No BS Newshour Episode #360
Diamond Dan’s Dirty Deal
Billionaires and car companies have sucked Detroiters dry.
Now they’re coming for your homes in the suburbs and the countryside.
Wall Street titan Richard Excell on publicly funded development deals, tariffs and DOGE.
(0:04) Detroit’s Game of Oligopoly.
(4:19) I’ll sue GM.
(12:40) Tariffs are terrific. Stopping China’s march in the global game of chess.
(23:15) DOGE- Do it! No one wants our debt.
(30:01) All that glitters IS gold. It’s out performed the markets & it’s more stable than the dollar.
(39:37) “You should be pissed” at the Government’s financial lies.
(45:14) Detroit Red’s quest for his Section 8 Penthouse.
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Sponsored by American Coney Island, Pinnacle Wealth Strategies, XG Service Group, and Archangel Senior Management
Transcript:
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Diamond Dan Gilbert’s got his hand out again.
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He wants another $250 or $350 million from the Michigan
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taxpayer for his latest scheme to redo the Renaissance
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But can we trust Diamond Dan?
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Is this idea even worth it?
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Let’s compare.
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It took one year,
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one month,
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and two weeks to build the entire Empire State Building
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with private money in the middle of the Great Depression.
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It took three years and eight months to build the entire
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Renaissance Center,
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all with private money and in the middle of the 70s,
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oil embargo.
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It’s taken 7 years so far for Diamond Dan to build
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this, the Hudson’s Tower in downtown Detroit.
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an erector set with no opening date in sight.
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Normally you’d go bankrupt taking a decade to build
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a skyscraper,
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but not Diamond Dan.
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Not when the public hands you $200 million in cash,
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prizes, and property,
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and it’s not even as tall as he said it was going
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I’m sorry,
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I’ve got my own taxes to pay.
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You should try it sometime.
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It’s called capitalism.
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Live from downtown Detroit,
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it’s the No Bullshit News Hour with my main man,
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Charlie Lazar.
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And Karen Dumas.
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Sister breaking news,
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dumb or bullshit,
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dumb or bullshit.
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Well, Karen,
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it’s going to be the big money show today.
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It’s Liberation Day.
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Joining us will be Rich Excel.
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Rich, basically,
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he’s a big swinging rich from Wall Street.
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He’s professor of finance.
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Are you a professor of finance at University of Illinois?
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I am, yeah.
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30 years as a money manager,
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the former managing partner at UBS Bank,
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writer of a really important financial substack called
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Stay Vigilant.
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And he also
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Oh, what the fuck?
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Host a fucking podcast?
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Everybody doing a podcast.
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Everyone is.
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What’s the name of it,
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So I do the podcast I do is for the CFA Society in
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And we have two of them.
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We call one’s Investment Exchange Forum and the other
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one’s called Macro Matters.
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So we talk about the macro that matters,
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like the money that matters.
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And the other one,
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we just cover different themes,
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et cetera.
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All money matters.
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Okay, but before we get to that,
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the big money show brought to you by Luke Nowacki,
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telling you politicians lie to you,
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the media lies to you.
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How do you know if your investment statements are lying
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You can jump in anytime here,
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Remember, you’re not managing your wealth.
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That’s some unseen guy working for a big bank,
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jockeying some unknown algorithm.
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That’s correct,
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isn’t it,
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A lot of part,
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There you,
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hey man, that’s former managing director right there.
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So take my word here.
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But he’s not making decisions based on what’s best
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He’s making decisions on what’s best for his bonus,
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gambling with your hard-earned dollars.
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You know your money,
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That’s why I work with financial specialist Luke Nowacki
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at Pinnacle Wealth Strategies.
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He’ll tailor a financial plan specifically for you
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from annuities to retirement accounts to college savings.
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He’ll keep you up to date and always a phone call away.
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Let Luke Nowacki worry so you don’t have to.
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That’s Luke
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at 2486634748.
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And when have we don’t get done with today’s show,
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you’re going to know why you got to call.
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Maybe call him here.
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Have you have you gone?
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No, I have not.
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I talked to him the last time he was here,
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but I have not called him,
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but I am.
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The market’s moving up and down.
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I know it is.
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You got to get your sane retirement strategy.
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Yeah, at some point.
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Who gets to retire?
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I’m worried about it.
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Okay, look,
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before we get to Rich,
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the tariffs,
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liberation,
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Wednesday,
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this right here.
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I bought myself a single share of General Motors stock
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back in December.
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And so far,
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I’ve lost 9%
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on the deal,
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and I consider it one of the best investments I’ve
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ever made.
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Because this solitary share gives me voting rights
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and legal standing within the company.
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And if this rancid Renaissance deal gets done,
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I’m going to sue the shit out of GM.
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See, in Detroit,
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you see a lot of half-baked development deals,
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but this one,
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this one is so bizarre,
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it defies financial sanity.
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As A shareholder,
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GM has a responsibility to maximize my financial gain.
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This project,
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the little we know about it,
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can’t possibly,
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can’t possibly do that.
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Developer Dan Gilbert and GM have come to the public
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asking for help with their $1.6 billion scheme to
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redevelop Renaissance 5 towers along the Detroit River.
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Gilbert would bring 1 billion to the deal.
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GM would toss in another 250 million.
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And you and me,
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the city and the state,
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we’d chip in another 275 million.
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GM, which owns the building,
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says its role in the project would simply be a philanthropic
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If the redevelopment ever made a profit,
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the company claims it would donate the money to charity.
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That is, according to Dave Masseron,
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GM’s vice president of infrastructure and corporate
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citizenship.
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But I don’t trust Masseron as far as I can throw him.
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Just ask the people of Flint.
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He’s one of the main culprits who pushed the deadly
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water deal onto Vehicle City.
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Now, stick with me here,
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Profits are supposed to be maximized and distributed
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to shareholders.
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This is called what?
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Capitalism?
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And fiduciary responsibility.
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It’s called capitalism.
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Oh, it is,
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Yes, thank you.
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But I would just throw out there,
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though, that a lot of companies,
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if you noticed,
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if you look at the business roundtable in DC,
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et cetera,
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are pivoting to
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maximizing all stakeholders,
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not just shareholders,
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which includes the community and includes employees
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and customers.
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So that’s been the pivot that we’ve seen over the last,
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you know,
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10 years or so.
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This is the way you can get some money from the public
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Okay, now,
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according to people in the demolition business,
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the potential cost to demolish all five towers would
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be no more than $50 million,
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which includes asbestos remediation.
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But let’s not quibble.
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Let’s say the demo cost will be 100 million.
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Still, $100 million loss does not equal a $275 million
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Right, Rich?
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I think that seems pretty fair.
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It’s good math.
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How much is the Renaissance Center worth?
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As is, we now have a comparable price.
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Tower 600 recently sold for $9.2 million in an online
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And weirdly,
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we still don’t know who bought it.
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But applying the same cost per square foot to the five
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towers GM owns,
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you know,
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more or less their value would come in somewhere around
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150 million.
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But let’s not quibble.
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Let’s say the sale price would land 50 million.
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Again, a $50 million profit does not equal a $275 million
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The math is simple enough.
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Sell it or demolish it.
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One can’t help but suspect the ultimate purpose of
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this backroom deal is to further enrich Dan Gilbert,
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one of America’s richest people.
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Gilbert is currently building the Hudson’s Detroit,
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a shabby taxpayer-funded skyscraper that is in its
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eighth year of construction.
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and Gilbert can’t find tenants.
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His main competition is the Renaissance Center,
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which contains more than half of the city’s vacant
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office space.
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Get the taxpayers to take those towers down and Gilbert’s
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problems are solved.
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The city does look better since bankruptcy,
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no doubt.
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How could it not?
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But at what cost and whose?
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Here’s where my one measly sheriff GM comes in.
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The citizens of the Motor City got pickpocketed over
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the decades by the financially felonious,
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which eventually plummeted the city into insolvency.
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With the highest property taxes in the country and
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the only income tax and utility taxes in the state,
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Detroiters have no more to give.
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So now the cabal turns its insatiable lust toward the
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suburbs and the farms.
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It is they,
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the suburbs and the farms,
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who paid for Detroit’s pensions over the last 10 years.
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And Flint’s water,
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Gilbert’s failed Q line,
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GM’s EV boondoggles,
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the Detroit Institute of Arts,
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the Detroit Zoo,
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the Smart Bus System.
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Now comes the increased fees for hunting licenses,
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driver’s licenses,
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even barber’s licenses.
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It’s all a license to steal your house.
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Now I got a crazy idea.
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Let’s try capitalism on the Renaissance redo.
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Otherwise,
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see you in court.
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And that’s the riff.
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What’d you make of it,
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sir, Professor?
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Give me a grade.
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I’ll give you a solid B.
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I’ll give you a solid B.
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I ain’t taking this guy’s class.
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I think, I think,
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I mean, you know,
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it’s point counterpoint,
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It’s like,
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you know,
255
00:09:39,680 –> 00:09:42,080
I would say that you want to maybe present the other
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00:09:42,080 –> 00:09:42,880
side a little bit more.
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00:09:43,880 –> 00:09:44,160
That’s okay.
258
00:09:44,160 –> 00:09:44,760
You did a good job.
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00:09:45,280 –> 00:09:46,480
Well, the reason being,
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00:09:46,800 –> 00:09:50,640
one, all we get is the other side.
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00:09:50,640 –> 00:09:54,360
That’s the price of an oligopoly here,
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00:09:54,360 –> 00:09:56,120
and the media’s not very strong.
263
00:09:56,120 –> 00:09:57,840
And if I was to say to you,
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00:09:57,840 –> 00:09:59,600
I took it out for brevity’s sake,
265
00:10:00,160 –> 00:10:02,160
the original ask,
266
00:10:02,680 –> 00:10:04,680
was $350 million.
267
00:10:04,680 –> 00:10:06,160
Now it’s okay.
268
00:10:06,160 –> 00:10:09,280
You can’t handle that and give me the cash all at once.
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00:10:09,600 –> 00:10:10,880
Make it 275,
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00:10:10,880 –> 00:10:12,800
250 on a tax capture deal.
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00:10:13,040 –> 00:10:14,160
It stinks,
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00:10:15,280 –> 00:10:16,080
Do you know,
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00:10:17,360 –> 00:10:18,320
you’re in Illinois,
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00:10:18,320 –> 00:10:20,880
the one Chicago square,
275
00:10:20,960 –> 00:10:21,840
that development?
276
00:10:22,640 –> 00:10:23,200
Yeah, I’m,
277
00:10:23,920 –> 00:10:24,120
you know,
278
00:10:24,160 –> 00:10:24,960
I’ve heard of it.
279
00:10:24,960 –> 00:10:27,040
Yeah, I’m not intimately familiar,
280
00:10:27,040 –> 00:10:27,800
but I’ve heard of it for sure.
281
00:10:28,720 –> 00:10:29,360
Have you heard of it?
282
00:10:32,280 –> 00:10:33,040
Two towers,
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00:10:33,360 –> 00:10:37,200
one’s over 900 feet and one’s about 600 feet.
284
00:10:38,000 –> 00:10:41,520
That was built during COVID in three years.
285
00:10:42,720 –> 00:10:45,360
The property was $110 million.
286
00:10:45,600 –> 00:10:47,440
We gave it to Dan for a dollar.
287
00:10:47,840 –> 00:10:49,000
We’re the ones that went bankrupt,
288
00:10:50,240 –> 00:10:51,920
It was $850 million.
289
00:10:52,800 –> 00:10:55,040
No public financing that I can find in this deal.
290
00:10:55,200 –> 00:10:57,720
They’re saying this one with the tallest tower,
291
00:10:57,720 –> 00:10:58,720
600 and something,
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00:10:58,960 –> 00:11:00,240
is 1.4 billion.
293
00:11:01,800 –> 00:11:02,960
That’s your other side,
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00:11:03,360 –> 00:11:04,320
That’s your other side.
295
00:11:05,360 –> 00:11:05,720
Fair enough.
296
00:11:06,560 –> 00:11:07,360
I mean, okay.
297
00:11:07,520 –> 00:11:08,000
So anyway.
298
00:11:08,000 –> 00:11:10,240
It doesn’t seem like a particularly good deal.
299
00:11:10,800 –> 00:11:11,360
Thank you.
300
00:11:12,000 –> 00:11:12,400
Thank you.
301
00:11:12,400 –> 00:11:13,160
Capitalism.
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00:11:13,600 –> 00:11:14,800
We’ve got to get back to it.
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00:11:14,880 –> 00:11:17,280
Which is Liberation Day.
304
00:11:17,320 –> 00:11:18,720
We’re talking tariffs.
305
00:11:19,160 –> 00:11:21,920
Let me begin the wonder of Wall Street.
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00:11:23,840 –> 00:11:26,640
They say that tariffs are a negotiating tactic.
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00:11:26,640 –> 00:11:27,800
In your opinion,
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00:11:27,800 –> 00:11:29,680
a negotiating tactic for what?
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00:11:31,760 –> 00:11:35,120
Well, the argument that tariffs are a negotiating tactic
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00:11:35,120 –> 00:11:37,680
is the idea that the U.S.
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00:11:37,680 –> 00:11:41,040
companies are not getting a fair deal across the world.
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00:11:41,040 –> 00:11:44,920
And by imposing tariffs on foreign companies and foreign
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00:11:44,920 –> 00:11:48,080
countries as they come into the much larger,
314
00:11:48,080 –> 00:11:49,280
much more lucrative U.S.
315
00:11:49,280 –> 00:11:53,440
market, that should lower tariffs across the world
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00:11:53,920 –> 00:11:54,800
companies as well.
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00:11:55,560 –> 00:11:58,000
And then that’s primarily when we talk about the negotiating
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00:11:58,000 –> 00:11:59,360
tactic side of it,
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00:11:59,360 –> 00:12:03,280
because the benefit to US consumers presumably is
320
00:12:03,280 –> 00:12:08,080
access to cheaper goods that increase our standard
321
00:12:08,080 –> 00:12:08,520
of living,
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00:12:08,560 –> 00:12:08,960
if you will.
323
00:12:11,440 –> 00:12:13,040
But the main issue,
324
00:12:13,200 –> 00:12:13,880
it seems to be,
325
00:12:13,880 –> 00:12:16,880
is the hemispheric hegemony here,
326
00:12:16,880 –> 00:12:18,320
like NAFTA.
327
00:12:20,160 –> 00:12:20,800
Jeff Racki,
328
00:12:20,800 –> 00:12:21,440
you know Jeff,
329
00:12:21,440 –> 00:12:21,640
you know,
330
00:12:21,640 –> 00:12:22,960
I was talking to him yesterday,
331
00:12:23,000 –> 00:12:24,280
another wizard of Wall Street,
332
00:12:24,280 –> 00:12:24,720
and he said,
333
00:12:24,800 –> 00:12:25,480
no, no, no,
334
00:12:25,480 –> 00:12:27,080
what this is all really about,
335
00:12:27,400 –> 00:12:31,760
what it’s really about is stopping China’s march.
336
00:12:32,000 –> 00:12:33,280
Like, for instance,
337
00:12:35,760 –> 00:12:37,280
they dump steel into Canada,
338
00:12:37,760 –> 00:12:38,760
right, and Mexico,
339
00:12:38,760 –> 00:12:39,920
and they buy it,
340
00:12:40,040 –> 00:12:44,240
and because they belong in NAFTA and there’s tariff
341
00:12:44,800 –> 00:12:45,680
quotas, whatnot,
342
00:12:46,600 –> 00:12:48,280
we get all the dumped Chinese steel,
343
00:12:48,280 –> 00:12:51,040
we get the dumped Chinese cars,
344
00:12:51,040 –> 00:12:53,680
we get the dumped Chinese electronics.
345
00:12:54,960 –> 00:12:58,800
So this tariff is a way to stop that because we can’t,
346
00:12:58,960 –> 00:13:00,880
even with all the middlemen with their finger in it,
347
00:13:01,040 –> 00:13:02,560
we can’t make steel that cheap.
348
00:13:02,800 –> 00:13:05,840
So Rich and Karen,
349
00:13:05,840 –> 00:13:06,280
you know,
350
00:13:06,280 –> 00:13:08,880
when I did the bridge story and I showed you the international
351
00:13:08,880 –> 00:13:09,600
rail system,
352
00:13:10,000 –> 00:13:10,880
I didn’t know this,
353
00:13:10,880 –> 00:13:15,120
Rich, but there is a oceanic
354
00:13:16,600 –> 00:13:21,920
train being built in southern Mexico from Oaxaca to
355
00:13:22,080 –> 00:13:22,600
Veracruz,
356
00:13:22,600 –> 00:13:23,520
about 200 miles.
357
00:13:23,520 –> 00:13:25,520
It’s supposed to compete with the Panama Canal.
358
00:13:25,760 –> 00:13:29,040
So now you can have the goods come in down at the Yucatan
359
00:13:29,040 –> 00:13:33,120
Peninsula down there and you railroad them across,
360
00:13:33,120 –> 00:13:35,400
put them on boats and ship them to the port of New
361
00:13:36,960 –> 00:13:40,920
This is a global game of For sure,
362
00:13:42,320 –> 00:13:42,600
How do you,
363
00:13:42,720 –> 00:13:43,200
how do you?
364
00:13:43,800 –> 00:13:45,280
Everybody’s worried about prices going up.
365
00:13:45,280 –> 00:13:46,640
How do you see that?
366
00:13:47,200 –> 00:13:52,080
Well, I think that is the knee-jerk first order reaction
367
00:13:52,160 –> 00:13:53,600
of the effects of this.
368
00:13:55,400 –> 00:13:57,120
Now, when you think about that,
369
00:13:57,120 –> 00:13:59,280
the price of some goods will clearly go up.
370
00:13:59,680 –> 00:14:03,120
And so that’s going to absolutely add to the cost of
371
00:14:03,240 –> 00:14:04,800
But how are consumers going to respond?
372
00:14:05,400 –> 00:14:08,840
consumers probably will respond by not buying other
373
00:14:08,840 –> 00:14:09,280
goods, right?
374
00:14:09,280 –> 00:14:11,360
And so really the 2nd order effects,
375
00:14:11,360 –> 00:14:12,920
as you can start to think about it,
376
00:14:12,920 –> 00:14:15,200
are more probably a slowing down of growth in the
377
00:14:15,200 –> 00:14:18,280
economy, which would ultimately pull down all prices.
378
00:14:18,280 –> 00:14:21,240
And so the 1st order effect would be certainly inflationary,
379
00:14:21,640 –> 00:14:25,120
particularly on the products or the products that
380
00:14:25,120 –> 00:14:27,000
come from certain countries or on certain products
381
00:14:27,000 –> 00:14:27,720
that we’ve seen with autos,
382
00:14:27,720 –> 00:14:28,200
et cetera.
383
00:14:28,600 –> 00:14:30,120
But the bigger concern,
384
00:14:30,120 –> 00:14:31,920
which we’re seeing a lot in the market now,
385
00:14:31,920 –> 00:14:33,560
particularly the bond market part of it,
386
00:14:33,880 –> 00:14:34,960
is this concern
387
00:14:35,040 –> 00:14:37,480
that we might have a recession as a result of this,
388
00:14:37,800 –> 00:14:41,800
and that would potentially bring down overall inflation,
389
00:14:42,040 –> 00:14:44,280
but maybe not in a way that consumers want because
390
00:14:44,280 –> 00:14:46,800
no one likes to go through a recession because recessions
391
00:14:46,800 –> 00:14:47,680
cause job loss,
392
00:14:47,680 –> 00:14:48,200
et cetera.
393
00:14:48,840 –> 00:14:51,680
So I think that’s how you want to kind of think about
394
00:14:51,680 –> 00:14:53,640
there’s first order and 2nd order effects of that.
395
00:14:54,120 –> 00:14:56,480
But I think the one point you brought up about the
396
00:14:56,520 –> 00:14:58,680
difficulty with imposing tariffs is like,
397
00:14:58,680 –> 00:14:59,320
for instance,
398
00:14:59,320 –> 00:15:02,880
we might see China as the primary actor we want to
399
00:15:02,880 –> 00:15:03,560
work against,
400
00:15:03,560 –> 00:15:06,120
but does that mean you put tariffs just on China?
401
00:15:06,120 –> 00:15:06,800
Or as you said,
402
00:15:06,840 –> 00:15:10,360
do you have to put tariffs on Canada and Mexico because
403
00:15:10,520 –> 00:15:13,960
China has spent billions of dollars in putting factories
404
00:15:13,960 –> 00:15:15,640
and companies in China and Mexico,
405
00:15:16,440 –> 00:15:17,880
as well as in Vietnam,
406
00:15:17,880 –> 00:15:18,200
which is,
407
00:15:18,200 –> 00:15:18,520
you know,
408
00:15:18,520 –> 00:15:21,880
the third largest trade deficit we have is with Vietnam.
409
00:15:21,880 –> 00:15:23,160
And Vietnam today was
410
00:15:23,400 –> 00:15:25,880
sounding an employee where they want to lower,
411
00:15:26,600 –> 00:15:26,920
you know,
412
00:15:27,080 –> 00:15:31,160
eliminate all tariffs as a negotiating tactic,
413
00:15:31,160 –> 00:15:31,560
if you will.
414
00:15:31,560 –> 00:15:34,200
But are we really dealing with Vietnamese companies
415
00:15:34,200 –> 00:15:36,680
or US companies or European companies doing,
416
00:15:36,840 –> 00:15:37,080
you know,
417
00:15:37,080 –> 00:15:38,280
manufacturing in Vietnam,
418
00:15:38,280 –> 00:15:40,800
or are those other just Chinese companies as well?
419
00:15:40,800 –> 00:15:41,400
And so that’s,
420
00:15:41,720 –> 00:15:45,400
I think, where the difficulty of the tariff implementation
421
00:15:45,480 –> 00:15:46,200
really comes in.
422
00:15:47,480 –> 00:15:50,520
Could there be a positive impact as it relates to the
423
00:15:50,520 –> 00:15:52,960
auto industry and manufacturing here as a result?
424
00:15:54,040 –> 00:15:54,680
Yeah, for sure.
425
00:15:54,760 –> 00:15:56,680
I mean, there’s definitely some positive impacts that
426
00:15:56,680 –> 00:15:57,480
kind of go into this.
427
00:15:57,480 –> 00:15:59,880
I think first thing when you look at it is,
428
00:16:00,120 –> 00:16:00,760
is there,
429
00:16:00,760 –> 00:16:03,240
and we talked in the administration’s talking about
430
00:16:03,240 –> 00:16:04,120
reciprocal tariffs.
431
00:16:04,440 –> 00:16:07,000
If you look at the average tariffs,
432
00:16:07,800 –> 00:16:08,120
you know,
433
00:16:08,280 –> 00:16:10,880
average tariffs in Europe are like 5%.
434
00:16:11,240 –> 00:16:12,400
In China, it’s more like 7.5%.
435
00:16:12,400 –> 00:16:15,840
India, one of the worst offenders,
436
00:16:15,880 –> 00:16:16,040
like 17%,
437
00:16:16,760 –> 00:16:18,560
And so, and even in Japan,
438
00:16:18,560 –> 00:16:19,520
which is a good ally,
439
00:16:19,520 –> 00:16:20,760
is a little over 3%.
440
00:16:20,760 –> 00:16:23,080
And so the idea of reciprocal tariffs is like,
441
00:16:23,400 –> 00:16:25,800
if we put this tariff in and you lower yours,
442
00:16:25,800 –> 00:16:26,760
we’ll lower our tariffs.
443
00:16:26,920 –> 00:16:30,520
You could see the case of goods prices coming down
444
00:16:30,760 –> 00:16:34,360
across the board from this notion of reciprocal tariffs.
445
00:16:35,000 –> 00:16:39,360
I think the notion of bringing production back to the
446
00:16:41,080 –> 00:16:42,680
you know, that’s already been happening.
447
00:16:42,680 –> 00:16:45,960
That’s been happening really since post-financial crisis,
448
00:16:45,960 –> 00:16:47,800
2014, 2015,
449
00:16:47,960 –> 00:16:52,280
we saw manufacturing CapEx ratchet up a level from
450
00:16:52,280 –> 00:16:54,600
where it had been during that era of globalization
451
00:16:54,600 –> 00:16:56,600
when everything was getting sent overseas.
452
00:16:56,920 –> 00:17:00,120
And then as we kind of went into that ratcheted up,
453
00:17:00,640 –> 00:17:03,520
almost kind of doubled on average for that period
454
00:17:03,520 –> 00:17:05,400
from 2014 to 2019.
455
00:17:05,400 –> 00:17:06,560
And then post-COVID,
456
00:17:07,280 –> 00:17:09,320
when companies have been trying to rationalize supply
457
00:17:09,320 –> 00:17:12,200
chains because we couldn’t access certain critical
458
00:17:12,200 –> 00:17:15,960
goods, that growth of manufacturing spend,
459
00:17:16,120 –> 00:17:18,880
CapEx spend here in the US has actually gone exponentially
460
00:17:19,080 –> 00:17:22,000
So we’re already seeing a return of manufacturing to
461
00:17:22,760 –> 00:17:26,120
And so I think that is a trend that’s very real where
462
00:17:26,120 –> 00:17:29,160
companies want to make things closer to where they
463
00:17:29,160 –> 00:17:29,880
consume them.
464
00:17:30,280 –> 00:17:32,600
And so now on an auto side,
465
00:17:33,640 –> 00:17:34,240
Yeah, I mean,
466
00:17:34,240 –> 00:17:35,000
you could you could see that.
467
00:17:35,000 –> 00:17:37,160
I think that the difficulty is obviously,
468
00:17:37,400 –> 00:17:38,280
you know,
469
00:17:39,480 –> 00:17:41,880
changing supply chains takes time,
470
00:17:42,360 –> 00:17:45,240
It took time to build those up and move those jobs
471
00:17:45,240 –> 00:17:47,880
to Canada from out of Detroit and it’s going to take,
472
00:17:47,880 –> 00:17:49,120
or to Mexico out of Detroit,
473
00:17:49,120 –> 00:17:50,920
and it’s going to take time to bring them back.
474
00:17:50,920 –> 00:17:52,280
And when they come back,
475
00:17:52,280 –> 00:17:53,920
will they come back to Detroit or will they come back
476
00:17:53,920 –> 00:17:55,280
to other other states?
477
00:17:55,280 –> 00:17:56,120
I mean, that’s that’s the,
478
00:17:56,520 –> 00:17:56,760
you know,
479
00:17:56,920 –> 00:17:58,600
America might see that that,
480
00:17:59,320 –> 00:17:59,520
you know,
481
00:17:59,520 –> 00:18:00,200
reassuring,
482
00:18:00,200 –> 00:18:00,760
if you will,
483
00:18:01,640 –> 00:18:03,640
It may not reshore to where it was before.
484
00:18:03,640 –> 00:18:05,880
So there’s adjustments that kind of go into all of
485
00:18:06,600 –> 00:18:07,000
Now there’s,
486
00:18:07,400 –> 00:18:11,720
I don’t know if the price of the NAFTA block cars
487
00:18:11,720 –> 00:18:12,360
are going to go up,
488
00:18:12,840 –> 00:18:15,640
I don’t give a fuck of a BMW like you did it to us,
489
00:18:15,640 –> 00:18:16,360
we’d do it to you.
490
00:18:16,360 –> 00:18:19,480
But there’s like the tariff rate quotas.
491
00:18:19,720 –> 00:18:25,560
So that means before the increased duties on products,
492
00:18:25,560 –> 00:18:28,520
on cars, Mexico and Canada combined are allowed to,
493
00:18:29,360 –> 00:18:30,760
as I understand it from Reuters,
494
00:18:31,640 –> 00:18:35,240
import about 2.5 million cars,
495
00:18:35,440 –> 00:18:37,640
an unlimited amount of pickup trucks,
496
00:18:37,960 –> 00:18:43,360
and $150 billion in parts before the increased tariffs
497
00:18:43,640 –> 00:18:47,880
So I don’t know even how these are going to work,
498
00:18:47,880 –> 00:18:51,480
Rich, because are we still going to honor that?
499
00:18:52,200 –> 00:18:53,920
Or is it just 25%
500
00:18:53,920 –> 00:18:54,440
right now?
501
00:18:54,680 –> 00:18:55,480
Do you even know?
502
00:18:56,600 –> 00:18:58,640
I don’t even know the specifics.
503
00:18:58,640 –> 00:19:00,800
I don’t think the specifics have really come out yet,
504
00:19:00,800 –> 00:19:01,160
to be honest.
505
00:19:01,160 –> 00:19:02,120
And that bothers the market,
506
00:19:02,120 –> 00:19:02,760
does it not?
507
00:19:03,480 –> 00:19:05,160
Uncertainty always bothers the market,
508
00:19:05,160 –> 00:19:05,800
without a doubt.
509
00:19:06,120 –> 00:19:08,320
And I think the other element of uncertainty is what’s
510
00:19:08,320 –> 00:19:09,240
an American car?
511
00:19:09,640 –> 00:19:13,960
Is a GM an American car if you’re bringing in parts
512
00:19:13,960 –> 00:19:14,840
from Canada and Mexico?
513
00:19:15,040 –> 00:19:15,640
I mean, you’ve got,
514
00:19:15,640 –> 00:19:18,520
is a BMW a foreign car when they’re making some of
515
00:19:18,520 –> 00:19:20,000
their series in South Carolina,
516
00:19:20,000 –> 00:19:23,880
or when Toyota actually has more parts made in America,
517
00:19:24,480 –> 00:19:26,600
and they’re producing in Tennessee and places like
518
00:19:27,560 –> 00:19:30,360
Tesla’s probably the closest thing we have to an American,
519
00:19:30,520 –> 00:19:31,560
fully American car.
520
00:19:32,640 –> 00:19:34,680
I think that’s the other difficulty.
521
00:19:35,080 –> 00:19:35,600
Tesla, yeah.
522
00:19:35,720 –> 00:19:36,520
Yeah, I got an idea.
523
00:19:36,520 –> 00:19:37,240
Let’s burn it.
524
00:19:38,760 –> 00:19:39,320
What the fuck?
525
00:19:40,520 –> 00:19:41,400
I mean, it’s cool.
526
00:19:41,480 –> 00:19:42,960
People don’t even know what they’re talking about.
527
00:19:44,200 –> 00:19:45,400
The world’s in flux.
528
00:19:45,400 –> 00:19:47,000
It is, but they don’t.
529
00:19:47,000 –> 00:19:48,400
And then I’m interested,
530
00:19:48,400 –> 00:19:50,040
and I know you said this all takes time,
531
00:19:50,760 –> 00:19:51,160
but you know,
532
00:19:51,160 –> 00:19:55,000
you think about when there’s an issue with the refinery
533
00:19:55,160 –> 00:19:57,720
and that afternoon the gas prices are posted because
534
00:19:57,720 –> 00:19:59,480
it’s not regulated and it’s up to.
535
00:19:59,880 –> 00:20:02,680
What are we looking at in terms of consumer impact
536
00:20:02,800 –> 00:20:03,520
of these tariffs?
537
00:20:03,520 –> 00:20:04,600
You know, the timeline,
538
00:20:04,600 –> 00:20:07,720
how long is it estimated before we start to see
539
00:20:09,000 –> 00:20:10,320
I’ve got an idea.
540
00:20:10,320 –> 00:20:12,040
We can ask Richard Excel,
541
00:20:12,040 –> 00:20:13,560
the Wizard of Wall Street.
542
00:20:13,640 –> 00:20:14,760
That was my yes.
543
00:20:16,200 –> 00:20:16,800
Who has a podcast?
544
00:20:16,800 –> 00:20:19,320
Karen, I think you bring a great point.
545
00:20:20,520 –> 00:20:21,600
You know, the first effect,
546
00:20:21,720 –> 00:20:24,640
I mean, you’re going to see companies starting to
547
00:20:24,640 –> 00:20:25,640
raise prices immediately,
548
00:20:26,040 –> 00:20:26,760
And I think,
549
00:20:27,000 –> 00:20:28,040
and even if that’s,
550
00:20:28,440 –> 00:20:28,600
you know,
551
00:20:28,600 –> 00:20:29,480
they’re going to be,
552
00:20:29,640 –> 00:20:31,320
they’re doing that because of that uncertainty and
553
00:20:31,320 –> 00:20:32,680
they want to potentially cover,
554
00:20:32,680 –> 00:20:36,680
even though we’ve already seen a number of
555
00:20:37,040 –> 00:20:38,680
of companies in a number of industries,
556
00:20:39,960 –> 00:20:40,360
you know,
557
00:20:40,600 –> 00:20:43,480
getting in front of these tariffs and importing aggressively
558
00:20:43,480 –> 00:20:44,200
end of last year,
559
00:20:44,200 –> 00:20:45,000
early this year,
560
00:20:45,240 –> 00:20:48,360
to try to bring in at least some supply ahead of that.
561
00:20:49,160 –> 00:20:51,480
To the extent that companies can pass that on,
562
00:20:51,800 –> 00:20:53,640
they will certainly try to do so.
563
00:20:54,440 –> 00:20:57,360
Now, it’s a function of the competitive landscape,
564
00:20:57,800 –> 00:21:00,280
Certain industries have less competition than others.
565
00:21:00,320 –> 00:21:02,200
I mean, if you’re talking about pure consumer products,
566
00:21:02,600 –> 00:21:05,960
you know, one store or one chain can decide to raise
567
00:21:05,960 –> 00:21:06,680
prices if they want.
568
00:21:06,680 –> 00:21:07,960
But as a consumer,
569
00:21:07,960 –> 00:21:09,000
if you want to go somewhere else,
570
00:21:09,000 –> 00:21:09,440
you know,
571
00:21:09,440 –> 00:21:10,440
you have the right to do that.
572
00:21:10,440 –> 00:21:12,760
And we have a lot more transparency in what people
573
00:21:12,760 –> 00:21:13,560
charge these days.
574
00:21:13,560 –> 00:21:16,240
And so it’s a little harder in some highly competitive
575
00:21:16,240 –> 00:21:16,760
industries.
576
00:21:17,000 –> 00:21:19,720
But in other ones where there’s fewer suppliers,
577
00:21:20,840 –> 00:21:23,080
you know, they will have the ability to potentially
578
00:21:23,560 –> 00:21:25,560
increase those prices and you’ll see that stair step
579
00:21:26,160 –> 00:21:27,680
And like when we talk about autos,
580
00:21:27,680 –> 00:21:28,880
it’s not going to just impact,
581
00:21:29,240 –> 00:21:31,720
even though the tariffs are on new auto prices,
582
00:21:31,960 –> 00:21:33,000
from a competitive standpoint,
583
00:21:33,000 –> 00:21:35,520
you’ll see used car prices go higher as well.
584
00:21:35,520 –> 00:21:37,920
And then therefore you’ll see your auto insurance go
585
00:21:37,920 –> 00:21:40,440
up because it’s going to be more expensive to replace
586
00:21:40,440 –> 00:21:41,920
cars that get into accident or parts,
587
00:21:41,920 –> 00:21:42,280
et cetera.
588
00:21:42,280 –> 00:21:45,800
So you’ll see it trickle through prices going up across
589
00:21:45,800 –> 00:21:47,480
that entire ecosystem.
590
00:21:48,040 –> 00:21:49,240
I’m just writing a note here.
591
00:21:50,280 –> 00:21:51,680
remind me to come back to you on it,
592
00:21:51,680 –> 00:21:52,280
which is,
593
00:21:52,560 –> 00:21:53,880
I don’t want the answer now,
594
00:21:53,880 –> 00:21:55,240
I want it in a minute.
595
00:21:55,240 –> 00:21:58,040
Do you agree with this strategy?
596
00:21:58,040 –> 00:22:00,080
Is it a good strategy macro?
597
00:22:00,080 –> 00:22:01,800
I’ll let you think on that.
598
00:22:01,800 –> 00:22:02,520
That’s a big one.
599
00:22:02,520 –> 00:22:05,560
But what I wanna get to before I forget it,
600
00:22:05,560 –> 00:22:06,280
I was just looking.
601
00:22:07,120 –> 00:22:07,880
Of course,
602
00:22:09,560 –> 00:22:12,040
the economy’s gonna slow down and it doesn’t even
603
00:22:12,040 –> 00:22:13,120
have anything to do with tariffs.
604
00:22:13,120 –> 00:22:13,960
You know what it has to do with,
605
00:22:13,960 –> 00:22:15,800
brother, is doge.
606
00:22:16,640 –> 00:22:19,400
when you’re trying to root out government waste fully,
607
00:22:20,040 –> 00:22:21,080
correct me if I’m wrong,
608
00:22:22,360 –> 00:22:26,040
8% of economic activity in the United States,
609
00:22:27,000 –> 00:22:30,360
8% comes from the deficit spending of the federal
610
00:22:30,360 –> 00:22:30,920
government.
611
00:22:31,080 –> 00:22:31,720
Is that about right,
612
00:22:33,640 –> 00:22:35,560
I mean, that’s the amount of debt that we have out
613
00:22:35,560 –> 00:22:36,120
there for sure.
614
00:22:36,200 –> 00:22:38,160
If you want to look at spending,
615
00:22:38,160 –> 00:22:38,560
like if you,
616
00:22:38,600 –> 00:22:41,280
I mean, if you want to take federal spending is about
617
00:22:41,280 –> 00:22:42,680
20, almost 24%
618
00:22:42,680 –> 00:22:45,280
of GDP, state and local is another 21%.
619
00:22:45,360 –> 00:22:48,880
And if you just look at the compliance and regulatory
620
00:22:48,880 –> 00:22:52,520
costs that companies spend just to comply with the
621
00:22:52,520 –> 00:22:53,480
rules and regulations,
622
00:22:53,840 –> 00:22:55,160
it’s another almost 7%.
623
00:22:55,400 –> 00:22:57,320
So you’re looking at 51%
624
00:22:57,800 –> 00:23:00,560
of spending in the economy is related to the government.
625
00:23:00,600 –> 00:23:02,320
So you said 24%
626
00:23:02,320 –> 00:23:04,520
of economic activity is federal government spending.
627
00:23:05,800 –> 00:23:09,920
Okay, and if you took 2 trillion out of it,
628
00:23:09,920 –> 00:23:10,720
yeah, it’s about 4%.
629
00:23:10,920 –> 00:23:13,880
If Doge can find $1 trillion,
630
00:23:14,040 –> 00:23:18,000
automatically economic activity decreases 4%,
631
00:23:18,520 –> 00:23:20,280
that’s a fucking recession.
632
00:23:21,960 –> 00:23:23,400
So it might be coming,
633
00:23:23,560 –> 00:23:25,080
but I feel at this point,
634
00:23:25,480 –> 00:23:26,360
it’s got to be done.
635
00:23:26,360 –> 00:23:29,320
You got to take the medicine and get off steroids.
636
00:23:29,960 –> 00:23:30,440
You agree?
637
00:23:30,520 –> 00:23:31,800
I would, I mean,
638
00:23:31,800 –> 00:23:34,400
so if you just give it some like long-term perspective,
639
00:23:34,720 –> 00:23:36,640
and this is something I was actually just talking
640
00:23:36,640 –> 00:23:38,920
about on a podcast with a good friend,
641
00:23:38,920 –> 00:23:40,120
and government spending,
642
00:23:40,160 –> 00:23:42,200
we were talking about almost 24%.
643
00:23:42,600 –> 00:23:44,200
You know, 15 years ago,
644
00:23:44,200 –> 00:23:44,720
it was like 15%,
645
00:23:45,720 –> 00:23:47,040
Just after the financial crisis,
646
00:23:47,160 –> 00:23:48,440
it really started to ratchet up.
647
00:23:48,680 –> 00:23:50,600
If you go back 100 years ago,
648
00:23:50,600 –> 00:23:52,480
right, and maybe that’s a little out of context,
649
00:23:52,520 –> 00:23:54,880
but we talk about President McKinley and people like
650
00:23:54,880 –> 00:23:56,440
that when we name mountains,
651
00:23:56,440 –> 00:23:56,840
et cetera,
652
00:23:57,000 –> 00:23:57,600
it was 2 1/2%
653
00:23:59,360 –> 00:24:02,280
And so you could do tariffs and literally fund your
654
00:24:02,280 –> 00:24:05,360
government when the government spending was 2 1/2%.
655
00:24:06,200 –> 00:24:08,000
Now, even if you do 25%
656
00:24:08,000 –> 00:24:11,400
tariffs because of how much trade is as part of the
657
00:24:11,400 –> 00:24:12,480
economy, you’re not going
658
00:24:12,560 –> 00:24:12,840
to raise 25%.
659
00:24:12,840 –> 00:24:16,040
So you’re not going to be able to pay for government
660
00:24:16,280 –> 00:24:17,880
by using tariffs.
661
00:24:17,880 –> 00:24:20,200
And so there’s other reasons that we do that.
662
00:24:20,200 –> 00:24:21,880
But I think to your point,
663
00:24:22,120 –> 00:24:25,240
the biggest issue here is government spending.
664
00:24:25,240 –> 00:24:26,600
And so when you talk about recessions,
665
00:24:26,600 –> 00:24:27,560
the last few years,
666
00:24:27,560 –> 00:24:28,960
one of the things you’ll ask,
667
00:24:28,960 –> 00:24:30,680
a lot of people on Wall Street got things wrong,
668
00:24:30,880 –> 00:24:33,840
They anticipated a recession because you look at consumers
669
00:24:33,840 –> 00:24:37,000
and private companies and things were not that great.
670
00:24:37,000 –> 00:24:38,920
A lot of the measures we looked at were actually
671
00:24:39,440 –> 00:24:40,280
below average,
672
00:24:40,440 –> 00:24:43,640
but the GDP numbers that we got from the government
673
00:24:43,640 –> 00:24:44,760
were actually quite positive.
674
00:24:45,000 –> 00:24:48,080
And that’s because fiscal stimulus was on the order
675
00:24:48,080 –> 00:24:48,560
of 7% or 8%,
676
00:24:48,680 –> 00:24:49,480
like you’re talking about.
677
00:24:49,480 –> 00:24:50,440
So the fiscal stimulus,
678
00:24:50,600 –> 00:24:54,200
the government spending increases on a yearly basis
679
00:24:54,360 –> 00:24:58,800
were such that that was what was leading to the growth
680
00:24:58,800 –> 00:24:59,480
in the economy.
681
00:24:59,640 –> 00:25:01,160
In fact, over the last three years,
682
00:25:01,240 –> 00:25:04,400
51% of all job growth has come from government or
683
00:25:04,400 –> 00:25:06,920
tangential to government types of
684
00:25:08,240 –> 00:25:08,840
job growth,
685
00:25:08,880 –> 00:25:09,400
et cetera.
686
00:25:09,640 –> 00:25:10,960
So now if you cut spending,
687
00:25:10,960 –> 00:25:13,760
which I would argue you absolutely have to cut spending
688
00:25:13,760 –> 00:25:15,160
and shrink the size of government,
689
00:25:15,400 –> 00:25:19,480
because we have $9 trillion alone of debt to issue
690
00:25:20,120 –> 00:25:21,520
to pay for the government right now.
691
00:25:21,520 –> 00:25:22,360
And that’s unsustainable.
692
00:25:22,760 –> 00:25:23,880
This is because this is amazing.
693
00:25:24,760 –> 00:25:28,120
I’m so happy you’re here because when I watch news,
694
00:25:28,440 –> 00:25:30,160
they pander to us like we’re babies,
695
00:25:30,160 –> 00:25:31,320
our prices are going up.
696
00:25:31,560 –> 00:25:35,520
What he just said about we have $9 trillion in debt
697
00:25:37,200 –> 00:25:40,760
about 7 trillion to reissue and we got to raise 2 trillion
698
00:25:40,760 –> 00:25:41,560
for the new spending.
699
00:25:41,720 –> 00:25:42,840
So what you’re saying,
700
00:25:42,920 –> 00:25:46,600
Rich, is the debts rolled over,
701
00:25:46,840 –> 00:25:51,800
we need to issue more debt to finance the old debt.
702
00:25:51,800 –> 00:25:52,760
Is that what you’re saying?
703
00:25:53,400 –> 00:25:54,200
That’s what I’m saying.
704
00:25:54,200 –> 00:25:57,560
And when you look at the amount that the thing is,
705
00:25:58,200 –> 00:26:01,560
leverage or debt in and of itself isn’t a bad thing.
706
00:26:02,120 –> 00:26:03,840
And I’m not saying the government just in general,
707
00:26:04,360 –> 00:26:05,080
So think about it,
708
00:26:05,400 –> 00:26:06,920
take out a mortgage to buy a house.
709
00:26:06,920 –> 00:26:07,880
Is that bad debt?
710
00:26:07,880 –> 00:26:09,680
Well, no, not if you can service your mortgage,
711
00:26:09,680 –> 00:26:13,240
it allows you to get into a bigger house at a higher
712
00:26:13,240 –> 00:26:14,760
cost than you otherwise could.
713
00:26:15,120 –> 00:26:18,480
Now, the problem with government debt is that when
714
00:26:18,480 –> 00:26:19,800
it’s not allocated property,
715
00:26:19,800 –> 00:26:20,920
when it’s misallocated,
716
00:26:21,160 –> 00:26:23,560
and when it’s growing faster and the economy is growing,
717
00:26:23,720 –> 00:26:25,080
it becomes unsustainable.
718
00:26:25,080 –> 00:26:26,360
And so the fact that we have
719
00:26:27,200 –> 00:26:28,640
This amount of debt,
720
00:26:28,640 –> 00:26:29,280
which is now 130%
721
00:26:29,280 –> 00:26:32,160
of GDP, and we have to fund it,
722
00:26:32,160 –> 00:26:35,560
and the amount that we pay just in interest is larger
723
00:26:35,560 –> 00:26:36,920
than even defense spending.
724
00:26:37,720 –> 00:26:38,920
And we’re only growing
725
00:26:39,120 –> 00:26:41,000
on a real basis at around 3%,
726
00:26:41,000 –> 00:26:42,720
but debt’s going up at 7%,
727
00:26:42,720 –> 00:26:44,360
8%, that’s unsustainable.
728
00:26:44,360 –> 00:26:46,760
And that leads to outcomes that,
729
00:26:46,760 –> 00:26:46,960
you know,
730
00:26:46,960 –> 00:26:48,160
where there’s collapse.
731
00:26:48,160 –> 00:26:50,880
In fact, there’s been a lot of academic work that suggests
732
00:26:50,880 –> 00:26:52,120
that any country when the debt,
733
00:26:52,440 –> 00:26:54,200
the GDP gets above 100%
734
00:26:54,520 –> 00:26:56,360
goes into some sort of financial crisis.
735
00:26:56,880 –> 00:26:57,640
And right now,
736
00:26:57,640 –> 00:27:00,000
the only ones that are there that haven’t had crisis
737
00:27:00,000 –> 00:27:02,560
yet would be Japan and the United States.
738
00:27:03,120 –> 00:27:05,640
Arguably Japan has had a crisis,
739
00:27:05,640 –> 00:27:06,440
but a different type.
740
00:27:06,440 –> 00:27:08,040
It didn’t collapse in one year.
741
00:27:08,200 –> 00:27:10,360
It’s had 30 years of no growth.
742
00:27:10,360 –> 00:27:13,960
And so the US is the next kind of guinea pig,
743
00:27:13,960 –> 00:27:14,520
if you will,
744
00:27:14,680 –> 00:27:15,880
to try to assess that.
745
00:27:16,200 –> 00:27:19,560
And there are Keynesians that would argue that it doesn’t
746
00:27:19,560 –> 00:27:21,280
matter if you have too much debt,
747
00:27:21,280 –> 00:27:23,160
because if you issue in your own currency,
748
00:27:23,560 –> 00:27:24,360
you can afford it.
749
00:27:24,360 –> 00:27:26,680
And you’ll know when you’ve issued too much because
750
00:27:26,960 –> 00:27:27,920
inflation goes up,
751
00:27:27,920 –> 00:27:29,520
which frankly we have seen,
752
00:27:29,520 –> 00:27:30,040
of course.
753
00:27:30,440 –> 00:27:32,400
But I think most other people would look at it and
754
00:27:32,400 –> 00:27:35,800
say, we just have far too much debt and it’s unsustainable.
755
00:27:36,040 –> 00:27:40,240
And that’s where I think Treasury Secretary Besant,
756
00:27:40,280 –> 00:27:43,040
who the market loves him because he comes from the
757
00:27:43,040 –> 00:27:46,120
market, has told everyone to focus on the 10-year
758
00:27:46,120 –> 00:27:47,640
yield and not the stock market.
759
00:27:47,880 –> 00:27:50,360
Because if Trump’s policies are successful,
760
00:27:50,600 –> 00:27:52,840
the bond market will allow them
761
00:27:53,240 –> 00:27:55,400
to issue new debt at lower prices.
762
00:27:55,760 –> 00:27:57,560
And if the 10-year yield goes lower,
763
00:27:57,560 –> 00:27:58,840
that’s the bond market saying,
764
00:27:59,080 –> 00:28:00,440
we agree with the tariffs,
765
00:28:00,440 –> 00:28:02,680
we agree with the cutting of government spending,
766
00:28:02,920 –> 00:28:05,240
we agree with the lower taxes and the deregulation.
767
00:28:05,301 –> 00:28:07,581
Because we think that leads to short-term pain,
768
00:28:07,581 –> 00:28:09,021
yes, but long-term gain.
769
00:28:09,341 –> 00:28:11,581
The stock market clearly won’t like that because that’s
770
00:28:11,581 –> 00:28:13,981
going to be very negative for earnings and the stock
771
00:28:13,981 –> 00:28:15,981
market was overvalued anyway.
772
00:28:15,981 –> 00:28:18,781
And so there’s maybe a more painful adjustment in the
773
00:28:18,781 –> 00:28:19,501
stock market.
774
00:28:20,301 –> 00:28:21,581
frankly, in Trump’s first term,
775
00:28:21,581 –> 00:28:23,781
he only cared about the stock market and told us about
776
00:28:23,781 –> 00:28:24,461
that all the time.
777
00:28:24,701 –> 00:28:26,541
I think you’ve seen a change in that narrative.
778
00:28:26,541 –> 00:28:28,621
And so right now the bond market is saying,
779
00:28:28,621 –> 00:28:30,061
yes, there will be a recession,
780
00:28:30,061 –> 00:28:32,701
but this is short-term pain for long-term gain potentially.
781
00:28:32,941 –> 00:28:35,341
And so I think that’s the positive that you would see.
782
00:28:35,341 –> 00:28:37,981
But I think it’s that the tariffs are just a means
783
00:28:37,981 –> 00:28:38,461
to an end.
784
00:28:38,701 –> 00:28:42,541
It’s A readjustment of global trade.
785
00:28:42,541 –> 00:28:45,261
It’s getting away from that Washington consensus that
786
00:28:45,261 –> 00:28:47,101
we’ve had since the end of World War II,
787
00:28:47,101 –> 00:28:49,981
where US economy was open
788
00:28:50,541 –> 00:28:53,501
to all of our global peers and they would sell whatever
789
00:28:53,501 –> 00:28:56,381
they wanted here and they would recycle their dollars
790
00:28:56,381 –> 00:28:57,821
into the U.S.
791
00:28:57,821 –> 00:29:00,341
bond market to keep rates lower so we could have nice
792
00:29:00,341 –> 00:29:03,381
mortgages and buy more stuff and have a lot of cheap
793
00:29:03,981 –> 00:29:06,221
And I think American consumers,
794
00:29:06,461 –> 00:29:09,981
more so than even foreign companies in foreign countries,
795
00:29:10,141 –> 00:29:13,261
have decided that that’s probably ended and we have
796
00:29:13,261 –> 00:29:14,221
to move on from that.
797
00:29:14,861 –> 00:29:17,421
And so I think when we look at Judge Besson saying,
798
00:29:17,421 –> 00:29:20,301
hey, we need to kind of change that consensus and
799
00:29:20,301 –> 00:29:21,021
that’s what we’re doing.
800
00:29:23,021 –> 00:29:25,501
So we got $9 trillion hanging out there and people,
801
00:29:25,741 –> 00:29:27,021
we can’t find people to buy it,
802
00:29:27,021 –> 00:29:29,501
which means you got to offer more interest.
803
00:29:29,661 –> 00:29:30,661
That’s the bond market,
804
00:29:32,101 –> 00:29:34,861
As far as modern monetary theory,
805
00:29:37,341 –> 00:29:39,741
You just keep printing because you control the presses,
806
00:29:39,741 –> 00:29:40,541
so it doesn’t matter.
807
00:29:40,541 –> 00:29:42,061
But when inflation starts to happen,
808
00:29:42,061 –> 00:29:44,301
their only answer is to raise taxes,
809
00:29:44,461 –> 00:29:48,061
to pull the money out of the system,
810
00:29:48,421 –> 00:29:51,261
which means you can’t buy anything.
811
00:29:51,261 –> 00:29:53,421
You’re getting taxed and you have high inflation.
812
00:29:53,501 –> 00:29:56,221
So it’s now or fucking never,
813
00:29:56,301 –> 00:30:01,781
which brings me to my buddy Les Gold of American Jewelry
814
00:30:01,781 –> 00:30:02,061
and Loan.
815
00:30:02,061 –> 00:30:03,741
What was the name of Les’s show?
816
00:30:05,021 –> 00:30:05,701
What was it?
817
00:30:06,221 –> 00:30:07,221
Pawn Stars.
818
00:30:07,221 –> 00:30:08,301
You ever see Pawn Stars?
819
00:30:10,381 –> 00:30:13,181
So Les is a really brilliant guy.
820
00:30:13,421 –> 00:30:15,941
He’s my street level economist,
821
00:30:15,941 –> 00:30:16,301
you know,
822
00:30:16,541 –> 00:30:20,141
and I was talking to him about gold and gold is up
823
00:30:20,221 –> 00:30:20,861
in two years,
824
00:30:20,901 –> 00:30:23,821
It’s almost doubled.
825
00:30:24,941 –> 00:30:26,461
I asked Les why he goes,
826
00:30:26,461 –> 00:30:27,981
well, uncertainty,
827
00:30:28,461 –> 00:30:29,021
inflation,
828
00:30:29,021 –> 00:30:31,021
tariffs and the US debt.
829
00:30:31,821 –> 00:30:33,341
And he says he notices
830
00:30:33,741 –> 00:30:36,941
There’s a lot more loans he’s given out than redemptions,
831
00:30:36,941 –> 00:30:37,981
people coming to get it.
832
00:30:37,981 –> 00:30:43,261
So he thinks this strategy long-term is necessary,
833
00:30:43,261 –> 00:30:45,461
that he agrees with the tariffs and he agrees with
834
00:30:45,581 –> 00:30:48,061
finding the government waste.
835
00:30:48,781 –> 00:30:52,021
Do you agree with my street-level economist Les Gold?
836
00:30:52,101 –> 00:30:52,861
And by the way,
837
00:30:53,101 –> 00:30:55,941
what kind of pawnbroker is named Les Gold?
838
00:30:55,941 –> 00:30:58,421
I thought that was just his team name.
839
00:30:58,981 –> 00:30:59,661
It should be Mo,
840
00:31:00,461 –> 00:31:01,981
Well, he named his son Seth and I’m like,
841
00:31:01,981 –> 00:31:03,021
you should have named him Mo.
842
00:31:04,221 –> 00:31:06,741
We’re in consensus here.
843
00:31:07,821 –> 00:31:09,501
Do you agree with Les’s estimation?
844
00:31:09,741 –> 00:31:14,381
I agree with Les in the gold market is absolutely giving
845
00:31:14,381 –> 00:31:18,461
us a very strong signal that we’re in an unsustainable
846
00:31:18,461 –> 00:31:21,501
situation and that those dollars that you have are
847
00:31:21,501 –> 00:31:22,341
not worth as much.
848
00:31:22,341 –> 00:31:25,661
I’ll give you a couple stats on gold that you’ll appreciate.
849
00:31:26,061 –> 00:31:29,261
If you would have bought gold or bought the S&P in
850
00:31:29,261 –> 00:31:30,621
2000, so this century,
851
00:31:30,621 –> 00:31:32,141
let’s look at the performance this century,
852
00:31:33,541 –> 00:31:35,541
has massively outperformed the S&P,
853
00:31:35,541 –> 00:31:38,141
which has gone up considerably more so than any other
854
00:31:38,141 –> 00:31:39,101
stock market in the world.
855
00:31:39,421 –> 00:31:42,221
But a better investment has been in gold than in stocks.
856
00:31:42,541 –> 00:31:46,021
And I think the gold bugs would tell you how gold holds
857
00:31:46,021 –> 00:31:47,741
its value relative to the dollar.
858
00:31:48,061 –> 00:31:48,941
If you looked at,
859
00:31:48,941 –> 00:31:49,261
and again,
860
00:31:49,261 –> 00:31:50,461
going back 100 years,
861
00:31:50,461 –> 00:31:56,141
right, the average house in the United States in 1925,
862
00:31:56,301 –> 00:31:57,981
you could have bought with 10 gold bars.
863
00:31:58,381 –> 00:31:59,901
If you look at 2025,
864
00:31:59,901 –> 00:32:02,021
you can buy the average house in the United States
865
00:32:02,021 –> 00:32:03,181
with 10 gold bars.
866
00:32:03,581 –> 00:32:05,981
However, we know that the price of the average house
867
00:32:05,981 –> 00:32:08,701
in the United States has gone up immensely over that
868
00:32:08,701 –> 00:32:09,221
period of time,
869
00:32:09,221 –> 00:32:12,661
which just tells you that the dollar has been devalued
870
00:32:12,661 –> 00:32:15,261
or debased by that much over the last 100 years,
871
00:32:15,261 –> 00:32:16,781
but it hasn’t been debased in gold.
872
00:32:17,021 –> 00:32:18,781
And that’s the argument that Gold Bugs would give you
873
00:32:18,781 –> 00:32:19,661
why you should hold gold.
874
00:32:20,381 –> 00:32:22,061
Everybody should hold some gold if you can,
875
00:32:22,061 –> 00:32:23,621
and you should call Luke Nowacki.
876
00:32:23,621 –> 00:32:24,821
And speaking of gold,
877
00:32:24,941 –> 00:32:27,181
you’ve got two weeks left to get down to the American
878
00:32:27,181 –> 00:32:32,941
Coney Island and eat those golden Pacific Pollock
879
00:32:34,061 –> 00:32:36,221
Lenten fish sandwiches.
880
00:32:38,541 –> 00:32:39,541
After the show last week,
881
00:32:39,541 –> 00:32:41,501
a guy was listening to it and he ran down here.
882
00:32:41,501 –> 00:32:42,381
I go, it’s Friday,
883
00:32:42,701 –> 00:32:43,581
only Friday.
884
00:32:43,981 –> 00:32:44,861
So Friday,
885
00:32:45,261 –> 00:32:48,861
downtown at the corner of Michigan Avenue and Lafayette.
886
00:32:49,181 –> 00:32:50,701
They’re absolutely delicious.
887
00:32:50,701 –> 00:32:51,821
I’m not going to go on about them.
888
00:32:51,821 –> 00:32:53,181
And if you want a Coney kit,
889
00:32:53,381 –> 00:32:54,221
I’m going to send you one.
890
00:32:54,221 –> 00:32:55,301
I’m going to send you,
891
00:32:55,821 –> 00:32:57,341
because you’re in Chicago or,
892
00:32:57,501 –> 00:32:57,741
you know,
893
00:32:57,741 –> 00:32:58,301
Champagne,
894
00:32:58,781 –> 00:33:00,301
And you guys think you do hot dogs.
895
00:33:00,301 –> 00:33:01,221
You don’t do hot dogs.
896
00:33:01,221 –> 00:33:02,461
I’m gonna send you a Coney kit,
897
00:33:02,461 –> 00:33:03,101
Rich, okay?
898
00:33:04,061 –> 00:33:04,461
All right.
899
00:33:04,501 –> 00:33:05,461
And then you’ll get back.
900
00:33:05,461 –> 00:33:08,181
Oh, side by side with the Coney dog and Chicago dog.
901
00:33:09,221 –> 00:33:10,141
Oh, it’s kind of bullshit.
902
00:33:10,701 –> 00:33:11,821
These are sausages.
903
00:33:11,901 –> 00:33:12,461
Oh, listen,
904
00:33:12,461 –> 00:33:14,781
you’re a big investment type guy.
905
00:33:15,501 –> 00:33:17,821
If you’re looking for a safe and socially responsible
906
00:33:17,821 –> 00:33:18,861
real estate investment,
907
00:33:19,021 –> 00:33:21,821
consider contacting Archangel Senior Management.
908
00:33:22,381 –> 00:33:22,861
Senior living,
909
00:33:22,861 –> 00:33:25,021
one of the fastest growing markets in America,
910
00:33:25,421 –> 00:33:28,541
and Archangel offers small communal living for senior
911
00:33:28,541 –> 00:33:31,341
citizens in homes right inside our neighborhoods.
912
00:33:31,421 –> 00:33:33,101
So they provide care,
913
00:33:33,101 –> 00:33:34,301
you invest in the home,
914
00:33:34,301 –> 00:33:35,501
you get a return,
915
00:33:35,661 –> 00:33:36,941
you own the home.
916
00:33:37,661 –> 00:33:39,501
It’s genuine.
917
00:33:39,501 –> 00:33:41,741
The owners are local and Archangel has overwatch.
918
00:33:41,741 –> 00:33:42,621
If interested,
919
00:33:42,701 –> 00:33:43,221
write this down,
920
00:33:43,221 –> 00:33:50,541
Rich, call Joe LeBlanc at Archangel at 989-614-0416.
921
00:33:50,541 –> 00:33:51,261
You’re not writing.
922
00:33:51,861 –> 00:33:52,381
I’ll do it again.
923
00:33:52,381 –> 00:33:54,061
I got a photographic memory.
924
00:33:54,141 –> 00:33:57,181
989-6140416.
925
00:33:57,181 –> 00:33:58,541
And his last name is Excel.
926
00:33:59,981 –> 00:34:01,821
Oh, I think I talked to Joe.
927
00:34:01,821 –> 00:34:03,181
I’m going to have him on in two weeks,
928
00:34:03,181 –> 00:34:03,821
him and his partner,
929
00:34:05,021 –> 00:34:07,421
The end of life care in this country absolutely has
930
00:34:07,421 –> 00:34:07,781
to change.
931
00:34:07,781 –> 00:34:09,261
We learned that from COVID.
932
00:34:09,261 –> 00:34:10,621
And in two weeks,
933
00:34:10,621 –> 00:34:14,061
it’ll be the five year anniversary of Whitmer’s boneheaded
934
00:34:14,061 –> 00:34:17,581
idea to take infected old people and put them in nursing
935
00:34:17,581 –> 00:34:19,421
homes with healthy old people.
936
00:34:19,501 –> 00:34:20,541
It was a grass fire.
937
00:34:20,541 –> 00:34:21,501
The science is in,
938
00:34:21,741 –> 00:34:22,861
everybody knew it then.
939
00:34:22,861 –> 00:34:24,581
We need to discuss where we’re going.
940
00:34:24,861 –> 00:34:25,301
Well, you know,
941
00:34:25,301 –> 00:34:25,981
when it rains,
942
00:34:25,981 –> 00:34:26,821
the power goes out.
943
00:34:26,821 –> 00:34:28,101
And when the power goes out,
944
00:34:28,101 –> 00:34:29,061
the internet goes out.
945
00:34:29,061 –> 00:34:30,141
When the internet goes out,
946
00:34:30,141 –> 00:34:33,341
I call my friend Matt and Bernie at XG Service Group.
947
00:34:33,501 –> 00:34:34,901
Look at Bernie here on his hands and knees.
948
00:34:34,981 –> 00:34:36,781
he’s giving it everything he’s got.
949
00:34:37,341 –> 00:34:38,541
Look at that man crack.
950
00:34:38,781 –> 00:34:41,341
So busy, he forgot to wear a belt.
951
00:34:41,421 –> 00:34:43,421
There’s Matt right there getting the board together.
952
00:34:43,421 –> 00:34:46,141
That’s 734-245-4100.
953
00:34:46,141 –> 00:34:49,021
If you need Matt and Bernie to come take care of your
954
00:34:49,021 –> 00:34:49,981
voice over internet,
955
00:34:50,221 –> 00:34:51,341
your security cameras,
956
00:34:51,581 –> 00:34:53,181
off-campus access control,
957
00:34:53,421 –> 00:34:55,781
Wi-Fi and cameras for homes and business,
958
00:34:55,781 –> 00:34:56,861
they’ll design it for you.
959
00:34:57,181 –> 00:34:57,981
You got restaurants,
960
00:34:57,981 –> 00:34:59,181
they do drive-thru systems,
961
00:34:59,181 –> 00:35:00,941
railroad cameras for public safety,
962
00:35:01,101 –> 00:35:04,381
total wireless camera systems for your home and business.
963
00:35:04,621 –> 00:35:04,901
Yeah, that’s
964
00:35:05,141 –> 00:35:05,421
That’s right.
965
00:35:05,421 –> 00:35:09,021
Call XG services at 734-245-4100.
966
00:35:09,981 –> 00:35:12,061
Now, speaking of doge,
967
00:35:12,061 –> 00:35:15,821
bro, did you see the clip of,
968
00:35:16,501 –> 00:35:20,141
what’s Antonio Gracias and Elon Musk,
969
00:35:20,541 –> 00:35:21,901
a couple of billionaires,
970
00:35:21,901 –> 00:35:23,021
really intelligent guys,
971
00:35:23,501 –> 00:35:25,821
rooting around inside the Social Security Administration?
972
00:35:25,901 –> 00:35:26,741
This is from the,
973
00:35:27,021 –> 00:35:28,221
I told you so file,
974
00:35:28,381 –> 00:35:28,861
little roll.
975
00:35:29,021 –> 00:35:29,981
When we saw these numbers,
976
00:35:29,981 –> 00:35:30,301
we were like,
977
00:35:30,301 –> 00:35:31,021
what is this?
978
00:35:31,861 –> 00:35:35,421
In 21, you see 270,000 people,
979
00:35:35,661 –> 00:35:37,821
goes all the way to 2.1 million in 24.
980
00:35:38,141 –> 00:35:41,861
These are non-citizens that are getting social security
981
00:35:43,421 –> 00:35:45,821
Yeah, this is a mind-blowing chart.
982
00:35:46,421 –> 00:35:48,461
This literally blew us away.
983
00:35:48,541 –> 00:35:51,461
Like we went there to find fraud and we found this
984
00:35:51,461 –> 00:35:52,141
by accident.
985
00:35:52,221 –> 00:35:55,301
The defaults in the system from Social Security to
986
00:35:55,301 –> 00:35:58,621
all of the benefit programs have been set to max inclusion,
987
00:35:58,861 –> 00:36:01,701
max pay for these people and minimum collection.
988
00:36:01,701 –> 00:36:02,781
That’s what’s happening.
989
00:36:02,781 –> 00:36:05,941
We found 1.3 million of them already on Medicaid as
990
00:36:05,941 –> 00:36:06,541
an example.
991
00:36:06,861 –> 00:36:09,301
We’ve gone through on every benefit program we went
992
00:36:09,301 –> 00:36:12,301
through, we found groups from this particular group
993
00:36:12,301 –> 00:36:12,621
of people,
994
00:36:12,781 –> 00:36:15,581
this 5.5 million people in those benefit programs.
995
00:36:15,941 –> 00:36:16,941
And then what was really,
996
00:36:16,941 –> 00:36:19,021
really disturbing us was why?
997
00:36:19,741 –> 00:36:20,541
We’re asking ourselves why.
998
00:36:21,301 –> 00:36:23,701
And so we actually just took a sample and looked at
999
00:36:23,701 –> 00:36:26,541
voter registration records and we found people here
1000
00:36:26,701 –> 00:36:29,021
registered to vote in this population,
1001
00:36:29,221 –> 00:36:30,381
And who did vote?
1002
00:36:30,381 –> 00:36:32,941
And we found some by sampling that actually did vote.
1003
00:36:33,261 –> 00:36:36,141
And we have referred them to prosecution at the Home
1004
00:36:36,141 –> 00:36:37,421
Ed Secure Investigation Service.
1005
00:36:39,541 –> 00:36:41,221
That is already happening right now.
1006
00:36:43,661 –> 00:36:45,421
So first of all,
1007
00:36:46,701 –> 00:36:48,941
If you’re a non-citizen by federal law,
1008
00:36:48,941 –> 00:36:49,741
correct me if I’m wrong,
1009
00:36:49,741 –> 00:36:53,821
Rich, that you’re not entitled to these federal programs.
1010
00:36:53,821 –> 00:36:54,461
Is that right?
1011
00:36:56,741 –> 00:36:58,061
I’m not a law professor at all.
1012
00:36:58,061 –> 00:36:58,941
I don’t know,
1013
00:36:58,941 –> 00:36:59,981
but I wouldn’t think so.
1014
00:37:00,541 –> 00:37:02,501
So if you come here legally with a permit,
1015
00:37:02,501 –> 00:37:06,781
you’re given a social security number so you can pay
1016
00:37:07,501 –> 00:37:11,021
But if we’re importing a bunch of cheap labor who’s
1017
00:37:11,021 –> 00:37:11,901
never paid into it,
1018
00:37:11,901 –> 00:37:14,221
why are they getting max benefits?
1019
00:37:15,301 –> 00:37:16,861
I’m so against this.
1020
00:37:17,701 –> 00:37:19,221
I’m so pro for my people.
1021
00:37:19,341 –> 00:37:22,541
We live in Detroit and people trying to find housing
1022
00:37:22,821 –> 00:37:26,061
and get vouchers and going to the food pantries and
1023
00:37:26,061 –> 00:37:26,941
the average,
1024
00:37:27,261 –> 00:37:27,981
not average,
1025
00:37:27,981 –> 00:37:28,861
the median,
1026
00:37:29,501 –> 00:37:30,621
the bell curve like this.
1027
00:37:31,581 –> 00:37:32,381
Right in the middle,
1028
00:37:32,381 –> 00:37:36,261
the majority of the 50%
1029
00:37:36,381 –> 00:37:39,661
point make $19.24 an hour.
1030
00:37:40,061 –> 00:37:41,301
At $15 an hour,
1031
00:37:41,301 –> 00:37:42,061
you’re considered
1032
00:37:42,541 –> 00:37:43,501
the, you know,
1033
00:37:43,661 –> 00:37:44,541
low income,
1034
00:37:44,861 –> 00:37:46,501
you’re eligible for these stamps and stuff.
1035
00:37:46,861 –> 00:37:47,901
That’s what’s happening.
1036
00:37:48,661 –> 00:37:49,821
And what do we just do?
1037
00:37:50,621 –> 00:37:51,261
Who knows,
1038
00:37:51,261 –> 00:37:52,501
Charlie, but that’s what we’ve been talking,
1039
00:37:52,501 –> 00:37:54,221
I mean, before we were talking about when people were
1040
00:37:54,221 –> 00:37:56,341
coming here and they were able to get the resources
1041
00:37:56,341 –> 00:37:58,541
and they were being put up in hotels and,
1042
00:37:58,861 –> 00:37:59,261
you know,
1043
00:37:59,261 –> 00:38:01,301
given gift cards or whatever so that they could,
1044
00:38:01,301 –> 00:38:01,941
and people were like,
1045
00:38:01,941 –> 00:38:02,781
well, what about us?
1046
00:38:02,781 –> 00:38:05,181
What about the people who are already here that are
1047
00:38:05,181 –> 00:38:07,501
struggling to survive and trying to find a job and
1048
00:38:07,501 –> 00:38:08,861
trying to take care of their families?
1049
00:38:09,101 –> 00:38:11,221
Like why, and this isn’t us versus them,
1050
00:38:11,221 –> 00:38:12,421
but I think us should
1051
00:38:12,501 –> 00:38:14,301
should be first before them.
1052
00:38:14,701 –> 00:38:16,061
So, Professor,
1053
00:38:16,061 –> 00:38:16,941
I’m looking for like,
1054
00:38:16,941 –> 00:38:17,981
you gave me a B.
1055
00:38:18,301 –> 00:38:21,781
I’m looking for a B plus here because now you add in-
1056
00:38:21,781 –> 00:38:22,621
Is it extra credit?
1057
00:38:22,941 –> 00:38:24,421
Yes, this is the extra credit part,
1058
00:38:24,421 –> 00:38:24,861
which is,
1059
00:38:24,941 –> 00:38:25,741
let me explain,
1060
00:38:25,741 –> 00:38:27,181
sir, I’m begging for a grade.
1061
00:38:29,341 –> 00:38:31,181
The precious little that we have,
1062
00:38:31,581 –> 00:38:33,581
now the revenue,
1063
00:38:33,581 –> 00:38:39,101
the recurring tax base is being diverted to millionaire
1064
00:38:39,101 –> 00:38:40,941
and billionaire developers for
1065
00:38:41,821 –> 00:38:43,261
complexes we don’t need.
1066
00:38:43,581 –> 00:38:47,101
So it’s just it’s a it’s a cry from the Midwest.
1067
00:38:48,141 –> 00:38:50,541
We need we need to radically alter things.
1068
00:38:50,661 –> 00:38:55,181
And I think the media needs to start helping us see
1069
00:38:55,181 –> 00:38:55,981
the bigger picture.
1070
00:38:56,301 –> 00:38:57,141
But they won’t do that,
1071
00:38:57,341 –> 00:38:58,741
And that’s what I wanted to ask Richard this.
1072
00:38:58,741 –> 00:39:03,901
So you’ve given us a 30,000 foot view of what this
1073
00:39:03,901 –> 00:39:07,021
is like to the average person that’s listening.
1074
00:39:07,541 –> 00:39:08,781
What does that mean to them when they say,
1075
00:39:08,781 –> 00:39:09,421
God, you know,
1076
00:39:09,821 –> 00:39:10,861
I’ve never heard this before.
1077
00:39:10,861 –> 00:39:13,421
I’ve never had this or heard this conversation at this
1078
00:39:14,141 –> 00:39:16,781
What does that mean for them or what should they do
1079
00:39:16,781 –> 00:39:17,341
differently?
1080
00:39:20,301 –> 00:39:21,181
In terms of,
1081
00:39:21,181 –> 00:39:22,541
are we talking about tariffs,
1082
00:39:22,541 –> 00:39:24,861
doge, the little guy day-to-day.
1083
00:39:24,941 –> 00:39:25,901
Just the overall,
1084
00:39:25,901 –> 00:39:26,381
to hear this,
1085
00:39:26,381 –> 00:39:28,701
because this conversation isn’t taking place anyplace
1086
00:39:29,741 –> 00:39:30,221
I mean, you know,
1087
00:39:30,221 –> 00:39:31,101
you get the numbers,
1088
00:39:31,101 –> 00:39:32,381
you hear the sound bites,
1089
00:39:32,621 –> 00:39:35,901
but to the average resident or consumer that’s hearing
1090
00:39:35,901 –> 00:39:37,021
this for the first time,
1091
00:39:38,141 –> 00:39:39,341
How should they respond?
1092
00:39:41,101 –> 00:39:42,701
Well, they should be pissed off for sure,
1093
00:39:43,261 –> 00:39:44,381
Because they’ve been lied to.
1094
00:39:44,381 –> 00:39:44,941
But I think,
1095
00:39:45,181 –> 00:39:45,701
I think the,
1096
00:39:46,221 –> 00:39:47,101
I think, you know,
1097
00:39:47,101 –> 00:39:48,101
when you think about it,
1098
00:39:48,141 –> 00:39:49,341
you’re just trying to get through,
1099
00:39:49,661 –> 00:39:51,021
you’re trying to get through day-to-day,
1100
00:39:51,661 –> 00:39:55,821
So you talk about the fraud and waste that Doge is
1101
00:39:55,821 –> 00:39:58,781
potentially and has seemed to uncover on quite a few
1102
00:39:59,501 –> 00:40:00,061
That is just,
1103
00:40:00,061 –> 00:40:03,141
that just makes things more expensive for them on
1104
00:40:03,141 –> 00:40:03,901
a day-to-day basis.
1105
00:40:03,901 –> 00:40:07,101
That’s why that $15 or the $19 an hour,
1106
00:40:08,381 –> 00:40:12,461
You know, back when I was in college or whatever,
1107
00:40:12,621 –> 00:40:14,861
that would have been a really good hourly wage.
1108
00:40:14,861 –> 00:40:15,941
Nowadays, it does,
1109
00:40:15,941 –> 00:40:16,661
as you’re saying,
1110
00:40:16,661 –> 00:40:18,101
and now you can get food stamps with that.
1111
00:40:18,101 –> 00:40:20,701
And that’s because all of this excess and all this
1112
00:40:20,701 –> 00:40:23,501
fraud and waste has led to just price levels going
1113
00:40:23,501 –> 00:40:25,741
up so much that it’s hard to afford things,
1114
00:40:26,541 –> 00:40:30,221
And now you talk about the short-term aspect of tariffs
1115
00:40:30,381 –> 00:40:31,901
that might cause things a little bit,
1116
00:40:31,901 –> 00:40:33,501
cause things to be a little bit more painful.
1117
00:40:33,741 –> 00:40:35,021
And the risk is that
1118
00:40:35,741 –> 00:40:37,421
Another risk that they would want to be aware of is
1119
00:40:37,421 –> 00:40:38,141
just that,
1120
00:40:38,141 –> 00:40:38,541
you know,
1121
00:40:38,701 –> 00:40:39,381
you potentially,
1122
00:40:39,381 –> 00:40:40,221
if there’s a recession,
1123
00:40:40,461 –> 00:40:43,021
you will potentially start to see job losses too.
1124
00:40:43,221 –> 00:40:43,581
Of course,
1125
00:40:43,581 –> 00:40:45,661
the job losses we’ve seen so far have largely been
1126
00:40:45,661 –> 00:40:48,061
in DC, and I don’t think anyone really cares about
1127
00:40:48,301 –> 00:40:50,381
But I think for that person in Detroit,
1128
00:40:50,381 –> 00:40:51,501
the person in Chicago,
1129
00:40:52,221 –> 00:40:52,421
you know,
1130
00:40:52,421 –> 00:40:54,301
that potentially could come home to them.
1131
00:40:54,301 –> 00:40:54,861
So I think,
1132
00:40:55,341 –> 00:40:59,301
and that’s why what we’ll see is not,
1133
00:40:59,301 –> 00:40:59,461
you know,
1134
00:40:59,461 –> 00:41:01,301
consumers have a lot of uncertainty too.
1135
00:41:01,301 –> 00:41:02,701
And so I think right now,
1136
00:41:02,701 –> 00:41:04,501
the right thing to do is really just kind of
1137
00:41:04,981 –> 00:41:05,501
Bunker down,
1138
00:41:05,501 –> 00:41:07,741
because we don’t know how this is gonna play out,
1139
00:41:08,061 –> 00:41:11,901
but I think the confidence you can potentially have,
1140
00:41:12,261 –> 00:41:12,781
as I said,
1141
00:41:12,861 –> 00:41:14,061
that short-term pain,
1142
00:41:14,061 –> 00:41:14,941
long-term gain is like,
1143
00:41:15,181 –> 00:41:18,141
if we are able to root out a lot of this fraud and
1144
00:41:19,021 –> 00:41:23,021
and we are able then potentially to use the funding
1145
00:41:23,021 –> 00:41:27,181
from tariffs and other savings from DOGE to lower
1146
00:41:27,421 –> 00:41:30,701
tax bills and bring back jobs to the United States.
1147
00:41:31,021 –> 00:41:34,941
There is a story to be told that is potentially much
1148
00:41:35,181 –> 00:41:36,061
happier ending,
1149
00:41:36,461 –> 00:41:38,061
but I think it does cause,
1150
00:41:38,701 –> 00:41:40,541
because this has been something that’s been occurring
1151
00:41:41,141 –> 00:41:41,981
for decades,
1152
00:41:41,981 –> 00:41:43,501
not just months or years.
1153
00:41:43,661 –> 00:41:45,461
It is a painful readjustment.
1154
00:41:45,461 –> 00:41:47,181
So they just have to be ready for that and be prepared
1155
00:41:47,181 –> 00:41:50,781
for that and do whatever you can to bunker down because
1156
00:41:50,781 –> 00:41:52,541
it could be ugly for a while.
1157
00:41:53,581 –> 00:41:54,141
Yeah, I mean,
1158
00:41:54,141 –> 00:41:54,861
it’s time.
1159
00:41:54,901 –> 00:41:56,261
Here’s what we’re going to end up doing.
1160
00:41:56,261 –> 00:41:58,301
We’re going to end up scamming.
1161
00:41:58,301 –> 00:42:02,701
This actually destroys the fabric of society.
1162
00:42:02,781 –> 00:42:03,341
Like you said,
1163
00:42:03,341 –> 00:42:04,341
$19 an hour,
1164
00:42:04,341 –> 00:42:05,741
you’re eligible for food stamps.
1165
00:42:05,901 –> 00:42:07,741
So you got a partner,
1166
00:42:08,141 –> 00:42:09,261
You and your woman.
1167
00:42:09,861 –> 00:42:10,701
And you got kids.
1168
00:42:10,941 –> 00:42:11,821
Don’t get married.
1169
00:42:15,301 –> 00:42:20,861
I live here with my kid and she claims she lives here
1170
00:42:20,861 –> 00:42:21,661
with her kids.
1171
00:42:21,981 –> 00:42:25,421
And that way you can still make your 19 an hour and
1172
00:42:25,421 –> 00:42:26,221
get your food stamps.
1173
00:42:26,221 –> 00:42:26,581
And actually,
1174
00:42:26,581 –> 00:42:28,221
because think about what that is.
1175
00:42:29,581 –> 00:42:32,221
We pay the highest auto insurance in the country.
1176
00:42:32,221 –> 00:42:34,461
We pay the highest property tax in the country,
1177
00:42:34,461 –> 00:42:35,261
utility tax,
1178
00:42:35,261 –> 00:42:36,701
all the stuff we were talking about.
1179
00:42:36,861 –> 00:42:38,301
So you got to cheat.
1180
00:42:39,661 –> 00:42:43,501
to survive.
1181
00:42:43,581 –> 00:42:45,661
This is no way to run society.
1182
00:42:45,941 –> 00:42:46,781
I want to ask you this,
1183
00:42:46,781 –> 00:42:48,221
Charlie, as well as Rich.
1184
00:42:48,861 –> 00:42:52,701
Is this a political move or is this an economic move
1185
00:42:52,701 –> 00:42:54,061
for Trump?
1186
00:42:54,141 –> 00:42:55,741
Because he can do this,
1187
00:42:55,741 –> 00:42:58,461
he can impose these tariffs without congressional
1188
00:42:58,541 –> 00:42:59,101
approval.
1189
00:42:59,141 –> 00:43:03,021
I mean, is this a political move or is this truly an
1190
00:43:03,021 –> 00:43:04,541
economic efficiency move?
1191
00:43:04,701 –> 00:43:05,741
My answer is,
1192
00:43:06,181 –> 00:43:07,141
He doesn’t have to do it.
1193
00:43:07,141 –> 00:43:10,061
He can just prattle on and do whatever he’s doing.
1194
00:43:10,061 –> 00:43:12,541
And this is going to cost him.
1195
00:43:13,421 –> 00:43:14,861
But I think it’s time.
1196
00:43:14,861 –> 00:43:16,181
It’s like Rich is saying,
1197
00:43:16,181 –> 00:43:17,101
it’s been decades.
1198
00:43:18,061 –> 00:43:20,141
Even if they’re not effective,
1199
00:43:20,141 –> 00:43:23,901
like some movement needs to occur because we’re going
1200
00:43:23,901 –> 00:43:26,221
down the drain and somebody’s got to put a stopper
1201
00:43:26,861 –> 00:43:27,821
I give it to you,
1202
00:43:28,381 –> 00:43:29,901
I don’t think it’s political.
1203
00:43:29,901 –> 00:43:32,341
I think Trump’s using a lot of political capital to
1204
00:43:32,901 –> 00:43:36,381
And so I think that if he was a political animal,
1205
00:43:36,381 –> 00:43:37,781
he wouldn’t be doing this.
1206
00:43:37,781 –> 00:43:39,301
He’d be doing what other politicians have,
1207
00:43:39,301 –> 00:43:41,581
and that’s kicking the can down the road and not addressing
1208
00:43:41,981 –> 00:43:45,021
So I think he fundamentally believes that
1209
00:43:46,341 –> 00:43:47,941
American consumers have been getting screwed,
1210
00:43:47,941 –> 00:43:49,821
and he wants to change that.
1211
00:43:49,821 –> 00:43:52,861
And I think you’re seeing that across a number of different
1212
00:43:53,341 –> 00:43:55,701
Now, just from a political standpoint,
1213
00:43:55,701 –> 00:43:58,261
though, something to note is that he’s obviously allowed
1214
00:43:58,261 –> 00:44:00,541
and able to do things with executive order,
1215
00:44:00,781 –> 00:44:03,501
and he’s invoking that on a number of these fronts.
1216
00:44:03,821 –> 00:44:05,341
However, ultimately,
1217
00:44:05,341 –> 00:44:06,541
he also wants to cut taxes,
1218
00:44:06,541 –> 00:44:07,021
too, right?
1219
00:44:07,421 –> 00:44:10,061
And the Congressional Budget Office has to score that,
1220
00:44:10,061 –> 00:44:12,741
and there’s rules that such that if you’re going to
1221
00:44:12,741 –> 00:44:13,501
cut taxes,
1222
00:44:13,581 –> 00:44:15,021
you have to pay for it somehow.
1223
00:44:15,581 –> 00:44:17,661
These tariffs that he’s announcing now by executive
1224
00:44:17,661 –> 00:44:19,341
order don’t count towards that.
1225
00:44:19,661 –> 00:44:23,101
They would only count towards that if Congress comes
1226
00:44:23,101 –> 00:44:23,981
in and approves them.
1227
00:44:24,181 –> 00:44:26,181
And so he has to get Congress to,
1228
00:44:26,181 –> 00:44:26,541
you know,
1229
00:44:26,541 –> 00:44:28,461
he can announce them now and impose them now.
1230
00:44:28,781 –> 00:44:30,981
And that could certainly start to,
1231
00:44:30,981 –> 00:44:31,181
you know,
1232
00:44:31,181 –> 00:44:34,461
adjust things in terms of rebalancing trade.
1233
00:44:34,621 –> 00:44:35,341
But for them,
1234
00:44:35,421 –> 00:44:38,381
him to be able to use that to pay for tax cuts to
1235
00:44:38,381 –> 00:44:40,061
help consumers,
1236
00:44:40,621 –> 00:44:42,941
Congress has to get on board too and finally step up
1237
00:44:42,941 –> 00:44:43,581
and do something.
1238
00:44:43,581 –> 00:44:45,661
And they haven’t necessarily shown the willingness
1239
00:44:45,661 –> 00:44:46,541
to do that in the past.
1240
00:44:46,541 –> 00:44:48,981
And so it’ll be interesting to see because it will
1241
00:44:48,981 –> 00:44:51,381
be difficult for them politically and they may pay
1242
00:44:51,381 –> 00:44:53,661
a price, but it does seem to be the right thing to
1243
00:44:54,061 –> 00:44:55,101
Pay the fucking price.
1244
00:44:55,101 –> 00:44:56,301
Okay, I’m going to show you.
1245
00:44:59,341 –> 00:45:00,301
The little guy,
1246
00:45:01,341 –> 00:45:02,781
government assistance,
1247
00:45:03,821 –> 00:45:05,821
money for the billionaires to develop.
1248
00:45:05,821 –> 00:45:07,741
This, because I know you got to go,
1249
00:45:07,741 –> 00:45:08,981
Rich, I just want to get this in.
1250
00:45:08,981 –> 00:45:09,661
I want you to see it.
1251
00:45:09,981 –> 00:45:12,021
This piece by Red,
1252
00:45:12,021 –> 00:45:12,941
Detroit Red,
1253
00:45:12,941 –> 00:45:14,861
one of our brothers here at the No Bullshit News Hour,
1254
00:45:15,261 –> 00:45:17,501
was from two years ago.
1255
00:45:17,581 –> 00:45:19,901
I want you to remember that when you watch this.
1256
00:45:21,581 –> 00:45:22,221
years ago.
1257
00:45:22,461 –> 00:45:22,861
You ready,
1258
00:45:23,661 –> 00:45:24,221
Let’s play.
1259
00:45:27,821 –> 00:45:30,661
Trailers for sailor rent.
1260
00:45:31,181 –> 00:45:34,381
Put me out the house on the board seat.
1261
00:45:35,901 –> 00:45:38,781
No phone, no pets.
1262
00:45:38,981 –> 00:45:40,141
Started from the bottom.
1263
00:45:40,541 –> 00:45:42,941
Ain’t got no cigarettes.
1264
00:45:43,741 –> 00:45:47,181
But too, I was a pushing broom by the.
1265
00:45:48,141 –> 00:45:50,461
8 by 12 four bedroom.
1266
00:45:50,901 –> 00:45:57,581
I’m a man of means by no means king of the world.
1267
00:46:06,621 –> 00:46:08,541
I’m calling in regards to
1268
00:46:09,421 –> 00:46:12,861
I want to get one of the apartments down in the skyscraper
1269
00:46:12,861 –> 00:46:13,341
when it’s done.
1270
00:46:14,221 –> 00:46:16,701
And I know it’s supposed to be some low-income housing
1271
00:46:16,701 –> 00:46:17,261
available,
1272
00:46:17,261 –> 00:46:18,901
and I got my Section 8 voucher,
1273
00:46:18,901 –> 00:46:21,501
so I was wondering what do I need to do to apply for
1274
00:46:21,741 –> 00:46:22,701
one of the apartments?
1275
00:46:23,341 –> 00:46:27,181
Man, staying at the Normandy can turn from a short-term
1276
00:46:27,181 –> 00:46:29,301
stay to a lifetime sentence.
1277
00:46:29,581 –> 00:46:31,101
And I ain’t trying to do that.
1278
00:46:31,381 –> 00:46:33,661
I think I found my way up out of this place.
1279
00:46:34,701 –> 00:46:36,701
I thought maybe I could get something new in the new
1280
00:46:36,701 –> 00:46:38,141
skyscraper when it’s done,
1281
00:46:38,141 –> 00:46:39,261
looking at Canada.
1282
00:46:39,901 –> 00:46:40,781
And with low income,
1283
00:46:40,781 –> 00:46:42,621
I got my section 8 voucher and everything.
1284
00:46:42,621 –> 00:46:43,061
I’m ready to go.
1285
00:46:43,061 –> 00:46:44,581
What’s going on with that building?
1286
00:46:44,821 –> 00:46:47,261
I don’t even know if they’re going to have any type
1287
00:46:47,261 –> 00:46:48,421
of housing in that building.
1288
00:46:48,421 –> 00:46:49,621
They’re still two years out.
1289
00:46:50,621 –> 00:46:53,541
Oh, well, I thought when they went to the city with
1290
00:46:53,541 –> 00:46:54,061
the plans,
1291
00:46:54,061 –> 00:46:56,901
they said it was going to be residential with a 20%
1292
00:46:57,261 –> 00:46:58,781
low income.
1293
00:47:00,781 –> 00:47:02,781
Yeah, we don’t have any information on the husband
1294
00:47:02,781 –> 00:47:03,581
side of this now.
1295
00:47:03,981 –> 00:47:05,101
Man, skip that.
1296
00:47:05,341 –> 00:47:07,541
I’m about to go down here and find out what’s going
1297
00:47:07,741 –> 00:47:09,661
You ain’t gonna tell me you don’t know nothing,
1298
00:47:09,661 –> 00:47:13,461
and for my section ain’t wrong to go down here and
1299
00:47:13,461 –> 00:47:14,821
talk to somebody in person.
1300
00:47:19,261 –> 00:47:21,821
So after not getting much information on the phone,
1301
00:47:21,981 –> 00:47:24,421
I decided it’d probably be better if I go down there
1302
00:47:24,421 –> 00:47:26,421
and try to talk to somebody in person.
1303
00:47:26,941 –> 00:47:28,221
But you know what they say,
1304
00:47:28,541 –> 00:47:29,781
excuse over the phone,
1305
00:47:30,221 –> 00:47:31,261
truth in your face.
1306
00:47:36,421 –> 00:47:37,501
Oh man, I can’t wait.
1307
00:47:37,741 –> 00:47:39,581
I wanna live right there.
1308
00:47:39,581 –> 00:47:40,701
Yep, yep, that’s it.
1309
00:47:41,181 –> 00:47:41,461
High rise,
1310
00:47:41,461 –> 00:47:43,101
look at Canada.
1311
00:47:43,741 –> 00:47:44,861
Yeah, I can’t wait,
1312
00:47:45,981 –> 00:47:47,021
Moving on up.
1313
00:47:49,981 –> 00:47:51,501
Yeah, buddy.
1314
00:47:53,061 –> 00:47:54,181
I’m gonna use this voucher,
1315
00:47:54,181 –> 00:47:55,141
I’m gonna be living good.
1316
00:47:55,741 –> 00:47:56,621
They gonna be wondering,
1317
00:47:56,861 –> 00:47:58,341
How did I make it happen?
1318
00:47:58,501 –> 00:47:59,421
Thanks, Dan.
1319
00:48:00,061 –> 00:48:01,741
20% low income housing,
1320
00:48:01,741 –> 00:48:02,941
I can’t fucking wait.
1321
00:48:03,661 –> 00:48:04,221
Hell yeah.
1322
00:48:04,221 –> 00:48:06,541
Hey, what’s up fellas?
1323
00:48:07,261 –> 00:48:07,541
What’s up?
1324
00:48:07,541 –> 00:48:09,661
Hey, I’m waiting on these apartments to get done.
1325
00:48:09,661 –> 00:48:10,501
I’m waiting to move in.
1326
00:48:10,621 –> 00:48:11,901
Y’all know when they gonna be finished?
1327
00:48:11,901 –> 00:48:14,061
A year, one year.
1328
00:48:15,501 –> 00:48:15,981
What’d they say?
1329
00:48:16,381 –> 00:48:18,301
Oh man, I hope they do it quicker than that.
1330
00:48:18,301 –> 00:48:20,701
My Section 8 voucher is gonna expire by then.
1331
00:48:21,181 –> 00:48:23,261
That 20% low income living.
1332
00:48:23,261 –> 00:48:23,621
I’m looking,
1333
00:48:23,621 –> 00:48:24,141
I got mine,
1334
00:48:24,141 –> 00:48:24,941
I’m ready to go.
1335
00:48:26,461 –> 00:48:26,861
All right,
1336
00:48:26,901 –> 00:48:27,501
appreciate you,
1337
00:48:27,861 –> 00:48:29,341
Yeah, have a good one.
1338
00:48:29,341 –> 00:48:29,981
You too now.
1339
00:48:32,341 –> 00:48:32,821
Hey, what’s good,
1340
00:48:34,701 –> 00:48:35,421
Slow motion,
1341
00:48:35,421 –> 00:48:37,581
I’m wondering how long before I be done,
1342
00:48:37,941 –> 00:48:39,181
I’m ready to move on in.
1343
00:48:39,181 –> 00:48:41,501
I got my Section 8 voucher and everything.
1344
00:48:41,541 –> 00:48:42,661
Yeah, almost two years.
1345
00:48:42,941 –> 00:48:43,741
Two years?
1346
00:48:44,301 –> 00:48:46,781
Oh shit, my voucher will be expired by then.
1347
00:48:46,781 –> 00:48:47,381
They told me 20%,
1348
00:48:47,381 –> 00:48:50,261
I’m gonna have to reapply for Section 8.
1349
00:48:50,261 –> 00:48:51,661
You’re gonna have to in two years.
1350
00:48:51,661 –> 00:48:52,621
In two years.
1351
00:48:53,261 –> 00:48:53,741
God damn it,
1352
00:48:53,741 –> 00:48:55,341
let me go over here and see if I can go ahead and
1353
00:48:55,341 –> 00:48:56,141
reserve it then.
1354
00:48:56,141 –> 00:48:58,461
It’ll take a Section 8 voucher reserved or something.
1355
00:48:58,621 –> 00:48:59,101
Thanks a lot,
1356
00:49:00,541 –> 00:49:01,501
Yeah, fuck this.
1357
00:49:02,141 –> 00:49:03,941
Let me go to the office and check with the office.
1358
00:49:04,101 –> 00:49:05,981
These guys don’t know what they’re talking about.
1359
00:49:06,061 –> 00:49:08,301
Hell, it took them seven years to put a building together.
1360
00:49:08,341 –> 00:49:10,701
I don’t think I got no timing.
1361
00:49:11,181 –> 00:49:11,941
I’ll find out,
1362
00:49:12,141 –> 00:49:14,621
make my Section 8 voucher expire.
1363
00:49:15,941 –> 00:49:16,981
I got some answers here.
1364
00:49:25,981 –> 00:49:27,101
Hey, how you doing today?
1365
00:49:27,981 –> 00:49:29,541
Is there someone in the office I can speak with?
1366
00:49:29,541 –> 00:49:37,021
Uh, I’m right now.
1367
00:49:37,021 –> 00:49:37,861
How you doing today?
1368
00:49:37,861 –> 00:49:39,341
I want to speak to somebody.
1369
00:49:39,341 –> 00:49:41,741
I got my Section 8 voucher and I want to reserve my
1370
00:49:41,741 –> 00:49:43,821
apartment in the skyscraper when it’s done.
1371
00:49:44,301 –> 00:49:45,581
How long will it be before it’s finished?
1372
00:49:45,581 –> 00:49:47,501
What do I do in here?
1373
00:49:48,701 –> 00:49:49,581
I just told you,
1374
00:49:49,741 –> 00:49:51,821
I just asked you how long will it be finished because
1375
00:49:51,821 –> 00:49:55,021
I want to reserve my Section 8 apartment in the skyscraper.
1376
00:49:55,021 –> 00:49:55,981
Dan said it’d be low.
1377
00:49:57,981 –> 00:49:59,141
Go where, to the site?
1378
00:49:59,461 –> 00:50:02,021
I was over there.
1379
00:50:05,181 –> 00:50:05,701
Where is that?
1380
00:50:05,821 –> 00:50:10,941
Nobody can tell me anything?
1381
00:50:10,941 –> 00:50:12,101
How you doing?
1382
00:50:12,101 –> 00:50:12,341
All right,
1383
00:50:12,341 –> 00:50:13,741
you know about the skyscraper over here?
1384
00:50:14,301 –> 00:50:16,021
I do, but I can’t speak to that.
1385
00:50:16,221 –> 00:50:17,061
You’ll have to go with that.
1386
00:50:18,141 –> 00:50:19,061
I have to go with Bedrock.
1387
00:50:19,061 –> 00:50:20,301
Where’s Bedrock at?
1388
00:50:20,541 –> 00:50:21,501
They are down the road on wood.
1389
00:50:21,741 –> 00:50:23,221
Down the road on wood?
1390
00:50:23,661 –> 00:50:25,741
Okay, because I’m just trying to see if I can reserve
1391
00:50:25,741 –> 00:50:27,661
my Section 8 department for the 20%
1392
00:50:27,661 –> 00:50:29,661
low income that’s gonna be in there.
1393
00:50:29,661 –> 00:50:31,101
So I’m trying to get a jumpstart.
1394
00:50:31,101 –> 00:50:33,341
I want to be up on the penthouse looking at the Canadian
1395
00:50:34,781 –> 00:50:35,141
All right,
1396
00:50:35,141 –> 00:50:37,581
so by how long do you think it be done for?
1397
00:50:38,221 –> 00:50:38,861
Can’t answer that?
1398
00:50:39,101 –> 00:50:41,341
Say that right.
1399
00:50:41,341 –> 00:50:41,581
All right.
1400
00:50:41,981 –> 00:50:42,621
I appreciate you.
1401
00:50:42,781 –> 00:50:44,661
Let my Section 8 expire.
1402
00:50:44,661 –> 00:50:45,941
I need to get my apartment.
1403
00:50:45,941 –> 00:50:47,421
I want to live downtown too.
1404
00:50:48,541 –> 00:50:50,461
So after leaving the construction office,
1405
00:50:50,461 –> 00:50:52,181
that one guy told me where to go.
1406
00:50:52,181 –> 00:50:53,221
That was pretty cool of him.
1407
00:50:53,421 –> 00:50:54,501
I got to thinking,
1408
00:50:55,541 –> 00:50:58,861
damn, why was the other guy such an asshole?
1409
00:51:01,181 –> 00:51:02,901
What’d you all do in here?
1410
00:51:02,901 –> 00:51:04,301
Well, he’s asking you a question.
1411
00:51:04,701 –> 00:51:06,101
And then I couldn’t even understand it.
1412
00:51:06,381 –> 00:51:08,621
At least you could be an asshole that I could understand.
1413
00:51:09,901 –> 00:51:11,701
You can go there and ask them then.
1414
00:51:12,541 –> 00:51:12,941
OK, go where?
1415
00:51:13,181 –> 00:51:13,741
I was over there.
1416
00:51:15,741 –> 00:51:16,141
Well, that–
1417
00:51:16,261 –> 00:51:16,941
where is that?
1418
00:51:19,101 –> 00:51:22,621
After walking around the city that has Gilbert’s name
1419
00:51:22,701 –> 00:51:24,541
tattooed across itself,
1420
00:51:25,181 –> 00:51:26,781
I finally found the place.
1421
00:51:27,661 –> 00:51:28,541
I’m doing all right.
1422
00:51:29,101 –> 00:51:33,021
I want to know who I talked to about reserving my apartment
1423
00:51:33,021 –> 00:51:34,621
down in the new skyscraper.
1424
00:51:36,301 –> 00:51:37,661
Yeah, this bedrock,
1425
00:51:39,101 –> 00:51:40,421
The skyscraper down the street?
1426
00:51:40,621 –> 00:51:41,781
The one that’s there on building?
1427
00:51:42,061 –> 00:51:43,901
Yeah, it’s supposed to be 20%
1428
00:51:43,901 –> 00:51:44,781
low income.
1429
00:51:44,781 –> 00:51:46,301
I got my section 8,
1430
00:51:46,301 –> 00:51:48,701
I want me a damn penthouse in the skyscraper.
1431
00:51:49,741 –> 00:51:51,461
So I’m trying to see who I talk to.
1432
00:51:51,461 –> 00:51:55,021
If you could give us a call and we can transfer you
1433
00:51:55,021 –> 00:51:55,661
to the right people,
1434
00:51:55,661 –> 00:51:56,981
but they don’t work in this building.
1435
00:51:57,421 –> 00:51:58,141
Oh, they don’t work?
1436
00:51:58,301 –> 00:51:59,461
This is just the headquarters.
1437
00:52:00,621 –> 00:52:01,101
Wait a minute,
1438
00:52:01,181 –> 00:52:02,101
this is the headquarters,
1439
00:52:02,101 –> 00:52:03,541
but they’re not in the headquarters?
1440
00:52:08,461 –> 00:52:10,341
So how long before you think the building,
1441
00:52:10,381 –> 00:52:11,381
the skyscraper done?
1442
00:52:11,381 –> 00:52:13,581
Cause I don’t want my voucher to expire.
1443
00:52:13,581 –> 00:52:14,661
The beginning of next year.
1444
00:52:14,941 –> 00:52:15,981
Beginning of next year?
1445
00:52:15,981 –> 00:52:17,021
So less than a year.
1446
00:52:18,301 –> 00:52:20,901
Okay, cause I only get six months on this voucher.
1447
00:52:20,901 –> 00:52:22,381
I don’t need it expiring on me.
1448
00:52:22,381 –> 00:52:23,581
You say just give them a call.
1449
00:52:23,581 –> 00:52:24,621
Is this number right here?
1450
00:52:24,661 –> 00:52:26,861
Yeah, you can call me there and then I can transfer
1451
00:52:28,141 –> 00:52:30,461
Okay, I just got one more question for y’all.
1452
00:52:31,341 –> 00:52:33,821
So I was kind of expecting to move in today.
1453
00:52:34,141 –> 00:52:35,341
That’s not gonna happen,
1454
00:52:37,781 –> 00:52:39,821
Section 8 is gonna run out here in six months,
1455
00:52:39,821 –> 00:52:41,261
so it’s not happening.
1456
00:52:41,421 –> 00:52:44,221
No, I don’t think so.
1457
00:52:44,221 –> 00:52:44,901
I don’t get it,
1458
00:52:44,941 –> 00:52:49,181
I’m just thinking.
1459
00:52:49,941 –> 00:52:50,261
All right,
1460
00:52:50,261 –> 00:52:50,781
thank y’all.
1461
00:52:53,261 –> 00:52:56,221
Looks like I’m back at the goddamn normal.
1462
00:52:57,661 –> 00:52:59,421
One, two, shit,
1463
00:52:59,421 –> 00:53:00,261
at this rate,
1464
00:53:00,621 –> 00:53:01,581
five years.
1465
00:53:07,741 –> 00:53:09,021
That was two years ago.
1466
00:53:09,661 –> 00:53:12,541
And it’s at least another two years before it’s done.
1467
00:53:13,101 –> 00:53:16,141
And remember they’re going to do the low income 80-20?
1468
00:53:16,141 –> 00:53:17,141
The 20’s gone now.
1469
00:53:17,341 –> 00:53:18,501
It was the old bait and switch.
1470
00:53:18,501 –> 00:53:19,421
It always is.
1471
00:53:19,501 –> 00:53:20,301
Well, Professor,
1472
00:53:20,301 –> 00:53:21,741
what did you make of that?
1473
00:53:21,741 –> 00:53:22,421
Red’s pretty good,
1474
00:53:22,421 –> 00:53:22,781
isn’t he?
1475
00:53:23,181 –> 00:53:24,061
Red’s pretty good.
1476
00:53:24,541 –> 00:53:26,621
Richard was trying not to laugh.
1477
00:53:27,261 –> 00:53:27,901
Unbelievable.
1478
00:53:28,141 –> 00:53:29,901
That’s so can I get the B plus?
1479
00:53:30,741 –> 00:53:31,661
You can get the B plus.
1480
00:53:31,861 –> 00:53:32,461
Oh, my man.
1481
00:53:34,541 –> 00:53:35,101
Hey, listen.
1482
00:53:35,101 –> 00:53:36,461
You can thank Red for that.
1483
00:53:39,821 –> 00:53:40,941
That’s why I partnered with him,
1484
00:53:41,661 –> 00:53:42,261
That’s stupid.
1485
00:53:43,661 –> 00:53:44,381
Before I say goodbye,
1486
00:53:44,381 –> 00:53:46,821
just let everybody know where they can follow your
1487
00:53:46,821 –> 00:53:48,701
work because it’s really tight.
1488
00:53:48,701 –> 00:53:49,581
It’s really important.
1489
00:53:50,261 –> 00:53:52,621
Yeah, the best place is on Substack.
1490
00:53:52,781 –> 00:53:54,821
My Substack’s called Stay Vigilant.
1491
00:53:54,821 –> 00:53:56,861
So stayvigilant.substack.com.
1492
00:53:56,861 –> 00:53:59,421
Just check it out and you can,
1493
00:53:59,581 –> 00:54:00,621
it’s free.
1494
00:54:00,701 –> 00:54:02,461
I don’t have any paywall or anything like that.
1495
00:54:02,661 –> 00:54:04,381
And then on any podcast app,
1496
00:54:04,381 –> 00:54:08,261
it’s, the podcasts I do are under the CFA Society
1497
00:54:09,381 –> 00:54:10,181
And so you can find,
1498
00:54:10,181 –> 00:54:12,461
I do a couple of different ones and they’re on any
1499
00:54:12,461 –> 00:54:13,461
podcast app that you have.
1500
00:54:13,461 –> 00:54:14,821
And so you can find them there.
1501
00:54:14,821 –> 00:54:16,141
I’m recording one right after this.
1502
00:54:16,141 –> 00:54:16,781
That’s why I gotta,
1503
00:54:16,901 –> 00:54:17,741
that’s why I gotta leave.
1504
00:54:17,741 –> 00:54:19,421
But we’re talking about the different things,
1505
00:54:19,501 –> 00:54:20,061
the different
1506
00:54:21,101 –> 00:54:23,461
things that are impacting the markets and impacting
1507
00:54:23,461 –> 00:54:24,461
your investments.
1508
00:54:24,461 –> 00:54:27,421
And so we’re trying to educate and inform people so
1509
00:54:27,421 –> 00:54:30,781
that they can prepare and navigate through these uncertain
1510
00:54:31,261 –> 00:54:32,781
Yeah, and what’s your X handle?
1511
00:54:33,901 –> 00:54:35,981
It’s at Excel Richard.
1512
00:54:37,741 –> 00:54:41,101
EXEXCELL Richard.
1513
00:54:41,421 –> 00:54:43,501
Yeah, I was on there yesterday.
1514
00:54:43,741 –> 00:54:47,021
I’ll leave it with this for regular folks who have
1515
00:54:47,021 –> 00:54:48,101
a something.
1516
00:54:48,861 –> 00:54:50,701
little portfolio of some kind,
1517
00:54:51,581 –> 00:54:52,461
or even your,
1518
00:54:52,941 –> 00:54:53,181
you know,
1519
00:54:53,181 –> 00:54:54,301
your 401k,
1520
00:54:54,461 –> 00:54:57,621
because you can go really conservative or you can
1521
00:54:57,621 –> 00:54:59,021
go really wild.
1522
00:54:59,501 –> 00:55:01,021
This is what Richard wrote.
1523
00:55:01,501 –> 00:55:05,261
Quality portfolios handles uncertainty.
1524
00:55:06,221 –> 00:55:06,941
And that’s have a,
1525
00:55:07,021 –> 00:55:09,341
if you’re a regular person just looking to get through,
1526
00:55:10,381 –> 00:55:12,301
I totally agree with that.
1527
00:55:13,381 –> 00:55:15,021
All right.
1528
00:55:15,021 –> 00:55:15,421
Thank you,
1529
00:55:15,741 –> 00:55:17,101
It was really illuminating.
1530
00:55:17,101 –> 00:55:17,741
Appreciate you.
1531
00:55:18,461 –> 00:55:19,421
Thank you guys for having me.
1532
00:55:19,741 –> 00:55:19,981
Good luck.
1533
00:55:21,381 –> 00:55:21,661
That’s good.
1534
00:55:21,661 –> 00:55:23,061
No, that was very good.
1535
00:55:23,061 –> 00:55:24,941
I mean, we’ve been talking about money for a long time
1536
00:55:24,941 –> 00:55:27,501
and now we’re seeing all these things come to fruition.
1537
00:55:27,501 –> 00:55:29,581
We’ve talked about no matter how much you make or how
1538
00:55:29,581 –> 00:55:30,461
much you don’t make,
1539
00:55:30,781 –> 00:55:31,341
call Luke,
1540
00:55:31,581 –> 00:55:32,461
talk to somebody,
1541
00:55:32,541 –> 00:55:34,261
secure your bag.
1542
00:55:34,381 –> 00:55:35,941
So yeah, it’s all coming.
1543
00:55:35,981 –> 00:55:36,381
You’re right.
1544
00:55:36,381 –> 00:55:37,061
Yeah, it’s moving.
1545
00:55:37,261 –> 00:55:37,581
All right.
1546
00:55:37,581 –> 00:55:38,661
We’ll see you next week.
1547
00:56:16,331 –> 00:56:17,611
We’re not good at stress.
1548
00:56:43,621 –> 00:56:59,551
Oh, it’s okay.
1549
00:56:59,631 –> 00:56:59,951
e-mail me.
1550
00:56:59,951 –> 00:57:02,311
This is gonna be sixty-five emails.
1551
00:57:02,711 –> 00:57:03,271
I said no.
