Speaker 1: All he did was announces keeping his word leaving the
separate country of Washington State because they came along and
finally did it, the illegal, unconstitutional income tax. Zach Abraham
has found out a lot of people are going to
pay attention to that good, bad and otherwise. He'll tell
us about his new experiences in the love of social
media land. We'll do that next, with the help of
Bulwark Capital Management and God Almighty.
Speaker 2: The Todd Herman Show is one hundred percent disapproved by
big pharma technocurrats in tyrone s everywhere from the high
d Mountains of Free America. Here's the Emerald City exile
Todd Herman.
Speaker 1: Today is the day the Lord has made, and these
are the times to which God has decided we shall live.
Joining me now, my friend and brother, Zach Abraham, Chief
Investment Officer, Bulwark Capital Management. Zach, welcome back from the
roads and welcome to social media fame. You got some
heat on your announcement that you're leaving the state.
Speaker 3: Uh huh, yeah, a little more, a little more attention
than I wanted.
Speaker 2: You know.
Speaker 3: One of the things I love about this job, you know,
especially if you're blessed enough to have it go well.
Speaker 4: For you is that.
Speaker 3: You can you can make a really incredible living, but
you can do it with very little visibility.
Speaker 4: You know. No, you know, nobody knows you are.
Speaker 1: You're the guy behind the guy behind the guy.
Speaker 4: Yeah, that kind of changed a little bit, you know.
Speaker 3: I so you know this about me, I can't help
but to jump in the fray, you know, like if
this is you know, so when it first, when this
first came down, I was like, I'm out and and
then I got contacted by a couple of guys and
contacted by some clients and friends and stuff like that,
and then kind of that kind of that mentality kicks
where you go, Okay, look, I'm not gonna stay here
for this, like I'm not, but I've got I've got
a year, about a year and three quarters to fight
this thing before it takes effect.
Speaker 1: Yep.
Speaker 3: And so I thought, you know what, this is my home,
where my family is. I think it deserves a like,
it deserves a fight on my behalf to see whatever
I can do. But but the one thing it is
for certain is I'm meeting with attorneys in the following
two weeks to begin the process of moving the business
outside of the state because I've got to you know,
they they they tore up the social contract man, they
violated the state constitution. And so as a business owner,
I'm sitting here going, look, I really hope you repeal
this tax so it can so I can stay here.
Speaker 4: But I have to move my business outside of the
state regardless. Yeah, I have to. I can't. I can't.
Speaker 3: I can't leave it here because I can't trust you,
right like, meaning the state Constitution is a contract that
we both agree to, right and I hold up my side,
you hold.
Speaker 4: Up your side. You just shredded it in front of me.
Speaker 1: We know when I made the misdecision to move over here.
You know, I've been doing radio morning drive radio from
Seattle for my bedroom and the management or degree that
I could do that. In fact, the program director, the
director of programming over the other program directors, Mike, actually
said Todd, you can work in Idaho as long as
you want, for the rest of your life. My agent
was on the phone comtextioner, did you get that, would you? Right?
So he was fine with that. We're having this conversation
and Kathy, who was the GM, said to me at
one point she goes Hey, by the way, Todd, how's
your search for a house in Seattle going? I said, oh, Kathy,
I'm not moving back. Oh well, we thought you were
moving back. No, there's no private property. I can't own
a house over there. There is such thing as private property,
because what are you talking about. And one of the
other executives came in and he's talking about the fact
that during COVID they didn't let people collect rent on
rental houses, and she goes, you're not moving back for that. No,
that's right. I mean I will. If you guys want
to buy a condo, I'll stay in it. You want
to pay me back for Airbnb, I'll do that. But no,
there's not a chance. In fact, I said, I'll buy
a trailer and do the Jim Rockford thing and park
it in the driveway of the radio station. But you
have to pay for security so that someone's not living
in it when I come back. That was a social
contract for me. It's different than you. But man, there's
one tweet I want to talk to you about. And
you experienced some things that most people never experience because
you said a thing and it touched some people in
the wrong way. And we'll talk about this with Zach
Abraham in just a second. Guys, I understand this thing
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n U E dot Healthcare. Zach Abraham, chief investment officer
Bowler Capital Management's been the guy behind the guy. But
you made this announcement that you were leaving a fall
I think it's a fallen state because of the breaking
of the social contract. You've called it the unconstitutional income tax.
And you encountered some things on social media that you
may not have encountered before, which is some level of
vitrol aimed at you, which I thought, I always think
is ungodly. And it started with some guy writing back
to you, going, yeah, good job patriot, Good job, red
blooded patriot. So how did that feel for you to
suddenly not be the guy behind the guy, but be
the guy way out in public.
Speaker 3: Yeah, I don't really like it. It's so it's not
the It's not you know, honestly, it's not the debate.
Speaker 4: I mean, like I said it, and I meant it right.
Speaker 3: I was on I was on our friend Brandy Cruise's show,
and I said, look, I got no problem if if
Bob Ferguson wanted to go out in public and compare
tax returns for the last five years and see who
gave not the biggest amounts charity, who gave the largest
percentage of their income to charity.
Speaker 4: I'll do it right.
Speaker 1: Now, right.
Speaker 4: I got no point, and I mean that.
Speaker 3: I still mean it today, So I don't have any
problem going out front. What I do have that what
bothered me was having to interface with people that are
and there's no there's really no other way to put it,
that are so ignorant and so stupid, and wading through
that intellectual morass and looking at them and they're so
convinced I'm the problem and check you know this, Todd
or you probably do. But I hate talking about this,
but because of this scenario, I think it is appropriate
and I've never I've really never spoken about it before.
But if you think it's greed, I gave away more
money last year than this tax will cost me. Okay,
it has nothing to do with that. But that was
a decision that I made with my money at places
that I thought it was best served. And one of
the hallmarks of what make what filled out that criteria
for me was that I was giving it in places
where a maximum amount of my end dollar.
Speaker 4: Would get to the end to the end result.
Speaker 3: Right where's opposed you look at government, it's the exact
inverse relationship.
Speaker 4: So there's this.
Speaker 3: The other narrative around here that has been extraordinarily frustrating
is there is this belief amongst the proletariat that quote
unquote rich people don't.
Speaker 4: Pay their fair share.
Speaker 3: Okay, so what what I've figured out, and this is
actually even more frustrating than the than the obvious stupidity
of that statement. But what they're actually referring to is
you'll hear them keep saying a tax system where billionaires
make less or pay less than teachers.
Speaker 4: Okay.
Speaker 3: What they're referring to is a either capital gains meaning
if you're a billionaire and you're not and you sold
your company, you're not making income, so you pay capital
gains tax on your assets.
Speaker 4: That's the same way it works for everybody.
Speaker 3: Okay, And they paid a ton of income building, they
paid a ton of income tax building that asset. So
but primarily what they're talking about is the carried interest loophole. Okay,
So like there are rich hedge fund managers that are
that are making a billion and a half dollars a
year and pay a lower effective tax rate than a teacher. Okay,
this tax doesn't do anything to address that. In fact,
it was Senate Democrats that shot down a bill that
would repeal the carried interest loophole in the last twelve months, right,
And so you look at them and go, guys, you're
talking about a non sequitor the people that you're saying
don't pay enough. My effective tax rate was forty one
percent last year. Find me a teacher in this country
that's paying thirty waite And here's the thing, forty one
percent taught. Did you hear me sitting there arguing that
I should have my taxes cut. Would I have liked it? Sure?
But I was gonna be fine with that, right, I
think it's excessive, but okay, I'll pay that. But now
you're coming after me. Now you're proposing a tax that
is illegal, that is a direct violation of the constitution,
that is a violation of the public will, which is
representative and eleven separate votes. Right in a very liberal state,
it's been shot down every single time. So now you're
violating the constitution to extort money.
Speaker 4: From me.
Speaker 3: That takes my effective tax rate north to fifty. And
you think I'm gonna say here and take it. No,
it's that's not ain't gonna happen.
Speaker 1: I had a conversation Zach. I mean you guys, you
guys run in the similar circle. And I asked him,
I mean he listens to my podcast. I go you
and I work with Zach Ebert and goes, yeah, I
love the shows you do with Zach, And I shared
with you. This guy's background, very unique way of building wealth.
Starting at the age of twenty one, really really brilliant
idea that he went around and purchased the kidney dialysis
machines from big cities during the AIDS crisis that Tony
Fauci helped bring about, and he purchased them for free
by he said he'd remove them for free, twenty one
years old, I'll get rid of these machines for you
for free because hospitals were panic. He got hundreds of them.
Then it wasn't a year later that they found out
you could clean them with bleach and they were perfectly safe.
And he then was reselling them one hundred percent markup
on everything. All he had to do is pay for storage.
He has done this time and again with recalled materials,
betting that oh you know what, they're not the recall
is not gonna last. He's built such wealth. He's an
angel investor and he parks a bunch of money with
VC funds. So he's a guy they'll turn two for
seed round investing and a little bit of value add okay,
just a very clever guys named Sean. And Sean said
to me, Todd, I want to get into the place
a good game in Washington State. I love it where
I live. I don't want to move, but I can't
pay this. He said. Here's the deal, though, Todd, I
want to get involved in politics, but I can't get
involved in anything related to the social issues, you know,
the so called trans stuff, the sex ed stuff, anything
related to that, marriage issues. I can't touch that because
of my family and friends. They're just one of those friends.
So how can I invest my money simply on the
fiscal issues? And I said to him, Sean, do you
understand these things are all connected? Do you understand that
you're talking about people who've made gods of government and
that they are in fact owned by them, that there
are people whose entire image self image relies upon the
identity politics of what government has done to them. So
you can maybe have a temporary victory, But Sean, you're
leaving eventually, And I wonder do you disagree that what
you're encountering Zach in terms of the proletariat, you said
the people who are misled, the people think billionaires don't
pay an attax. To what degree do you think you're
confronting people who've made gods of government?
Speaker 4: Oh?
Speaker 3: I think to a certain extent all of them. And
the reason why is I've had a couple rational and
reasonable exchanges with people that have that are on the
opposite side but have legitimate questions that that's been like
one or two.
Speaker 4: Yeah, yeah, right, yeah, But.
Speaker 3: I'd say virtually all of them.
Speaker 4: And you can hear it.
Speaker 3: You can hear it in the way that they talk,
because there's this, there's and you know the problem with
people like this is they never ask questions because I
think to have an ideology like that, I don't really
think it's possible to be an intellectually curious person, right,
meaning anybody that's steeped in ideology right like that, they
cannot be intellectually curious because if they were dangerous, you know,
you know, pretty much any ideologic facade that's built strictly
on ideological thoughts, right, if you pull it any thread
on it other than Christianity, it's going to come it's
going to come apart, right, right. And so when you
listen to them, there's sort of this what do you
mean you're not full of You're not for the cultural
panacea that is government spending, you know what I mean?
Speaker 2: Right?
Speaker 4: And you look at them and go, can you show
me where it's ever been a panas like, what are
you talking about? And where is this belief that? Where
is the.
Speaker 3: Evidence that there are core services that we need here
in the state that aren't being funded? And why is
it that you have confidence that this tax will fix that?
Speaker 2: Right?
Speaker 3: And so, from my perspective, when you believe something in
spite of all of the evidence, all of the empirical
data pointing in the opposite direction, the only thing that
you're left to think of is that this isn't an ideology,
this is a religion. Well, it's an ideology religion, same thing, right?
And oh yeah, and who is the deity in that?
Who is the omniscient presence that fixes everything, and we're
all better off rendering our capital too. It's government, right,
we alter on the we alter, We issue our sacrifices
on the altar of taxes as opposed to the holy holies. Right,
you just keep you keep switching the stuff around, and
you see it socially too, right, But yeah, I think
I think government is the god.
Speaker 1: Well, so this is a piece that I was trying
to communicate to my friend Sean is brother. You live
in a state where it is almost illegal to say
that a man is not a woman, and people believe this.
You live in a state where people believe. But wait,
if we give him more fetanyl you know, the problem
is people are still buying street fetanyl if and street
meth and street if we just gave them clean heroin,
like we gave them clean needles and okay, so maybe
that's not working. Maybe we should make sure that they
shoot up in a government facility then it will work.
And we're still arresting. Why we're putting teenage in jail.
There should be no youth prisons. You know the problem
is this this crime cycle. We keep putting people in
prison and that doesn't work. We need to have no
youth prisons. And when you're dealing with that, you talked
about this as as a worship of a false faith.
You know, christ Es is being the only, the way,
the truth, and the life. But I'm trying to say
to Sean, Sean, and you may win a temporary victory
in getting the income tax undone, but do you understand
that when people have given their heart, mind, soul and
strength to bureaucracy, and bureaucracy depends upon breaking them by
having them worship lies, it's just a matter of time
before something worse than the income tax comes along, Like
how about this, We're going to make you open up
your house to people you don't know. You think they
can't do that, They're doing it in England. You have
to take borders.
Speaker 4: On yeah, yeah, no.
Speaker 3: Look and to illustrate your point, and I think this
is a it's a little bit nuanced, but bear with
me here because I think this perfectly illustrates the lack
of intellectual curiosity the faith required.
Speaker 4: So the whole way along.
Speaker 3: Now they've played some they've played some you know, gotcha
games and some shell games, but the base, the whole
thing that Ferguson was talking about the whole time about
the justification or the use of this tax was to
provide before school and after school meals for every child
in the state of Washington.
Speaker 4: Yeah, that's what he was saying. Okay, now, if.
Speaker 3: You'll stop for a second and deploy some intellectual curiosity.
If you offered before and after school meals every kid
in Washington, what do you think the percentage of takers
would be?
Speaker 1: Share every kid?
Speaker 3: No, No, If you're talking public school, I'd say you're
probably looking at a lot of kids are getting picked
up right after school by their parents, so they don't
need it, right, A lot of kids are getting dropped
off by their parents, they don't need it. A lot
of high school a lot of parents won't want their
kids eating it. I say probably forty percent of kids
maybe would take advantage that, maybe less. Yeah, okay, so
you're preparing a bill that will pay for one hundred
percent of kids in the state. What projection even gets
you anywhere close to that number. It's ridiculous on the
face of it to think that anywhere close even eighty.
Speaker 4: Percent of kids would take advantage of that program. It's nuts.
It just they wouldn't.
Speaker 1: But then if they did, and this is where I
would extend it to, and let's say they did. Let's
say one hundred percent of kids where all of a
sudden eating food from the hand of government, that that
they're eating breakfast because in some of these states, Zach,
they have breakfast, lunch, and dinner at the schools, even
during the summer.
Speaker 4: Yeah.
Speaker 1: So now let's extend this thing about you know, my
friend Sean, Oh, I just want to fight the income tax. Sean,
You're up against people who want to fight the family. Yeah,
you're up against people who are creating funds to break
up the family. And Guys, if you're investing in politics
and you hope to win in Washington State or any
of these fallen states, you better understand winning a battle
over nine percent or ten percent increase in taxes will
not win you the war. You're gonna end up leaving
for something else.
Speaker 4: Yeah.
Speaker 3: Yes, and I know that right, like the days my
day's here numbered like one way or the other, right,
just because they're not going to stop.
Speaker 2: Right.
Speaker 4: So my goal, my preferred.
Speaker 3: Way that I hope this rolls out is that I
hope I can maintain a home here that I spend
some time at over the course of a year, but
eventually I don't see any way around that other than
And the point I was making earlier, and like I said,
it's a little bit nuanced, but the point I was
making earlier is that nobody even asks that question, like
what is the least likely amount of kids in the
state to take up that service?
Speaker 4: One hundred percent? You're not going to get anywhere close to.
Speaker 3: That amount, okay, So then the next question is, okay,
so for not getting anywhere close to that, why would
we be preparing a taxation policy that big enough and
onerous enough to fund that Because it's not for that.
And then you read through the bill and you realize
nothing's ear marked. The tax goes directly into the general fund.
There is no obligatory place they're going to spend it.
So my whole point is they're lying to you. They
lie to you repeatedly, And if somebody is lying to you,
then why would you listen to anything they say. It
just defies logic, unless unless you're in a church and
the pastor says that right, and then you gotta go
along with it.
Speaker 4: It's part of your doctrine.
Speaker 1: If it's a bad church, right, right, if it's a
false church or heretical church, or in this case, a
church that's worshiping Babylon. I'm sorry they are worshiping Babylon.
Speaker 4: Yep.
Speaker 1: You taught me that you in college studied the moral
decline of a nation is tied to its fiscal decline.
Decline morally, decline fiscally. And this is the other thing
that I argue. It's, my friend, Sean Sean, you are
dealing with people who funded, while they were doing tax cuts,
tax increases and pretending they didn't have budget for school lunches,
they funded a thing called in oh, oh gosh, I'm
gonna be careful here. It's called River City Jacks, and
I need to be very careful about what they do.
It's effectively a sex club for men who can't find
even male dates, okay, and they funded through an arts program.
Taxpayer money went to this. And I'm saying to my
friend Sean Sean, when they are willing to back that
while pretending they don't have money for school lunches, tell
me again that you were going to win some kind
of permanent victory by overturning an income tax. Tell me
that you are not dealing with Babylon. Tell me you're
not dealing with the Roman Empire. Again, you studied this, Zach.
The moral decline of a country always leads to the
fiscal decline. Is that correct? Still?
Speaker 4: Absolutely?
Speaker 3: Because and the reason that it, the reason it happens
is really easy to understand, right, fiscal infidelity on a
government level, because if you think about it, like, what
is the primary job, like, what is the primary job
description of a public servant? It is to be a
steward of public funds. Okay, when your morality no longer
requires that of you personally, right, when when you are
knowingly doing things that are compromising the long term health
of the fiscal health of the society or the culture,
or the y or the community that you live in.
Speaker 1: For that matter, you as a fiduciary at bulwork, if
you are doing knowingly doing things that harm your clients.
Speaker 3: Yeah, So what I'm saying is, I think it's I
think it's kind of the other way around. I think
the moral decline precedes the financial decline. But they are married,
and they and their sidecars to each other. Because if
you do not have morals like all flip it around
this way. Would you do a business deal with a
guy you knew cheated on his wife serially, I wouldn't
know if she can't trust him, how in the world
could I? Right, like Wren Buffett says, every deal should
be able to be in a four page document. Somebody
went really yeah, and he goes because if we do fifty,
I'm always gonna wonder if I needed fifty one? Right, Right,
So when you when you start violating that your own morality,
then everything becomes accessible and everything becomes justifiable because you're
no longer bound by any any rules, you're no longer
right like you've you've cast off all all morality and
all the the you know, in the definition of morality
is personally going without or exercising personal restraint. So when
you're not doing that in one area of your life,
you're not gonna do it in every area of your life, right.
Speaker 4: It just that's the way.
Speaker 3: That's the way it works, right, So, like you and
I both know, and that's why that see a guy
that's serially cheating on his wife, I guarantee you don't
want to be in business with him.
Speaker 1: Well, and then you've spoken as well about the way,
the Lord has blessed you and your wife to be
able to help. And this is the other part that
I talk about with people, and this is divorced from
my friend Sean in that conversation. I firmly believe that
money received as a charitable act people who know they're
getting something from the kindness of it's art or even better, yet,
because people love Jesus, they're giving it to them. They
receive a Bible with the gift, they receive a prayer
with the gift. They understand someone chose to give this
to me. I think that is better than getting tax
dollars morally, spiritually, mentally, and I believe the act of
giving because we recognize this is not mine. In any case,
God blessed me with this is superior to having it
taken and laundered through government. Is better for both people.
But government doesn't want that.
Speaker 4: Do you know the name of it? Do you know
the name Rick Steves?
Speaker 1: Yes, Rick Steves is a filmmaker. I actually did a
deal with and did some work with. Nice enough guy.
But I saw what he said. He wants more money
taken from him.
Speaker 4: And he said, and he said, you know this would
crack me up.
Speaker 3: He said, those of us that recognize the need for
the public good, right, we're okay with this. And I
responded and I go, no, no, no, Rick, you're mistaken.
Those of us that have a desire to recognize the
public good, we already give money. It's called charity, okay.
So if what you're advocating for is moral coercion, that
ain't charity, man, So maybe you should start giving money,
because that's what I do. And that's why I'm saying
I think this tax is one of the reasons is
on top of it being illegal, ty.
Speaker 4: Yeah, it's people that actually care about the public good.
Speaker 3: No, Rick, if you care about the public good, you
were already giving okay, right, like just period, full stop.
And you just sit there look at those people and go, oh,
you're a good person because it required government coercion for
you to pay.
Speaker 4: Yeah, good job, exactly job.
Speaker 1: And by the way, don't think that the recipients of
government aid are blind to the fact that it was
given to them by force. And this is a part
that is so different. I have been on government cheese.
When my mom went through a tough time, Dad was
not paying shot support. She took advantage of government cheese. Ay,
it's in Washington State. It's incredible cheese. It comes from
Washington State University. Don't tell me it's not great cheese.
It's cougar cheese. Baby, but b I was shamed, intruly,
someone was forced to buy us this cheese. My mom
when she took the food stamps out, she's to remember
this is because of government. And my mom thought she
was making a good moral point. This is a program
of government to help us eat. And I would look
at that and say no, that's a force of buying
us and it's something that someone was forced to give us.
So again, reflect upon if you're going to fight this
political battle, I say fight, it's for God. And how
would God do something like this? He would have us
give out of our hearts, be joyful givers rather than
being forced to give. And we'll continue this with Zach Abraham,
Chief Investment Officer, A Bulwark Aple to management the New Month,
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subscription coffee. So Zach, we're talking about morality, and we're
talking about the shifting morality, and I can't get away
from a couple of things that's happened in the news
this week. Number one, the layoffs at Oracle, thirty thousand
people gone. Number two, I just saw a robot that
draws blood and plugs in ivs and it's projected there's
gonna be no more nurses that do that. That's a
profession that's gone. Just said he gives it two years
until we don't have any more surgeons. And then I
saw this with Jensen Huang talking about this, this this
idea that we're gonna have one robot for every person.
Watch this Ultimately one for one.
Speaker 3: Elon seems to think we're gonna have one robot for
every human seven billion, for seven billion, eight billion for
eight billion.
Speaker 1: Well I'm hoping more, Yeah, I'm hoping more. Yeah.
Speaker 3: Well, first of all, there's a whole bunch of robots
that are going to be in factories working around the clock.
Speaker 1: There's gonna be a whole.
Speaker 3: Bunch of factory robots that that don't move, they move
a little bit.
Speaker 4: Almost everything will be robotic.
Speaker 1: What is the world look like?
Speaker 4: Sorry, let me say I think like this is one
of the robotics for me, is one of the pieces
that I think unlocked economic mobility opportunities for every individual.
Speaker 1: Okay, So Jensen Wang, by the way, he is the
CEO of Nvidia, as you know, that's not an overvalued
company at all. A thing like that. And then this
other guy's coming in and saying this unloads this uploads
or loosens up canomic mobility for people. I'm sorry, But
if I went to school to be a nurse, and
I'm an expert at drawing blood and starting IVS and
I've taught other nurses to do that, and now robots
do that is my is my economic mobility then the
opportunity to go back to school and get a more
advanced medical degree and then have robots take that job.
That's not true. This is not loosening or opening up
economic mobility people, Or am I wrong? Is it actually
doing that?
Speaker 2: Well?
Speaker 3: I I think I understand what he's talking about, But
in my opinion, economic mobility is not the right term, right,
meaning he's talking about it in a UBI from from
that brief clip I heard, I'm assuming that what he
means is a UBI context, meaning that when you consider
if let's assume for a second that the proliferation of
robots is as widened as far spread and is you know,
as oh, you know, just just if it proliferates as
wide as these guys are saying it.
Speaker 4: Yes, right, if.
Speaker 3: That occurs, you're going to have to institute If that occurs,
you're going to have to institute some type of really
large tax on those people, because it would be an
absolute devastating economic event right there. It would not open
up economic mobility unless you have something like a UBI
in place.
Speaker 1: Would basic income?
Speaker 4: Yeah? Yeah?
Speaker 3: And just because I mean, like you just said it, now,
the one thing to keep in mind, I think Elon
Musk is one of the most brilliant people to ever live. Okay,
but Elon Musk is notorious for one thing or not notorious.
But Elon's timetables are never realistic.
Speaker 4: Okay.
Speaker 3: So if he says two years, think to yourself, maybe
six to eight, right, if.
Speaker 1: He's symptomous for hyping stocks and hyping things he owns,
and then for going out and having women having babies
with young women who doesn't intend to marry, which is
hype something.
Speaker 4: Else true, But yeah, okay, so but even six to eight.
Speaker 1: Years, there's no more surgeons.
Speaker 3: Yeah, so I don't. I think that that's a ridiculous statement, Okay,
And I think that the reason why is there's a
lot of surgical there's a lot of robotic surgeries right now,
right and you always have them overseen or watched over
I know a guy that actually teaches robotic surgery is
a surgeon, and you know, you're you always got somebody working,
like I think a lot of people are. This is
going to be more of a transition that takes a
longer time, in my opinion, and I think it's going
to be more of a transition that will the transition.
I think will take a lot longer than the technology
needs it to.
Speaker 4: If that makes sense.
Speaker 3: Yeah, meaning just I don't think people are gonna want
to walk into a room and just have a just
have a robot standing.
Speaker 1: On the okay, But this is true with airplanes.
Speaker 2: Now.
Speaker 1: There are people you know this, you're an expert. You
you called Boeing ten years ago with what was going
to happen. You predicted these safety issues, and they should
have listened to you. But you know this that we
don't that people who run airlines would tell you we
don't need human pilots. We have them there for your
emotional comfort, period, but we don't need them. They fully
believe that. I guess they think taking off is harder
than landing or something. But this is for our emotional
safety right now. And I think that there's this human
safety of having being greeted by human when you walk
into a hospital. But I mean that could frankly be
someone who greets you at a movie theater, you know,
when they check your ticket or your phone. They don't
really need that, but it's the human touch, and it's
cheap because it's minimum wage. But that's where we're headed
in this hostile experience, or you think it's basically eighty
percent hype.
Speaker 4: I think the timeline is eighty okay, hype. Right now.
Speaker 3: The other part of this, too, is that we need
to really look at how AI progresses, because there is
a lot of certainty being talked about around AI that
I don't think is warranted.
Speaker 4: Meaning is it impressive? Of course?
Speaker 3: Is it opening up a whole new level of technology,
a whole new.
Speaker 4: Layer, yes? Is it? Is it AI? Is it artificial intelligence? No?
Not at this point.
Speaker 1: It's a very spisticated search algorithm.
Speaker 4: Yeah.
Speaker 3: Why because it isn't capable of generating its own synthesis
without outside input, right, meaning meaning, now can it take
some things it gets? Yes, but human beings are able
to with no outside input. Mozart sat down to a
piano at three years old in plate. Hey, AI can't
do that, not unless it's not unless it's taught how
to write.
Speaker 2: Right.
Speaker 1: You could write the fanciest program in the world, but
without seeding it with human intelligence. Ay, that can't be
done because humans write the programs.
Speaker 4: For now.
Speaker 1: Right, Let's say that the most brilliant A in the
world created the most brilliant AI in the world, but
didn't give it access to any human knowledge base like
chat GBT is basically stolen every book ever created. Some
scientists figured out that they've actually stolen the full tech
if every book ever published.
Speaker 4: Yeah, yeah, so he didn't pay anywhereyalties for it.
Speaker 1: Incredible swindle. But it's a nonprofit. It's for human good.
As you remember open API. It's a nonprofit for human good.
Speaker 4: It's not open anymore. By the way, Oh, I noticed
that right away.
Speaker 1: I noticed that. So aren't we if we say, and
you're saying, if this did happen, we'd need a universal
basic income. Couldn't you have economic purists come back? Oh no, no, no,
you're saying the pies set at a certain size, and
you're now arguing zero sum game. And this isn't how
economist sick of this? Is AI that different perspectively if
it actually does become the thing that they promise it
can be independently intelligent taking all these jobs. Is it
that disruptive that it is no longer rational to say
we're on the side of you know, we're arguing that
all boats lift in an economic you know wave, et cetera.
Or are we now the sudden people going no, No,
the pie gets smaller set at the size.
Speaker 4: So I think that the I think that the truth
lies somewhere in the middle.
Speaker 3: Okay, and I don't and I don't mean that as
a cop out, but let me so we have history
is replete with examples of this. With every dawning of
a great new technology has been the fear that there's
gonna be no need for human like And we can
go as far back as the automobile buggy whip makers, right,
Like the term buggy whips, you know that is like
that's turned into an economic term that this is you
know this, it's so it's so widely spread and well known.
So anytime we have a new technology, regardless of what
it looks like, in the back of your mind, you
need to think to yourself, regardless of what people are saying,
this will not be as disruptive and or destructive to
the job market and to the economy as we think.
Speaker 4: Okay, So that's one. Now on the flip side of
that argument.
Speaker 3: If we look at really, if we look at previous
real technological jumps, they were more forced multipliers, right, meaning,
what was the real magic of an automobile If you
had a livery service for everything.
Speaker 4: You could instantly three x the areas that you covered and.
Speaker 1: Really state, right, all of a sudden, it was okay
to build a retail facility a half hour from a
neighborhood versus right right around the corner.
Speaker 3: Right, yeah, right, And so so there there were that, right,
like the guys that made buggy whips and the guys
that made buggies lost their jobs. At the same time,
there were a lot of these other things that were
opened up that offset that.
Speaker 2: Right.
Speaker 3: What does make this unique is that this technology is
aimed directly at replacing human beings.
Speaker 1: Right.
Speaker 3: So that's why I said, look, I think that the
worst case scenario, the Elon Musk scenarios to dour. I
think the people that are saying no, it's just like
every other technological advance in the past, I think that's
I think that's too optimistic. And again I just I
would sit there and go, look, the point of the
automobile was to replace horses, not human beings, right period, right, Right,
So this is unique because the purpose of it is
to replace human beings.
Speaker 4: That's the underlying value of it.
Speaker 3: That's why you see tech companies laying people off, right,
that's the value of this deal, so it eventually I
think the smartest way to feed this in is to
do it gradually over time. And I think a lot
more people are going to work in concert with meaning
there's gonna be jobs and businesses that open up that
will only be viable because of robots. For like, for instance,
you could have a guy running a small plumbing business
that with the help of three robots, he can take
on larger jobs now and doesn't have to pay this
owner's tax and doesn't have to pay all this other
kind of stuff. Right, So there will be added benefits
as well, and I think that that's getting I think
that's getting kind of looked past.
Speaker 4: But is this going to reorder and restructure the way
labor markets work? And I think this will be the
biggest disruption to modern labor markets we've ever seen.
Speaker 1: I couldn't agree more and I want to close this
off today was something that we can both kind of
take joyet and a little bit of humor. Let me
just tell you this. We for years have been promoting
a soap company called Alan's and we took a break.
And it wasn't because we stopped working with the soap
company at all. It's because John, who ran the company,
went to the Lord Jesus. Yeah, yeah, you know that
was like five weeks ago.
Speaker 4: I didn't know that.
Speaker 1: Yeah, And John went to the Lord. His wife, Tina
is now running the company, and John did everything he
could to hand it off well to her. We're really
trying to get her to get a good head start
on this. She's put together. A bundle is John's favorite bundle.
This is the original for soaps that got the company started.
The mission of the company is to employ people like Alan,
John and Tina's son, and Alan is thirteen. He's been
through eighteen operations. He's effectively nonverbal, high up on the
autistman spectrum. He works there and he truly works there. Packaging,
quality control. He invented a lot of these fragrances. So
in this bundle you get watermelon, basil, vanilla, lime, cedarwood, jasmine, lavender,
Rosemary is thrown in a sisal pouch for everyday youse.
So number one, if you're a subscriber to Allan's, will
you purchase this to honor John. It's a great, great,
great package. Secondly, if you're new to this, these people
walk with the Lord. They do this because they want
the soap to be the best in the world, and
it is. It's made in America. You will never find
a chemical in this period. It's made by family. You
could go visit their facility in the Midwest. And they
do this because it's about employing people like Allen and
his brother Ian and other young people. As we turn
in the corner, she's working hard to keep the company
afloat and the company was on the precipice, a big
success in retail settings, et cetera. You made that happen.
We need you, but you also need soap, so it's
a win win. Alan Soaps dot Com slash Todd promo
code tod will get your temperess on off. Alan Soaps
dot Com slash Todd. You saw this, guys, you gotta
watch this. This is brilliant exposing of DC. Some guys
go to Washington, d C. And they're walking around into
Nancy Pelosi's office and they're there to present for an award.
I think office.
Speaker 5: Oh yeah, you can't inside your trade either.
Speaker 1: Hello, this is sorry. We'd email.
Speaker 5: We came all the way from Milwaukee to present different
people with awards.
Speaker 1: It's such a remarkable award.
Speaker 5: We think about people that have been public servants for
a long time, like, what since nineteen eighty seven, we're
giving our lifetime achievement award in trading? The return she's
gotten better than hedgephones for so many years is so
remark boards the.
Speaker 1: Lady is no one's amused time the Americans. So recording
is not allow, oh is it?
Speaker 3: Well?
Speaker 5: Inside our tradeing is not allowed either, So Nancy, this
one big shot out man for you.
Speaker 1: Nancy, are great. We're gonna do the numbers, guys.
Speaker 5: So she came into Congress at nineteen eighty seven worth
three million bucks worth now three hundred seventeen million.
Speaker 1: I think this.
Speaker 5: Oh yeah, you can't inside your trade either.
Speaker 1: This is not.
Speaker 5: Okay, So whatever footage you have to the office has.
Speaker 1: To be deleted.
Speaker 5: Fine, yeah, this all life fine inside the office.
Speaker 1: Okay. She like doesn't own any socks, she doesn't own
your stocks.
Speaker 5: Her husband, Yeah, her husband owns all the stocks.
Speaker 4: That's right.
Speaker 1: That's who it is that her folks are common. Excuse
you hear from politicians. It's incredible, Zach. I love, I
love their approach to this. And what does that say
to you that this young guy comes out twenty six,
twenty seven years old. You have to delete all the
footage you shot.
Speaker 3: Well, and then it's the defense is it's she doesn't
own any stocks, it's her husband's name.
Speaker 4: Let me just let me just tell you how ridiculous
that is.
Speaker 3: I could go to jail if it was a friend
of mine that I was associated with one time in
college and haven't seen in fifteen years. The idea that
because it's her husband, I'm just.
Speaker 4: Like, how?
Speaker 3: And then I want to look at the people that
are defending her and go, how, come on, you're not
that stupid. You're telling me her husband just has the
ability to compound cash at a thirty percent greater clip
than the best to ever do it. I'm talking Stan
Druckenmiller and Warren Buffett. Okay, why doesn't he run an
investment from then? Because they clearly care about money, right
or they would need to keep investing their stocks and
their three hundred million. So if he loves money so much,
why doesn't he open a fund? I'll move Bullward client
money to that sucker right now. Oh oh it's because, oh,
because now that would make you too, that'd be too visible.
Right now, you'd be a hedge fund. It's just corruption.
It's out and out, flat out corruption. And I'll tell
you what, if we find any anytime we see the
Conservatives doing the same thing, my attitude does.
Speaker 4: I want to pin them to the wall.
Speaker 3: Right, If you're a Republican you're pull in this garbage,
I want you stapled to the wall.
Speaker 1: I have this new standard for myself. It's not blue,
it's not red. It's not Republican, Democrat, conservative, liberal. Here's
my standard. Is it biblical?
Speaker 4: Yep? Agreed?
Speaker 1: And if we were to look at our society that way,
at our lives that way, is it biblical? This is
how I want to look at every news event. I
want to look at every happening in the world. Is
it biblical? That's all that matters to me. And know
in fact, stealing from the taxpayer, lording your power over others,
displaying the fact that you covet being deceptive, all those
things not biblical.
Speaker 2: No.
Speaker 3: Here, And I'm so glad you said that, man, because
if being a part of any movement requires me to
either accept or reiterate something that I know isn't true. Yeah,
I don't care what you tell me.
Speaker 4: The stakes are.
Speaker 3: If I don't, I do not believe that we are bound,
meaning I think that the fear in my opinion personally speaking,
I think the fear of God should supersede the fear.
Speaker 4: Of any man made institution.
Speaker 3: Meaning the priority in my opinion is backwards, meaning the
first priority you should have is don't take him off
right and have a healthy fear of him. And I
am far more concerned about him saying that I'm on
the right side of things than I am.
Speaker 4: Any political any political movement.
Speaker 3: And if that castigates me from some people, if that
convinces me some people that I'm not on their team,
that's fine. But I'm not going to lie for anybody,
and I'm not going to misrepresent what I believe to
be the truth.
Speaker 1: Love that I've thought about this, and this is a
new interpretation for me. When Jesus is with conscious pilot,
and conscious pilot says, don't you know I have the
authority of life over death of you, that I have
the control over that, And it's you know, Jesus says,
you have no control of me. But that which my
father grants, that's been interpreted for Jesus saying you have
no control over me, but that which my father grants.
It's been interpreted as Jesus saying very calmly, well, you
have no control over me. But that which my father
grants an interpretation, and it's almost the interpretation to Jesus.
Look at him, going to bless your little noggin.
Speaker 4: That much.
Speaker 1: My father grants grin and Adam smiling at him, winking
at him like and wouldn't that freak you? The guy
who's about to resurrect himself gives you a wink and
you get no power for that me, but which my
father grants. Ha ha.
Speaker 3: Well, funny story about that, I think you and I
talked about this on the show. I heard an interview
from a from a minister that wrote a book that
was really popular that was contacted by Jim Baker in
prison and went and spoke to Jim Baker and said
to him.
Speaker 4: He goes, Jim, how does a guy go off the
rails like you did? Like you did?
Speaker 3: You quit loving Jesus at some point, And Jim goes, no,
never quit loving Jesus. He goes, the problem is I
quit fearing it, right, And the fear of the Lord
is the beginning of knowledge. Right, Yeah, and that is man.
It makes me tingle. It makes my skin a little
tingle when I think about it, because, yes, man, he
is a loving father, full of grace, full of forgiveness.
But with that, with that, he's full of graceful of forgiveness.
If you choose not to accept that, he's also full
of disciplined.
Speaker 1: Oh, totally agree. I was watching a video. It's one
of those really aggravating videos this woman put up where
she was. She got the huge TikTok hits because she
said black woman being drug out of her car by
a white cop. And she puts up the twenty second version.
Now the fifteen minute versions released, and this is where
the officer is incredibly polite to her. You were going
forty five in a school zone and he's in club. Repolite.
She does not, She won't sign the ticket. Then he says,
that's fine, I'll just note refused hands with the piece
of paper. She throws it on the ground. He says, okay,
that's littering. Now you're being charged with littering and I
need you get out of the car. I'm not getting
out of the car. You can't make me. I don't
know I'm not afraid of you, ma'am. Please get out
of the car, Zach. It's ten minutes of this officer saying,
is there anything I can do to get you to comply?
Call your supervisor, ma'am, I'm the supervisor on duty. Get
out of your car. Nope. And then he opens the door.
She's screaming at him, and he has his hands on her.
She says, don't you touch me. And then she says,
I'll take the ticket, give me back the ticket, I'll
take it now, and he says that time is over.
Speaker 4: Yep, that passed.
Speaker 1: Now you're resisting arrest. I hope that people who have
not made the decision for the Lord Jesus, or who
are far from him will remember all that grace, all
that mercy he is. That he is grace, he is mercy,
he is truth, he is the way, he is the life.
He's all those things. And there comes a time where
you'll be in front of Jesus and you say, but
now I get it. Now I'll serve, and Jesus has
to say I don't know you. Yeah, I'm sorry, and
that that option is not available anymore. What options are available?
Only one tot gotta suck and the words of Puddy
from Seinfeld. Remember that when when she found Christian music
on a PuTTY's card he said, she said, you kept
going to hell. You remember what put He said, Yeah,
that's right. Then he goes, yeah, yeah, it's get me rough, Yes,
give me rough.
Speaker 4: I love that guy, right, that's right, Yeah.
Speaker 2: That's right.
Speaker 1: That's so good, brother. Thank you for joining us. Great
to get wise counsel Zach Abraham. You can go check
him out at Know Your Risk podcast dot com. That's
his podcast lives. But of course I can't say more
because then I'd have to say that whole thing, Know
Your Risk podcast dot com. This is the Todd Herbertshaw.
Please go, be well, be strong, be kind, and please
make every effort to walk in the light of Christ.