1 00:00:00,480 --> 00:00:04,360 Speaker 1: Do you remember this famous video Steve Kroft asking Nancy 2 00:00:04,400 --> 00:00:09,720 Pelosi about this weird IPO with this little company called Visa. 3 00:00:10,640 --> 00:00:12,519 Speaker 2: I wanted to ask you why you and your husband 4 00:00:12,519 --> 00:00:15,359 back in March of two thousand and eight accepted and 5 00:00:15,359 --> 00:00:19,079 participated in a very large IPO deal from Visa at 6 00:00:19,079 --> 00:00:22,559 a time there was major legislation effecting their credit card 7 00:00:22,600 --> 00:00:26,839 companies making its way through the through the House. And 8 00:00:26,920 --> 00:00:29,199 did you consider that to be a conflict of interest? 9 00:00:30,559 --> 00:00:32,240 Speaker 3: I don't know what your point is of your question. 10 00:00:32,359 --> 00:00:35,479 Speaker 1: Is there some point that you want to make that Well, I. 11 00:00:35,399 --> 00:00:36,880 Speaker 2: Guess what I'm asking is, do you think it's all 12 00:00:36,960 --> 00:00:42,240 right for a speaker to accept a very preferential, favorable 13 00:00:42,520 --> 00:00:45,880 stock deal. Did you participated in the IPO and at 14 00:00:45,880 --> 00:00:47,399 the time you were Speaker of the House, you don't 15 00:00:47,399 --> 00:00:48,479 think it was a conflict of interest? 16 00:00:48,560 --> 00:00:49,200 Speaker 3: Or have the appearance? 17 00:00:50,640 --> 00:00:52,719 Speaker 2: Has appearance if you decide that you're going to have 18 00:00:53,600 --> 00:00:55,079 elaborate on a false. 19 00:00:54,840 --> 00:00:59,840 Speaker 1: Premise, does it create a bad premise for the Speaker 20 00:00:59,840 --> 00:01:02,759 of the House to get to participate in visus IPO 21 00:01:03,159 --> 00:01:06,400 while you are running the legislation? Is there some point 22 00:01:06,400 --> 00:01:09,439 to what you're saying, Yeah, there's a point. You're a 23 00:01:09,519 --> 00:01:12,200 liar and a thief. We'll talk about this and much more. 24 00:01:12,319 --> 00:01:15,680 Was Zach Abraham, chief investment officer Bulwer Capital Management do 25 00:01:15,799 --> 00:01:18,480 this with the help of God Almighty. 26 00:01:19,359 --> 00:01:22,840 Speaker 4: The Todd Herman Show is one hundred percent disapproved by 27 00:01:22,920 --> 00:01:29,840 big pharma, technocurrats and tyrants everywhere. Now from the high 28 00:01:29,959 --> 00:01:36,920 mountains of Free America, here's the Emerald City exile Cod Herman. 29 00:01:45,000 --> 00:01:47,200 Speaker 1: Today is a day the Lord has made, and these 30 00:01:47,239 --> 00:01:49,200 are the times in which God has decided we shall 31 00:01:49,239 --> 00:01:54,319 live in Fresh Off is very very good free Live 32 00:01:54,359 --> 00:01:58,439 webinar yesterday and Thursday. Zach Abraham joins this here Friday. Zach, 33 00:01:58,519 --> 00:02:00,879 Welcome back to the Todd Herman S. Good times at 34 00:02:00,959 --> 00:02:03,640 Nancy Pelosi. I don't get your points. Is there some 35 00:02:03,719 --> 00:02:06,680 point you're making, Steve Kroft, isn't that one of the 36 00:02:06,680 --> 00:02:07,519 best of all time? 37 00:02:09,319 --> 00:02:16,759 Speaker 3: Yeah? I mean I yeah, yeah, I I there's nothing 38 00:02:16,759 --> 00:02:20,960 to there's there's no comment ad right, like if you 39 00:02:21,199 --> 00:02:24,000 if you don't, if you don't see what's happening to you, 40 00:02:25,280 --> 00:02:26,639 I don't know what to tell you, right, I mean, 41 00:02:26,680 --> 00:02:30,599 it's just right there in the open, right. If I 42 00:02:30,639 --> 00:02:34,120 did that, I'd go to jail, right, Karens. 43 00:02:34,199 --> 00:02:41,000 Speaker 1: Well, if you, for instance, said that the like if 44 00:02:41,039 --> 00:02:45,159 you said, I think you should invest in the visa 45 00:02:45,199 --> 00:02:46,879 I p O you might make a return of one 46 00:02:46,919 --> 00:02:49,400 hundred percent, you might go to jail. 47 00:02:50,680 --> 00:02:52,759 Speaker 3: Yeah. Yeah, I could have chilled for a lot of 48 00:02:53,560 --> 00:02:56,319 a lot of things that would pale in comparison to 49 00:02:56,319 --> 00:02:58,560 what you just heard on that video. It's just amazing 50 00:02:58,599 --> 00:02:58,800 to me. 51 00:02:58,960 --> 00:03:02,599 Speaker 1: I was at Avent and with Microsoft when I was 52 00:03:03,039 --> 00:03:05,639 doing a lot of public speaking around the video platform 53 00:03:05,680 --> 00:03:08,960 and the growth of video, and I was on this plan. 54 00:03:09,240 --> 00:03:11,879 I don't know how it happened that there was a Oh. 55 00:03:11,879 --> 00:03:15,680 I remember it was IP Ventures because I've been working 56 00:03:15,719 --> 00:03:18,080 with them. They're a group at Microsoft that that rolls 57 00:03:18,159 --> 00:03:22,000 technologies out of Microsoft and the startups. And it was 58 00:03:22,039 --> 00:03:23,919 an IP ventures event and I'm up there with an 59 00:03:23,919 --> 00:03:27,840 IP Ventures lawyer and we were talking about video platform 60 00:03:27,879 --> 00:03:29,960 stuff and some things that we were rolling into the marketplace. 61 00:03:30,520 --> 00:03:32,639 And one of the guys stood up asking my question, 62 00:03:32,639 --> 00:03:35,000 because you had taught a question for you. You know, 63 00:03:35,039 --> 00:03:37,319 with the video platforms investment you're making, what do you 64 00:03:37,319 --> 00:03:40,719 think this is going to do to Microsoft stock? And 65 00:03:40,759 --> 00:03:45,639 I feel his hand on my wrist. I oh, I 66 00:03:45,680 --> 00:03:48,759 think as a lawyer sitting next to me, anything I 67 00:03:48,759 --> 00:03:51,280 would say would be speculative. I couldn't make any guarantees 68 00:03:51,319 --> 00:03:54,039 and informs of performance. This would be completely my opinion, 69 00:03:54,080 --> 00:03:55,919 and he just pulls my home nets. We're not going 70 00:03:56,000 --> 00:03:59,039 to answer. Yeah, well right, I'll leave that to you 71 00:03:59,439 --> 00:04:03,439 and Steve. What are he's saying this. I'm watching Nancy 72 00:04:03,439 --> 00:04:06,719 Pelosi's face and what I'm seeing heresay is you know 73 00:04:06,800 --> 00:04:11,639 exactly what's going on. You get the game. You're gonna 74 00:04:11,639 --> 00:04:12,520 do this to yourself? 75 00:04:14,400 --> 00:04:14,599 Speaker 4: Right? 76 00:04:14,840 --> 00:04:21,519 Speaker 3: Yeah? Yeah, I doing what I do for a living 77 00:04:21,839 --> 00:04:26,199 and dealing with regulators and knowing what hoops we have 78 00:04:26,279 --> 00:04:29,000 to jump through with existing clients, so I'm not even 79 00:04:29,040 --> 00:04:32,560 talking about getting new ones. When you see things like this, 80 00:04:32,639 --> 00:04:36,079 it's very hard for me not to get bitter and angry. 81 00:04:36,680 --> 00:04:38,680 And when I say angry, I mean like flip the 82 00:04:38,680 --> 00:04:43,720 table upside down angry. Yeah, because they'll turn my whole 83 00:04:43,800 --> 00:04:51,720 life upside down over something that worst case scenario is 84 00:04:52,399 --> 00:04:56,399 one percent of that And oh, by the way, we 85 00:04:56,480 --> 00:05:00,759 didn't actually do that thing they think we may, right, 86 00:05:01,120 --> 00:05:05,800 So like meaning something much smaller and I'm not addressing 87 00:05:05,839 --> 00:05:08,959 anything specific, just try to put it into into things that. 88 00:05:09,360 --> 00:05:10,240 Speaker 1: It's all hypothetical. 89 00:05:10,279 --> 00:05:13,319 Speaker 3: I get it. Yeah, yeah, So something much smaller that 90 00:05:13,480 --> 00:05:16,480 they think we may have done, they'll flip my entire 91 00:05:16,759 --> 00:05:21,360 life upside down, costs me tens of thousands of dollars, right, 92 00:05:21,680 --> 00:05:23,240 and then to look at me and go, Okay, well 93 00:05:23,279 --> 00:05:25,240 you didn't do that, so go on your way. And 94 00:05:25,279 --> 00:05:28,319 then to sit there and look at that just get ignored. 95 00:05:29,040 --> 00:05:33,360 And it's we're a place in this country, man, where 96 00:05:34,040 --> 00:05:35,959 And I know I'm not telling you anything you don't know, 97 00:05:36,519 --> 00:05:42,839 but if if you're voting for these people and you 98 00:05:42,920 --> 00:05:46,959 expect anything less than just total larceny and thievery, you're 99 00:05:46,959 --> 00:05:49,879 an idiot. And you're not paying attention like they are 100 00:05:50,000 --> 00:05:52,879 raiding the coffers right in front of you, and they're 101 00:05:52,959 --> 00:05:55,360 not even apologetic about it. 102 00:05:55,399 --> 00:05:57,079 Speaker 1: And there's a reason to bring this up because I 103 00:05:57,120 --> 00:05:58,680 think a lot of people could be going, wait a minute, 104 00:05:58,680 --> 00:06:00,959 why are you reaching way back into history on this thing. 105 00:06:01,000 --> 00:06:02,920 There's a reason I'll explain this. I got to get 106 00:06:03,000 --> 00:06:05,519 Zach and we got to discuss something that came out 107 00:06:05,560 --> 00:06:08,319 of the DOJ. Because anytime the DJ does something that 108 00:06:08,399 --> 00:06:10,519 might make sense, you have to look at this and go, 109 00:06:10,560 --> 00:06:12,319 wait a minute. Why did they start doing things that 110 00:06:12,399 --> 00:06:14,639 make sense? And we'll talk about this with Zach in 111 00:06:14,680 --> 00:06:17,040 a second. Let me ask you this sense right now 112 00:06:17,199 --> 00:06:20,560 in your life as you're heading into oh well, Thanksgiving 113 00:06:20,560 --> 00:06:22,920 and Halloween. But let me just ask you this thing. 114 00:06:24,000 --> 00:06:27,079 You tonight or tomorrow are going to take a shower 115 00:06:27,199 --> 00:06:29,560 or wash your hands unless you intend to be a 116 00:06:29,680 --> 00:06:35,439 stinky hippie freak, or you're trying to run an experiment 117 00:06:35,480 --> 00:06:37,839 on how long you can last in society with bo 118 00:06:38,360 --> 00:06:40,439 so you're going to do this. You're going to use 119 00:06:40,439 --> 00:06:42,759 a soap from a big company that doesn't care about you, 120 00:06:42,920 --> 00:06:47,720 or you can use Alan soaps. Okay, here's the difference. 121 00:06:48,079 --> 00:06:51,040 Alan soaps made in America, big company made wherever, maybe 122 00:06:51,040 --> 00:06:55,040 by slave labor. Alan soaps one hundred percent natural, big 123 00:06:55,040 --> 00:06:57,800 company stuff. What does natural mean? I mean what you 124 00:06:57,800 --> 00:07:02,639 don't like arsenic? And then number three the mission Alen 125 00:07:02,680 --> 00:07:06,519 Soaps exist to employ people like Alan, who's thirteen, he's 126 00:07:06,680 --> 00:07:10,199 really challenged by autism. He's effectively nonverbal. His brother Ian 127 00:07:10,279 --> 00:07:13,160 works there. Now it is Ian's blend. That's the liquid soap. 128 00:07:13,240 --> 00:07:15,680 Great for your business, Like people not gonna use bar 129 00:07:15,759 --> 00:07:18,319 soap there, but use liquid soap. And then lastly, is 130 00:07:18,360 --> 00:07:21,879 this all this stuff is made in America? Okay, by 131 00:07:21,879 --> 00:07:24,759 a family with three generations of soap making expertise. So 132 00:07:24,800 --> 00:07:27,639 we now employ three people at Allen's no longer one, 133 00:07:27,959 --> 00:07:29,959 the same sort of people that the party would have 134 00:07:30,000 --> 00:07:32,680 you believe should have been aborted and right now should 135 00:07:32,680 --> 00:07:35,839 be stored in boxes. So make your decision. Big company 136 00:07:35,879 --> 00:07:38,319 soap doesn't care about your Alan Soaps that cares about 137 00:07:38,319 --> 00:07:40,920 all lives. Go to alinsaps dot com slash todd. Get 138 00:07:40,920 --> 00:07:44,079 ten percent off all the products there. There's subscription soaps, 139 00:07:44,079 --> 00:07:46,959 there's some of the just absolutely best wash costs you'll 140 00:07:47,000 --> 00:07:49,439 ever get. There, softest things I've ever had on my face. 141 00:07:49,720 --> 00:07:53,000 Alensaps dot com slash todd, so Zach, I bring this 142 00:07:53,120 --> 00:07:59,680 up because the Justice Department has decided to as accusing 143 00:07:59,759 --> 00:08:03,439 vs and their debit network of a monopoly that affects 144 00:08:03,439 --> 00:08:06,040 the prices of nearly everything. The story here is CENBC 145 00:08:06,600 --> 00:08:09,480 US Just Department on Tuesdays sued Visa, the world's biggest 146 00:08:09,480 --> 00:08:12,920 payments network, saying it propped up and illegal monopoly over 147 00:08:12,959 --> 00:08:16,800 debit payments by imposing exclusionary agreements on partners and smothering 148 00:08:16,879 --> 00:08:20,319 upstart firms. Visas moves over the years have resulted in 149 00:08:20,360 --> 00:08:23,519 American consumers and merchants paying billions of dollars in additional fees. 150 00:08:23,800 --> 00:08:26,759 According to the DOJ, which filed the civil antitrust suits 151 00:08:26,759 --> 00:08:30,120 in New York for monopolization and other unlawful content. We 152 00:08:30,240 --> 00:08:33,080 allege that Visas unlawfully amassed the power to extract fees 153 00:08:33,080 --> 00:08:35,240 at farx seed what it could charge in a competitive market. 154 00:08:35,519 --> 00:08:38,759 So called Attorney General Merrick Garland said, Visa and its 155 00:08:38,799 --> 00:08:41,200 small arrival master Card have surged over the past two 156 00:08:41,240 --> 00:08:45,279 decades Richard can combined market cap of roughly one trillion dollars, 157 00:08:45,759 --> 00:08:49,399 and since consumers tapped credit and debit cards or store 158 00:08:49,440 --> 00:08:52,559 purchases in e commerce instead of paper money, they're essentially 159 00:08:52,600 --> 00:08:55,840 toll collectors shuffling payments between banks operating for the merchants 160 00:08:55,840 --> 00:09:00,679 and cardholders. Visa called the djsuit meritless. So let's start 161 00:09:00,679 --> 00:09:04,240 with this. Your thoughts about the suit, Visa, the network, 162 00:09:04,279 --> 00:09:07,600 its effect on American finance. Then I want to get 163 00:09:07,600 --> 00:09:11,080 in this speculation why this lawsuit now? And I think 164 00:09:11,120 --> 00:09:13,840 there's a simple reason for now. Then I think there's 165 00:09:13,840 --> 00:09:15,720 a long game. So what do you think about the 166 00:09:15,720 --> 00:09:18,279 whole Visa network and the charge of monopolies and them 167 00:09:18,320 --> 00:09:23,559 being just this money shuffling thing, you know. 168 00:09:23,600 --> 00:09:25,840 Speaker 3: Truthfully, to give a really comprehensive thing, I'd have to 169 00:09:25,879 --> 00:09:30,440 dig deeper into because on the face of it, I mean, look, 170 00:09:31,279 --> 00:09:35,840 you've looked at Visa and MasterCard and the way, and 171 00:09:35,879 --> 00:09:39,440 I don't know those businesses inside now, But I think 172 00:09:39,480 --> 00:09:46,919 alleging that their monopolies is I think it's totally within 173 00:09:47,000 --> 00:09:49,639 the scope of reason. I think that it's sort of 174 00:09:49,679 --> 00:09:54,159 like saying that you know the sky is blue, right, 175 00:09:54,600 --> 00:09:56,960 meaning like you know, and not even alleging that they 176 00:09:56,960 --> 00:09:59,639 did anything intentionally. But when you look at the wh 177 00:10:00,000 --> 00:10:02,960 look at the when you look at the percentage, this 178 00:10:03,039 --> 00:10:04,639 goes into you. I think you and I've had this 179 00:10:04,679 --> 00:10:06,960 conversation before where I think one of the biggest things 180 00:10:07,000 --> 00:10:09,000 that we need to do is we need to revamp 181 00:10:09,600 --> 00:10:16,679 and modernize our anti trust laws because we have monopolies, 182 00:10:16,960 --> 00:10:20,879 and we have monopolies creating pernicious feedback loops in society, 183 00:10:21,000 --> 00:10:22,639 much like we had at the turn of the last 184 00:10:22,679 --> 00:10:25,960 century with the robber barons. It's just done in a 185 00:10:26,080 --> 00:10:29,480 very different way. Right, So people like we don't have monopolies. 186 00:10:29,480 --> 00:10:31,759 Now there's anti trust law, and like, no, no, the monopolies 187 00:10:31,799 --> 00:10:35,039 aren't stupid, and they've structured themselves as a way to 188 00:10:35,120 --> 00:10:37,600 sort of dance around the anti trust laws. But if 189 00:10:37,639 --> 00:10:40,159 I look at one or two corporations that have very 190 00:10:40,159 --> 00:10:44,399 similar business structures and control ninety to ninety six percent 191 00:10:44,440 --> 00:10:48,559 of an entire industry, I don't care how they got there. 192 00:10:48,679 --> 00:10:51,759 That is by definition of a monopoly, right. It's like, 193 00:10:52,039 --> 00:10:54,320 you know, Google, it's a stock that we own. But 194 00:10:54,559 --> 00:10:56,360 you know, I think one of the biggest problems Google 195 00:10:56,440 --> 00:10:58,360 is going to have is that they control ninety five 196 00:10:58,399 --> 00:11:01,039 to ninety six percent of search searches right on the 197 00:11:01,039 --> 00:11:05,960 internet eating. Does that inevitable? Does that make them an 198 00:11:05,960 --> 00:11:06,840 illegal monopoly? 199 00:11:06,960 --> 00:11:07,000 Speaker 2: No? 200 00:11:08,159 --> 00:11:13,240 Speaker 3: But when you look at what a you know, avenue 201 00:11:13,279 --> 00:11:18,879 of commerce the Internet has become, and if one corporation 202 00:11:19,039 --> 00:11:21,639 controls ninety five to ninety six percent of those searches, 203 00:11:22,200 --> 00:11:25,600 it becomes a very it becomes a very hard argument 204 00:11:25,679 --> 00:11:28,919 to make that they don't control too much. And we 205 00:11:29,000 --> 00:11:30,879 have to go back to kind of what the purpose 206 00:11:30,919 --> 00:11:34,600 of an anti trust legislation was. It's not about punishing 207 00:11:34,679 --> 00:11:39,399 successful businesses. It's about ensuring that there's competition, right, And 208 00:11:39,440 --> 00:11:42,279 that's the part of free markets that people forget. And 209 00:11:42,320 --> 00:11:46,320 that's unfortunately for a lot of people that are hardcore 210 00:11:46,600 --> 00:11:50,240 free market capitalists. Right, It's what I think that they miss, 211 00:11:50,320 --> 00:11:55,320 which is regulation should be primarily reserved to ensure competition. 212 00:11:55,639 --> 00:11:58,159 That should be the first aim of regulation, right, because 213 00:11:58,159 --> 00:12:01,720 where there is core competition, there will be price discovery, 214 00:12:01,759 --> 00:12:05,399 there will be increased efficiencies, and those benefits will pass 215 00:12:05,440 --> 00:12:09,919 down to consumers, and capitalism works. Capitalism without competition, though, 216 00:12:10,399 --> 00:12:14,840 just turns into aristocracy, right. Effectively, a corporate aristocracy that 217 00:12:14,919 --> 00:12:18,080 is outlives outside the rules for a lot of reasons 218 00:12:18,080 --> 00:12:21,840 that you and I discussed. So generally speaking, I'm in 219 00:12:21,879 --> 00:12:24,519 favor of the lawsuit, even if the lawsuit doesn't come 220 00:12:24,559 --> 00:12:27,720 to fruition or even if it doesn't incriminate them, because 221 00:12:27,759 --> 00:12:30,720 these questions need to be need to start, they need 222 00:12:30,759 --> 00:12:33,360 to be asked. And you don't even really need to 223 00:12:33,440 --> 00:12:36,080 go that far. You can just go look at different 224 00:12:36,080 --> 00:12:40,559 individual sectors in business or in the economy writ large, 225 00:12:41,039 --> 00:12:44,399 where the sector you know, for the last hundred years 226 00:12:44,639 --> 00:12:47,000 had anywhere from eleven to fifteen players in it now 227 00:12:47,080 --> 00:12:48,480 as two right. 228 00:12:48,440 --> 00:12:53,600 Speaker 1: Right, right, And this is what got my attention is. Okay, 229 00:12:53,720 --> 00:12:56,559 there's the election your thing. Because one of the big 230 00:12:56,600 --> 00:13:01,440 pitches for the figurehead was as concert prices are too high. 231 00:13:01,519 --> 00:13:04,440 Speaker 5: People paying a surch charge to go see the Beatles. 232 00:13:04,799 --> 00:13:07,200 You know my son bows and the Beatles, and he 233 00:13:07,279 --> 00:13:11,399 hates that, you know, ticket chargers. And Jimmy Hendrix was 234 00:13:11,480 --> 00:13:12,759 here at the White House last week. 235 00:13:13,480 --> 00:13:18,200 Speaker 1: They were making this big, big bitch, right and and 236 00:13:18,960 --> 00:13:23,080 they were this. Merrik Carland in his statement goes on 237 00:13:23,120 --> 00:13:27,440 to say things like concert tickets and groceries. So this 238 00:13:27,480 --> 00:13:31,000 is one part's campaigning. Oh they're gonna do away with 239 00:13:31,080 --> 00:13:33,879 the convenience fees and they're gonna make it cheaper to 240 00:13:33,919 --> 00:13:36,360 go see Dave Dave Matthews on tour whatever. 241 00:13:37,519 --> 00:13:38,840 Speaker 3: Fantastic, that's belief. 242 00:13:41,360 --> 00:13:43,679 Speaker 1: That's that's not a top ten percenter thing to go 243 00:13:43,720 --> 00:13:45,919 to the concerts at five hunred bucks a hit. But 244 00:13:45,960 --> 00:13:49,799 there's something else. If you're gonna shoot at the King, 245 00:13:49,919 --> 00:13:53,240 don't miss. And Visa has a lot of power, right, 246 00:13:54,480 --> 00:13:57,240 So this got my attention, and I want to present 247 00:13:57,279 --> 00:14:00,399 this thing to you here in a second. I was 248 00:14:00,720 --> 00:14:05,279 just chatting when I was down in Temecula at the 249 00:14:05,720 --> 00:14:10,279 Sealfit event. Afterwards, I had the most incredible time because 250 00:14:10,320 --> 00:14:13,759 there was this shift in tone. Obviously I were out 251 00:14:13,759 --> 00:14:16,759 of concern for Rapdough. I mean I vectively pulled myself. 252 00:14:17,120 --> 00:14:18,799 I mean Curtis said, hey, it's up to you, but 253 00:14:19,200 --> 00:14:21,879 you might end up on kidney dialysis. So I made 254 00:14:21,879 --> 00:14:27,000 the decision to pull medically. And men a former teammate, 255 00:14:27,039 --> 00:14:29,679 were sitting there, standing there, and we were never supposed 256 00:14:29,679 --> 00:14:32,799 to approach the Navy seal area where they had their 257 00:14:33,000 --> 00:14:34,960 their trailers set up that side of the street, and 258 00:14:35,039 --> 00:14:37,399 one of our brothers got yelled at for standing on 259 00:14:37,440 --> 00:14:39,960 their dirt. But now that you know we're not in 260 00:14:40,000 --> 00:14:42,360 the event anymore, they were so polite, Hey, please come 261 00:14:42,399 --> 00:14:43,799 and have food with us. Please come and have a 262 00:14:43,840 --> 00:14:47,080 meal with us. That felt really cool to talk with 263 00:14:47,120 --> 00:14:49,279 them personally. To hear from one of the coaches, Hey, 264 00:14:49,320 --> 00:14:51,120 none of the yelling at you was personal. I'm like, no, 265 00:14:51,360 --> 00:14:54,600 I get it. I'm so thankful. But I got to 266 00:14:54,600 --> 00:14:56,879 talk to guy, and I'm regretful I didn't get his name, 267 00:14:57,440 --> 00:14:59,799 but he's sixty years old and he still beats up 268 00:14:59,840 --> 00:15:02,320 the young guys in swimming. He's a swim instructor at 269 00:15:02,360 --> 00:15:05,480 BUDS and have been a seal and professional LUH long 270 00:15:05,480 --> 00:15:09,919 distance athlete. We talked about surgeries, and then I talked 271 00:15:09,919 --> 00:15:12,600 about shoulder surgeries, and then we started to talk about 272 00:15:12,600 --> 00:15:16,440 renew Healthcare in Mexico and the guy stops me. He goes, yeah, 273 00:15:16,440 --> 00:15:19,039 well they do stem cells here. I go, yeah, not really, 274 00:15:19,960 --> 00:15:22,480 because the stem cell stuff they do here, it is 275 00:15:22,600 --> 00:15:24,519 from your own body. It's as old as you are. 276 00:15:24,879 --> 00:15:26,720 It already had a line and assigned to it. It 277 00:15:26,720 --> 00:15:29,279 comes out of your bone marrow, it makes bone marrow. 278 00:15:29,320 --> 00:15:31,879 Mexico is completely different. At renew dut Healthcare. These are 279 00:15:31,879 --> 00:15:35,519 ethically found stem cells from placentas in abilical cords only, 280 00:15:36,120 --> 00:15:39,240 no abortion. And I use a strain that's never seen 281 00:15:39,279 --> 00:15:41,519 the mr and injections because it didn't exist when they 282 00:15:41,519 --> 00:15:44,600 started the strain of stem cells. And as I explained 283 00:15:44,600 --> 00:15:47,519 to the seal, this stuff gets into the joint, it 284 00:15:47,559 --> 00:15:52,919 will rebuild cartilage, muscle, it will build tendons, and it 285 00:15:53,000 --> 00:15:55,919 does all this because of the super charge power down there. 286 00:15:55,960 --> 00:15:58,600 Because they actually culture these stem cells that can put 287 00:15:58,639 --> 00:16:02,000 forty or fifty million your body, not the sixty thousand 288 00:16:02,039 --> 00:16:04,440 stuff they put up here. If you're facing surgery in 289 00:16:04,519 --> 00:16:08,600 constant pain, you have neuropathy, even neurological issues. Please please 290 00:16:08,759 --> 00:16:11,039 see if they can help you. They'll tell you honestly, 291 00:16:11,120 --> 00:16:13,720 yes or no. Go to renew dot healthcare. That's r 292 00:16:13,799 --> 00:16:17,159 e nue dot healthcare and elevate your quality of life 293 00:16:17,200 --> 00:16:21,120 by elevating your healthcare. Renew dot healthcare. So, Zach, you're 294 00:16:21,159 --> 00:16:23,840 gonna shoot at the king, don't miss. I'll explain that 295 00:16:23,919 --> 00:16:26,080 the second. But let me give you this follow up 296 00:16:26,120 --> 00:16:27,279 on the Pelosi family. 297 00:16:29,399 --> 00:16:31,480 Speaker 3: This is from the Pelosi crime syndication. 298 00:16:31,720 --> 00:16:37,840 Speaker 1: Right, yes, we get this. Nancy Pelosi's husband sold more 299 00:16:37,840 --> 00:16:40,559 than five hundred thousand dollars in Visa stock just months 300 00:16:40,559 --> 00:16:43,759 before the DOJ announced the anti trust lawsuit into the 301 00:16:43,799 --> 00:16:47,039 payment merchant. Paul Pelosi sold two thousand serars a visa 302 00:16:47,039 --> 00:16:49,759 worth between five hundred thousand and one million within the 303 00:16:49,799 --> 00:16:53,080 last three months. On Tuesday, the DOJ announced the anti 304 00:16:53,159 --> 00:16:57,279 dress lawsuit against Visa. So they got into the IPO 305 00:16:58,279 --> 00:16:59,919 and they got out ahead of the loss. 306 00:17:00,080 --> 00:17:00,360 Speaker 4: Suits. 307 00:17:00,559 --> 00:17:03,600 Speaker 1: Certainly happens, stanchial, don't you think. 308 00:17:06,000 --> 00:17:09,359 Speaker 3: Yeah, totally happens. And I'm sure she didn't get a 309 00:17:09,400 --> 00:17:11,680 tip off from the DJ or anybody else. 310 00:17:12,000 --> 00:17:14,839 Speaker 1: That'd be violation of bounce of power. 311 00:17:15,039 --> 00:17:19,559 Speaker 3: All all of all above board. Here's here's the one 312 00:17:19,599 --> 00:17:21,039 thing that I do think that we need to go 313 00:17:21,039 --> 00:17:26,960 back and revisit though, is that the most perverse part 314 00:17:27,000 --> 00:17:28,839 of this whole thing is what they're doing is an 315 00:17:28,880 --> 00:17:32,880 illegal Yeah. Right, that's the most perverse part of the 316 00:17:32,920 --> 00:17:36,720 whole thing. And what it does, though, is it it 317 00:17:37,240 --> 00:17:41,240 It makes you look at them and go there is 318 00:17:41,359 --> 00:17:46,160 no intellectually honest person they could possibly cast a vote 319 00:17:46,160 --> 00:17:50,640 for her oralk because you like, you know, you try 320 00:17:50,680 --> 00:17:53,400 to push back against you know, the the the deep 321 00:17:53,440 --> 00:17:55,960 state and all this other kind of stuff, and politicians 322 00:17:55,960 --> 00:17:58,279 only in it for money. Look how long she's been around. 323 00:17:58,319 --> 00:18:01,079 Look at their net worth. If they really cared at 324 00:18:01,119 --> 00:18:06,480 all about equality of outcome, all the stuff she talks about, 325 00:18:06,720 --> 00:18:08,799 why in the world would she not be on the 326 00:18:08,799 --> 00:18:11,200 floor of the Congress trying to repeal the very same 327 00:18:11,279 --> 00:18:14,559 laws that have enriched turn her husband. They know what 328 00:18:14,599 --> 00:18:18,319 they're doing, Steve Kroft knows what they're doing. The media 329 00:18:18,440 --> 00:18:21,559 knows what they're doing, and they don't care. And the 330 00:18:21,599 --> 00:18:23,480 reason they don't care is because they're all eaten from 331 00:18:23,519 --> 00:18:26,119 the same croft. Right at the end of the day, 332 00:18:26,400 --> 00:18:30,640 it's scratched my back all scratch yours, and it's just 333 00:18:30,680 --> 00:18:33,079 the whole thing is just disgusting. It's just disgusting. 334 00:18:33,480 --> 00:18:36,279 Speaker 1: Right, And this guy gets money in, he gets money outs, 335 00:18:36,319 --> 00:18:39,200 he moves that around early. And you're right, it's not illegal. 336 00:18:39,279 --> 00:18:41,880 They made it illegal. They made it against congressional rules 337 00:18:42,480 --> 00:18:47,200 for a while and then no longer. So here's my question, 338 00:18:48,039 --> 00:18:51,440 why are they shooting at the king now because they 339 00:18:51,440 --> 00:18:54,960 could just have done this rhetorically. They could rhetorically attack 340 00:18:55,079 --> 00:18:57,480 Visa and they could get with a Visa executs say hey, look, 341 00:18:57,519 --> 00:18:59,960 this is a tough election cycle. We're going to say 342 00:19:00,119 --> 00:19:02,480 some things about you. You know, we're going to criticize you. 343 00:19:02,480 --> 00:19:04,559 We're going to kind of go hard in public on this. 344 00:19:04,640 --> 00:19:07,720 But understand it. It's just us winning election. This will 345 00:19:07,759 --> 00:19:12,200 calm down afterwards. Nothing but they filed suit. Merck Carther 346 00:19:12,279 --> 00:19:15,880 doesn't care about America, right, Merrick Carlither doesn't care about 347 00:19:15,920 --> 00:19:19,319 the costs to Americans of goods, or he wouldn't be driving, 348 00:19:19,720 --> 00:19:22,359 he wouldn't be destroying the labor market with the mass 349 00:19:22,400 --> 00:19:25,759 illegal immigration. He doesn't care about that. Yeah, they don't 350 00:19:25,759 --> 00:19:29,200 care about Americans and their financial health, or they wouldn't 351 00:19:29,200 --> 00:19:33,920 be rating the coffers, So why because I think it 352 00:19:34,079 --> 00:19:37,839 is a set put for something very big. 353 00:19:40,200 --> 00:19:42,200 Speaker 3: I think it certainly could be that. You know. The 354 00:19:42,519 --> 00:19:46,839 other thing too, is I think we all need to 355 00:19:46,920 --> 00:19:49,119 wake up to the reality of what it is that 356 00:19:49,160 --> 00:19:51,920 we're dealing with. Right, And just may not directly answer 357 00:19:52,000 --> 00:19:54,880 your question, but there's there's two comments that have set 358 00:19:54,880 --> 00:19:56,799 out to me that I've heard some comments on recently. 359 00:19:57,880 --> 00:20:01,759 Alexandria Ocasio Cortes has a famous line that she likes 360 00:20:01,799 --> 00:20:05,200 to use, which is, We're gonna win the world. Okay, 361 00:20:06,400 --> 00:20:08,200 It's an odd statement. What is that? Where does that 362 00:20:08,240 --> 00:20:10,920 come from? She says it repeatedly. It's like one of 363 00:20:10,920 --> 00:20:15,359 her like a closing tagline. Well, interestingly enough, that phrase 364 00:20:15,440 --> 00:20:19,599 is pulled directly from the pages of the Communist Manifesto okay, 365 00:20:19,640 --> 00:20:24,160 And it's one of those phrases where you're like, Okay, 366 00:20:24,640 --> 00:20:27,279 you can call me conspiratorial, but what an odd piece 367 00:20:27,279 --> 00:20:29,640 of phrasing. And then to find it directly from the 368 00:20:30,480 --> 00:20:33,640 right out of the pages of marx Right Communist Manifesto, 369 00:20:33,880 --> 00:20:36,559 You're like, okay. Kamala Harris has another saying that she 370 00:20:36,640 --> 00:20:41,000 says something like we we we have to unburden the 371 00:20:41,079 --> 00:20:43,799 past with the what is that phrase that she used? 372 00:20:43,799 --> 00:20:46,759 Speaker 1: That turn a phrase we have to be unburdened by 373 00:20:46,759 --> 00:20:48,519 the things of the past, and you know, going to 374 00:20:48,559 --> 00:20:50,279 the future unburdened by the things of the past. 375 00:20:50,759 --> 00:20:50,920 Speaker 4: Right. 376 00:20:50,960 --> 00:20:54,160 Speaker 3: Once again, another quote that loosely translated is pulled directly 377 00:20:54,160 --> 00:20:58,240 from the pages of marx Okay, I don't know that 378 00:20:58,279 --> 00:21:02,519 I would call these people full tilt communists, but they 379 00:21:02,519 --> 00:21:05,599 are unquestionably. 380 00:21:04,599 --> 00:21:08,359 Speaker 1: Marxists, right right, They're right about all that. 381 00:21:09,519 --> 00:21:13,440 Speaker 3: And and I think that this does a couple of things. 382 00:21:13,480 --> 00:21:19,799 First of all, so it is for the election right 383 00:21:19,839 --> 00:21:21,480 to sit there and say we're cracking down on these 384 00:21:21,519 --> 00:21:23,680 different things. Look, we're a party for the fighting for 385 00:21:23,720 --> 00:21:26,839 the common. But I also think it shoots across, It 386 00:21:26,880 --> 00:21:29,599 shoots a it shoots a shell across the bow of 387 00:21:29,640 --> 00:21:34,599 capitalism in general. Okay, right now, the funny things about 388 00:21:34,599 --> 00:21:38,960 them is that these are all these are all targets 389 00:21:38,960 --> 00:21:44,720 of opportunity for them, right, Meaning, if at any point 390 00:21:45,160 --> 00:21:49,559 VISA could feather their nest or could help their campaign, 391 00:21:49,839 --> 00:21:52,839 you'd watch the animus or the attacks just come right 392 00:21:52,839 --> 00:21:55,720 out of this, you know what I mean, They they 393 00:21:56,119 --> 00:22:00,039 turn coat and they'd run the other direction. So so, 394 00:22:01,160 --> 00:22:05,400 but I think that what you're looking at is, and 395 00:22:05,440 --> 00:22:07,599 this is sort of my fear of this entire election, 396 00:22:07,799 --> 00:22:10,480 is that you know, at some point along the path 397 00:22:10,559 --> 00:22:12,480 and look, I hope this isn't the case, but it 398 00:22:12,680 --> 00:22:15,920 but it may be at some point along the path, 399 00:22:16,279 --> 00:22:19,839 the path forward quits mattering so much, and what begins 400 00:22:19,880 --> 00:22:25,839 to matter more is you know what what's been laid 401 00:22:25,880 --> 00:22:28,640 in play, like what's already been set up, the trajectory 402 00:22:28,640 --> 00:22:30,480 we're already on. Right, We're just sitting there going, hey, 403 00:22:30,519 --> 00:22:32,319 we got to win this election or this will happen. 404 00:22:32,359 --> 00:22:34,240 And you're and you're sitting there going that may have 405 00:22:34,279 --> 00:22:38,279 already happened, right, And and I think that's where we're at. 406 00:22:38,279 --> 00:22:40,160 And I'm not saying that this this election doesn't matter 407 00:22:40,240 --> 00:22:43,000 by any stretch of the imagination. What what I'm saying 408 00:22:43,160 --> 00:22:46,799 is is that if these people's lips are moving their line, 409 00:22:48,519 --> 00:22:51,599 and what the greater part of it may be, I 410 00:22:51,640 --> 00:22:55,359 don't know. I would love to hear your story because 411 00:22:55,640 --> 00:22:58,680 my theory, Yeah, I would love to hear your theory 412 00:22:58,680 --> 00:23:00,920 on it, because I think it can mean any number 413 00:23:00,960 --> 00:23:03,480 of things. But I think that it does. It's not 414 00:23:03,559 --> 00:23:08,000 going to fall too far outside of Marxist ideology and 415 00:23:08,079 --> 00:23:08,960 Marxist doctrine. 416 00:23:09,000 --> 00:23:11,119 Speaker 1: I don't think it does. I think that's that's it's 417 00:23:11,160 --> 00:23:13,680 part and parcel of this. But something something occurred to me. 418 00:23:14,119 --> 00:23:17,799 You remember Karl Marx hated God. He actually said, I mean, 419 00:23:17,839 --> 00:23:20,200 he was a Satanist. He hated God. He wrote poetry 420 00:23:20,240 --> 00:23:23,160 about hating God, about how he would rise above God. 421 00:23:23,599 --> 00:23:28,480 And hey, we're going to win the world Mark Chapter eight, 422 00:23:28,599 --> 00:23:31,119 verses thirty six through thirty eight. What good is it 423 00:23:31,160 --> 00:23:34,240 for someone to gain the world yet forfeit their soul? 424 00:23:36,839 --> 00:23:39,519 Or what can anyone exchange? Give an exchange for their soul? 425 00:23:40,960 --> 00:23:43,720 Speaker 3: Then see they in congress, they refer to that as 426 00:23:43,720 --> 00:23:49,759 their optimal retirement. Got hold on, hold on, hold on? 427 00:23:50,279 --> 00:23:52,359 How how much will you pay me for it? 428 00:23:52,519 --> 00:23:52,759 Speaker 5: Right? 429 00:23:52,920 --> 00:23:53,039 Speaker 4: Right? 430 00:23:53,720 --> 00:23:55,200 Speaker 1: That's the question. What's the offer? 431 00:23:55,359 --> 00:23:56,200 Speaker 4: Right? Right? Right? 432 00:23:56,319 --> 00:23:59,680 Speaker 1: I mean, but then you think of again, of satan 433 00:23:59,720 --> 00:24:01,920 tempt the Lord Jesus on the look, I'll give this 434 00:24:02,000 --> 00:24:04,680 all to you. Hey, you know Jesus knew, well it's 435 00:24:04,720 --> 00:24:07,319 actually mine, so you can't give it to me. But 436 00:24:07,480 --> 00:24:10,200 be you're a liar. So we're going to win the world. 437 00:24:10,680 --> 00:24:14,480 But then this occurred to me as well, God's laughing 438 00:24:14,480 --> 00:24:16,680 at these people. He's laughing at the schemers. He laughs 439 00:24:16,680 --> 00:24:19,440 at the wicked, and they think they're laughing at him. 440 00:24:19,559 --> 00:24:22,039 I'll tell you my theory here to second Zach, because 441 00:24:22,039 --> 00:24:23,319 I want to get into that. I want to get 442 00:24:23,319 --> 00:24:26,880 into FTX and the lady connected to that, Carolyn Ellison. 443 00:24:27,000 --> 00:24:30,200 She's getting a huge prison sentence of two years two years. 444 00:24:30,519 --> 00:24:32,079 I need to talk about that. Then I need you 445 00:24:32,160 --> 00:24:34,720 to explain to me front running the FED and what 446 00:24:34,759 --> 00:24:37,440 that means, and explain to the other people that's an 447 00:24:37,480 --> 00:24:39,720 interesting thing, front running to FED. So I give you 448 00:24:39,759 --> 00:24:42,720 my theory here in just a second. I load up 449 00:24:42,920 --> 00:24:46,559 every bout probably I guess I do this three times 450 00:24:46,559 --> 00:24:48,880 a day. I'm guessing probably every two and a half 451 00:24:48,920 --> 00:24:51,759 hours or so. I take a product called mass zymes 452 00:24:53,000 --> 00:24:56,440 and it comes from my friends at Biopsimizers. Here's why is. 453 00:24:56,839 --> 00:25:00,000 I want to maintain muscle, I want to maintain metaboli, 454 00:25:00,680 --> 00:25:03,160 and I want to have digestive comfort. And I eat 455 00:25:03,279 --> 00:25:06,839 so much protein three hundred and sixty grams of protein 456 00:25:06,920 --> 00:25:09,240 every day, which is a ton by the way. It 457 00:25:09,279 --> 00:25:12,079 means fifty five percent of my calories are coming from protein. 458 00:25:12,559 --> 00:25:15,279 I want to get every drop of benefit I can 459 00:25:15,319 --> 00:25:18,680 from the protein I eat. Mass Symes took two hundred 460 00:25:18,720 --> 00:25:22,960 and forty three experiments before Matt and Wade would release 461 00:25:23,000 --> 00:25:25,480 it as a product, and prior to releasing it, they 462 00:25:25,519 --> 00:25:28,039 went and paid for a study at Birch International University 463 00:25:28,039 --> 00:25:31,200 in Bosnia, side by side comparison people who had the 464 00:25:31,359 --> 00:25:35,400 enzymes mass symes people who didn't. People who had mass 465 00:25:35,440 --> 00:25:41,400 szymes produced one thousand, two hundred percent more amino acids 466 00:25:41,440 --> 00:25:46,039 in their bodies. That supports muscle growth. It can sustain muscle. 467 00:25:46,440 --> 00:25:49,039 It is the building block of muscle. So all this 468 00:25:49,200 --> 00:25:52,200 is combined into a bottle of this stuff for you, 469 00:25:53,160 --> 00:25:55,799 particularly if you've been through any restrictive weight loss through 470 00:25:55,799 --> 00:25:58,920 which can really really really hurt muscle growth, or if 471 00:25:58,920 --> 00:26:02,279 you're aging, okay and we're all aging, go to bioptimizers 472 00:26:02,319 --> 00:26:05,559 dot com slash todd. You get ten percent off mass 473 00:26:05,559 --> 00:26:08,440 simes and all their products there. That's biptimizers dot com 474 00:26:08,440 --> 00:26:12,920 slash todd. Stop allowing poor digestion to limit you in 475 00:26:13,000 --> 00:26:16,599 your potential for power. It's bibtemizers dot com slash Todd. 476 00:26:17,720 --> 00:26:22,400 So Zach, here's my theory is Visa set up a monopoly. 477 00:26:23,440 --> 00:26:26,960 All right, fair enough, it's a fair charge. Well, what 478 00:26:28,240 --> 00:26:36,000 replaces a monopoly better than another monopoly? See, because here's 479 00:26:36,039 --> 00:26:40,519 the play. Visa had this terrible monopoly. They're taking advantage 480 00:26:40,559 --> 00:26:42,759 of the American people. All there are is a past serenity. 481 00:26:43,400 --> 00:26:45,519 That's all they do. They just shuffle money. You're paying 482 00:26:45,599 --> 00:26:48,519 eight percent to have them shuffle money so that you 483 00:26:48,559 --> 00:26:50,799 can send your grandma. Your grandma needs five hundred bucks 484 00:26:50,799 --> 00:26:53,039 to buy dog food or groceries. You want to go 485 00:26:53,039 --> 00:26:55,240 to a concert with your friends. You need to pay 486 00:26:55,240 --> 00:26:58,160 the rent, You need to have Amazon delivered at your house. 487 00:26:58,200 --> 00:27:00,480 You need a ride to work with an uber. We 488 00:27:00,559 --> 00:27:03,839 can't have this. So here's what we're gonna do. We're 489 00:27:03,839 --> 00:27:07,160 gonna create an alternative to Visa, and they're gonna help 490 00:27:07,240 --> 00:27:10,480 us fund it in this settlement than this lawsuit. And 491 00:27:10,519 --> 00:27:15,960 it's called central Bank digital currency. So we the government 492 00:27:16,000 --> 00:27:18,599 will step in. We're not gonna have any predatory fees 493 00:27:18,759 --> 00:27:21,480 because we are the government, right, we are the people. 494 00:27:21,519 --> 00:27:25,759 We are the people, we are the central Bank. That's 495 00:27:26,079 --> 00:27:28,599 the long term play. Does that sound reasonable to you 496 00:27:28,680 --> 00:27:31,160 that this is a setup for we got to not 497 00:27:31,279 --> 00:27:33,079 let the monopolis have this sort of stuff. 498 00:27:34,680 --> 00:27:38,960 Speaker 3: Yeah, it would be, but remember I like, and that 499 00:27:39,000 --> 00:27:41,319 would not surprise me at all. I like, I wouldn't 500 00:27:41,319 --> 00:27:45,480 expend any energy arguing that against you. Okay, good, because 501 00:27:45,599 --> 00:27:48,240 that wouldn't surprise me at all. At the same time, also, 502 00:27:48,319 --> 00:27:50,720 remember these are people that have the ability to create 503 00:27:50,759 --> 00:27:53,880 money out of fin air, so I don't think that 504 00:27:54,000 --> 00:27:58,960 they are what it tells me. I would be more. 505 00:27:59,799 --> 00:28:02,359 I would be more swayed by an argument that said 506 00:28:03,559 --> 00:28:08,079 somebody at Disa or MasterCard stepped out of line. It 507 00:28:08,839 --> 00:28:11,559 wasn't wasn't wasn't following the right thing, because there's so 508 00:28:11,599 --> 00:28:13,680 many of these companies right now. I mean, look, I 509 00:28:13,720 --> 00:28:15,519 truly believe that we are living in the new age 510 00:28:15,559 --> 00:28:17,440 of the robber barons, and I think there are so 511 00:28:17,519 --> 00:28:21,240 many companies that you could throw monopolistic charges at right 512 00:28:21,279 --> 00:28:25,000 and left right, So I almost feel like this whole 513 00:28:25,079 --> 00:28:28,079 monopoly threat and you've got to have an example, right, 514 00:28:28,119 --> 00:28:29,920 you got to have a whipping boy, you got to 515 00:28:29,920 --> 00:28:32,720 have somebody to show. So I almost feel like this 516 00:28:32,839 --> 00:28:36,920 selective or or I wouldn't say it's there yet, but 517 00:28:36,960 --> 00:28:38,880 I'm saying that I would not at all be surprised 518 00:28:38,880 --> 00:28:43,519 that this was selective prosecution based on the companies that 519 00:28:43,599 --> 00:28:47,240 weren't playing ball the right way, or that just weren't 520 00:28:47,319 --> 00:28:51,279 needed right like that, that weren't funding, weren't wen't putting 521 00:28:51,359 --> 00:28:54,599 enough into election campaigns, weren't coming along and doing their 522 00:28:54,640 --> 00:28:58,200 fair share, right, Because I think this would be if 523 00:28:58,559 --> 00:29:02,519 you are looking, if you if you are opining after 524 00:29:02,759 --> 00:29:06,680 and aiming at authoritarian control, which which I think it's 525 00:29:06,720 --> 00:29:10,000 really hard to make an argument that that's not what's happening. Yep, 526 00:29:11,200 --> 00:29:13,599 you need to have you need to have a sort 527 00:29:13,599 --> 00:29:16,400 of damicles hanging over the head of every free market 528 00:29:16,440 --> 00:29:20,200 institution to get them to come along, to shut up 529 00:29:20,240 --> 00:29:23,000 and come right, to shut up and come along, or 530 00:29:23,039 --> 00:29:27,200 you're gonna let the sword drop right and antitrust legislation, 531 00:29:27,480 --> 00:29:32,000 especially in this environment that we're currently living in, it 532 00:29:32,079 --> 00:29:34,680 seems to be the perfect cudgel, right to get them 533 00:29:34,680 --> 00:29:37,240 to do you know, this carrot in the stick, right, 534 00:29:37,279 --> 00:29:39,720 it seems like it's the perfect stick to keep them 535 00:29:39,720 --> 00:29:42,359 in line and keep them playing, you know, keep them 536 00:29:42,359 --> 00:29:47,000 pairting the party line, you know, keep them contributing to 537 00:29:47,039 --> 00:29:49,799 places you want them to contribute to. So I would 538 00:29:49,880 --> 00:29:53,319 look at this as sort of them sharpening their swords 539 00:29:53,680 --> 00:29:57,319 to use as a threat to coerce these corporations and 540 00:29:57,440 --> 00:29:58,240 doing what they want to do. 541 00:29:58,319 --> 00:30:00,960 Speaker 1: Okay, so it might be as easy is the DOJ going, 542 00:30:01,039 --> 00:30:02,920 So wait, are you sure you're going to continue to 543 00:30:02,960 --> 00:30:06,119 process payments to gun manufacturers? 544 00:30:06,720 --> 00:30:07,000 Speaker 3: Right? 545 00:30:07,079 --> 00:30:07,279 Speaker 4: Right? 546 00:30:07,359 --> 00:30:10,160 Speaker 1: So you're sure, right, because we just want to check, 547 00:30:10,200 --> 00:30:13,319 But maybe you want to rethink that. And this could 548 00:30:13,359 --> 00:30:15,519 be then them coming behind closed doors and going, okay, look, 549 00:30:16,000 --> 00:30:18,440 we're not going to process this, We're gonna put because 550 00:30:18,440 --> 00:30:21,480 they've been labeling these charges, they've been labeling them as 551 00:30:21,599 --> 00:30:24,519 dangerous as suspect. So it could be them saying, hey, 552 00:30:24,559 --> 00:30:25,839 we're going to need you to move a little bit 553 00:30:25,880 --> 00:30:28,400 more quickly on helping us stop people being able to 554 00:30:28,400 --> 00:30:32,519 buy guns. Okay, that makes sense. And I would stand 555 00:30:32,599 --> 00:30:34,960 by my statement that I think that they're going to 556 00:30:35,000 --> 00:30:38,400 begin to vilify entities like this because it looks like 557 00:30:38,400 --> 00:30:41,240 Obamacare to me, because Obama came out in the White 558 00:30:41,240 --> 00:30:45,319 House and said, you know, doctors are taking out people's kid. 559 00:30:47,680 --> 00:30:48,160 Speaker 4: For money. 560 00:30:48,920 --> 00:30:52,720 Speaker 1: Now, learning what I have about the American medical system, 561 00:30:52,720 --> 00:30:59,240 maybe maybe right, but I don't think. But yeah, doesn't 562 00:30:59,359 --> 00:31:01,880 just those just that silver and shinnaw, we're not so 563 00:31:01,960 --> 00:31:03,000 concerned yourself about that? 564 00:31:03,079 --> 00:31:03,400 Speaker 4: All right? 565 00:31:03,440 --> 00:31:05,640 Speaker 1: That's a great point of view. I want to talk 566 00:31:05,640 --> 00:31:09,279 about Carolyn Ellison and then got to help me understand 567 00:31:09,319 --> 00:31:11,480 front running to Fred Fed. There's a lot of people 568 00:31:11,480 --> 00:31:13,759 who watch us and listen to us on Friday because 569 00:31:13,759 --> 00:31:15,559 they're looking for an investment advice for you. Maybe you 570 00:31:15,559 --> 00:31:18,000 can teach them how to front run the FED, since 571 00:31:18,000 --> 00:31:20,680 this is apparently what is driving the American economy. We 572 00:31:20,799 --> 00:31:23,279 do that with Zach Abraham reminders, Zach is a fan 573 00:31:23,319 --> 00:31:26,519 of this too, Bone Frog Coffee. Tim has been with 574 00:31:26,640 --> 00:31:30,000 us for well since the show began. Really and I'd 575 00:31:30,000 --> 00:31:32,200 never met him. Did you know that that prior to 576 00:31:32,240 --> 00:31:34,000 the show, I'd never met Tim. In fact, they didn't 577 00:31:34,000 --> 00:31:37,079 meet him personally for the first year. Spoke to him 578 00:31:37,079 --> 00:31:39,160 on the phone A bunch and the way this hap 579 00:31:39,160 --> 00:31:42,079 from a sobazar. This is a god thing. My friend 580 00:31:42,119 --> 00:31:45,680 Cyrus was in a coffee store in Redmond, Washington, signing 581 00:31:45,680 --> 00:31:49,480 his book and Tim came in and he read the book, 582 00:31:49,559 --> 00:31:50,839 or didn't read the book, but he bought it up, 583 00:31:50,880 --> 00:31:53,960 said oh, you wrote this. And then they realized they 584 00:31:54,000 --> 00:31:57,200 knew each other through some separate contacts, and Cyrus said, 585 00:31:57,200 --> 00:32:00,599 you got to meet my friend Todd and and Kruk 586 00:32:00,599 --> 00:32:03,359 Shank says Todd Herman, because everybody tells me that, why 587 00:32:03,359 --> 00:32:06,039 do I need to meet Todd? So we had the meeting, 588 00:32:06,160 --> 00:32:08,240 and I loved Tim from the moment I talked to him. 589 00:32:08,359 --> 00:32:10,759 He's a new retired Navy seals, so of course I 590 00:32:10,839 --> 00:32:13,319 love that he did three deployments, so of course I'm 591 00:32:13,359 --> 00:32:16,519 thankful for that. He was a BUDS instructor, so obviously 592 00:32:17,000 --> 00:32:20,000 great respect. The beg say God country team. And when 593 00:32:20,039 --> 00:32:22,720 the coffee came, I was praying to the Lord that 594 00:32:22,839 --> 00:32:25,759 it didn't suck. He didn't want to call the guy 595 00:32:25,759 --> 00:32:28,079 and go, hey, I love the branding, but the coffee sucks. 596 00:32:28,079 --> 00:32:30,200 And that's what a lot of these private label companies do. 597 00:32:30,240 --> 00:32:33,920 They sell garbage coffee. It doesn't because Tim doesn't cut corners. 598 00:32:34,480 --> 00:32:37,000 He hooked up with Dave Stewart, who's a coffee legend. 599 00:32:37,079 --> 00:32:40,640 He started Seattle's Best Coffee. That coffee company was so 600 00:32:40,839 --> 00:32:43,799 good that when Howard Schultz took Starbucks private, he was 601 00:32:43,920 --> 00:32:46,759 pretty much forced to buy it. So he's behind so 602 00:32:46,839 --> 00:32:49,559 many of the coffees and mentors Tim and the team. 603 00:32:49,720 --> 00:32:52,440 And Tim hires veterans whenever he can, works with veteran 604 00:32:52,440 --> 00:32:55,519 owned companies it's sample pack time. We got a bunch 605 00:32:55,519 --> 00:32:57,920 of new viewers and listeners who've never tried bone frogs. 606 00:32:58,000 --> 00:33:00,960 Or try this sample pack. Go to bone Frogcoffee dot 607 00:33:01,000 --> 00:33:04,440 com slash todd. It's six or eight six out samples 608 00:33:04,599 --> 00:33:07,279 a bone Frog or a six eight sample I can't remember, 609 00:33:07,519 --> 00:33:10,119 but try the sample pack. If you've already been buying 610 00:33:10,119 --> 00:33:12,319 bone Frog all this time, what has stopped you from 611 00:33:12,359 --> 00:33:14,720 saving fifteen percent? Why do you want to pay more 612 00:33:14,759 --> 00:33:17,480 for your bone Frog? You get fifteen percent off subscription 613 00:33:17,599 --> 00:33:21,759 coffee at Bonefrog Coffee dot com slash todd. FTX. This 614 00:33:21,960 --> 00:33:25,079 was the lady Carolyn Ellison who apparently liked to take 615 00:33:25,119 --> 00:33:30,079 the illegal psychotropics apparently and apparently have sex parties with 616 00:33:30,119 --> 00:33:34,279 Sam Bankman. Freed, She's been sentenced to two years in 617 00:33:34,400 --> 00:33:39,759 ordered to forfeit eleven billion dollars. She ran the Alimeter 618 00:33:39,839 --> 00:33:42,839 Research hedge fund associated with FTX and agreed to this 619 00:33:42,880 --> 00:33:46,839 plea deal. Judge Lewis Kaplan that name sounds familiar, and 620 00:33:46,880 --> 00:33:49,680 it should said, a literal get out of jail free 621 00:33:49,680 --> 00:33:52,119 card I can't agree to, as he sentenced to Ellison 622 00:33:52,119 --> 00:33:57,400 while praising her extensive cop Operation eleven billion dollars she 623 00:33:57,480 --> 00:34:00,319 has to forfeit Zach, she's been able to hold onto 624 00:34:00,359 --> 00:34:02,960 this eleven billion, does she have to forfeit the float? 625 00:34:03,519 --> 00:34:04,119 Speaker 4: I mean, did that? 626 00:34:04,759 --> 00:34:09,960 Speaker 3: Yeah, that's I saw that headline. I don't believe that 627 00:34:09,960 --> 00:34:12,360 there is still anywhere close to that amount of money. 628 00:34:12,519 --> 00:34:14,480 I think that's one of those legal things where that's 629 00:34:14,559 --> 00:34:19,719 like they're charging that. Basically, my suspicion is is that 630 00:34:19,760 --> 00:34:21,679 they're saying that that's the amount of funds that they 631 00:34:21,719 --> 00:34:25,239 want to recover as opposed to what she has, because 632 00:34:25,280 --> 00:34:28,639 my understanding is a lot of that just evaporated, right, 633 00:34:29,320 --> 00:34:31,800 So I'm not really sure. The one thing I will 634 00:34:31,840 --> 00:34:35,599 say though, reading that report is I just I'm I'm hoping, 635 00:34:35,639 --> 00:34:39,559 against all Hope Todd that there is no photograph or 636 00:34:39,639 --> 00:34:41,199 video evidence of those orgy. 637 00:34:43,199 --> 00:34:46,880 Speaker 1: That's that's my biggest right, But that's you concern for 638 00:34:46,920 --> 00:34:47,679 the people, right. 639 00:34:48,360 --> 00:34:51,960 Speaker 3: One hundred percent. There's things you can unsee, and that 640 00:34:52,000 --> 00:34:54,679 would be I would put that immediately in that category. 641 00:34:54,760 --> 00:34:57,719 Speaker 1: Okay, that's a fair assessment. I'll take care a fair assessment. 642 00:34:58,000 --> 00:35:03,480 Speaker 3: But as far as far as the h the crackdown 643 00:35:03,519 --> 00:35:11,039 on them, this is a this is this is a weird, 644 00:35:11,079 --> 00:35:14,079 complicated case, but it's complicated in the fact that it 645 00:35:14,119 --> 00:35:16,800 was allowed to be perpetrated in the first place, meaning 646 00:35:17,719 --> 00:35:19,679 the amount of people that were duped into it. I 647 00:35:20,519 --> 00:35:22,559 can't express, like people have asked you before, if you 648 00:35:22,599 --> 00:35:24,119 guys got caught up any of that. No. And the 649 00:35:24,159 --> 00:35:25,719 reason meaning to get caught up in any of it 650 00:35:25,760 --> 00:35:28,400 is because it had fraud written all over it. Meaning 651 00:35:29,320 --> 00:35:32,119 it reminded me so much of the go go days 652 00:35:32,360 --> 00:35:36,880 of the Vancouver Stock Exchange and the penny stock natural 653 00:35:36,920 --> 00:35:41,119 resource companies. That there were some legitimate, big companies that 654 00:35:41,199 --> 00:35:43,639 came out of that, but the vast majority of it 655 00:35:43,760 --> 00:35:47,320 was just nonsense, right, It was straight up odds right. 656 00:35:47,400 --> 00:35:50,119 Speaker 1: I seem to remember that FTX had this thing where 657 00:35:50,119 --> 00:35:53,480 they'd set up some weird corporate structure, part not for 658 00:35:53,559 --> 00:35:56,400 profit or nonprofit part profits. And then they had the 659 00:35:56,440 --> 00:35:59,719 Alameda thing, which was investing money that they weren't supposed 660 00:35:59,719 --> 00:36:01,320 to invest because it was client money where they were 661 00:36:01,360 --> 00:36:05,039 buying their digital coins, and they had this massive market cap. 662 00:36:05,039 --> 00:36:09,000 But then they did some very interesting loyally thing around 663 00:36:09,000 --> 00:36:10,719 their corporate structure where they didn't have to show their 664 00:36:10,719 --> 00:36:11,599 financial results. 665 00:36:12,239 --> 00:36:13,719 Speaker 3: Yeah. Well, part of it was just the fact that 666 00:36:13,800 --> 00:36:16,920 they were Behaman based. I mean they they didn't have 667 00:36:17,039 --> 00:36:19,199 date here to so you know, that's the first thing 668 00:36:19,199 --> 00:36:20,760 you sit there and go, why would you allow a 669 00:36:20,760 --> 00:36:23,880 financial institution to work or advertise inside the United States 670 00:36:23,880 --> 00:36:25,880 that isn't based in the United States. It's the subject 671 00:36:25,920 --> 00:36:27,280 to the United States financial rules? 672 00:36:27,360 --> 00:36:28,800 Speaker 1: Oh huh. 673 00:36:28,960 --> 00:36:31,920 Speaker 3: Well, the reason they did is because they had a 674 00:36:31,920 --> 00:36:35,000 lot of DC insiders in on the take in on 675 00:36:35,039 --> 00:36:38,400 the deal, right, it was the celebrities to who it was, 676 00:36:38,559 --> 00:36:42,000 you know, everybody, you know, all the right people were 677 00:36:42,039 --> 00:36:46,679 at that party. And so the reason she got let 678 00:36:46,960 --> 00:36:50,360 or the reason she got the big piece of that 679 00:36:50,960 --> 00:36:54,079 taken off, is she wasn't the brainchild behind it. She 680 00:36:54,119 --> 00:37:01,079 certainly helped perpetrate it. I don't think it's again due 681 00:37:01,119 --> 00:37:02,920 to the age of these people and where they came from, 682 00:37:03,000 --> 00:37:05,280 it's really hard to know what the motivation was. I 683 00:37:05,320 --> 00:37:07,440 think it's mixed. I think that there is a there's 684 00:37:07,559 --> 00:37:09,760 part of them that didn't realize what they were doing, 685 00:37:11,400 --> 00:37:14,159 that there was reckless kids, and then there's another part 686 00:37:14,199 --> 00:37:16,039 of it that I do think was purposeful, that they 687 00:37:16,079 --> 00:37:18,119 did have an understanding of what they were doing. But 688 00:37:19,159 --> 00:37:23,320 what what my first takeaway was actually a bit of surprise. 689 00:37:23,400 --> 00:37:25,719 If she's getting ten years, SBF is gonna get hit 690 00:37:25,719 --> 00:37:26,559 a lot harder. 691 00:37:26,679 --> 00:37:28,719 Speaker 1: Right, right, because she was turning on someone. 692 00:37:29,639 --> 00:37:32,360 Speaker 3: Yeah, well she was turning on him. I mean she's 693 00:37:32,360 --> 00:37:36,119 saying like a canary h right, So you know I 694 00:37:36,119 --> 00:37:39,039 I And that's not totally uncommon in a lot of 695 00:37:39,079 --> 00:37:41,719 these these financial deals, right, if you'll turn coat and 696 00:37:42,039 --> 00:37:44,199 be a part of state evidence, they'll cut you down 697 00:37:44,239 --> 00:37:47,400 a lot. The the the a lot of the a 698 00:37:47,400 --> 00:37:50,199 lot of the folks involved, including the people that advise 699 00:37:50,599 --> 00:37:55,039 on the on the prosecutorial prosecutorial side, we're advocating for 700 00:37:55,320 --> 00:37:59,519 to have two years of uh uh probation, not even 701 00:37:59,719 --> 00:38:03,880 in yeah, no jail time. So I actually, from the 702 00:38:03,920 --> 00:38:06,079 looks of it, it looks like the judge kind of 703 00:38:06,159 --> 00:38:08,639 hit her harder than anybody was expecting based on her 704 00:38:08,719 --> 00:38:11,840 level of participation in this. But I mean, you know, 705 00:38:11,920 --> 00:38:16,519 this was one of those that was I it was 706 00:38:16,559 --> 00:38:20,840 really weird to watch that whole thing to develop, because 707 00:38:21,280 --> 00:38:24,360 it if you got caught with and a lot of 708 00:38:24,400 --> 00:38:28,440 people did, and it's amazing how they've already whitewashed off 709 00:38:28,480 --> 00:38:31,519 that that evidence off their social media pages, all that 710 00:38:31,599 --> 00:38:34,599 kind of stuff, because if you bought into that fraud. 711 00:38:34,760 --> 00:38:38,079 I you know, I think you should automatically be xed 712 00:38:38,079 --> 00:38:43,679 out as a financial professional because the smell around it 713 00:38:43,800 --> 00:38:46,679 was so bad. You know, we were sitting there in 714 00:38:46,679 --> 00:38:49,960 real time telling our clients, no, do not touch this stuff. 715 00:38:50,800 --> 00:38:54,440 Their behavian based for a reason, they're operating outside the 716 00:38:54,440 --> 00:38:57,920 finance No, just don't it reeks. And I can't tell 717 00:38:57,920 --> 00:38:59,920 you which ones are frauds or which ones are legit. 718 00:39:00,400 --> 00:39:02,719 What I will tell you is the vast majority of 719 00:39:02,719 --> 00:39:05,360 these frauds, Yeah right, it just I mean, if it 720 00:39:05,400 --> 00:39:07,599 looks like a duck, walks like a duck, quacks like 721 00:39:07,639 --> 00:39:08,760 a duck, it's not a zebra. 722 00:39:09,119 --> 00:39:11,719 Speaker 1: So this is zero Hedge, my favorite site. You know 723 00:39:11,760 --> 00:39:17,079 they're always right because Tyler Jurden ersk there. This is 724 00:39:17,440 --> 00:39:20,559 offered by Charles Hugh Smith via of Two Minds blog. 725 00:39:21,119 --> 00:39:23,599 So the entire economy depends on the stock market going 726 00:39:23,719 --> 00:39:26,280 up as punters front run the Fed. And this is 727 00:39:26,320 --> 00:39:28,719 not only fine, it's optimal, the best arrangement the world 728 00:39:28,719 --> 00:39:31,840 has ever seen on which ethereal plane is this considered 729 00:39:31,880 --> 00:39:35,400 sane much less optimal the real world economy and neo 730 00:39:35,400 --> 00:39:39,280 feudal confection featuring a parasitic predatory nobility vacuum virtually all 731 00:39:39,320 --> 00:39:41,880 of the gains of the everything bubble, while the bottom 732 00:39:41,880 --> 00:39:45,239 eighty percent, some long in debt. Serfdom resigned to serving 733 00:39:45,239 --> 00:39:47,079 the top ten percent, who own ninety percent of the 734 00:39:47,119 --> 00:39:50,320 assets bubbling higher. Is cheetering on the precipice. Clinging to 735 00:39:50,360 --> 00:39:53,199 the wealth effect of soaring assets courtesy they Fed a 736 00:39:53,239 --> 00:39:56,880 reserve for its lifeline is well insane. Speaking of gas lighting, 737 00:39:57,159 --> 00:39:59,440 how many people do you know who call this arrangement 738 00:39:59,480 --> 00:40:02,760 by its real name, neo feudalism? No one? How many 739 00:40:02,800 --> 00:40:05,960 people are trendling with excitement because every time the FED 740 00:40:06,039 --> 00:40:09,400 cuts rates at or near the all time highs in 741 00:40:09,440 --> 00:40:12,400 the stock market, stocks were higher the next year twenty 742 00:40:12,519 --> 00:40:16,159 times out of twenty hundreds thousands, A great multitude, to 743 00:40:16,199 --> 00:40:20,519 be sure. So we'll explain this front running the fred's strategy, 744 00:40:20,679 --> 00:40:22,480 and why don't we just all give into this and 745 00:40:22,559 --> 00:40:24,159 just as this is our plan, we do the one 746 00:40:24,199 --> 00:40:26,519 pony game. I know it's risk management, we can't do that. 747 00:40:26,559 --> 00:40:28,079 But what is front running the FED? 748 00:40:29,199 --> 00:40:31,440 Speaker 3: Well, from running the FED is something we do here 749 00:40:31,599 --> 00:40:34,760 and you have to which is and this is something 750 00:40:34,760 --> 00:40:39,239 that I've been trying to tell people lately. And look, guys, 751 00:40:39,280 --> 00:40:40,760 this does not mean to go out and take a 752 00:40:40,760 --> 00:40:43,639 bunch of risk, because we all know the underpinnings of 753 00:40:43,679 --> 00:40:46,400 this are extraordinarily fragile. We know that this country is 754 00:40:46,440 --> 00:40:48,000 not in a good place. We know that we're not 755 00:40:48,079 --> 00:40:48,639 doing good things. 756 00:40:48,760 --> 00:40:49,840 Speaker 1: Kemil Harris is a plan. 757 00:40:50,480 --> 00:40:55,440 Speaker 3: Yeah, of course, Mamala is all right. It's like a 758 00:40:55,440 --> 00:40:57,920 new age twist on deer leader, right, like, it's just 759 00:40:58,599 --> 00:41:01,800 it's it's pretty sure. It's going to be illegal within 760 00:41:01,840 --> 00:41:03,400 two years to not have a picture of her hanging 761 00:41:03,440 --> 00:41:08,039 in your house. Right, so they get patrons, saint if 762 00:41:08,079 --> 00:41:11,920 you will, look it out the folks. But the. 763 00:41:14,760 --> 00:41:17,159 Speaker 1: So the front running the FED is something you guys do, 764 00:41:17,239 --> 00:41:19,000 it's not, but don't go take a bunch of risks. 765 00:41:19,000 --> 00:41:19,920 But here's what it is. 766 00:41:21,400 --> 00:41:25,119 Speaker 3: The underlying fundamentals of this economy don't look good, okay, 767 00:41:25,360 --> 00:41:27,199 but that's not what's driving it and hasn't been for 768 00:41:27,320 --> 00:41:30,079 some time. Okay, Right now, you have something going on 769 00:41:30,119 --> 00:41:33,400 that is historic, all right. That is we've got a 770 00:41:33,519 --> 00:41:38,119 US stock market at record his We've got US housing 771 00:41:38,159 --> 00:41:41,960 prices a record highs. You have record household wealth. Okay, 772 00:41:44,039 --> 00:41:45,559 Now we all know about the debt and deficits and 773 00:41:45,599 --> 00:41:48,199 all that kind of stuff. But never in the history 774 00:41:48,199 --> 00:41:53,440 of this country have you seen governments. Only one other 775 00:41:53,480 --> 00:41:55,800 time in history have we seen governments run deficits. By 776 00:41:55,840 --> 00:41:57,800 the way, the deficits cranked up again, you're back up 777 00:41:57,840 --> 00:42:00,599 to seven percent of GDP. You're not running at six 778 00:42:00,639 --> 00:42:03,320 and a half like we were, So now you're back 779 00:42:03,360 --> 00:42:05,320 up to seven percent. Only other time that happened in 780 00:42:05,360 --> 00:42:07,519 World War Two, and it's not even comparable because we 781 00:42:07,559 --> 00:42:10,760 had a fraction of the debt we have now. We 782 00:42:10,760 --> 00:42:13,360 were on the gold standard. So don't take any solace 783 00:42:13,400 --> 00:42:15,119 in the fact that we've been here before, because this 784 00:42:15,159 --> 00:42:20,280 backdrop is completely different, much more dangerous. But you've got 785 00:42:20,840 --> 00:42:23,159 all of those factors, not just the market at a 786 00:42:23,239 --> 00:42:27,800 record highs, but on ninety five you're looking at a 787 00:42:27,800 --> 00:42:30,519 market that the valuation is in the ninety fifth ninety 788 00:42:30,519 --> 00:42:33,679 six percentile. So you know, on a lot of records, 789 00:42:33,679 --> 00:42:36,400 we've never been more overvalued than we are now. On 790 00:42:36,639 --> 00:42:39,719 virtually every other record we're like top two or three. Right, So, 791 00:42:39,800 --> 00:42:42,840 I mean, you can make a very very logical argument, 792 00:42:43,159 --> 00:42:44,639 and it's very easy to do. I could do it 793 00:42:44,679 --> 00:42:47,599 in about ninety seconds. This is the most expensive stock 794 00:42:47,639 --> 00:42:51,880 market of all time. Okay, so in that environment, running 795 00:42:51,960 --> 00:42:56,719 seven percent deficits, now you're starting a rate cutting cycle. Okay. 796 00:42:57,639 --> 00:43:00,360 What we call front running the fat, or what he's 797 00:43:00,400 --> 00:43:03,800 referring to, is that we're buying up assets basically due 798 00:43:03,840 --> 00:43:08,039 to government and monetary policy as opposed to the efficacy 799 00:43:08,440 --> 00:43:11,760 or the or the bona fides, if you will, of 800 00:43:11,800 --> 00:43:15,760 the underlying investment is self. And the reason we're doing 801 00:43:15,840 --> 00:43:19,800 that is because it makes sense. And the reason it 802 00:43:19,840 --> 00:43:24,440 makes sense is we literally have to start thinking as 803 00:43:25,400 --> 00:43:29,360 deficits and the Federal Reserve pouring money into the system 804 00:43:29,440 --> 00:43:32,880 is the active degradation of the US dollar, meaning that 805 00:43:32,920 --> 00:43:37,480 any prices denominated in US dollars will go up by default. Right, 806 00:43:38,000 --> 00:43:40,679 And so this is what we've been telling people. Now 807 00:43:40,719 --> 00:43:44,599 again I'm talking about all the other dangerous things underlying 808 00:43:44,639 --> 00:43:47,239 the economy. The problem is that they're playing a shell game. 809 00:43:47,639 --> 00:43:49,960 And the problem with shell games is they always end, 810 00:43:49,960 --> 00:43:52,360 and they always end the same way. Right, So it's 811 00:43:52,480 --> 00:43:55,400 it's sort of like a shell game meets musical chairs, 812 00:43:55,480 --> 00:44:00,440 meaning right, I love that you have to run the 813 00:44:00,480 --> 00:44:02,400 FED to keep up with the rate of inflation to 814 00:44:02,440 --> 00:44:04,719 a certain degree because they're going to push up asset prices. 815 00:44:05,000 --> 00:44:06,719 But you also have to and I'm not saying this 816 00:44:06,840 --> 00:44:08,480 talking my book, but it's just a way that we've 817 00:44:08,480 --> 00:44:11,000 internalized it. You also have to have a constant risk 818 00:44:11,039 --> 00:44:14,280 management strategy because you know that what you're doing is 819 00:44:14,320 --> 00:44:16,880 you're playing a game that isn't based on reality, right, 820 00:44:16,920 --> 00:44:19,760 which means that at any moment, for reasons that we 821 00:44:19,800 --> 00:44:22,320 may not even be able to you know, foresee, at 822 00:44:22,320 --> 00:44:25,760 this point, the bottom can fall out, right because the 823 00:44:25,840 --> 00:44:28,400 underpinnings of it are not legitimate, right, They're not they're 824 00:44:28,400 --> 00:44:31,360 not they're not fundamentally based, and so you know that 825 00:44:31,760 --> 00:44:35,039 reality can evaporate in an extraordinarily short period of time. 826 00:44:35,440 --> 00:44:39,039 But one of the reasons that we've been very aggressive 827 00:44:39,320 --> 00:44:43,559 and are enjoying some really good runs on performance recently 828 00:44:43,960 --> 00:44:46,480 is from front running the FED, meaning you're looking at 829 00:44:46,480 --> 00:44:50,000 deficit spending and and and look, there is no guarantee 830 00:44:50,000 --> 00:44:52,079 in this game. But I will tell you this right now. 831 00:44:52,320 --> 00:44:55,280 If the stock market is not substantially higher at some 832 00:44:55,360 --> 00:44:57,639 point over the next twelve months, I will be shocked. 833 00:44:58,119 --> 00:45:00,000 And the reason I will be shocked is not because 834 00:45:00,159 --> 00:45:02,599 the health of the economy, not because of new thing, 835 00:45:02,880 --> 00:45:06,280 but just seven percent deficits in a rate cutting cycle. Man, 836 00:45:06,599 --> 00:45:11,400 I mean that flow of money is just so, and 837 00:45:11,679 --> 00:45:15,039 it's the equivalent. And I've tried to use this analogy. Right, Yes, 838 00:45:15,119 --> 00:45:17,960 you've got holes in a bathtub, but they just keep 839 00:45:18,000 --> 00:45:21,960 installing a bigger flow fawcet on there, right, And as 840 00:45:22,079 --> 00:45:24,960 long as the fawcet is flowing harder than the money's 841 00:45:25,039 --> 00:45:28,440 leaking out the holes, the level of that bathtub is 842 00:45:28,480 --> 00:45:29,440 going to continue to rise. 843 00:45:29,679 --> 00:45:32,840 Speaker 1: And this is what so many people at high incomes 844 00:45:32,880 --> 00:45:36,320 are betting their financial not futures, but good portion to 845 00:45:36,360 --> 00:45:39,639 the portfolio because you have to because when government's the 846 00:45:39,639 --> 00:45:41,599 big player, you got to run in the wake. And 847 00:45:41,679 --> 00:45:44,960 I would look at it this way. When you race 848 00:45:45,039 --> 00:45:48,320 stock cars, and when I started to race actual, real 849 00:45:48,440 --> 00:45:52,199 race cars, and someone explained to me why you draft. 850 00:45:53,840 --> 00:45:56,800 You do that because if you don't get outside the draft, 851 00:45:56,880 --> 00:45:59,199 this actually happens to you if you're racing at two 852 00:45:59,239 --> 00:46:01,440 to miles an hour. I wasn't, but I was racing 853 00:46:01,519 --> 00:46:03,440 that you know, one hundred and forty miles an hour, 854 00:46:04,440 --> 00:46:07,480 depending upon the shape of the car. If you pull 855 00:46:07,559 --> 00:46:10,280 outside that draft, you'll drop from two hut miles an 856 00:46:10,320 --> 00:46:15,079 hour to one hundred and ninety immediately because the lead 857 00:46:15,119 --> 00:46:17,360 cars are cutting the wind in front of you. They 858 00:46:17,400 --> 00:46:19,679 are just moving the wind out of the way. That 859 00:46:19,840 --> 00:46:22,599 lead car is the one that is spending the most energy. 860 00:46:22,880 --> 00:46:24,679 And then you get back third or fourth car in 861 00:46:24,719 --> 00:46:28,400 a tight draft. Right, you aren't expending a lot of 862 00:46:28,519 --> 00:46:31,519 energy because the wind resistance is above you and around you, 863 00:46:31,599 --> 00:46:32,679 and you have this pocket. 864 00:46:33,760 --> 00:46:35,440 Speaker 3: It actually sucks you. It pulls you. 865 00:46:35,599 --> 00:46:38,440 Speaker 1: Yeah, it is pulling you along except for the lead car. 866 00:46:38,920 --> 00:46:41,199 Lead cars making the bet that they can stay there 867 00:46:41,320 --> 00:46:43,639 and not run out of fuel. Everyone else is making 868 00:46:43,679 --> 00:46:46,960 a different bet. Then you can actually slingshot. You pull 869 00:46:47,119 --> 00:46:48,960 out of the draft a little bit and get a 870 00:46:49,000 --> 00:46:51,800 sling shot as you pass, and it can actually help 871 00:46:51,880 --> 00:46:55,119 propel you past the car to make a draft pass. 872 00:46:55,679 --> 00:46:57,800 But if you fall outside the draft, say you get 873 00:46:57,800 --> 00:46:59,920 a love you know, a love tap, and someone look 874 00:47:00,039 --> 00:47:02,320 taps you enough and you pull outside the draft, you 875 00:47:02,360 --> 00:47:05,800 don't lose one position. You're lucky to not lose five 876 00:47:05,880 --> 00:47:08,800 or six. Right, And if you ever doubt this, try 877 00:47:08,840 --> 00:47:11,079 getting behind the semi. I mean, be safe about this. 878 00:47:11,639 --> 00:47:13,079 But if you're ever in a windy thing and the 879 00:47:13,079 --> 00:47:15,400 winds coming at you, get behind the semi and find 880 00:47:15,400 --> 00:47:17,920 out how much easier it is to steer. So you 881 00:47:18,079 --> 00:47:20,519 have to do that when you're racing. I mean, apparently 882 00:47:20,760 --> 00:47:23,320 we have to do this with our economy because the 883 00:47:23,360 --> 00:47:26,199 FED is the major market maker, right otherwise you drop 884 00:47:26,239 --> 00:47:30,119 backslides and let's talk more about this theory of what 885 00:47:30,239 --> 00:47:32,119 the things we have to do. I thought it'd be 886 00:47:32,119 --> 00:47:34,599 a really interesting conversation for us next time things we 887 00:47:34,719 --> 00:47:36,760 have to do given what the government's done to the 888 00:47:36,760 --> 00:47:38,679 economy that we may not like, but we have to do. 889 00:47:39,039 --> 00:47:41,199 So we'll make the conversation less time. Always good that 890 00:47:41,320 --> 00:47:44,639 wise counsel. Zach Abraham miliarisgrader dot com. This is the 891 00:47:44,719 --> 00:47:47,639 Todd urmanshell. Please go, be well, be strong, be kind, 892 00:47:47,639 --> 00:47:50,400 Please make every effort to walk from the lave of Christ.