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Speaker 1: If he wins, in effect, he's going to be a

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lame duck. He doesn't have to run for reelection and

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so he can do a lot of things. You'll have

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a freer hand, in fact, than he would otherwise. It'll

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leave jd Vance with a with a harder job. That

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there's a big opportunity to fix a lot of these things,

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maybe once in a lifetime. If we don't fix some,

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that hold this whole debt debt monster is going to

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suck us down.

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

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

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

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than.

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Speaker 3: Ever, and welcome. You are listening to and watching the

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Financial Survival Network. I'm your host, Carrie lets They've got

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a really interesting guest. His name is Bill Walton. Bill,

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you have a podcast, but you've done so much more.

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You find him at the Bill Waltonshow dot com and

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it's season entrepreneur. Bill the CEO of Allied Capital corporation

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for many years and basically part of the Trump transition team.

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You've done a lot and really great to have you

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on here because it looks like there's an inevitability about

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to take place in the election. Although elections are like

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horse races, you never know when one of those horses

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is going to get drugged or taken out before it

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crosses the finish line, as they've already tried to do here.

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But we got to talk about what you foresee happening

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and is the economy hopeless at this point? Is the

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country hopeless? Is there anything that can be done to

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turn to write this sinking ship? Well?

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Speaker 1: I think there is, and I'm quite hopeful about Trump's

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prospects next week. You know, lots of people who are

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close to it. I'm based here in the DC area,

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and you know, the feeling is he's going to win.

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But I have insider information. I have a dentist who

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is dentist to all the Democrat operatives who work for

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Obama and then Biden, and they're you know, in Northwest,

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and they are terrified. They're quite concerned that this thing

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is going south on them. And you know they've been

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they've they've been living in a honeypot now for you know,

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fifteen years, twenty years figure, and they're worried about the game,

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the game over scenario. And the other thing it makes

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me optimistic is if Trump wins. When he wins, there

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are a lot of people that he has.

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Speaker 3: You know, he made a lot of.

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Speaker 1: People mistakes in twenty sixteen. It took a long time

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to get over it and get started, and then of

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course they attacked him with the Rush Russia Russia thing.

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I think he's all ready for that now, and he's

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got I can think of fifteen twenty people who probably

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come into the administration who get what needs.

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Speaker 3: To be done. They've been there.

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Speaker 1: I think the odds of making some changes are good.

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Speaker 3: All right, well, we certainly need it, you know. I

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don't want to talk about personalities and cults of personality

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all that, but it's good to hear that your dentist

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is getting us some golden inside information. He takes the

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gold out of their pockets. And they should be scared

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because what's happened in this country is you know, the

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policies that have been pursued have got us at the

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brink of bankruptcy. But I mean, like Trump has said

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he didn't need to do this, and I'm sure he's

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doubted himself for doing it many many times since, but

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he's kind of it's a calling for him, kind of

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a mission, and you know, it's it's going to be interesting.

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But like I said, we're not into like election politics

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and all that. We're into policy. That's something that you

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have first hand information insight into. You know. One of

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the things people complain about Bill it's so hard to

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get the government to do anything to change the government.

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One policy that Trump is promoting now is elimination of

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the income tax. Are you and I ever going to

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live to see that? Oh my gosh, I hope so. Uh.

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Speaker 1: You know, the night when we put the income tax

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in place. There's obviously the money part of it, but

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the income tax is just an unbelievable intrusion into our

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personal privacy. All of a sudden, the federal government has

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the right to take apart your your sources of income,

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and they know everything about you. And there are lots

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of other things afoot if Kamala in up winning where

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they you know, the Treasury's got something called the Corporate

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Transparency Act, which they I know Biden signed into law.

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And you know that that would require most of the

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small businesses in America some thirty forty million, to disclose

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the beneficial ownership of them, and a lot of other

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things that would be intrusive. And so yeah, I do

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know that's the kind of thing that when Trump wins,

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you know they're going to they're going to make a

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target now getting rid of the I R S for

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the income tax. I don't think we get enough revenue

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if we go to tariffs to substitute for the income tax,

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given the unbelievably big, you know, the size of the government.

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But I like the way they're thinking about it.

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Speaker 3: Uh, you know, but the but.

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Speaker 1: The terrify idea is really it's about revenue. But I

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think it's mainly about making sure that we rehabilitate, rehabilitate

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American business here.

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Speaker 3: And you know, we've we've.

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Speaker 1: Transported most of the business, a lot of the businesses

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in the jobs offshore, and we've got to we've got

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to bring that back. And I think I think that'll

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be a big step in the right direction.

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Speaker 3: Certainly, so probably a combination of tariffs and a that

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national sales tax, if you will, Probably what it's going

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to have to be, but we get Elon Musk in

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charge of efficiency. I mean, look, the most productive auto

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manufacturing plants in the world. The most productive one happens

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to be the Tesla plant in Shanghai. But it's not

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that far ahead of Austin, and it's not that far

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ahead of Fremont, California. Quality is a little higher there

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because it was built later than Fremont, but the Austin

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quality just as good. So can you can you imagine

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Elon Mutska well being in charge of cutting government programs?

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Go ahead? Yeah, there's one other thing. There was a

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case that took place during Nixon's tenure, and I know

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that President Trump is aware of it. That's the Impoundment Authority. Yeah. Case.

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I don't remember the name of it, so forgive me

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for that. But basically said, if Congress authorizes the spending,

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you got to spend it. And the case was never

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properly tested. And look to just say, all right, Congress,

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you allocated six billion dollars, but we're only going to

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spend four of it. Sue me. Can we look forward

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to that? You think in a second Trump administration.

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Speaker 1: I think it's on the radar screen definitely that you've

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got a little elon musk answer. They say, well, how

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much money can you cut out of a seven trillion

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dollar budget? I think that's the number that could be

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could be twenty million, twenty t he said, two trillion dollars,

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which is a big number, but it's not you know, waste,

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fraud and abuse. He also in another conversation throughout the

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notion that there's some two hundred and seventy five or

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three hundred federal agencies and if you want to look

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at a definition of immortality, it's a federal agency. You know,

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once these things get created, they never go away. And

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I would bet they're probably seventy five to one hundred

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agencies which may have had a good reason to come

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into existence, but they don't have any reason to be

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right now. And there's a big opportunity to not only

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cut employment, but also restructure you know, the regulatory framework

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to make it, you know, more compatible for growing a business.

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Speaker 3: Yeah, I did. I put this question to chat GPT.

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I said, listen, one hundred federal agencies, agencies that are

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useless and could easily be cut. And I'm going to

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give you, like just a few of these agencies. You're

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going to get a real kick out of it.

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Speaker 1: Uh.

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Speaker 3: Do you think we could live without the Appalachian Regional Commission,

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the Denali Commission, xmbank, You know, the Xmbank's just corporate welfare.

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How about the postal Service? Well, we need somebody to

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deliver the mail. But I think Jeff Bezos could do

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it better than the government. Right. It still already is

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opic US Institute for Peace. It's not doing a real

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good job now. Office of Navajo and Hoppy Hope Indian Relocation.

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That seems like an urgent national concern, doesn't it. I

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mean it's just because on and on and on and

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on and on here like one hundred of them. The

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they're talking like things like the fah FA because it's

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duplicated by other things in private. Could do it? Office

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of Fossil Energy, I mean, let's be banned by fossils, right.

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Or how about the Office of Legacy Management. What the

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heck do you even know what that does? Bill?

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Speaker 1: It's managing somebody's legacy and government.

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Speaker 3: I don't know.

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Speaker 1: Maybe it's managing oversea protecting all the obsolete agencies. Yeah,

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but the job is to stand guard to make sure

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nobody shuts them down.

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Speaker 3: I don't know. We'll have to get rid of that one.

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First one. The one I want to get rid of

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is the Department of Redundancy Department because it's definitely this

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is chat GPT. That's amazing.

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Speaker 1: I think of that as not really I realized it

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was a libertarian this is this is good stuff, all.

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Speaker 3: Right, So we could further refine this and say, pretend

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you are Rand Paul or uh, you know, just pretend

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you Rand Paul. What's the way to go? Yeah? Or

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if I were Ludwig vad misis what would I what

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would be left of the federal government? You know, you

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could do that because then it has to put on

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its other hat and get away from it's a leftist

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to programming. But how about the Export Control and Related

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Border Security Assistance program. You know, it's a list, it's

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it would be comical, Bill if it wasn't a true.

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Speaker 1: Well it wasn't it wasn't obscene. I mean that's the issue.

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I mean, that's you know, it's comical if you're sort

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of doing what we're doing. But if you run a

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business and a small business, medium sized business, and you

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fall under the predations of.

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Speaker 3: One of those agencies.

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Speaker 1: Uh, you got a problem because they can tell you

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to do all sorts of things that don't make any sense.

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And you know, and that's the that's the hidden tax

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in America. Now, as all these agencies put out, you know,

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one of them puts out a bad rule or a

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rule that may be even you know, with a good intent,

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but then all of a sudden you're supposed to comply with.

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Speaker 3: If you get one hundred agencies.

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Speaker 1: Doing that, all of a sudden, all you're doing is

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filling out paperwork.

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Speaker 3: How about how about like one of Trump's most successful

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policies last administration was putting in the Executive Order that

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for every new rule you want to impose or implement,

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you got to get rid of two And it actually

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was so effective that most agencies were getting rid of

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twenty new rules every rule they implemented. How about every

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new rule you implement, you got to get rid of

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one hundred employees and one hundred existing regulations.

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Speaker 1: Well, think of it, what Elon must out at Twitter?

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What do you do reduce the headcount by eighty percent

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ninety percent? And nobody knows that eight thousand employees and

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it's taken it down to about one thousand, and it's

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doing just fine with that streamline structure. I I know

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Leyland wouldn't talk about this, and we weren't serious. And

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if you get him thinking this way about these agencies,

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I think, you know, this could be a you know,

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think about our budget deficit, think about all the bad

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things that people think you can't fix. Well, if you

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do all this, you could.

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Speaker 3: Yeah, and he's managed. If you saw the last Tesla

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earnings call, and I've caught it, the average price of

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a Tesla to produce is thirty five thousand dollars. No

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grant that they don't have unions, they don't have legacy

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costs like medical and pensions and all that good stuff,

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but nonetheless the price has come down. Well. Inflation has

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been going up. Bill two things, deficit inflation, all right,

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Like I know Trump saying let's just drill, and we can,

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you know, bring down inflation because energy costs and all that.

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But you and I both know it's got to take

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a massive cut in government expenditures. Unnecessary, wasteful, and some

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that even maybe aren't wasteful but just aren't useful. And

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that's where the blowback is going to come. From because,

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like you said, you know, your dentist is worried because

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all of his well most of his patients are probably

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going to be out of a job here if Trump

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was elected.

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Speaker 1: Well, and they should be out of a job because well,

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I came to Washington, I guess in nineteen ninety six.

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I've been here several times. But Potomac, Maryland, which is

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this big, big, expensive suburb north of the city, had

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these huge Mac mansions and I was just really stunning,

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and I asked, you know, I was new to the

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PC area, and I said, what's paying for all that?

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And they said, well, that's case treat money. And what

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we've seen now in the last three or four years

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is those big mansions have been considered teardowns, and they're

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they're putting up even bigger ones up in Potomac. And

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a lot of that's coming from things like the totally

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misnamed Inflation Reduction Act, which is basically the Green New

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Deal on steroids, which is antedet trillions of dollars. And

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you know, John Podesta's got a four hundred billion dollar

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fund to for the for the projects for the Democrat.

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Democrat donors have that they're purportedly you know, green energy,

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so all that sort of stuff could go away. I mean,

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the whole, the whole green energy piece is a massive

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reallocation of capital, private capital and government capital. And if

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we just shutting that down, would I think, do a

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lot to the budget deficit.

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Speaker 3: We got like hundreds of billions in corporate welfare every

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year taking place right these companies. It's one thing you

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give to the least needed. You could at least justify that,

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But how do you justify these massive subsidies and everything else.

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Speaker 1: Because they can forth, they can afford the lobbying firms

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and afford the contribution to the to the senators and

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the congressman, and they're the only ones talking to them,

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and so they end up getting getting these handouts, and

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the rest of the country can't afford to be here

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and do that, and so they they've been the losers.

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Speaker 3: And we you know, let's turn that around. Yeah. So yeah,

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like like the Boeings of the world, and you see

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what our subsidies have done. They and the banking industry, everybody,

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they get these subsidies and then they up their executive

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compensation and their stock options everything else. I mean, I

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do believe that you run a successful company, you deserve

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to be extremely well rewarded because it's very difficult, especially

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in these times. But you know the taxpayer shouldn't be

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paying for it.

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Speaker 1: Well, that'll be a new paradigm. Now the thing we do.

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You know, Donald Trump was not exactly a cost cutter

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last time. It was on know and one of the

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and I don't want to cost him any votes because

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we have to win. But he's not talking about entitlement reform.

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He's not talking about any any budget gouts.

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Speaker 3: He can't.

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Speaker 1: I mean that that that's gonna that's political suicide. But

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on the other hand, if he if he wins an effect,

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he's going to be a lame duck. He doesn't have

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to run for reelection and so he can do a

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lot of things. He'll have a freer hand, in fact,

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than he would otherwise. It'll leave jd. Vance with a

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with a harder job. But there's a big opportunity to

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fix a lot of these things, maybe once in a lifetime.

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If we don't fix them, that hold, this whole debt

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and debt monster is going to suck us down.

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Speaker 3: Yeah, yeah, So you know, the federal government will still

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owns forty five percent of the state of California, most

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of Nevada, all these states that it wasn't supposed to

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wind up owning it owns. So why don't we just

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sell off ten percent of California? Would that be such

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a bad thing? Well, and gild be a great thing.

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Speaker 1: And there's this totally mistaken notion that if you put

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land in federal hands, it's preserving it and they're going

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to nurture the environment with this federal ownership. It's just

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the opposite. If you put land in private hands, private

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owners do an awful lot to make it more productive

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and make it more environmentally.

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Speaker 3: Whatever the word is, a.

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Speaker 1: Better greener And so you know, yeah, I mean it

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would be a win win, you get. You know, I

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was back and I used to be in the merger

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acquisition business, and you know, it wasn't the question of

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just buying and selling companies. The way you think about

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it really is you're trying to take one business that

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may be struggling or something like that, and you try

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to put that business into stronger hands people know what

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to do with it, and hopefully they'll take that and

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build it up into something better, more profit better, for

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shareholders and so on and so forth. And I think

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the same thing. I think it's a great idea of

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the federal lands. Let's let's raise some capital and put

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it in hands of people who could do something good

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with it.

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Speaker 3: And it's all the Western states, Yeah, Idaho, the Dakota's.

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Maybe people don't want to live in those places necessarily,

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but increasing the supply of land, which eventually would increase

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the supply of housing. All these things, and you know that,

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to me, the biggest issues campaign or you know, immigration, obviously,

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the economy inflation. Inflation's a cycle. I don't know that

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the government really can bring it down. It just kind

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of lasts for twenty or thirty years as in the past.

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But the crime, all these things we've just seen, like

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deviant behavior, like Daniel Patrick moynihan used to say, we're

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defining devancy down. And shoplifting is decriminalized in a lot

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of states. And you got these das who don't believe

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it's their job.

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Speaker 1: Only if you steal more than a thought, only if

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you steal more than one thousand dollars with us stuff.

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Speaker 3: I mean, there's a point if you keep it under

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a thousand.

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Speaker 1: I guess it's decriminalized, but let me come on, this

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is this is insane.

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Speaker 3: Yeah, and I can see.

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Speaker 1: People in the stores with their with their iPhone calculator working. Okay,

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I'm getting up to nine to ninety five and better. Okay,

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we've stolen enough time to get out of here to.

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Speaker 3: Knock the charges down anyway, thanks to the sorosdas. But

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I was in a CVS in Woodland Hills, California, and

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I tell you, everything in that store was locked up,

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and was there a little later at night. I had

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to wait fifteen minutes for a guy to unlock the

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case to get some eye drops that were twenty bucks.

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In Florida. Here there are some things that are locked

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up like that are high shoplift items like razor blades,

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all right, and like certain eye drop eye care products.

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But it's a small section of the store. Everything else

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it's like open, and you know, the self checkout to cashiers.

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You can have them here in Florida, but in California

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or New York you can't risk them because they increase

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shoplifting by fifty percent.

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Speaker 1: Well yeah, and there's stores, you know here in the

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DC area they're just showed they're just shutting the stores down.

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They can't they can't afford to keep them open. So

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all these things they're supposed to protect criminals or whatever

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have ended up really hurting most of the inner city

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communities here and here in DC.

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Speaker 3: And everyone the waste of time of having to wait

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for them to open something up and get it and

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you just say, the heck with it, I'll buy it

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on Amazon. You know.

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Speaker 1: But but you think about the trouble with countries in

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what we're describing. It's their target rich opportunities to make

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it better. I mean, it doesn't take a lot to

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sort of say, well, let's change the let's change some

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of the rules about crime. And you know, we did it.

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They did it a couple of times. And in New York,

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I mean, Giuliani turned it around and Bloomberg did a

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pretty good job with it. You can fix the city

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if you get the right people in charge.

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Speaker 3: So true what you're saying, Like, I remember the city

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before Julianni, I remember after and the left to vilifies

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him and gives him no credit for saving their haven.

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And after a couple of terms of comrade Bill the

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Blasio and now this new guy, the place is completely

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unlivable becoming more unlivable by the day.

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Speaker 1: Well, yeah, and you know there are a lot of

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yes it is, And I don't mean the problem is

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that we talk about governance, were talking about Trump, and

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you know what the FETs can do, and I think

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the state legislatures and some of the some of the

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larger some of the smaller cities can make these changes.

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I don't see changing big city government much. I mean

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Democrats have got got a lockhand on it, then they don't.

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They're not showing any signs of paying a price for

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all the damage they've done.

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Speaker 3: Well, the price is a migration from these blue states

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to the red states, and of course here in Florida, Texas,

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various other states, Tennessee. You see mass migration where people

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are just throwing up their hands. And I know a

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number of people left California and that's it. Well, Bill,

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it's really been a pleasure having you on the show,

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and we will definitely have you on again. We definitely

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got some interesting times ahead. You find Bill at the

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00:23:44,200 --> 00:23:47,240
Bill waltonshow dot com. The link is in the show

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00:23:47,279 --> 00:23:51,400
notes This interview on Financial Survival Network dot com. Please

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00:23:51,440 --> 00:23:53,839
sign up for free newsletter and if you've got any

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00:23:53,920 --> 00:23:58,000
questions for Bill myself. The email address is kl at

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00:23:58,200 --> 00:24:01,160
Kerrie LUTs dot com. Bill, we'll talk to you soon.

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00:24:01,240 --> 00:24:03,920
Thanks so much for coming on, Gray love to be here.

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00:24:04,160 --> 00:24:08,319
Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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00:24:08,400 --> 00:24:12,240
solution to today's trying times. For the latest, go to

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Financial Survivalnetwork dot com. Financial Survival Network now more than ever,