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

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podcast where we talk to our friend and sponsor of

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the show, Zach Abraham from Bulwark Capital Management. And it's

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kind of a big news week, as it always is

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right now with Trumre, and so over the past weekend

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he decided to tweet that he is calling for a

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cap on credit card interest rates of ten percent for

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a year, and so we talked about this on our

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show kind of just you know, saying, this doesn't feel

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like a particularly conservative policy, you know, to put price

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controls on a company, you know, in this fashion, and

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it doesn't seem like he can do it without Congress.

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Speaker 2: What is your take?

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Speaker 3: So I'm with you when you talk about it not

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feeling like a very conservative thing. But one of the

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things that I've learned about political policy as it relates

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to finances and economics is there's so often where we

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get into these twenty and thirty year cycles and we

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think that this is the way it's always been done.

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Right when you look back at usury laws here in

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the United States, and usury is just an exorbitant amount

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of interest, right, trapping people in ie in for sloans.

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Usury laws in the past have been much more restrictive

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than they are now. So I don't see it as

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it kind of reminds me of a scenario where at

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the beginning of the twentieth century, so in the nineteen hundreds,

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when Teddy Roosevelt took over. Remember, at the time, you

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kind of had a similar scenario where Teddy is very

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much a conservative, a free market guy, but he recognized

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the issue at the time, and the issue at the

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time was similar to the issue as now, which is

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too much financial power consolidated too few hands. At that time,

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they were using the trust is kind of the vehicle

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to do that. And what did Teddy do. He came

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in and bust up the trust. He had all of

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the As a matter of fact, that's what cost him

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the Republican nomination for president. That's why he ran.

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Speaker 2: As a bull moose.

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Speaker 3: They had the bull Moose Party because he ticked off

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all the conservatives. Right now, you look back on it today,

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if we saw somebody doing that, we'd be like, that's

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not conservative. What about free markets? Well, Teddy, in my opinion,

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understood something which is capitalism is something. It's not a

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free for all capitalism, a system that has to be

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defended like any others, and capitalism only works when there's competition.

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And I think that same type of ideology can be

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extrapolated over over to credit cards because people being in

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financial peril and getting bled to consumer credit card companies.

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It doesn't do anything beneficial for the economy, right, It's interest,

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it's money lending. So it's not a It is a

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value add because they provide capital, but I think very little.

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I think very little of that capital would go away

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if you capt it at ten percent.

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Speaker 2: Where it would go away would be.

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Speaker 3: At the higher risk end of the credit score, where

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you know what, Quite honestly, those people shouldn't be.

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Speaker 2: Getting credit anywhere.

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Speaker 3: Right. Yeah, So now I hate saying that. I'm a

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big believer and people need to be their own adult

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and make up their decisions.

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Speaker 2: At the flip side, you look what's going on.

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Speaker 3: I mean, you know, look what's going on politically, and

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regardless of where you stand, I don't want to if

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you look at the situation in Minneapolis right now, I

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think it's a horrifically unfortunate situation and I don't want

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to take I don't want to go off the rails.

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But I look at that situation, and what I think

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is it's a scenario where a citizen did not do

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the right thing, broke the laws, put themselves in peril,

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and in my opinion, I think an officer shot when

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he probably shouldn't have, even though I think he was

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legally justified in shooting, if that makes sense, right, Meaning

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I think that when you're dealing with real problems like this,

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I think very very rarely do really strict ideological answers work. Right.

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So the people that are going to push back against

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this and go, no, it's not free markets, not capitalism, Well,

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look at what do you do to the people that

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get buried in credit card debt? Maybe for good reasons,

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at the age of twenty two, twenty three, lose a job,

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and by thirty having their first kid, they're still drowning

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in a pile of credit card debt, despite the fact

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they've made better decisions. Right, So, usory laws were made

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for a good reason, and I think they should be reinstituted.

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Where is that magic number? I'm not sure. If it

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was me, I'd be consulting with a lot of credit

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card companies. I'd be talking to these guys. I'd be

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looking at their measurements of like, hey, big right, Because

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wherever you put that limit, it's currently I believe at

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twenty nine to nine. Wherever you put that limit, you

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will have less credit available. But there's probably a really

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good break even place where maybe it's fifteen, maybe it's ten,

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maybe it's twelve. Well maybe you lose let's say ten

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to fifteen, maybe twenty percent of available credit. But that

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ten to twenty percent of available credit you lose is

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really nasty stuff.

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Speaker 2: So I think that they should do it.

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Speaker 3: I think that you should be done carefully to make

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sure you don't nuke too much of this available credit.

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But like I said, kind of like back in the

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Teddy Roosevelt times, I think that there is a way

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we need to defend capitalism and letting people, letting corporations

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trap people inside of financing that they have no viable

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way to pay back. That isn't capitalism, that's U three.

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Speaker 4: But do you think that they would have a viable

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way to actually pay it back if they when they say, okay,

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we're going to do this for a year, We're going

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to cap it at ten percent, do you think that actually, like,

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because a lot of these people they're in debt because

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they're morons, right, not all of them, not all of them.

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But I mean, let's face it, like some when I

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was younger, you know, you get credit cards, You'd be.

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Speaker 2: Like, what credit card?

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Speaker 4: And that's the thing. Yeah, that's what I wanted.

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Speaker 2: Do you really do you really think that it will help?

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Or maybe it will because.

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Speaker 4: You're listen, you're in finance, Like, you see people and

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you know how how people operate, and you understand the psychology.

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I think more of how people do this kind of stuff.

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I don't. So do you think that this will actually

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help people pay off their debt? That's what I'm wondering.

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Speaker 2: Well, for sure it will right to some degree.

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Speaker 3: The degree to which it helps, I'm not really sure,

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but you need to make there's I hate saying this

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because I I there's so many of these credit situations

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that you look at right now that are trash right

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from the go, and that the only reason that these

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people are signing up for it is because they don't

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fully understand.

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Speaker 1: It, right.

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Speaker 3: Yeah, that part of it needs to go away. I

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am a big believer. Getting back to the current political

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situation in Minneapolis. The other side of it is how

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much of these problems have been caused by politicians advocating

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for quote unquote resistance, advocating for people to break the law. Right,

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So meaning there's we've got to get rid of perverse incentives,

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right we are we You know that the situation in

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Minneapolis just from insane, stupid, irresponsible politicians. In my opinion,

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the credit situation is a little bit different. But again,

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I like, like I said, I hate to go I

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hate to keep going back to Teddy, but I think

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Teddy gives us a roadmap that showed, like it's undeniable

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that what he did in the beginning of the twentieth

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century was good for America.

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Speaker 2: Right, it's undeniable. That's the case.

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Speaker 3: Okay, if if you go back and look at it, it

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flies in the face at that moment of what we'd

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say are traditionally conservative ideas. Right, But like anything else,

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when we push it too far to one side, right,

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like when you had four men effectively controlling sixty or

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seventy percent of the US economy at the beginning of

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the twentieth century, that's not capitalism. That's not good, right,

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that's any that's a good idea taken too far right, well,

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we're just at the other end of the spectrum now,

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and so we actually need to push it back further

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to the right.

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Speaker 1: In my lina, what's the history on the usury laws

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getting undone or whatever?

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Speaker 3: You know what I'd have that I'd have to go

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back and look at it. But usury laws are very old,

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for instance, in the Muslim in Islam. Right in Islam,

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as it is, it is against Islam law to charge

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interest right at all?

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Speaker 2: Yeah, at all?

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Speaker 3: So, and I think there are smaller forms of interest

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that they've able to finagle under the financial rules or

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anything like that. But these are these are not new ideas.

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You know, hundreds of years ago people were worried about this.

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That's why that rule in Islam exists. So when we

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go there are going to be people lamenting. And my

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question is anybody that's screaming too loud about this? I'm

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kind of looking at going who are you getting paid by?

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Speaker 2: Right?

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Speaker 3: Because it the indebted problem in this country is an issue,

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there also needs to be another part of it though,

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that does encourage personal responsibility and personal education about this

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because again looking at the situation of Minneapolis, how many

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of these situations would not exist if these people were

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not being told that they're currently being led by a dictator,

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this is too you know what I mean. You listen

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to them talk and you're sitting there going, good, God,

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you sound like an idiot first grader.

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Speaker 1: Well, I mean, and just even like the terms of

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accepting a credit card, you know, it's this tiny little

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print that's written in like legally kind of language, and

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people are going to people are going to sign off,

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just like they do the freakin' Apple whenever you accept

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the terms of your iPhone.

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Speaker 2: Nobody actually reads that. It's kind of predatory.

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Speaker 1: Yeah, but at the same time, it's like, you know,

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ticking the boxes of due diligence for these companies. Listen,

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we're providing the information. We can't force people to absorb it.

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But what are they supposed to do to encourage people

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to really understand what they're buying into?

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Speaker 2: You know?

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Speaker 3: So, and my fear is this, this will come with

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some ridiculous like we're going to make everybody go through

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an online test for fifteen minutes before they get their

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credit card or something like that.

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Speaker 2: Right, Well, that's the right answer.

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Speaker 3: It isn't because everybody will just look up the answers

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and go right through it, and it'll just become another

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door that they have to go through. What you have

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to start doing is we need to reinstitute some form

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of home EC, some type of financial.

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Speaker 2: Class, a finance class.

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Speaker 3: Yeah, I've seen some of these things, and again, I'm

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really close to it, and I understand that, and I

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studied finance in college and all that kind of stuff.

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But I'll see people post stuff on social media about

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horrified it what they're actually paying for their house or

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their truck, and it always catches me off guard where

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I'm like, you didn't know that, Like you didn't, You

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didn't you didn't know what twenty percent interest does, And

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it's shocking because you sit there and here. I put

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out a tweet one time. I put out this tweet

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one time where I said, hey, you know one of

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the things and it was just one of those simple

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things that i'd remembered, which is, anybody that has a

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fixed stright mortgage should make one to one and a

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half extra payments per year. If you do that with

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a thirty year fixed, you take a thirty year fix

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down to about I want to say twenty one years, right,

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just making an extra one and a half payments here.

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Speaker 1: That's like one of my favorite things is to look

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at the amortization calculator and play with how much more

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can I pay this month? That'll and what will that

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save over time? And it's like drastic amounts of money

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that you save.

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Speaker 3: It's crazy because every dime you're paying back goes straight

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to principle. And if you pay that back, Let's say,

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let's say you put an extra five grand on the

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second year you own your home. So here, two years

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into a thirty year mortgage. That's five grand that doesn't

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have any interest charged on it over the next twenty

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eight years. Yeah, okay, so think about that at seven

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percent interest rates, which is not far from what your

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thirty year mortgage is at seven percent interest rates. Whatever

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you're doing at seven percent doubles every ten years. Okay,

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So over the course of thirty years, that five grand

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is going to save you about fifteen to twenty Oh

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my right god. And if you put that extra five

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grand every year, you just keep knocking that down. Why

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put out a tweet saying that again? Like common sense?

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It was one of those things where I was like,

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you know, what for why am I not doing this?

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Speaker 2: Now?

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Speaker 3: My situation is a little bit different, but still I've

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got I've got fifty percent of my house on a

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mortgage right now, Why am I not making extra payment?

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Speaker 2: I should be put out a tweet like that.

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Speaker 3: The tweet had like a two million impressions and got

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retweeted like a thousand times.

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Speaker 2: It went viral, and it just shocked.

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Speaker 3: Me because I went, people don't know this right, and

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so we need to have we need more information out there,

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but more important, we need to explain to this stuff

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in high school because one of the things that's changed

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about kids. If you walk into a high school class

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today and you're talking about investing and money and saving,

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kids will listen today more than they ever have.

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Speaker 1: Oh yeah, that's probably right because they're more I mean,

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they've got all the little apps and stuff that they

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can use to get into financial stuff. You're absolutely right

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about it being we need the classes. We need more

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of that in schools. But for those people that don't

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have that, they have classes from you.

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Speaker 2: Yeah, here she goes, their parents can come to you.

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Speaker 3: Yes, yeah, well, and then truthfully, hey, truthfully, I can't

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tell you how many times I've gotten on the phone

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with a client's kids and have these conversations and so listen,

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don't do that, don't do this, And that's one of

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the you know, we always people like you. Don't charge

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extra for that, not if you're a client, but anyway,

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So yeah, if if you want to talk to us,

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talk to me, talk to one of our advisors. You

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can get a hold of us at Bordcapitalmanagement dot com.

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Know your Risk podcast dot com, not hard to find, Google, Bullwark,

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Zach Abraham, Know your Risk Podcast not not tough to find.

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Speaker 2: Love it.

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Speaker 4: Thank you, Thank you, Zach.

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Speaker 2: All right, thank you, ladies. Have a great week, you too.

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Investment advisory services offered through Trek Financial, LOLLC and SEC

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Registered Investment Advisor.

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Speaker 3: The opinions expressed in this programmer for general informational purposes only,

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and are not intended to provide specific advice or recommendations

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for any individual or on any specific security. Any references

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to performance of security so are thought to be materially

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accurate and actual performance may differ investments involved risk and

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are not guaranteed.

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

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zero eight