This is a Fox news dominates basic cable MSNBC finishes behind 29 networks amongst advertisers covered demos So Fox news ruled basic cable, Tyler, can you see if you can pull up a date on this, if there's some kind of a thing for us to look at? Fox News ruled basic cable last week finishing as the most watch network for the 39 week straight. Fox News was the only basic cable network to average 1 million viewers finishing the week of November 8th through the 14th with an average of average audience of 1.5 million while runner-up ESPN

Settle for 893 interesting then harm Hallmark channel MSNBC and HGTV rounded up in the top five and CNN continued to struggle with a this small average audience of 483 wow The advertisers coveted demographics of adults age 25 to 54 indicated that MSNBC also has significant problems. Fox news average 245,000 demo viewers to double CNN's turn out of 107 MSNBC average 77,000 viewers amongst the crucial demo finishing behind 29 other cable news networks including BET, BET, FXX Bravo MTV Freedom Lifetime, Sci-Fi, Discovery and TLC. By the way, the 25 to 54, okay, that audience. Isn't the 25 to 54 supposed to be watching more MSNBC and CNN than Fox? Do you understand what I'm saying to you?

Isn't the younger audience supposed to be watching more liberal news than Fox? 40, which is the most important audience because that's the voting audience. So I'm going back to Virginia. I'm going back to Virginia. And also you have to pull ESPN out of this. Pull it up a little bit tighter to see if there's anything there. And by the way, runner up ESPN, that's seasonal because they're in the middle of college football and NFL. And so ESPN always pops up right now so but the whole point here is that you've got

ms mbc that's ranked twenty ninth it's not who's leading it said nbc without dj t has nothing to say and america is not watching a hard left network at what does this mean anything to you? No, well, the story. MSNBC's ratings were record level when Trump was in office. So, it bizzahk hit it on the head. If the whole ratings bananza that they had at MSNBCs because they were just rating against Trump,

rating against Trump, rating against Trump, the ratings were off the charts. Now that he's no longer there, they're going to need to pivot and they haven't pivoted yet. They're not going to cover all the great things Biden's doing because there's not a ton of it. Right? Also, something that Fox News has done well is they've embraced some sort of pop culture.

Like what's the one guy? He's got his own like late night show, Greg Buttfield. He's good. He's got a late night show on Fox News. MSNBC is politics politics politics politics i happen to like joe scarborough and the show in the morning morning joe they've got a lot of smart people on there it's the one thing i watch on msnbc

but when you turn it on at night and you get the Rachel maddo show and you get the christ haze actually like brine williams but you know that you're getting politics and you know that you're gonna get just basically The same old same old without all the Trump and they're still covering all the nonsense that Trump's doing the problem is He's not the president anymore. So they're gonna have to pivot they're gonna have to maybe infuse some pop culture Maybe the last politics, but it's not looking good for these liberal leaning And Brian quit. He didn't renew his contract

Brian quit. Yeah in the middle of his Middle of middle of negotiating his contract he said I'm not doing it I got too many cats at home to take care of I'm not my kind of guy no but seriously he didn't say the part about cats you know I know his dog that was leaked later by a neighbor the um but he did say in the middle of his negotiation that I'm done right wow that's unfortunate because he was actually a moderate voice. Well, because he was a balanced voice. He's a moderate voice. I used my favorite guy all the night. So look, and we can talk about Democrats potentially

going to get shalak. So he said he was nearly shot down in a helicopter as he left the executive. Oh, that's right. That's a man you're trying Brian Williams. But the country has basically everything that's happening right now getting Trump out of there and now the Democrats probably getting shellacked in the midterms is an embrace of the middle.

That's the problem. So there's a country is that the middle is being we haven't pulled up the independent chart. Yes. Okay. Which this is a good segue to go to you know. Yeah, that's right. Pull up the independent chart that she's start 11 11 day now I got a question why aren't

there more people that want to watch a hard left what what where are they where are these people politically do you have a chart they're they're offended they're they're finished with this progressive bullshit they're done but there must be a whole bunch of them that are thinking other ways do you have a chart can you zoom in please uh... there you go go for all right so here we've got the yellow line. It's independent. So they've you know they've risen up there. They're pushing looks like they're pushing 20% of the people surveyed by the economist. Adam are the colors okay?

Yeah. Can you see the colors Adam? Because we're just a little worried. By the way Adam, just so you know in that chart on the yellow she's shown you need to look at the left that shows 20% not the fact that it's closer to 10%. But keep going, go ahead, Daniel. All right. So I feel like I'm I can high school again with all these bar graphs, charts. Let's go among among the independence. 120 GPA. They describe themselves. Self describe for us.

Yeah, math really sucks. Okay. The moderate is in the middle. I agree. In January of 2021 Maybe 20 24% or so describe themselves as being moderate that has increased in the last nine months by a sizable amount Great. This is good news. So the middle is rising. Yes, and that's why MSNBC's ratings are crashing. So what news outlet identifies to moderates? I think that MSNBC and CNN and Fox News. What news outlet? I'm gonna have to push back because people like Chris

Wallace, people like Neil Cavuto, they're extremely balanced. Neil Cavuto on Fox Business. I love that guy, but it's not on Fox News fox business barnie's not exactly not right uh... varnies pretty right uh... varnie is has his head such a dot com's ass that he can't be held by the bear i mean bret bear it's very credible bret bear is an extremely balanced true fourth estate journal you say the same for wolf blitzer though i don't think he's super liberal

wolf blitzer now i mean actually like uh... jake dapper too seems pretty moderate uh... cnn's lead anchor all i'm saying is if you're talking about prime time television it's you know you start off and i'm on your show all the time and and i'm also

thank you i'll tell them what's up he doesn't have a per se he's a no but that's why I said it that way. Because I want you to say... More articulate on that. Sausage, Wesup. Oh, okay. You got me. No, note to self, thank you.

Keep going, Neilis Knight. Please make your phone call. And Scott Latham is trying to get all Fox News. Yes, no, but I actually think that Fox News has garnered a broader audience of moderate watchers. Because... Yes, business, you're talking about... No, no.

And where is Brett Barrett at prime time? But you're talking about Neil're not on fox and we're as Brett bear it at prime time but you're talking about new computer is on fox business business a new has a fox new show every single day at four p.m., you find them on YouTube. You don't find them on media, which is actually very good. That's fine. And that's that's that's her point. That's a fair point as well. I would say Wall Street Journal is also pretty independent. Little left, but I would say they're independent. Wall Street Journal is a little left center. I would put in centers. I would put them far right. I would put in them center right. Wall Street Journal. Yeah. Center right.

Little left for your taste. Maybe it's not right. I'm putting them center right Wall Street Journal. Yeah, center right. Little left for your taste. Maybe it's not right. I'm for me taxes is right. Certainly the editorial team is Leanne's right, but that's okay. And there a voice of reason and I'm whatever. I've been a Wall Street Journal subscriber since I was a somebody to give you a cool shout out. But baby, they said love biz docs, dad jokes.

Listen, the fact that Cole J4C said that, you just made Tom's day, maybe his month, the fact that you like his dad jokes, you don't even know how important that is to him, the fact that his dad jokes are, they cash the right kind of attention. Okay, so let's talk about China. What happened with China here?

Go to page six, page six, page six. China becomes richest country in the world. Overtakes U.S. to grab the top spot. This is an MSN story. China's now the world's richest nation as global walled, tripled over the last two decades and China leading the way. And overtaken United States for the top spot,

the world's net worth rose and unprecedented $514,000,000, and 2020 from an earlier net worth of6 trillion in 2000, which China taking the largest single share nearly one-third of the world's income China's wealth launched to 120 trillion dollars from its previous 7 trillion in 2000, from 7 trillion in 2,020 trillion dollars, and unspeakably colossal growth from its days before joining the World Trade Organization, which accelerated its rise to power. The US meanwhile has experienced muted increases in property prices, nearly doubled its net worth

over the same period to $90 trillion, $30 trillion less. So what does this really mean? That China is now worth $30 trillion more than US, Danielle. Damn it, we got to print money. We got to print more money. That's the kick. We got to catch up.

Is that what we got to do? Danielle, what do you think about this? How's the dad joke? I think that everything that we're seeing with Evergrande is emblematic of the fact that there's a, don't know, we bit a speculation in the property sector in China that is backfiring to use your word. Because we've seen the Chinese stock markets come down quite a bit.

But the speculation, the government has been trying to rein it in. This is their fourth major attempt to rein in the property, to rein in speculation in the property market. And the Chinese are so uncertain about where they can park their money that's safe, that the Chinese government can't convince them to stop putting their wealth into real estate. Otherwise, they're just trying to get it out of the country. Yeah, a lot of investors right now,

what I saw was reading this. But after the Jack Moth thing, oh. Exactly, and how much wealth he's losing, and how scary it is to be a billionaire in China today, because she is coming after. He's not even playing around with it. You're in the center of the bullseye. Yeah and and not only that the other part that's starting to scare a lot of people it's outside investors who were

investing in China are worried if they can get their money out of China so that's scaring others to say listen we were gonna put a couple hundred million dollars we're gonna put a hundred billion dollars we're gonna put this much money we're just gonna kind of pump the brakes and go elsewhere maybe to a place called India which is getting the investments today. And India is so hot. India is so hot. It's not even funny.

And India has no infrastructure to speak of. So the opportunity, massive, are insane. And the demographics in India compared to China are insane. 26.4 years old. So the younger age you're saying, 20 years older age. China's 38, India's 26. A lot of it has to do with the one baby policy that backfire it on them. If you can reign in the political corruption in India, which they're working on, then India's going to garner a lot more foreign direct investment in coming years. How long is Modi going to be in power for in India? I'm not sure. I don't, we can Google it. You think about running against them?

I don't know if I'm gonna compete with Modi, but he's. India's India's the superpower. But don't they have feral cats over there? Like ones that aren't fluffy? So let me show you this story. This guy, there was a former political prisoner. What he had to say when he was being interviewed by PBS,

if you want to put that Twitter clip up there, I want to get your thoughts on this folks, pay very close attention to what he says here. And tell me if you agree with what his notion is about US becoming an authoritative regime. Play the clip. It's too loud. Lordy audio a little bit.

Little Lordy audio a little bit Can you can you help them out David or Kai or George or Dinkin or Robert or Mario Mickey? I don't know Tais anybody show up and see if he can find a way. How do we increase the audio here? Not happening? No, not playing. Are we gonna hear this or no? We're in. Check. On behalf of Tyler, it's not a Tyler's.

This is not a Tyler mistake. Oh, that's fantastic. Good for you Tyler. Blame it on a Jorge. Tame the Tyler. Okay. Do we have it or no to hear it? Okay, go for it. No. Do we know why we don't have audio? It's a basic video guys. You know he is speaking. He's saying words. Are we supposed to be like lip reading? I'm at this point it again. It's a basic video guys. You know he is speaking. He's saying words Are we supposed to be like lip reading because I'm at this point it again Well, here's the quote with the current state of Adam's eyes today. That's not gonna that map was really I've let you I say to do no okay, they're working on it. Not a good map if you can't do it I'm just gonna plate off my phone

I don't know if you guys can pull it up because all that background noise Adam is a color of a shirt. Okay not happening Okay, so let me What's this guy's story? I really want you to hear what he has to say. PBS, what's his name? Wayway? Okay. PBS, wayway. So folks, I want you to hear this story

of this man who just did an interview. He's a former, I want to say, a political prisoner in China. And during the interview, he tells the interviewer that US is an authoritative. This story is on, is this on what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, what, Okay, it's on Cernovich's account. Let me see if I can pull this off. Oh, you just go to Twitter. Sorry. No, Vitch.

If you don't have it, I'll try to get it from here. I'll go to his media. Here we go. All right. You're describing the directives of Mounts A-Dome. During the culture videos. Just during the cult religious period. Just plus the video. Yeah.

That would be distributed publicly every night. And then you write, this is your quote, they served a function similar to Donald Trump's late night tweets while in office. They were the direct communication of a leader's thoughts to his devoted followers enhancing the sanctity of his authority. So do you see Donald Trump as an authoritarian? Well, I don't... You know, he...

If you are authoritarian, you have to have a system in supporting you. Correct. You cannot just be authoritarian by yourself. But certainly, in United States, with today's condition, you can use your own authority to make sure that you're not authoritarian. And you can't just be authoritarian by yourself, but certainly in United States, with today's condition,

you can easily have a authoritarian. In many ways, you already, in the authoritarian state, you just don't know it. How so? Many things happens today in US, it can be compared cultural revolution in China. I'm glad.

Like people trying to be unified in certain political correctness. That is very dangerous. Interesting how he says Trump is not an authoritative because you need a supportive system, like meeting the media to support you, what you have to say, other political people, maybe you can go out there and do what she is doing. Do you agree with his sentiment, the fact that the U.S. is an authoritative state? I think we're on the cusp of it.

I think we see a lot of things going on, vaccine mandates and other things. I think in many ways we're on the cusp. And Daniel, Daniel, what do you think? I think that this entire post pandemic era has made a lot of people who were talking about the 7.8 million gap that's not in the labor force anymore. I think that this whole experience has made a lot of American sheep to where they're not thinking for themselves. And that in those types of environments, it's very easy for an authoritarian state to

come in and move in, because people have been thought to not think for themselves. And if people aren't thinking for themselves, then by definition, you're on a very slippery slope to being able to control their thinking, control their actions. Yeah. Let me think, let me think. I think it's called brainwashing. Brainwashing. The phrase is coming to mind decades ago.

Useful idiots. Do you know what Trump just said? Trump just said earlier today. He says, hospitalizations rising among fully vaccinated in the US. Would you agree with him? Saying that. He's saying, hospitalization rising amongst fully vaccinated in the US. Do you think he's just saying that because it's a marketing thing or not?

I was actually, I think there's statistics. What are you feeling right now? Hey, I'm on a jump in here. I was sitting by a doctor in the plane yesterday. I don't normally talk to people on planes, but there I was talking to this doctor. And he has seen a rise and breakthrough cases. But they're in or not in a plane yesterday. I don't normally talk to people on planes, but there I was talking to this doctor and he has seen a rise and break through cases, but they're in or not in a few days. Okay, so you wanna pull that up on who really said that

because it was in Trump that said that. You know who said that? Here's who said that yesterday. His name is Dr. Anthony Fauci is who said, hospitalization is increasing for people who have taken the vaccine. Yeah, because now we're on the booster thing, right? No, not that one.

This was November 17. So whatever in November 17. It's the one I texted you about. This is right there three days ago, CNBC. No, no, it's the one from yesterday. Okay, there you go. 16 hours ago. Hospitalization rising amongst fully vaccinated in US.

Fauci says, what we're starting to see now is an uptick in hospitalization amongst people who have been vaccinated, but not boosted. So what is this now? Now, this next phase is, gotta get you boosted. I know you got the vaccine, but we gotta get you boosted and another one. And another one. As case, the COVID-19 rise throughout the US, health officials warned that an increasing number of fully vaccinated people are being hospitalized or going into emergency rooms

are concerned about the wanting immunity against COVID infection comes from the FDA is expected with authorize a Pfizer, Bio and Tech vaccine booster shot for all adults, 18 and older. What we're starting to see now is an uptick in hospitalizations amongst people who are fully vaccinated, but not boosted. And it's a significant proportion, but not the majority in by any means.

So look, the part that I think frustrates people the most is gas sliding at the highest level, propaganda at the highest level, force at the highest level. We used to be able to choose. Today you are forced to do things you don't want to do. You know, you sit with somebody and somebody tells you, makes a case on why you ought to get vaccinated. You go get vaccinated. Somebody makes a case to you.

Why maybe you don't need to get vaccinated, you get canceled. You know, it's, people are starting to get a little worried about whether they can speak up or not. Now, so this guy when he's talking about authoritative and what to do, the only side that can probably pull off an authoritative type of an environment is not the right. And the reason why I say this, that makes my why I say so when you hear Rogan talk about I think Rogan was with who yesterday or two days ago was himself Alex Jones, Tyler who were they with where they with Tim Cast or I

don't know who they were with they were with somebody's podcast two days ago, were you aware of who it was or you weren't following it? Yeah, and you know, he was making a point to fact that you just can't have an opposing idea today. When you can't have an opposing idea, but on one side, whatever you say, the media is gonna come and back you up and you can't get canceled, that's form of authoritative. The media mainstream media essentially becomes

the authoritative's tool to say whatever they want to say and get away with it Fauci forces full vaccination including booster shots. This is September 30 Yeah, we're seeing that all over the place anyways. There's a reason why people are concerned today and this guy's making a point Do you agree what would he have to say? About booster shots or what about authoritative look at about the Chinese guy so like I don't think so and I'll tell you why every There's something that we've come to find out in America something called the pendulum effect every four to eight years The country swings a little bit to the left or it swings a little bit to the right The reason that we went from George W. Bush to the right to Obama eight years later

Obama to Trump is because they thought that he went too far left the reason reason that we went to Trump, so Biden is we thought that Trump went too far right. So the reason that I think that Democrats are going to get shalacked in the midterms is because they think that the country under Biden, under a house, and under a split Senate where Kamala has the deciding vote that the country is going too far left as Danielle is so pointantly explained in her beautiful bar graph that was an amazing bar graph. So, the, our country figures it out every four to eight years. The, the, the hyperbolic talk doesn't get us anywhere. Follow the facts, you're a numbers guy. Every four to eight years, the country says, hmm,

I don't like the way the direction we're going with Trump. Let's give Biden a shot Hmm Biden's kind of falling asleep with the wheel Let's give someone else a shot. Ah It's the same old story that we come to learn Here's where you say I agree with you Adam go ahead because that's gonna happen answer this question answer this question. Answer this question. As the pendulum has swung back and forth, as you so eloquently describe, has wealth inequality in this country gotten wider or

gotten narrower? Well, wealth inequality has gotten wider. You're correct. So that's going on in the background. Does wealth inequality create the situation for social unrest? It always does. OK, so it's continued to build in the background,

regardless of where your pendulum is. Yes. That's problematic. What's your point? We've been waiting. What's your point? What's your point? When people are desperate and increasing numbers of Americans are desperate like they would be in a third world, there's no developed country in the world that has a wealth

inequality like we do. You've got to go to Pakistan. I mean, there's no developed country in the world. So if people are desperate, they'll do something. And it doesn't matter what side they're on or not. The wealth inequality in and of itself makes the country vulnerable to becoming authoritarian. People will be willing to listen to somebody who

says rise up against the elite. Why do you think Donald Trump won? Because he was going to drain this swamp. And why do you think that resonated with one because he was gonna drain the swamp and why do you think that resonated with so many hardworking americans because they feel like they've been left behind and why do you think he did not get elected the second time around is because he got swampies the biggest swamp monster of all right he didn't he didn't drain the swamp but he hit a nerve

uh... and i knew it is still that i think i like that that nerve is still raw now it's called coven nothing's been if any if anything the nerve is still, that nerve is still raw. No, it's called COVID. Nothing's been, if anything, the nerve is even raw because the really hardworking Americans who tend it to be part of Trump's base are really pissed off. Now that there's been this attempt at socialism in America and they've had, and they have to wait longer at a restaurant than they've ever had to wait,

they have to pay more for a gallon of gas. So the vestiges of socialism have left a ton of, just 70 million or so. It's left there, nerves, even more raw than they were before. That's problematic. They're vulnerable. They're vulnerable to being led right into an authoritarian trap. I'll give you a great quote. Give you a great quote.

Rise up against the unrest. I'll make the train run on time. We'll start there. Who said that you a great quote. Give you a great quote. Rise up against the unrest. I'll make the train run on time. We'll start there. Who said that? Mussolini. Correct. Why? Because things were so bad that the people were railing to go along with it. And they walk right into the authoritarian. I have a question saying that Mussolini, we're right for a Mussolini here. I have a question for that. Is the ironic that Trump always gets compared to the most elite? No, I know what this is. I didn't hear Trump's homosilini. I have a question for that, but what she just said is absolutely correct when there's unrest,

and there's people that have these stifled frustrations and it's broad-based, they are ripe to follow the wrong guy. Now, who do you think is frustrated? Hold on. Hello. We were just talking about wealth and inequality. So who's frustrated? You think that it's a mute that it's only on the right? I'm saying people who are working hard and see a powerful chart paid to not work are really pissing off the hard workers. I have a question. Thank you. We've got military

background here so that it's sitting across me, right? Yes, ma'am. What happens to countries when states eventually fail to lead? I'm talking about entire states. What happens to a country? What happens? You talk about individual states like Texas or nation or nation. It's not a country. What happens to nations where the politicians fail?

Who rises? People. No. What type of leaders rise? Tell me. The generals. The military. Okay. That's where this country could be headed. You're saying like militia? Like you're saying military ruling the country. If we keep having, remember, we talked about it an hour and a half ago. The Republicans and the Democrats are both whenever they're in office, whenever they're

both in leadership, spending like drunken sailors. We've talked about this. So what happens one day when, and if possibly, Americans feel like they're not represented at all? I mean, right now, I've never seen an administration as vulnerable as the Biden administration is today because, again, they're paralyzed. They can't do anything. But the people who run our military, they're, they're doers.

They're not sayers. And so if- So is that a concern of yours? Are you excited about that? I think that would be fairly concerning for the United States. Tell me why. To be a military state. What happens?

Brazil, 1981. I mean, so why do you think that would even happen here, though? Because Americans are losing faith in the reason that independent voters are growing as a proportion of the electorate is because there is an increasing proportion who feel like they're not represented by anybody. At all. And you make yourself vulnerable to becoming an authoritarian state, which is what started this whole discussion. But what do authoritarian states look like?

The leaders tend to be militaristic dictators, types. Not wishy-washy Joe Biden. Who can't get anything done that's how she does that power pens well that exactly that exactly how chavez wrote i live in Venezuela and i saw it right before and that's exactly how Hugo chavez rose to power i'll make the train train basically saying that a general is gonna run for the president and win or you saying that they're the military no no no no no thank you that's what i'm saying that now do you actually

believe that or you just don't legislate for the people you mentioned three things right the deficit needs to come down right interest rates need to come up right what was your third and that third is money supply you got to control the money supply and all these things are are we going in the in the right direction on any of it okay money supplies coming down because we can't legislate until after the midterms, well, then the Republicans are going to start spending money on what they buy has had a temporary moderation. If you extend that back 18 months, it's grown, grown, grown. So we are redlining

with certain moments of moderation. We're redlining all the roads of the money supplies come way off. You have to wait until after the midterms and then the Republicans will spend on what they want to spend on. I'm agreeing. I'm agreeing you. It it's come off it's moderated in the most but i'm just i'm asking somebody who served who served in the military you pay attention to your leaders if they're strong leaders if our country can't find any strong leaders they're gonna pay attention to

the people who are strong and running our military i'm just talking about the possible and you brought you brought up the word patrick authoritarian you played the You played the video. The guy from China says that revolve, nerable. Yeah, but the point he made that stuck with me is the reason why Trump couldn't be an authoritative guy is because you need the system to support it, right? So what I wish you would have asked,

the question I would ask him, tell me what's the system? What is the system? Is the media part of the system? Is it educational systems part of the system? It's kind of I want to know I'm saying Okay, fine, but but and then what I'm saying to you is that'll never happen on the right here's why let me explain So yesterday we're having this conversation together. Yes, we agree on that. Okay, so let me explain to why here's how this work So here's how this works. You know how two kids are playing,

and they're using the toys. Okay, they got their favorite toys sitting there, and they like a lot of the same toys. So Adam says, Adam, you go first, pick your first toy. So no one Adam, he takes a little doll, the cat doll, whatever, he takes that doll. So okay, that's your doll. Take it, you're at Joe's hat.

Then it's my turn. I take that little car, whatever the car is. Then he takes his 1000 and then we're gonna go, right? Okay, so the left and the right are sitting in the room together right across from each other. They're gonna say, okay, left, you go first. Okay, left goes first. You know what, we're gonna take the educational system

and we're gonna influence that. Shit, that's big. Okay, we'll take the church. Okay, go. The more the church is concerned, everyone's Fine, what are you gonna take next? We're gonna take mainstream media. Damn, I should've taken that first. Damn, that's powerful.

Okay, we'll take the military. Okay, go. You got military, okay. We're gonna take, you know, virtual government, social media, all in Silicon Valley, and they're gonna be on the left. We're gonna control it. Freakin' A, I should've thought of that.

Ah, let me see what I'm, okay. We'll take a lot of the crypto community because a lot of the crypto community, they're libertarians, so it's center, right? But should have thought of that. Oh, let me see what I'm, okay. We'll take a lot of the crypto community because a lot of the crypto community, they're libertarians, so it's center right, but it's on the right. Fine, we'll take crypto. Yeah, we'll give you that. It's only seven percent, it's not a big deal.

They're going back and forth, back and forth, now you look at the left, what they got, they're stacked with things that they got. Stacked, union, left, stacked with what things they got there. So another right is saying we kind of screwed up. What are we going to do now? Okay. So in this instance, the reason why I say the right cannot be authoritative is because the system doesn't back up the right. The only person that can be authoritative is somebody from the left because they have majority of the system. And if somebody strategic before they're left, truly wants to be authoritative in America,

what do you gotta do? Here's what you gotta do. Strategically. You gotta make people sheeple. First thing you gotta do is change the tax code for churches. That's what you gotta do. So if a pastor from stage says something

that is at a line, you gotta remove their tax code. You can no longer take money and that becomes, okay, if you're gonna go that direction, that's how you got to do them. Number two, the system on how military is being indoctrinated, you need more people like Millie, who at CRT, who at all this other stuff, and softened up the military, that's the strategic move you got to do.

That's what you got to do. Number three, what do you do with crypto? What you do with crypto is regulate the shit out of it, so making those people disappear, because they're starting to become in a pain in the ass, because some of these guys actually have money. We don't like the libertarians being rich, because they already don't give a shit,

and they want to be left alone. And now they're the top of people that are going to say, screw you, you can't tell me what to do, because I'm a damn libertarian, and these crypto people are libertarian. If the left wants to truly be a authoritative state, those three organizations you got to go take out. Now, if the right wants to create that freedom for everybody to choose, you got to

kind of start producing some universities, you got to kind of start educating people, you got to kind of start talking about how great capitalism is, you got to start selling the dream, you got to be attractive, you got to get that younger audience, you got to get the people that are telling the story the right way. And then some people are going to sit there and say, you know what, this kind of starting to make sense to me. So, I don't... Yeah, I mean, who on the left is coming out and saying, teachers unions destroyed jobs, teachers

unions destroyed families, teachers unions prevented mothers from being able to rejoin the workforce. Who's going to come out and say that? Yeah, of course they're not going to say that. And to me, the other day I made a comment about teachers, people flipped out, I said, look, there's about 40% of teachers should be fired, because they flat out suck. There's a lot of teachers.

They're not accountable. Not only are they not accountable, they don't like their jobs. They don't care. Listen, let me tell you, let me let our kids, let me put it to you this way. If I ever was a, let me tell you, let me let our kids, let me put it to you this way. If I ever was a front desk clerk, you should fire me because I'm probably not gonna be a good front desk clerk.

If I was a front desk clerk. If I, if I, if I, you're a bit ADHD. Yeah, I'm not gonna be a good front desk clerk, right? If I was a waiter, you should fire me because I'd probably be asking you to learn a lot more about you and I'm gonna forget the fact that you want drinks and your burger is gonna come with onions, even though you said no

onions. I'm going to forget about it on the way back and you're going to be like freaking a high time you remember the onion thing. Yeah. Yeah. That's not matter. If you have that extreme ask for onions. I'm going to get my restaurant when I wanted to. 86 the onions. The whole restaurant. The point is there's a lot of bad teachers out there that should get fired. And they should not be teaching today. But that's what we learned during COVID. And nobody's talking about it.

Because they have this tenure thing, right? They have this tenure thing. There's a lot of bad teachers out there. Anyways, it's the same way we need term limits in this country. We need term limits so badly. Because you have to dust off the average senator. They've been there for so long. We need term limits. Well, the term limits is coming midter there for so long we need to know what the term limits as coming

midterms except it's going to be forced to know limit because they don't have a choice their term is coming legislator anyways hey i want to do the last one a common story because i know you want to talk about it now that's a day's a week just read that because it's important for us to know that and in care like we got to have this is December 3rd, they bet. So, yes.

Pat paused one sec. What happened? We just went off. Did we really? Yeah, we just went off. One sec. Let me refresh this. Let me see how much we lose with this.

Today's been a little bit. Do we know what caused this or no? No, no clue. No one's been back there. But we'll be back up in just a second. Stream stopped. It's frozen. Well, at least they got a good shot of the bizzah.

Yeah, we just lost. And the babe. I believe we're back. Frozen, frozen, frozen. Are we back or no? Yes. Are we frozen? OK, folks, if we're back, just say we're back.

So I'm going to read this Mitch McConnell story. We're back. The last one. folks if we're back just say we're back so I'm going to read this Mitch McConnell story. The last one and then we're going to wrap up page 8 if you want to go to it. Here's a Mitch McConnell story. Tom here's a Mitch McConnell story. McConnell government funding fight could drag into 2022. This is a Washington examiner story. Senate of minority leader Mitch McConnell warned Congress could be embroiled in a protected fight over 2022 government funding legislation due to major differences with Democrats over spending levels and policy provisions.

McConnell dismissed the possibility that lawmakers could come to an agreement on a year-long spending measure by December 3rd deadline and said he instead anticipates a stopgap, measured known as continuing resolution lasting into 2022, will be necessary to keep the government open. The democratic measures increase the mass expending by 14%. The measure also cut court border security funding despite the current illegal immigration crisis along the southern border. So what do you think McConnell is going to do? I think McConnell is going to hold his ground.

I think McConnell wants for the Democrats to own the increase in the debt ceiling so that the midterms can be as ugly as humanly possible. Will he be successful? So far, he's held the line. How ugly think midterms are going to be? The record for Obama's 61 or 63. You think it's going to be worse than that? It could very, very possibly be. You cannot have, you can't have anybody say that inflation is good for the economy. I mean, this is a bad situation right now. It really is. And by the way, inflation might start to come down later in 2022.

But by then, too many families will have been hurt by this. Too many families will have been completely ignored, dismissed, lack of leadership. And they're aware that there's a lack of leadership and they're aware that there's a lack of leadership by the by the approval of ratings congressman congressman approval ratings have never been lower than they are by the way let me ask you in a in a situation like this you know how sometimes you hire somebody in the guy comes in his just not doing a good job who's the first person that goes on a sports team when the team starts losing

who's the first person i get fired when the sports starts to lose in the code coach okay in the city and the got the players the coach the he's the first person that goes on a sports team when the team starts losing who's the first person that gets fired when the sports starts losing the coach coach okay in a situation in the garden the players the coach the coach is the first person that gets fired Jim typically stays right i went to the university of taxes we fired the coach often okay so check this out today who gets fired Kamala Harris gets fired they bring people to church in that conversation is creating a lot of momentum by the way it's not like it's just here say and some bloggers writing about it you know uh... democrat suck dot com

some real like mbc c mbc people are writing about the fact that peat may be the new vp do you think that's a good strategy for them to make to change comahla because she uh... based on the stories we hear is not getting a lot done and they have to supreme court justice is that they're scared to death that if the midterms go that they'll never get them replaced if they die after that.

And so therefore those two justices will go to the next president which will probably be conservative. And so they're thinking maybe we just put Camel in one of those places. I saw that. Which by the way Supreme Court she has to work. As a VP you don't have to work. You can hide. You can't hide as a Supreme Court.

You have to actually work. The VP fly around the globe't have to work. You can hide. You can't hide as a Supreme Court. You have to actually work. The VP fly around the globe giving out wreaths from somebody else. She doesn't even cut ribbons. I mean, she's, or the liberal funeral wreaths. But she wants to go to the Olympics. No, and they're trying to help her out without having to go to the Olympics. The whole boycotting of the Olympics. Boycotting of the Olympics, yeah. So do you think it's better if they do bring, like, think about it from purely a marketing, they're harry as a marketing firm. Is it a better look to go get Pete instead of Kamala he's getting a lot of

airtime if I'm a democratic strategist I say look what I just said you can follow what I just said about the spring court and everything like that listen let's make the swap now let's figure out a way to do this because not only because midterms are midterms are in trouble my My over and under midterms is 70, by the way. And so following that, now you've got it solved. Let's put her on the Supreme Court. Let's get one of our retirements done. The ones that last time I was president was actually replaced.

We're talking about replacing her during Biden's terms. Now we're talking about ones that last time that happened. Spiro Agnew under Richard Nixon was replaced with Nelson Rockefeller. I'm not talking about without getting... No, no, Spiro Ag Nixon was replaced with Nelson Rockefeller. I'm not talking about without getting, uh, no, no, Spiro Agnew was replaced by Nelson Rockefeller. Okay. That's the last time that we intentionally

replaced the vice president. Gotcha. And what was the reason for that? There's an economic scandal that Spiro Agnew got in regarding those a scandal. So this has nothing to do with the scandal that just has to do with an aptitude. Why is it why are commoner by the way not a commoner fan why they look in a place her polarizing figures in the country and she's made a bad situation in the administration of that up front before they they nominated her and I actually don't think they knew that because the moment they nominated her she showed up the first two three four days

I don't know if you remember after the first three four days people got pissed They made sure she wasn't anyway. She disappeared before the election. I don't think they knew that we got to go Okay, we got to go anyways. I listen gang. This was blast if you enjoyed it Give it a thumbs up because you can't give us a thumbs down and then subscribe to the channel It's actually real now apparently I missed a thumbs down But what's the schedule for next week? It's Thanksgiving giving oh we're doing podcasts twice next week or once do we know we're doing Just once why not Thursday because what it is Thanksgiving? Well, we may do something. I don't know because I am in town We're not at a town. We had what happened you want me to check my schedule? Oh, and why I gang here's the other thing that we're doing

I don't want to forget to do this we Want to make a lot of people's day during Christmas. So here's what I'm thinking about Can you put up the site so people can see it if you can pull up the site. Please go to the website. I Want Any story you know family friend, friend, cousin, co-worker, who, due to COVID, they're working their tails up, they're doing their best, they're really trying to go out of their way to be good parents,

good workers, good small business owners, but maybe they just need a break and they need somebody to make their day. I want you to go to the link that we're gonna put below here, 2021 holiday giveaway. Nominie, go a little lower, don't play the video on who you wanna to nominate. This could be anybody you know that's working card, a parent, a single mother that's got

two jobs. Maybe we pay her bills for the month of Christmas, you know, for the month of December. Maybe we get a car and SUV for husband and wife and fill it up with groceries. Maybe we take them to Disney World. Maybe we just do them a face time. Maybe we bring them on the podcast. I don't know. We want to make a bunch of people's days and you as the person nominating someone will also get love. So if you do have somebody, please go through the criteria. Let's put that link below in the description section.

Send anybody that you know that's, we're going to follow up with you and ask you more questions and do a little bit of due diligence, but hopefully we'll be able to go out there and help make many people's decisions. I'll be in my Christmas hat on December the 16th, so that's when I'm headed back to studios, so I'm wearing my Christmas hat. You're going to be here with us December 16th. December 16th. I'll be looking forward to it.

Take care everybody. Bye bye bye bye bye bye. Happy Thanksgiving.