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Speaker 1: Welcome to another episode of the Chicks on the Right podcast,

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where we talk to our friend and sponsor of the show,

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Zach Abraham from Boulwart Capital Management, about things that are

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happening in the economy and in the world of finance.

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And in a recent interview, there is this guy named

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Stephen Moran. I don't even know if I'm saying his

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name right, but he is the Federal Reserve Governor, which

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is a position I knew about effective today. Yeah, yeah, exactly,

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did not know that that was a thing. But anyway,

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he was in this interview where he was talking about

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the plans to mass deport all of these illegals that

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Joe Biden brought in, and he kind of said, listen, people,

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things could look a little sketch in the data, in

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the economic data with respect to GDP job losses or

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other bad like negative news. However, the long term outlook

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if we do these mass deportations is really really good

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because it's disinflationary because it's gonna you know, there's gonna

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be less there's going to be reduced traffic, there's gonna

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be less spending on illegals stuff, and like more potential housing.

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So do you agree with that, and like, how quickly

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might we see improvement?

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Speaker 2: You know?

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Speaker 3: Interesting thing And actually, if you guys wanted to have

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Steve on onto your show, I could probably line that up.

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Speaker 2: I know him. I say his name right, Steve Mirror, Mirror.

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Speaker 3: And I actually had him on our show twice. Really

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it's probably a year and a half, two years ago.

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So I remember d ming him. When Trump brought him

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up to be in the position. I was like, Steve,

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congrats man, you.

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Speaker 2: Got you got drafted the big leagues.

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Speaker 3: So the first thing I'll say about him is from

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what I know of him, and you know, I don't

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know him personally, but I've spent probably three hours talking

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to the guy.

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Speaker 2: I think he's really smart.

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Speaker 3: I think that he has a he The thing I

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love about him is he's it's a Harvard educated economists

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PhD and economists, but he's also managed money. He's run

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a hedge fund, and that is you know, I know

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there are people out there to be like, oh, well,

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then I don't trust him. That's horrible. No, you there

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there are two worlds of finance. There are the worlds

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of finance that exist in Harvard classrooms that PhD economists

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talk about, and then there's where rubber meets the road

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and practitioners in financial industries. It just works so much

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differently than the way they lay it out in textbooks, right,

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and so one of the biggest issues that we've had

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in this country is we've had no diversity of thought.

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You go look at the FED board, it's all PhD

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economists that have never actually done anything right and so,

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and that's one of the reasons their policy decisions have

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been such a joke for fifteen years. But what Steve

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is talking about to me is one of those things

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that is irrefutable. Meaning if population growth, regardless of whether

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it comes from birth or immigration, is a big driver

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of inflation, right like it you know, for instance, under

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Sleepy Joe's Watch, what you have twenty million illegals coming

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to the country, right it Like, if you think about it,

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what would you need to house those, you know, people,

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like maybe three to four and a half million homes.

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You can get twenty people, twenty million people moving into

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the country a lot quicker than you can make three

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and a half to four million homes and make them

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in a way that is financially feasible.

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Speaker 2: Right.

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Speaker 3: So, when you stop that in flux, yes, you you

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will take some pressure off the inflationary side. And you know,

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and to me, we were talking about this off camera.

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To me, that is just low hanging fruit, you know,

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Like I laugh, I belly laugh. Every time I hear

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somebody on the left freaking out about, oh, they're trying

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to jerrymander, they're trying to tip the election, I'm like,

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what do you.

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Speaker 2: Call twenty million illegals flowing into the country? Right? Right, exactly.

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Speaker 3: And the other thing is is is any time I

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hear one party or the other accused either of gerrymandering,

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it's ridiculous because whoever is in control of that house

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right in that state, they all do it every time.

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That's one of the consequences of elections, right, they draw

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the lines, they redistrict. So and then also, if you're

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saying they're redistricting, what do you call twenty million illegals

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flo you know, flooding into the country.

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Speaker 2: Right.

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Speaker 3: So the other thing that I get in this a

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little bit off course here, But the other thing I

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get really frustrated by is oh Trump's illegally doing And

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I'm like, hey, look, okay, you are so flippantly throwing

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that out there. The executive branch, via the constitution, has

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pretty wide power when it comes to enforcing existing laws, right,

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that's the primary function of the executive branch. So when

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you've got a president administration that is absolutely flouting federal

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immigration law, right literally breaking their constitutional order in terms

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of enforcing federal law, then when you look at constitutional precedent,

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whoever the next executive was, it grants some pretty wide

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powers to.

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Speaker 2: Re right to to make that right right the wrong, Yeah, right,

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the wrong.

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Speaker 3: And when you have a wrong of that magnitude, there's

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gonna be parts of the cleanup process that are not

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that palatable, right, And it's it's you know, do you

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do you blame the cleanup crew or do you blame

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the guy that crashed the the you know, crash the

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oil tanker.

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Speaker 2: On the on the on the bank, you know what

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I mean.

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Speaker 1: So, yeah, it's like people getting mad at Doze for

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uncovering fraud. They were like, let's kill all these messengers

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instead of being mad that it was happening to begin with.

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Speaker 4: Yeah, yeah, the part the party is always more fun

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than the cleanup.

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Speaker 2: Yeah, oh oh for sure. And and and and the.

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Speaker 3: Unfortunate thing about it is when you look. Now, look,

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I am not a constitutional lawyer, so I'm not going

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to sit here and say I know for certain that

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every single thing they've done is okay.

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Speaker 2: Oh so you're admitting there. What do you again?

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Speaker 3: What do you call twenty million people coming over the board? Yes,

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and so you know, in an effort to clean up,

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we might overstep. But why are we not focused on that?

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How is that not seen as a bigger issue?

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Speaker 2: Right? Just open the borders, come one, Come on, do.

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Speaker 4: You think that we're going to do? You think in

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the next like once they start getting because a lot

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of people have already self deported, right, we've seen a

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lot of people leave. Were not enough though? Not enough?

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You're right, not enough? And once they start getting these

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people to leave, and say, because we've got what three

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more years left? A little bit less than three years.

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But at the end of three more years, say he's

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successful in getting a lot of these people out of

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the just hypothetically he gets rid of a lot of

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these illegals out of our country. Well, we see in

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the next five to ten years financial positive financial ramifications

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of that or will it be what liberals says that's

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bad because they add so much of the economy, and

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this is what they always fear monger and say that.

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But they're the backbone of our economy, are they?

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Speaker 2: I mean they're legalized.

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Speaker 3: Drug dealers, right, I mean there's a kind of if

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the goal is simply GDP go up, there's a lot

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of ways with that, right, So we could also generate

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a lot of tax revenue off that, right, So.

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Speaker 2: Let's leave my crack cocaine and meth if that's you know,

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if that's the goal.

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Speaker 3: So this is the problem, right, especially when you go

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on the left, there is there's just a dirth of

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economic knowledge, you know. It's like Elizabeth Warren put out

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a tweet over the weekend. I could not stop laughing

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over it, and I had to retweet it and dunk

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on her because she's like, you know, you look at

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what RFK is doing, and they're going to go after

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no one's going to make any vaccines.

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Speaker 2: And you're like, oh my god, okay, right, so I go.

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Speaker 3: And so my tweet was something along the lines it

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was like, hey, miss Warren, I'd like to let you

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know something. As long as there is a market for vaccines,

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there will be vaccines. It's like magic, except it's called capitalism. Right,

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So it's just the it's so dumb, and you sit

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there and you listen to these people say that, and

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if people just have again, because she makes an idiotic

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statement like that does not mean that everybody with an

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r nex to their name is brilliant, right, But what

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we should do is we need to start looking at

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these people and judging them by their merits rather than

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seeing them through a partisan lens, you know what I mean.

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It just it's infuriating, and you just go, hey, guys,

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here's the deal. You can think that sounds really great.

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If you want to pursue those practices, it's going to

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be a disaster. It's going to be a disaster. So

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you know, you just have to have people that have

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a baseline, you know, knowledge of economics and finance.

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Speaker 2: And we've got a bunch of idiots running.

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Speaker 4: The and it's such common sense. You have all these

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people who are living off the taxpayer doll Like, it's

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like a lot of people coming into my house draining

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my resources. If those people left, I would be living

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high on the hog. It's kind of like, I mean, listen,

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this is a this is a terrible comparison. It really is.

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Speaker 2: It's terrible.

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Speaker 4: But it's kind of like, you know, you're my financial advisor, Zach,

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and so one of the things that we've talked about

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is like, when my kids go and they leave, they

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flee the house, okay, and when all of my kids

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are out of the house, my expenses will go down.

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Now that's not to say that my kids are leeches.

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I love all my children, I do, but children are

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an expense, right, I mean they are. Everybody knows that, right, Well,

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that's gone a little bit, teenagers especially right a little bit. Okay, Well,

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when children are out of your home, your expenses tend

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to go down. I mean this is just common freaking sense.

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Speaker 2: Okay.

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Speaker 4: But these are people that I love and I willingly

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want in my house. I love them, I wanted them,

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I want them here. If illegals coming into my country,

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I don't. I didn't ask for them, I didn't ask

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to pay for them.

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Speaker 1: And you're still, yeah, you're still having to cover all

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their expenses. They're slowing down your kids' education for just

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translation reasons, Like you're taking these things impact everybody, and

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why isn't everybody mad?

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Speaker 4: Right? They're actually taking places in my kids educational like

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they're taking the place of kids places, American kids places

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and educational So this is it's so infuriating. It's like

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they can't see it.

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Speaker 3: No, And look, this is gonna sound a little bit conspiratorial, Okay,

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but I'm going to say this because honestly, I'm not

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sure that this is what's going on. I do know

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that when I look at what is going on, especially

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as it relates the immigration policy in this country as

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well as the rest of the world.

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Speaker 2: And if I look at.

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Speaker 3: The people that are driving that I don't I cannot

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see any other reason for what is going on unless

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you go to a website called I believe it's opensociety

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dot org, right, George Soros, Soros's organization, and when you

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look at what a free and open society is by

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his definition, and then you look at what's being done, right, like,

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when you look at what is it I think the

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UK Now, now I don't care about the racial aspect,

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but I think it's a pretty good gauge to tell

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you how quickly things are changing and what is it. Like,

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I think only sixty five percent of UK residents are

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now white, right, I'm not crazy, right, the color doesn't.

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But why this is important is immigration is a wonderful

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thing when done in the right amounts and measures. It's

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like mix in a drink, right. You can't mix in

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too much too quick, because the goal is to get

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those immigrants to assimilate to your culture.

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Speaker 1: Right, right, And that is not happening.

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Speaker 4: It's not the assimilation is not happening.

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Speaker 3: No, But and I think that that is on purpose.

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I think that they are trying to erode individual state

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sovereignty in favor of a government that is much more

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globally centered.

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Speaker 2: Right.

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Speaker 3: And people go, oh, you're correct, And I'm like, look,

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if you have an other explanation for what's going on,

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I'm all ears because I would like to believe that

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there was a more rational, sensible approach behind this, but

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it just isn't. And the scary part about that, oh,

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we're going to be one I literally heard a guy say.

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Speaker 2: This, this tell well, we're going to be one world.

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Speaker 3: We won't have any more battles, we want any more

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wars because we're all going to be one people.

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Speaker 2: And you're like, oh my god, what you're going to have.

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Speaker 3: Is you're going to have a monoligy, right, that is

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the government and now and any government that you cannot

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opt out of is by definition authoritarian.

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Speaker 4: Yeah, it's not. You're not being conspiratorial at all. That

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it's not. It's absolutely happening. We're watching it.

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Speaker 1: You're like sounding the alarm that needs to be sounded.

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Speaker 3: Yeah, and more importantly, like I said, I I would

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love to hear like I don't.

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Speaker 2: You know, I don't want to. You've still got those

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people out there.

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Speaker 3: They're going, Oh, despite what everybody says, it's the greatest

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time to be alive. I understand those arguments. Okay, but

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you got some things on the horizon that could make

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it not the greatest time to be right at the

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very least, and it just it may it doesn't pass

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the smell test, right, it's Awkham's razor.

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Speaker 2: What is the most likely explanation.

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Speaker 3: You're sitting around going this looks like people want to

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erode our state sovereignty?

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Speaker 1: Yeah? Yeah, how would they behave if they wanted to

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do that?

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Speaker 2: You know what I mean? Exactly that way?

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Speaker 1: Yeah, right, you're right, it's answer.

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Speaker 3: And in white dominated cultures, right that are predominantly white,

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you're going to talk about the evil of the white man.

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Speaker 2: You're going to talk about whiteness and how you know.

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Speaker 3: Bad that is and push that down and yeah, it's

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it's it's really unfortunate because I think that having different

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sovereignties it has a cost.

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Speaker 2: You're going to have some wars and some conflicts. I

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it shocks.

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Speaker 3: Me that people think the alternative is less scary, right

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where a government you can't escape from.

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Speaker 1: You know, and the kind of stuff that like makes

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me feel a little bit glad that we're like on

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the later half of our lives, you know what I mean.

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I know I do. I worry about kids, but like

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at the same time, I'm like, you know what, the

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maybe this is all I don't know, that's the pessimism.

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Pessimism and you're coming out because she's like the other

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and I don't know if I want to be because

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this is all getting real scary.

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Speaker 4: It's crazy.

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Speaker 3: I'm really trying to take I'm trying to take this step,

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I mean the process, taking this step with our kids

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where me and my we miss a couple here and there,

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but me and my boys try to do a Bible

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study together once a week, and then my wife does

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it with our daughter. And then on top of that,

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put my boys on their athletes and play football and stuff,

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but putting them on a workout plan, getting them up

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early in the morning, teaching them how to work out,

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how to grind all these kinds of things. There was

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a guy that made a quote one time that and

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I'm forgetting who it was, but he said, people are

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constantly saying, why would you bring children into the world

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that is Israel.

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Speaker 2: As it is right now? And he goes, that's the

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most ridiculous statement I've ever heard.

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Speaker 3: That's like asking why would you be why would you

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be birthing dragon killers in the era of dragons? Right?

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Speaker 2: And so I kind of look at it. Am I

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afraid for them? Am I afraid for them? Yeah? But

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what else?

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Speaker 3: What other choice do we have other than just to attack,

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right and just sit there and go, you've got to

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be stronger, You've got different you've got different standards that

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you need to do.

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Speaker 2: Ad here too, we're going to make dragon killers.

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Speaker 1: And I don't really when you're teaching them young, I mean,

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and that's always so good teaching them young, and you

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teach young and old people alike when it comes to

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how to manage their finances.

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Speaker 2: It's just there is.

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Speaker 1: So how might people find out more about that?

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Speaker 3: Yes, the easiest way to do it Bullwarkpitalmanagement dot Com

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search Know Your Risk podcast, Catch our Daily Dots episode

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00:15:39,159 --> 00:15:41,159
that's out. It's about thirty minutes a day that goes

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everything everything finance and politics.

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Speaker 2: That You're the convergence and.

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Speaker 3: Yeah, Google, Know Your Risk Radio, Know Your Risk Podcast,

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Sorry Orcapitalmanagement dot Com the hard.

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Speaker 4: Of Fine love it, Thank you.

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Speaker 2: Zach Maculators. Investment advisory services offered through Trek Financial loc

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and SEC Registered investment advisor.

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Speaker 3: The opinions expressed in this program or for general informational

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purposes only, and are not intended to provide specific advice

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or recommendations for any individual or on any specific security.

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Any references to performance of security so are thought to

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be materially accurate, and actual performance may differ investments involved

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risk and are not guaranteed.

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Speaker 2: Past performance doesn't guarantee future results. Track twenty four three

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zero eight