1 00:00:00,760 --> 00:00:04,719 Speaker 1: Most of the money went to very large businesses. Yeah, 2 00:00:04,919 --> 00:00:08,160 that's true. I think the Eagles got an SBA loan, 3 00:00:08,359 --> 00:00:11,279 Kanye West got an SBA loan. But the problem the 4 00:00:11,279 --> 00:00:13,960 PPP wasn't that it was going to children. It was 5 00:00:14,000 --> 00:00:16,039 going to big businesses. That was the main problem the 6 00:00:16,079 --> 00:00:19,760 PPP and legitimate's fall businesses, you know, couldn't get any money. 7 00:00:19,760 --> 00:00:22,559 But anyway, let's just say this. If you want to 8 00:00:22,600 --> 00:00:25,640 talk about fraud government, let's talk about the Pentagon. So 9 00:00:25,839 --> 00:00:28,440 it was reported it was reported the day before an 10 00:00:28,440 --> 00:00:31,280 element by Rumsfeld that they couldn't track two point three 11 00:00:31,399 --> 00:00:34,719 trillion in acquisitions. Right now, if you go to your 12 00:00:34,799 --> 00:00:37,600 computer and type in thirty five trillion missing the Pentagon, 13 00:00:37,840 --> 00:00:40,320 you see stories pop up. So you know, if people 14 00:00:40,320 --> 00:00:42,479 want to talk about fraud, and god, let's talk about fraud. 15 00:00:42,640 --> 00:00:46,439 Speaker 2: You are listening to Carrie Let's's Financial Survival Network, where 16 00:00:46,479 --> 00:00:49,880 you get valuable information you just can't find anywhere else 17 00:00:50,439 --> 00:00:54,039 to thrive in today's trying times. You need the Financial 18 00:00:54,119 --> 00:00:58,679 Survival Network now more than ever. Go to Financial Survival 19 00:00:58,799 --> 00:01:03,000 Network dot com, get your free newsletter and gift Financial 20 00:01:03,119 --> 00:01:06,799 Survival Network now more than ever. 21 00:01:10,040 --> 00:01:13,480 Speaker 3: And welcome. You are listening to and watching the Financial 22 00:01:13,519 --> 00:01:17,040 Survival Network. I'm your host, Carrie Lutz. Well, here we are. 23 00:01:17,359 --> 00:01:20,760 It's the middle of March. Things are happening in Washington, 24 00:01:20,920 --> 00:01:25,599 so quickly. Lloyd Chapman is back with US American Small 25 00:01:25,760 --> 00:01:30,120 Business League ABSL dot com. And if you got a 26 00:01:30,200 --> 00:01:34,159 question from Lloyd myself, shoot me an email Klatcarrie Lutz 27 00:01:34,200 --> 00:01:37,640 dot com. So, Lloyd, we spoke last time. We didn't 28 00:01:37,680 --> 00:01:40,599 know what Trump was going to do with the SBA. 29 00:01:41,879 --> 00:01:46,439 Now we see that there's a new secretary. I can't 30 00:01:46,480 --> 00:01:49,120 remember her name off the top of my head. I 31 00:01:49,159 --> 00:01:53,400 can see it, but I can't say it. But it'll 32 00:01:53,519 --> 00:01:59,599 come to me. Yeah, but in any event, Kelly Kelly Loughren. Yes, yeah, yeah, 33 00:01:59,680 --> 00:02:03,799 she was a senator, if I'm not mistaken, and yeah yeah, 34 00:02:03,920 --> 00:02:06,959 so seems like a good lady. She ordered all the 35 00:02:07,040 --> 00:02:10,719 employees back to the office because none of them were 36 00:02:10,759 --> 00:02:14,719 showing up. I remember seeing pictures of her on TV 37 00:02:14,879 --> 00:02:18,319 saying where is everybody? And this is giant office in 38 00:02:18,439 --> 00:02:21,479 DC and there's not a soul there except maybe some 39 00:02:21,599 --> 00:02:25,960 guy emptying the trash. So what is the latest? What 40 00:02:26,680 --> 00:02:27,719 do we need to know here? 41 00:02:28,960 --> 00:02:32,439 Speaker 1: Well, let's just start off with some basic data. Ninety 42 00:02:32,520 --> 00:02:35,199 nine point nine percent of all US firms and small businesses. 43 00:02:35,240 --> 00:02:37,039 I've never met anyone that knew that. By the way, 44 00:02:38,560 --> 00:02:40,280 ninety eight percent of all companies of America have one 45 00:02:40,319 --> 00:02:43,439 hundred employees or less, eighty seven percent have twenty and less, 46 00:02:43,479 --> 00:02:46,000 and the average A company has ten employees. And the 47 00:02:46,159 --> 00:02:49,759 only agency in our massive government to assist the thirty 48 00:02:49,759 --> 00:02:52,319 four million small businesses where most Americans work as a 49 00:02:52,319 --> 00:02:56,080 Small Businesministration. But today the ESP has the lowest budget 50 00:02:56,120 --> 00:02:59,879 staff in history, and there's been pressure to close you 51 00:03:00,039 --> 00:03:02,159 spay by the way for like the last forty years, 52 00:03:02,639 --> 00:03:05,759 and they'll they'll talk about it, streamlining the SBA. We 53 00:03:05,840 --> 00:03:10,599 need to make government more efficient. I use Perplexity, which 54 00:03:10,639 --> 00:03:13,520 is AI software package, and I'm going into perplexity day. 55 00:03:13,919 --> 00:03:16,639 I said, how many years could the SBA be funding 56 00:03:16,879 --> 00:03:18,879 with the amount of money that's missing for the Pentagon. 57 00:03:19,439 --> 00:03:22,479 It came back, I said, two thousand, six hundred years forever. 58 00:03:23,120 --> 00:03:25,280 Speaker 3: What's their budget. That's the SBA's budget. 59 00:03:26,319 --> 00:03:29,199 Speaker 1: Uh, it's around eight hundred billion million. 60 00:03:30,439 --> 00:03:34,240 Speaker 3: The Pentagon's eight hundred billion, SBA's eight hundred million. 61 00:03:35,000 --> 00:03:39,919 Speaker 1: YEAHBA, SBA is about eight hundred million dollars, and the 62 00:03:39,919 --> 00:03:43,319 Pentagon is that it's eight hundred billion fifty but it's 63 00:03:43,360 --> 00:03:46,479 actually closer, probably one point two trillion when you include everything. 64 00:03:47,039 --> 00:03:52,280 So but yeah, here's my concern. When when Trump took 65 00:03:52,280 --> 00:03:54,879 off with the first time, the SB had the lowest 66 00:03:54,879 --> 00:03:57,319 budget and staff in forty years, and he cut it 67 00:03:57,360 --> 00:04:02,240 even further. And that's that's that's a pretty strong statement 68 00:04:02,280 --> 00:04:05,199 about how you feel about small businesses. Right, and now 69 00:04:05,240 --> 00:04:08,520 in his second term he's laid off a higher percentage 70 00:04:08,520 --> 00:04:11,800 of people at the SPA than any other agency. Another 71 00:04:11,879 --> 00:04:13,960 strong statement of how you feel about small businesses. But 72 00:04:14,439 --> 00:04:17,279 you know, let's just say this, You and I can 73 00:04:17,319 --> 00:04:19,240 figure this out carry we want to. Let's just say 74 00:04:19,240 --> 00:04:21,439 we want we want to make America great again. Right, 75 00:04:21,759 --> 00:04:23,439 that's what we want to do. Okay, let's see if 76 00:04:23,439 --> 00:04:25,759 we can figure this out. So America's ninety nine point 77 00:04:25,839 --> 00:04:29,519 nine percent small businesses and they create ninety percent of 78 00:04:29,560 --> 00:04:32,720 all new jobs. Now, what do we need to do 79 00:04:32,800 --> 00:04:33,879 to create some jobs? 80 00:04:33,959 --> 00:04:34,480 Speaker 3: Huh? 81 00:04:34,560 --> 00:04:37,720 Speaker 1: How about some small business programs at the SPA. Well, 82 00:04:37,759 --> 00:04:39,000 how that'd be let's try that. 83 00:04:39,160 --> 00:04:39,399 Speaker 3: Right. 84 00:04:40,439 --> 00:04:44,319 Speaker 1: Another thing people know is the Small Business Act that 85 00:04:44,399 --> 00:04:48,120 the main problem of the SPA that's the largest economics 86 00:04:48,160 --> 00:04:50,199 tumors program in history for the American people. 87 00:04:50,480 --> 00:04:55,360 Speaker 3: No, nothing, Look, it's like every other agency. There's huge 88 00:04:55,399 --> 00:04:58,560 amounts of corruption there. And we saw from the COVID 89 00:04:58,600 --> 00:05:01,920 loans that they made three hundred and fifty million dollars 90 00:05:01,959 --> 00:05:06,399 worth of SBA loans to kids eleven years and younger. 91 00:05:06,800 --> 00:05:10,959 So we got to do a better job here of 92 00:05:10,959 --> 00:05:11,519 of how this. 93 00:05:11,680 --> 00:05:13,720 Speaker 1: Is hard to believe, by the way, I find that 94 00:05:13,879 --> 00:05:15,639 hard to believe. Quite frankly. 95 00:05:16,120 --> 00:05:20,160 Speaker 3: It's the US guy. And there were loans, emergency loans 96 00:05:20,199 --> 00:05:26,800 made with the hastily thrown together program that really was 97 00:05:26,839 --> 00:05:31,079 an emergency. But it's just an example of government waste. Right. 98 00:05:31,639 --> 00:05:35,560 Speaker 1: Well, yeah, for example, you know, the the amount of 99 00:05:35,639 --> 00:05:41,040 money in question to the SBA is pennies compared to 100 00:05:41,040 --> 00:05:42,920 the Pentagon. So let's just say this. So if we're 101 00:05:42,920 --> 00:05:45,920 gonna if we're going to look at government fraud, where 102 00:05:45,920 --> 00:05:49,079 should we look at the SBA are the Pentagon? So 103 00:05:49,120 --> 00:05:52,040 the SBA has you know, I'll say, I think they 104 00:05:52,120 --> 00:05:56,639 talked about three hundred and twelve million in loans that 105 00:05:56,680 --> 00:06:00,000 were questionable. By the way, I was the first part 106 00:06:00,240 --> 00:06:02,399 on the planet to sue the SBA to get the 107 00:06:02,439 --> 00:06:04,720 list of who got PPP loans, I can send myself 108 00:06:04,800 --> 00:06:08,160 very knowledgeble about that. I would find extremely difficult to 109 00:06:08,199 --> 00:06:10,399 believe that showan got PPP loans. 110 00:06:11,480 --> 00:06:12,680 Speaker 3: I believe it. I believe. 111 00:06:12,839 --> 00:06:15,839 Speaker 1: Now what comes to the one or two exact little 112 00:06:17,439 --> 00:06:19,160 I did I did? I've got to hear in my 113 00:06:19,240 --> 00:06:25,000 office somewhere. Most of the money went to very large businesses. Yeah, 114 00:06:25,160 --> 00:06:28,480 that's that's true. I think the Eagles got an SBA loan, 115 00:06:28,600 --> 00:06:32,399 Kanye West got an SBA loan. But the problem the 116 00:06:32,439 --> 00:06:35,120 PPP wasn't that it was going to children. It was 117 00:06:35,160 --> 00:06:37,199 going to big businesses. That was the main problem the 118 00:06:37,199 --> 00:06:40,439 PPP and legitimate's fall businesses, you know, couldn't couldn't get 119 00:06:40,439 --> 00:06:43,720 any money. But anyway, let's just say this. If you 120 00:06:43,759 --> 00:06:47,040 want to talk about fraud government, let's talk about the Pentagon. 121 00:06:47,360 --> 00:06:50,079 So it was reported, it was reported the day before 122 00:06:50,160 --> 00:06:52,920 now eleven by Rumsfeld that they couldn't track two point 123 00:06:52,920 --> 00:06:56,399 three trillion in acquisitions. Right now, if you go to 124 00:06:56,439 --> 00:06:59,399 your computer and type in thirty five trillion missing the Pentagon, 125 00:06:59,600 --> 00:07:02,839 you see stories pop up. So, you know, if people 126 00:07:02,839 --> 00:07:04,680 want to talk about fraud and gut, let's talk about 127 00:07:04,680 --> 00:07:08,439 fraud let's start with the Pentagon. More money's missing at 128 00:07:08,480 --> 00:07:11,519 the Pentagon than all across the government combined, and yet 129 00:07:11,560 --> 00:07:14,639 Dodge has an ordered the Pentagon. So I'm they're in 130 00:07:14,639 --> 00:07:18,160 the price estimate, right, they're in the process. But yeah, 131 00:07:18,480 --> 00:07:21,040 let's say you've got a friend and you want to 132 00:07:21,240 --> 00:07:25,120 and he's not handling his money properly, and he's spending 133 00:07:25,120 --> 00:07:27,879 one hundred thousand dollars a week on cocaine at fifty 134 00:07:27,879 --> 00:07:30,879 cents a week on bubblegum. Where should we start first 135 00:07:30,879 --> 00:07:33,519 with this guy with the bubblegum, with the cocaine, right, 136 00:07:33,920 --> 00:07:35,759 So yeah, if we want to talk about government for 137 00:07:35,920 --> 00:07:38,600 let's talk about it. But the SBA is nothing. It's 138 00:07:38,680 --> 00:07:41,519 just dirty pennies you wouldn't pick up compared to you. 139 00:07:41,480 --> 00:07:45,959 Speaker 3: Know, right, But that doesn't mean that we shouldn't route 140 00:07:45,959 --> 00:07:49,399 out corruption wherever it's found in the government. 141 00:07:50,279 --> 00:07:53,439 Speaker 1: But again, doesn't it make sense to go after Let's 142 00:07:53,439 --> 00:07:55,160 go to the biggest fraud. 143 00:07:55,319 --> 00:07:56,600 Speaker 3: Well you have to do everything. 144 00:07:57,160 --> 00:07:59,920 Speaker 1: I think the amount of money in the SBA loans 145 00:08:00,439 --> 00:08:03,199 is less than a tenth of a percent of what's 146 00:08:03,199 --> 00:08:04,199 missing at the Pentagon. 147 00:08:04,480 --> 00:08:08,000 Speaker 3: Oh yeah, yeah, yeah, no mess, no question about it. 148 00:08:08,079 --> 00:08:10,560 But could be low hanging fruit. You got to go 149 00:08:10,680 --> 00:08:13,399 after everything we agree out, So. 150 00:08:13,319 --> 00:08:16,920 Speaker 1: I'm not crushing that. And by the way, to me, 151 00:08:17,040 --> 00:08:20,160 it just makes sense. You know, if we're trying to 152 00:08:20,279 --> 00:08:23,439 really have an impact on making you know, the government 153 00:08:23,639 --> 00:08:28,279 more efficient, I would go after the biggest thing, not 154 00:08:28,360 --> 00:08:29,639 the smaller stuff. 155 00:08:29,720 --> 00:08:29,920 Speaker 3: Right. 156 00:08:30,079 --> 00:08:32,320 Speaker 1: But anyway, that's you know, that's even here nor there. 157 00:08:32,360 --> 00:08:35,360 But what I think people need to realize is Trump 158 00:08:35,399 --> 00:08:37,320 says we want to make America great again. In fact, 159 00:08:37,360 --> 00:08:40,679 I put out a post last night on X about this. 160 00:08:40,759 --> 00:08:45,759 People can follow me on X what was again make 161 00:08:45,799 --> 00:08:50,200 America great again? So when was again? No one's mentioned that. 162 00:08:50,840 --> 00:08:54,519 So can we agree Kerrie that America would be great 163 00:08:54,559 --> 00:08:56,519 again if there was no deficit? 164 00:08:56,639 --> 00:08:59,559 Speaker 3: Can we agree on that? Yeah? Well sure, right? 165 00:08:59,759 --> 00:09:03,120 Speaker 1: Can we agree that America will be great again? The 166 00:09:03,120 --> 00:09:06,080 economy was booming and. 167 00:09:06,240 --> 00:09:10,320 Speaker 3: They're getting rid of the regulation which they're doing just 168 00:09:10,399 --> 00:09:11,200 loan as others. 169 00:09:11,799 --> 00:09:15,720 Speaker 1: The last time America, the last time America didn't have 170 00:09:15,759 --> 00:09:18,360 a death sit in communist booming was a Clinton administration. 171 00:09:19,159 --> 00:09:20,600 That's just a fact. You don't get to have an 172 00:09:20,600 --> 00:09:24,120 opinion about that. That's a fact, right, Yeah. That was 173 00:09:24,279 --> 00:09:28,000 one of the strongest economies in modern history, and Clinton 174 00:09:28,080 --> 00:09:31,360 was super pro small business. So again, you don't have 175 00:09:31,399 --> 00:09:33,279 to be a you know, a genus to feel all this. 176 00:09:33,279 --> 00:09:39,039 Speaker 3: Stuff that great. But look, but look, what is better 177 00:09:39,080 --> 00:09:43,440 for small business getting loans for them or getting the 178 00:09:43,480 --> 00:09:46,759 government the hell out of the way, Because like in 179 00:09:46,799 --> 00:09:49,639 places like New York and California, they make it completely 180 00:09:49,679 --> 00:09:53,720 impossible for you, And even in places like Florida where 181 00:09:53,759 --> 00:09:57,279 I am now and in less more or less a 182 00:09:57,360 --> 00:10:01,799 fair state, shall we say, still difficult. So what will 183 00:10:01,840 --> 00:10:06,000 be better getting rid of the regulation or giving people 184 00:10:06,039 --> 00:10:07,279 more money? 185 00:10:08,000 --> 00:10:09,919 Speaker 1: The best thing would be to comply with a Small 186 00:10:09,919 --> 00:10:14,600 Business Actor of nineteen fifty three and the largest economics 187 00:10:14,639 --> 00:10:17,960 Timbers program in history of America and give the middle 188 00:10:18,000 --> 00:10:20,879 class but twenty three percent of all contracts that the 189 00:10:20,960 --> 00:10:24,080 law mandates. That'd be the first thing. And then if 190 00:10:24,120 --> 00:10:26,200 you look at regulations, I'll tell you something. You know, 191 00:10:26,399 --> 00:10:31,399 I've heard this for many years. There are regulations that 192 00:10:31,440 --> 00:10:34,840 I think are unnecessary. But generally speaking, when people talk 193 00:10:35,159 --> 00:10:40,120 about regulations about small businesses, they're really talking about regulations 194 00:10:40,120 --> 00:10:42,399 that big businesses you don't want to get rid of. Right, 195 00:10:42,919 --> 00:10:48,639 But yeah, anyway, it would be much better, I get it. 196 00:10:48,799 --> 00:10:50,840 If we want to make America great a get If 197 00:10:50,879 --> 00:10:54,679 that's your goal, you got to realize number one, America's 198 00:10:54,720 --> 00:10:57,720 nine to nine point numbercent small businesses. Sure, of course, 199 00:10:58,559 --> 00:11:02,080 the only agency to help them is THISBA number three, 200 00:11:02,159 --> 00:11:04,639 the largest economist, temuchgram for the American people is a 201 00:11:04,679 --> 00:11:08,720 small business act. Let's get that implemented. And that hasn't 202 00:11:08,759 --> 00:11:09,919 been implemented. 203 00:11:09,720 --> 00:11:10,240 Speaker 3: By the way. 204 00:11:10,519 --> 00:11:12,879 Speaker 1: If you go to your computer and google Fortune fire 205 00:11:12,919 --> 00:11:16,159 refirms getting small business contracts, there's a multitude of stories. 206 00:11:16,480 --> 00:11:18,840 I actually prompted the first fatal investigation of that, I 207 00:11:18,879 --> 00:11:23,240 think in two thousand and two, and I found thousands 208 00:11:23,279 --> 00:11:25,960 of the largest companies in the world getting federal small 209 00:11:25,960 --> 00:11:30,000 business contracts. I proper the congressional investigation of Associated Press 210 00:11:30,000 --> 00:11:31,919 for astor about it in every newspaper in the country. 211 00:11:32,559 --> 00:11:34,919 And it's still going on. So it's twenty twenty five. 212 00:11:35,519 --> 00:11:38,799 And in twenty twenty two I testified for Congress that 213 00:11:38,879 --> 00:11:41,080 eighteen and T was getting small business contracts right, and 214 00:11:41,120 --> 00:11:43,919 it's still going on. So again, if we want to 215 00:11:43,960 --> 00:11:47,120 make Americle great again, you got to realize America's small businesses. 216 00:11:48,000 --> 00:11:50,159 The SPA is the only agency to help them. 217 00:11:50,360 --> 00:11:53,879 Speaker 3: Yeah, I agree with you. I've always been in a 218 00:11:53,919 --> 00:11:59,840 small business myself, but I've always avoided the government. You know, 219 00:12:00,000 --> 00:12:03,720 what are the most what are the most dangerous words 220 00:12:03,720 --> 00:12:07,720 in the English language is regu Yeah I'm near to hell? 221 00:12:07,919 --> 00:12:11,000 Well yeah, yeah, like break out the vasoline? 222 00:12:11,159 --> 00:12:14,039 Speaker 1: Right, yeah, I'll tell you something. Here's another thing that 223 00:12:14,080 --> 00:12:18,120 people don't understand. The Small Business Act is an economics 224 00:12:18,120 --> 00:12:22,200 Stemmers program. And let's just say, if you're a school 225 00:12:22,240 --> 00:12:26,200 teacher of Miami, are you working disworld in Orlando? You 226 00:12:26,240 --> 00:12:29,200 should be concerned about the SVA having the lowest budget 227 00:12:29,200 --> 00:12:34,080 in history because when that money goes into middle class economy, 228 00:12:34,559 --> 00:12:38,639 it creates, you know, prosperity and there's more money for everybody. 229 00:12:38,639 --> 00:12:42,240 But people get confused, think, well, you know, I've got 230 00:12:42,240 --> 00:12:45,799 a barbershop, you know, in Fort Lauderdale. Why do I 231 00:12:45,840 --> 00:12:48,879 care about the SBA and government loans. It's the largest 232 00:12:48,879 --> 00:12:52,759 economics timbers program in history, but middle class nobody knows that. 233 00:12:52,960 --> 00:12:57,639 I'll tell you something fascinating. I'm surprised that no one 234 00:12:57,679 --> 00:13:02,000 knows about the Census Scureau data. It's quite surprising. Here's 235 00:13:02,000 --> 00:13:04,919 a no statistic, by the way, that nobody knows women 236 00:13:04,919 --> 00:13:08,120 are half the population. They owned forty two percent business 237 00:13:08,159 --> 00:13:11,600 in America And every year of your life, Carrie, companies 238 00:13:11,639 --> 00:13:14,039 on my men have gotten over ninety five percent of 239 00:13:14,080 --> 00:13:18,159 all pedal contracts. Nobody knows that. I've never heard a 240 00:13:18,200 --> 00:13:20,759 women's group on television complaining about that. 241 00:13:20,879 --> 00:13:25,279 Speaker 3: Right, I'm gonna throw a number at you. Just look 242 00:13:25,360 --> 00:13:30,279 this up. The SBA seven a loan program, right, you 243 00:13:30,320 --> 00:13:33,960 know about that loan? Do you know what the loan 244 00:13:34,039 --> 00:13:38,240 default rate was for twenty twenty four? No, but i' 245 00:13:38,320 --> 00:13:42,000 but it's pretty high. It's actually extremely low, like lower 246 00:13:42,159 --> 00:13:46,279 really credit card default rate three point sixty nine percent. 247 00:13:47,039 --> 00:13:48,919 Speaker 1: That was a default rate on SBU loans. 248 00:13:49,000 --> 00:13:50,759 Speaker 3: Yeah, for twenty twenty four. 249 00:13:51,320 --> 00:13:54,440 Speaker 1: Well, let's be you know what. That's a thank you, Carrie. 250 00:13:54,480 --> 00:13:57,039 I did not know that statistic. That's fantastic, right, that 251 00:13:57,240 --> 00:13:58,000 doesn't bet up. 252 00:13:58,320 --> 00:14:00,279 Speaker 3: Lower down the credit learned default rate? 253 00:14:01,159 --> 00:14:07,120 Speaker 1: Yep, Well again the sp doesn't you know? Uh, loan 254 00:14:07,240 --> 00:14:09,440 money the banks do. So you're you're getting a loan 255 00:14:09,480 --> 00:14:09,960 from your. 256 00:14:09,840 --> 00:14:11,840 Speaker 3: Bank, you can't count play. 257 00:14:12,320 --> 00:14:14,360 Speaker 1: Banks are very careful. You got to have collateral this 258 00:14:14,399 --> 00:14:16,960 kind of stuff. You're so, I guess that doesn't surprise me. 259 00:14:17,080 --> 00:14:21,120 Speaker 3: But let me maybe have some more numbers. All right, 260 00:14:21,159 --> 00:14:23,600 go ahead, love this better. You know what the rate 261 00:14:23,799 --> 00:14:29,679 was in twenty twenty No, one point two percent with 262 00:14:29,759 --> 00:14:35,200 a charge off rate of point one five wow, twenty 263 00:14:35,279 --> 00:14:41,039 twenty two? Two percent, all right, twenty twenty three for 264 00:14:41,200 --> 00:14:46,039 acquisition loans of all sizes one point oh four percent. 265 00:14:47,120 --> 00:14:50,639 That's the default, right, Yeah, that was the default rate, 266 00:14:51,200 --> 00:14:52,120 and that increased. 267 00:14:52,799 --> 00:14:56,360 Speaker 1: Now, what do you think now about the SPA lending program? 268 00:14:56,399 --> 00:15:01,159 Speaker 3: Tore it increased by Okay, no, they've got to twenty 269 00:15:01,200 --> 00:15:04,399 twenty two. The small business default rate increased from two 270 00:15:04,399 --> 00:15:09,639 percent in December twenty two to three percent and twenty three, 271 00:15:09,679 --> 00:15:13,240 which is below the historical rate of six point four 272 00:15:13,320 --> 00:15:16,720 percent in October nine. Don't forget o nine we were 273 00:15:16,720 --> 00:15:20,480 having the worst recession. Right, where are you getting that information? 274 00:15:20,519 --> 00:15:24,240 I'd love to see that off of Google and I 275 00:15:24,279 --> 00:15:27,799 will shoot it off to you. So point the point 276 00:15:27,960 --> 00:15:33,279 is they've you know, they're they're underwriting rates pretty good. 277 00:15:33,320 --> 00:15:35,759 In if you're buying a business and you get an 278 00:15:35,799 --> 00:15:40,159 acquisition loan, the default rates are like less than half. 279 00:15:40,679 --> 00:15:45,159 So that shocking. So government doesn't take much risk and 280 00:15:45,720 --> 00:15:49,320 they get a huge benefit because presumably the companies that 281 00:15:49,399 --> 00:15:53,840 are succeeding are paying taxes, they're hiring employees who are 282 00:15:53,840 --> 00:15:57,559 paying taxes, and you have the multiplier effect, right. 283 00:15:57,840 --> 00:16:00,720 Speaker 1: Absolutely, you know what, I like the word ultiplier fick. 284 00:16:01,840 --> 00:16:04,480 That is very applicable when you think about the Small 285 00:16:04,480 --> 00:16:07,440 Business Act and giving twenty three percent of all federal 286 00:16:07,480 --> 00:16:08,799 contracts with small businesses. 287 00:16:10,120 --> 00:16:10,320 Speaker 3: Yeah. 288 00:16:10,399 --> 00:16:11,919 Speaker 1: I was talking to some of the other day and 289 00:16:11,919 --> 00:16:15,039 they pull up a statistic that says for every dollar 290 00:16:15,720 --> 00:16:18,480 of the SBA budget, the American people get seventeen hundred dollars 291 00:16:18,519 --> 00:16:22,679 of benefits, right, and that's you know, that makes sense. 292 00:16:22,720 --> 00:16:25,360 But again, the SDA should be one of the largest 293 00:16:25,399 --> 00:16:28,000 agency to government who represents ninety nine point nine percent 294 00:16:28,039 --> 00:16:31,320 of all the business in America. Yeah, but it's I'll 295 00:16:31,320 --> 00:16:35,120 tell you something. I've been predicting on social media that 296 00:16:35,159 --> 00:16:38,039 they'll try to close the SBA within the next I'll 297 00:16:38,080 --> 00:16:39,279 say sixty days. 298 00:16:39,720 --> 00:16:40,039 Speaker 3: Really. 299 00:16:40,480 --> 00:16:44,519 Speaker 1: Yeah, Well, you know, I've been in I've been in 300 00:16:44,559 --> 00:16:48,080 every office in Congress. I've spent years lobbing Congress. I've 301 00:16:48,080 --> 00:16:50,960 met most of the presidents of my lifetime, and I've 302 00:16:50,960 --> 00:16:53,240 been suing the government for thirty five years, what over 303 00:16:53,240 --> 00:16:55,879 one hundred and ten legal battles against the government and 304 00:16:57,279 --> 00:16:59,840 Washington is run by Fortune five nred firms, not small. 305 00:17:00,759 --> 00:17:02,799 Let me ask you a question. Here's a good question. 306 00:17:03,240 --> 00:17:06,799 It's a rhetorical question. What's the strongest lobby group for 307 00:17:06,880 --> 00:17:11,119 small businesses in America? There is it one, right, it's 308 00:17:11,160 --> 00:17:11,640 probably me. 309 00:17:11,839 --> 00:17:16,279 Speaker 3: You're the one. I go to me on Lloyd. Yeah, 310 00:17:16,480 --> 00:17:20,000 it's all up to you. The fail of the small 311 00:17:20,039 --> 00:17:24,680 business in America is resting upon resting in your hands. 312 00:17:26,240 --> 00:17:29,519 Speaker 1: I put a challenge out on the X a few 313 00:17:29,559 --> 00:17:32,680 months ago. I said, I've got a thousand dollars reward 314 00:17:32,680 --> 00:17:35,799 for the first person can find anybody in America on 315 00:17:35,880 --> 00:17:39,640 television more than me objecting to the governor getting small 316 00:17:39,640 --> 00:17:42,480 business contracts to Fortune five of the firms. Nobody could 317 00:17:42,480 --> 00:17:47,279 do it right. About ten years ago, I hired a 318 00:17:47,319 --> 00:17:49,960 guy named Daniel Swerdling, and I want to do some 319 00:17:50,000 --> 00:17:52,839 research about my media footprint America. And I said, I 320 00:17:52,880 --> 00:17:55,880 think my media footprint is ten times bigger than anyone else. 321 00:17:56,519 --> 00:17:59,319 He came back and he said, your Meatia footprint is 322 00:17:59,359 --> 00:18:04,960 a thousands bigger than everyone combined that is involved in 323 00:18:05,079 --> 00:18:09,279 you know, small business autocacy. Write But it's yeah, it's 324 00:18:09,519 --> 00:18:10,799 shouldn't be the way there should be. 325 00:18:10,839 --> 00:18:14,000 Speaker 3: There should be one hundred guys like me. Y, but uh, 326 00:18:14,440 --> 00:18:17,240 you're a small business evangelical, right. 327 00:18:17,519 --> 00:18:20,200 Speaker 1: Yeah, you know there should be one hundred guys like me. 328 00:18:20,839 --> 00:18:20,960 Speaker 3: Uh. 329 00:18:21,200 --> 00:18:24,240 Speaker 1: The well, I'll tell you something funny. My life changed 330 00:18:24,240 --> 00:18:27,079 about twenty years ago when some article came out and 331 00:18:27,160 --> 00:18:29,079 said I was a modern day Caesar Shaw, best for 332 00:18:29,119 --> 00:18:34,519 small businesses. Oh, the government didn't like the Goud says, no, no, 333 00:18:34,519 --> 00:18:37,119 that's not going to have that's no. 334 00:18:37,200 --> 00:18:39,839 Speaker 3: I damn, you don't like him. He's young, y. 335 00:18:40,359 --> 00:18:43,039 Speaker 1: Yeah, they didn't like that. So I used to People 336 00:18:43,160 --> 00:18:45,480 used to write so many stories about me without even 337 00:18:45,519 --> 00:18:47,599 talking to me. So as I was having breakfast, I 338 00:18:47,640 --> 00:18:50,480 would google my name and find the new stories and 339 00:18:50,519 --> 00:18:51,400 put on my website. 340 00:18:51,480 --> 00:18:51,680 Speaker 3: Right. 341 00:18:51,759 --> 00:18:53,960 Speaker 1: So on Monday, you know, I google my name and 342 00:18:54,319 --> 00:18:57,039 there was about I would say, fifty pages on Google 343 00:18:57,359 --> 00:19:00,279 of stories about about me. I don't when see I 344 00:19:00,279 --> 00:19:02,759 googled this is a true story. On Wednesday, I googled 345 00:19:02,759 --> 00:19:05,319 my name and I was completely gone off the internet, 346 00:19:05,880 --> 00:19:07,119 gone like I had. 347 00:19:06,960 --> 00:19:10,759 Speaker 3: Never exercized, you know what Celtics. 348 00:19:11,680 --> 00:19:13,480 Speaker 1: And it turned out that Google did it. 349 00:19:14,160 --> 00:19:15,839 Speaker 3: Of course they did. Yeah. 350 00:19:15,880 --> 00:19:18,559 Speaker 1: Well at that time, I was, uh, no matter who 351 00:19:18,559 --> 00:19:19,160 the president is. 352 00:19:19,160 --> 00:19:19,559 Speaker 3: By the way. 353 00:19:19,599 --> 00:19:21,920 Speaker 1: I'm I'm I'm not happy with him quite frankly. You know, 354 00:19:22,440 --> 00:19:24,880 no matter who the president is, Fortune and five one 355 00:19:24,920 --> 00:19:27,400 firms get small business contracts espa. He's got a teeny 356 00:19:27,400 --> 00:19:28,079 tiny budget. 357 00:19:28,079 --> 00:19:28,279 Speaker 3: You know. 358 00:19:28,359 --> 00:19:33,240 Speaker 1: So I've sued every president I guess since Reagan. Right, 359 00:19:33,920 --> 00:19:37,279 But and I was on TV talking about Obama. I 360 00:19:37,319 --> 00:19:39,599 went on the Neil Cavudo Show to call Obama con 361 00:19:39,640 --> 00:19:43,680 man a liar. And that's what got me. Uh this 362 00:19:43,400 --> 00:19:46,119 is this is back before the word canceled was in 363 00:19:46,160 --> 00:19:47,880 the culture. I got canceled. 364 00:19:48,079 --> 00:19:50,079 Speaker 3: Hey, I would have thought it like that would make 365 00:19:50,119 --> 00:19:52,359 you popular. He should have been proud of that, right 366 00:19:52,519 --> 00:19:52,920 you know what? 367 00:19:53,160 --> 00:19:55,839 Speaker 1: Uh Well, it turns out that the guy that was 368 00:19:56,720 --> 00:19:59,799 president of the company that owned Google was personal friends 369 00:19:59,799 --> 00:20:03,079 with Obama. I think his name was Eric Shields, and 370 00:20:04,519 --> 00:20:06,559 as a favorite to Obama, he you know, wiped me 371 00:20:06,599 --> 00:20:10,000 off the planet. I got letters from every I was 372 00:20:10,000 --> 00:20:12,640 a popular blogger on the Huffington Post. I used to 373 00:20:12,680 --> 00:20:14,559 talk to her to Huffington you know where she was 374 00:20:14,559 --> 00:20:19,720 in her kitchen. You know, I got I got canceled 375 00:20:20,000 --> 00:20:22,359 across all media to some degree. It's it's kind of 376 00:20:22,400 --> 00:20:28,640 still present today. But doesn't want anybody organizing small businesses, 377 00:20:28,640 --> 00:20:30,039 that would be their worst nightmare. 378 00:20:31,480 --> 00:20:36,960 Speaker 3: Well, that would be like organizing, uh organizing people to 379 00:20:37,079 --> 00:20:45,200 cross party lines and two to really uh unite. They 380 00:20:45,240 --> 00:20:47,839 don't want it. And if we could unite from our 381 00:20:47,920 --> 00:20:54,519 economic interest, then we certainly could unite otherwise. Hey, So 382 00:20:55,519 --> 00:20:59,720 I don't know Trump, though the Trump Organization deals with 383 00:21:00,079 --> 00:21:03,720 thousands and thousands of small businesses. It's not like Trump 384 00:21:03,799 --> 00:21:09,640 is not educated about the benefits of small business. 385 00:21:09,680 --> 00:21:15,160 Speaker 1: Well again, I'm I've worked on six presidential campaigns. When 386 00:21:15,160 --> 00:21:17,319 I was a child, I remember going to elementary school with 387 00:21:17,319 --> 00:21:20,240 a penss I like ike. My father was Republican, right. 388 00:21:21,079 --> 00:21:23,960 Reagan tried to close the SBA. Yeah, on my website, 389 00:21:23,960 --> 00:21:26,200 I've got the ABC News story from nineteen eighty five. 390 00:21:26,319 --> 00:21:29,440 So David Stockman and so Reagan tried to close the SBA, 391 00:21:29,799 --> 00:21:32,160 and when he couldn't close it, he changed a small 392 00:21:32,160 --> 00:21:35,319 business side standard from one hundred to five hundred. Think 393 00:21:35,359 --> 00:21:39,960 about you know, we're boxing and you've got the middleweight 394 00:21:40,920 --> 00:21:42,720 weight is you know, one hundred and seventy and you 395 00:21:42,799 --> 00:21:45,960 raise that to you know, three hundred. Right, So that's 396 00:21:45,960 --> 00:21:48,240 what they did. They in changing the small business start 397 00:21:48,319 --> 00:21:51,039 from one hundred and five hundred. You forced the average 398 00:21:51,039 --> 00:21:53,559 American company, the ten employees, to compete with companies with 399 00:21:53,599 --> 00:21:54,599 up the five employees. 400 00:21:55,400 --> 00:21:56,119 Speaker 3: You can't do that. 401 00:21:56,599 --> 00:21:59,160 Speaker 1: It's you can't really compete, right, So the purpose of 402 00:21:59,160 --> 00:22:01,640 the Small Business Act just kind of break small businesses down, 403 00:22:01,720 --> 00:22:05,759 kind of like any other sport, you know, and have 404 00:22:05,880 --> 00:22:09,640 small business compete to get small businesses. But so Reagan 405 00:22:09,680 --> 00:22:12,920 tried to close it. Borsch tried to close it. That's 406 00:22:12,960 --> 00:22:17,400 well documented. I oppose that, right, and then actually Obama 407 00:22:17,480 --> 00:22:19,640 tried to close it. That's also well doc You can 408 00:22:19,720 --> 00:22:22,720 you can you can google Reagan closed the SBA. Bush 409 00:22:22,720 --> 00:22:25,440 closed the SBA, or BABA closed the SBA, and you'll 410 00:22:25,480 --> 00:22:27,279 you'll see all the stories. I'm in all of them. 411 00:22:27,839 --> 00:22:30,200 And then again when Trump took office, you know, the 412 00:22:30,279 --> 00:22:32,240 SBA was the lowest budget in forty years. He cut 413 00:22:32,279 --> 00:22:36,000 it again. But I've got a friend, I'm not sure 414 00:22:36,039 --> 00:22:37,799 if he still has. His name is Jerry Glover. He's 415 00:22:37,839 --> 00:22:41,400 a huge small business advocate. Every small America owed Jerry 416 00:22:41,400 --> 00:22:44,160 Glover if they had a gratitude, and he was a 417 00:22:44,160 --> 00:22:47,279 friend of Bill here with Clinton. Clinton appointed him behead 418 00:22:47,279 --> 00:22:50,240 of the sb Office of Accusty and Jerry said, one 419 00:22:50,319 --> 00:22:52,039 day Bill called him up and said, you know, come 420 00:22:52,079 --> 00:22:54,039 in the over office and they said, Jerry, I'm under 421 00:22:54,039 --> 00:22:57,599 tremendous pressure to close the SBA. And Jerry said, well, 422 00:22:57,640 --> 00:23:00,279 mister President, if you want a stronger car to me, 423 00:23:00,480 --> 00:23:02,799 you know, ninety nine percent of oicems of small bus 424 00:23:02,880 --> 00:23:05,000 you have to have small business programs. So Clinton didn't 425 00:23:05,039 --> 00:23:08,880 close it. He you know, was super pro small business 426 00:23:08,880 --> 00:23:11,319 and expanded the SBA. And again, if you look back 427 00:23:11,400 --> 00:23:14,640 over your lifetime Carrie and mine, I think the stronger 428 00:23:14,839 --> 00:23:18,599 economy was a Clint administration, right, But I think there 429 00:23:18,640 --> 00:23:22,039 was a lot of factors. But again it's just it's logical. 430 00:23:22,079 --> 00:23:24,640 It's like two and two is four, right, ninety nine 431 00:23:24,960 --> 00:23:27,039 nine percent of all firms of small businesses, they create 432 00:23:27,119 --> 00:23:29,359 ninety five percent of net new jobs. If you have 433 00:23:29,400 --> 00:23:31,960 a stronger commedy, you have to have strong small business programs. 434 00:23:32,440 --> 00:23:35,640 And I'm not hopeful about the future of the SBA 435 00:23:35,759 --> 00:23:36,880 in this current administration. 436 00:23:37,359 --> 00:23:42,079 Speaker 3: Yeah. Well, unfortunately, you know, uh country is desperate in 437 00:23:42,200 --> 00:23:47,039 dire straits and the sometimes the baby is going to 438 00:23:47,119 --> 00:23:49,599 get tossed out with the bathwater. Right. 439 00:23:49,880 --> 00:23:52,920 Speaker 1: Yeah, you know what, I'll tell you something I've been 440 00:23:52,960 --> 00:23:55,720 predicting on social media for about six weeks that we're 441 00:23:55,720 --> 00:23:59,240 going to have a tremendous economic turndown, and then I 442 00:23:59,240 --> 00:24:02,240 guess it was maybe two weeks ago that started coming 443 00:24:02,279 --> 00:24:04,200 out in the news. So I was at Las Vegas 444 00:24:04,240 --> 00:24:06,559 when I saw on the news that the stark market 445 00:24:06,559 --> 00:24:10,759 had gone down and they're talking about recession. But I 446 00:24:10,839 --> 00:24:14,839 predicted that six weeks ago. We're thirty six trullion in debt. 447 00:24:15,440 --> 00:24:18,480 Most people don't know that the interest on the debt 448 00:24:18,559 --> 00:24:22,039 goes up a trillion dollars every one hundred days. Can 449 00:24:22,079 --> 00:24:25,400 you imagine that? That's just sort of incomprehensible, right. 450 00:24:26,400 --> 00:24:27,880 Speaker 3: So we got to do something here. 451 00:24:28,200 --> 00:24:32,359 Speaker 1: Well, you know, again, I'm not a Democratic Republican. I'm 452 00:24:32,359 --> 00:24:37,039 just a normal person with a logical mind. We're thirty 453 00:24:37,039 --> 00:24:39,920 six trueing in debt. The govern Accountability Office put a 454 00:24:40,000 --> 00:24:42,440 report in twenty twenty three said thirty four percent of 455 00:24:42,480 --> 00:24:45,799 the largest most profitable companies in America pay no income tax. 456 00:24:46,759 --> 00:24:50,000 You can google Fortune five refirms pay no income tax. 457 00:24:50,039 --> 00:24:52,920 There's a number of Fortune five refirms that pay little 458 00:24:52,920 --> 00:24:56,079 to no income tax. And Trump's talking about more tax cuts. 459 00:24:56,480 --> 00:24:58,119 I don't think we need tax cuts. I think we 460 00:24:58,160 --> 00:25:00,519 need we need everyone paying their fare share. 461 00:25:00,839 --> 00:25:03,880 Speaker 3: Does that make sense to you, Yeah, well, who pays 462 00:25:03,920 --> 00:25:06,759 corporate taxes? You know that we could get into a 463 00:25:06,799 --> 00:25:12,000 debate about that. But point is that a lot of 464 00:25:12,000 --> 00:25:14,680 the reason why we're in this mess now is because 465 00:25:14,720 --> 00:25:18,599 of government policies in the first place, not just related 466 00:25:18,599 --> 00:25:21,839 to the SBA, but everything else. So if we can 467 00:25:21,920 --> 00:25:28,119 make the government more efficient, less corrupt, then hopefully we 468 00:25:28,160 --> 00:25:30,519 can get out of this mess. I've just written an article, 469 00:25:30,599 --> 00:25:33,599 by the way, Lloyd, that the whole purpose of the 470 00:25:33,880 --> 00:25:37,759 Bitcoin National Reserve is to pump bitcoin up to ten 471 00:25:37,799 --> 00:25:41,599 million dollars a coin and then well and then turn 472 00:25:41,640 --> 00:25:46,640 around and pay off the national debt with bitcoin. And 473 00:25:46,920 --> 00:25:49,519 it's kind of a brilliant strategy when you get down 474 00:25:49,559 --> 00:25:53,720 to it. It's in Financial Survival Network dot com right now, Lloyd, 475 00:25:54,000 --> 00:25:55,920 tell us again where we find you and how we 476 00:25:56,000 --> 00:25:56,680 connect with you. 477 00:25:57,079 --> 00:26:01,000 Speaker 1: Asbl dot com and follow me on. I put up 478 00:26:01,079 --> 00:26:05,559 videos almost every day, and you can google well American 479 00:26:05,640 --> 00:26:09,960 Small Business League, Lloyd Chopping dot com and uh yeah, 480 00:26:10,000 --> 00:26:12,000 follow me on next. I put up interesting videos pretty 481 00:26:12,079 --> 00:26:12,680 much every day. 482 00:26:12,839 --> 00:26:15,640 Speaker 3: All right, Hey, appreciate that. Appreciate you coming on you 483 00:26:15,680 --> 00:26:19,759 a question for Lloyd myself, shoot me an email. Klatcarrieluts 484 00:26:19,799 --> 00:26:22,359 dot com. Link to his site is in the show 485 00:26:22,400 --> 00:26:26,240 notes to this interview on Financial Survival Network dot com. 486 00:26:26,279 --> 00:26:28,640 And when you're there, we just asked that you subscribe, 487 00:26:28,720 --> 00:26:32,640 like over seventy thousand nearly seventy five thousand other FSN 488 00:26:32,759 --> 00:26:36,319 members have and Lott, we'll talk to you again real soon. 489 00:26:36,319 --> 00:26:37,119 Thanks for coming on. 490 00:26:37,319 --> 00:26:39,119 Speaker 1: Thank you, Kerri. Good to talk to you, buddy. 491 00:26:39,400 --> 00:26:43,559 Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network. Your 492 00:26:43,640 --> 00:26:47,440 solution to today's trying times. For the latest, go to 493 00:26:47,599 --> 00:26:53,519 Financial Survivalnetwork dot com. Financial Survival Network now more than 494 00:26:53,599 --> 00:26:54,000 ever