Speaker 1: Welcome to another episode of the Chicks on the Right podcast,
where we talk to our friend and sponsor of the show,
Zach Abraham from Boulwart Capital Management, about things that are
happening in the economy and in the world of finance.
And in a recent interview, there is this guy named
Stephen Moran. I don't even know if I'm saying his
name right, but he is the Federal Reserve Governor, which
is a position I knew about effective today. Yeah, yeah, exactly,
did not know that that was a thing. But anyway,
he was in this interview where he was talking about
the plans to mass deport all of these illegals that
Joe Biden brought in, and he kind of said, listen, people,
things could look a little sketch in the data, in
the economic data with respect to GDP job losses or
other bad like negative news. However, the long term outlook
if we do these mass deportations is really really good
because it's disinflationary because it's gonna you know, there's gonna
be less there's going to be reduced traffic, there's gonna
be less spending on illegals stuff, and like more potential housing.
So do you agree with that, and like, how quickly
might we see improvement?
Speaker 2: You know?
Speaker 3: Interesting thing And actually, if you guys wanted to have
Steve on onto your show, I could probably line that up.
Speaker 2: I know him. I say his name right, Steve Mirror, Mirror.
Speaker 3: And I actually had him on our show twice. Really
it's probably a year and a half, two years ago.
So I remember d ming him. When Trump brought him
up to be in the position. I was like, Steve,
congrats man, you.
Speaker 2: Got you got drafted the big leagues.
Speaker 3: So the first thing I'll say about him is from
what I know of him, and you know, I don't
know him personally, but I've spent probably three hours talking
to the guy.
Speaker 2: I think he's really smart.
Speaker 3: I think that he has a he The thing I
love about him is he's it's a Harvard educated economists
PhD and economists, but he's also managed money. He's run
a hedge fund, and that is you know, I know
there are people out there to be like, oh, well,
then I don't trust him. That's horrible. No, you there
there are two worlds of finance. There are the worlds
of finance that exist in Harvard classrooms that PhD economists
talk about, and then there's where rubber meets the road
and practitioners in financial industries. It just works so much
differently than the way they lay it out in textbooks, right,
and so one of the biggest issues that we've had
in this country is we've had no diversity of thought.
You go look at the FED board, it's all PhD
economists that have never actually done anything right and so,
and that's one of the reasons their policy decisions have
been such a joke for fifteen years. But what Steve
is talking about to me is one of those things
that is irrefutable. Meaning if population growth, regardless of whether
it comes from birth or immigration, is a big driver
of inflation, right like it you know, for instance, under
Sleepy Joe's Watch, what you have twenty million illegals coming
to the country, right it Like, if you think about it,
what would you need to house those, you know, people,
like maybe three to four and a half million homes.
You can get twenty people, twenty million people moving into
the country a lot quicker than you can make three
and a half to four million homes and make them
in a way that is financially feasible.
Speaker 2: Right.
Speaker 3: So, when you stop that in flux, yes, you you
will take some pressure off the inflationary side. And you know,
and to me, we were talking about this off camera.
To me, that is just low hanging fruit, you know,
Like I laugh, I belly laugh. Every time I hear
somebody on the left freaking out about, oh, they're trying
to jerrymander, they're trying to tip the election, I'm like,
what do you.
Speaker 2: Call twenty million illegals flowing into the country? Right? Right, exactly.
Speaker 3: And the other thing is is is any time I
hear one party or the other accused either of gerrymandering,
it's ridiculous because whoever is in control of that house
right in that state, they all do it every time.
That's one of the consequences of elections, right, they draw
the lines, they redistrict. So and then also, if you're
saying they're redistricting, what do you call twenty million illegals
flo you know, flooding into the country.
Speaker 2: Right.
Speaker 3: So the other thing that I get in this a
little bit off course here, But the other thing I
get really frustrated by is oh Trump's illegally doing And
I'm like, hey, look, okay, you are so flippantly throwing
that out there. The executive branch, via the constitution, has
pretty wide power when it comes to enforcing existing laws, right,
that's the primary function of the executive branch. So when
you've got a president administration that is absolutely flouting federal
immigration law, right literally breaking their constitutional order in terms
of enforcing federal law, then when you look at constitutional precedent,
whoever the next executive was, it grants some pretty wide
powers to.
Speaker 2: Re right to to make that right right the wrong, Yeah, right,
the wrong.
Speaker 3: And when you have a wrong of that magnitude, there's
gonna be parts of the cleanup process that are not
that palatable, right, And it's it's you know, do you
do you blame the cleanup crew or do you blame
the guy that crashed the the you know, crash the
oil tanker.
Speaker 2: On the on the on the bank, you know what
I mean.
Speaker 1: So, yeah, it's like people getting mad at Doze for
uncovering fraud. They were like, let's kill all these messengers
instead of being mad that it was happening to begin with.
Speaker 4: Yeah, yeah, the part the party is always more fun
than the cleanup.
Speaker 2: Yeah, oh oh for sure. And and and and the.
Speaker 3: Unfortunate thing about it is when you look. Now, look,
I am not a constitutional lawyer, so I'm not going
to sit here and say I know for certain that
every single thing they've done is okay.
Speaker 2: Oh so you're admitting there. What do you again?
Speaker 3: What do you call twenty million people coming over the board? Yes,
and so you know, in an effort to clean up,
we might overstep. But why are we not focused on that?
How is that not seen as a bigger issue?
Speaker 2: Right? Just open the borders, come one, Come on, do.
Speaker 4: You think that we're going to do? You think in
the next like once they start getting because a lot
of people have already self deported, right, we've seen a
lot of people leave. Were not enough though? Not enough?
You're right, not enough? And once they start getting these
people to leave, and say, because we've got what three
more years left? A little bit less than three years.
But at the end of three more years, say he's
successful in getting a lot of these people out of
the just hypothetically he gets rid of a lot of
these illegals out of our country. Well, we see in
the next five to ten years financial positive financial ramifications
of that or will it be what liberals says that's
bad because they add so much of the economy, and
this is what they always fear monger and say that.
But they're the backbone of our economy, are they?
Speaker 2: I mean they're legalized.
Speaker 3: Drug dealers, right, I mean there's a kind of if
the goal is simply GDP go up, there's a lot
of ways with that, right, So we could also generate
a lot of tax revenue off that, right, So.
Speaker 2: Let's leave my crack cocaine and meth if that's you know,
if that's the goal.
Speaker 3: So this is the problem, right, especially when you go
on the left, there is there's just a dirth of
economic knowledge, you know. It's like Elizabeth Warren put out
a tweet over the weekend. I could not stop laughing
over it, and I had to retweet it and dunk
on her because she's like, you know, you look at
what RFK is doing, and they're going to go after
no one's going to make any vaccines.
Speaker 2: And you're like, oh my god, okay, right, so I go.
Speaker 3: And so my tweet was something along the lines it
was like, hey, miss Warren, I'd like to let you
know something. As long as there is a market for vaccines,
there will be vaccines. It's like magic, except it's called capitalism. Right,
So it's just the it's so dumb, and you sit
there and you listen to these people say that, and
if people just have again, because she makes an idiotic
statement like that does not mean that everybody with an
r nex to their name is brilliant, right, But what
we should do is we need to start looking at
these people and judging them by their merits rather than
seeing them through a partisan lens, you know what I mean.
It just it's infuriating, and you just go, hey, guys,
here's the deal. You can think that sounds really great.
If you want to pursue those practices, it's going to
be a disaster. It's going to be a disaster. So
you know, you just have to have people that have
a baseline, you know, knowledge of economics and finance.
Speaker 2: And we've got a bunch of idiots running.
Speaker 4: The and it's such common sense. You have all these
people who are living off the taxpayer doll Like, it's
like a lot of people coming into my house draining
my resources. If those people left, I would be living
high on the hog. It's kind of like, I mean, listen,
this is a this is a terrible comparison. It really is.
Speaker 2: It's terrible.
Speaker 4: But it's kind of like, you know, you're my financial advisor, Zach,
and so one of the things that we've talked about
is like, when my kids go and they leave, they
flee the house, okay, and when all of my kids
are out of the house, my expenses will go down.
Now that's not to say that my kids are leeches.
I love all my children, I do, but children are
an expense, right, I mean they are. Everybody knows that, right, Well,
that's gone a little bit, teenagers especially right a little bit. Okay, Well,
when children are out of your home, your expenses tend
to go down. I mean this is just common freaking sense.
Speaker 2: Okay.
Speaker 4: But these are people that I love and I willingly
want in my house. I love them, I wanted them,
I want them here. If illegals coming into my country,
I don't. I didn't ask for them, I didn't ask
to pay for them.
Speaker 1: And you're still, yeah, you're still having to cover all
their expenses. They're slowing down your kids' education for just
translation reasons, Like you're taking these things impact everybody, and
why isn't everybody mad?
Speaker 4: Right? They're actually taking places in my kids educational like
they're taking the place of kids places, American kids places
and educational So this is it's so infuriating. It's like
they can't see it.
Speaker 3: No, And look, this is gonna sound a little bit conspiratorial, Okay,
but I'm going to say this because honestly, I'm not
sure that this is what's going on. I do know
that when I look at what is going on, especially
as it relates the immigration policy in this country as
well as the rest of the world.
Speaker 2: And if I look at.
Speaker 3: The people that are driving that I don't I cannot
see any other reason for what is going on unless
you go to a website called I believe it's opensociety
dot org, right, George Soros, Soros's organization, and when you
look at what a free and open society is by
his definition, and then you look at what's being done, right, like,
when you look at what is it I think the
UK Now, now I don't care about the racial aspect,
but I think it's a pretty good gauge to tell
you how quickly things are changing and what is it. Like,
I think only sixty five percent of UK residents are
now white, right, I'm not crazy, right, the color doesn't.
But why this is important is immigration is a wonderful
thing when done in the right amounts and measures. It's
like mix in a drink, right. You can't mix in
too much too quick, because the goal is to get
those immigrants to assimilate to your culture.
Speaker 1: Right, right, And that is not happening.
Speaker 4: It's not the assimilation is not happening.
Speaker 3: No, But and I think that that is on purpose.
I think that they are trying to erode individual state
sovereignty in favor of a government that is much more
globally centered.
Speaker 2: Right.
Speaker 3: And people go, oh, you're correct, And I'm like, look,
if you have an other explanation for what's going on,
I'm all ears because I would like to believe that
there was a more rational, sensible approach behind this, but
it just isn't. And the scary part about that, oh,
we're going to be one I literally heard a guy say.
Speaker 2: This, this tell well, we're going to be one world.
Speaker 3: We won't have any more battles, we want any more
wars because we're all going to be one people.
Speaker 2: And you're like, oh my god, what you're going to have.
Speaker 3: Is you're going to have a monoligy, right, that is
the government and now and any government that you cannot
opt out of is by definition authoritarian.
Speaker 4: Yeah, it's not. You're not being conspiratorial at all. That
it's not. It's absolutely happening. We're watching it.
Speaker 1: You're like sounding the alarm that needs to be sounded.
Speaker 3: Yeah, and more importantly, like I said, I I would
love to hear like I don't.
Speaker 2: You know, I don't want to. You've still got those
people out there.
Speaker 3: They're going, Oh, despite what everybody says, it's the greatest
time to be alive. I understand those arguments. Okay, but
you got some things on the horizon that could make
it not the greatest time to be right at the
very least, and it just it may it doesn't pass
the smell test, right, it's Awkham's razor.
Speaker 2: What is the most likely explanation.
Speaker 3: You're sitting around going this looks like people want to
erode our state sovereignty?
Speaker 1: Yeah? Yeah, how would they behave if they wanted to
do that?
Speaker 2: You know what I mean? Exactly that way?
Speaker 1: Yeah, right, you're right, it's answer.
Speaker 3: And in white dominated cultures, right that are predominantly white,
you're going to talk about the evil of the white man.
Speaker 2: You're going to talk about whiteness and how you know.
Speaker 3: Bad that is and push that down and yeah, it's
it's it's really unfortunate because I think that having different
sovereignties it has a cost.
Speaker 2: You're going to have some wars and some conflicts. I
it shocks.
Speaker 3: Me that people think the alternative is less scary, right
where a government you can't escape from.
Speaker 1: You know, and the kind of stuff that like makes
me feel a little bit glad that we're like on
the later half of our lives, you know what I mean.
I know I do. I worry about kids, but like
at the same time, I'm like, you know what, the
maybe this is all I don't know, that's the pessimism.
Pessimism and you're coming out because she's like the other
and I don't know if I want to be because
this is all getting real scary.
Speaker 4: It's crazy.
Speaker 3: I'm really trying to take I'm trying to take this step,
I mean the process, taking this step with our kids
where me and my we miss a couple here and there,
but me and my boys try to do a Bible
study together once a week, and then my wife does
it with our daughter. And then on top of that,
put my boys on their athletes and play football and stuff,
but putting them on a workout plan, getting them up
early in the morning, teaching them how to work out,
how to grind all these kinds of things. There was
a guy that made a quote one time that and
I'm forgetting who it was, but he said, people are
constantly saying, why would you bring children into the world
that is Israel.
Speaker 2: As it is right now? And he goes, that's the
most ridiculous statement I've ever heard.
Speaker 3: That's like asking why would you be why would you
be birthing dragon killers in the era of dragons? Right?
Speaker 2: And so I kind of look at it. Am I
afraid for them? Am I afraid for them? Yeah? But
what else?
Speaker 3: What other choice do we have other than just to attack,
right and just sit there and go, you've got to
be stronger, You've got different you've got different standards that
you need to do.
Speaker 2: Ad here too, we're going to make dragon killers.
Speaker 1: And I don't really when you're teaching them young, I mean,
and that's always so good teaching them young, and you
teach young and old people alike when it comes to
how to manage their finances.
Speaker 2: It's just there is.
Speaker 1: So how might people find out more about that?
Speaker 3: Yes, the easiest way to do it Bullwarkpitalmanagement dot Com
search Know Your Risk podcast, Catch our Daily Dots episode
that's out. It's about thirty minutes a day that goes
everything everything finance and politics.
Speaker 2: That You're the convergence and.
Speaker 3: Yeah, Google, Know Your Risk Radio, Know Your Risk Podcast,
Sorry Orcapitalmanagement dot Com the hard.
Speaker 4: Of Fine love it, Thank you.
Speaker 2: Zach Maculators. Investment advisory services offered through Trek Financial loc
and SEC Registered investment advisor.
Speaker 3: The opinions expressed in this program or for general informational
purposes only, and are not intended to provide specific advice
or recommendations for any individual or on any specific security.
Any references to performance of security so are thought to
be materially accurate, and actual performance may differ investments involved
risk and are not guaranteed.
Speaker 2: Past performance doesn't guarantee future results. Track twenty four three
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