Speaker 1: This will likely be one of the least popular episodes
Speaker 1: I've ever done, but doesn't matter. When people are lying,
Speaker 1: someone's got to tell the truth, unpopular or not so recently.
Speaker 1: In fact, over the past forty eight hours, AOC, Alexandrio
Speaker 1: Casio Cortez and Annapoli and Luna have decided to tag
Speaker 1: team the credit card industry. Their proposal is to cap
Speaker 1: interest rates at ten percent annually. Now many of you
Speaker 1: already know, but I used to be a private mortgage lender,
Speaker 1: so this is right up my alley, and I figured, Hey,
Speaker 1: no one's going to defend the banks. How about I
Speaker 1: do it? How about I piss off everybody and explain
Speaker 1: to you why you're wrong? Well, where do I begin?
Speaker 1: First off, AOC and Anapolio and Luna are probably the
Speaker 1: two most attractive congressional members. Despite the fact that AOC
Speaker 1: appears to be hitting the wall if you will, well,
Speaker 1: but the fact that it's them tag teaming and it's
Speaker 1: from its bipartisan should give you real cause for concern.
Speaker 1: Very attractive ladies are pushing this, especially when it's already
Speaker 1: something that's very palatable to people. It's actually palatable on
Speaker 1: both sides, which is even more concerning because economic understanding
Speaker 1: is becoming more and more rare. But they are trying
Speaker 1: to pitch this concept. And the reason it's palatable is
Speaker 1: that on the left, they hate the banks, they hate capitalism,
Speaker 1: they love the government. Why would they not want price controls.
Speaker 1: They want price controls on rent and food and housing
Speaker 1: and everything else. Why would they not want price controls
Speaker 1: on credit cards? Of course they would, So that's not surprising.
Speaker 1: What's more surprising is that the right wing is now
Speaker 1: on board with this, led by Donald Trump, who talked
Speaker 1: about this on the campaign trail, led by people like
Speaker 1: Tucker Carlson, which are increasingly popularizing the pushback against what
Speaker 1: they describe as usury. Now, usury is biblically speaking, and
Speaker 1: from a religious perspective, you can argue that perhaps this
Speaker 1: is and that you should ban usery and you should
Speaker 1: never lend money, and you should never expect interest if
Speaker 1: you do lend money. Okay, if at your religious perspective,
Speaker 1: then I grant you that I can't argue against your religion.
Speaker 1: You're more than welcome to never lend and never borrow
Speaker 1: and charge interest or pay interest. I permit that from
Speaker 1: my vantage point, I as a free market capitalist, I
Speaker 1: believe that it ought to be legal, and then I
Speaker 1: believe that you you should have no say so as
Speaker 1: to whether or not I want to do that amongst
Speaker 1: consenting adults. So that's my opening salvo here. Lots of
Speaker 1: key factors here, but one major one is that there's
Speaker 1: this misconception that the banks just rake in money because
Speaker 1: they've been increasing their credit card interest rates. Now you
Speaker 1: got to understand first and foremost, that banks take money
Speaker 1: from the Federal Reserve. They get lent money at the
Speaker 1: Fed Funds rate, which used to be about a quarter percent,
Speaker 1: it's now up to four point two five percent. That
Speaker 1: means that they are paying more for the capital that
Speaker 1: they get from the Federal Reserve. Sometimes they also lend
Speaker 1: out just savings that they've received from depositors, but unfortunately,
Speaker 1: that's not really how the banking industry works these days.
Speaker 1: They actually borrow and then lend out, and then they
Speaker 1: keep a bit of the spread. But if you're borrowing
Speaker 1: money at four point twenty five percent, well you've got
Speaker 1: to charge a heck of a lot more than that
Speaker 1: to make a profit, because when someone borrows money from
Speaker 1: you on a credit card, it's unsecured. Now, this is
Speaker 1: very important. This is kind of rudimentary for those that
Speaker 1: already understand this stuff, but it's important to explain every
Speaker 1: layer of this so you can understand why do they
Speaker 1: charge so much in interest. If someone is looking to
Speaker 1: borrow money and they come to you and they say, hey, hey, Clint,
Speaker 1: I'd like to borrow ten grand I say to myself,
Speaker 1: all right, no, let's make it a thousand, just easy math.
Speaker 1: I say to myself, Okay, well, I don't know you
Speaker 1: from Adam. Let me run your credit Okay, your credit
Speaker 1: score is six p forty, you know, not very good.
Speaker 1: And you say, well, I want to borrow a thousand
Speaker 1: bucks from you, and I'll pay you back eleven hundred
Speaker 1: at the end of the year. Now you might think
Speaker 1: to yourself, well, one hundred bucks for lending them a thousand,
Speaker 1: that's a decent return on investment. To get a one
Speaker 1: hundred bucks for that thousand that I delayed the use
Speaker 1: of for twelve months, I could. I don't need this
Speaker 1: thousand bucks right now. That's worth considering. But then you
Speaker 1: have to consider the fact that this is unsecured, and
Speaker 1: that this person already has a track record of not
Speaker 1: paying back their loans based off their credit score. So
Speaker 1: then you have to consider is that hundred bucks in
Speaker 1: profit worth that risk, given that if they decide not
Speaker 1: to pay me back at all, I don't get the
Speaker 1: hundred bucks and I lose my thousand. Now that's a
Speaker 1: big risk that you're asking me to take on, isn't it.
Speaker 1: It is so they could just file bankruptcy and poof,
Speaker 1: my debt is gone. I'm no longer I'm never gonna
Speaker 1: be able to reclaim that money from them. It is
Speaker 1: gone vanished. Big, big risk. So if you're gonna lend
Speaker 1: to you in an unsecured fashion where there's no collateral,
Speaker 1: there's no house that I can foreclose on to try
Speaker 1: and recoup my investment, you better make sure that this
Speaker 1: person is credit worthy. So what does it mean if
Speaker 1: I can only charge ten percent to them, I'm not
Speaker 1: gonna lend money to that guy because that hundred bucks
Speaker 1: is not worth the risk of losing my thousand. Now,
Speaker 1: if I can charge that same guy three hundred bucks
Speaker 1: at the end of the year, I might then think
Speaker 1: to myself, I think he's getting his life back in
Speaker 1: order based off of his income. He just got a
Speaker 1: new job, I do think he's going to be able
Speaker 1: to pay me back, so I'm going to take that risk.
Speaker 1: I'm going to lend him the one thousand. Hopefully I'll
Speaker 1: get my thirteen hundred at the end of the year.
Speaker 1: Maybe I will, maybe I won't. But if I do
Speaker 1: that enough times, maybe five people perform well one doesn't,
Speaker 1: then I still end up making some profit. That's the
Speaker 1: calculus that a bank has to make, and that was
Speaker 1: what my job was as a private money lender, was
Speaker 1: to make that calculus for my investors. It's not easy,
Speaker 1: but that's what I got paid to do. The key
Speaker 1: to understand here is that banks with credit cards lose
Speaker 1: a lot of money because a lot of people do
Speaker 1: not pay their credit card loans and then they end
Speaker 1: up defaulting and filing bankruptcy and then the bank gets
Speaker 1: wiped out. So when they charge fifteen percent, you think
Speaker 1: to yourself, well that's way too high. But when you
Speaker 1: consider the fact that they're losing hundreds or millions of
Speaker 1: dollars in unsecured lines of credit that are defaulted upon,
Speaker 1: well you have to make that up somewhere. So essentially
Speaker 1: they get subsidized, if you will, by the people that
Speaker 1: do perform on those loans at those higher interest rates.
Speaker 1: But the other side of this thing that nobody seems
Speaker 1: to consider, which is obviously true, is that you don't
Speaker 1: have to pay the bank any interest at all if
Speaker 1: you just pay your fucking your credit line off every month,
Speaker 1: which I've done for twenty years straight, which a lot
Speaker 1: of people do. And as a consequence of that, not
Speaker 1: only do I not pay the bank any interest, but
Speaker 1: I also make like cash back rewards and you can
Speaker 1: get miles on different ones like for those that are responsible.
Speaker 1: Credit cards are a godsend. I've made an insane amount
Speaker 1: of money by borrowing money via credit cards. For most people,
Speaker 1: that's a that's a huge asset to have, not to
Speaker 1: mention the security of being able to transact online and
Speaker 1: if there's fraud, getting chargebacks you know, covered, and things
Speaker 1: of that nature like these are all these are all
Speaker 1: benefits of this technology, and especially with the Internet being
Speaker 1: such a commonly used marketplace, it's really advantageous to have
Speaker 1: some light of credit and some big bank institution that
Speaker 1: will deal with fraud and things of that nature for you.
Speaker 1: So I like having that option. So that's that's kind
Speaker 1: of from my vantage point that's why it's a benefit.
Speaker 1: A lot of people say, well, who cares about what? Yeah,
Speaker 1: sure you've handled it well, but what about the people
Speaker 1: that don't, Well, they shouldn't be borrowing. I mean, have
Speaker 1: we just abandoned personal responsibility entirely? Then some people will say, well,
Speaker 1: what about the people that are desperate and they borrowed
Speaker 1: when they shouldn't have because they had no other choice? Okay,
Speaker 1: well what is the alternative? They say, Like, I've got
Speaker 1: some replies on this post I made this morning, and
Speaker 1: people are saying, well, what if like their father died
Speaker 1: and they have to bury them and they don't have
Speaker 1: the money to do so, so they go to a
Speaker 1: credit card company and then they put themselves into debt
Speaker 1: that they can't get out of. Well, that's sad, but
Speaker 1: at the end of the day, they still made that choice.
Speaker 1: And the alternative is they don't have the money to
Speaker 1: bury their father. So is it more humane to tell
Speaker 1: them you're out of luck? You can't you can't get
Speaker 1: a credit card loan because you couldn't qualify because the
Speaker 1: cap is now ten percent, so the bank won't lend
Speaker 1: you any money at all. Is that is that a
Speaker 1: better outcome? Or is the better outcome. Okay, well they
Speaker 1: can borrow the money. Sure, they can't afford it to
Speaker 1: pay for the burial at the time they borrow the money,
Speaker 1: hopefully they're able to pay it off. And if they aren't,
Speaker 1: I mean, worst case scenario, they file bankruptcy and they
Speaker 1: deal with seven years of bad credit. I mean, you
Speaker 1: have to decide here. This is not like, this is
Speaker 1: not choosing between good and bad. This is kind of
Speaker 1: dealing with the circumstances of everybody's lives. The other aspect
Speaker 1: of this that really bothered me is people were saying, well,
Speaker 1: banks shouldn't be lending to people without good credit. It's like, okay, well,
Speaker 1: then how about the young They don't have any credit
Speaker 1: at all. But if you're asking a banking institution to
Speaker 1: take on the risk of lending to a young person,
Speaker 1: given that their risk is significantly higher because young people
Speaker 1: in particular don't know how to use credit, because our
Speaker 1: public education doesn't give them any sort of schooling on hey,
Speaker 1: this is what you do, this is what you don't do,
Speaker 1: which is a true but at the end of the day,
Speaker 1: you still have access to the internet. You still could
Speaker 1: have you could have self educated you could have. Your
Speaker 1: parents should have been teaching you this stuff, as mine did, thankfully.
Speaker 1: But regardless, if you cap it at ten percent, any
Speaker 1: banking institution would be out of their mind to lend
Speaker 1: money to an eighteen nineteen twenty year old, especially given that,
Speaker 1: like they just got a job. Maybe maybe they have
Speaker 1: a job. Most of them probably don't. Are you gonna
Speaker 1: lend them money? No, certainly not. Okay, Well they have
Speaker 1: a job, but they have no credit history. This is
Speaker 1: a This is like, imagine that this is a real
Speaker 1: go getter. Some kid that's top of his class, gets
Speaker 1: a job right out of high school. He's making decent money,
Speaker 1: he wants to do XYZ. The bank looks and he says,
Speaker 1: you don't have any credit score. So sure, your income's decent,
Speaker 1: but it's still not the risk. It's still not worth
Speaker 1: the risk to lend to someone at your age. So
Speaker 1: how do you how do you ever get your first
Speaker 1: step on the credit ladder by which you might build
Speaker 1: up that credit score to be able to borrow money
Speaker 1: for a mortgage to then invest in the real estate,
Speaker 1: to get your foot on that wrong of the ladder
Speaker 1: of the economic ladder. You're out of luck. Anapolion, a
Speaker 1: Luna and AOC said that we shouldn't be able to
Speaker 1: charge more than ten percent. Good luck bud. So that's
Speaker 1: just one of the unintended consequences. Then there's also the
Speaker 1: unintended consequences of pulling out the last lifeline from those
Speaker 1: that are poor. If you are in a position where
Speaker 1: you just need a bridge, just a little stop gap.
Speaker 1: Not all poor people with bad credit are going to
Speaker 1: not pay off that loan. Like sure, many of them won't,
Speaker 1: and perhaps the bank shouldn't be lending money to them,
Speaker 1: and certainly they shouldn't be borrowing it if they if
Speaker 1: they ultimately can't pay it back. But what about the
Speaker 1: poor people that will actually do the right thing and
Speaker 1: pay off that loan? Do you want them to just
Speaker 1: have that option ripped away from them? So then what
Speaker 1: do they turn to. Do you think that because you've
Speaker 1: kepped interest rates at ten percent, that there's going to
Speaker 1: be no lending op to people like that? Or do
Speaker 1: you think that sharks will circle? Do you think that
Speaker 1: payday lenders will circle? Do you think that if the
Speaker 1: payday lenders also think that they're too high of a
Speaker 1: risk and they won't lend to them, or perhaps or unemployed,
Speaker 1: that they won't end up with gangsters lending them money. Well,
Speaker 1: you know, knee breaking type gangsters. Do you think that
Speaker 1: prohibition is suddenly gonna work. Sure, we've made drugs illegal,
Speaker 1: but now we've kept interest rates at ten percent, so
Speaker 1: no one will lend money above ten percent. So you're
Speaker 1: just creating a black market for anything above ten percent inevitably. Like,
Speaker 1: this is just reality. You can you don't have to
Speaker 1: like it. I'm just telling you the truth about how
Speaker 1: it'll play out. So is that ideal? I would say
Speaker 1: definitely not. Like is dealing with a credit card company fun?
Speaker 1: Is dealing with bill collectors fun? Or yeah, debt collector's fun? No?
Speaker 1: But is it better than dealing with dudes with billy
Speaker 1: clubs coming for your kneecaps? Yeah, it's a lot better
Speaker 1: than that. Can you file bankruptcy and get Vinnie to
Speaker 1: to forgive your loan? No you cannot. So things get worse,
Speaker 1: is what I'm saying. So this, the religious connotations or
Speaker 1: the religious protest stations to what I'm describing doesn't change
Speaker 1: the reality of the world. People that don't have money,
Speaker 1: that want to borrow money are gonna do it, and
Speaker 1: you can, you can cap the rates, you can forbid
Speaker 1: it entirely. It's not going to change that dynamic like
Speaker 1: you can. Sure some people may end up not borrowing
Speaker 1: money because you've either capt or made it illegal to
Speaker 1: have a credit card at all some, but it's certainly
Speaker 1: not going to get rid of it entirely. The other
Speaker 1: aspects of this is that if you want to deal
Speaker 1: with or if you if you op pose debt for
Speaker 1: religious reasons, well then the first thing you ought to
Speaker 1: oppose is the Federal Reserve, I mean, the ultimate debtor
Speaker 1: and the ultimate debt creator. So what really bothers me
Speaker 1: is that the Tucker Carlson's of the world will talk
Speaker 1: about usury, but they oftentimes will not talk about the
Speaker 1: Federal Reserve, which is a monoton of private entity which
Speaker 1: has a monopoly on the creation of currency. I mean,
Speaker 1: that is unbelievably evil. And then they create the currency
Speaker 1: and then they lend it out. Does that sound tollly
Speaker 1: to you? Sounds extremely unholy. So if you're interested in
Speaker 1: getting rid of credit cards or capping credit card rates,
Speaker 1: the first thing you ought to be talking about is
Speaker 1: ending the Federal Reserve. And if you're not talking about that.
Speaker 1: Do not expect me to take you seriously when you
Speaker 1: talk about credit card rates and the predatory aspects of
Speaker 1: the banking institutions. Like, the banking institutions are not holy.
Speaker 1: I'm not saying that thod or that you ought to
Speaker 1: love them. I'm just saying, compared to the central bankers,
Speaker 1: they are honorable. Yes, I'm saying that compared to the
Speaker 1: central compared to the Federal Reserve, the regular banks are honorable.
Speaker 1: Now areas of greatness with all of this, Like, I
Speaker 1: like credit unions better. I think that the local banking institutions,
Speaker 1: they have more concern for their customers, for the economy
Speaker 1: of their local area of the community. Just broadly, I
Speaker 1: think that they're better. You know, the multinationals, the JP
Speaker 1: Morgan Chases and others like them. Bank of America's I'm
Speaker 1: not very fond of, and if you can avoid doing
Speaker 1: business with them by all means, do But that doesn't
Speaker 1: mean that they are even close to as evil as
Speaker 1: the Federal Reserve. Like doesn't get much worse. Now, there's
Speaker 1: some overlap because some of these guys will sit on
Speaker 1: the board of some of the local Fed boardrooms, But
Speaker 1: you get the point. Like, if you're not talking about
Speaker 1: ending the FED, just get the fuck out of my face.
Speaker 1: With capping interest rates on credit cards, it's so missing
Speaker 1: the mark it's not even worth discussing anything with you
Speaker 1: further after that. So if you are one of those
Speaker 1: people will continue to discuss this. The other aspects of
Speaker 1: this that's really important is that if you are responsible
Speaker 1: enough to work, pay your taxes. I mean, I don't
Speaker 1: know if that classifies you as responsible, but if you're
Speaker 1: doing it the right way, right under the legal structure,
Speaker 1: you're doing it the right way. You work, you save
Speaker 1: the money, you pay your taxes, you pay your rent,
Speaker 1: all that, you deal with inflation, you deal with everything else,
Speaker 1: and you manage to save up ten thousand bucks. At
Speaker 1: the end of the year, someone comes to you and
Speaker 1: they want to borrow that money, and you're like, I mean,
Speaker 1: this is what we do all the time. Like when
Speaker 1: you leave that money in your savings account and they
Speaker 1: pay you one percent interest or whatever, it is usually less.
Speaker 1: That is usery. You are lending that money to that
Speaker 1: banking institution and they then lend it out at a
Speaker 1: higher rate. They collect the spread, but regardless, you are
Speaker 1: still participating in You So do you want to do
Speaker 1: away with that where there is no such thing as
Speaker 1: passive income based off of the delayed gratification and the
Speaker 1: work ethic and the willingness to save and be responsible.
Speaker 1: Do you deserve nothing for that? Because anybody arguing against
Speaker 1: usrey has to say, correct, you don't deserve shit. I
Speaker 1: disagree with that. I think that it is actually really
Speaker 1: good and honorable, and it actually sends a great market
Speaker 1: signal to people to do exactly what I'm describing, because
Speaker 1: if you get to a point of say you've done
Speaker 1: that now for thirty years, and you've accumulated a million
Speaker 1: dollars and you're able to lend it out at four
Speaker 1: or five percent, you can get a CD from a
Speaker 1: bank at that rate certificate of a deposit. Well, now
Speaker 1: you get to supplement your Social Security income with the
Speaker 1: passive income from that savings with that bank with the
Speaker 1: CD rate, so that a million dollars would mean that
Speaker 1: you're then pocketing forty or fifty thousand dollars annually. That's
Speaker 1: approximately four thousand dollars a month. So you're bringing in
Speaker 1: say I don't know what it is, three thousand bucks
Speaker 1: or whatever it is with Social Security you then have
Speaker 1: the supplemental income from the million dollars that you're keeping
Speaker 1: in these CDs. That means that you're bringing in four thousand.
Speaker 1: That means that you're now in retirement. I'm speaking in
Speaker 1: modern numbers. You're bringing in seven thousand a month without working.
Speaker 1: That's enough that you might be able to live a
Speaker 1: comfortable lifestyle, a lifestyle that you had been accustomed to
Speaker 1: during your working years. Is that bad? Is that a
Speaker 1: bad thing that you've done that? I would argue absolutely not.
Speaker 1: You did the right thing for decades. Why should you
Speaker 1: not have the benefit of receiving a return on your
Speaker 1: hard work and your willingness to delay the use of
Speaker 1: that capital. I think that you ought to the other
Speaker 1: aspect of this that I don't understand, and maybe someone
Speaker 1: can educate me. But people always argue, well, why do
Speaker 1: you have to get interest on this at all? Like, sure,
Speaker 1: there's honorable ways to make investments where you don't charge
Speaker 1: it's not usury. At least it's better than usury. Well
Speaker 1: consider this. So this is an example that people bring up.
Speaker 1: Sometimes they say, well, you can just buy a house
Speaker 1: with it. So you've saved up a million dollars. You
Speaker 1: buy a house with a million dollars and then you
Speaker 1: rent that house out and then the tenant pays you.
Speaker 1: You can live off of the net profit from that investment.
Speaker 1: Then it's not usury. Right, Well, what's the fucking difference.
Speaker 1: I honestly don't see a difference at all, other than
Speaker 1: it's a real asset, like a real estate asset, versus
Speaker 1: a financial one. But it's the same concept. I delayed gratification.
Speaker 1: I bought this house. You want to use the house,
Speaker 1: but you don't have the money for it, So I'm
Speaker 1: lending you the house. That's what rent is. But apparently
Speaker 1: that's permissible under a Christian framework, but usury isn't. So
Speaker 1: lending money via a house is. Okay, do you understand
Speaker 1: what I'm saying? Now, Maybe the Bible addresses this and
Speaker 1: I'm just ignorant to it, and that's a possibility. I'm
Speaker 1: not claiming to be an expert, but I really do
Speaker 1: think that it's like it's anger over the medium of exchange,
Speaker 1: which doesn't make any sense to me. The premise still applies.
Speaker 1: It's the same concept with any sort of investing. Really, like,
Speaker 1: think of an investment, what are you doing. You've delayed,
Speaker 1: you've saved, and you've deployed, and that money is being
Speaker 1: held either in an asset or in someone else's hands,
Speaker 1: or in some business's hands. It's always the same concept.
Speaker 1: You delayed, you saved, you deployed, You get a return
Speaker 1: on that, or at least you hope. So I don't
Speaker 1: think there's anything morally wrong with that at all. So
Speaker 1: what happens with a society that's functioning in a healthy
Speaker 1: investorment mindset? Well, then everybody that's listening right now, if
Speaker 1: you were to go out and you were to save
Speaker 1: a million dollars and to I'm not saying that's easy,
Speaker 1: but if you were to do so over your lifetime, well,
Speaker 1: that has created a society that is much lower time
Speaker 1: preference in that they are willing to delay the gratification
Speaker 1: of the future and save up year after year, live
Speaker 1: beneath their means, which is what is necessary for you
Speaker 1: to save, because if you live at your means, that
Speaker 1: means you just deploy all of you spend all of
Speaker 1: the money that you make annually, so you've delayed gratification.
Speaker 1: What does that do to the culture. I think it's
Speaker 1: a much healthier framework because then it requires personal responsibility,
Speaker 1: It requires financial education and thoughtfulness as to how you
Speaker 1: go about things. Oftentimes it trickles into your day to
Speaker 1: day life when it comes to taking care of yourself physically.
Speaker 1: I haven't I haven't seen studies on this, so I'm
Speaker 1: kind of guessing, but I would imagine that those that
Speaker 1: are really good with their keeping their financial house in
Speaker 1: order probably keep the rest of their life in order too,
Speaker 1: you know, from family structure, to owning a home, to
Speaker 1: keeping the home tidy, to keeping yourself in shape. Like
Speaker 1: these are the people that are thinking into the future.
Speaker 1: Because if you're if you're the type of person that's
Speaker 1: thinking into the future, well, then you're probably going to
Speaker 1: want to take care of your financial conditions now because
Speaker 1: you don't want to suffer in the future. Well, the
Speaker 1: same premise would apply to these people. I would imagine
Speaker 1: more often than not that they go, well, I need
Speaker 1: to take care of my physically now because I don't
Speaker 1: want to deal with the health issues that come later.
Speaker 1: It's the exact same premise. So I would assume that
Speaker 1: that same lesson applies, That same rule applies for the
Speaker 1: majority of people that keep their financial house in order.
Speaker 1: So I think that having that framework of benefiting from
Speaker 1: delayed gratification is ultimately better for the culture, for the
Speaker 1: entirety of the nation. And if you do away with that,
Speaker 1: if you forbid that, if you make it legal, well
Speaker 1: then it takes that lesson away. What incentive do you
Speaker 1: have if you're not able to lend out that money
Speaker 1: or make a return on that money in your later
Speaker 1: years of life, when you are physically incapable of working
Speaker 1: as much as you did in your thirties, forties, fifties, Like,
Speaker 1: what lesson does that teach you? Is it to your benefit?
Speaker 1: I would argue it's not, and I would argue it's
Speaker 1: bad for civilization. So this is why I wanted to
Speaker 1: address this is because I realized this is becoming a
Speaker 1: much more bipartisan push. As you see from this bill,
Speaker 1: as you see from the Tucker Carlson's and the Donald
Speaker 1: Trump's of the world. They're talking about these predatory lenders.
Speaker 1: Why would you charge fifteen percent? Why would you charge
Speaker 1: twenty percent? You have to, you have to to make
Speaker 1: a profit. This is another thing that people don't understand.
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Speaker 1: is not insurance. Learn more at join crowdhealth dot com.
Speaker 1: That's join crowdhealth dot com code lockdown. Does that sound
Speaker 1: like an institution that's just crushing it. I mean, it's profitable,
Speaker 1: especially when you're talking about having trillions of dollars of
Speaker 1: assets because of depositors and loans and things like that
Speaker 1: like that, but that's still not a crazy amount of
Speaker 1: return perc like big fucking deal. So when you only
Speaker 1: have one percent or one point I think it's one
Speaker 1: point three to three over the last year, so one
Speaker 1: in the third percent return on total assets on hand,
Speaker 1: you only need to have a marginal loss on those
Speaker 1: assets one point five percent, and you are gone. The
Speaker 1: institution's gone. All of the benefits that society gets from
Speaker 1: having a banking institution, which there are benefits. I've detailed
Speaker 1: some of them already. But if you get rid of
Speaker 1: those institutions entirely, okay, well, now you don't have a
Speaker 1: safe place to store your money. You don't have a
Speaker 1: place where you can easily return or get a return
Speaker 1: on your investment through CDs and just through a savings
Speaker 1: account like that. Is that is not ideal. That is
Speaker 1: not ideal. Really, consider the consequences of this decision. So,
Speaker 1: going back to the original metaphor, it's one thousand dollars
Speaker 1: that you're going to lend to somebody. After if you
Speaker 1: are only able to lend them at a ten percent
Speaker 1: rate of return, you get one hundred bucks. At the
Speaker 1: end of the year, they can file bankruptcy. Here's the
Speaker 1: other part that we haven't talked about. What about the
Speaker 1: federal reserve? What about the inflation that you're dealing with.
Speaker 1: Anybody that's been paying attention that doesn't pay attention to
Speaker 1: the corporate news on this, but just understands based off
Speaker 1: of actual price increases, what has the rate of inflation
Speaker 1: been over the past four or five years. Well, I
Speaker 1: would argue it's been way north of five percent annually,
Speaker 1: probably significantly higher than that, especially if you go to
Speaker 1: the grocery store. You'll agree with me. But just say
Speaker 1: it's five percent. So that one hundred bucks of profit
Speaker 1: is now fifty because ten percent of a thousand is
Speaker 1: one hundred, five percent of that is fifty. One hundred
Speaker 1: minus fifty is fifty. So now you're expecting to only
Speaker 1: make fifty dollars on your thousand, and that's assuming that
Speaker 1: they don't default. Well, you'd be out of your fucking
Speaker 1: mind to lend one thousand bucks to some dude who
Speaker 1: already has demonstrated that his credit is not perfect to
Speaker 1: maybe maybe, if you're lucky, make fifty bucks at the
Speaker 1: end of the year. So you're going to tell them
Speaker 1: to walk. So this is the structure. This is the
Speaker 1: society that you're now creating, where only the wealthy, only
Speaker 1: those with assets, are able to borrow. Can you understand
Speaker 1: why that's problematic, particularly in an inflationary environment where the
Speaker 1: only way that you actually survive it is to be
Speaker 1: able to deploy your capital into something hard, be it
Speaker 1: bitcoin or real estate, or gold or silver. But you
Speaker 1: can't do that because you can't borrow. If you want
Speaker 1: to buy a house as a young person, good luck
Speaker 1: doing it without a loan, which, by the way, if
Speaker 1: you're going to maintain the principle that credit card rates
Speaker 1: are usury and therefore should be banned, well so are mortgages,
Speaker 1: So goodbye any sort of lending two purchase of home,
Speaker 1: which means you're going to have to Now, granted, this
Speaker 1: would destroy the market, and it would make housing be
Speaker 1: cut in probably at least a half, but still than
Speaker 1: a starter homes two hundred grand because the market's been destroyed.
Speaker 1: How long do you think it'll take the average young
Speaker 1: person to accumulate two hundred grand. Two hundred grand in
Speaker 1: an economy that has been destroyed because you've totally uprooted
Speaker 1: it by getting rid of all lending, it ain't going
Speaker 1: to be easy. It's going to take you a fucking
Speaker 1: long time. It's going to take you a really long
Speaker 1: time to save up two hundred grand. And keeping in
Speaker 1: mind that entire time you're going to be renting. You're
Speaker 1: going to be renting, so you're going to be paying
Speaker 1: thousands of dollars a month in rent. So it may
Speaker 1: take you thirty years, which is probably how long it
Speaker 1: would have taken you to pay off a thirty year mortgage.
Speaker 1: Look at that. There are there are trade offs here. Now.
Speaker 1: I am not advocating that you live above your you know,
Speaker 1: above your means. I'm not advocating that you take out
Speaker 1: as many loans as you can or anything like that.
Speaker 1: I think that ultimately debt in the hands of most
Speaker 1: people is extraordinarily dangerous. But because I have faith in
Speaker 1: my audience, I will give you the advice that i'd
Speaker 1: give my son and it's the if you are responsible
Speaker 1: with debt, it is one of the best tools to
Speaker 1: get ahead you will ever encounter. It has been for me.
Speaker 1: When I was young, I would get these credit card
Speaker 1: offers where they would like they would it was insane.
Speaker 1: They would literally give me free ten thousand dollars as
Speaker 1: long as I paid it back in a year with
Speaker 1: zero interest. And then I would deploy that money. I
Speaker 1: would invest that money. I would make six or seven
Speaker 1: or eight percent return on it, so I would get
Speaker 1: eight hundred bucks and then I would pay it off.
Speaker 1: And they did it because I was a young guy,
Speaker 1: and they thought I wouldn't be responsible with it and
Speaker 1: I wouldn't be able to pay it back, and then
Speaker 1: the interest rate would be you know, twelve point nine
Speaker 1: to nine percent or whatever after that. But I would
Speaker 1: just pay it off and I'd be like, oh my god,
Speaker 1: I just made eight hundred bucks as a young person.
Speaker 1: How cool is this? You know, back in the nineties,
Speaker 1: that was a lot of money. Or yeah, early two thousands, whatever.
Speaker 1: I mean, that's just one small example when I was
Speaker 1: very young and very poor, and I would do that
Speaker 1: to try and supplement my income a little bit. I
Speaker 1: think it was a triple A card that they offered me.
Speaker 1: That thanks Triple A. And then after that there was
Speaker 1: It was the real estate boom, and I had no
Speaker 1: interest in buying in five oh six because I recognized
Speaker 1: that the real estate market was way overvalued, and so
Speaker 1: throughout that period I was just saving and investing and
Speaker 1: trying to put together a down payment. By the time
Speaker 1: eight nine rolls around, suddenly I have an opportunity. But
Speaker 1: because I've been responsible, I've been borrowing money from credit
Speaker 1: cards and paying it off every month, never paid a
Speaker 1: penny in interest. Well, through mortgages I have, but through
Speaker 1: credit cards I hadn't. And because of that, my credit
Speaker 1: was already eight hundred. When I was twenty five or whatever,
Speaker 1: I was able to qualify for a mortgage and buy
Speaker 1: a house. As a consequence of that, I was then
Speaker 1: able to buy at the bottom of the market historically,
Speaker 1: I mean close to the bottom in any period. It
Speaker 1: was remarkable because of the real estate market where I
Speaker 1: was at had been cut in half from you know,
Speaker 1: six seven, eight hundred thousand dollars homes to three four
Speaker 1: or five hundred. So I bought the biggest house I
Speaker 1: possibly could. As a consequence of that I made a
Speaker 1: couple hundred grand over a few years because I lived
Speaker 1: in it. It was tax free, like massive windfall, especially
Speaker 1: for a guy in his twenties. After that, I parlated
Speaker 1: into getting more mortgages and buying more properties. Got a triplex,
Speaker 1: I got a nether rental property. All of that was
Speaker 1: based off of usury, based off of me being able
Speaker 1: to borrow. A couple of years after that, I sold those,
Speaker 1: made a couple more hundred grand. It was like, just
Speaker 1: kept doing it now. I didn't go crazy like a
Speaker 1: lot of people would have been borrowing much more aggressively
Speaker 1: and buying far more houses, and I probably should have,
Speaker 1: but at the time, I didn't have a crystal ball
Speaker 1: that said, oh, this market's just going to keep going
Speaker 1: up for the next fifteen years. Like who knew that?
Speaker 1: Who knew? That's not normally how the economy works, just
Speaker 1: for the young people out there, Normally you have a
Speaker 1: recession every seven to ten years. The fact that we
Speaker 1: haven't had a very vicious recession at this point is
Speaker 1: still stunning. I think there's one coming. I'll maybe explain
Speaker 1: that at the end of the episode, but basically what
Speaker 1: I'm saying is from there basically, within a decade of
Speaker 1: using debt intelligently and paying it off and being responsible
Speaker 1: with it, I benefited to the tunes of a million
Speaker 1: plus dollars probably, And had the Tucker Carlson's of the
Speaker 1: world had their way or the Aocs of the world
Speaker 1: had their way, I would have never had that opportunity. Now,
Speaker 1: just to get back to my Austrian bonafides here, if
Speaker 1: not for the Federal Reserve, you wouldn't have such significant inflation.
Speaker 1: You wouldn't have housing going from four hundred thousand dollars
Speaker 1: to eight hundred thousand dollars and a decade as we
Speaker 1: have had, so I wouldn't have made so much money.
Speaker 1: So but understanding Austrian economics is why I played that game. Now,
Speaker 1: I'm not saying that's good. I'm not saying that the
Speaker 1: Federal Reserve and the inflation that they create is good.
Speaker 1: I'm saying it's bad. But I'm just saying, if you
Speaker 1: take away my ability to borrow money to play that game,
Speaker 1: I would have been buried by it. And that is
Speaker 1: totally unfair to everybody else that's trying to beat the
Speaker 1: inflationary game. If you make it so that only they
Speaker 1: are able to borrow and print and do all of
Speaker 1: this garbage, but we aren't. How is that to our benefit?
Speaker 1: My answer, it ain't quite the contrary. So you got
Speaker 1: to really think through these things, really, like if you
Speaker 1: want to ban them all, Okay, now we're talking. Now,
Speaker 1: I'm at least open to your idea. If you want
Speaker 1: to get rid of the Federal Reserve and get rid
Speaker 1: of fiat currency and go back to you some sort
Speaker 1: of hard money, I'm with you. At least I'll have
Speaker 1: a further conversation as to whether or not we should
Speaker 1: be able to lend in America at all. But if
Speaker 1: you aren't talking about that, no, thanks, not interested. So
Speaker 1: I guess I'll end with this. I think that the
Speaker 1: economy is in a lot of trouble, and I don't
Speaker 1: think that capping interest rates on credit cards is ultimately
Speaker 1: the solution by any stretch of the imagination. I think
Speaker 1: it's a band aid on a bullet wound. Yes, we
Speaker 1: do need greater financial education. Yes we need to be
Speaker 1: raising our kids to understand this stuff intimately, like instinctually
Speaker 1: they ought to feel this stuff. Despite a modicum of
Speaker 1: profanity in this episode, I hope that you'll share this
Speaker 1: with them so they can actually think these things through
Speaker 1: for themselves. Maybe have a conversation with them about how
Speaker 1: personal finance works, how debt works, how credit cards work,
Speaker 1: how mortgages work. What is a debt that ultimately creates
Speaker 1: a return on investment versus a debt that is a
Speaker 1: drain on you, because credit cards are usually just a
Speaker 1: straight drain on you, whereas investments in real estate, if
Speaker 1: you're buying at a good time, can be a great
Speaker 1: return on investment and a great asset for you. But
Speaker 1: I'm not saying now, don't buy now. Actually don't buy now.
Speaker 1: So anyways, I hope that you guys will do that.
Speaker 1: But the point I wanted to get to is that
Speaker 1: the Federal Reserve Board has come out saying that they
Speaker 1: expect there to be a negative print, which is a
Speaker 1: negative GDP print, in the first quarter of this year.
Speaker 1: I think there's a lot of reasons for these headwinds,
Speaker 1: as the Fed boards like to describe it, and I
Speaker 1: think there's some that are valid, and I'll just give
Speaker 1: you my full opinion on it. I think that the
Speaker 1: market is reacting. The market's been getting beat up lately.
Speaker 1: The stock market, I think that a lot of it
Speaker 1: is based off of the fact that there's immense uncertainty
Speaker 1: with the tariff programs that Trump's rolling out. Now. I've
Speaker 1: been one of the few libertarians that's willing to give
Speaker 1: Trump some grace on this and say that I think
Speaker 1: that if you use tariff threats to get your neighbors
Speaker 1: to do your bidding when it comes to border security,
Speaker 1: and they do, it's probably smart. If you use tariff
Speaker 1: threats against your neighbors or other foreign countries to get
Speaker 1: them to lower the tariffs that they have already placed
Speaker 1: on us, which we had not reciprocated, then that's good.
Speaker 1: That's a good thing for the economy. That opens up
Speaker 1: the free market more. Yes, I know it's using state
Speaker 1: violence to diminish state violence from the foreign governments. But regardless,
Speaker 1: if you do that successfully, I think it's in that
Speaker 1: positive for the economy. In fact, I know it's in
Speaker 1: that positive. If our threats of tariffs get them to
Speaker 1: lower their tariffs, that is a benefit to humanity broadly,
Speaker 1: because that's a freer market. But when Trump is doing
Speaker 1: these tariff negotiations and these tariff threats, and it's twenty
Speaker 1: five percent, and if you match ours and it's fifty percent,
Speaker 1: and then if you match that, I'll pump into one hundred.
Speaker 1: Fuck you. Well, that gives a lot of uncertainty for
Speaker 1: the for the stock market, for the business world. Like
Speaker 1: if you don't know what your input costs are going
Speaker 1: to be, if you don't know what the tariff that
Speaker 1: you're going to have to pay is, then you're not
Speaker 1: going to be interested in investing that doing that capex,
Speaker 1: that capital expenditure to grow a new plant or you know,
Speaker 1: invest in a new plant for automobiles or whatever. Like,
Speaker 1: you're not going to do it because you don't have
Speaker 1: clarity into the future. Like no one ever has clarity
Speaker 1: in the future. But you can usually extrapolate things out
Speaker 1: based off of the current circumstances and say, I think
Speaker 1: that we have decent clarity for the next twelve months
Speaker 1: or or eighteen months or twenty four months. Therefore, this
Speaker 1: investment is going to take six months. I think that
Speaker 1: the rate of return we should see a return on
Speaker 1: that in eighteen months. I have good I have I'm
Speaker 1: comfortable enough with my clarity over the next eighteen months
Speaker 1: that we can make we can make that capital expenditure
Speaker 1: with these tariffs. A lot of the business world is
Speaker 1: going to say, I don't have enough clarity at all.
Speaker 1: I have no fucking idea what I'm doing. This is
Speaker 1: the same decision I made when I shut down my
Speaker 1: mortgage company in twenty twenty, was that my clarity was
Speaker 1: evaporated the lockdowns. You had, a foreclosure eviction moratorium. I
Speaker 1: was like, I have no fucking idea, what's happening. This
Speaker 1: isn't even the country that I thought I lived in.
Speaker 1: How could I possibly deploy capital in this environment? So
Speaker 1: what I'm saying is Trump's behavior is actually adding to that.
Speaker 1: It's making a lot of the CEOs, you know, just
Speaker 1: reconsider their business plans rightfully. So they would be irresponsible
Speaker 1: as a fiduciary to their shareholders if they didn't do that.
Speaker 1: So that's one aspect of it. Two, there's been a
Speaker 1: lot of bullshit with this economy. I don't have to
Speaker 1: tell you guys that, but over the past your entire life,
Speaker 1: but very starkly so over the past, you know, presidency,
Speaker 1: it was just like all masks, it was like just
Speaker 1: all bullshit. You know, they're like, inflation is actually just
Speaker 1: two point seven percent, and you're like, then Why am
Speaker 1: I groceries fucking doubled? Huh? How'd that happen? So they
Speaker 1: just lied. So a lot of this is like just
Speaker 1: coming back to reality because they want things to look
Speaker 1: good when there's their chosen persons in office, and they
Speaker 1: want things to look bad when the guy they don't
Speaker 1: like is in office. And I genuinely believe that's how
Speaker 1: it works. And I genuinely believe that the Fed Board
Speaker 1: is just saying Trump's in there. Fuck Trump. Now, the
Speaker 1: economy's garbage. Now, we expect GDP to be negative, and
Speaker 1: because the Federal Reserve has so much power, they can
Speaker 1: actually make that happen. Like if they were to hike
Speaker 1: interest rates further when Trump is pleading for them to
Speaker 1: lower them, that would hurt the economy tremendously. I'm not
Speaker 1: arguing that they should or shouldn't, because I think that
Speaker 1: hiking the interest rates and having a deflationary period would
Speaker 1: actually be healthy for the economy long term. But that's
Speaker 1: not how they think about things. They just think about
Speaker 1: like political angles on this stuff. So that's another aspect.
Speaker 1: There's also the risk of World War three. I don't
Speaker 1: need to explain that one to you guys, I talk
Speaker 1: about that every other episode, and I think that that
Speaker 1: has given significant concern to investors. Rightfully. So you also
Speaker 1: then have the potential of war with Iran, even if
Speaker 1: it's not World War three. They shut down the straight
Speaker 1: of hormones, A huge percentage of global oil supply goes
Speaker 1: through there. You have oil spiked one hundred and fifty
Speaker 1: two hundred dollars barrel. Suddenly the economy is in a
Speaker 1: global depression. So any investments you're making today get cut
Speaker 1: in half like scary times. Right. So I'm not saying
Speaker 1: this is likely, by the way. I'd say it's a
Speaker 1: small chance, but it's still it's a chance, and it's
Speaker 1: a higher chance than it's been in a while. So
Speaker 1: these are all uncertainties, and this is all why I
Speaker 1: think that the economy is in a lot of danger.
Speaker 1: I haven't even mentioned yet the biggest reason that the
Speaker 1: economy is in danger, and that's thirty seven trillion in
Speaker 1: national debt. The Congress. Trump and Congress right now are
Speaker 1: working on a continuing resolution to keep spending at the
Speaker 1: same levels as it was last year, the same levels
Speaker 1: that are approximately three trillion or so higher than they
Speaker 1: were in twenty nineteen three trillion trillion, crazy, insane. So yeah,
Speaker 1: we're spending too much. No one's serious about cutting spending
Speaker 1: at the federal level, aside from Doge and Elon. So
Speaker 1: we're in a lot of trouble. And the debt situation
Speaker 1: is untenable and paying a trillion in interest annually is
Speaker 1: going to ultimately drive this country into bankruptcy. That's the reality,
Speaker 1: and no one's serious about fixing it, aside from the Libertarians.
Speaker 1: And we don't have any political power, so all we
Speaker 1: can do is bitch and moan and buy bitcoin, which
Speaker 1: I do. So that's the reason that I think that
Speaker 1: the economy is in a lot of danger. And I
Speaker 1: mean there's other there's other you know, my new show
Speaker 1: I could get into, but I'll maybe I'll do it
Speaker 1: on the next episode. Drop drop in the chat, let
Speaker 1: me know any questions you have about why I'm nervous.
Speaker 1: There's also another big news story that came out, and
Speaker 1: this one, you know. I read an article about it,
Speaker 1: I watched the YouTube video about it. It's fascinating. The
Speaker 1: FHA first time home buyer loan program under the Biden
Speaker 1: administration had a I think it was a twelve or
Speaker 1: thirteen percent default rate, which is extraordinarily high for any
Speaker 1: mortgage product. That is that is subprime, that is garbage,
Speaker 1: that is seven oh eight collapse trash default rates. And
Speaker 1: what would have happened in a free market, in a
Speaker 1: normal market, would be that those people, those twelve to
Speaker 1: thirteen percent would have been foreclosed on and those houses
Speaker 1: would have been you know, reclaimed by the lender and
Speaker 1: then sold back into the market to reclaim their capital,
Speaker 1: or at least a fraction of it. Didn't happen. Biden
Speaker 1: administration has been paying those loans. That's something that you
Speaker 1: should be aware of. And we're talking about hundreds of
Speaker 1: thousands of housing inventory that has been kept off the
Speaker 1: market because the Biden administration was paying their fucking mortgage
Speaker 1: to keep them from being foreclosed on. Now, allegedly that's
Speaker 1: going to end under Trump, and it ought to. As always,
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Speaker 1: some get cozy live that Clint Russell life. Get cozy
Speaker 1: MyPillow dot com code lockdown, because that's why should the
Speaker 1: fucking taxpayer be paying someone's mortgage? Like that should never
Speaker 1: be the case. But we don't live in a free market,
Speaker 1: and we're just I'm slowly acclimating to that reality and
Speaker 1: I absolutely despise it. But assuming Trump ends it, that
Speaker 1: means that we've got hundreds of thousands of housing units,
Speaker 1: if not up to a million, that will be foreclosed
Speaker 1: and liquidated in the next year. And if that happens,
Speaker 1: that the addition of inventory can drive down prices, which
Speaker 1: are already fairly weak because interest rates have spiked tremendously
Speaker 1: over the past few years from I think the mortgage
Speaker 1: rate was three and a half percent on a thirty
Speaker 1: year all the way up to seven or six and
Speaker 1: a half or seven sometimes higher. So if you have
Speaker 1: foreclosures on top of the headwinds that interest rate policy
Speaker 1: has created, well now you're talking about a real decrease
Speaker 1: in housing prices. Now, if you have that happen, then
Speaker 1: the banking institutions start start to take losses. If they
Speaker 1: take losses, then the stock market catches a cold. The
Speaker 1: stock market catches a cold, you end up in a
Speaker 1: significant recession, if not a depression. Now I'm not predicting that.
Speaker 1: I'm not saying it's probable or assured by any starch
Speaker 1: to the imagination, but it is a distinct possibility, and
Speaker 1: I because I care about you guys, I want you
Speaker 1: to be aware that it is a possibility. And that's
Speaker 1: assuming that we don't end up in a war with
Speaker 1: Iran and oil prices spike, in which case the depression
Speaker 1: becomes really extreme. So that's, again, like I said earlier,
Speaker 1: not likely, but it's a possibility, something that should be
Speaker 1: you know, in the back of your mind as you
Speaker 1: evaluate things. These are risks that are present right now.
Speaker 1: So that's where we're at. I think that the economy
Speaker 1: is very, very weak. It has been weak for a
Speaker 1: long time. You've got lots of young people that are
Speaker 1: working multiple jobs just to barely survive. Not not even
Speaker 1: young people, lots of old people do the same. And
Speaker 1: this economy has been junk for a while. And I
Speaker 1: think that it will be interesting to see how the
Speaker 1: deportations and the border issues and how that'll s if
Speaker 1: the labor market, It's going to be very interesting. There's
Speaker 1: so many variables, and you know, how much of this
Speaker 1: does Trump follow through with, how much of it does
Speaker 1: he not? How much of will Congress actually back them
Speaker 1: up on. I don't know. These are all variables that
Speaker 1: are unclear at this point. So I'll keep giving you
Speaker 1: guys periodic you know, updates as I get additional clarity.
Speaker 1: But for now, I just wanted you to be aware.
Speaker 1: Instead of hating the banks, instead of hating credit card
Speaker 1: interest rates, how about you hate your own weakness. How
Speaker 1: about you stop being such a bitch. Sorry, I'm just
Speaker 1: trying to be provocative, but you know what I'm saying, like,
Speaker 1: this is all within your skill set. You don't need
Speaker 1: to borrow money if you can't pay it back, you
Speaker 1: don't need to do that, and don't do it in fact,
Speaker 1: And if you don't do that, and you use credit
Speaker 1: wisely and you only use it when it's necessary or
Speaker 1: it benefits you, or it gives you an expectation that
Speaker 1: it should benefit you in terms of buying a home
Speaker 1: when the market is lower, then you have no reason
Speaker 1: to hate the banking institutions. They aren't your enemy. Your
Speaker 1: own lack of self control is. Once you master that,
Speaker 1: you don't need to worry about what the banks are doing.
Speaker 1: And I think that's the more empowering way to view
Speaker 1: this entire topic and life in general, and hopefully that helps.
Speaker 1: By the way, I was in this DM conversation last
Speaker 1: night with Actually, I'm not gonna dox him. He's a
Speaker 1: guitarist for a very successful metal band, very very successful.
Speaker 1: I'm not talking about Phil Lebonti, who was a friend
Speaker 1: of mine. But he reaches out and he's like, I
Speaker 1: was lamenting the fact that there's no new rock music
Speaker 1: and he's like, I don't know, dude, We're doing pretty well.
Speaker 1: And I start to watch these videos. I'm like, holy shit,
Speaker 1: this guy's got thirty something million views on their music
Speaker 1: video from six months ago. Anyways, shout out to that guy.
Speaker 1: I'm not going to doc him or let his personal
Speaker 1: business be known. But he starts telling me that he's
Speaker 1: he never misses an episode of Literally Lockdown and Dave
Speaker 1: Smith and Tom Woods and a handful of others, and
Speaker 1: I was like, crazy, I constantly bitch about the culture
Speaker 1: war and how we don't engage in the arena, in
Speaker 1: the arena of art production, and how do you know,
Speaker 1: wake people's spirits up and basically sneakily get them to
Speaker 1: understand our ideas. And I find out that one of
Speaker 1: the most successful metal bands in the world right now
Speaker 1: is filled to the brim with hardcore, roth barty and libertarians.
Speaker 1: I just wanted to leave you with a white pill.
Speaker 1: I think that's fucking tremendous and gave me a lot
Speaker 1: of reason for hope. And I can't wait to see
Speaker 1: what this band does in the future. But they are
Speaker 1: already crushing it and that's really awesome. So I invited
Speaker 1: him on the show. If he wants to be public
Speaker 1: public about his politics, he's got an open invite to
Speaker 1: do so. I think you guys would really enjoy it.
Speaker 1: Like God, I wish I could just say what the
Speaker 1: band is. It's awesome. Anyways. Yeah, thanks for reaching out, man,
Speaker 1: and I hope you enjoy your tour and we'll talk
Speaker 1: in a couple of months. For the rest of you,
Speaker 1: thank you guys for listening, thank you for tuning in,
Speaker 1: thank you for subscribing, thank you for liking, Thank you
Speaker 1: for commenting, and thank you for listening to me rant
Speaker 1: about why credit cards, interest rates, and banking is not
Speaker 1: your enemy. It can actually be your friend if you
Speaker 1: do it right. Love you guys, Peace, Welcome toune liberty
Speaker 1: lockdown pleas on your plock code. Your liberty ain't come.
Speaker 1: But yeah, it's a whols. Where did it come from?
Speaker 1: And where did it go