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Welcome to Softcore History. Welcome back
to Softcore History. I'm your host,

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Dan Rochester, and I am joined
as always with Jake Goldman. Hi.

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Hey, Hey, Dan, you're
excited for today. I'm super excited for

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a topic today. It's something that's
not at all near or dear to my

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heart, but I find entertaining.
Yeah, the last two episodes I've done,

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I've actually had to go topical.
M it's not really my wheelhouse.

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But we'll see how this goes.
You know, it's an interesting case.

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I like how you tell me that
topical isn't your wheelhouse, as you advise

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me on an almost hourly basis about
stocks. Yeah, yeah, yeah,

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I got I don't know much what's
going on, and right now I am

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simply regurgitating what I see on Wall
Street bets, which could be a complete

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lie. I don't know. It's
I think it's not as cut and dry

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as people are giving it. No, especially since you know there's six million

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new users on the subredit right.
The other voice you hear, of course,

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is Rob Box Hello, Hello,
what's up? Not much? Man?

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Did you buy more AMC? I
bought uh yeah, about eight hundred

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more AMC eight hundred dollars more worth
of AMC today than the capital Security buys

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at ten. Well not in cash
at fuck? Are you still in robbin?

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Because they had money I couldn't take
out yet, So it's like it's

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like, all right, I've taken
most of what I could get at So

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I did the pro move, which
no one else did. I bought in

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a game stop at two sixty,
sold like a little bitch at three to

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sixty because I got him win,
and then instead of waiting to like get

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the transfer out, I put it
all in dogecoin. God, and it

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went from point to seven point seven
football bullshit? Yeah, where you just

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tell you about my gains and yeah
the stock minac economics. No, this

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was the dumbest thing I could have
possibly done. Anyone that's holding dogecoin thinking

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it's gonna go up is fucking stupid. Hey man, it's only been around

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since twenty thirteen. Dog cooin,
which isn't doge like a meme for dogs.

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Yeah, it's a meme coin.
Everyone's like old dude, dude,

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sew it. I sold it when
I tripled up on it, and it

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slammed right back down to like where
it was. You probably like one of

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three holders, Like a third of
the fucking value just jumped off the market.

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It went up ten cents. You
could have ten times your money,

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dude, That's what I'm saying.
It was at two point seven cents,

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it went up to seven point four. I think it went up as high

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as nine cents. It did.
I set my market limit to triple.

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It's like, cool, that's great, people hold it. There's nothing back.

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You even bother to try to explain
that to your wife or was it

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just like, oh, I kind
of said, like I did some babe,

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I had more money. Now I
did something stupid but it worked.

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It's it's always like that's the way
you tell people when you make a dumb

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decision. This is all fake man. Yeah, and it's a fugaziazugaz.

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Yeah. Oh there's a million people
turning like ten bucks into sixty bucks and

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thinking their gods a straw ape strong
Ape Strong Together? Is that the planet

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of the apes thing? Yeah?
The new player of the apes ape strong

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Yeah Together Together Strong? Yeah.
I like how that's actually like they basically

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just explained fascism really well, what
play of the apes? Yeah, because

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they're like see one stick it breaks
multiple ape strong together. That's that's fac

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dan. You're doing what I used
to do. By the way you're gonna

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from the flag, motherfucker. Well
you see the way we framed it too.

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I don't have a whole lot of
room with the table. Move forward,

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we'll scoot in. I mean we'll
work on this later or fine.

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Um yeah, I'm actually uh starting
to bulk a little bit, getting close

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to to hondo. All right,
no big deal, nice little with a

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twink. To me, I'm pretty
thick. He's an break you in high

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yeahs An, I think i'd say
otter is pretty accurate. Yeah, you

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might be too old to be a
twink. There's no such thing as too

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old. You could be like no, no, there's no such thing as

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a fifty year old twink. No, that's a twink. Twink, twink,

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what's after twink? Dead? M
Yeah? Yeah, got you?

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Got you? Well, yeah,
I mean talk about the stock market.

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He's completely made up, and uh, you know it's not much better than

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our topic today, which is Enron. Yeah, if you want to talk

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about made up stuff, who made
up their own rules kind of just made

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up as they went, the biggest
rules company. They made up a fortune

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five hundred company. Yea, they
invented it. Yeah, I kind of

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respect it. I respect the hustle
of everyone there. And I just want

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to say the most famous Enron guy
m I Z Missouri alone? Which which

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one was up? Leg? Yeah? Yeah, Kenneth lay Uh, one

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of Missouri's proudest a lums. I'm
more of a Andrew what's what's his last

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name? At least can't possibly be
more of his fan if you don't even

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know his name? Right, we'll
talk about this later, but at least

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Leg gets out of dodge, right, Yeah, everything hits like hits the

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fan. He Gary pinkled that ship. Yeah, he really just pass it

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on the bar out of here that
I got cancer. I have to go

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personal reasons, he went back.
We'll talk. Well, he kind of

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I remember Lay being the main villain, and that was before I was even

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at Miszoo, so like it wouldn't
he was definitely Yeah, yeah, nth

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Kenneth Lay was the most famous name
in the Enron situation. Well, we're

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gonna talk about it. Yeah,
yeah, we'll talk. I would argue

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that I will say this, I
haven't done any like I like to now

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just not do any research and live
like that too, just put it completely

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on the guy whose topic it is. Yeah, but my Pointeth, You

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know what, maybe it's because I
just grew up, grew up in Saint

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Louis and I was in Missouri when
this was happening that Kenneth Lay was the

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most the biggest name where I was. Yeah, he was the biggest,

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Like he was the head of it. He was on the board and he

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was a CEO. Like I personally
think the move's done by the CFO at

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the time. The young gunner CFO
are very interesting. So we're gonna have

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the biggest moron of the group try
to explain a complex topic. Yeah me,

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I'm just kidding. Yeah. So
um when this all went down,

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of course and Ron was everything kind
of hits the fan. In two thousand

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and one, I'm ten. Yeah, we're ten years old at this time.

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Years so like, yeah, you're
an old fuck uh no, not

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thirty. We turned thirty this year. Oh wow, birthdays like birthday when

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we can part Yeah, stub Stock, welcome, welcome to the ship.

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Welcome to you talking about thirties,
Like, might have a little money in

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our pocket now my wife or my
wife and another friend of our Ronica,

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who was on the program, was
like, I feel like my thirties are

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so much like I feel like thirties
are the new twenties. And I was

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like, well for me, and
I'm super pumped too because men just for

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the ladies. Yeah, men just
age better. Yeah, uh like wine

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first milk, right, Yeah,
that's that is the most disgusting saying that

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People say like that might be the
most misogyny six saying well, you know,

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people also to say like that,
you also get that on like black

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verse white and stuff like that.
It's track well no, but like literally

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it's like white people aged like milk, Black people age like wine. Its

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basically just feel age magnificently until seventy. I feel like the wine milk thing

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is magnificent. It's it's juxtaposed on
a lot of different Yeah. Oh totally

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yeah, because one age as well
one doesn't, yes, right right and

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uh yeah. So en Ron was
actually founded in nineteen eighty five as a

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merger between Houston Natural Gas and Inner
North in nineteen yeah, nineteen eighty five.

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That at that time they employed about
twenty nine thousand people, so the

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company was only twenty six years old
when it went up in fro so Enron

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was yes, and Ron. Yeah
they're older, but I mean Inner North.

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Kind of little backstory here, dates
back to its found into nineteen thirty,

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just a few months after Black Tuesday. Nice, so they got a

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good track record with market timing.
Huh dude, they killed for some reason.

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So they cashed in on low cost
of natural gas and cheap labor obviously

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because everyone's looking for a fucking job
in nineteen thirty yea, during the midst

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of the Great Depression. H and
over the next you know, for the

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next two years, they actually double
in size. Wow. They're one of

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the few companies that actually do anything
during the depression. Wow. Wow Wow.

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So yeah, just give me a
little backstory, a little yeah,

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just kind of ease in on en
Ron, because there's a lot a lot

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to it's yeah, no, it's
it's mainly accounting. Yeah, we gotta

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make that cool. No, it's
which it's really interesting to act. We

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don't have Margot Roby to do,
you know. No, I just sit

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in a bathtub and be like,
we got a mattress over here. I

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can like take off my sweater and
I can kick I can take my shoes

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and socks off and just kick my
feet up and be like, listen up

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your cunts or whatever, Margot Robbie
says, rob and I will be touch

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ruddering each other on this mattress in
the studio. I gotta say, that's

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what we tag team. The explanation
of that whole scene in The Big Short

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catches me off guard because she never
does her actual voice in any other movie.

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No, I always never Australian.
I always think of Margot Robia has

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like just like kind of Brooklyn scum. Yes, she does the the what

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the Harley Quinn accent for both Wolf
of Wall Street and um Harley Quinn.

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Right, So what movie does she
actually do an Australian accent her actual voice?

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I guess Big scene will Smith move
she also does. She does Harding

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very well too, that yeah,
kind of midwestern. I actually hated her

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as Tanya Harding really yeah, I
liked it. No, I didn't like

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it because Tanya Harding was this is
I don't mean to like sound of horrible

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saying this, but like Tanya Harding
was like kind of chunky and trashy looking

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later on in life. Yeah,
I know, even then she was gross

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like midwestern, and it was just
slated. Yeah, that whole the whole

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fucking thing with Tanya Harden was is
even at the time, people were like,

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who is this fucking Walmart trash crushing
it? You know, I want

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to trust like you The entire podcast
is based on trust. Yeah, but

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in the group though, like when
it comes to tennis or ice, like

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ice skating or like any obscure,
stupid sport, I'm gonna trust rob here.

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Yeah she was let No, people
thought she was trash. But the

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thing is that she was really powerful. She's thick. Yeah, this thing.

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She was really strong in her legs, so she could do shit the

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other people couldn't. Yeah, she
didn't have like brittle ballerie, but she

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was THI Margot Robbie is thinleans up
well, Margot Robbie is thin and elegant.

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Yeah, Tanya Harding is neither of
those things. And they didn't do

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it. You had to kind of
like, yeah she didn't. Hardy crushed

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all you can eat rib night Yeah, every night. And yes, because

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it was a good bye Tanya Harding. If if it, if it had

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existed back then, Tanya hart would
have been a fixture at Buffalo Wild Wings.

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Yes, sponsored probably time your heart. You know where ton your Harding

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probably ate a lot sizzler shows shows
for sure, Yeah, or Bennigan's fucking

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Fried Shrimp Night she was at shown. Where was she from? She from

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Flowers from Michigan, right, she's
upper Midwest. I would almost percent say,

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like Troy, Michigan. Probably Portland, Organ is where she was born.

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Man, I don't know that's where
she grew up. That doesn't matter

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time. Yeah, this has nothing
to do with Enron, So tell us

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about Enron. Damn, I gotta
I gotta look up her sex tape now

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too. So she grew up in
Organ, but whatever. The organ's pretty

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backwoods in a lot of parts,
and she was in a backwoods part.

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Yeah, I mean she like by
the time her sex tape came out,

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she wasn't Tony Harding has a sex
tape. Yeah, that was like years

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after she was actually relevant. Is
it? Have you seen it? As

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family guy put it? Looking at
it's gross but gross in a fun way

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or something like that. It is
kind of fun. Yeah, yeah,

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looking at it right now, Well, it's like seeing the China xbox tape

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00:12:03,759 --> 00:12:07,559
RP China. Yeah, it's not
like you're not jerking off it's a fun

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fun to watch. We're talking about
something. Anyway. I didn't like Margot

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Robbie as to get to the plan, rob not a fan of right.

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I mean, she did a good
a job as she could have did.

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The look was wrong. She's a
brilliant actress. The look was wrong.

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Okay, you need you need like
you know would be you would Jeffer Lawrence

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would have crushed it. Yeah yeah, but whatever. Yeah, but with

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this kind of topic, I feel
like we do need to you know,

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pepper and some pepper in that.
Yeah, we don't have again, we

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don't have anybody to make cameos.
Yeah, so I mean should we get

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something anybody hair still Georgia? No? Okay. So over the next fifty

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years, they start to aggressively expand
dissolve smaller energy companies into their own.

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So there's doing company stuff. Yeah, yeah, they're doing corporate murders.

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Some acquisitions. Had a bit of
a few gilling there for a bit with

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Cooper Industries, after of course both
being in the market to buy similar smaller

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companies like krause Hines who Cooper Cooper
ends up landing Anyway, what the fuck

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was kraus Hines? So are they
doing like a Facebook where they just buy

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companies that are similar to them but
smaller and might get bigger, and they're

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just and like threatened them. So
they're they're going like Frank Reynolds and always

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Sunny Warhog War, okay, where
he's just you know, consuming companies,

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laying everybody off. Yeah, just
taking everything that's under the Oh wait didn't

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didn't People will like ding Romney for
capitalism is what it's called. Like you

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kind of gout a company, like
you buy it, then you reorg it

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completely and lay off a ton of
dead weight. And that was Inner North

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for like the first fifty years of
their existence. Uh So basically someone's like,

204
00:13:52,639 --> 00:13:54,799
man, there's a lot of money
and being a corporate grave digger,

205
00:13:56,480 --> 00:14:00,559
it turns out, yeah, they're
just flipping companies. Really yeah, no,

206
00:14:00,679 --> 00:14:07,840
I mean that's that's kind of like
American corporate history. Yeah, essentially,

207
00:14:07,919 --> 00:14:11,960
like yeah, just embalming. I
don't even know, no, I

208
00:14:11,960 --> 00:14:16,919
mean yeah, like there's it's a
constant. Just if I could describe from

209
00:14:16,919 --> 00:14:22,080
what I've seen with corporate America,
especially with like commodity strading like enron Um,

210
00:14:22,080 --> 00:14:26,960
basically that entire industry is a bunch
of just like regurgitating and swapping executives

211
00:14:28,159 --> 00:14:33,120
and just barfing up and sucking back
up the barf of your spinoffs and acquisitions.

212
00:14:33,159 --> 00:14:35,799
Dude, it is such a fucking
circle jerk, And apparently, isn't

213
00:14:35,840 --> 00:14:39,240
that Dan what they've kind of been
doing with GM and AMC stock this week

214
00:14:39,360 --> 00:14:43,879
is shuffling it back and forth and
like micro transactions to suppress the price.

215
00:14:43,919 --> 00:14:48,320
It's only allegedly if you look at
like the amount of transactions that are actually

216
00:14:48,320 --> 00:14:52,720
happening throughout the day, it's not
a whole lot, and it's just it's

217
00:14:52,759 --> 00:14:56,879
big numbers and it's moving the stock
significantly. But it's really just like hedge

218
00:14:56,879 --> 00:15:01,279
funds kind of going back and forth
alleged. I mean, no one kind

219
00:15:01,320 --> 00:15:05,960
of no one should be expecting to
be rich from this at this point.

220
00:15:05,480 --> 00:15:11,279
The maybe games game stop is still
like legit. I was late on game

221
00:15:11,320 --> 00:15:15,799
Stop. It sold on game Stop
too early. I just want to make

222
00:15:15,799 --> 00:15:18,639
an extra grand Yeah, I made
I made enough. I told you guys

223
00:15:18,720 --> 00:15:22,200
this weekend, I made enough to
buy a bag of wheat. I bought

224
00:15:22,240 --> 00:15:28,720
an ounce of weed that was well
shit less than whatever the felonious amount is

225
00:15:28,759 --> 00:15:31,720
in Austin. I bought that amount, and uh, yeah, I was

226
00:15:31,720 --> 00:15:35,000
happy about that. It was free, yea. And it was at the

227
00:15:35,000 --> 00:15:37,960
cost of a hedge fud going banger, So yeah, that's fine. You

228
00:15:37,000 --> 00:15:39,240
didn't pay for the cocaine I gave
you, though, and they're not even

229
00:15:39,279 --> 00:15:43,600
going back. He just sucked my
penis. He didn't pay for it.

230
00:15:43,720 --> 00:15:46,120
You never I gave him cocaine,
but he sucked my penis. He didn't

231
00:15:46,120 --> 00:15:48,799
give me any money. What the
funniest part of that joke is you giving

232
00:15:48,799 --> 00:15:54,159
me cocaine? Rob would never know
you parting ways with the bags too selfish,

233
00:15:54,200 --> 00:15:58,960
I hope every one of your family
members. But yeah, I mean.

234
00:16:00,320 --> 00:16:03,519
And then you have a lot of
media outlets kind of reporting fick news

235
00:16:03,600 --> 00:16:07,120
like silver like people are like people
have read it, are moved on to

236
00:16:07,200 --> 00:16:10,399
silver, No, they haven't.
Like this is obviously question. It is

237
00:16:10,440 --> 00:16:12,759
having a trick, a trickle effect
where people are buying silver. That's affecting

238
00:16:12,799 --> 00:16:17,200
my life now, Yes, and
you guess who has a major stock in

239
00:16:17,279 --> 00:16:21,559
silver? Cit though, who is
getting ass fucked by game stop big surprise?

240
00:16:21,799 --> 00:16:23,399
It doesn't like at the end of
the day, they will always win.

241
00:16:23,840 --> 00:16:26,799
Yeah, there's nothing we can do
about it. I'm sorry. You

242
00:16:26,799 --> 00:16:30,240
can't short squeeze silver. It's silver, now, do you know what the

243
00:16:30,279 --> 00:16:33,320
market cap on silver is? Also, like, just if you're gonna do

244
00:16:33,360 --> 00:16:37,679
that, buy actual silver, don't
buy go buy the bricks. Don't buy

245
00:16:37,840 --> 00:16:41,279
SLV like that. That's not God, that's not real. And this is

246
00:16:41,279 --> 00:16:47,159
coming from people that just got interested
in the ship. So again I know

247
00:16:47,240 --> 00:16:52,720
nothing about like, I'm very surface
level. Yeah, I'm very surface level

248
00:16:52,759 --> 00:16:56,279
with my knowledge actual stock. Typically, I would only invest like most people

249
00:16:56,320 --> 00:16:59,759
showed and the stuff you know,
yeah, like right, which for me

250
00:16:59,879 --> 00:17:03,000
is like social media sportscambal. Yeah, okay, just to put a pin

251
00:17:03,000 --> 00:17:04,640
in this, if you're listening and
you want good stock advice from us,

252
00:17:04,640 --> 00:17:07,319
I'm gonna give you the best stock
advice you can get. Buy it and

253
00:17:07,359 --> 00:17:10,640
hold it. You are not a
day trader. Yeah, if you were

254
00:17:10,680 --> 00:17:12,720
listening to this podcast, Yeah,
and you don't have your series seven,

255
00:17:14,160 --> 00:17:17,279
buy the stock you like and hold
it yep for a couple of years or

256
00:17:17,480 --> 00:17:22,000
yeah, and don't Yeah, capital
gain SAX. When I was when I

257
00:17:22,359 --> 00:17:27,039
so, the last time until I've
had this job now, the last time

258
00:17:27,039 --> 00:17:32,640
I had consistent income at a job
I liked, Aka, I felt safe

259
00:17:32,640 --> 00:17:37,160
in my income enough to like regularly
invest in stocks or whatever. It was

260
00:17:37,240 --> 00:17:41,960
grand x right TFM back in the
day, and back then, I was

261
00:17:41,000 --> 00:17:45,000
buying a couple of things, Twitter
because I liked it and m oh,

262
00:17:45,079 --> 00:17:48,480
this is mic was good. It
is good. Okay, it's Twitter because

263
00:17:48,519 --> 00:17:52,119
I lie. And another one was
Starbucks because starts isn't like what this is

264
00:17:52,160 --> 00:17:56,920
like twenty sixteen or something like that. Star Wars is only like, um,

265
00:17:56,960 --> 00:17:57,920
fifty eight dollars a share, and
I was like, well, where

266
00:17:57,920 --> 00:18:00,680
the fuck is Starbucks going? It's
not going anywhere on up. Yeah,

267
00:18:00,680 --> 00:18:04,039
it's Starbucks, right, And Twitter, I was like Twitter was between like

268
00:18:04,079 --> 00:18:07,279
thirteen and twenty at the time.
Even Facebook was one fifteen. I had

269
00:18:07,279 --> 00:18:11,400
money in that, and uh yeah
but when Facebook went IPO, they they

270
00:18:11,480 --> 00:18:18,480
kind of tripped on that. Good
it's a discount discount. But no.

271
00:18:18,599 --> 00:18:19,960
But like here's the thing, though, Like if I had, if my

272
00:18:21,240 --> 00:18:30,119
if my job situation had not gone
in flux between twenty seventeen and essentially three

273
00:18:30,200 --> 00:18:36,160
months ago, right, I would
have probably kept investing in those companies which

274
00:18:36,160 --> 00:18:38,720
are all doubled and tripled up,
right of course, to which is to

275
00:18:38,839 --> 00:18:42,039
your point, yeah, hold it, hold it if it's a company you

276
00:18:42,079 --> 00:18:45,559
think is repeatable and you don't think
it's going away, and it's something you

277
00:18:45,680 --> 00:18:48,200
use and you think it's valuable,
Like people, what the fuck is replacing

278
00:18:48,240 --> 00:18:52,279
Starbucks? What the fuck is replacing
Facebook? What the fuck is replacing Twitter?

279
00:18:52,519 --> 00:18:57,960
Or even what the fox's replacing AMC
route? Nothing? Honestly, yeah,

280
00:18:59,000 --> 00:19:04,799
nothing right now, nou and more
to even industry relevant. Industry relevant.

281
00:19:04,799 --> 00:19:07,839
I should have bought Shopify stock when
it came out, yeah, because

282
00:19:07,839 --> 00:19:12,160
I was using it every fucking day. Yeah, and now it's quint tumpled.

283
00:19:12,359 --> 00:19:15,880
I don't. It's it's worth so
much, right, I think?

284
00:19:15,200 --> 00:19:21,079
Do not Never looked at Twitter stock
is quintupled when I was buying it in

285
00:19:21,119 --> 00:19:22,559
like twenty fourteen. That's the worst
thing you can do is to just be

286
00:19:22,559 --> 00:19:25,960
like, oh man, I could
have I could have got in on bitcoin,

287
00:19:27,039 --> 00:19:30,279
like I said too on Twitter.
The reason I didn't get it on

288
00:19:30,319 --> 00:19:33,200
bitcoin was because I heard about it
from a guy doing whippits on his couch

289
00:19:33,200 --> 00:19:36,720
in the frat house, and I
was going to take financial advice from that

290
00:19:36,759 --> 00:19:41,680
guy. There's nothing wrong with that
dude about all this. I'm on a

291
00:19:41,720 --> 00:19:49,160
whole fucking whip cramp. Yeah,
I'd probably take from him over most hedge

292
00:19:49,160 --> 00:19:53,039
funds I got. I have a
friend that literally had bitcoin in his wallet

293
00:19:53,039 --> 00:19:56,799
to buy drugs with that he forgot
about. And now he's rich. Now

294
00:19:56,839 --> 00:20:00,559
he's rich. That's sick. It's
awesome. I'm happy for form. Don't

295
00:20:00,599 --> 00:20:03,000
expect that to happen to you.
You're just I wonder how any just like

296
00:20:03,039 --> 00:20:07,799
meth millionaires, there are oh probably
Molly Well, they probably don't even know.

297
00:20:07,920 --> 00:20:15,039
You don't into it's a hard drive
another Yeah, probably, So tell

298
00:20:15,079 --> 00:20:17,880
us about Enron. What else happened? All right? So Houston Natural Gas,

299
00:20:17,880 --> 00:20:21,559
which is the other company that kind
of collides with Inner. We'll get

300
00:20:21,559 --> 00:20:25,720
to it, but that form forms
Enron found in nineteen twenty five. They

301
00:20:25,759 --> 00:20:30,920
really hit their stride from nineteen sixty
seven to the late seventies when an unregulated

302
00:20:30,960 --> 00:20:37,519
Texas natural gas boom surged. Yeah. So um during this time period and

303
00:20:37,920 --> 00:20:41,920
moving into kind of areas of time
that we're familiar with, natural gas and

304
00:20:42,079 --> 00:20:47,640
energy is getting more and more deregulated
the market. That also is right around

305
00:20:47,640 --> 00:20:49,640
the same time as the gas crisis. Yeah, so I wonder if that's

306
00:20:49,680 --> 00:20:52,440
the can do it? Well,
here's what happens, right. So it

307
00:20:52,559 --> 00:20:56,960
ends with the Natural Gas Policy Act
of nineteen seventy eight and the price of

308
00:20:57,039 --> 00:21:02,920
natural gas rises too high for client
and they switch to oil, which they're

309
00:21:02,920 --> 00:21:07,400
originally founded as the Houston Oil Company, which is why I'm wearing this Houston

310
00:21:07,440 --> 00:21:08,440
oiler hat. Oh nice. And
so this is at the back end of

311
00:21:08,440 --> 00:21:12,319
the Carter administration, which is halfway
through seven eighths halfway through. Yeah.

312
00:21:12,400 --> 00:21:15,359
Yeah, it's the back end of
his one term. And I think that's

313
00:21:15,400 --> 00:21:19,279
the time where we're doing gas strikes
as a or there's gas limits, like

314
00:21:19,279 --> 00:21:22,039
people can't fillip. It's a gas
crisis. It's yeah, so like people

315
00:21:22,240 --> 00:21:26,039
can't even get gas for their car, like gasoline, which means there's a

316
00:21:26,359 --> 00:21:30,319
crude oil crisis essentially. Uh.
Yeah, No, the Middle East is

317
00:21:30,319 --> 00:21:33,200
like fucking us over, yeah,
because we are people. People bitch now

318
00:21:33,319 --> 00:21:37,160
about how we're not energy independent,
which we actually kind of are. We

319
00:21:37,200 --> 00:21:41,839
get we get most of our oil
from ourselves. We export oil at this

320
00:21:41,960 --> 00:21:45,039
point, we are an oil export
now. Yeah. Fracking, yes,

321
00:21:45,519 --> 00:21:48,400
helps. I never understand why I
get like, I get like, well,

322
00:21:48,440 --> 00:21:52,160
it calls us some earthquakes and there's
some groundwater pollutions. But backing is

323
00:21:52,240 --> 00:21:59,799
fucking evil. How poisons water?
Bro Jesus Christ, Yeah, no,

324
00:21:59,880 --> 00:22:04,279
it up. We used to be
like in the Middle East and like Venezuela

325
00:22:04,319 --> 00:22:08,400
gunn tore fucking head. They had
all the oil, right, we did,

326
00:22:08,480 --> 00:22:11,200
We have done a lot. You
don't need to fract to get water

327
00:22:11,839 --> 00:22:15,720
or to get fucking oil. You
get it. You get oil and you

328
00:22:15,720 --> 00:22:21,000
get natural gas. It drives,
It has driven down fucking both oil prices

329
00:22:21,119 --> 00:22:27,680
and UH emissions. Right, fracking
is made us cleaner. It's not a

330
00:22:27,680 --> 00:22:32,440
long term solution. You can't do
it. It's you castle fossil fuels.

331
00:22:32,480 --> 00:22:33,680
No long terms, you can't you. We should not be fracking. One

332
00:22:33,720 --> 00:22:37,599
hundred years from now, we should. We should still probably be fracking,

333
00:22:37,640 --> 00:22:40,599
like twenty years. You want to
really get into it. Electric cars are

334
00:22:40,640 --> 00:22:42,720
run on coal essentially, No,
they don't. Coal is going down and

335
00:22:42,759 --> 00:22:48,799
they're running. They run on fucking
natural electricity. They run on an electricity.

336
00:22:48,839 --> 00:22:51,839
We want to get into renewable energy. Myths like let's go No,

337
00:22:51,880 --> 00:22:53,119
we're not doing that. Let's talk
about run we are. Let's talk about

338
00:22:53,119 --> 00:22:57,559
it, all right. So Inner
North Inner North by the eighties was in

339
00:22:57,680 --> 00:23:03,359
danger of a corporate takeover by Irwin
IRV The Liquidator. Jacob's such a good

340
00:23:03,400 --> 00:23:07,920
name. Yeah, the Liquidator.
Why is that not a pornoe day?

341
00:23:07,039 --> 00:23:14,440
I'm sure it is right somebody,
somebody did he get the pussy's wet too,

342
00:23:14,640 --> 00:23:18,720
you know? Or the assholes whatever? Everything's wet, Yeah, everything's

343
00:23:18,759 --> 00:23:22,359
wet with the Liquidator, everything is
fucking wet. It's a fire sale and

344
00:23:22,440 --> 00:23:27,079
everyone's wet. You can do your
own research on this scumbag. He's worth

345
00:23:27,119 --> 00:23:30,920
mentioning because he's a major player in
the fuckery of the eighties. Wait,

346
00:23:30,960 --> 00:23:34,359
what else? Did I want to
know? They eventually have to pay him

347
00:23:34,359 --> 00:23:38,480
three hundred and fifty million dollars when
they are in ron to essentially fuck off

348
00:23:38,559 --> 00:23:42,319
in what year? In what year? What? What year? Do they

349
00:23:42,319 --> 00:23:45,799
pay three hundred and fifty million dollars
to fuck off in the eighties? Late

350
00:23:45,799 --> 00:23:49,559
eighties? Okay, so probably like
eighty nine and IRV had I mean,

351
00:23:49,720 --> 00:23:53,920
so he just to avoid from because
he he did what they did in er

352
00:23:55,039 --> 00:23:56,880
North did in the fifty like that
fifty year stretch where he's just going from

353
00:23:56,880 --> 00:24:03,160
company to the company and hogging him. Uh, they fan three hundred fifty

354
00:24:03,200 --> 00:24:07,880
million dollars to fuck off? They
actually absorbed Houston Natural Gas. Like that's

355
00:24:07,880 --> 00:24:12,000
a play so he can not take
over. They're just trying to expand.

356
00:24:14,680 --> 00:24:18,039
Yes, so it's probably they paid
the merger where and Runs created. They

357
00:24:18,039 --> 00:24:21,920
paid him seven hundred and thirty million
dollars to fuck off in today's money.

358
00:24:22,200 --> 00:24:26,279
Holy shit, that guy was probably
a billionaire. That guy probably died a

359
00:24:26,319 --> 00:24:30,480
billionaire. Oh yeah, from getting
well he died. So he died in

360
00:24:30,519 --> 00:24:36,440
a good old fashioned murder suicide.
Oh, then he was definitely a billionaire.

361
00:24:36,519 --> 00:24:40,160
He killed his wife and then killed
himself. How do you kill your

362
00:24:40,200 --> 00:24:45,759
wife when you have a billion dollars? I'm sorry, should insane money buy

363
00:24:45,799 --> 00:24:48,519
happiness? Jake? No, but
you can leave get rid of half of

364
00:24:48,519 --> 00:24:53,599
it. Who cares give her half? You still have a half billion dollars

365
00:24:53,720 --> 00:24:57,799
and you just actually maybe insane when
you have that much money. Oh no,

366
00:24:59,000 --> 00:25:03,799
I think that the on a limit
is reached when you have god amounts

367
00:25:03,799 --> 00:25:07,839
of money. Like that's why you
see all these like elite people get tied

368
00:25:07,920 --> 00:25:11,480
up in like very nefarious sexual shit
like kids and stuff like that. This

369
00:25:11,720 --> 00:25:15,599
is left because it's like, well, society says I can't have that,

370
00:25:15,680 --> 00:25:18,599
but my wallets is going to have
whatever I want. I just don't understand

371
00:25:18,599 --> 00:25:23,400
it, noblest No, I would
find something else to do that wasn't torturing

372
00:25:23,440 --> 00:25:26,799
people. I honestly, like truly, if I was a billionaire, I

373
00:25:26,799 --> 00:25:33,200
would build a green city, even
a five hundred millionaire. I wouldn't actual

374
00:25:33,240 --> 00:25:37,759
acon city in Africa. I would
go on like nice vacations. I'm not

375
00:25:37,799 --> 00:25:40,039
aware of Akon City. No,
I don't want what you're talking about.

376
00:25:40,039 --> 00:25:42,400
I want to hear it's a legitimate
city that Akon is building with. Akon

377
00:25:42,480 --> 00:25:45,720
wants to build like some Waconda shit, or he's building Wakonda right now.

378
00:25:47,359 --> 00:25:49,839
Yeah. The problem is is that
no one can build a Wakonda. Yeah,

379
00:25:51,039 --> 00:25:55,279
let alone Akon. He's got Richard
Branson on his side and Elon Musk.

380
00:25:55,319 --> 00:25:57,240
Have you heard of them? Yeah? I have. They can't do

381
00:25:57,240 --> 00:26:03,079
that. Did Tony Stark build a
Wakan No, Tony Stark barely built one

382
00:26:03,240 --> 00:26:07,599
arc reactor. Tony Stark didn't even
know about Wakanda for right half the fucking

383
00:26:07,839 --> 00:26:11,039
Harbably universe. We still really got
to do the Wakanda getting gentrified once they

384
00:26:11,039 --> 00:26:14,400
open up thing. Oh my god. Nope, Yeah, none of the

385
00:26:14,400 --> 00:26:18,240
Wakandan's gonna afford the liver. We're
opening it up to the world. Mistake.

386
00:26:18,640 --> 00:26:22,119
That's all you right now, Wakanda. They said that an Avengers Infinity

387
00:26:22,160 --> 00:26:26,039
war. They were like, don't
California, ma, Wakonda, that's what

388
00:26:26,039 --> 00:26:30,279
would happen. Yeah. I was
actually just talking to a conservative friend of

389
00:26:30,359 --> 00:26:36,039
mine right before we got on air
about how there. He was just annoyed

390
00:26:36,079 --> 00:26:40,319
about how like he because The Daily
Wire was making a movie and I'm gonna

391
00:26:40,359 --> 00:26:42,079
bring this background into the Marble universe, which is why I talking about this

392
00:26:42,400 --> 00:26:45,640
and uh about it. He's like, glad conservatives you're making movies. He's

393
00:26:45,640 --> 00:26:48,839
tired of like liberal throwaway lines.
And I was like, to be fair,

394
00:26:49,200 --> 00:26:52,559
not that I don't disagree with Like, no, I don't disagree with

395
00:26:52,599 --> 00:26:56,839
you. That's what you don't watch
letter, k now. I was like

396
00:26:56,920 --> 00:27:00,440
to be fair, not that I
don't disagree with you. There are a

397
00:27:00,519 --> 00:27:03,279
lot of like he complained about,
like throwaway lines, shitting on conservatives just

398
00:27:03,359 --> 00:27:07,640
for like cheap humor or whatever.
I was like to be fair. Though.

399
00:27:07,359 --> 00:27:11,119
The highest highest grossing film of all
time came out in twenty nineteen,

400
00:27:11,640 --> 00:27:17,000
and the two main characters were a
white billionaire with a hot wife, and

401
00:27:17,200 --> 00:27:23,359
a daughter who privatized the defense industry, and another character named Captain America.

402
00:27:26,680 --> 00:27:30,599
Yeah. So I was like,
I was like, I don't like your

403
00:27:30,680 --> 00:27:37,119
complaint is not unjustified, but there
are other places, right, Like he

404
00:27:37,240 --> 00:27:40,000
was like, why I don't watch
superhero movies. I was like, okay,

405
00:27:40,039 --> 00:27:45,839
well still they're the most marketed movies. Maybe a billion human beings saw

406
00:27:45,960 --> 00:27:49,359
what I just described. Yeah,
the only reason AMC would ever come back.

407
00:27:51,960 --> 00:27:55,400
And so Dan keep telling us about
this darling of a company of Enron.

408
00:27:55,640 --> 00:27:59,000
Yeah, of course, you don't
have to keep telling me to proceed,

409
00:27:59,319 --> 00:28:03,640
Dan continue, Dan, Oh you're
talking to the microphone now. Uh,

410
00:28:03,240 --> 00:28:06,319
I can sit wherever I wanted you
can, but you can't. You

411
00:28:06,359 --> 00:28:12,839
gotta still talking like towards the mic. Still love mic. Just be a

412
00:28:12,920 --> 00:28:19,519
pro one time, one time.
So obviously kind of works in their favor.

413
00:28:19,920 --> 00:28:26,759
Tusta Natural Gas is kind of struggling
there and that early to mid eighties

414
00:28:26,839 --> 00:28:30,799
because of the kind of pivot and
inter Norse just eats them up and they

415
00:28:30,839 --> 00:28:37,640
come together. The company was initially
hnng Inner North, Inc. But you

416
00:28:37,720 --> 00:28:40,160
need a better name obviously, Yeah, you got a ready brand. So

417
00:28:40,279 --> 00:28:44,599
they sent a Crisp one hundred thousand
dollars on focus groups. In the name

418
00:28:45,720 --> 00:28:57,079
into Ron was suggested enter Ron the
Way, featuring Earl the Liquidators, finally

419
00:28:57,200 --> 00:29:04,599
with another man, Earl the Liquidator
Campbell. But yeah, they believed it

420
00:29:04,759 --> 00:29:10,559
sounded They believed it sounded too much
like an intestinal tube in the human body.

421
00:29:10,759 --> 00:29:12,960
Sounds like something to do with an
intestinal tube, which is also full

422
00:29:12,960 --> 00:29:17,799
of shit, entering entering Ron's intestinal
tube. They ended up shorten it to

423
00:29:17,960 --> 00:29:21,599
Enron because they thought it sounded better. It does. They were right,

424
00:29:21,880 --> 00:29:25,799
They were right. One sounds like
an act. The Enron logo was actually

425
00:29:25,839 --> 00:29:30,240
one of Paul Rand's last designs before
his death in nineteen ninety six. The

426
00:29:30,359 --> 00:29:33,559
E. Paul Rand was a massive
name in the graphic design world back in

427
00:29:33,599 --> 00:29:41,839
the day. He designed ABC,
the logo that currently use the circle crushing

428
00:29:41,920 --> 00:29:48,720
it forward. It just spelled forward
with a you know, written letters inside

429
00:29:48,759 --> 00:29:57,119
of FU. Yeah, you're not
wrong, IBM also letters but square for

430
00:29:57,200 --> 00:30:00,279
that one, or was it?
IBM? Was just it? It's got

431
00:30:00,359 --> 00:30:03,759
like the streaks. Yeah, yeah, and he got a little crazy,

432
00:30:03,039 --> 00:30:08,920
got a little modern. Safe to
say. This guy could spell ups for

433
00:30:10,039 --> 00:30:14,440
you. Whoa whoa? Only two
curve sides it's it's amazing. He could

434
00:30:14,440 --> 00:30:19,000
spell companies that are letters hey man, you got You're right you do?

435
00:30:19,160 --> 00:30:23,839
And colors ABC, black and white. I actually don't think he often had

436
00:30:23,880 --> 00:30:30,839
to pick colors. Oh my god. Copywriter and and logo designer must have

437
00:30:30,839 --> 00:30:34,319
been the easiest fucking job in the
world before photo shot. Um, before

438
00:30:34,359 --> 00:30:37,640
everyone could get Adobe on their computers. Yeah, because there's only like nine

439
00:30:37,640 --> 00:30:40,359
of you in the world, and
it's just like, here is what I

440
00:30:40,440 --> 00:30:44,880
did. You just have a monopoly
on Photoshop at that point sketched it out?

441
00:30:45,279 --> 00:30:48,559
Um yeah, no, okay,
so uh so in here's kind of

442
00:30:48,599 --> 00:30:52,480
the first sign of some sketchiness by
Enron, other than you know, the

443
00:30:52,920 --> 00:30:59,200
sixty plus years before that under the
name Enron at least, right, So

444
00:30:59,319 --> 00:31:03,359
this is the instpt Ron nineteen eighty
seven, en Ron reports eighty five million

445
00:31:03,519 --> 00:31:07,759
losses from Enron Oil. The true
number is actually about one hundred and ninety

446
00:31:07,799 --> 00:31:14,319
million. Why would they report less
tax less? Uh it's concealed until nineteen

447
00:31:14,440 --> 00:31:18,359
ninety three. Uh they I don't
know why. I guess for stock purposes.

448
00:31:18,079 --> 00:31:22,119
Yeah, because we are you getting
money back if you were like the

449
00:31:22,200 --> 00:31:26,759
reason Donald Trump would have released his
fucking taxes is because he was reporting losses

450
00:31:26,799 --> 00:31:29,960
every year. Yeah, so he
wouldn't have to fucking pay taxes. I

451
00:31:30,039 --> 00:31:36,240
think it was just to like ease
to you know, shareholders, And can

452
00:31:36,279 --> 00:31:40,519
you clarify this for me? They
they reported eight hundred and whatever. No,

453
00:31:40,559 --> 00:31:44,400
they reported eighty five million. They
actually lost one hundred and ninety millions,

454
00:31:44,480 --> 00:31:47,599
So they're probably trying to protect us. So the way I heard it

455
00:31:47,759 --> 00:31:48,920
was a different way. Sorry.
Yeah, so they were they were lying

456
00:31:48,920 --> 00:31:52,319
about how much they lost. Yes, okay, so uh. Nineteen ninety

457
00:31:52,359 --> 00:31:57,160
three, two Enron Oil execs plealy
guilty to fraud. One actually serves shell

458
00:31:57,240 --> 00:32:04,559
time. It's just kind of one
off story. Who sends who sends CEOs

459
00:32:04,599 --> 00:32:07,240
to jail? No? One,
It's stupid. In nineteen eighty eight to

460
00:32:07,440 --> 00:32:13,039
nineteen eighty nine, our boy Kenneth
Lay comes into the picture. Yeah am

461
00:32:13,599 --> 00:32:17,240
z. Yeah yeah, and he
starts to ramp up electric power and natural

462
00:32:17,319 --> 00:32:22,799
gas again after a come to Jesus
meeting in nineteen eighty eight, and they

463
00:32:22,880 --> 00:32:28,680
start their expansion globally with the electric
industry going private in England, which is

464
00:32:28,839 --> 00:32:34,519
wild. Uh why is a wild? Yeah? A public utility being privatized

465
00:32:34,759 --> 00:32:37,920
that sounds like run of the course
here. Yeah, but like when can

466
00:32:38,039 --> 00:32:43,839
the US So he Enron becomes the
first US company to construct a power plant

467
00:32:43,839 --> 00:32:50,079
in the UK and they kind of
run the English electric and water. Okay,

468
00:32:50,640 --> 00:32:52,319
that's what That's not wild? I
mean, that's it's happening all over

469
00:32:52,400 --> 00:32:58,200
the world right now. China has
invested so much infrastructure in other continents,

470
00:32:58,880 --> 00:33:01,599
like power plants, which is failing
apparently. Oh really, I didn't know

471
00:33:01,640 --> 00:33:05,400
that. Yeah, Belton Road is
a fucking disaster. Oh man, it

472
00:33:05,519 --> 00:33:07,319
was such a good setup. Okay, not wild. Then they're trailblazers,

473
00:33:07,599 --> 00:33:10,160
yes, okay, I would put
it that way. They also have a

474
00:33:10,759 --> 00:33:15,640
fifty six million dollar power plant project
in Argentina during this right period, so

475
00:33:15,680 --> 00:33:20,119
they're going they're going quite years.
This is eighty nine, okay. I

476
00:33:20,240 --> 00:33:22,400
was like, they are they building
stuff that the Brits are going to bomb

477
00:33:22,519 --> 00:33:25,640
at Theolan? Didn't it was Falkland
time? Yeah, well that's isn't that

478
00:33:25,720 --> 00:33:28,680
like a weekend? That was like
eighty two? Yeah, I know,

479
00:33:28,680 --> 00:33:31,519
one that long? Yeah, because
Argentina gets their ass handed to them for

480
00:33:31,759 --> 00:33:35,880
yeah, because it's the Falkland Islands. Well, because it's England. Yeah,

481
00:33:37,240 --> 00:33:40,039
it's Margaret Thatcher wants to win.
They get fucking fuck easy. W

482
00:33:40,559 --> 00:33:47,160
Yeah, and n launches uh gas
bank that will be run by CEO Jeff

483
00:33:47,200 --> 00:33:52,039
Skillen in nineteen ninety. And this
is kind of where you start to see

484
00:33:52,160 --> 00:33:58,599
the the shitty the ship head stuff. Yeah. So it allows gas producers

485
00:33:58,640 --> 00:34:02,319
and wholesale buyers to purchase firm gas
supplies and hedge the price risk at the

486
00:34:02,440 --> 00:34:07,079
same time. Right, and also
explain that to me like I'm five,

487
00:34:07,199 --> 00:34:10,840
because I didn't read any of this
and I'm a little drunk. Okay,

488
00:34:12,159 --> 00:34:14,800
go ahead, Jake, I'm gonna
I'm not gonna explain the part he should

489
00:34:14,800 --> 00:34:17,480
have said. I'm gonna explain what's
happening. So Enron's kind of trying to

490
00:34:17,519 --> 00:34:23,320
compete against like large trade banks for
not only you know, so they're supplying

491
00:34:24,079 --> 00:34:29,760
uh, these gas companies things and
stuff like that, they're also allowing they

492
00:34:29,800 --> 00:34:32,480
are now trading futures and gas.
Yeah. So there, this is kind

493
00:34:32,480 --> 00:34:37,519
of where they pivot from actually being
a gas producer to kind of like a

494
00:34:37,639 --> 00:34:42,280
gas bank where they're just offering options
and they kind of like, so their

495
00:34:42,360 --> 00:34:46,440
money has become imaginary. Yeah,
No, they're manipulating the market, which

496
00:34:46,519 --> 00:34:51,320
is more important than actually producing the
gas. Right, so they don't have

497
00:34:51,360 --> 00:34:52,960
a product anymore. Well, they're
starting to get away from the product.

498
00:34:53,119 --> 00:34:59,400
They're focusing a lot on trade okay, yeah, um, and not on

499
00:34:59,480 --> 00:35:02,119
a commodity the level features, like
the actual product is becoming less important than

500
00:35:02,880 --> 00:35:07,599
the idea. So they're buying SLV
instead of bars of silver. Right,

501
00:35:07,079 --> 00:35:10,840
it's like it's you know, it's
very energy. It's not about the energy

502
00:35:10,920 --> 00:35:15,559
drink. It's about getting somebody under
you, and they get another person.

503
00:35:15,639 --> 00:35:20,000
Okay, no, it's it's not
a pyramid scheme. They're starting to trade.

504
00:35:20,039 --> 00:35:22,320
They're starting to trade in phony Bologney
instead of actual Well, they're trading

505
00:35:22,360 --> 00:35:27,679
in gas oil and gas features.
Yes, sure, fair enough, whatever,

506
00:35:27,840 --> 00:35:32,519
and they trade futures, options,
New York Mercentile Exchange and over the

507
00:35:32,599 --> 00:35:38,000
counter market using financial instruments such as
swaps and options. Right. Uh,

508
00:35:39,159 --> 00:35:45,039
let's see. They eventually their gas
service eventually morphs into Enron Capital and Trade

509
00:35:45,079 --> 00:35:49,760
Resources. So this is a full
pivot. No, yeah, right,

510
00:35:50,239 --> 00:35:53,480
Jeff Skillen hires Andrew fast All.
Remember that name. That's a big name.

511
00:35:53,480 --> 00:35:55,880
It's a big name. That's my
I'm big fanboy. He's from the

512
00:35:55,920 --> 00:35:59,559
bank, and he didn't know his
name until Dan just said it. I

513
00:35:59,639 --> 00:36:02,159
know, but I read it earlier. Everybody knows Kenny Lay. Speaking of

514
00:36:02,199 --> 00:36:07,039
which, Kenny Lay the liquidator.
This is a porno film enter Ron,

515
00:36:08,039 --> 00:36:15,320
right, featuring Nay and the Liquidator. Fuck, dude, this is a

516
00:36:15,400 --> 00:36:19,559
porno. Yeah, that is the
name of the episode. There. There

517
00:36:19,639 --> 00:36:22,119
has to be there's a thousand percent
in en Ron parody porn, right,

518
00:36:22,480 --> 00:36:27,639
I'll look it up. Yeah,
there's gotta be la up five seconds.

519
00:36:27,679 --> 00:36:32,360
I'll be disappointed. Yeah. They
adopt mark to market accounting practices, report

520
00:36:32,440 --> 00:36:37,119
income and value of assets at the
replacement costs. So I found Women of

521
00:36:37,320 --> 00:36:40,400
m Ron. Okay, and real
real quick, Rob, While you're looking

522
00:36:40,440 --> 00:36:45,079
that up, Playboy, did it
Women of Enron? Do they like bankroll

523
00:36:45,239 --> 00:36:49,199
women that got laid off and have
their pensions crushed? I guess I think

524
00:36:49,320 --> 00:36:52,239
so. I gotta that's that's the
most ninety story I've ever heard in my

525
00:36:52,320 --> 00:36:55,760
wife. Yeah. Um, and
just to talk real quick about mark to

526
00:36:55,880 --> 00:37:01,360
market accounting strategy versus reporting what's on
book an asset or here here's the cover.

527
00:37:01,480 --> 00:37:05,760
Here's the Playboy cover Women of Enron. There it is nice. Hell

528
00:37:05,840 --> 00:37:09,920
yeah, that is a Houston lady. Yeah, yeah, which is where

529
00:37:09,920 --> 00:37:14,199
they're headquartered at this point. Yeah, so, Andy Fastal forms the first

530
00:37:14,239 --> 00:37:19,880
of many off balance sheet partnerships for
legitimate purposes in nineteen ninety one. The

531
00:37:20,039 --> 00:37:24,719
off balance sheet partnerships and transactions will
become a way for money losing ventures to

532
00:37:24,760 --> 00:37:29,960
be concealed and income in reporting to
be accelerated. Yeah so, just like

533
00:37:30,119 --> 00:37:32,440
Layman's term, just cooking the books. Yeah no, well, okay,

534
00:37:32,760 --> 00:37:37,800
so that's early as nineteen ninety one, our boy, Andy, here's cooking

535
00:37:37,840 --> 00:37:39,360
books. I'm gonna explain. I'm
gonna market, go Robbie, this real

536
00:37:39,440 --> 00:37:45,559
quick for Yeah. Yeah. So
en Ron switches from reporting what their assets

537
00:37:45,599 --> 00:37:50,000
are like their liabilities and their current
assets and what's on book, to mark

538
00:37:50,079 --> 00:37:53,880
the market form of accounting, which
is their accounting for future potential. They're

539
00:37:53,880 --> 00:38:00,320
putting in their books potential realized earnings. They went from having an actual product

540
00:38:00,559 --> 00:38:06,360
to talking about potentially having probably they
can Yeah, so say you have um,

541
00:38:06,679 --> 00:38:09,119
you know, you're building a power
plant in Argentina. Right, Fathom

542
00:38:09,199 --> 00:38:14,760
needs took a took a second.
Fathom needs rob Pound needs um the Playboy.

543
00:38:14,840 --> 00:38:15,840
Yeah. Well, first it was
just showing the cover. Yeah,

544
00:38:15,840 --> 00:38:19,800
but this is the women of Enron. Okay, so like secretaries of Venron.

545
00:38:19,960 --> 00:38:22,400
I don't fucking whoever it was.
Yeah, and they needed money because

546
00:38:22,440 --> 00:38:27,239
they got sucked by their overlords here. But you got good on Playboy for

547
00:38:27,320 --> 00:38:30,760
being like, yo, who wants
they stepped up to the plate when that's

548
00:38:30,800 --> 00:38:35,480
women wear need So yeah, did
Playgirl do that? No? Probably not

549
00:38:36,000 --> 00:38:39,599
ven they're the ones in jail.
They really go to jail all that money.

550
00:38:42,199 --> 00:38:45,159
But anyway, so the marks of
market process is where you're putting on

551
00:38:45,280 --> 00:38:52,840
your books your potential revenue from investments. So like say you're building a power

552
00:38:52,920 --> 00:38:55,880
plant somewhere and you're like, well, in this amount of time, that's

553
00:38:55,880 --> 00:38:59,679
gonna be worth a billion dollars,
right, and this is this is an

554
00:38:59,760 --> 00:39:01,480
exact addation. Say it's worth two
hundred million dollars, So you put that

555
00:39:01,519 --> 00:39:07,159
two hundred million dollars in potential realized
earnings on the books. But also what

556
00:39:07,239 --> 00:39:13,599
they're doing with Dan is talking about
where they're having off book dumps for accounting

557
00:39:13,679 --> 00:39:19,880
losses. That's called an s VP
or an SV. So basically there would

558
00:39:19,880 --> 00:39:22,960
be an they would create a company. Yep, they created a bunch of

559
00:39:23,199 --> 00:39:27,119
LLC's Yeah that they would. Okay, if they had a venture that was

560
00:39:27,159 --> 00:39:32,760
not earning money, they would those
companies would would be completely capitalized via Enron's

561
00:39:32,800 --> 00:39:37,000
stock. So what would happen is
these companies would take on the losing venture,

562
00:39:37,480 --> 00:39:42,599
but they would also borrow from banks
using Enron's stock. So here we'll

563
00:39:42,639 --> 00:39:46,039
put it in better terms for you, easier terms. Remember Greek life,

564
00:39:46,079 --> 00:39:50,960
fraternity life, where you wanted to
kind of like bump up that GPA,

565
00:39:51,559 --> 00:39:53,880
so you would just take off any
brother that had a shit GPA. Yeah,

566
00:39:54,079 --> 00:39:57,760
same thing, right, here's getting
rid of all the bad GPAs,

567
00:39:57,840 --> 00:39:59,679
which, by the way, take
them off your roster. Where do you

568
00:39:59,719 --> 00:40:05,559
think that, guess and the fraternity
go to work? They all, yeah,

569
00:40:05,760 --> 00:40:07,880
no, that's a very good comparison. But then imagine those guys with

570
00:40:07,960 --> 00:40:13,679
the lower GPA have their own little
side frat that is also owned technically by

571
00:40:13,800 --> 00:40:17,239
you, the main frat, and
now they're leveraging the good GPA of the

572
00:40:17,360 --> 00:40:22,719
main frat to get money from um
a bank, right say, banks lend

573
00:40:22,760 --> 00:40:27,880
on pa, and so they're using
that first GPA of the like the good

574
00:40:27,920 --> 00:40:30,039
GPA you just cooked, in order
to get money. But the only way

575
00:40:30,079 --> 00:40:35,880
they can pay it back is by
raising their GPA, and they do it,

576
00:40:36,239 --> 00:40:38,199
and they're borrowing against the GPA of
the main frat and that GPA is

577
00:40:38,199 --> 00:40:40,280
also going down. So the bank's
like, well, where the fuck's the

578
00:40:40,360 --> 00:40:45,719
money? Like it's that's a really
convoluted way of explaining it. Pretty fat

579
00:40:45,800 --> 00:40:47,880
though. Yeah. So the subsidiaries
that Enron is creating the offl of their

580
00:40:47,920 --> 00:40:52,920
losses on or borrowing money using Enron
valued stock. Yeah, and they can't

581
00:40:52,960 --> 00:40:58,559
pay their fucking bill. Oh so
I'm sorry. The the extraneous frat guys

582
00:40:58,639 --> 00:41:02,360
that got cut out of the original
are borrowing money based on the GPA they

583
00:41:02,400 --> 00:41:05,679
got caught out of in the first
place. Yeah, so's like, hey,

584
00:41:05,719 --> 00:41:07,599
we also have a three six,
but they have a two eight right,

585
00:41:07,679 --> 00:41:12,400
Yeah, so they have a two
eight frat because those losses aren't being

586
00:41:12,519 --> 00:41:16,199
So this is a misvalued company at
this point. Yes. So there's nothing

587
00:41:16,239 --> 00:41:22,800
technically legal about SPVs, like the
special whatever it's called special whatever the pace

588
00:41:22,800 --> 00:41:27,599
stands for, the penis vaginas.
This is this is a porno special penis

589
00:41:27,679 --> 00:41:31,480
vaginas, uh, the special whatever
entities. There's nothing technically legal about them.

590
00:41:31,480 --> 00:41:36,119
The illegal thing that they're doing is
that they're leveraging all of the Enron

591
00:41:36,239 --> 00:41:39,000
stock to borrow money with, and
the Enron stock is misvalued because they're just

592
00:41:39,119 --> 00:41:44,880
dumping. And then when it's finally
uncovered, you just kind of throw that

593
00:41:45,199 --> 00:41:49,960
little side fraternity under the bus,
right, and they take all the blame.

594
00:41:50,119 --> 00:41:52,000
Yeah, so well as well you
should. So the subsidiaries would be

595
00:41:52,079 --> 00:41:54,519
like, hey, we can't pay
this luan back in and I'll be like,

596
00:41:54,639 --> 00:41:59,400
oh no, what you're talking about, see you later? Nice?

597
00:41:59,559 --> 00:42:02,519
Yeah, So that was shitty.
Um. But so this was all done

598
00:42:02,800 --> 00:42:08,079
under the tutelage of Andrew Fast though
he was like he was named Andy.

599
00:42:08,559 --> 00:42:13,000
Yeah. So he got started at
and Ron at twenty nine years old and

600
00:42:13,079 --> 00:42:16,199
by thirty eight he was the CFO
there and he was the kind of protege

601
00:42:16,320 --> 00:42:22,519
to Scrilling right or skilling, Yeah, skilling, And so basically, from

602
00:42:22,559 --> 00:42:27,199
what it sounds like, it was, don't you eat the shit for me

603
00:42:27,440 --> 00:42:30,400
and only tell me good news,
and so he and you will work your

604
00:42:30,440 --> 00:42:32,639
way up, yeah, and he
did. He did a bunch of bullshit

605
00:42:32,760 --> 00:42:37,360
to get there, but he lied
in order to make the books look good

606
00:42:37,400 --> 00:42:40,440
and to make his boss feel happy. So he became CFO. Yeah,

607
00:42:40,519 --> 00:42:45,320
that sounds oddly relevant. I mean
that's like half the companies I've ever worked

608
00:42:45,360 --> 00:42:49,599
for. You lie about shit?
Yeah, I mean obviously you're not defrauding

609
00:42:50,039 --> 00:42:55,480
clients while doing it, but just
numbers are watching employees think in companies like

610
00:42:57,079 --> 00:43:00,159
yes, unless you're an accounting for
everyone's full of shit. Well actually accounting

611
00:43:00,199 --> 00:43:04,559
for him to get into this too, Anderson, but go ahead. Sorry,

612
00:43:05,320 --> 00:43:08,599
Like anything that doesn't have a product, you can probably just that,

613
00:43:10,320 --> 00:43:14,639
like you pretty much when the product
is their numbers. Oh yeah, you're

614
00:43:14,639 --> 00:43:20,360
assuming you just look at them social
media numbers we do. That was a

615
00:43:20,440 --> 00:43:24,480
problem and also lie Yeah, like
it was. Those numbers were bullshit,

616
00:43:24,679 --> 00:43:29,400
Like what do you mean everybody numbers
like traffic and stuff like that, Like,

617
00:43:29,559 --> 00:43:31,639
yeah, well we didn't inflate him
though when we were getting views on

618
00:43:31,800 --> 00:43:35,599
when we were getting hell of VI's
on like Facebook at like TFM and shit

619
00:43:35,679 --> 00:43:37,239
like that. Yeah, that wasn't
none. That was Facebook doing that,

620
00:43:37,639 --> 00:43:40,800
right, We weren't the one.
Yeah, although you could, but the

621
00:43:40,880 --> 00:43:44,840
argument is there that that was the
product, was the views that you were

622
00:43:44,880 --> 00:43:47,320
offering the platform, right, So
those were inflated, right, Although a

623
00:43:47,440 --> 00:43:53,320
lot of the views you could I
guess get we're even bullshit, Like if

624
00:43:53,360 --> 00:43:55,960
you paid, you know, to
promote it, Yeah, you could get

625
00:43:57,000 --> 00:44:00,840
like fifty fifty bucks will get you
like two three x views. This is

626
00:44:00,840 --> 00:44:05,960
actually a good transition because in nineteen
ninety seven, en Rond constructed a thirteen

627
00:44:06,199 --> 00:44:10,920
hundred mile fiber optic network between Portland
and Las Vegas with an HQ in Vegas

628
00:44:12,199 --> 00:44:19,880
under the FTV Communications LLC to quote
unquote own the Internet tight in what year?

629
00:44:20,360 --> 00:44:22,760
This is nineteen ninety seven? Ok? Yeah, so I want to

630
00:44:22,800 --> 00:44:27,000
think that that's just a bunch of
dudes drinking scotch, Like, how do

631
00:44:27,079 --> 00:44:30,320
we commodity make the They fucking built
it, and they sought to have all

632
00:44:30,519 --> 00:44:37,639
US Internet service providers rely on their
Nevada facility to supply bandwidth, which Enron

633
00:44:37,719 --> 00:44:43,159
would sell in fashion similar to other
commodities. Yeah, so they're trying to

634
00:44:43,320 --> 00:44:46,360
monopolize the Internet before it's ever the
Internet, which is these people are I

635
00:44:46,400 --> 00:44:51,599
mean they're fucking sid dumbassies. No, No, I mean they're definitely.

636
00:44:51,840 --> 00:44:57,800
There's good projects and bad projects.
Is there anything more predictable than the Internet

637
00:44:57,920 --> 00:45:00,519
popping off? No? Like really, Al Gore called it. I don't

638
00:45:00,599 --> 00:45:04,599
understand someone have to explain to me
one day. But like the dot com

639
00:45:04,719 --> 00:45:07,760
boom, you know, and then
bust, why would it ever bust?

640
00:45:08,199 --> 00:45:12,719
Well, it's because people were like
it was based on traffic, right,

641
00:45:13,079 --> 00:45:16,199
the people were selling websites based on
traffic members. A little counter at the

642
00:45:16,239 --> 00:45:20,159
bottom of the websites. Yeah,
that's why I love that. That's why

643
00:45:20,239 --> 00:45:22,559
that was there. Yeah. Yeah, but the thing is like angel fire

644
00:45:22,599 --> 00:45:23,679
website. But the thing is like
I mean, I guess with some of

645
00:45:23,760 --> 00:45:27,119
them, know, but like with
other ones, you know, like we

646
00:45:27,199 --> 00:45:31,559
talked about earlier just hold yeah,
well and by by the dip well one

647
00:45:31,559 --> 00:45:35,599
of the things too. I think
the internet's dead. The internet didn't die

648
00:45:35,639 --> 00:45:37,519
in two thousand. The way the
stock market works, though, is once

649
00:45:37,599 --> 00:45:43,159
something gets a momentum, it becomes
it no longer represents the thing it's representing.

650
00:45:43,280 --> 00:45:45,960
It's representing the value that people put
on it. Yes, and so

651
00:45:45,119 --> 00:45:49,159
that's the like the dollar or anything
else, right, yeah, but that's

652
00:45:49,199 --> 00:45:52,480
the gold for that matter or no, no, but even go back to

653
00:45:52,599 --> 00:45:59,559
like go back to an actual solid
entity. What is gold actually worth before

654
00:46:00,119 --> 00:46:04,639
electronics? It's shiny and rare,
that's it. Sometimes it's heavy, that's

655
00:46:05,159 --> 00:46:07,760
fucking it. Now it's actually more
valuable than it was. Yeah, because

656
00:46:07,760 --> 00:46:14,719
because as a use as prospective properties. Yeah yeah. Uh so January two

657
00:46:14,760 --> 00:46:16,760
thousand, We're gonna kind of jump
around here at this point because there's just

658
00:46:16,800 --> 00:46:23,280
so many different timelines. But Kenneth
Lay and Jeffrey Skilling announced to analysts that

659
00:46:23,360 --> 00:46:28,320
they are going to open up trade
for their own high speed fiber opic optic

660
00:46:28,519 --> 00:46:32,519
networks that formed the backbone for Internet
traffic. Which is fun because at this

661
00:46:32,639 --> 00:46:36,360
point, if you had that high
speed internet, you'd throw your phone through

662
00:46:36,400 --> 00:46:39,079
a fucking wall. Yeah, it
would be so mad. It's like when

663
00:46:39,119 --> 00:46:45,400
people a, yeah, shit,
it only takes ten minutes to download a

664
00:46:45,480 --> 00:46:49,679
song online wire Fuck no, it
takes a fucking day. Like, yeah,

665
00:46:49,679 --> 00:46:51,800
you go to school, you come
back, your album's downloaded or it

666
00:46:51,840 --> 00:46:54,000
fucked up. Yeah, that porn
you're downloading, or it's just it's been

667
00:46:54,400 --> 00:46:58,800
going all weekend. Yeah, without
any preview. You get to watch that

668
00:46:59,000 --> 00:47:07,079
two minute clip. Uh So this
causes uh, their stock to kind of

669
00:47:07,119 --> 00:47:12,559
skyrocket, goes from forty dollars a
share in January two thousand to seventy dollars

670
00:47:12,639 --> 00:47:15,039
per share in March, and it
peaks in the summer of two thousand at

671
00:47:15,119 --> 00:47:20,440
ninety dollars to share, right,
which is fucking insane in two thousand and

672
00:47:20,599 --> 00:47:23,119
keep in mind this is all while
they are offloading losses on a subsidiary,

673
00:47:23,199 --> 00:47:29,559
so they're like totally not reporting.
So they're also reporting earnings based off things

674
00:47:29,599 --> 00:47:32,159
that haven't happened yet, and that's
where this money is coming. And the

675
00:47:32,199 --> 00:47:37,880
best part of one hundred one hundred
thirty five dollars a shared today and a

676
00:47:37,960 --> 00:47:40,039
lot of these exacts are just kind
of unloaded in the stock to oh and

677
00:47:40,159 --> 00:47:45,480
just making millions of dollars. Yeah, because it's getting pumped. They're they're

678
00:47:45,519 --> 00:47:50,840
they're pumping and dumping their own stock. And then what can you expect from

679
00:47:50,880 --> 00:47:54,239
a porno but a pumping dumb Yeah, I mean it has all the makings.

680
00:47:54,320 --> 00:47:58,320
It's so easy to just make an
end round porn. Yeah, you

681
00:47:58,440 --> 00:48:02,440
got pumping Ken Iron, Ken Lay
the liquidator, pumping and dump and well,

682
00:48:02,480 --> 00:48:06,199
in February two thousand and one,
our boy, Ken Lay, I

683
00:48:06,320 --> 00:48:09,760
think he sees the writing on the
wall announces an early retirement. Well,

684
00:48:09,880 --> 00:48:13,840
you know, he's a smart tiger. He gets out of fucking dodge.

685
00:48:13,840 --> 00:48:16,760
He gets those on the board though. Yeah, but his hands are clean.

686
00:48:16,800 --> 00:48:21,840
He's punch his pilot before anything happens. Yeah, he asked the crowd.

687
00:48:22,679 --> 00:48:25,159
Yeah, that's it's not bad analogy. Punch pilot did wash his hands.

688
00:48:25,159 --> 00:48:29,920
I don't blame pilot yet, skiing
because in punch his pilot's fault.

689
00:48:30,000 --> 00:48:36,440
Jake Skilling is president and CEO of
Enron, right, and in February,

690
00:48:36,559 --> 00:48:39,719
Skilling held the company's annual conference with
analysts, bragging that the stock, then

691
00:48:39,840 --> 00:48:44,719
valued around eighty bucks, should be
traded at around one hundred and twenty six

692
00:48:44,719 --> 00:48:47,800
dollars a share. So he had
a to the Moon speech. Yeah,

693
00:48:49,360 --> 00:48:52,199
very yeah, very own brand for
the day. Yeah. I bet he

694
00:48:52,280 --> 00:48:54,480
said the same thing too. He's
like to the moon rock. By the

695
00:48:54,519 --> 00:49:00,039
way, the worst part about the
to the Moon analogy is that uh Ralph

696
00:49:00,159 --> 00:49:08,360
Kramden never sent his wife to the
moon. What do you know, honeymoons?

697
00:49:08,519 --> 00:49:13,679
Yeah, I'm gonna hit you so
hard you get sent to the moon.

698
00:49:15,320 --> 00:49:17,480
But he never sent her to the
moon honeymoonters reference. Okay, yeah

699
00:49:17,519 --> 00:49:22,119
that would have. For a second, I'm bringing back kingsman. Um,

700
00:49:24,360 --> 00:49:29,039
we're gonna talk about world. Yeah. So the head of the Enron Broadband

701
00:49:29,119 --> 00:49:36,079
Services, their new little pony Kenneth
Rice ends up selling one million shares himself,

702
00:49:36,199 --> 00:49:42,199
earning about seventy million in returns.
As presses of existing fiber optic cables

703
00:49:42,280 --> 00:49:47,159
plummeted due to vast oversupplied the system, with only five percent of their forty

704
00:49:47,239 --> 00:49:55,519
million miles being active wires. Right
Enron purchased the inactive dark fibers, expectant

705
00:49:55,800 --> 00:50:00,400
to buy them at a low cost
and then make profit as in more usage.

706
00:50:00,920 --> 00:50:05,159
They call these dark cables. They're
saying like, oh, we'll get

707
00:50:05,159 --> 00:50:08,199
to those, like we're gonna they're
gonna be useful in the future. Here's

708
00:50:08,239 --> 00:50:14,320
my question though, would they be
like does bandwidth matter with that type of

709
00:50:14,360 --> 00:50:20,800
shit or because the because like essentially
every year I feel like the the the

710
00:50:20,960 --> 00:50:24,559
bandwidth mean it's not like double,
it's like exponential, you know what I

711
00:50:24,679 --> 00:50:30,199
mean, Like it's it's I think
for the purpose of this episode understanding what

712
00:50:30,280 --> 00:50:34,639
they're doing with the well, we'll
get to those later. They're also all

713
00:50:34,719 --> 00:50:39,800
that shit they're not using or activating. They're saying they're putting on book potential

714
00:50:39,880 --> 00:50:43,880
revenue from it later on. Right, Okay, so that's what's making the

715
00:50:43,960 --> 00:50:45,840
stock go on. Right, They're
saying they're making the money now, rather

716
00:50:46,000 --> 00:50:49,880
they're not. Yeah, and that's
why they shouldn't be using that accounting system

717
00:50:49,920 --> 00:50:55,000
because they have real losses and unrealized
gains. And these fiber optic cables were

718
00:50:55,000 --> 00:50:59,440
actually awesome. They were like they
were just ahead of their time. They're

719
00:50:59,440 --> 00:51:05,320
a little too early with that.
So again, were dark fiber. So

720
00:51:05,480 --> 00:51:10,159
they couldn't use the BR headset for
a PS four in nineteen ninety nine,

721
00:51:12,400 --> 00:51:15,199
that's how good they were. No, it'd be like making a VR headset

722
00:51:15,280 --> 00:51:19,639
for a fucking Super Nintendo or sure. Yeah, it's but what I'm saying,

723
00:51:19,800 --> 00:51:22,519
no, it's kind of like for
a PS four because the PS four

724
00:51:22,599 --> 00:51:25,880
isn't around yet, right, so
you're making an accessory for it like this.

725
00:51:28,119 --> 00:51:31,119
It's it's so far ahead of its
time, it's stupid. It's two

726
00:51:31,159 --> 00:51:34,400
ahead of its time. Yeah.
Actually, uh, it's at you know

727
00:51:34,440 --> 00:51:37,199
what, It's like, it's like
creating space force, yeah, which I

728
00:51:37,280 --> 00:51:40,119
don't. It's not I'm not even
knocking Trunk Trump for that because honestly,

729
00:51:40,199 --> 00:51:45,239
like, yes, we're going to
actually need sure something in space. But

730
00:51:45,400 --> 00:51:47,880
it's the equivalent of h I've said
this on Twitter with horror. It's an

731
00:51:49,079 --> 00:51:54,239
equivalent of m Abraham Lincoln inventing the
air force, and it's just like tying

732
00:51:54,360 --> 00:51:58,480
cannons to to hot air balloons.
It's a guy, you know what I

733
00:51:58,559 --> 00:52:01,440
mean, It's a guy with a
top gun. No, there was no

734
00:52:01,559 --> 00:52:06,079
time that was World War One that
was the actual air force. This would

735
00:52:06,079 --> 00:52:08,840
be like like space force now is
like this Civil War air Force, which

736
00:52:08,880 --> 00:52:14,280
is literally like putting a balloon in
the air and tying a cannon to it.

737
00:52:14,760 --> 00:52:17,280
Yeah, and just sh firing that
cannon off. I get. I

738
00:52:17,320 --> 00:52:22,000
don't even fucking know. Yeah,
like really like it's yeah, yeah,

739
00:52:22,079 --> 00:52:24,760
like it's not like it's like yes, Abraham Ley and you are right,

740
00:52:25,679 --> 00:52:31,239
we will one day need air superiority. I don't know necessarily why you're No

741
00:52:31,360 --> 00:52:36,480
one's gotten off the ground with plane
yeah yeah, yeah, right, like

742
00:52:36,880 --> 00:52:38,400
it's like with now with Trump,
Like, yes, don't drup. You

743
00:52:38,440 --> 00:52:44,039
are correct. There will be things
fought in space, probably sooner than we

744
00:52:44,199 --> 00:52:47,960
think, with people or machines or
something. However, no one is even

745
00:52:49,079 --> 00:52:52,039
close to doing that. You guys
think thunder is from lightning. Huh,

746
00:52:52,599 --> 00:52:54,880
it's from the space wars. You
don't even know going on. That's fair.

747
00:52:55,360 --> 00:53:00,559
God is as fair enough. So
in March twelfth, two thousand and

748
00:53:00,599 --> 00:53:04,840
one, the second domino kind of
falls a proposed twenty year deal between Enron

749
00:53:04,960 --> 00:53:07,719
and Blockbuster. Yes, to stream
movies. This was the wildest thing.

750
00:53:07,880 --> 00:53:10,360
Say that again, Sorry I cut
you off. This is the wildest fucking

751
00:53:10,400 --> 00:53:15,079
part. Yeah, Enron and Blockbuster
had a deal, twenty year deal on

752
00:53:15,159 --> 00:53:19,840
the table, what year, two
thousand and one to stream movies on demand

753
00:53:20,000 --> 00:53:24,280
over Enron's connections. They were doing
their own Netflix there. This would have

754
00:53:24,320 --> 00:53:29,239
saved Blockbuster. Yeah, save Blockbuster. Blockbuster wasn't even in danger yet.

755
00:53:29,400 --> 00:53:32,920
Yeah, Blockbuster was peaking. This
would have been No Netflix ever got invented.

756
00:53:32,960 --> 00:53:37,719
Netflix doesn't exist with this. Yeah, this is this is crystal ball

757
00:53:37,760 --> 00:53:42,360
shit. Ye right. In two
thousand and one, so TV to give

758
00:53:42,360 --> 00:53:45,119
you an example of this, it's
the butterfly effect. Almost In two thousand

759
00:53:45,159 --> 00:53:50,960
and four, my family and I
went on vacation to Los Angeles to visit

760
00:53:51,079 --> 00:53:55,000
my uncle, who is a writer
and producer did full house. Lived in

761
00:53:55,079 --> 00:54:00,400
the Hollywood Hills in a multimillion dollar
house. This is a legitimate Hollywood producer.

762
00:54:00,360 --> 00:54:09,639
Blah blah blah. He was renting
movies via Netflix in the mail at

763
00:54:09,679 --> 00:54:13,480
that point, which was like kind
of new right, Like I remember watching

764
00:54:13,639 --> 00:54:16,960
literally like City of God, you
know the movie, Yeah, as City

765
00:54:17,000 --> 00:54:22,119
of God in his house he had
a mailed via Netflix. City of God

766
00:54:22,159 --> 00:54:25,559
also one of my favorite movies.
Yeah, it's fucking rat. But here's

767
00:54:25,559 --> 00:54:32,159
the thing, like Netflix was all
ready like people were into that, already

768
00:54:32,280 --> 00:54:40,679
into home demand movies. Yes,
three years before that with the biggest Netflix

769
00:54:40,800 --> 00:54:46,199
was like very small three nine eleven. This was pre nine eleven. Fucking

770
00:54:46,280 --> 00:54:51,639
bananas. Yeah, because nine to
eleven we did a show on ancient Samaria,

771
00:54:52,000 --> 00:54:54,920
and as far as I'm concerned,
nine eleven happened like twelve years after

772
00:54:55,039 --> 00:55:00,480
that. That is ancient history at
this point, right, Yeah, I

773
00:55:00,559 --> 00:55:05,000
mean yeah, it's but it's it
is kind of speaking to the corporate greed

774
00:55:05,119 --> 00:55:08,400
was really the downfall here. Like
they were innovating shit, like they were

775
00:55:08,480 --> 00:55:14,559
doing a good job of having like
forward thinking minds in the company. The

776
00:55:14,679 --> 00:55:17,960
people were just really obsessed with the
stock price. Of course, it just

777
00:55:19,119 --> 00:55:22,800
sounds like you're right, no,
and they just got too greedy. And

778
00:55:22,840 --> 00:55:30,079
I can't help but think cocaine.
Yeah yeah, just in nineteen eighty nine,

779
00:55:30,719 --> 00:55:34,440
cokaine. Hell yeah, just you
know, taking the blockbuster execs out

780
00:55:34,480 --> 00:55:37,079
in the town. Yeah, I
might have scared them off, really yeah,

781
00:55:37,159 --> 00:55:40,800
No, like you're from Cocaine with
their ten gallon hats guys video on

782
00:55:40,920 --> 00:55:44,800
demand, Oh my god, and
they're thinking of this ship. But also

783
00:55:45,000 --> 00:55:47,039
the CFO was like, oh my
god, we never have to report losses

784
00:55:47,360 --> 00:55:52,519
because his brains. I'm just thinking
of like Romans, Yes, fucking was

785
00:55:52,559 --> 00:55:57,239
it succession? But you just trying
to give his pitch and he's just all

786
00:55:57,320 --> 00:56:00,599
fueled on cocaine. That's the thing, Like, when you do that much

787
00:56:00,679 --> 00:56:06,280
cocaine, nothing is enough, and
nothing's a bad idea and nothing it's a

788
00:56:06,400 --> 00:56:09,920
fantastic they were, They had plenty
of We're not knocking Enron for a lack

789
00:56:10,000 --> 00:56:15,639
of good ideas, no, no, we're knocking them for terrible accounting ideas.

790
00:56:15,199 --> 00:56:20,679
Oh yeah. So in two thout
late two thousand and one, after

791
00:56:20,760 --> 00:56:25,159
a series of revelations of involving irregular
account in procedures perpetrated throughout the nineteen nineties

792
00:56:25,519 --> 00:56:30,920
involving Enron and its auditor Arthur Anderson
that bordered on what do you know?

793
00:56:31,800 --> 00:56:39,599
Enron files for the largest Chapter eleven
bankruptcy in history. So, and just

794
00:56:39,760 --> 00:56:45,079
to kind of pepper in some details
on why this is so shitty. Uh

795
00:56:45,480 --> 00:56:49,199
So they don't really give anybody heads
up and it turns their stock into a

796
00:56:49,360 --> 00:56:52,039
penny stock overnight. Yeah. So
they also I think, I want to

797
00:56:52,039 --> 00:56:55,039
say, like thirty days before that, they switched their pension holding firm,

798
00:56:55,480 --> 00:57:00,280
like the firm that's running the pension
which did this allows them to trade their

799
00:57:00,320 --> 00:57:04,800
stock in for thirty days while this
is all happening. So the people that

800
00:57:04,920 --> 00:57:07,679
are holding stock that are supposed to
be like making their retirement and shit like

801
00:57:07,719 --> 00:57:10,360
that, who have just thought,
by the way, that they are going

802
00:57:10,400 --> 00:57:15,800
to ball out in retirement. Yeah, because their stock has like tripled,

803
00:57:15,880 --> 00:57:21,599
it's fifty six during the summer as
its peak ninety six cents. With this

804
00:57:21,800 --> 00:57:25,880
move with no heads up to anybody, after kind of just being found out

805
00:57:25,920 --> 00:57:31,000
to be a complete fraudulent system,
they become worth nothing. It's about sixth

806
00:57:31,000 --> 00:57:35,199
sense of share. And by the
way, if you're working there, say

807
00:57:35,440 --> 00:57:38,400
say you're forty five, right,
You're forty five years old, you had

808
00:57:38,440 --> 00:57:44,920
two kids in middle school, a
wife, a beautiful Texas blonde wife.

809
00:57:44,960 --> 00:57:47,159
You live in Houston, right,
she needs all those longer burger baskets.

810
00:57:47,400 --> 00:57:52,599
Yeah, here's the thing, though, you got stock options or stock or

811
00:57:52,639 --> 00:57:55,679
whatever, and you've been working there
for like fucking five ten years, probably

812
00:57:55,719 --> 00:58:00,880
ten years at least, maybe twenty
years maybe two year ground floor since the

813
00:58:00,960 --> 00:58:07,760
merger, you are good to go. You literally think like I am wealthy.

814
00:58:07,920 --> 00:58:14,239
I'm not rich, I'm wealthy now
I have set up not only myself

815
00:58:14,719 --> 00:58:19,159
and my children, but maybe my
grandchildren. Like maybe you're you were a

816
00:58:19,199 --> 00:58:22,360
middle class guy, right, you
went to ut or or fucking SMU or

817
00:58:23,199 --> 00:58:28,719
right whatever, middle class guy breathing
fucking A and M or Tech or whatever,

818
00:58:28,920 --> 00:58:30,679
North Texas, fucking I mean Green. Yeah, yeah, you're you're

819
00:58:30,840 --> 00:58:34,880
you. You grew up middle class
and now you're like, oh my god,

820
00:58:35,320 --> 00:58:37,400
I got a job at the ground
floor in the right place, and

821
00:58:37,519 --> 00:58:43,519
I've set up my family for fucking
wealth, for generational wealth. Maybe yeah,

822
00:58:43,559 --> 00:58:45,960
Like you're setting up your kids to
have a lifestyle that you had growing

823
00:58:46,000 --> 00:58:52,199
Because you're only forty forty five and
the stocks at ninety, so you're gonna

824
00:58:52,199 --> 00:58:55,719
work for another twenty years, fifteen
to twenty years. That's gonna keep going

825
00:58:55,960 --> 00:59:00,280
up. This is a Fortune five
hundred company. This is a blue chip

826
00:59:00,400 --> 00:59:05,000
stop. This is safe, This
is fucking Apple. This is safe.

827
00:59:05,119 --> 00:59:07,280
I believe the Wall Street Journal for
six years in a row named them the

828
00:59:07,360 --> 00:59:12,119
most innovative company in the country.
Yeah. Not inaccurate though, No,

829
00:59:12,320 --> 00:59:15,519
not inaccurate at all. But like
all things are pointing to your set.

830
00:59:15,199 --> 00:59:19,079
Yes, you played your cards,
doing everything right. That is the American

831
00:59:19,159 --> 00:59:22,159
dream you got in. You fucking
worked your ass off. The company is

832
00:59:22,239 --> 00:59:28,079
doing well on paper, and you
are you fucking did it? Like,

833
00:59:28,239 --> 00:59:30,360
Yeah, you get it. Man. You're gonna send your kids to whatever

834
00:59:30,400 --> 00:59:31,760
fucking college they wanted to do.
You're gonna be able to buy You're gonna

835
00:59:31,760 --> 00:59:35,480
be able to pay for your daughter's
wedding and buy her a fuck her and

836
00:59:35,519 --> 00:59:39,360
her husband a fucking house. You're
gonna be Yeah. And the mistress a

837
00:59:39,480 --> 00:59:45,519
beautiful mistress. It looks just like
your wife for some reason. But yeah,

838
00:59:45,599 --> 00:59:51,000
yeah, no like you you you
if you were working for Enron at

839
00:59:51,079 --> 00:59:53,960
this time, there's twenty nine thousand
people at this point, you were set.

840
00:59:54,280 --> 00:59:58,880
Yeah, you were set. You
weren't leaving even if you were honestly

841
00:59:59,039 --> 01:00:01,639
like a like, if you were
really low level, you weren't like you

842
01:00:01,719 --> 01:00:05,440
were set. It doesn't matter,
Yeah, because I mean, you could

843
01:00:05,440 --> 01:00:07,800
have hated your job. The money
was enough reason to stay there. Yeah,

844
01:00:07,880 --> 01:00:10,360
like easily. You couldn't have given
a shit about how much not to

845
01:00:10,440 --> 01:00:15,559
mention any kind of stock option.
Yeah right, if it's at ninety the

846
01:00:15,719 --> 01:00:19,239
actual day of the bankruptcy is December
second, two thousand and one, so

847
01:00:19,360 --> 01:00:22,159
this is post nine eleven. So
finally, yes, yeah, so they

848
01:00:22,239 --> 01:00:28,119
go from almost landing that blockbuster deal, which would have been a complete game

849
01:00:28,199 --> 01:00:31,440
changer, nine eleven happens, and
then they fill bankruptcy well, and nine

850
01:00:31,440 --> 01:00:35,320
eleven crashed the market a little bit. Yeah, yeah, nine eleven has

851
01:00:35,360 --> 01:00:37,920
nothing to do with their problems.
No, I know. I sound like

852
01:00:37,199 --> 01:00:42,199
if you're an employee of the market, obviously you're going through these major life

853
01:00:42,239 --> 01:00:45,679
events very very quickly. Show Yeah, dude, you think it's the worst

854
01:00:45,760 --> 01:00:50,199
at nine to eleven, it's not
person not for you. We will bounce

855
01:00:50,239 --> 01:00:52,239
back. I'll buy more n Ron. Yeah well that now, are you

856
01:00:52,320 --> 01:00:57,079
kidding me? By the nine eleven
does create caution in the market, like

857
01:00:57,719 --> 01:01:06,960
obviously people are not as it's which
actually which actually doesn't make sense because why

858
01:01:08,360 --> 01:01:12,400
how many more terrorist attacks do you
think they're gonna be? I mean,

859
01:01:13,559 --> 01:01:17,679
I don't know, buy that dip. I'm dead serious that that is a

860
01:01:19,000 --> 01:01:21,920
that is a market dip for no
reason. Well, yeah, that's I

861
01:01:21,960 --> 01:01:23,880
mean. I mean, i know, they obviously destroyed the financial center of

862
01:01:23,920 --> 01:01:29,480
New York whatever, but that doesn't
affect the businesses necessarily that you're invested in,

863
01:01:30,119 --> 01:01:32,079
Like at that point in time,
if you're invested in John Deer or

864
01:01:32,199 --> 01:01:37,679
Montsanto or something like that, that
doesn't affect fucking mont Santo. Yeah sure,

865
01:01:38,719 --> 01:01:42,599
yeah. Yeah, Well generally,
like the stock market in and of

866
01:01:42,679 --> 01:01:45,360
itself, Yeah, by the dip. Always if you're playing like you know,

867
01:01:45,559 --> 01:01:49,480
just with the stock market right on
an index level, and you've diversified

868
01:01:49,599 --> 01:01:51,960
enough for yeah, of course you
buy a dip. But I'm saying for

869
01:01:52,079 --> 01:01:55,440
like deals between companies, there might
be some resistance you no, no,

870
01:01:55,559 --> 01:01:59,599
no, yeah, it depends on
what you're invested in for sure, and

871
01:01:59,599 --> 01:02:01,239
you can't happen. I'm talking about
on the corporate level, Like these companies

872
01:02:01,280 --> 01:02:05,000
that are trying to do these big
deals, that's a pause. They're all

873
01:02:05,079 --> 01:02:07,719
pausing, So you can't just ride
this momentum that they're trying to go with

874
01:02:07,840 --> 01:02:12,199
like we're making deals, We're doing
shit. Dude. They were killing it.

875
01:02:12,280 --> 01:02:15,119
They were the fucking naming rights sponsor
of the Houston Astros. Yeah,

876
01:02:15,159 --> 01:02:19,360
that's amazing, which, by the
way, never call it Minute Made Park.

877
01:02:20,119 --> 01:02:23,239
Ron fucking Field forever and ron Field
forever. Yeah, for sure.

878
01:02:23,400 --> 01:02:28,519
And also so of course with this
bankruptcy, they no longer had the naming

879
01:02:28,599 --> 01:02:30,719
rights for the Houston Astros. It's
a big loss. And I want to

880
01:02:30,760 --> 01:02:35,239
say it, for a year or
two it was just Astro Stadium. It

881
01:02:35,480 --> 01:02:37,320
was no the Minute May didn't step
in right away. Okay. Also,

882
01:02:37,480 --> 01:02:40,840
I think, what's the important astronome
or something. No, this is so

883
01:02:40,960 --> 01:02:45,760
the astrome with what they played in
until Enron Field and Enron had the naming

884
01:02:45,840 --> 01:02:49,840
rights to the new like Minute state
of the fucking art at that time.

885
01:02:49,880 --> 01:02:52,599
Statement. By the way, again
they were ahead of their time. No,

886
01:02:52,639 --> 01:02:55,079
no, no, this is this
is true to this day. Minute

887
01:02:55,119 --> 01:03:00,920
Made Park. I expect that a
lot of people who were baseball fans will

888
01:03:00,920 --> 01:03:04,039
remember when it was first built.
Its main thing was the hill in the

889
01:03:04,119 --> 01:03:07,679
outfield and the Crawford box right kind
of like a cheap, cheap, easy

890
01:03:07,760 --> 01:03:14,000
home runs shot in left field.
I had never I had only ever seen

891
01:03:14,119 --> 01:03:19,400
that that stadium on TV until I
went there. When I moved to Texas.

892
01:03:19,559 --> 01:03:21,599
I got I went there in like
twenty fourteen, twenty fifteen. It

893
01:03:21,639 --> 01:03:23,880
took a while for me to get
there. Um, I thought I was

894
01:03:23,920 --> 01:03:27,639
gonna hate that stadium. It's one
of the best fucking stages we've been in

895
01:03:27,679 --> 01:03:30,239
my life. Yeah, like truly, I love that stadium. It is

896
01:03:30,400 --> 01:03:35,159
awesome. It's no Tropicana. Yeah, so they give up the name and

897
01:03:35,239 --> 01:03:39,960
riots. They sell their domestic pipeline
for pennies on the dollar, same with

898
01:03:40,039 --> 01:03:45,239
their broadband network in Vegas and yeah, all those fiber optics, Now,

899
01:03:45,320 --> 01:03:47,800
would you let go of that?
Well, I mean they're just trying to

900
01:03:49,239 --> 01:03:52,320
get anything they can at this point. Also, I think worth note to

901
01:03:52,840 --> 01:03:58,880
during this time, like before the
downfall. One of the things you said

902
01:03:58,920 --> 01:04:00,840
ever that I thought was pretty interesting
was they were talking about corporate culture in

903
01:04:01,000 --> 01:04:06,880
the trading firm. Yeah. Basically
it was one of the most stringent employee

904
01:04:06,960 --> 01:04:12,360
reviews ever done. It was called
the three hundred and sixty degree review,

905
01:04:13,039 --> 01:04:18,079
where according to the curriculum for how
they or the standard for how they review

906
01:04:18,119 --> 01:04:21,920
you was based on respect integrity really
was how many deals are you pulling in?

907
01:04:23,440 --> 01:04:27,880
And it wasn't on like long term
deals that would have good benefits.

908
01:04:28,000 --> 01:04:30,639
Later on it was how immediate is
the cash you were bringing in. We

909
01:04:30,679 --> 01:04:34,559
don't care about long term good business. We're talking about shit on books right

910
01:04:34,639 --> 01:04:39,480
now. That's some cocaine shit.
Yeah. And so because of that,

911
01:04:39,800 --> 01:04:43,880
you had fifteen percent turnover in the
company, and that on the trade whatever

912
01:04:43,920 --> 01:04:48,000
the trade floor was. But also
the deals that they were making had more

913
01:04:48,079 --> 01:04:54,239
secret like had more clauses for secrecy
and like non disclosure than almost any corporation.

914
01:04:54,320 --> 01:04:58,360
There was so much like NDA like
non disclosure agreements for the deals that

915
01:04:58,360 --> 01:05:00,639
they were conducting. It was giant
not how much of that. There's giant

916
01:05:00,760 --> 01:05:04,239
financial institutions that were also helping them
cover up, like City Bank, Arthur

917
01:05:04,280 --> 01:05:09,920
Anderson, deutche Bank Anderson went down
with them, the Royal Bank of Scotland.

918
01:05:09,960 --> 01:05:12,599
Well yeah, like all those banks
were fine. Now, by the

919
01:05:12,639 --> 01:05:17,079
way, if there's one thing bank
So I know a lot of people lately

920
01:05:17,199 --> 01:05:19,719
have been like did in the last
couple of days essentially been like fuck,

921
01:05:19,800 --> 01:05:25,000
fuck the financial institutions because I like
they're trying to step game step in AMC

922
01:05:25,159 --> 01:05:29,400
and all this shit. Um,
they have been full of shit forever.

923
01:05:29,519 --> 01:05:32,079
I remember I covered this one time. I don't. Honestly, everyone knows

924
01:05:32,159 --> 01:05:35,800
that, but they know that in
such a passive way that they don't care,

925
01:05:36,079 --> 01:05:39,760
you know what I mean? Oh
yeah, like yeah, I mean

926
01:05:39,920 --> 01:05:44,039
for demand, but like who cares? And also like use my money with

927
01:05:44,159 --> 01:05:48,440
them? Like I remember writing a
story when I was at TFM about how

928
01:05:49,440 --> 01:05:55,199
uh fuck I can't remember what bank
it was. It was an international bank

929
01:05:56,079 --> 01:05:59,519
and uh, I forget which one. I have to look it up and

930
01:06:00,079 --> 01:06:04,280
might have been it was it was, yeah, but they they decided to

931
01:06:04,559 --> 01:06:11,000
do this essentially just to get good
press. Is that they would no longer

932
01:06:13,119 --> 01:06:18,800
I think ensure the fraternity SAE.
Oh it wasn't a HSPC. I know

933
01:06:18,840 --> 01:06:24,280
which one you're talking about, huck, It doesn't matter. And it was

934
01:06:24,360 --> 01:06:32,000
because of the hazing and oh no
no, And they're like to and was

935
01:06:32,079 --> 01:06:34,559
that SAE at Oklahoma that did that? Yeah, okay, it might have

936
01:06:34,599 --> 01:06:39,840
been after that too. They did
that. It was for publicity. Fucking

937
01:06:39,960 --> 01:06:45,599
Meanwhile, they are doing all kinds
of business in Saudi Arabia in all kinds

938
01:06:45,639 --> 01:06:49,840
of fucking sketchy country, Like they
have like direct ties to terrorists that the

939
01:06:50,039 --> 01:06:56,039
US was like investigating, probably still
investigating that they hadn't caught off at fucking

940
01:06:56,079 --> 01:06:59,239
all. I mean they're probably tied
to SPG, which everyone is, that's

941
01:06:59,239 --> 01:07:01,000
the Saudi Law and Group. Yeah, like yeah, of course, I

942
01:07:01,039 --> 01:07:03,920
mean that's just because there's been lat
in the blows of a trade center doesn't

943
01:07:03,960 --> 01:07:08,920
mean that the SPG is necessarily nefarious. But at the same time, it's

944
01:07:08,960 --> 01:07:12,199
not great looking. Like, yeah, if you're gonna cut something off for

945
01:07:12,400 --> 01:07:15,320
like three kids on a bus,
yeah, you might want to cut something

946
01:07:15,400 --> 01:07:18,639
off. Yeah, when and basically
any end. Look, the US is

947
01:07:18,679 --> 01:07:23,000
in there all the time. But
like I would say, like minimum fifty

948
01:07:23,079 --> 01:07:26,840
percent of business you do in Saudi
Arabia is tied to human atrocities somehow.

949
01:07:26,960 --> 01:07:30,280
Yeah, yeah, in one way
or another. Yeah, worst case scenario,

950
01:07:30,360 --> 01:07:32,800
it's just oppressing women to where the
you're tours and oh no don't they

951
01:07:32,840 --> 01:07:35,119
don't they like feel gay people.
I mean, like, fuck, dude,

952
01:07:35,400 --> 01:07:42,280
you do any business you can't run. Yeah, and look, there

953
01:07:42,480 --> 01:07:45,559
is some level of pragmatism, right
that you have to have because you just

954
01:07:45,639 --> 01:07:51,400
can't run the whole world and there
are lesser of two evils sometimes this pragmatism.

955
01:07:51,960 --> 01:07:56,519
But sometimes you're just making a buck, yeah, right, Like it's

956
01:07:57,079 --> 01:08:00,840
and totally I agree with you there, and to do it with like,

957
01:08:00,400 --> 01:08:02,800
look at us, let's give ourselves
a pout on the back, right,

958
01:08:02,840 --> 01:08:10,719
not ensuring say right your Meanwhile,
that is such bullshit. I remember I

959
01:08:10,760 --> 01:08:13,719
remember reading that. I mean,
like, I've been like a Google fucking

960
01:08:14,159 --> 01:08:17,640
five organizations that are horrifying. These
people do business with and it took no

961
01:08:17,920 --> 01:08:21,159
time to do. The stratosphere do
tons of money. Yeah right yeah.

962
01:08:21,279 --> 01:08:25,880
Meanwhile, say he's like, good
ten high you fucking pledge, yeah right

963
01:08:26,279 --> 01:08:30,640
yeah. Versus hey go get stoned. I'm sorry, we can't manage your

964
01:08:30,720 --> 01:08:34,960
like three thousand dollars and fraternity funds. Yeah. The funniest part was that

965
01:08:35,479 --> 01:08:45,199
said that ensuring a fraternity was like
the same level as risk of risk as

966
01:08:45,560 --> 01:08:51,119
ensuring like a coal mine. I
could see it, like, WELLA is

967
01:08:51,199 --> 01:08:57,039
notorious for hazing. Yeah, as
far as fraternis, he's pretty near the

968
01:08:57,119 --> 01:09:00,159
top. It's up there. Yeah, but I mean yeah, like like

969
01:09:00,840 --> 01:09:05,039
I just speak of ensuring fraternities just
like when we first when I first came

970
01:09:05,079 --> 01:09:08,039
out here, he took me out
with a couple of our friends and I

971
01:09:08,079 --> 01:09:11,199
think we ended up at ZBT.
Yeah. Uh. When I saw that

972
01:09:11,239 --> 01:09:14,920
they had a pool. I was
like, how the fun obviously was grandfather

973
01:09:15,000 --> 01:09:18,600
did if I if I was,
if I was on zbt's alumni board,

974
01:09:18,600 --> 01:09:24,680
I would have pored cement that fill
it? Yeah, no, fucking thirty

975
01:09:24,800 --> 01:09:27,319
years. I guess how far is
it from the roof? Fill it with

976
01:09:27,520 --> 01:09:32,199
cement? Yeah? Like God,
so you're probably wondering, did any of

977
01:09:32,239 --> 01:09:38,319
these assholes go to jail? Uh? Kinda? Andy Fasta goes to jail

978
01:09:38,399 --> 01:09:42,399
for six years, but well he
turned, he turned Yeah, but six

979
01:09:42,560 --> 01:09:45,760
years rolled over on people. Oh
yeah, six years for his cooperation.

980
01:09:45,960 --> 01:09:48,600
Yeah. Kenneth, your boy,
Kenneth never actually sees jail time because he

981
01:09:48,720 --> 01:09:55,880
dies Kenny Lay Colorado. So funny
thing about Kenneth Lay. This is the

982
01:09:55,960 --> 01:09:59,880
only thing I did research on that
I wanted to talk about. So Abby

983
01:10:00,399 --> 01:10:05,000
and Ron fucked over a shit tone
of regular Joe's and Jane's in terms of

984
01:10:05,119 --> 01:10:11,920
pensions and four O one kale blah
blah blah. Stock fucked them, fucked

985
01:10:11,960 --> 01:10:15,920
them right. Like, it's one
thing if you're like me and Dan and

986
01:10:16,119 --> 01:10:20,399
you Yolo, you're four oh one
k when you're thirty. Yeah that's everyone,

987
01:10:20,439 --> 01:10:23,920
not thirty. I've done it twice. Um, I've cashed up my

988
01:10:24,000 --> 01:10:28,159
four oh one twice, so that's
one. That's one thing, right,

989
01:10:28,920 --> 01:10:31,760
decision, you get them. They
were doing this to people who were fifty,

990
01:10:31,960 --> 01:10:35,199
yeah, sixty. They don't have
a second chance to those people are

991
01:10:35,319 --> 01:10:41,840
greeters at Walmart now, yeah,
I mean they That is imagine. I

992
01:10:41,920 --> 01:10:43,760
mean the best way to put it, like, if you want to get

993
01:10:43,800 --> 01:10:47,359
like an emotional tug on, it
is like someone just steals your parents house.

994
01:10:47,560 --> 01:10:51,520
Yeah, basically that's really it,
because that's like stuff you were counting

995
01:10:51,560 --> 01:10:55,680
them later on. Yeah, like
someone just steals it, right, and

996
01:10:56,119 --> 01:10:59,640
and it's like and then and then
and then, and then everyone's either yeah,

997
01:11:00,199 --> 01:11:01,560
that's it. You don't you don't
have the house anymore. Working for

998
01:11:01,640 --> 01:11:06,560
a Fortune five hundred company that's constantly
being praised for like its ethics and like

999
01:11:06,960 --> 01:11:11,079
how great of a company it is? Yeah, all the all around,

1000
01:11:11,319 --> 01:11:15,399
like Wall Street, New York.
And then the like rugg is just pulled

1001
01:11:15,439 --> 01:11:17,800
out from underneath you and you can't
do anything about it because you're barred from

1002
01:11:17,840 --> 01:11:21,479
trading the stock for thirty days while
this is all happened. And it goes

1003
01:11:21,560 --> 01:11:28,960
from ninety dollars to twenty six cents. Yeah, So between that scandal and

1004
01:11:29,079 --> 01:11:33,680
Kenneth Lay's death in two thousand and
six, I believe um he had been

1005
01:11:33,760 --> 01:11:38,920
giving money to Miszoo for decades,
right, he graduated like sixty five or

1006
01:11:38,960 --> 01:11:43,079
something that had a few buildings named
after him, an economics chair. And

1007
01:11:43,640 --> 01:11:45,399
this was funny to me because this
is the type of shit. This is

1008
01:11:45,479 --> 01:11:51,640
like pre PC culture PC or pre
like modern current PC culture. PC does

1009
01:11:54,239 --> 01:11:59,039
literally doesn't Facebook does? Um where
a bunch of people though, there were

1010
01:11:59,079 --> 01:12:03,560
still outcry because before Keneth Lay died
he gave like another couple million to Missoo

1011
01:12:03,680 --> 01:12:06,800
Twitter. He had been giving million
what March twenty first, two thousand and

1012
01:12:06,800 --> 01:12:12,520
six, No Twitter? Okay,
Well anyway, Lay had still been giving

1013
01:12:12,560 --> 01:12:14,800
money Miszoo, and right before he
died he gave a couple of million and

1014
01:12:15,840 --> 01:12:23,399
and there was a outcry to like
rejected. Yeah, I kind of remember

1015
01:12:23,439 --> 01:12:26,319
that. And wasn't there also something
where they were trying to rename a building

1016
01:12:26,640 --> 01:12:29,159
that he didn't have a building named
after him, but he had stuff named

1017
01:12:29,159 --> 01:12:31,479
it. Wasn't there something at Missoo
though in particular that was named after somebody

1018
01:12:31,520 --> 01:12:35,640
and like the granddaughter was there and
they were trying I'm probably think something I

1019
01:12:36,039 --> 01:12:39,840
don't remember from my head, but
they were trying to like get Kenneth Lay

1020
01:12:39,880 --> 01:12:43,760
stuff unnamed and more importantly, give
back the money. And by like Kenneth

1021
01:12:43,840 --> 01:12:47,800
Lay was not like flaunting his donations
to universe of Missouri, like according to

1022
01:12:47,800 --> 01:12:50,640
the news stuff I read, or
like the news stories I read, most

1023
01:12:50,720 --> 01:12:58,159
of it, he had given privately
and anonymously not sought any press for it.

1024
01:12:58,560 --> 01:13:00,399
And but the last one, I
guess they like knew it was linked

1025
01:13:00,439 --> 01:13:03,960
to him and he had died.
No fucking go back. And I like

1026
01:13:05,560 --> 01:13:10,159
the time I was at Missoo when
this happened, I was like, why

1027
01:13:10,920 --> 01:13:18,479
fuck over students and teachers? Yeah, because this guy maybe sucked like he

1028
01:13:18,640 --> 01:13:23,279
was giving his money for a good
thing, Like it's not like he's yeah,

1029
01:13:23,680 --> 01:13:26,640
like you can use that money to
help other people, right, You're

1030
01:13:26,640 --> 01:13:30,600
gonna give it back out of some
kind of like weird literal virtue signal.

1031
01:13:30,920 --> 01:13:33,039
Yeah, it's It's definitely one of
those things where it's like, is the

1032
01:13:33,600 --> 01:13:39,359
feeling good really worth? Is the
good you feel from doing that? Does

1033
01:13:39,399 --> 01:13:42,079
that outweigh the good you can do
with the money. No, No,

1034
01:13:42,279 --> 01:13:45,079
it never doesn't. That's how money
were just take the bad man's money.

1035
01:13:45,279 --> 01:13:46,520
What do you do like the kid
that doesn't have a scholarship anymore, We

1036
01:13:46,600 --> 01:13:50,319
did it. We did it,
Billy. You didn't get your scholarship,

1037
01:13:50,439 --> 01:13:56,119
but get this, we didn't give
it to you because we rejected the cross

1038
01:13:56,239 --> 01:14:01,119
team is now cut. The kid
who has no connection to Pablo Escobar.

1039
01:14:01,800 --> 01:14:06,880
Care if Pablo Escobar sends him to
college, like really, no, well

1040
01:14:06,960 --> 01:14:12,560
he might get eaten by one of
Pablo's hippo So I don't think the hippos

1041
01:14:12,600 --> 01:14:17,640
with Okay, they're fucking dangerous man, Pablo hippos in college? Yeah,

1042
01:14:17,800 --> 01:14:21,399
sorry, you don't fuck around with
hippos. No, absolutely not, absolutely

1043
01:14:21,479 --> 01:14:26,359
drious animal in the world. Everyone
knows this. Jeffrey Skillen also ends up

1044
01:14:26,399 --> 01:14:29,479
with twelve years. He actually just
got out in twenty nineteen. Good for

1045
01:14:29,640 --> 01:14:31,960
him, out of his halfway house. And again, this isn't like real

1046
01:14:32,159 --> 01:14:36,720
jail. No, it's this his
country club jail. It's still jail.

1047
01:14:36,960 --> 01:14:42,000
You're still playing tennis every day like
it's well, public courts, it's not.

1048
01:14:42,479 --> 01:14:45,840
It's like a dormy. It's yeah
for them, I guess it's prison

1049
01:14:45,039 --> 01:14:47,520
because it's like a fucking it's a
dorm room. You don't want to play

1050
01:14:47,560 --> 01:14:50,880
out. You don't you like playing
a serve off a crack in the courts.

1051
01:14:51,000 --> 01:14:54,439
It's a nightmare. Yeah, I
mean these guys are in hell.

1052
01:14:55,279 --> 01:14:58,680
Yeah. Right, And you have
to question the quality of the rackets too.

1053
01:14:58,760 --> 01:15:00,439
I mean they're playing with broken string. Oh god, it's probably like

1054
01:15:00,439 --> 01:15:04,359
almost certainly target getting. You're getting
a racket restrong. There, no no

1055
01:15:04,479 --> 01:15:10,279
way you gotta buy you a new
one. Yeah, that's probably fucking sinking

1056
01:15:10,640 --> 01:15:13,960
and then like a phoenix from the
ashes. In November two thousand and four,

1057
01:15:14,479 --> 01:15:19,119
and Ron's new border directors sued all
eleven financial institutions that helped lay Fast

1058
01:15:19,199 --> 01:15:24,760
out and skill in hide the books. Yeah, so they're able to obtain

1059
01:15:24,880 --> 01:15:29,319
seven point two billion dollars to distribute
to its creditors, none of which,

1060
01:15:29,319 --> 01:15:31,359
of course, went to their employees
or stockholders. Yeah, well, you

1061
01:15:31,439 --> 01:15:35,319
have to pay the banks first.
The bank gets paid first. Yeah,

1062
01:15:36,479 --> 01:15:42,199
it always does. It's interesting.
There's fucking you know mister and missus Smith

1063
01:15:42,279 --> 01:15:45,800
and Houston who who now have to
like work until they're ninety. Yeah.

1064
01:15:45,159 --> 01:15:49,279
Fuck. Then, no, gotta
make sure Bank of America is taken care

1065
01:15:49,359 --> 01:15:51,920
of. In case you needed to
pick a side, on the fucking game

1066
01:15:51,960 --> 01:15:56,399
stop shit. Yeah. Absolutely,
that's the thing. I got the game

1067
01:15:56,439 --> 01:16:00,479
stop shit. I it's one of
the most fascinating things. I think everyone's

1068
01:16:00,520 --> 01:16:02,159
really drawn to it, like Moth
the Flame right now, because it's not

1069
01:16:02,439 --> 01:16:08,199
necessarily doom. It's not a doom
news story. It's like it's fun.

1070
01:16:09,840 --> 01:16:13,159
You can you actually believe did either
of you see the Senate Live sketch?

1071
01:16:15,199 --> 01:16:17,319
How bad they got that wrong?
Oh? Totally, yeah, they got

1072
01:16:17,399 --> 01:16:20,359
it. They got it so wrong, they got it completely backwards. Yeah,

1073
01:16:20,600 --> 01:16:23,399
like to the point where I was
like, oh, you you read

1074
01:16:23,399 --> 01:16:26,680
two headlines. I don't know what
the fuck you're talking about. Talking head

1075
01:16:26,720 --> 01:16:30,960
on MSNBC, which like an idiot
is not like for whatever. I don't

1076
01:16:30,960 --> 01:16:32,079
know why. I guess because it's
all their friends. But like in the

1077
01:16:32,159 --> 01:16:36,600
financial institutions, but all these like
cn BC and like all these different networks

1078
01:16:36,640 --> 01:16:41,039
are just kind of like fighting for
the hedge fight no, because it's that

1079
01:16:41,279 --> 01:16:45,560
I was talking to about this today
with our buddy Matt Gleason. Like,

1080
01:16:45,840 --> 01:16:49,800
so the difference between like obviously like
White House reporters, they get chummy with

1081
01:16:49,840 --> 01:16:55,439
the White House staff, like they
become like professionally friends with them. Might

1082
01:16:55,479 --> 01:17:00,560
see them out at the bars or
whatever. But like political reporters are still

1083
01:17:00,760 --> 01:17:03,960
like fairly divided, you know what
I mean, between like left and right

1084
01:17:04,119 --> 01:17:10,359
or whatever. But the financial reporters
they are also friends with the people they

1085
01:17:10,479 --> 01:17:15,760
report on. But everyone is really
fucking friendly there because there's no there is

1086
01:17:15,840 --> 01:17:18,199
no emotional divide. It's just like
I think this stock's good, well I

1087
01:17:18,279 --> 01:17:21,720
don't, right, they all go
out, they all fucking drink. Half

1088
01:17:21,760 --> 01:17:25,840
of them used to work in the
hedge funds like they and they all need

1089
01:17:25,960 --> 01:17:30,520
like the the financial news and financial
like, they're way more friendly. Yeah.

1090
01:17:30,560 --> 01:17:33,880
The political stuff, the stakes are
higher and well, I don't know

1091
01:17:34,000 --> 01:17:38,359
hires the right word. The stakes
are more emotional, and people get mad

1092
01:17:38,399 --> 01:17:42,319
at each other, and people ask
each other really fucking shitty questions right when

1093
01:17:42,359 --> 01:17:45,920
you're in the white like when you're
reporting on politics or whatever, whereas in

1094
01:17:45,039 --> 01:17:49,840
finance you're just talking about stocks and
money and game like also like homeboy from

1095
01:17:49,840 --> 01:17:56,520
Citadel is going to cover the tab
like yeah yeah, And those finance,

1096
01:17:56,880 --> 01:18:00,000
those hedge funds, they know they
can work you right like, and and

1097
01:18:00,840 --> 01:18:05,640
you're happy to be worked because that's
an expert giving what you think is a

1098
01:18:05,800 --> 01:18:12,079
far more ejective, objective opinion than
you know, uh senate or not senate,

1099
01:18:12,159 --> 01:18:15,640
like a House Republican or House Democrat. Well yeah, um, I

1100
01:18:15,720 --> 01:18:20,039
mean no, the financial the connection
between financial reporters and and the people they

1101
01:18:20,119 --> 01:18:25,039
report on is way fucking chum.
Even think about like where the network's money

1102
01:18:25,760 --> 01:18:30,720
rested investment wise, like where the
money for these companies is laying. It's

1103
01:18:30,760 --> 01:18:33,479
not laying in a robinhood, right. So it's like I wasn't super big

1104
01:18:33,560 --> 01:18:36,399
on like the fake news crowd obviously
with politics and everything, but when it

1105
01:18:36,479 --> 01:18:40,399
comes to like this financial stuff,
it's like, no, this is this

1106
01:18:40,520 --> 01:18:44,239
is fake sketchy. It's really sketchy. There's something else. Actually it's not

1107
01:18:44,239 --> 01:18:46,279
sketchy. It's very transparent. Yeah
they are. Yeah. If there's one

1108
01:18:46,319 --> 01:18:49,760
thing that these hedge funds and these
institutions are, it's like in your face,

1109
01:18:49,920 --> 01:18:54,399
fuck you, like yeah, yeah, it's it's the fun of it,

1110
01:18:54,520 --> 01:18:56,560
which is kind of fun. Yeah. No. I'm starting to pick

1111
01:18:56,640 --> 01:18:59,920
up trends though, Like with the
market. Every day they seem to attack

1112
01:19:00,760 --> 01:19:03,960
all these stocks from like nine thirty
to or nine to nine thirty Central,

1113
01:19:04,079 --> 01:19:08,760
so like ten, ten thirty Eastern
and it's just every damn day. They're

1114
01:19:08,800 --> 01:19:12,520
just so they don't even try to
hide it and they don't try to like

1115
01:19:12,640 --> 01:19:15,239
change things up, so you can
kind of manipulate how you want to work

1116
01:19:15,319 --> 01:19:19,119
your stock. So it's it's easy. Aday. It seems to be easier

1117
01:19:19,199 --> 01:19:23,520
than sports gambling. Yes, because
at the end of the day, everything

1118
01:19:23,560 --> 01:19:26,520
goes up. Yeah, if you
hold, if you hold, and you're

1119
01:19:26,560 --> 01:19:30,680
divers and it's not mild crazy,
you're not buying spy puts. But again,

1120
01:19:30,800 --> 01:19:33,319
it's it's these morons that are at
the hedge funds. They get the

1121
01:19:33,399 --> 01:19:38,800
jobs that are in the fraternity who
get left off the GPA report, who

1122
01:19:38,840 --> 01:19:41,880
end up working for these firms,
and they're not they're just kind of like

1123
01:19:42,079 --> 01:19:46,880
very transparent about yeah, yeah,
yeah. It's a big short where they're

1124
01:19:47,359 --> 01:19:50,079
talking to the guys that are investigating. It's like, yeah, we don't

1125
01:19:50,119 --> 01:19:53,239
care if they do, we'll give
them any house. It's like, what,

1126
01:19:53,399 --> 01:19:57,239
I don't understand. Why are they
they're confessing. It's like they're not

1127
01:19:57,359 --> 01:20:00,560
confessing, they're bragging. Yeah,
yep, but those are those were like

1128
01:20:00,600 --> 01:20:03,319
low level guys, right, those
are the same time. Yeah, yeah,

1129
01:20:03,640 --> 01:20:06,600
I know, but it's like literally, you work your way up and

1130
01:20:06,760 --> 01:20:13,760
it's just every level of this ship
is just ran by morons. Well obviously

1131
01:20:13,840 --> 01:20:15,720
it's not moronic though, because it
fucking works. It works. Yeah,

1132
01:20:15,840 --> 01:20:19,279
that's the way the system is set
up. This is why I'm so happy

1133
01:20:19,279 --> 01:20:24,640
about this, and I'm glad we
did this topic this week. Is and

1134
01:20:24,800 --> 01:20:28,159
it's really telling what you kind of
see. We talked to this earlier today.

1135
01:20:28,840 --> 01:20:32,560
UM narratives at least taking hold on
the left side of cable news and

1136
01:20:32,720 --> 01:20:40,119
stuff like that, which is um
that Wall Street bets is is like a

1137
01:20:40,239 --> 01:20:44,439
bit of like Qanish, which you
know what I mean, like a weird

1138
01:20:44,560 --> 01:20:48,960
online movement with disaffected young men,
white men mostly, And you see it

1139
01:20:49,039 --> 01:20:53,439
and on the left or on the
right. I'm sorry, you're starting to

1140
01:20:53,520 --> 01:20:57,119
see the narrative hasn't quite taken hold
as much, but they kind of are,

1141
01:20:57,439 --> 01:21:01,520
you know, like there's a little
bit of attribution of it to like

1142
01:21:02,159 --> 01:21:05,840
a sort of neckbeard anti FID type
of thing. Again, they're not making

1143
01:21:05,880 --> 01:21:12,439
these direct connections, but they are
the insinuating a lot. Yes, yeah,

1144
01:21:12,640 --> 01:21:15,239
yeah, And I think you know
what's interesting too, is you're talking

1145
01:21:15,239 --> 01:21:19,439
about right and left. I would
really funnel this down to neoliberalism and neo

1146
01:21:19,520 --> 01:21:26,279
conservatism, that's anti what's happening with
Wall Street bets. I disagree neoliberalism.

1147
01:21:26,720 --> 01:21:33,600
It's big money focused. I think
I think it's outside the political realm.

1148
01:21:33,800 --> 01:21:35,680
Do you think so? Yep,
I don't think. I don't think you

1149
01:21:35,720 --> 01:21:39,720
can put a label on what likes
it or doesn't like it. I would,

1150
01:21:39,760 --> 01:21:42,439
I would, Well, it is
it is basically rich verst poor.

1151
01:21:42,840 --> 01:21:45,439
Yeah. But if you're if you're
going on like that's what it always comes

1152
01:21:45,479 --> 01:21:51,399
down, if you're going by the
stereo woke liberalism and fucking at least the

1153
01:21:51,439 --> 01:21:59,079
people who run bananas conservatism. Yeah
they're rich, Sure they're rich, but

1154
01:21:59,359 --> 01:22:01,960
they don't like it either. So
it was like the elite left, which

1155
01:22:02,800 --> 01:22:06,760
the stereotypes like, Yeah, I
mean everyone's in bed with the bank.

1156
01:22:06,840 --> 01:22:10,880
You think it doesn't matter Marjorie Taylor
Greenhaye poor? Yeah, no, of

1157
01:22:10,960 --> 01:22:13,239
course not. No one in politics
is poor. Yeah, right, that's

1158
01:22:13,279 --> 01:22:15,079
what I'm saying. That's that's what
I'm saying. No, for sure,

1159
01:22:15,119 --> 01:22:19,039
it's not it's not a political issue. It's that's the thing that's always a

1160
01:22:19,119 --> 01:22:24,640
class. This is pure classue.
This is the one interesting theory I've heard,

1161
01:22:25,079 --> 01:22:29,560
and this is from somebody that has
a lot more m what do you

1162
01:22:29,600 --> 01:22:32,279
want to call clout as far as
managing money and like writying stocks and stuff

1163
01:22:32,279 --> 01:22:35,520
that I do. Again, we're
not financial advisors. Were more we should

1164
01:22:35,560 --> 01:22:41,000
not be taken too seriously. There's
a lot you can get softcore stuff that

1165
01:22:41,159 --> 01:22:44,359
we are softcore everything. Yeah,
so this guy was saying, it is

1166
01:22:44,520 --> 01:22:47,600
kind of interesting that this kind of
thing is happening right now after a regime

1167
01:22:47,680 --> 01:22:54,119
change or administration change, and you
know, it's really easy to say this

1168
01:22:54,279 --> 01:22:58,000
is where I think the disinformation is
coming. Though It's like there is an

1169
01:22:58,079 --> 01:23:00,840
argument to me like, well,
maybe someone was leading the charge a little

1170
01:23:00,840 --> 01:23:02,359
bit on this, but then you
look at the guy who fucking did it

1171
01:23:02,399 --> 01:23:05,239
a year ago, and that is
not some brush and deep state dude,

1172
01:23:05,800 --> 01:23:10,760
Like that's a guy. That's just
a dude. That's a fucking guy that

1173
01:23:10,960 --> 01:23:15,600
is not an agent or commodity whatever
you want to call it. These are

1174
01:23:15,600 --> 01:23:16,720
just random able to at their homework. And like if you read Wall Street

1175
01:23:16,720 --> 01:23:19,640
Bets, if you read it before
that like the only before now, because

1176
01:23:19,680 --> 01:23:24,960
now it's just if you I've followed
Wall Street Bets for years, the me

1177
01:23:25,359 --> 01:23:29,359
you followed for the means yes,
one of the best things about Wall Street

1178
01:23:29,359 --> 01:23:33,039
Bets was lost porn. And then
if you read um some of these like

1179
01:23:33,479 --> 01:23:39,359
kind of left leaning media companies where
they're just talking about like you would never

1180
01:23:39,479 --> 01:23:42,840
brag about how much money you lose. It's like no, actually they love

1181
01:23:43,000 --> 01:23:45,720
they that was like their big you
would, you would, they would show

1182
01:23:45,720 --> 01:23:48,600
their robin Hood accounts go from like
two million dollars to fifty k. And

1183
01:23:48,720 --> 01:23:55,399
and also any sports gambler knows that. Yes, you you laugh about because

1184
01:23:55,520 --> 01:23:58,439
you don't want to cry. Yeah, And that's the biggest bullshit of all

1185
01:23:58,479 --> 01:24:00,840
this is like, oh, the
tail investor doesn't know the risk, Like

1186
01:24:00,960 --> 01:24:03,399
they don't know what they're getting into. It's like fuck, like fuck off,

1187
01:24:03,600 --> 01:24:06,920
No, that's that And that's that's
so p're the only ones to take

1188
01:24:06,960 --> 01:24:12,000
any risk. Yeah, that's the
most condescending part because there's no media arm

1189
01:24:12,079 --> 01:24:15,359
for a retail investors. There's no
one saying this is on they're fucking data

1190
01:24:15,399 --> 01:24:20,039
hedge fund manager on there saying it's
bullshit. They need to stop the buying

1191
01:24:20,359 --> 01:24:24,720
so that we don't lose money.
He said it, He said it on

1192
01:24:24,960 --> 01:24:29,359
camera. And then they're always gonna
get bailed out. They're always gonna have

1193
01:24:29,359 --> 01:24:31,239
a safety net. We're the only
ones again taking the risk. Now we

1194
01:24:31,359 --> 01:24:33,439
know what we're getting into, we
know what we're signing up for it and

1195
01:24:33,680 --> 01:24:39,159
it dude, I am. I
am the least conspiracy person you will ever

1196
01:24:39,279 --> 01:24:45,479
meet. I always, I always
subscribe typically to Handlin's razor, which is

1197
01:24:45,600 --> 01:24:51,279
do not um essentially like people are
being stupid, not well, not no

1198
01:24:51,359 --> 01:24:56,479
malicious, not relitious. Yeah yeah
right, like it's they're probably just being

1199
01:24:56,520 --> 01:25:00,199
stupid novelish almost always the same way
as Akham's razor is the simplest explanation is

1200
01:25:00,239 --> 01:25:04,680
the best. Halan's razor is essentially
people being stupid is the best explanation.

1201
01:25:04,720 --> 01:25:13,560
They're probably not being malicious, right, I see what is being reported on

1202
01:25:13,760 --> 01:25:19,840
CNBC and especially on MSNBC. I
haven't actually seen it on sand N yet,

1203
01:25:19,880 --> 01:25:26,319
but like, fuck, dude,
it like anything ascribing it to like

1204
01:25:26,560 --> 01:25:29,960
alt right stuff, do not like. Don't buy it. Don't buy it,

1205
01:25:30,159 --> 01:25:32,640
don't buy it. It's not fucking
true. These people like Wall Street

1206
01:25:32,680 --> 01:25:40,199
bets. Yes, they use absolutely
homophobic and I guess what you could call

1207
01:25:40,279 --> 01:25:45,560
ablest language. They use it on
themselves. They're calling themselves and they are

1208
01:25:45,640 --> 01:25:53,079
not like I hate gay people.
They're they're self deprecating in a deeply offensive

1209
01:25:53,159 --> 01:25:57,800
way, but they are aiming that
gun at themselves. Yeah, the biggest

1210
01:25:57,880 --> 01:26:01,479
thing, it's uh, the themselves, as if for Chan had a Bloomberg

1211
01:26:01,640 --> 01:26:05,039
terminal. Yeah, like call themselves
autistic, they call themselves gay, they

1212
01:26:05,119 --> 01:26:11,279
call themselves retarded, like it it's
it is like reading chan comments like back

1213
01:26:11,319 --> 01:26:15,600
in the day. But it's all
self loathing. They are not like they

1214
01:26:15,640 --> 01:26:19,840
are not like, fuck gay people, they shouldn't get married. I fucking

1215
01:26:19,920 --> 01:26:25,039
hate gay people. I know who
are on the internet understand this. Yeah,

1216
01:26:25,039 --> 01:26:27,600
you listen to this podcast, you
definitely if you listen, you get

1217
01:26:27,640 --> 01:26:30,439
it. I guess you don't need
to probably but here but just in case

1218
01:26:30,479 --> 01:26:34,079
anyone doesn't. They aren't out to
hate anyone. Now, some people might

1219
01:26:34,159 --> 01:26:36,439
say like, oh, well,
you know, if if a mother of

1220
01:26:36,520 --> 01:26:41,239
a of a of a disabled child
reads that, that could hurt that that

1221
01:26:41,279 --> 01:26:44,399
could be hurtful to the m or
you never know how a gay person would

1222
01:26:44,399 --> 01:26:47,079
feel reading that. I can tell
you. I can't tell you how to

1223
01:26:47,159 --> 01:26:50,279
feel, but I can just say
this, It's not aimed at you,

1224
01:26:50,840 --> 01:26:55,680
It's aimed at themselves. Well,
even I mean poor choice of verds or

1225
01:26:55,720 --> 01:26:59,399
not. Who cares. They're not
a financial institution and they are not all

1226
01:26:59,520 --> 01:27:03,119
right. They they're a political as
fuck. They care about money. It's

1227
01:27:03,199 --> 01:27:10,359
literally cash machine, go burr.
That's that's their entire ethos. They ran

1228
01:27:10,399 --> 01:27:15,520
a billboard yea that just said goes
bur and uh yeah, I mean like

1229
01:27:15,640 --> 01:27:20,720
if if you're the subredit too has
been kind of now hijacked at this point,

1230
01:27:20,800 --> 01:27:24,159
it has, yeah, um,
And I mean the whole movement's kind

1231
01:27:24,159 --> 01:27:28,640
of been hijacked because obviously they're like, oh, everyone's moved on the silver.

1232
01:27:28,800 --> 01:27:32,520
That's not true. Nobody's don't buy
silver. Don't buy silver unless someone

1233
01:27:33,119 --> 01:27:38,119
is offering you literal silver. Yeah, take the silver. I want to

1234
01:27:38,159 --> 01:27:41,720
buy the silver. No, people, that's the That's the bigger issue here

1235
01:27:41,800 --> 01:27:45,800
now is and this is off Enron
at this point. And I love the

1236
01:27:45,880 --> 01:27:48,880
topic of it's related, but that's
the bigger issue now. My big fear

1237
01:27:49,119 --> 01:27:56,680
is these people that I see back
home on Facebook talking about market swings and

1238
01:27:57,000 --> 01:28:00,560
shit like that. They I know
they know that there's risking that, but

1239
01:28:00,800 --> 01:28:03,880
I'm worried about them getting manipulated on
something like Wall Street bets because there's bad

1240
01:28:03,920 --> 01:28:06,880
actors on it. Now, there's
so many bad it's just full. It's

1241
01:28:08,000 --> 01:28:12,159
way more bad actors than it is
actual Wall Street telling people, I'm just

1242
01:28:12,199 --> 01:28:15,920
scared for the people that are like
taking out money they don't have to do,

1243
01:28:15,800 --> 01:28:18,279
and then also listening to the advice
of Wall Street bets in the first

1244
01:28:18,279 --> 01:28:24,000
place because they are a again they
love lost porn like this is no,

1245
01:28:24,479 --> 01:28:30,079
this is a anomaly. I mean, granted, they hit the gold mine

1246
01:28:30,159 --> 01:28:33,239
here and they did a coordinated thing
here, but yeah, you don't want

1247
01:28:33,239 --> 01:28:36,319
to do it normally deep fucking value. If you look at the thread that

1248
01:28:36,359 --> 01:28:38,720
he was in where he's talking about
like, oh, I don't know,

1249
01:28:38,720 --> 01:28:43,560
I'm gonna buy these I'm gonna buy
these calls, like everyone's like, you're

1250
01:28:43,600 --> 01:28:46,199
a fucking idiot. Yeah, we
can't wait, like please post your losses,

1251
01:28:46,359 --> 01:28:49,119
and now he's Jesus yeah, and
now it was like you're a god.

1252
01:28:49,479 --> 01:28:54,560
Yeah, but it's it's gambling.
It's gambling. But I mean,

1253
01:28:54,600 --> 01:28:58,119
yeah, that's the stock market.
Yeah, it's straight it's unless we should

1254
01:28:58,119 --> 01:29:00,880
be more transparent about it. It's
straight up unless you diversify and you bet,

1255
01:29:01,000 --> 01:29:05,119
like with the stock market, if
you do calls and puts and shorts,

1256
01:29:05,239 --> 01:29:09,039
and all that shit. It is. It is literal gambling. Yeah,

1257
01:29:09,399 --> 01:29:12,640
if you are just buying stock in
companies you believe in, it is

1258
01:29:13,079 --> 01:29:15,640
not at all. Also, like
I guess four o one k is not

1259
01:29:15,960 --> 01:29:19,039
vilifying shorts is a little much,
but yeah it is. Also it's I

1260
01:29:19,079 --> 01:29:23,399
agree, but like you should shorts
are good sometimes, like obviously the House

1261
01:29:23,439 --> 01:29:26,960
of Market two thousand and eight and
then um was it round people at short

1262
01:29:27,000 --> 01:29:30,279
at end round too um to expose
kind of what they did well. And

1263
01:29:30,359 --> 01:29:33,279
also you should short, but we
shouldn't be allowed to do is over leverage

1264
01:29:33,359 --> 01:29:38,680
over Yeah. Yeah, so you
can't be short bet short in the company.

1265
01:29:38,920 --> 01:29:41,880
Yeah, short in the company into
bankruptcy is evil. Yeah, Like

1266
01:29:41,960 --> 01:29:44,600
you can't short a company one hundred
and forty percent, Like you can't.

1267
01:29:44,600 --> 01:29:46,560
You shouldn't be able to do it
more than stocks available, Like that's absurd.

1268
01:29:47,640 --> 01:29:53,880
Like what Citadel was going to put
game stock, like Melvin or whatever

1269
01:29:54,039 --> 01:29:58,359
was going was going to put kind
Yeah, Melvin was going to what Essentially

1270
01:29:58,560 --> 01:30:01,720
if they hit like people who work
the registered game stop, We're gonna lose

1271
01:30:01,720 --> 01:30:05,199
their jobs so that people with lots
of money could make a little more money.

1272
01:30:05,199 --> 01:30:08,439
But it just didn't make sense that
you would short something one hundred and

1273
01:30:08,439 --> 01:30:12,359
forty percent when it's only four dollars, Like, is it that big of

1274
01:30:12,439 --> 01:30:15,239
a game? I guess it was, but the risk taking on that much

1275
01:30:15,359 --> 01:30:19,039
risk, but it was blockbuster taking
on that much risk on not that honestly,

1276
01:30:19,119 --> 01:30:23,119
not that big of a payoff.
Well, it's it's payoff when you

1277
01:30:23,159 --> 01:30:26,199
have that much money in it.
Yeah, yes, it's a ton of

1278
01:30:26,279 --> 01:30:30,119
money. It is four dollars a
share. Every time could their count moment

1279
01:30:30,199 --> 01:30:32,439
to go to zero or one dollars
or whatever, it was, right and

1280
01:30:32,560 --> 01:30:36,279
so and when that happened, it
would do it down more right, But

1281
01:30:36,399 --> 01:30:40,960
the opposite happened, and now you
have this andy daisy. Okay. That's

1282
01:30:40,960 --> 01:30:44,439
another thing too that's really fucking infuriating
is people they don't get it. They're

1283
01:30:44,439 --> 01:30:46,680
just making a momentum play. That's
all hedge funds do. They make momentum

1284
01:30:46,720 --> 01:30:50,039
plays. Yeah. I liked Jake
Tapper's tweet where he was like, wait,

1285
01:30:50,039 --> 01:30:53,079
so let me get this straight.
This is the first time the stock

1286
01:30:53,159 --> 01:30:57,880
markets that ever been manipulated. Yeah, of course, it's it's a fugasi,

1287
01:30:58,159 --> 01:31:00,720
it's a food daisy. And yeah, that's our episode of Softcore history.

1288
01:31:00,760 --> 01:31:04,359
We'll be back next week. Um
to me episode I think? Do

1289
01:31:04,399 --> 01:31:06,800
you want to take your turn?
Yeah? Okay, it's me Cool.

1290
01:31:08,119 --> 01:31:14,880
We'll be talking about the Black Cube
on Saturn. Okay, don't cool.

1291
01:31:15,119 --> 01:31:18,800
Uh So for Jake Goldman, Rob
Fox, I'm Dan Rogester and you just

1292
01:31:19,000 --> 01:31:20,640
got soft served.