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More Americans living in poverty level means
that more people on unemployment. More jobless

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claims means more debt on credit cards. So in that case, it's going

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to be good for the FEDS down
the road to be able to ease up

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on interest rates because so much of
Middle America is just living on fumes.

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You know the job report, I
Feds wanted to get unemployment. Uh that

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down. You're listening to Carrie Letz's
Financial Survival Network, where you get valuable

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00:00:30,280 --> 00:00:35,759
information you just can't find anywhere else
to thrive in today's trying times. You

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need the Financial Survival Network now more
than ever. Go to Financial Survivalnetwork dot

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00:00:42,479 --> 00:00:49,240
com and get your free newsletter and
gift. Financial Survival Network now more than

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00:00:49,320 --> 00:00:57,280
ever, and welcome. You are
listening to watching the Financial Survival Network.

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I'm your host, Carrie Lutz.
Is Friday, November tenth, and yes,

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we do work on Friday. Sometimes
some of the world does, but

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it seems like less and less less
than the lesson the world working on Monday

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through Friday as well. And speaking
of that, we got some jobless claim

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numbers. David Wright is with us. Now. You find David at Right

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Financialgroup dot com is book is Bonfires
of the Saturdays. No, not Vanities,

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not the Tom Wolf book. It's
Bonfires of the Saturdays dot com.

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David, it's great to have you
on again. So, hey, what

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about the jobless report? We should
be happy? Well, I guess so

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we're good and bad reasons. The
Jobless Report came out at about two hundred

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and seventeen thousand actual. They had
forecasts two hundred and fifteen thousand. It's

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significant because more Americans living in poverty
level means that more people on unemployment.

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More jobless blames means more debt on
credit cards. So in that case,

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it's going to be good for the
Feds down the road to be able to

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ease up on interest rates because so
much of Middle America is just living on

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fumes. You know. The job
report, Feds wanted to get unemployment,

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uh that down. It's been in
the three percent range, three point you

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know, two to three point three, three point eight, heading now closer

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to four percent, so that closer
to five percent. Then I think the

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FEDS may seriously start considering, you
know, pivoting, but that's going to

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be a while yet. I think
there needs to be more negative reports before

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that happens, okay, So it's
not going as quick as they want it

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to go. In other words,
they're unhappy. Too many people are working

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right now. There's just too much
demand for skilled and positions that are not

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being killed right now. There is
just more people that are there's there's too

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many jobs available still not people to
fill them. They're still fairly robust economy

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out there. We've got a GDP
that's still in the three to four percent

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range because basically inventories and supplies a
bettery refilled. But the bottom line here

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is we know long term that inflation
it was long as it. It's hanging

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around there at the three point seven
to four percent range. The Feds aren't

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going to budge. I don't really
think Carrie, they're going to do much

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in December besides just kind of pausing
and and check the data. I know,

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I know jer Own Powell, if
he were a poker player, it'd

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be hard to read, you know
what he's doing. But his talk is

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stoped. He's certainly coming through like
a hawk. But is that really going

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to happen? They got to really, you know, do anything with the

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short rate. I don't know,
you know, my guests would be now

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that they're probably not. So he
just gave a little talk with the IMF

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and he's talking real, real,
you know, hawkish as they say,

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dutsh and hawkish. Yeah, like
maybe certain leaders of terrorist organizations we've seen

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on the one hand they're saying all
nice things in English, but on the

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other hand, in their own language, they're saying death to everybody. Right,

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yeah, I mean it's really a
mixed up world that we're living in

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right now, and God only knows
where it's gonna had. We see,

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you know, unemployment in our country
still pretty low, but yet the deficits

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in our country keep rising. Our
GDP I checked out the other day,

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Actually our GDP at about twenty six
trillion, but our debt at thirty three

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trillion. We've got a debt to
GDP rate show now that's oh about one

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hundred and twenty, which is as
high as it's been since World War Two.

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So till Congress figures things out,
you know, I heard a good

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one. If pro is the opposite
of Khan, then progress must be the

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opposite of Congress. And I yeah, they just can't get a damn thing

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done. They can't figure anything out. So until that all gets rehauled.

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I think that the modern monetary theory
just kicked the can down the road further

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manned up being the way well.
I always say, the basis of any

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monetary system is confidence. Without confidence, you can't have a fiat system.

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And you know what the root of
confidence is, con right, Yeah,

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yeah, yeah, yeah, certainly
so the stock market, you're basically seeing

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that it's foreseeing that it's going to
be range bound. It's going to be

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range bound. I think that we're
looking at the S and P five hundred

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probably hanging in the forty five hundred
to thirty eight hundred ballpark for the rest

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of the year, probably ending the
year around forty two forty three hundred points.

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But next year I do see that
things are going to be more pressure

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for the Feds to do some pivoting
because a lot of these corporations are going

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to have to renegotiate their leases,
et cetera. That's going to hurt earnings.

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I think the banks can't really handle
much more with the higher interest rates

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for longer scenario. Already bank presses
are there, you know we how much

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more? Well? I mean the
question I always want to ask somebody I

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can't get an answer, is how
much debt is too much debt? You

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know, we we we're the largest
economy in the world, and we also

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have the most debt of anybody in
the world. So when does that correlation

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could get out of whack. When
does too much debt, too much debt,

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and that colapses the whole system.
I mean, what are your thoughts

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on that. Well, if you're
the Federal Reserve, I don't think they've

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ever seen too much debt. They've
been manufacturing more and more debt since nineteen

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thirteen. That's kind of been their
mandate, right, Yeah, I think

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crisis and appointment. If you're a
regional bank, you're in a world of

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pain right now, right You're in
a world to hurt. Well, you

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got all these loans held on the
book, real estate lost during loans three

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percent, and then you've got to
pay out these short term depositors six fives

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and six percent. The margins don't
really work too well, so they're under

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a lot of stress. I mean, I walked into my local bank here

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as that shall remain nameless, and
they're just like gutting the inside facilities.

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These banks are are becoming like bomb
shoulders. You walk in and it's like

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you feel like you're at a pawn
shop. They're they're stripping them down.

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I don't know whether they're just trying
to save money or what, but it's

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pretty sad around here in the Midwest. O. Hey, you know,

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they're all under pressure and there's really
nothing that can save them short of going

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back to quantitative easing and really consolidation. You know, Jamie Diamond said,

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we don't want any more of them. They took over I don't remember who

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they took over, Silkonda Valley Bank. Did they take over, yeah,

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Public, He said, we don't
want anymore. But you know that when

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these banks start falling, basically,
it's going to be like do you remember

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during the Great Financial Crisis when Merrill
Lynch fell, and then they called up

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the Bank of America Ken Lewis and
mister Lewis, congratulations, you are now

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the proud owner of Merrill Lynch.
They said, I don't want Merrill Lynch,

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so I don't want them. Then
they said you're not hearing us.

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Congratulations, you're now the proud owner. And then like three weeks later,

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he was gone. He was no
longer. As it turned out, it

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worked out. It was a great
deal for them, but they were all

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in solvent. Then do you think
bikes are insolvent? I think they are

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already heading there. I mean when
you look bit the Feds, the Feds

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can afford to not raise rates right
now because they're tightening. They're still doingtat

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quantitative tightening, So they're they're just
letting the bonds roll off the system that

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they purchased during COVID, so that
the monetary supply is shrinking while at the

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same time, uh people savings accounts
are drying, drying up, and uh

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so the monetary supply is shrinking.
More debt, more foreclosures, and I

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think that's just all gonna I hate
to be a doom and gloom guy,

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but it's hard to see a very
glamorous, uh elegant way out of this

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problem moving forward. This soft landing
that they all talk about, there's going

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to be a lot of people that
are left ing, uh, that that

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are devastated by this. M All
right, Well, they enough enough good

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news, So tell us about Bonfires
of the Sanities. Well, first I

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00:10:46,480 --> 00:10:54,320
need to correct you. It's bonfire
Bonfire Angular. Bonfire of the Sanities a

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00:10:56,000 --> 00:11:00,679
book, a labor of love of
about four years of mind. It's written

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00:11:00,679 --> 00:11:07,480
in a very casual manner. Abraham
Maslow, the famous psychologist, wrote that

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there were three things that basic needs
for humans, for food and shelter,

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you know, for safety and self
actualization. And I played the lead role

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in a musical in high school,
tell you Fiddler on the Route. Oh

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we're a rich man if I would
an itch man, And if you look

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at it, people were a rich
During that monologue, he's fantasizing Carrie about

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having you know, if you were
the wealthiest man in town, he'd fill

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his yard with ducks and chicks and
geese and you know, mate servants throwing

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00:11:43,799 --> 00:11:48,519
you around. He'd have one staircase
going up, one coming down, and

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one extra one just for show.
But then the as the song goes on

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and he really realizes what it's important. Money's important to him for is to

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go to the synagogue and pray to
be a more learned man, to be

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00:12:01,879 --> 00:12:09,519
a person that helps society. Right, Soli Americans, it's not about having

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00:12:09,559 --> 00:12:13,519
tons of money in the bank.
It's about having enough income from the money

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00:12:13,759 --> 00:12:18,159
to be able to do those things
that you want to do. Travel to

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00:12:18,200 --> 00:12:24,840
Thailand, go place you know,
live your life and be able to have

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food on the table, be able
to have safety for your future, and

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that you're not going to run out
of money. So this book, Bonfire

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the Sanities takes us through, chapter
by chapter where my star was, where

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00:12:37,759 --> 00:12:41,120
the markets got to where they are
today, and some common sense whips about

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00:12:41,200 --> 00:12:46,720
how we can help you fix your
problems and get you reshifted into a more

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00:12:48,840 --> 00:12:58,120
Maslow self fulfilling prophecy for your retirement, comfort, safety of income. Oh,

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it makes complete sense. I'm I
like the little play on words,

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00:13:03,320 --> 00:13:07,679
and you should have dedicated the book
to Zero Mostelle, right, I love

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00:13:07,759 --> 00:13:13,080
Leerra Mostelle. Yeah, he's my
favorite. You know he was the best.

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00:13:15,000 --> 00:13:18,799
For sure. We're dating ourselves a
bit, but I think we are.

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00:13:18,080 --> 00:13:22,159
We are. I think I saw
it with him. I remember correctly.

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Zero Mostelle did the Broadway version.
You probably saw, yes, in

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00:13:26,919 --> 00:13:33,200
New York? Do it? Ah? The movie He is a little movie

155
00:13:33,600 --> 00:13:35,559
the look he was told. I
don't know I ever saw the play,

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00:13:37,080 --> 00:13:43,200
but I definitely saw the movie.
Yeah. Topol played the movie version of

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00:13:43,240 --> 00:13:46,919
it, and you know he absolutely
nailed the role. Yeah, great,

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00:13:48,039 --> 00:13:52,720
amazing, And you know what the
musical Fiddler on the roof so tinly for

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00:13:52,799 --> 00:13:54,879
what we're going through now in the
Middle East, and uh, you know

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00:13:54,919 --> 00:14:03,360
the persecutions true, so true,
and you know, it's just pretty amazing

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00:14:05,000 --> 00:14:11,080
what's happening? Hey, that absolutely
so place to find you. Right Financialgroup

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dot com. Right Right Financial with
a w Right Financial Group dot com.

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And if you log in there,
you'll see a lot of things that we

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do for our clients, ways that
we help you get focused, some good

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complimentary giveaway stuff, some things that
you can learn about how we select funds,

166
00:14:35,159 --> 00:14:41,360
how we select strategies for prem poster
diaries, and how to get a

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00:14:41,399 --> 00:14:45,519
copy of this book. Okay on
Fire Sanities dot com. All right,

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00:14:45,639 --> 00:14:48,799
well, we love it and the
links are in the show notes of this

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00:14:48,879 --> 00:14:54,919
interview on Financial Survival Network dot com. Hey got a question comment for David

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00:14:54,080 --> 00:14:58,679
myself? Shoot us an email k
L at Carrie Luods dot com. Hey,

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00:14:58,720 --> 00:15:03,600
David, best of luck and we'll
talk to you again soon if I

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00:15:03,639 --> 00:15:09,919
would, itch Man, I haven't
lost it yet, all right, I

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00:15:09,960 --> 00:15:13,399
see a remake. I see a
remake in your future a remark. All

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00:15:13,480 --> 00:15:16,799
right, great to talk to you. Thanks, Heerny, thanks for listening

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00:15:16,840 --> 00:15:24,200
to carry Letz's Financial Survival Network your
solution to today's trying times. For the

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00:15:24,240 --> 00:15:31,360
latest, go to Financial Survivalnetwork dot
com. Financial Survival Network now more than ever,