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Speaker 1: One of the things that's crazy that nobody's really talking

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about is a huge amount of credit, that credit card

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debt that people have right now. It's at all time

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pise and you have companies like door Dash that are

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starting to finance their food purchases and people combating inflation

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with financing their food and its crazy. And at a

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certain point in time, I mean this, this bubble is

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gonna pop.

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Speaker 2: You're listening to Carrie Letz's Financial Survival Network, where you

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get valuable information you just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Carrie lets Hey, we're just

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here on October second. We got some job numbers out.

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We've got some economic numbers out. Patrick Muller is with

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us now Bella Advisors. Great to have you on the show. Patrick,

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so well. Interestingly enough, we got we got some job

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numbers in. They're not looking real good, but that means

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the FED will be more likely to cut, doesn't.

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Speaker 4: It sure does. Yeah the fat Yeah.

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Speaker 1: I think they're gonna stick with what they've been talking

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about pretty much since since late last year when they

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were gonna slow roll things out but save the cuts

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still the end of this year. So I think we

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can we can see that that coming out. We're not

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seeing any signs at the moment of that changing. So

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this job's reported is you know, uh, pretty much a nothing.

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Speaker 4: Burger, right.

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Speaker 1: I think it's you know, not a whole lot of positive,

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not a whole lot of negative. That's it's, you know,

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I don't think it has anything to do with what's

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what's to come down the road in the future.

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Speaker 3: All right, So looking at the big picture mac grow

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view here. Patrick, you know, how do you interpret the

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recent swings in GDP? We went from negative in Q

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one to nearly four percent in Q two. Is that

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just a seasonal thing or is it indicative of a

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deeper economic trend.

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Speaker 1: I think it's going to be a deeper trend with

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all the positive pro America moves that are happening right now,

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you know, with wanting to produce, like one of the

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job sectors that we saw that was bumping up was

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natural resources. So with opening up oil and energy back

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into the country, you're seeing a lot of jobs coming

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in from outside of the countries. We go like Hundani

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bringing over their business over to the stage. You've got

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Apple Mickey big moves here, You've got ge moving there,

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China operations back to the US to Kentucky, and I

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think we're going to see more of that.

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Speaker 4: And I think one of the biggest.

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Speaker 1: Things, Carrie is with the trade negotiations that had been

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going on, the big things that nobody's really talking about

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is us being able to trade into other countries that

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we really have been blocked out of. And I think

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long term that's really going to help the GDP, help

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the country grow, and long term, I think it's going

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to be awesome.

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Speaker 3: Me all right, well, it's nice to hear somebody who's

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optimistic about things.

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Speaker 5: You know.

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Speaker 3: I took a recent trip to our nation's capital, and

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you know, there's a story there that's.

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Speaker 5: Not being told.

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Speaker 3: Obviously, troops marching in crime is way down, the cleanliness

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of the city is way way up. But there's also

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a rebuilding of sorts taking place. I think I saw

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seven or eight, maybe nine major federal buildings go undergoing

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exterior restorations. I didn't even know what's going on inside.

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And the whole Capitol Hill complex is being spiffed up.

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The US Supreme Court totally redoing the facade because all

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these buildings are made of marble, and where they're faced

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with marble, the facades are and the marble deteriorates from

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the pollution over time. So maybe there's a deeper, deeper

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restoration of America taking place here.

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Speaker 4: Well, we sure hope.

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Speaker 1: So, yeah, you got and you got the Federal Reserve building, right,

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the three billion dollars.

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Speaker 5: You're wasteful, and that was SMA.

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Speaker 4: Working with more government ways, do you know?

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Speaker 3: Yeah, well they just print the money up to pay

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for it anyway, So what difference does it make. I

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wasn't even referring to the Eccles building, but I guess

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that fits into the plan as well. Three billion dollars.

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But you know, we do have a master builder in

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the White House and this is right up his alley

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to improve structures.

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Speaker 5: You know, he's been doing it his whole life.

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Speaker 3: So looking at it, consumers spending, you know, consumers under

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pressure debt. These interest rate cuts will have zero effect

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on consumer spending.

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Speaker 5: What are you seeing there?

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Speaker 1: Well, I think you know, it's going to be good.

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See that the rate cuts come. I mean, I think

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that's going to help eventually help bring out interest rates

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and help the home market. We're starting to see homes

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starting to pile up out there and listings, and I think,

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I think long term, you're bringing the.

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Speaker 4: Interest right down is just going to be a good move.

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Speaker 1: And it's interesting that you say that I'm not going

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to have too much of an effect on retail spending.

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But one of the things that's crazy that nobody's really

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talking about is a huge amount of credit debt, that

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credit card debt that people.

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Speaker 4: Have right now.

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Speaker 1: It's an all time gise and you have companies like

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door Dash that are starting to finance their food purchases

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and people come adding inflation with with financing their food

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and crazy, and at a certain point in time, I mean,

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this this bubble is gonna pop. Yes, you know, sometimes

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I'm not sure exactly how that's gonna plan out, but

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we work itself out. But it's gonna be really interesting

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to see how that affects things. But nobody's really talking

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about that, and people are hurting much more than I

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think people.

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Speaker 3: Realize agreed to inflation. You know, we know the measures

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are grossly understated, and it's kind of if we were

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measuring inflation by the nineteen eighties indicators, it'd be far,

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far greater than it is today. So the loss of

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purchasing power in the dollar in their savings, you know,

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maybe hasn't been that much offset by the increase in

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the value of their homes.

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Speaker 5: And as well as your salary.

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Speaker 3: Increases that you've received.

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Speaker 1: Well, yeah, you're definitely not seeing that keeping up right.

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I mean, the price of everything over the last four

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or five years is seriously doubled. And it seriously seems

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like it was not that long ago, Carrie, that I

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was spending one hundred bucks and filling up the trunk

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of my car with groceries. And now it's seriously I'm

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walking out with two bags or we got four dogs,

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one big bag of dogs.

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Speaker 4: Were pretty much knocks out a hundred bucks right now.

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Speaker 5: Yeah, yeah, it's it's crazy.

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Speaker 3: And God forbid to go to a place like holier

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than the foods and you walk out with a with

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a little lunch bag there or one hundred bucks.

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Speaker 4: Right now, whole paycheck.

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Speaker 5: I'm good.

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Speaker 3: Well, actually they changed the name. It's now called Whole

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Life Savings. But so obviously rates are coming down, inflation

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isn't going anywhere, probably going to get worse before it

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gets better. And this has effects not just in the US,

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but in the entire.

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Speaker 1: World right absolutely absolutely, I mean, and you're seeing it

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all over the world right now, and you're you're seeing

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a lot of people struggling all over the place right

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in their economies right in Japan and China and Europe,

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and it's it's really affecting everybody overall. That it's it's interesting,

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you know as far as what you know, what do

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people need to do at this stage right to be

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able to get away to increase because you've got a

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lot of things that are starting to shriek the markets

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right now that we're starting to see, especially in the

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tech sector with ai AI Becaueen were prominent and eliminating

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a lot of jobs. You know, it could be you know, paralabels,

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it could be computer programmers, right and uh, you know,

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and so you're starting to see these tech companies that

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are not hurting, they're you know, you've got great, great

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profits yet, but they're cutting workforce and uh, it's going

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to be interesting to see how that plays out in

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the different industries that are going to start coming up,

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like you have like roopers and plumbers and things like

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that aren't going to go away, but you're going to

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start seeing the salaries of those workers going up exponentially

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because you've got so many skilled labor that it's leaving

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where I getting older and a lot of people that

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are getting that. So I was like, for every seven

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people are leaving, we got three coming in. And so

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that'll be an interesting trend to see play out over

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the next few years.

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Speaker 5: Sure. And yeah, well I think there is.

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Speaker 3: A trend going back to trade. So I mean President

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Trump just did a settlement with Harvard where Harvard's going

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to be opening trade schools. I had to read that

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headline twice Patrick, because I just didn't believe what I

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was seeing.

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Speaker 1: But I think we're going to see more of that

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because people are going to have to with all the

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advancements in AI. So it's gonna be it's gonna be

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really interesting that that those job shifts happening and just

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how many industries are going to be cut and and

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just everything's gonna be revamped. So everybody is either jumping

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on that train now and or they could be in

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for a world or heard. I think in a few

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years of people are paying attention to what's happening right now.

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Speaker 5: Agreed, Agreed.

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Speaker 3: So, hey, when we have this conversation in a year,

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what do you think things are going to look like.

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Speaker 4: I think things are going to look a lot better.

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Speaker 1: I think we're going to definitely see some with all

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of the tariffs coming through, and we got a lot

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of revenue coming in, but we're going to start seeing

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that affecting the pricing on things. I think that's going

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to end up driving the markets down over the next year.

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But long term, next year, I think I think we're

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going to be moving strong. I think the country is

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going to be moving in a very strong direction. But

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as far as the outlook for people, when it when

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it comes to jobs, they should really be thinking about

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how do they embrace AI and make that a part

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of their lives and getting on that train or like

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you were talking about maybe going to Harvard and getting

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an education for skilled trade.

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Speaker 5: I I did a double take on that.

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Speaker 3: So that was funny, all right, Patrick, Well, I think

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it's interesting times ahead. We're definitely living through interesting times.

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As the old Chinese curse goes. Just tell us where

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we find you and how we can connect with you

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on the web.

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Speaker 1: Absolutely, you can go to Bella Advisors dot com and

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you can find.

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Speaker 5: Us there all right.

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Speaker 3: Excellent links in the show notes to this interview on

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Financial Survival Network dot com. Case you hadn't noticed, we've

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switched to substack. It's so much more efficient. I don't

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have to worry about running a website anymore, and I

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think the amount of material that we have the ability

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to reach you to send you timely articles is so

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much better than what we had before.

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Speaker 5: Patrick. Appreciate you coming on. We'll talk to you again

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real soon.

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Speaker 2: Thanks Garry, thanks for listening to carry Letz's Financial Survival

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Network your solution to today's trying times. For the latest,

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go to Financial Survivalnetwork dot com. Financial Survival Network now

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more than ever