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Speaker 1: So I'm out surfing the web. We still say that

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surfing the web. I surf the web. Http s backslash,

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backslash www dot so is out using an app which

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Chrome to do show research that came across the craziest

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video of a dude talking about some major shift in

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US economic leadership, opening your door to a whole new

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set of bull markets to know, what's this clown show.

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Speaker 2: I think that the US story right now is a

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really great story, starting from the beginning of the Trump administration,

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you know.

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Speaker 1: And this isn't anything political at all.

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Speaker 2: This is clearly economic regime change and leadership regime change

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right where we're throwing, you know, his new national security

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policy kind of throws climate change right to the curb,

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right and it sounds like a fossil fuel and nuclear

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renaissance story, you know. And that's kind of following up

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on all the things that he said that he would

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do for the economy, which are the only set of

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things that he seems to be making good on, which

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is you know, most important for us. I feel like

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he's handed us about a dozen bull markets to chase,

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and he's not cheerleading the stock market.

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Speaker 1: Well wait, that clip that came from Know Your Risk

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podcast dot com. Hey, look who's joining us, the chief

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investment officer bow Or Capital Management, Now you riskpodcast dot com.

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Zach Abraham joins us courtesy of God Almighty. We'll get

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with him in a second.

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Speaker 3: But Todd Herman show is one disapproved by big pharma

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technocrats in Tyran's everywhere from the high mountains of Free America.

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Here's the Emerald City exime.

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Speaker 1: Todd Herman. Today is the day the Lord has made,

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and these are the times so which God has decided

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we shall live. And there he is the co author

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of said clips. Zach Abraham, my brother, welcome back. Good,

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have you.

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Speaker 4: Good to be back. What's happening? Well, what's happening? Yeah,

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a lot of things going on.

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Speaker 1: Oh, there's a bunch, there's a bunch of you guys

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in your biblical flood over there. I was just looking

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at some pictures of a friend of mine house. Praise God,

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he got through this four o'clock in the morning, evacuating

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is on the White River and the house didn't float away.

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But uh, you know, I think it's time. I think

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it's time finally for my arc business model.

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Speaker 4: That's uh yeah, yeah, I'm I'm I was, I was

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going to start one on our backfield.

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Speaker 5: You know, you start taking bids from the neighbors. No,

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it's it's it's pretty. It's pretty wild here.

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Speaker 4: You know, as a guy that's been born and raised

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here like you have, you kind of feel like you've

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seen everything. This this is whole. You know, we're used

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to rain, but I mean it's been coming down. Like

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we were joking around, I was like, boy, God must

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have not been too happy about that, Bob ferguson election.

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Speaker 5: Yeah, your new biblical the biblical floods are coming.

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Speaker 4: Man, they're white. They're just washing us out. Well, there's

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no it's it's crazy.

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Speaker 1: Is this advantage though, is now you'll have heroin free streets?

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Uh for just a little while. Because people haven't been

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over there don't understand the degree to which human excrement

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in urine coach the streets. And you can go from

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the fentanyl district and there's a certain smell to the

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urine there. Then a little higher up there's the old

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fashioned crystal meth smell, and you know that stuff all

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be washed away, So at least there's that that's good.

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Speaker 5: Yeah, it's like it's like a wine tasting, you know

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what I mean.

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Speaker 4: Like, so, no, it's not, it's not, but like the smell,

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like you've become a connoisseur.

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Speaker 5: You're like, I must be on Fifth and Pine. You know,

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you can smell your way around the city.

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Speaker 4: But but but no joke, And I know you remember this,

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but people like people won't believe this when you tell them.

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But it's one hundred percent true. There's so much fentanyl

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and stuff on the streets that from the storm water

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going down the storm drains and going out into the bay,

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there are measurable amounts of heroin in the shellfish.

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Speaker 1: Yeah, and well, by the way, in the fatty tissues

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of non shell fish. Yeah, it's in salmon. And there's

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also this. It's something like eighty percent of seats on

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buses there have fetnyl residue on it. It's just the

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determination of how much. So I know you like to

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take your shirt off and you ride the bus to

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the Seahawks game, but maybe don't.

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Speaker 4: Man, I mean, I give you pretty good. I mean, hey,

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I get I'm pretty charged up by the time I

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get there.

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Speaker 5: I don't know if I don't think fetanel charges you

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out though, does it.

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Speaker 1: It goes in the other direction, Na out. Yeah, never

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mind the other direction. I think about you a lot

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when I read about economic volatility and you guys, man,

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I mean, and by the way, I don't mean to

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make light. I know there's a lot of people who

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listen to the show, watch the show, or Russell wat shit.

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I really don't mean to make light of what you're

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going through. It's horrible. More of a brother than not.

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My brother Matthew. He sent me pictures of his home.

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It's it's horrible. And I know, Zach, you don't obviously mean,

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you know, to make light of what people are going through. No,

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it is horrific. But I think about the economic volatility

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and how you guys tend to view this differently. I

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get you on and we're doing the little pre show discussion.

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You're like, man, major things in the market, it's a

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good time for us, And then you mentioned silver.

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Speaker 4: Yeah yeah, no, just and look, we'll get things right,

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we'll get things wrong.

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Speaker 1: Yeah.

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Speaker 4: But for years you've known when you look at what

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government budgets are doing, and you look at the way

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governments attack every problem, right, and that kind of became

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a feature after two thousand and eight two thousand and nine,

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which every single economic problem, you know, and that was

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kind of one of the things we were afraid of,

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is monetary policy should be treated sort of like Blake

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break glass in case of an emergency.

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Speaker 1: Yeah, and it's.

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Speaker 4: Extreme monetary policy, especially fiscal stimulus, right, meaning giving money

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directly to people. The problem is it's really effective, yeah, right,

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And so when we think about human behavior, you start

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sitting there. Once you break the glass, every problem can

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be very quickly remedied by that solution, right, And so

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you just keep going back to the well, and eventually

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what happens is you push, you push where we currently are, right,

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because think about every time you interact with printed money

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or artificially low interest rates that is, by definition and

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artificial divergence, Right, you're trying to stave off the natural

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repercussions of what has happened, right, Like, that's because naturally

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it would go under.

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Speaker 5: Right. Think about the three hundred and fifty billion we

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use for the.

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Speaker 4: Bank bailout in twenty twenty was it twenty three? Beginning

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at twenty three because interest rates were going up and

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the banks didn't have the good enough sense to get

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out there and hedge their heads, their duration risk.

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Speaker 5: On their balance sheet.

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Speaker 4: So what we do We had to print another three

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hundred and fifty billion dollars. So every time you do that,

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you're basically pushing us further away from the natural trajectory.

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Certain point, the distance where the distance between where you

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currently are and the natural natural trajectory, that becomes the

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crisis in and of itself, right Like, meaning, if you've pushed,

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if you continually pushed off consequences, then you have to

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keep doing it because if you allow all of those

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consequences that you pushed off for a decade to rear

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their head at once, right now, now, that's now, that's

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a bigger, bigger issue, and it's a bigger emergency than

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what you got you involved in the first place.

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Speaker 5: So my point is it was like an economic roach motel.

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Speaker 4: You could check in, you couldn't check out, right, and

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they were always gonna have to go back to the well.

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And at a certain point, the market was gonna sniff

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that out. Other central banks were gonna sniff that out,

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and people were gonna say, hey, we've got to hedge

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ourselves from something we haven't had to hedge effectively in

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forty years, and that is a falling dollar, right, Yeah,

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we're gonna have to We're gonna have to migrate some

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funds back, We're gonna have to bring some bring some

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funds home. The tariffs, in my view, I think the

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tariffs only accelerated that.

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Speaker 5: But here you are, and if.

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Speaker 4: When central banks want to hedge dollar exposure there is

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no other viable currency for them to pull from, they're

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gonna have to pull from gold, and that you know.

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Then we were looking at how cheap gold stocks were,

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and here we are, you know, eighteen months later, and

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I think the average gold stock and our portfolio is

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up over two hundred percent.

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Speaker 5: And the crazy thing is todd us they're still cheap.

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Speaker 4: So yeah, I think that this is you're gonna have

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pullbacks in this stuff. It's not going to go straight up.

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We're probably due for one. I've been saying that for

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a while now. But you know, I think that what

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you're seeing in the metals isn't so much a price spike.

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I think it's a rerating, okay, right, And so people

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are going to start saying, oh, look at it, it's

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gone up like this before. It hasn't gone up like

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this before. When you had one hundred and thirty percent

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to GDP. It hasn't gone up to gone up like

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this before when you're running six and a half seven

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percent deficits. Okay, So there are real drivers, and I

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think that what you're seeing here's another part of it.

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Speaker 5: For fifteen years.

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Speaker 4: Effectively coming out of the financial crisis, you had virtually

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no new net minds open for any of this stuff

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around the world. Well, think about the population growth that's

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happened over the last fifteen years and the economic growth

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that's happened over the last fifteen years. So everybody's like

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calling this like this parabolic blowoff, and I'm sitting there going, hey, guys,

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you need a move like this in the price of

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the medals, because if you don't get a move like

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this in the price of the metals, you won't have

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enough of the medal in five years. Meaning you got

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to get prices high enough to incentivize the opening of

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new minds. And nobody invests multiple billions of dollars into

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a mine because they think they're going to squeeze out

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fifteen percent profits. Right, you got to get a price

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up there that's attractive. I mean, I gotta think I

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can generate thirty five to forty five percent ir on

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a mind to take the risk and invest the kind

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of money that it takes.

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Speaker 5: So I think we're at the beginning of this.

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Speaker 4: And you know, I'm not saying I think gold's going

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to twenty thousand, but I'll be shocked if silver doesn't

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at least get to one hundred in this move.

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Speaker 5: Wow. And I think gold will go significantly higher too.

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Speaker 1: Yeah, And that all those incentives and perverse incentives and

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the things that government is so predictable at. There's two

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stories here. One is the clip we played at the

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beginning of the show, this economic leadership opening the doorway

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to new bull markets some of that. In energy, Trump

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wants new nuclear power. It's all these restarts now, so

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he wants three Mile Island brought back and these restart operations.

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You've been a proponent of nuclear, but micro nuclear, as

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I understand it is, which you want to have. And

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then another state we'll talk about that. Then, Faithful Finance,

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I want to chat with you because you do philanthropy

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and I think you have a method for this like

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you do everything else's money, and I know what involves

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around how you Steward, the wealth that God's given you

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to Stewart, and how you get multiples on this as investors.

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So we'll talk about those things. One of the things

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you could do to Stewart your money is to change culture.

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And one of the ways to do this is to

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enjoy a brilliant movie about a guy named Science. Oh

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pardon me, doctor Fauci. I get this screwed up sometimes

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because he called himself science, so sometimes they accidentally call

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him science itself. The movie is called Thank You, Doctor Fauci.

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Award winning documentary filmmaker named Jenner first directed this. We

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had him on the program. Jenner came out of this

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a change dude, and he's always hated info warfare. That's

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been his bag. Has been talking about info warfare against populists,

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against the populist US. What he saw in COVID is,

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he said, the worst case, most pronounced, most mendacious case

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of information warfare against US. That has got him convinced

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that there have been no natural pandemics during the time

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of Fauci, that they were all lab created. And he

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talks about a disease, for instance, probably having been lab created.

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The polio tie into the COVID shots. You knew about

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the age tie in and Fauci's earned he thinks he

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became a psychopath over time. The movie is a stunner

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for people who've never investigated Fauci. For people like me

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obsessed by him, it is a great bit of new information.

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Go to angel dot com slash hermon stream, thank you

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Doctor Fauci right now and become an Angel Guild member.

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That way you can vote for movies like this to

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continue to get made. It's angel dot com slash Herman.

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So the the cquickly paid at the top of the

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show that the change in the leadership in the country

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is opening up this this new doorway to bowl markets.

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Let's talk about that, But let's also talk about this

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passion that President Trump seems to have for a rebirth

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of nuclear What does it mean for the country and

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what are the bulmarks or what are they opening up.

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I'm not going to answer that question. I'm not calling it.

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Speaker 4: So what Tony's talking about is something that we've been

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talking about, which is a good way to understand it.

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Is the conversation we're just having about golda meaning commodities

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are incredibly cyclical and the biggest reason for why they're

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cyclical is human beings tend to do things when we

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have to, as opposed to when we should.

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Speaker 3: Right.

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Speaker 4: So when do usually commodity bull markets start, they start

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after a long period of time when not enough investment

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was put into them.

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Speaker 5: Right. If you think.

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Speaker 4: About the economy and think about energy in particular, there

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needs to be a steady amount being invested in energy

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and things of that nature all the time, right to

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meet future demands as things change, as things evolve, as

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things grow, and if you and and what happens though,

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is people get attracted by something else, something shiny occurs,

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and capital all starts flying somewhere else.

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Speaker 5: And that happened in a.

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Speaker 4: Way that we've never seen before, meaning more capital funneled

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into fewer US stocks, and when I say capital, I

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mean from around the world than is ever funneled into

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that few of assets before. And what that meant is

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that pretty much everything else that was not touching technology

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or those technology stocks didn't really get capital, right, so

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you starved it out. Well, you do that long enough,

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and you really start creating a massive back end swelling

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of demand. And we've done that longer than at any

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other point now Does that mean that everything's going to

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go to the moon. No, not necessarily, because over that

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period of time, we also got better at extracting things

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for cheaper prices, So technology is going to offset that.

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But what it does mean is that when you start

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looking at the power needs. You know, we've been talking

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about how dilapidated and outdated the American power grid is, right,

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we talked about.

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Speaker 5: That for years.

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Speaker 4: Well, now look at what you're throwing onto it, right,

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these data centers, and people do not have a conception

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of how much energy these things are sucking up. I mean,

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you're talking about each one of these data centers is

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like the equivalent of a major city. And I might

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be overstating that to some degree, but it is shocking, right.

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It is not like a data It's not like if

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you look at electricity being used, it is not commensurate

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with what you'd think of a data center. It is

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much more commensurate to what you would think of as

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a new population center. That's how much how much energy

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those things are sucking. Well, when you look at again,

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where has most investment gone into energy lately? In the

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last several years, it's gone into quote unquote green energies,

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and a lot of them have proven to be extraordinarily inefficient.

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Now some of them are getting better. Solar is getting better,

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and it is getting better in a way that we should.

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Speaker 5: Not fight it. We should be all about technology.

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Speaker 4: Where I had a problem with solar is when it

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was incredibly inefficient and you're trying to shove it down

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my throat and it costs more than it produces, and

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all this kind of stuff it's gotten it's gotten much better. Okay,

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but think about the inputs to solar, panels, metals, oil, right,

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all these holes? You need coal?

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Speaker 3: Right?

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Speaker 5: What about to power these data centers? You don't.

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Speaker 4: You can't do it via solar. You're not getting there,

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not even close. You're gonna need that gas. You're gonna

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need uranium. So all of these things that have been

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so underinvested in for so long also became so cheap

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because they'd been underinvested in, and now you were gonna

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have demand to make a bull market in these things eventually.

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What makes this so compelling is again, not only did

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you have the period of non investment and under investment,

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but at the tail end of that sucker, you're dropping

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an increase. We are going to see data centers in

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AI have a demand, a power demand increase like this

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economy is right, it's that violent, yeah, and you got

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to backfill it. And here's the deal. None of it

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works without energy. And you like you and I have

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talked about what makes these things so attractive is if

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you need energy to fire up a data center, you

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don't not turn that data center on just because nat

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gas is at ten dollars a unit and.

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Speaker 5: Oils at one fifty. You pay it, right, you pay it.

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Speaker 4: And that's and so that's one of those things we're

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looking at clients and going, hey, look, we're not saying

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to abandon all that stuff, but you guys are all

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loaded up in tech. That's just at valuations through the sky.

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Look at the market today. You see Nvidia getting hit

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for almost four percent. You see Palenteer getting hit for

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four or five percent. You see Oracle getting smoked by five. Why,

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I think the market's starting to wake up to how

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ridiculously overpriced this stuff is. Meanwhile, you've got this incredible

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We've got a backdrop of inflation.

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Speaker 5: We've had horrific energy policy in this country for ten

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to fifteen years. That is like the strangled investment, and like,

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you don't usually see trades like that, and on top

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of it, all these things are dirt, dirt cheap, so

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like you just don't see setups like this very often.

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But no, I think Tony's right one hundred percent.

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Speaker 4: He and I had that a long form discussion talking

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about those new bull markets, and you know, and and

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it's also the way markets work, taught. I know, you

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know this isn't it funny? When we're all looking at AI,

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when we're all looking at technology, when we're all looking

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at the stars, the investment opportunities are in fossil fuels there.

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Speaker 1: Right well, And certainly Gavin Newsom knows this. He knows

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that his fossil fuels. So this is a piece. This

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is out of California, and it's about two major oil

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refineries in California. It's a semi long news piece, but

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listen to this. Watch this with me.

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Speaker 6: Sack Valero just wrote off one point one billion dollars.

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That is the cost they are taking to walk away

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from California rather than keep operating their Benicia refinery passed

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April twenty twenty six. When a company takes a billion

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dollar loss just to leave. You know something is seriously broken.

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This facility processes one hundred forty five thousand barrels of

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oil per day, representing eight point six percent of California's

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entire gasoline production. Four hundred workers have lost their jobs,

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two hundred contractors are out of work. The city of

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Benicia loses seventeen percent of its entire budget, and California

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drivers they are about to get hammered with the worst

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gas prices in American history. University of California Davis economists

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calculate a forty cents per gallon increase the moment Phillips

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sixty six closes their Los Angeles refinery this December, then

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another eighty one cents when Valero shuts down four months

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later in April. That totals a one dollar twenty one

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cent per gallon increase. By August twenty twenty six, your

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fifteen gallon Phillip jumps from seventy dollars to at least

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ninety five dollars. The Stanford Energy Institute came up with

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even worse projection. They are showing potential spikes to eight

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dollars per gallon during supply disruptions. You see Berkeley's Severin Borenstein,

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who has been tracking California energy markets for decades, warns

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these closures could create severe gasoline shortages with unprecedented price increases.

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Speaker 1: Uh stay to California investments prowess.

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Speaker 5: Well, so, so here here's the funny part.

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Speaker 1: For California's it's hilarious.

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Speaker 5: Well, I look, they keep voting for it.

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Speaker 4: I just you know, I it's hard.

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Speaker 5: You feel bad for him, but you don't.

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Speaker 4: I mean, it's kind of like, you know, it's like, well,

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it's like it's like free Gattle voting. Sorry, you know,

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for the mayor you voted in, like, you know, four

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years from now, it's not gonna be good. They'd be like,

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oh boy, that didn't work out well and you're like, no, no, kidd,

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go further left.

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Speaker 5: Yeah.

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Speaker 4: So the funny, the funny part about this is that

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it's actually opened up some investment opportunities to relate the

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state of California.

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Speaker 1: Because because the way you guys think, well, it's misery.

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It is eight dollars per gallon. People can't drive, but

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you know, hold on, let's we can short some things.

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Speaker 5: Well, it's like the American Eagle trade man.

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Speaker 4: You know when you can when you can double your

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money on a stock like American Eagle in six weeks,

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and you can do it on the back of woke tears.

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I mean, there's, hey, doubling your money's doubling your money,

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but when it's financed by woke teers, there's just something

413
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beautiful about that. But no, So we've actually owned a

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stock and we got rid of it because it was

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just way too volatile and it was bouncing all over

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the place.

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Speaker 5: But there are multiple.

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Speaker 4: Companies like that that have had assets that are one

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of them. In particular, there was a Chevron had a

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significant asset, significant oil field off the coast of California

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was in international waters. Okay, so so California couldn't do

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anything about letting them pump oil. So what they did, though,

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is they set up a pipeline that ran from there

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into California right to get it on shore to the refineries.

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And over time that pipeline decayed, it needed some maintenance.

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Companies stepped up into the maintenance, and then there's a

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big discrepancy about the quality of that.

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Speaker 5: The company is going, Hey.

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Speaker 4: We did everything you said we did, or we needed

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to do. State of California goes, you didn't do enough,

431
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there's gonna be a leak whatever. So we were betting

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on that company because Trump had actually the Department of

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Energy had sent a letter to that company saying, hey,

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hang in there, We're gonna if we need to, we're

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gonna override the state of California on this. But to

436
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look at it from the business side of it, it

437
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literally is committing economics suicide.

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Speaker 1: Yea.

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Speaker 5: Their own people will pay for it.

440
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Speaker 4: The oil that doesn't come out of that ground will

441
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come out of different ground. It'll be sourced somewhere else.

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Energy is completely fungible. The environment doesn't care whether it

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came from California, whether it came from Cambodia.

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Speaker 5: It is what it is.

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Speaker 4: And you look at this and you go, there is

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no benefit. The benefit is supposed, it is imagined, and

447
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it is the best way you'd be able to describe

448
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it as like moral in a.

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Speaker 5: Cult like sense. Yeah right, because you know, people not

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having the energy they need and driving up the costs

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on working families. I have a really we're saving the planet, yeah,

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I know.

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Speaker 4: And Miami's supposed to be under eight feet of water

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right now, right, So sorry that I don't really trust

455
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all your models right right, and you're starting to see that.

456
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You see Gates, guys like Gates pulling back. I don't

457
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know if you felt like this about the whole climate

458
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change thing, but I've always thought it was stupid and

459
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I've always thought it was way over hyped. At the

460
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same time, anytime I see people, regardless of what I

461
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think of their moral fiber, when I see people that

462
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are highly intelligent believe something that's the opposite of what

463
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I believe, it causes me pause and I sit there

464
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and I'm like, how. And what's amazing to me is

465
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you're watching them A lot of those guys that I

466
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would have put in that category, you're watching them slowly

467
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go you know what, I think we've overstated it.

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Speaker 5: Yeah, hold on.

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Speaker 1: But with Gates, understand something. The pattern is he sells

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catastrophe to the people and in the back end he

471
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has the solution. So he did it with the shots

472
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and he had the solution. He made billions on that,

473
00:24:21,119 --> 00:24:22,519
and then he turned around and says, yeah, we got

474
00:24:22,559 --> 00:24:27,079
this wrong. Common core, same thing he did it now

475
00:24:27,240 --> 00:24:29,960
with the climate thing, and he isn't backed off of that.

476
00:24:30,000 --> 00:24:33,359
He's just switched targets so now what he's done, he's

477
00:24:33,400 --> 00:24:36,599
gone upstream. Hey, if I can't force you to buy

478
00:24:36,599 --> 00:24:39,000
carbon credits, and yeah, people are doing that, but it's

479
00:24:39,039 --> 00:24:40,920
never really going to catch on. I'll force you to

480
00:24:40,920 --> 00:24:43,920
buy plastic meat. I'll just go upstream. So now I'm

481
00:24:43,920 --> 00:24:46,279
going to go and say and he's saying, Zach, he's

482
00:24:46,359 --> 00:24:48,960
joining a course of people saying we need to destroy

483
00:24:50,119 --> 00:24:54,799
three quarters of beef cattle and meatbirds. So he's just

484
00:24:54,839 --> 00:24:59,480
gone upstream and he's selling that catastrophe now because we

485
00:24:59,480 --> 00:25:03,440
can't model like cows, right, so he he is all

486
00:25:03,480 --> 00:25:06,720
over that. Then of course he's come along and looked

487
00:25:06,759 --> 00:25:09,519
at other ways to get into the human body, going

488
00:25:09,599 --> 00:25:12,079
right back in back toroor this time. So having m

489
00:25:12,160 --> 00:25:14,279
R and A's and meets et cetera, he hasn't changed

490
00:25:14,799 --> 00:25:16,519
other people. Yeah, they can change their mind to come

491
00:25:16,559 --> 00:25:18,039
along and say, boy, was I wrong with the guy

492
00:25:18,039 --> 00:25:19,960
who found the green piece? Is now one of the

493
00:25:20,000 --> 00:25:22,359
chief scientists coming out and saying, oh this is nonsense.

494
00:25:22,680 --> 00:25:24,880
Speaker 5: Yeah. No, that's the perfect perfect example.

495
00:25:24,960 --> 00:25:28,119
Speaker 4: Is that guys just saying whoa, Hey, look we were

496
00:25:28,240 --> 00:25:31,079
talking about this. You guys have extrapolated it out over

497
00:25:31,119 --> 00:25:33,559
here and created it into something that it never was,

498
00:25:34,119 --> 00:25:36,839
and that isn't that there's no you know, and there

499
00:25:37,079 --> 00:25:39,480
it's a lot like you know, dealing with these people.

500
00:25:39,519 --> 00:25:41,359
It's a lot like the Fauci and I am science

501
00:25:41,400 --> 00:25:43,680
thing right right? If I say I am enough, then

502
00:25:43,720 --> 00:25:46,400
I am. But I'm going to disregard all science, you know,

503
00:25:46,559 --> 00:25:50,000
like the scientific method. Is it repeatable, is it measurable?

504
00:25:50,039 --> 00:25:50,799
Is it observable?

505
00:25:51,119 --> 00:25:51,319
Speaker 5: No?

506
00:25:51,680 --> 00:25:54,039
Speaker 4: On all three levels. So you cannot sit there and

507
00:25:54,079 --> 00:25:56,319
tell me the science is settled, right. You don't even

508
00:25:56,400 --> 00:25:57,559
need to have a PhD.

509
00:25:57,920 --> 00:26:00,839
Speaker 5: This doesn't pass third grade science right.

510
00:26:00,880 --> 00:26:02,920
Speaker 1: Right, because you can't do all those things. So now

511
00:26:03,079 --> 00:26:04,680
I'm glad that we agree on that. I thought that

512
00:26:04,720 --> 00:26:07,279
we might. I want to ask you in a second

513
00:26:08,200 --> 00:26:10,960
to run us through because it's giving season for a

514
00:26:10,960 --> 00:26:13,160
lot of people. People like doing their last minute donations.

515
00:26:13,200 --> 00:26:16,279
Sometimes they're attack right off, sometimes because they've been extra blessed.

516
00:26:16,920 --> 00:26:19,240
I want to talk philanthropy with you from a perspective

517
00:26:19,279 --> 00:26:23,759
of proper stewardship of money. But at the core of

518
00:26:23,759 --> 00:26:27,680
this is properly starting God's money He's given us to

519
00:26:27,759 --> 00:26:30,960
invest as philanthropists or as give us a charity. You know,

520
00:26:30,960 --> 00:26:33,799
I al of us can claim philanthropy status, say some

521
00:26:34,000 --> 00:26:36,000
amount of money. These exist for that, so do that.

522
00:26:36,039 --> 00:26:39,599
In a second with Zach Abraham, this isn't philanthropy. But

523
00:26:39,640 --> 00:26:42,359
it costs a lot of money for my friend Steve

524
00:26:42,440 --> 00:26:48,000
Anderson and Jim to operate their business, renew Healthcare in Mexico. Yeah, okay,

525
00:26:48,000 --> 00:26:49,799
so they save some money, but there's some things they

526
00:26:49,799 --> 00:26:53,319
can't do. For instance, it's really difficult for them to

527
00:26:53,880 --> 00:26:56,200
get bonuses to their employees. They want to do that,

528
00:26:56,319 --> 00:26:58,559
but the Mexican laws don't allow that. So they do

529
00:26:58,599 --> 00:27:01,960
other things. Help them with housing. They hire from within,

530
00:27:02,319 --> 00:27:05,160
they promote from within. But they'd rather be based here,

531
00:27:05,160 --> 00:27:08,279
but they simply can't. Because Steve had to have stem cells,

532
00:27:09,119 --> 00:27:10,720
and he had to have the good stem cells, the

533
00:27:10,759 --> 00:27:13,880
American stem cells that are frozen and shipped around fourteen

534
00:27:13,920 --> 00:27:16,839
different points and sword in someone's freezer and you don't

535
00:27:16,880 --> 00:27:19,240
know who actually donated him or how healthy they were.

536
00:27:19,359 --> 00:27:21,079
He wasn't going to put that in his body. He

537
00:27:21,119 --> 00:27:23,200
went to the Middle East and got it done and

538
00:27:23,240 --> 00:27:25,240
came back and said, Wow, I could do this. So

539
00:27:25,279 --> 00:27:27,640
he capitalized the business. The only place that made sense

540
00:27:27,640 --> 00:27:30,480
to locate was in Mexico. They chose the safest part

541
00:27:30,480 --> 00:27:33,799
of Mexico. Port of Arta still the safest part. They

542
00:27:33,839 --> 00:27:36,440
did this so they can reject ninety percent of all

543
00:27:36,440 --> 00:27:39,640
the stem cells they see not good enough. They did

544
00:27:39,680 --> 00:27:42,359
this so they can culture the stem cells that remain

545
00:27:42,759 --> 00:27:45,839
from one million to forty million. They did this so

546
00:27:45,839 --> 00:27:49,400
they can invest in the largest hyperbaric chamber in North America.

547
00:27:49,799 --> 00:27:52,000
They did this so they can have a staff of

548
00:27:52,119 --> 00:27:57,039
Harvard certified doctors on call working with them. So whether

549
00:27:57,079 --> 00:28:00,240
it's recovering from surgery more quickly, or avoiding surge to

550
00:28:00,240 --> 00:28:03,039
your knees or back, overcoming traumatic man injury, or things

551
00:28:03,039 --> 00:28:05,960
that are aesthetic, like getting rid of wrinkles without botox

552
00:28:06,039 --> 00:28:09,400
just using the stem cells, even ed and maile pattern baldness.

553
00:28:09,400 --> 00:28:11,559
All this has helped through stem cells. Check them out

554
00:28:11,599 --> 00:28:14,240
at renewed dot Healthcare. It's r E n U E

555
00:28:14,839 --> 00:28:16,559
dot Healthcare. Please tell them you're part of the Todd

556
00:28:16,559 --> 00:28:20,640
Herman Show family. Zach Abraham is Chief Investment Officer Bulwart

557
00:28:20,640 --> 00:28:24,279
Capital Management, Milliarisks podcast dot com. You've been given much

558
00:28:24,319 --> 00:28:27,039
by God and of you much as expected, and in fact,

559
00:28:27,079 --> 00:28:29,599
the first time I spent social time with you, we

560
00:28:29,640 --> 00:28:33,519
went with our wives to a charitable events with homeless youth.

561
00:28:34,160 --> 00:28:36,000
And I knew at that point that you were a

562
00:28:36,200 --> 00:28:39,279
guy who valued solid philanthropy, and I learned about your

563
00:28:39,359 --> 00:28:42,000
Christian underpinnings and in fact that Christ is the center

564
00:28:42,039 --> 00:28:44,319
of your life. So I wanted to talk to you

565
00:28:44,359 --> 00:28:47,680
first of all from a perspective of godly stewardship of

566
00:28:47,720 --> 00:28:52,279
funds into philanthropy and charities, and then doing this with

567
00:28:52,400 --> 00:28:55,759
an investor's I so let's start at that that, how

568
00:28:55,759 --> 00:28:57,720
do you, guys, because I know your wife's involved in this,

569
00:28:57,759 --> 00:29:00,240
you don't make these decisions in a vacuum. How do you,

570
00:29:00,279 --> 00:29:03,720
guys screen charities to make sure that they're godly and

571
00:29:03,799 --> 00:29:06,160
allow you to feel good about using God's money that way?

572
00:29:06,920 --> 00:29:08,480
Speaker 5: No, that's a good question.

573
00:29:08,559 --> 00:29:14,240
Speaker 4: So it's funny we were just having we were having

574
00:29:14,240 --> 00:29:18,559
this conversation with somebody. I remember we were having this

575
00:29:18,599 --> 00:29:20,640
conversation just the other day, and we were saying that

576
00:29:21,599 --> 00:29:26,559
at lower levels of money, it's actually quite easy. Where

577
00:29:26,559 --> 00:29:29,400
it gets difficult is when the numbers get larger. Okay, right,

578
00:29:29,440 --> 00:29:34,319
and that sounds crazy, but let's say you've got a

579
00:29:34,319 --> 00:29:37,279
goal to give away a billion dollars, right, You're probably

580
00:29:37,319 --> 00:29:38,920
not going to do that twenty grand.

581
00:29:38,759 --> 00:29:41,519
Speaker 5: At a time, right, right, Right, So when you're.

582
00:29:41,319 --> 00:29:44,960
Speaker 4: Talking about five and ten million dollars gifts, that's much harder, right,

583
00:29:44,960 --> 00:29:46,519
Think about you can't just write a five million dollar

584
00:29:46,599 --> 00:29:47,279
check to your church.

585
00:29:48,039 --> 00:29:49,440
Speaker 5: I mean you could, but what are they going to

586
00:29:49,480 --> 00:29:49,599
do it?

587
00:29:50,039 --> 00:29:50,480
Speaker 1: Honestly?

588
00:29:50,640 --> 00:29:54,079
Speaker 4: Right, it's probably not going to result, and not because

589
00:29:54,119 --> 00:29:57,559
we don't trust that particular church, but it's probably going

590
00:29:57,559 --> 00:30:01,119
to result in some weird things, right they money allocated

591
00:30:01,119 --> 00:30:03,000
in a weird way. That's just great, it's not it's

592
00:30:03,039 --> 00:30:07,240
not feasible. So, first of all, the size really matters.

593
00:30:08,200 --> 00:30:10,480
Second of all, there are sites that you can go

594
00:30:10,519 --> 00:30:12,400
look that do research on these guys.

595
00:30:12,400 --> 00:30:15,319
Speaker 5: And the metric you're looking for the most impact.

596
00:30:15,559 --> 00:30:18,680
Speaker 4: The most important metric is how does a dollar filter

597
00:30:18,799 --> 00:30:21,839
through the organization? And the way you rank these nonprofit

598
00:30:21,920 --> 00:30:25,920
organizations is how much of that dollar is left once

599
00:30:25,960 --> 00:30:27,119
it travels.

600
00:30:26,640 --> 00:30:27,559
Speaker 5: Through the organization.

601
00:30:28,039 --> 00:30:29,799
Speaker 4: A lot of times you'll lift the hood on these

602
00:30:29,839 --> 00:30:33,279
things and you know, maybe twelve to fifteen cents of

603
00:30:33,319 --> 00:30:35,000
a dollars actually getting there.

604
00:30:35,200 --> 00:30:36,799
Speaker 5: Yeah, right, Then.

605
00:30:36,640 --> 00:30:39,079
Speaker 4: You look at really good ones, maybe you're eighty percent

606
00:30:39,160 --> 00:30:42,640
eighty five percent. So if you're going to give to

607
00:30:42,880 --> 00:30:47,559
outside organizations, just spend some time, ask Ai, google it,

608
00:30:47,759 --> 00:30:48,720
use Gemini whatever.

609
00:30:48,960 --> 00:30:51,839
Speaker 5: Find that you know two or three trusted places.

610
00:30:52,240 --> 00:30:54,680
Speaker 4: The names escape me right now, but we don't typically

611
00:30:54,720 --> 00:30:57,279
give to those those kinds of places. So that's why

612
00:30:57,279 --> 00:31:00,559
I'm not familiar with the companies that do the you know,

613
00:31:00,720 --> 00:31:04,839
curating and grading and things like that. And the reason

614
00:31:04,960 --> 00:31:07,759
we don't is I like to give more locally for

615
00:31:07,799 --> 00:31:12,160
a couple of reasons. A you can have direct impact

616
00:31:12,240 --> 00:31:14,440
on people in your community, and I've always felt I've

617
00:31:14,440 --> 00:31:15,319
always felt.

618
00:31:15,039 --> 00:31:18,759
Speaker 5: Compelled to do that, to do both. But also, you know, don't.

619
00:31:18,599 --> 00:31:21,160
Speaker 4: Live in a community and send all your help somewhere else. Yeah,

620
00:31:21,880 --> 00:31:24,000
you know, see see the help right in front of you.

621
00:31:24,119 --> 00:31:24,319
Speaker 3: Yeah.

622
00:31:25,279 --> 00:31:27,559
Speaker 4: The other reason I like to do it is because

623
00:31:27,920 --> 00:31:32,160
you can get directly involved. The best way to rank

624
00:31:33,000 --> 00:31:36,319
a five oh one C three or a nonprofit is

625
00:31:36,359 --> 00:31:39,960
to get involved and know the people that run it, right.

626
00:31:40,359 --> 00:31:41,839
You don't have to know them ahead of time, but

627
00:31:41,920 --> 00:31:45,640
get to know them, and by watching their organization, looking

628
00:31:45,680 --> 00:31:48,759
at their offices, looking at the cars they drive, looking

629
00:31:48,759 --> 00:31:51,319
at the number of employees they have, you can quickly

630
00:31:51,400 --> 00:31:53,680
in your mind start doing the math and going, okay,

631
00:31:53,960 --> 00:31:56,480
this is getting here, this is getting here, take a

632
00:31:56,480 --> 00:31:57,680
look at their financials.

633
00:31:57,720 --> 00:31:59,000
Speaker 5: It backs up what you're saying.

634
00:31:59,359 --> 00:32:02,680
Speaker 4: We have actually fingers crossed to this point, have never

635
00:32:02,799 --> 00:32:05,079
had a scenario where we were giving to an organization

636
00:32:05,200 --> 00:32:08,240
that we found out wasn't using the money in precisely

637
00:32:08,279 --> 00:32:10,599
the way that we that we had thought.

638
00:32:10,759 --> 00:32:13,240
Speaker 5: Yeah, And that's and that to me is.

639
00:32:13,160 --> 00:32:17,200
Speaker 4: The biggest part, Todd is because even those big organizations

640
00:32:17,319 --> 00:32:19,559
that are going to be judging those like, there's an

641
00:32:19,599 --> 00:32:23,880
element to it where they can still only rely on

642
00:32:23,920 --> 00:32:26,839
the data that that corporation puts out and gives them.

643
00:32:26,920 --> 00:32:29,519
And so if there's something untoward going on underneath the surface,

644
00:32:29,559 --> 00:32:32,920
you really won't know. Now, the flip side of it is,

645
00:32:34,079 --> 00:32:36,400
I think we need to pay attention to that. I

646
00:32:36,400 --> 00:32:39,119
think it's part of our responsibility that comes with those

647
00:32:39,160 --> 00:32:41,559
funds to be good stewards and make sure that we're

648
00:32:41,559 --> 00:32:44,799
putting it in the right place. But I also always say,

649
00:32:44,839 --> 00:32:47,839
and this is a big belief of mine, if you

650
00:32:47,880 --> 00:32:51,119
get to a situation where you're fifty to fifty, give

651
00:32:51,160 --> 00:32:54,599
them the money really right, Yeah, And here's why I

652
00:32:54,640 --> 00:33:01,200
say it. I the primary reason why I get is

653
00:33:01,279 --> 00:33:04,440
because I love God. Right, Like, if I really think

654
00:33:04,440 --> 00:33:07,599
about the primary reason. Now do I love help. I

655
00:33:07,640 --> 00:33:11,119
love helping people, and I love helping organizations. And it

656
00:33:11,240 --> 00:33:16,200
really is the most fun inspiring money you can spend.

657
00:33:16,440 --> 00:33:20,319
Speaker 5: It really is. But if I really back it out,

658
00:33:20,799 --> 00:33:22,960
why do I give? Why is it a priority for us?

659
00:33:23,039 --> 00:33:23,960
Because of God?

660
00:33:24,400 --> 00:33:28,160
Speaker 4: And so what I am far more worried about is

661
00:33:28,160 --> 00:33:31,599
his interpretation of where my heart's at and my willingness.

662
00:33:32,559 --> 00:33:36,160
And I would much rather err on the side of

663
00:33:36,480 --> 00:33:40,160
giving to somebody. I would much rather be faked out

664
00:33:40,200 --> 00:33:43,920
by somebody than than to not give where real need exists.

665
00:33:44,319 --> 00:33:47,519
So if I'm running the risk of that, and I'm sure,

666
00:33:47,799 --> 00:33:51,720
I am sure I have given in those scenarios before,

667
00:33:51,799 --> 00:33:53,240
I know I have. I know I've given to people

668
00:33:53,279 --> 00:33:54,039
that have misused it.

669
00:33:55,240 --> 00:33:59,960
Speaker 1: We tithed first, and to me, that's very clear. I mean,

670
00:34:00,079 --> 00:34:02,359
you know, it's funny because you, zach Abraham, think about

671
00:34:02,359 --> 00:34:04,160
money all the time. I todd herm and try not

672
00:34:04,200 --> 00:34:06,920
to think about money all the time. But I think

673
00:34:06,960 --> 00:34:10,280
about tithing as a command and modeled through the Bible

674
00:34:10,360 --> 00:34:12,280
many many times. So hey, I mean I want to

675
00:34:12,360 --> 00:34:14,360
check off and make sure you guys tied before the

676
00:34:14,760 --> 00:34:16,159
extra charities, right right?

677
00:34:16,320 --> 00:34:16,559
Speaker 3: Yeah?

678
00:34:16,599 --> 00:34:19,199
Speaker 4: So yeah, the tithe is an amount that goes out

679
00:34:19,280 --> 00:34:23,159
every single month. Commasserate to our that ten percent. The

680
00:34:23,199 --> 00:34:25,199
additional giving we do is above and beyond that.

681
00:34:25,360 --> 00:34:27,320
Speaker 1: Yeah, and that's joy to be able to do. And

682
00:34:27,599 --> 00:34:30,480
one day you're coming to Tupelo, Mississippi with me to

683
00:34:30,519 --> 00:34:33,800
the offices of American Family Association American Family Radio. And

684
00:34:33,840 --> 00:34:35,519
one are the things I noticed right away. You get

685
00:34:35,559 --> 00:34:36,960
such a kick at us. You've been to the big

686
00:34:37,000 --> 00:34:40,039
media companies, I know, like me, you've gone down and

687
00:34:40,079 --> 00:34:42,119
done the Hollywood thing and had the meetings and been

688
00:34:42,159 --> 00:34:44,440
to Madison Avenue and you've seen You've been to the

689
00:34:44,599 --> 00:34:47,039
Rolls Royce houses and the tech houses and all that.

690
00:34:47,079 --> 00:34:50,000
You've seen all this. So if you ever go to

691
00:34:50,119 --> 00:34:55,599
say c AA, the Creative Artist Agency in Los Angeles,

692
00:34:55,599 --> 00:34:58,360
the new building that looks like Gatica, the movie Gatica,

693
00:34:58,480 --> 00:35:00,400
if you get into the parking lot, and good luck

694
00:35:00,400 --> 00:35:03,599
with that. I mean you're gonna find the low The

695
00:35:03,639 --> 00:35:06,719
low end is Porsche and so of course is sort

696
00:35:06,719 --> 00:35:08,920
of a cute car. It's kind of a hot commuter,

697
00:35:09,079 --> 00:35:13,679
right see. Yeah, it's a commuter even there even there

698
00:35:13,719 --> 00:35:16,599
there are scooters or like you know, fifteen thousand dollars

699
00:35:16,920 --> 00:35:18,920
of the scooters you stand on and ride in because

700
00:35:18,960 --> 00:35:22,719
they've got GPS built in and all that. And when

701
00:35:22,800 --> 00:35:26,079
I first went to Tupelo and they gave me a

702
00:35:27,199 --> 00:35:30,000
rental car, I showed up. The rental car was just

703
00:35:30,079 --> 00:35:35,480
a rental car, not fancy. There are trucks, there's average cars.

704
00:35:36,519 --> 00:35:39,000
My producer Randy has a hot rodd he's built, which

705
00:35:39,039 --> 00:35:42,400
you will love. I went in and looked at the offices,

706
00:35:43,119 --> 00:35:48,320
and so Tim Wildman and and uh Walker Wildman, father

707
00:35:48,400 --> 00:35:52,159
and son. They're most visible as executives. Their offices might

708
00:35:52,239 --> 00:35:57,239
be like like Tim's office. He runs a place. It

709
00:35:57,360 --> 00:36:01,159
might be I don't know, ten core feet bigger than

710
00:36:01,159 --> 00:36:05,800
other people's offices maybe. But there's no fancy couches. There's everybody.

711
00:36:05,800 --> 00:36:09,599
They have a worship room there and they have worship

712
00:36:09,639 --> 00:36:14,000
in the mornings. Everybody on staff gets to lead the worship,

713
00:36:14,079 --> 00:36:15,119
beginning with testimony.

714
00:36:15,239 --> 00:36:15,679
Speaker 5: Everybody.

715
00:36:15,760 --> 00:36:19,119
Speaker 1: It doesn't matter if your mailroom, you work on the phones,

716
00:36:19,199 --> 00:36:21,880
work in sales, you work in support, does not matter.

717
00:36:22,000 --> 00:36:24,559
It's not just the honor of people. So I look

718
00:36:24,599 --> 00:36:27,320
at that and say, okay, an investment in a donation

719
00:36:27,480 --> 00:36:30,880
to American Family Association. I know the screening method for

720
00:36:30,920 --> 00:36:35,039
them is is it biblically strict, does it build God's kingdom?

721
00:36:35,760 --> 00:36:39,039
Is it brave on the culture wars? And does it

722
00:36:39,119 --> 00:36:42,280
multiply the blessings of God's words to people? Because that's

723
00:36:42,280 --> 00:36:44,280
what they do. So now as you look at this

724
00:36:44,320 --> 00:36:47,800
from a perspective faith, you've talked about financial acuum. How

725
00:36:47,840 --> 00:36:50,480
do you and your wife look at organizations to see

726
00:36:51,239 --> 00:36:53,280
does this aid the kingdom? Because not everything is going

727
00:36:53,320 --> 00:36:57,440
to be It sounds like a you know, pronounced Christian organization,

728
00:36:58,320 --> 00:37:00,199
But how do you do that and make sure sure

729
00:37:00,320 --> 00:37:01,719
it isn't adverse to the kingdom?

730
00:37:02,920 --> 00:37:06,920
Speaker 4: Well, I think that's the key, right, which is to me,

731
00:37:08,440 --> 00:37:12,679
that aspect of it is just as important as how

732
00:37:12,679 --> 00:37:16,119
the money's handled, because you know, I was on another

733
00:37:16,159 --> 00:37:20,039
show recently and the quote I had was, I am

734
00:37:20,079 --> 00:37:24,119
not going to voluntarily hand over more capital to a

735
00:37:24,199 --> 00:37:27,840
defunct and what I believe is a corrupt government to

736
00:37:28,079 --> 00:37:30,599
have only to have them turn and wheeld that capital

737
00:37:30,639 --> 00:37:34,000
against my family. Yep, right, And I think I think

738
00:37:34,079 --> 00:37:36,679
today we need to be a specially.

739
00:37:37,599 --> 00:37:39,800
Speaker 5: Cognizant of that and aware of that.

740
00:37:40,000 --> 00:37:42,320
Speaker 4: But but again that's part of that process of getting

741
00:37:42,360 --> 00:37:45,039
to know the people that run it right, not like

742
00:37:45,639 --> 00:37:48,000
and meaning spending some time on the ground. And that's

743
00:37:48,000 --> 00:37:50,239
why I like to do it locally, right, and we

744
00:37:50,320 --> 00:37:53,000
pray about it. Lord show us, put the need in

745
00:37:53,000 --> 00:37:55,760
front of us. We had a funny one recently. Okay,

746
00:37:55,800 --> 00:37:59,239
the funny one. Lord put the need in front of us.

747
00:37:59,239 --> 00:38:01,360
Put the need in front of it. I've got clients.

748
00:38:02,039 --> 00:38:06,159
Two people that were very successful executives at Microsoft in

749
00:38:06,199 --> 00:38:08,360
their early fifties felt they were both being called to

750
00:38:08,440 --> 00:38:12,360
go be missionaries in Africa, and they have. They started

751
00:38:12,400 --> 00:38:14,639
going over there and doing work. They found out that

752
00:38:14,679 --> 00:38:17,480
the normal missionary way of doing things wasn't working there

753
00:38:17,800 --> 00:38:20,840
because you'd go over and there drop money, and so

754
00:38:20,920 --> 00:38:22,400
the people would just sit there and wait for money

755
00:38:22,400 --> 00:38:25,199
to come. Yeah, right, and they no, No, we're going

756
00:38:25,280 --> 00:38:26,880
to get in there. We're going to help them build

757
00:38:26,880 --> 00:38:29,039
their community. We're going to show them how to build

758
00:38:29,559 --> 00:38:32,559
water storage facilities. We're going to show them things that

759
00:38:32,599 --> 00:38:35,480
they can go and replicate to other people. Right, We're

760
00:38:35,480 --> 00:38:37,719
going to go make disciples. We're not just going to

761
00:38:37,760 --> 00:38:38,480
feed them the fish.

762
00:38:38,880 --> 00:38:39,119
Speaker 5: Right.

763
00:38:39,800 --> 00:38:44,239
Speaker 4: And so they've got they're doing this expanding thing and

764
00:38:44,480 --> 00:38:47,800
you know, expanding this process and they're sitting there talking

765
00:38:47,840 --> 00:38:50,599
to me about it, and I'm sitting there going and

766
00:38:50,840 --> 00:38:53,320
my wife and I are laughing to ourselves, going, hmmm,

767
00:38:53,960 --> 00:38:55,559
wonder if we're supposed to give.

768
00:38:55,400 --> 00:38:58,039
Speaker 5: To this, right, Like, Lord, put the need in front

769
00:38:58,079 --> 00:39:00,800
of us. Two of my clients are mission as doing this.

770
00:39:01,119 --> 00:39:03,079
So a I would say, pray about it. Number one.

771
00:39:03,119 --> 00:39:06,800
Speaker 4: I should have started with that. We pray about put

772
00:39:06,840 --> 00:39:08,440
the need in front of us. God, bring us the

773
00:39:08,480 --> 00:39:10,239
things that you want us to fund.

774
00:39:10,360 --> 00:39:11,280
Speaker 1: Yeah.

775
00:39:11,320 --> 00:39:13,159
Speaker 5: He hasn't brought me any bad ones yet.

776
00:39:13,280 --> 00:39:13,639
Speaker 1: Yeah.

777
00:39:13,719 --> 00:39:13,920
Speaker 3: Right.

778
00:39:14,199 --> 00:39:16,719
Speaker 4: And then and then, like I said, when you're keeping

779
00:39:16,719 --> 00:39:19,199
it small like their their five oh one c three

780
00:39:19,320 --> 00:39:22,480
is them right, So it's very how much gets through

781
00:39:22,599 --> 00:39:23,519
one hundred percent?

782
00:39:23,719 --> 00:39:25,400
Speaker 5: Yeah, right, one hundred percent.

783
00:39:25,960 --> 00:39:29,239
Speaker 4: And so I love that and I love the impact

784
00:39:29,239 --> 00:39:33,079
that they're having. But then that's that process getting to

785
00:39:33,119 --> 00:39:35,480
know them because a lot of times, you know, some

786
00:39:35,599 --> 00:39:37,559
of these places will show you the work that they

787
00:39:37,599 --> 00:39:39,000
want you to see, and then they won't show you

788
00:39:39,039 --> 00:39:40,159
some of the other stuff they're doing.

789
00:39:40,280 --> 00:39:43,360
Speaker 1: I think I told you this, and I started interrupt you.

790
00:39:43,840 --> 00:39:45,559
I think I told you this when you and I

791
00:39:45,599 --> 00:39:47,840
went to that charity event with our wives all those

792
00:39:47,920 --> 00:39:49,679
years ago and I was so impressed with what they

793
00:39:49,679 --> 00:39:52,360
were doing for for homeless kids. Remember that that's what

794
00:39:52,400 --> 00:39:53,920
the charity was. I don't remember the name of it.

795
00:39:54,360 --> 00:39:54,599
Speaker 5: Yep.

796
00:39:54,719 --> 00:39:57,199
Speaker 1: And I got moved that night, and we gave a

797
00:39:57,199 --> 00:39:59,960
fair bit of money for us, you know, pretty good.

798
00:40:01,039 --> 00:40:02,400
And then I got home and I realized I didn't

799
00:40:02,400 --> 00:40:05,280
pray about it. I sat and this is one of

800
00:40:05,280 --> 00:40:06,800
the things I think people need to look out for,

801
00:40:07,320 --> 00:40:11,039
Like I never want to say no, to say yes

802
00:40:11,039 --> 00:40:14,559
to someone selling me something when I'm sitting there, like

803
00:40:14,639 --> 00:40:17,199
when I'm shopping for a car, I get the price

804
00:40:17,239 --> 00:40:20,480
agreed or agreed to this, and here's my sales managers agreed,

805
00:40:20,480 --> 00:40:22,840
and I know I've got the I'm at that point.

806
00:40:23,079 --> 00:40:26,280
I'm like, Okay, I'm going to take this home and

807
00:40:26,360 --> 00:40:29,079
come back and tell you tomorrow morning. What do you

808
00:40:29,119 --> 00:40:31,239
mean we just we just got this. This is what

809
00:40:31,280 --> 00:40:34,719
you want right in the moments with adrenaline, because we've

810
00:40:34,719 --> 00:40:37,599
been negotiating. I'm going to come back and I want

811
00:40:37,639 --> 00:40:39,079
to make sure that we're good to go in this

812
00:40:39,480 --> 00:40:44,239
and often usually it is. So after we gave that money,

813
00:40:44,760 --> 00:40:46,639
I asked, you know what, I got to call them,

814
00:40:46,639 --> 00:40:49,639
and I did, and I said, hey, by the way,

815
00:40:49,760 --> 00:40:53,800
if a boy who identifies as a girl is in

816
00:40:53,840 --> 00:40:56,920
those homeless shelters that you run, do they stay with

817
00:40:56,960 --> 00:41:00,840
the boys of the girls. And I got the answer, Oh,

818
00:41:01,000 --> 00:41:02,760
you mean a trans woman.

819
00:41:04,360 --> 00:41:06,000
Speaker 5: Oh I didn't. I didn't know this.

820
00:41:06,239 --> 00:41:08,239
Speaker 1: Yeah I don't. Maybe I told you this, or maybe

821
00:41:08,239 --> 00:41:09,760
I didn't. I don't know that I knew you well enough.

822
00:41:09,840 --> 00:41:13,679
Maybe I was afraid of offending you. But they said,

823
00:41:13,719 --> 00:41:15,400
you mean a trans woman. I said, no, I don't.

824
00:41:16,480 --> 00:41:20,239
I mean a boy who presents as a girl. And

825
00:41:20,280 --> 00:41:22,280
they said, yeah, we they stay with the girls.

826
00:41:23,000 --> 00:41:25,639
Speaker 5: Oh, good gosh. So yeah, No, I didn't. No, I

827
00:41:25,639 --> 00:41:26,239
didn't know that.

828
00:41:26,559 --> 00:41:26,800
Speaker 1: Yeah.

829
00:41:27,000 --> 00:41:29,719
Speaker 4: So the lynch pin of me is we had clients

830
00:41:29,719 --> 00:41:31,679
that were involved in that one as well. Yeah, and

831
00:41:31,719 --> 00:41:35,400
they didn't they didn't take a dollar of government funding.

832
00:41:36,480 --> 00:41:38,719
Speaker 1: I love that, But we have to share that was

833
00:41:39,119 --> 00:41:40,760
you have to ask them comfortable questions.

834
00:41:41,400 --> 00:41:43,159
Speaker 5: Well, and then and then and and see here's the

835
00:41:43,199 --> 00:41:44,760
other part. And I heard a sermon about this the

836
00:41:44,800 --> 00:41:50,000
other day. That's a Christian organization. Yep, that's a Christian organization.

837
00:41:50,199 --> 00:41:51,400
Speaker 1: They told a good story about that.

838
00:41:52,119 --> 00:41:55,199
Speaker 4: Yeah, and and and I believe that the people involved.

839
00:41:55,280 --> 00:41:57,239
I believe that they are Christian, like I believe that

840
00:41:57,280 --> 00:42:03,159
they consider themselves Christians. But there's these compromises that we

841
00:42:03,239 --> 00:42:06,800
can't make. And there's these compromises that I see all

842
00:42:06,800 --> 00:42:12,639
too many pastors making congregations making were making business.

843
00:42:12,199 --> 00:42:14,199
Speaker 5: Decisions, you know what I mean.

844
00:42:14,960 --> 00:42:18,719
Speaker 4: And sorry, guys, it doesn't work that way. The world

845
00:42:18,840 --> 00:42:22,559
gets to have personal decisions and business decisions. When you're

846
00:42:22,599 --> 00:42:25,719
in the Kingdom, every decisions personal right.

847
00:42:26,440 --> 00:42:28,679
Speaker 1: And by the way, every decision is eternal. Now I'm

848
00:42:28,679 --> 00:42:31,360
not saying that made them bad people. I'm not even

849
00:42:31,400 --> 00:42:33,199
saying they don't do a great job with homeless youth.

850
00:42:34,039 --> 00:42:35,679
I think they probably did. They told your great I

851
00:42:35,719 --> 00:42:37,360
met some of the people. That was the other thing

852
00:42:37,400 --> 00:42:39,639
they had is they had some of the recipients of

853
00:42:39,679 --> 00:42:41,960
the aid and they gave speeches and I got to

854
00:42:42,000 --> 00:42:46,960
talk with them, and man's it is so exhilarating to

855
00:42:47,000 --> 00:42:50,400
meet people whose lives have been changed by things. You know.

856
00:42:50,480 --> 00:42:52,400
I had the other week had my friend Cameron On,

857
00:42:52,440 --> 00:42:57,320
who runs a ministry for to help people learn how

858
00:42:57,320 --> 00:42:59,000
to live. If you ask what do you do? I

859
00:42:59,039 --> 00:43:03,599
teach people to live. It's called Absolute Ministries, and they

860
00:43:03,599 --> 00:43:06,039
help people who've been homeless and they've been addicted and

861
00:43:06,079 --> 00:43:08,679
I got to know him by virtue of getting to

862
00:43:08,719 --> 00:43:10,800
know people changed by the organization. This is the other

863
00:43:10,840 --> 00:43:13,920
thing that I want to do, is it Christian? You're

864
00:43:13,960 --> 00:43:17,280
talking about financial vacuum and being good with money, but

865
00:43:17,320 --> 00:43:19,119
then also I want to see the lives changed.

866
00:43:19,679 --> 00:43:20,199
Speaker 5: Yeah.

867
00:43:20,280 --> 00:43:22,800
Speaker 4: Well, and that's you you know this, but that's there's

868
00:43:22,800 --> 00:43:28,119
another example. We give to that charity, Absolute Ministries, and

869
00:43:28,880 --> 00:43:32,400
that's another one client of mine that they was involved.

870
00:43:32,400 --> 00:43:33,360
Speaker 5: That's how I knew about it.

871
00:43:33,679 --> 00:43:36,039
Speaker 4: And so I encourage people, Hey, if you want to

872
00:43:36,079 --> 00:43:39,039
find good charity, like, pray about it. Ask God help

873
00:43:39,119 --> 00:43:40,880
us to see the need right in front of us.

874
00:43:40,880 --> 00:43:43,760
And I'm just telling you. And there's times, Todd, there's

875
00:43:43,760 --> 00:43:47,239
times where we've got money to give and we're praying

876
00:43:47,280 --> 00:43:50,360
God show us the need, and he just he just hasn't. Yeah,

877
00:43:50,400 --> 00:43:52,519
and we hold and we hold and we hold, and

878
00:43:52,559 --> 00:43:54,639
then something comes up and you go there it is, Yep,

879
00:43:54,719 --> 00:43:55,239
there it is.

880
00:43:55,480 --> 00:43:57,559
Speaker 1: And also one of the things that we did and

881
00:43:57,639 --> 00:44:00,519
I we used to help the Union Gospel Mission and

882
00:44:00,559 --> 00:44:02,199
one of the things they I asked them one day,

883
00:44:02,199 --> 00:44:04,519
what do not need? He said, Can I say something?

884
00:44:05,119 --> 00:44:10,639
We don't need more socks? We don't need food. Please

885
00:44:10,639 --> 00:44:12,480
don't drop us off food. We've got that all nailed.

886
00:44:12,719 --> 00:44:15,400
Here's why we need money. And they explain that not

887
00:44:15,440 --> 00:44:17,400
that we don't appreciate the stocks. We'll accept them, but

888
00:44:17,480 --> 00:44:20,119
understand we'll probably gonna sell them. So also get with

889
00:44:20,159 --> 00:44:24,239
the organizations and figure out what they need and make

890
00:44:24,239 --> 00:44:26,199
sure that you're fulfilling that. I want to close off

891
00:44:26,239 --> 00:44:28,119
on one thing before we go, and that was.

892
00:44:29,800 --> 00:44:30,159
Speaker 5: It is.

893
00:44:31,480 --> 00:44:35,280
Speaker 1: Watching Bill maher be right from time to time is

894
00:44:35,320 --> 00:44:38,679
an extraordinarily fun thing. And he had this realization about

895
00:44:38,679 --> 00:44:40,840
his tax dollars. I'll share this with you in just

896
00:44:40,880 --> 00:44:44,599
a second, Zach. Speaking of Christmas time, there is a

897
00:44:45,400 --> 00:44:48,480
blend that my friend Tim Krukshank has created with bone

898
00:44:48,559 --> 00:44:51,519
Frog Coffee, and it is a very special one and

899
00:44:51,719 --> 00:44:55,199
very very close to Tim's heart. It honors the wives

900
00:44:55,239 --> 00:44:58,760
of Navy Seals. It's a bag called Sisterhood. Now, the

901
00:44:58,800 --> 00:45:00,440
reason this matters to Tim is for of all, he

902
00:45:00,480 --> 00:45:02,800
was in Navy Seal. He was deployed three times on

903
00:45:02,840 --> 00:45:07,239
our behalf into really really really in the blank, as

904
00:45:07,320 --> 00:45:08,920
they might say, I can't say the full word, I

905
00:45:08,960 --> 00:45:12,280
don't want to, but he came home and lost guys.

906
00:45:12,360 --> 00:45:14,599
He was a medic with the teams, so he got

907
00:45:14,599 --> 00:45:16,679
to know the wives of fallen seals, because that's what

908
00:45:16,719 --> 00:45:19,000
the seal community does. They gather on the families, their

909
00:45:19,000 --> 00:45:22,880
surrogate fathers. And then Tim's wife died, Liz. He helped

910
00:45:22,960 --> 00:45:27,000
keep her alive for fifteen years fighting against cancer. This

911
00:45:27,079 --> 00:45:30,199
bag means something to him. It's called Sisterhoods. It's a

912
00:45:30,320 --> 00:45:34,079
tribute to his wife, Liz and all the gold Star Wives.

913
00:45:35,039 --> 00:45:37,239
And in this he writes about his wife. I'd love

914
00:45:37,280 --> 00:45:40,119
you to read this. He picked what is arguably the

915
00:45:40,119 --> 00:45:44,159
top one percent of coffees in the world. It's called

916
00:45:44,480 --> 00:45:47,960
it comes from the Terrazu region. It's called the Laminita coffee.

917
00:45:48,400 --> 00:45:51,840
He picked that for this reason. Also, ten percent of

918
00:45:51,920 --> 00:45:55,880
proceeds here from this purchase go directly to gold Star

919
00:45:55,920 --> 00:45:58,800
Wives on behalf of you and bone Frog go purchase

920
00:45:58,880 --> 00:46:01,760
this for Christmas. Great store behind it. It's Bonefrog Coffee

921
00:46:01,800 --> 00:46:04,159
dot com slash Todd. Use promo code todd to get

922
00:46:04,199 --> 00:46:07,280
ten percent off your first purchase, fifteen percent off subscription coffee,

923
00:46:07,400 --> 00:46:09,519
and do while you're there check their Christmas button. Now

924
00:46:09,599 --> 00:46:12,599
Tim's put up a lot of Christmas specials. Bonefrog Coffee

925
00:46:12,599 --> 00:46:15,039
dot Com slash Todd promo code Todd. I don't want

926
00:46:15,039 --> 00:46:19,599
to fall into the trap of waiting for the Hollywood's rescue.

927
00:46:20,000 --> 00:46:22,239
Bill Maher is not that. But Zach listened to this

928
00:46:22,320 --> 00:46:27,320
guy who for years has defended big government for years.

929
00:46:27,559 --> 00:46:29,239
We are the government. What are you talking about? We

930
00:46:29,280 --> 00:46:30,400
hate the government. We are the government.

931
00:46:30,480 --> 00:46:33,800
Speaker 7: Watch this explain to me the American economy because I don't.

932
00:46:34,159 --> 00:46:38,320
I never can quite get it. Why week they take

933
00:46:38,480 --> 00:46:39,760
so much of my money?

934
00:46:40,079 --> 00:46:40,280
Speaker 5: Right?

935
00:46:40,400 --> 00:46:44,320
Speaker 6: Yes, it's not like yes, taxes.

936
00:46:44,239 --> 00:46:47,079
Speaker 7: Whenever I hear like rich people don't pay teck what

937
00:46:47,559 --> 00:46:49,840
I I can't remember the last year when I didn't

938
00:46:49,880 --> 00:46:52,400
give more than half, and I'm.

939
00:46:52,239 --> 00:46:54,519
Speaker 5: Not if it went.

940
00:46:56,199 --> 00:47:00,199
Speaker 1: More than half, that's a lot more than half, be

941
00:47:00,199 --> 00:47:03,559
a moratorium. And on the discussion.

942
00:47:03,119 --> 00:47:06,400
Speaker 7: And yet still whether we increase taxes or whatever.

943
00:47:06,480 --> 00:47:08,079
Speaker 6: And look, I actually think.

944
00:47:07,880 --> 00:47:12,280
Speaker 5: That there are some examples of corporations in particular.

945
00:47:12,280 --> 00:47:15,400
Speaker 1: Who get like that Amazon should not be.

946
00:47:15,320 --> 00:47:17,960
Speaker 6: Getting a tax refund, right, that's ridiculous.

947
00:47:18,119 --> 00:47:20,239
Speaker 7: That's the thing is that we're like in the just

948
00:47:20,280 --> 00:47:23,880
the rich people that aren't really that rich, who get

949
00:47:24,000 --> 00:47:28,599
hit hard, and when you make hundreds of billions, then

950
00:47:28,639 --> 00:47:29,400
you pay nothing.

951
00:47:29,639 --> 00:47:31,440
Speaker 5: It's insane. It's insane, partly.

952
00:47:31,199 --> 00:47:33,480
Speaker 7: Because you have an army of lawyers and partly because

953
00:47:33,480 --> 00:47:36,119
it's in stocks and things. And the tax code is

954
00:47:36,480 --> 00:47:39,280
you know, Reagan tried to make it simple. It's not simple,

955
00:47:39,519 --> 00:47:44,039
and they and they gain the system, but like you know,

956
00:47:44,199 --> 00:47:46,119
just don't tell me we don't pay a lot of tax.

957
00:47:46,360 --> 00:47:46,840
Speaker 5: How can you?

958
00:47:47,079 --> 00:47:50,920
Speaker 7: And I've seen this tat the government's money going confiscate

959
00:47:51,039 --> 00:47:53,760
a lot of money, and I'd be okay with it,

960
00:47:53,800 --> 00:47:56,840
but yes, where is it going? Why is there still homeless?

961
00:47:56,840 --> 00:47:59,599
And why is there still like not railroad builds in

962
00:47:59,679 --> 00:48:05,400
calim what why? And it's sounds just like stapidity And

963
00:48:04,880 --> 00:48:06,000
there there we go.

964
00:48:06,079 --> 00:48:07,480
Speaker 1: And then I want to add this because I just

965
00:48:07,519 --> 00:48:09,880
read this statistic and this will interest you if you

966
00:48:09,920 --> 00:48:12,000
don't know. And we'll then talk about the bill mar

967
00:48:12,000 --> 00:48:14,960
thing real quick because we close off. Do you know

968
00:48:15,239 --> 00:48:19,880
how much in assets in dollar amounts the Federal Reserve

969
00:48:19,960 --> 00:48:24,519
reported NGOs in America holds as of Q two, twenty

970
00:48:24,599 --> 00:48:29,760
twenty five assets representative money all the NGOs, non government organizations.

971
00:48:30,480 --> 00:48:33,880
It's got to be in the trillions, fourteen trillion.

972
00:48:35,440 --> 00:48:38,960
Speaker 5: For those scoring at home, that's like half of GDP, right.

973
00:48:39,199 --> 00:48:42,000
Speaker 1: That is I think the GDP of Japan and Germany

974
00:48:42,079 --> 00:48:44,760
probably one other country by you know, plus five percent.

975
00:48:46,079 --> 00:48:49,519
These are assets that are gaining value. Okay, so some

976
00:48:49,559 --> 00:48:52,119
of them are cash, but most of them aren't. Most

977
00:48:52,159 --> 00:49:00,199
of more investments, land, buildings, income properties purchased with our

978
00:49:00,280 --> 00:49:05,360
tax dollars, laundered through groups like USAID. And Bill Maher's

979
00:49:05,400 --> 00:49:07,480
waking up to this and he's talking about the train

980
00:49:07,559 --> 00:49:12,400
in California, right. That encourages me, But then he doesn't

981
00:49:12,400 --> 00:49:16,920
answer his own question, where does all the money go to?

982
00:49:17,039 --> 00:49:17,360
Speaker 6: Griff?

983
00:49:17,400 --> 00:49:23,599
Speaker 4: Well, yeah, and give him time, because the one thing

984
00:49:23,639 --> 00:49:26,320
I've seen with people like that is once they ask

985
00:49:26,440 --> 00:49:29,039
that question, they're going to find the answer. Yeah, you

986
00:49:29,079 --> 00:49:31,960
know what I mean, because that you're waking up now,

987
00:49:32,320 --> 00:49:34,559
and that's sort of you like, for lack of a

988
00:49:34,599 --> 00:49:37,239
better term, and I hate how this has been co opted,

989
00:49:37,239 --> 00:49:39,559
but you're really taking the red pill. You're waking up

990
00:49:39,559 --> 00:49:41,159
and seeing it for what it is now and you

991
00:49:41,199 --> 00:49:43,280
can't see it once you do it, and then you

992
00:49:43,320 --> 00:49:47,039
can ask some more things, for instance. So and this

993
00:49:47,199 --> 00:49:50,840
is where we as capitalists need to actually stand up

994
00:49:50,880 --> 00:49:55,559
and defend capitalists who owns the majority of stocks in

995
00:49:55,599 --> 00:49:57,119
the country, it's rich people, right.

996
00:49:57,519 --> 00:50:02,280
Speaker 1: No, it's most stocks or most dollar amounts, because I

997
00:50:02,280 --> 00:50:04,880
think it's spread across if you're to take organizations, pension

998
00:50:04,960 --> 00:50:08,880
funds four one K's am I wrong?

999
00:50:09,599 --> 00:50:09,800
Speaker 5: Yeah?

1000
00:50:09,840 --> 00:50:12,039
Speaker 4: The top one percent owns like forty percent of all

1001
00:50:12,679 --> 00:50:13,679
US equity valuation.

1002
00:50:13,679 --> 00:50:15,679
Speaker 1: Okay, but that's forty percent. That's not sixty percent.

1003
00:50:16,360 --> 00:50:22,119
Speaker 4: Yeah, well no, but one percent, yeah, owns forty percent.

1004
00:50:22,280 --> 00:50:23,280
Speaker 1: Yeah, okay, got it right.

1005
00:50:23,440 --> 00:50:27,000
Speaker 4: Okay, So huge discrepancy, biggest it's ever been. You know,

1006
00:50:27,119 --> 00:50:28,599
let's let's take a step back and look at this.

1007
00:50:29,440 --> 00:50:32,599
So they own stock in a corporation, it's the primary

1008
00:50:32,679 --> 00:50:36,400
driver of their wealth. Yep, that corporation, regardless of how

1009
00:50:36,480 --> 00:50:40,159
much money it makes, gets taxed at a twenty percent rate.

1010
00:50:41,239 --> 00:50:45,679
As an individual getting income, the top rate is thirty

1011
00:50:45,719 --> 00:50:46,639
seven and a half percent.

1012
00:50:46,800 --> 00:50:50,519
Speaker 5: Yeah, hey, think about that, you guys. Yep, what does

1013
00:50:50,559 --> 00:50:52,039
that mean? That's a loophole.

1014
00:50:52,719 --> 00:50:56,400
Speaker 4: That's a loophole that because the really rich guy owns

1015
00:50:56,480 --> 00:51:00,039
billions of dollars of stock that's his big asset, and

1016
00:51:00,119 --> 00:51:04,320
the income that that entity makes, or the income that

1017
00:51:04,320 --> 00:51:06,400
that NT makes, that he owns billions of dollars of it,

1018
00:51:06,440 --> 00:51:08,119
only pays twenty percent tax.

1019
00:51:08,400 --> 00:51:11,239
Speaker 5: Yeah, right, And so you sit there and go, wait

1020
00:51:11,280 --> 00:51:15,800
a second, why what? Why would a corporation that makes

1021
00:51:15,920 --> 00:51:19,440
billions of dollars a year pay a higher a lower

1022
00:51:19,440 --> 00:51:23,280
effective tax rate than a work than a two parent,

1023
00:51:24,000 --> 00:51:26,800
three kid home making a quarter of a million a

1024
00:51:26,880 --> 00:51:32,000
year is paying the same individual tax rate as the corporation. Now,

1025
00:51:32,320 --> 00:51:36,159
the corporation we need to keep keep in mind competitive

1026
00:51:36,199 --> 00:51:39,159
tax rates around the world so as not to be penalized.

1027
00:51:39,400 --> 00:51:42,199
But for us, for those of us that believe.

1028
00:51:42,360 --> 00:51:47,039
Speaker 4: In capitalism and the economic mobility that it provides, we

1029
00:51:47,119 --> 00:51:50,039
need to start asking questions like this, why is our

1030
00:51:50,119 --> 00:51:54,119
corporation structured in a way that by owning stock and

1031
00:51:54,199 --> 00:51:58,760
a company, I can effectively pay half the tax rate

1032
00:51:59,079 --> 00:51:59,800
that I would.

1033
00:51:59,599 --> 00:52:02,840
Speaker 5: If I was actually making that money myself, and saying

1034
00:52:03,000 --> 00:52:03,840
why would we?

1035
00:52:04,119 --> 00:52:07,159
Speaker 4: Why are we giving these types of advantages to people

1036
00:52:07,159 --> 00:52:10,159
that are already rich. I'm not saying to penalize them.

1037
00:52:10,440 --> 00:52:13,239
I'm not advocating for my tax levels to go up.

1038
00:52:13,559 --> 00:52:16,599
What I'm saying is we got a bunch of situations

1039
00:52:16,599 --> 00:52:20,400
in this country that both liberals and conservatives don't see,

1040
00:52:20,719 --> 00:52:22,719
and if we look at them for what they are,

1041
00:52:23,039 --> 00:52:26,960
I think you're really hard pressed to not go, Hey,

1042
00:52:27,000 --> 00:52:30,199
this doesn't make any sense. The rich people don't need

1043
00:52:30,199 --> 00:52:34,000
additional advantages. They're they're paying their fair share. I'm tired

1044
00:52:34,000 --> 00:52:37,559
of hearing that that's nonsense. Right, What is it the

1045
00:52:37,599 --> 00:52:40,800
top one percent pays what percentage of income tax? I

1046
00:52:40,840 --> 00:52:42,920
want to say, it's like sixty five seventy, something like

1047
00:52:43,000 --> 00:52:46,159
ten percent. Yeah, So I don't want to hear that,

1048
00:52:46,719 --> 00:52:48,639
but I do want to look in you know, you

1049
00:52:48,639 --> 00:52:51,440
and I have talked about the carried interest loophole, right

1050
00:52:51,480 --> 00:52:53,880
that every hedge fund manager loves to talk about, but

1051
00:52:53,920 --> 00:52:55,880
they all take advantage of it, right, and it never

1052
00:52:55,960 --> 00:52:56,679
gets closed.

1053
00:52:56,920 --> 00:52:58,119
Speaker 5: Right, there's things in there.

1054
00:52:58,440 --> 00:53:01,079
Speaker 4: It's like be like Teddy Roosevelt's sometimes you've got to

1055
00:53:01,119 --> 00:53:04,639
do things that might sound a little bit anti capitalist,

1056
00:53:05,000 --> 00:53:08,000
but you got to do it to save capitalism, right,

1057
00:53:08,039 --> 00:53:11,159
because it's like I've always said, capitalism is a wonderful

1058
00:53:11,199 --> 00:53:13,880
guard dog, assuming you do not have holes in the fence.

1059
00:53:14,239 --> 00:53:16,519
If the dog gets out, he can cause some damage.

1060
00:53:16,599 --> 00:53:20,960
And so anyway, I I agree, obviously agree with everything

1061
00:53:21,039 --> 00:53:24,039
mar is saying. But then you start digging deeper and

1062
00:53:24,079 --> 00:53:26,599
you start seeing these things where you go, hey, guys,

1063
00:53:27,320 --> 00:53:30,679
it's not about being anti capitalists. But it is about

1064
00:53:30,719 --> 00:53:33,360
admitting there are a group of elites in this country

1065
00:53:33,400 --> 00:53:36,960
that have molded the law in such a way to

1066
00:53:37,119 --> 00:53:40,800
benefit everything they do at the cost of everybody else,

1067
00:53:41,199 --> 00:53:43,199
and that has to stop exactly.

1068
00:53:43,480 --> 00:53:47,239
Speaker 1: And and I would remind those elites that God is

1069
00:53:47,280 --> 00:53:50,119
a really good accountant. I don't think he's forgotten a

1070
00:53:50,199 --> 00:53:53,800
number wrong, right, not every huh. Pleasure to have you here,

1071
00:53:53,840 --> 00:53:54,199
my brother.

1072
00:53:54,880 --> 00:53:57,199
Speaker 5: Think it might work today in this day and age,

1073
00:53:57,199 --> 00:53:57,760
it won't work.

1074
00:53:58,320 --> 00:54:00,440
Speaker 1: When he comes and you have the second set of books.

1075
00:54:00,519 --> 00:54:02,639
Can you imagine Judgment day? And no, I was honest

1076
00:54:02,679 --> 00:54:04,800
my whole life, and Jesus is whold On a second,

1077
00:54:04,800 --> 00:54:08,760
you got those other books and said second, yeah, let's

1078
00:54:08,800 --> 00:54:11,840
talk about these exactly Judgment. Thanks for the wise counsel.

1079
00:54:11,880 --> 00:54:14,719
My brother appreciate you. This is the Todd Herman Shaw.

1080
00:54:14,760 --> 00:54:17,840
Please go, be well, be strong, be kind, and please

1081
00:54:17,840 --> 00:54:20,519
make every effort to walk in the light of Christ.