WEBVTT 1 00:00:00.720 --> 00:00:04.040 You're list Saints KFI AM six forty the bill Handles 2 00:00:04.080 --> 00:00:07.440 show on demand on the iHeartRadio f It. 3 00:00:07.440 --> 00:00:09.480 Is a bill Handle show way in resident here until 4 00:00:09.599 --> 00:00:14.640 nine and quick couple of updates. These stories were following 5 00:00:14.880 --> 00:00:17.600 about Hurricane Milton. We told you there were at least 6 00:00:17.600 --> 00:00:21.879 four people confirmed dead from tornadoes that sprung up because 7 00:00:21.920 --> 00:00:22.879 of Hurricane Milton. 8 00:00:23.280 --> 00:00:24.239 Now in Saint. 9 00:00:24.000 --> 00:00:28.760 Petersburg, the police there say there are two deaths related 10 00:00:28.800 --> 00:00:31.480 to the storm. One of them was a medical incident 11 00:00:32.000 --> 00:00:34.840 and the other is i'll just quote it, someone that 12 00:00:35.000 --> 00:00:39.520 was found in a park. The cause of death pending. 13 00:00:40.479 --> 00:00:45.439 And we're starting to see the first idiots. The hurricane 14 00:00:45.799 --> 00:00:48.039 just left landfall not too long ago, and we have 15 00:00:48.119 --> 00:00:52.560 the first idiots going around cutting lines that they see, 16 00:00:52.840 --> 00:00:56.439 I guess, thinking that they're helping. So Florida State authorities 17 00:00:56.479 --> 00:01:01.479 are urging people please do not cut any line because 18 00:01:01.880 --> 00:01:04.040 you don't know. If it's a cable line, you don't know, 19 00:01:04.040 --> 00:01:06.079 if it's an electrical line, you don't know. 20 00:01:06.120 --> 00:01:08.200 If it's a fiber optic line. 21 00:01:08.239 --> 00:01:10.400 Most of the nine to one to one systems run 22 00:01:10.439 --> 00:01:13.200 across the fiber optic lines, and nobody should be cutting 23 00:01:13.200 --> 00:01:14.159 any lines. 24 00:01:15.879 --> 00:01:18.319 Now as we do every time. 25 00:01:18.519 --> 00:01:21.439 This week we bring on Joel Larscard, the host of 26 00:01:21.560 --> 00:01:24.560 how to Money right here on KFI every Sunday from 27 00:01:24.599 --> 00:01:27.799 noon to two pm on social media at how to Money. 28 00:01:27.920 --> 00:01:30.799 Joel. Good morning, sir, thank you for being here. 29 00:01:32.480 --> 00:01:33.319 Good morning Wayne. 30 00:01:34.239 --> 00:01:36.799 Well let's get right into this. There's a lot of 31 00:01:36.799 --> 00:01:39.400 things to talk about. So I want to start with Experience. 32 00:01:39.840 --> 00:01:47.599 A credit bureau apparently now they have a debit card. Why. 33 00:01:48.000 --> 00:01:48.920 That's a really good question. 34 00:01:49.000 --> 00:01:50.640 Why Why and how? 35 00:01:50.799 --> 00:01:53.000 I because I think of a debit card as being 36 00:01:53.040 --> 00:01:55.920 a card to directly access a bank account. 37 00:01:56.159 --> 00:01:58.760 Last time I checked, Experience not a bank. 38 00:01:59.480 --> 00:02:01.840 Right, and and so yeah, the credit bureaus are already 39 00:02:02.079 --> 00:02:08.599 fairly untrustworthy. Nobody after the Experience credit breach of twenty 40 00:02:08.639 --> 00:02:12.840 seventeen and one hundred plus million Americans data being leaked out. 41 00:02:13.759 --> 00:02:15.840 The credit bureaus don't necessarily and think about all the 42 00:02:15.879 --> 00:02:17.759 problems that people have with credit bureaus. If there's a 43 00:02:17.800 --> 00:02:19.520 problem on their credit report and they try to get 44 00:02:19.520 --> 00:02:21.680 it fixed, most of the time, the credit bureaus are 45 00:02:21.719 --> 00:02:24.360 incredibly unhelpful. And now they're saying, hey, listen, we want 46 00:02:24.360 --> 00:02:26.680 to kind of act as a bank for you now. 47 00:02:26.800 --> 00:02:28.840 Too, and so they know. 48 00:02:28.800 --> 00:02:32.000 They've cleverly named this their smart money debit card, and 49 00:02:32.039 --> 00:02:35.319 so they're partnering with some other bank, as fintech companies 50 00:02:35.360 --> 00:02:38.319 tend to do these days, to offer this service that 51 00:02:38.439 --> 00:02:40.439 they say is going to actually maybe help you improve 52 00:02:40.479 --> 00:02:43.120 your credit. At the same time, it's completely over sold. 53 00:02:43.159 --> 00:02:45.840 The perks are lackluster. This isn't a great product, and 54 00:02:45.879 --> 00:02:48.400 people have to think really long and hard about who 55 00:02:48.400 --> 00:02:50.360 they do business with. We're in an age of like 56 00:02:50.719 --> 00:02:55.159 ever proliferating options on the on the banking front, and 57 00:02:55.560 --> 00:02:57.159 really so many things that we can do. We have 58 00:02:57.199 --> 00:02:59.639 more options than ever before. But it doesn't mean that 59 00:02:59.639 --> 00:03:00.919 those sure options are good. 60 00:03:02.560 --> 00:03:04.360 Oh boy, I got a lot of questions. 61 00:03:05.960 --> 00:03:08.360 So I guess my first quest you mentioned you know 62 00:03:08.439 --> 00:03:12.520 this this new trend of partnering with different banks, which 63 00:03:12.560 --> 00:03:16.319 is what Apple does with its Apple Card, Yes, which 64 00:03:16.360 --> 00:03:17.879 is managed by is it Goldman Sacks? 65 00:03:17.919 --> 00:03:21.759 I forget, Yeah, which supposedly in limbo, like somebody else 66 00:03:21.840 --> 00:03:22.520 might be taking that over. 67 00:03:22.599 --> 00:03:24.879 Yeah, yeah, they want it. Goldman wants out. But but okay, 68 00:03:24.960 --> 00:03:29.199 but that's a credit card. Now here's experience, and they're 69 00:03:29.199 --> 00:03:31.400 gonna get with a bank. I guess will be behind 70 00:03:31.400 --> 00:03:35.479 the scenes, it's a debit card. How does using a 71 00:03:35.719 --> 00:03:41.199 debit card help your credit? You're not you're not You're 72 00:03:41.240 --> 00:03:45.240 not borrowing money. When you use a credit card, you're 73 00:03:45.280 --> 00:03:48.199 technically borrowing money for a period of time and. 74 00:03:48.159 --> 00:03:48.960 Then you pay it back. 75 00:03:49.000 --> 00:03:50.960 And then people go, oh, look he paid back this 76 00:03:51.039 --> 00:03:53.319 money that he borrowed by charging on his card. But 77 00:03:53.400 --> 00:03:58.240 a debit card is uh, please give that guy my 78 00:03:58.520 --> 00:03:59.960 money right now. 79 00:04:00.000 --> 00:04:02.280 Wow, So how does that build credit? 80 00:04:03.199 --> 00:04:07.599 So Experience has this thing behind the scenes called Experience Boost, 81 00:04:07.639 --> 00:04:11.520 and what they're trying to do is check and see, hey, 82 00:04:11.560 --> 00:04:14.919 is this person paying some of those monthly bills every 83 00:04:14.960 --> 00:04:17.800 single month consistently and on time? And so that's something 84 00:04:17.839 --> 00:04:20.639 they can tell if you're using a debit card. And actually, 85 00:04:20.720 --> 00:04:22.639 in some ways, I kind of like that because the 86 00:04:22.680 --> 00:04:25.879 way the credit scoring system works, You're right, there's all 87 00:04:25.879 --> 00:04:28.759 these hoops that you have to jump through, and they're like, 88 00:04:28.879 --> 00:04:30.879 we have to It takes a long time to explain 89 00:04:30.920 --> 00:04:33.240 exactly how credit scores work and what people can do 90 00:04:33.560 --> 00:04:35.480 to improve their credit scores. And for a lot of 91 00:04:35.519 --> 00:04:37.519 people that are like, I don't even why is my 92 00:04:37.519 --> 00:04:40.399 credit score six twenty? I don't even know, and so 93 00:04:40.519 --> 00:04:43.240 that's like another system that people have to learn oftentimes 94 00:04:43.279 --> 00:04:46.160 when we're talking about improving their financial life. And so 95 00:04:46.279 --> 00:04:49.199 this is a way. But the Experience Boost thing where 96 00:04:49.519 --> 00:04:52.240 if you just pay your rent and let's say your 97 00:04:52.720 --> 00:04:55.519 electricity bill or something like that on time every month, 98 00:04:55.560 --> 00:04:57.680 you might be able to see like an incremental boost 99 00:04:58.120 --> 00:05:00.319 in your credit score. So I think that's kind of cool. 100 00:05:00.360 --> 00:05:03.639 But the interesting thing is, uh, Experience Boost is free, 101 00:05:03.759 --> 00:05:05.720 and you can sign up at their website and you 102 00:05:05.759 --> 00:05:08.600 can potentially improve your credit score with experience. By doing that, 103 00:05:08.959 --> 00:05:11.279 you don't have to actually get the debit card that 104 00:05:11.279 --> 00:05:13.319 they're trying to push on you to make that happen. 105 00:05:14.120 --> 00:05:15.480 Wait, but I'm confused. 106 00:05:15.560 --> 00:05:17.839 You mean the the debit card would help you because 107 00:05:17.879 --> 00:05:20.160 you would pay your electric bill with the debit card. 108 00:05:20.720 --> 00:05:22.439 Yeah, And so they're just saying, oh, this is the 109 00:05:22.560 --> 00:05:25.720 kind of person who pays their bills on time every single. 110 00:05:27.240 --> 00:05:30.079 Got it if you pay your bill with the with 111 00:05:30.199 --> 00:05:31.000 the debit card. 112 00:05:31.319 --> 00:05:35.199 So they're targeting so they're targeting people who want to 113 00:05:35.240 --> 00:05:38.480 improve their the that's the selling point is this can 114 00:05:38.560 --> 00:05:39.839 help you improve your credit score. 115 00:05:39.959 --> 00:05:43.839 So they're targeting people who I'm assuming. 116 00:05:43.800 --> 00:05:49.920 Have lower credit scores with the promis audience, with the 117 00:05:49.959 --> 00:05:54.480 promise of use this card get into bed further with 118 00:05:54.759 --> 00:05:58.319 us directly. It's almost know, I mean, how far and 119 00:05:58.399 --> 00:06:00.720 be honest, don't don't agree with me just to be 120 00:06:00.800 --> 00:06:04.759 nice because you're a nice person. How far away is 121 00:06:04.839 --> 00:06:08.600 this from? Hey, if you want a better credit score, 122 00:06:08.600 --> 00:06:12.279 why don't you just hand me some money in an envelope? Yeah. 123 00:06:12.480 --> 00:06:16.600 No, it's got some mafia esque vibes to it. And 124 00:06:16.639 --> 00:06:20.040 the other thing, like the credit bureaus are so untrustworthy. 125 00:06:20.079 --> 00:06:22.319 For instance, like the best solution for so many people 126 00:06:22.519 --> 00:06:25.040 if you want to protect your credit score is to 127 00:06:25.079 --> 00:06:27.639 do something known as a credit freeze. And the thing is, 128 00:06:27.720 --> 00:06:32.120 a credit freeze is free thanks to federal law. And 129 00:06:32.279 --> 00:06:35.800 yet they have their own proprietary products that are like 130 00:06:36.000 --> 00:06:38.480 credit locks. So they have their own naming systems and 131 00:06:38.560 --> 00:06:40.120 naming conventions for these things. And you can go to 132 00:06:40.199 --> 00:06:41.879 their website and they'll try to sell you on why 133 00:06:41.920 --> 00:06:44.480 this is so good, And it's only twenty bucks a month, 134 00:06:44.560 --> 00:06:46.839 which is more than you pay for Netflix, but it's 135 00:06:46.839 --> 00:06:50.480 an inferior product. It's not as good as a credit freeze, 136 00:06:50.519 --> 00:06:52.240 and yet it's going to cost you like two hundred 137 00:06:52.240 --> 00:06:55.120 plus bucks a year to get this product from them. 138 00:06:55.360 --> 00:06:58.360 They're marketing things in order to try to increase their profitability, 139 00:06:58.399 --> 00:07:00.879 but things that are great for them, but they're awful 140 00:07:00.959 --> 00:07:02.920 for you. They are free products that are that are 141 00:07:02.959 --> 00:07:07.680 superior that Uh yeah, you don't. Their marketing strategies are 142 00:07:07.680 --> 00:07:09.920 often aimed at parting consumers from their money, but not 143 00:07:09.959 --> 00:07:11.560 really offering them much in return. 144 00:07:11.639 --> 00:07:12.319 Wayne Resnik. 145 00:07:12.360 --> 00:07:14.920 Here until nine o'clock, we are with Joel lars Guard, 146 00:07:15.000 --> 00:07:18.000 the host of how to Money every Sunday noon to 147 00:07:18.000 --> 00:07:21.120 too right here on KFI and on social media at 148 00:07:21.120 --> 00:07:26.759 how to Money, Joel, Joel, I know that Bloomberg, I 149 00:07:26.759 --> 00:07:29.120 don't remember how long ago it was published a thing 150 00:07:29.160 --> 00:07:31.519 and said there is there is one hundred percent going 151 00:07:31.560 --> 00:07:32.399 to be a recession. 152 00:07:32.959 --> 00:07:33.560 Uh huh. 153 00:07:33.600 --> 00:07:36.920 Now that didn't happen, So that was two years ago, 154 00:07:36.959 --> 00:07:42.199 and which is pretty great. Yeah, Well that proves that 155 00:07:42.879 --> 00:07:46.839 at least not all predictions about whether there's going to 156 00:07:46.879 --> 00:07:50.160 be a recession are worth anything. What's the current state, 157 00:07:50.600 --> 00:07:54.399 who's predicting what about the chance of a recession? And when, 158 00:07:54.560 --> 00:07:57.439 if ever, should we pay attention to these predictions. 159 00:07:57.759 --> 00:08:01.560 Yeah, I think it's a really good idea to basically 160 00:08:01.639 --> 00:08:04.680 hold people accountable when they make a prediction that's completely 161 00:08:04.759 --> 00:08:06.439 off base. And there are people out there all the 162 00:08:06.480 --> 00:08:09.000 time on I mean that these twenty four to seven 163 00:08:09.399 --> 00:08:12.480 news networks, twenty four to seven business networks, they got 164 00:08:12.480 --> 00:08:13.959 to have people on to talk about stuff, and they 165 00:08:14.000 --> 00:08:16.120 got to have sensational headlines to kind of make the 166 00:08:16.120 --> 00:08:18.360 world go around. And yeah, this prediction a couple of 167 00:08:18.439 --> 00:08:22.959 years ago, literallysion the recession indicator that Bloomberg quote unquote 168 00:08:23.000 --> 00:08:25.439 has said one hundred percent certainty it's going to happen 169 00:08:25.519 --> 00:08:28.920 within the next twelve months. And we've seen what's happened 170 00:08:29.639 --> 00:08:31.199 with the economy over the last couple of years. Not 171 00:08:31.240 --> 00:08:33.039 perfect for everyone, but my goodness, we're in one of 172 00:08:33.080 --> 00:08:36.200 the best economic situations we've been in. And now there 173 00:08:36.240 --> 00:08:38.399 was another I think it was Golden Sacks basically just 174 00:08:38.399 --> 00:08:41.840 said we've reduced our projected likelihood of a recession to 175 00:08:42.000 --> 00:08:45.159 just fifteen percent in the coming year. And yeah, when 176 00:08:45.200 --> 00:08:48.840 you there's always like this joke that economists have predicted 177 00:08:48.879 --> 00:08:51.879 like eight of the last three recessions, Like there's always 178 00:08:51.879 --> 00:08:55.720 somebody saying there's no dearth of people saying that there's 179 00:08:56.000 --> 00:08:57.720 something negative is going to is going to happen. It's 180 00:08:57.720 --> 00:08:59.559 coming around the bend. You should be worried. 181 00:09:00.679 --> 00:09:02.679 And then now. 182 00:09:02.279 --> 00:09:05.240 I almost feel like I'm a little bit worried when 183 00:09:05.240 --> 00:09:07.559 someone says, ah, recession probably not going to happen. We 184 00:09:07.559 --> 00:09:09.919 shouldn't be worried at all. That might be actually the 185 00:09:09.960 --> 00:09:11.720 time when we should be a little more worried. 186 00:09:14.360 --> 00:09:18.320 So it's a fools It's a fool's game, yeah, I 187 00:09:18.320 --> 00:09:20.559 think so trying to say to people, this is what 188 00:09:20.600 --> 00:09:21.360 you can count on. 189 00:09:23.039 --> 00:09:28.559 Everybody's got everybody's got an opinion, right, And I get 190 00:09:28.559 --> 00:09:31.679 why someone might say, hey, everything's going really well right now, 191 00:09:31.919 --> 00:09:35.200 recession doesn't seem like it's around the bend. But oftentimes 192 00:09:35.200 --> 00:09:38.480 the things that cause recessions are causing economic downturns are 193 00:09:38.519 --> 00:09:41.879 really hard to see. Like think about something like COVID, 194 00:09:41.919 --> 00:09:44.559 like nobody was predicting, Oh, guess what, pretty sure that's 195 00:09:44.600 --> 00:09:48.360 going to send supply shocks through the economy and cause 196 00:09:48.440 --> 00:09:51.320 a really different difficult economic time for the United States 197 00:09:51.320 --> 00:09:53.679 and for the world. Or think about maybe what's happening 198 00:09:53.759 --> 00:09:56.559 now in the Middle East. If things get out of control, 199 00:09:56.679 --> 00:09:59.519 could oil prices shoot up, could it create some dark 200 00:09:59.519 --> 00:10:00.720 clouds of the economy. 201 00:10:00.960 --> 00:10:02.120 Sure, it totally could. 202 00:10:02.159 --> 00:10:05.200 And so these are there are things that really we 203 00:10:05.240 --> 00:10:08.000 don't it's hard to predict. And so my advice on 204 00:10:08.039 --> 00:10:10.960 a personal finance level to people is to ay, maybe 205 00:10:11.000 --> 00:10:13.559 tune people out if they say, oh, this is definitely 206 00:10:13.559 --> 00:10:16.279 gonna happen, or there's no chance of this happening. I 207 00:10:16.320 --> 00:10:17.919 would I would take that with a grain of salt, 208 00:10:18.080 --> 00:10:21.120 and on top of that, be prepared for whatever could 209 00:10:21.159 --> 00:10:23.080 come about, because even if there's not some sort of 210 00:10:23.440 --> 00:10:26.399 macro recession in our economy economy, there could be a 211 00:10:26.440 --> 00:10:29.799 micro recession in your life if let's say your industry 212 00:10:29.960 --> 00:10:33.759 is hit and your job is cut or something like that, 213 00:10:33.840 --> 00:10:35.960 and you have to go out there and try to 214 00:10:35.960 --> 00:10:40.000 find something else in a different difficult economic climate. Even 215 00:10:40.000 --> 00:10:42.240 if there's not some sort of macrocession, I always want 216 00:10:42.240 --> 00:10:45.480 people to be prepared in their own home for the 217 00:10:45.519 --> 00:10:47.759 potential of a recession in their own lives. 218 00:10:48.759 --> 00:10:50.080 Yeah, hey, let's move on to this. 219 00:10:50.240 --> 00:10:53.679 Yesterday I talked about how Kamala Harris is going to 220 00:10:53.759 --> 00:10:58.120 crack down on price gouging. Oh, yeah, but there's there's 221 00:10:58.639 --> 00:11:01.240 the Federal Reserve Bank have done these studies and said 222 00:11:01.240 --> 00:11:05.440 there really isn't widespread price There is some some places, 223 00:11:05.440 --> 00:11:09.360 but there's really not widespread price gouging. And Elizabeth Warren 224 00:11:09.399 --> 00:11:12.480 now is out there wanting to crack down on shrinkflation 225 00:11:13.320 --> 00:11:16.600 when instead of raising the price, the company, you know, 226 00:11:16.679 --> 00:11:20.120 makes the product smaller. And I got a note here 227 00:11:20.120 --> 00:11:22.000 that you wanted to talk about how you don't think 228 00:11:22.000 --> 00:11:25.080 it's that shrink flation is a real problem. Do you 229 00:11:25.200 --> 00:11:27.600 mean you don't think it happens or do you think 230 00:11:27.679 --> 00:11:30.799 it doesn't. It happens, but it doesn't really it's not 231 00:11:30.879 --> 00:11:35.440 an important thing relative to all the other financial. 232 00:11:34.879 --> 00:11:38.519 Issues that people have. Yeah, no, it definitely, it definitely happens. 233 00:11:38.720 --> 00:11:40.879 But when you think about how big of a problem 234 00:11:40.919 --> 00:11:43.480 is it and what would the flip side be, it 235 00:11:44.000 --> 00:11:46.399 certainly seems like a really silly thing to complain about. 236 00:11:46.639 --> 00:11:50.080 So oh man, the family size of cocoa puffs shrunk 237 00:11:50.120 --> 00:11:53.639 from nineteen ounces to eighteen ounces, and yet they're charging 238 00:11:53.679 --> 00:11:55.360 the same price. And these are the kind of things 239 00:11:55.639 --> 00:11:58.080 that some of our politicians are sending letters to the 240 00:11:58.120 --> 00:12:00.559 heads of some of these companies about, hey, stop the 241 00:12:00.559 --> 00:12:03.600 shrink flation, keep those package sizes the same, don't shrink 242 00:12:03.639 --> 00:12:06.799 my gatorade bottle by four ounces, and so this is 243 00:12:06.840 --> 00:12:09.279 what's happening. But and yes, is the bottle size or 244 00:12:09.279 --> 00:12:12.519 the package size? Is it shrinking? Yes, but the alternative, 245 00:12:12.559 --> 00:12:15.559 because we all know prices have gone up the cost 246 00:12:15.600 --> 00:12:19.600 of hiring employees, like the labor costs have gone up too. 247 00:12:20.159 --> 00:12:23.440 Like if you don't want your gatorade bottle size to 248 00:12:23.480 --> 00:12:27.120 shrink by four ounces, the alternative is paying more for 249 00:12:27.200 --> 00:12:30.600 the bigger bottle. And so these companies know that they 250 00:12:30.600 --> 00:12:32.759 want to keep you loyal. They don't want you to 251 00:12:32.799 --> 00:12:36.120 be sticker shocked at the store and then say I'm 252 00:12:36.120 --> 00:12:38.240 not going to buy the Gatorade because it costs too much. 253 00:12:38.440 --> 00:12:40.840 What they'd rather do is shrink the size of the product, 254 00:12:41.120 --> 00:12:44.039 hoping that you'll remain a customer. I think shrinkflation. I 255 00:12:44.039 --> 00:12:45.679 don't know why people are up in arms about it 256 00:12:45.679 --> 00:12:47.399 in the ways that they are, because I actually think 257 00:12:47.440 --> 00:12:49.360 of it as a good thing. That the onus on 258 00:12:49.399 --> 00:12:52.960 the consumer then is to know the price per unit, right, 259 00:12:53.000 --> 00:12:56.120 and that's often listed on the price tag. Let's say 260 00:12:56.159 --> 00:12:59.840 you're you're walking around at your local grocery store or costco. 261 00:13:00.240 --> 00:13:02.679 You can see, okay, what's the price per unit? How 262 00:13:02.759 --> 00:13:05.000 much does this per ounce? And you can compare prices 263 00:13:05.320 --> 00:13:07.399 that way, you want to be an informed consumer. But 264 00:13:07.480 --> 00:13:10.039 I don't think of shrinkflation as actually a big deal 265 00:13:10.279 --> 00:13:11.039 or even a bad. 266 00:13:10.840 --> 00:13:11.279 Thing at all. 267 00:13:11.879 --> 00:13:16.279 Almost sounds like it's an opportunity for us to be 268 00:13:16.360 --> 00:13:17.360 smarter consumers. 269 00:13:18.279 --> 00:13:18.480 Yeah. 270 00:13:18.600 --> 00:13:21.240 Yeah, And I think maybe some people don't realize and 271 00:13:21.240 --> 00:13:23.120 they pick up the bottle and they're like, oh man, 272 00:13:23.159 --> 00:13:25.000 that felt like it might have been a little bit less. 273 00:13:25.120 --> 00:13:27.440 Or think about ice cream containers instead of being a 274 00:13:27.440 --> 00:13:29.559 full pint now they're one and a half courts or 275 00:13:29.600 --> 00:13:32.879 something like that, And I get why maybe that might 276 00:13:32.960 --> 00:13:35.679 frustrate people, but again, the alternative is paying more for 277 00:13:35.759 --> 00:13:38.279 the thing, And the truth is you're paying more per 278 00:13:38.360 --> 00:13:41.360 ounce or you're paying more, you know, per per gallon. 279 00:13:41.080 --> 00:13:42.240 Of ice cream that you consume. 280 00:13:43.360 --> 00:13:45.200 But it's gonna happen either way. 281 00:13:46.080 --> 00:13:49.000 And I don't mind kind of the tack to that 282 00:13:49.120 --> 00:13:52.200 companies take of saying we're gonna slightly reduce the packaging 283 00:13:52.240 --> 00:13:54.440 size try to keep the price the same, to try 284 00:13:54.440 --> 00:13:57.759 to prevent people from freaking out. And it's just really 285 00:13:57.960 --> 00:14:01.279 it's so strange because guess what if the packaging for 286 00:14:01.360 --> 00:14:04.080 Gatorade changes and you don't like that, Well, you can 287 00:14:04.120 --> 00:14:05.600 go to power aid or something like that. Right, there 288 00:14:05.639 --> 00:14:07.799 are still other options for people out there. This is 289 00:14:07.840 --> 00:14:10.399 just one of those weird things done. I'm shocked continues 290 00:14:10.440 --> 00:14:13.600 to be something that remains in the limelight as an 291 00:14:13.600 --> 00:14:14.639 area of focus. 292 00:14:15.320 --> 00:14:16.639 Great to talk to you, Joel. 293 00:14:16.679 --> 00:14:18.919 We will check you out when you're hosting how to 294 00:14:19.080 --> 00:14:21.480 Money this Sunday from noon to two on KFI and 295 00:14:21.519 --> 00:14:25.480 on social media. How to Money Joel, and looking forward 296 00:14:25.519 --> 00:14:26.919 to talking to you again next week. 297 00:14:27.440 --> 00:14:28.559 Sounds good, Thanks Wayne. 298 00:14:28.759 --> 00:14:32.679 All right there he goes Joel Larscart and we're watching 299 00:14:32.720 --> 00:14:37.440 some stories for you, including obviously Hurricane Milton and the aftermath. 300 00:14:38.600 --> 00:14:42.440 We know that four people were killed by tornadoes, and 301 00:14:42.480 --> 00:14:45.480 now we're getting word from Saint Petersburg that two people 302 00:14:45.559 --> 00:14:46.480 were well. 303 00:14:46.480 --> 00:14:49.919 They passed away related to the storm. 304 00:14:49.960 --> 00:14:55.200 There was a medical incident, and then somebody was found 305 00:14:55.200 --> 00:14:58.200 in a park deceased. They are still trying to figure 306 00:14:58.240 --> 00:15:02.240 out precisely what the cause of death was. There three 307 00:15:02.559 --> 00:15:07.879 million plus homes and businesses without power. President Biden getting 308 00:15:08.000 --> 00:15:11.240 updates from a Homeland Security advisor as well as from 309 00:15:11.279 --> 00:15:16.399 the head of FEMA, and the recovery work begins. Now 310 00:15:16.440 --> 00:15:20.639 there's still a presidential campaign going on and vice presidential 311 00:15:20.679 --> 00:15:23.000 candidate Tim Walls been going around the country and he 312 00:15:23.039 --> 00:15:27.120 was in California and he was appearing with Governor Newsom 313 00:15:27.639 --> 00:15:31.080 and he was talking about getting rid of the electoral College. 314 00:15:31.480 --> 00:15:34.080 He said, I think all of us know the electoral 315 00:15:34.080 --> 00:15:37.240 College needs to go, which is a lot of people 316 00:15:37.320 --> 00:15:38.279 want to keep. 317 00:15:38.559 --> 00:15:39.840 The electoral College. 318 00:15:40.120 --> 00:15:45.600 And those people are Trump supporters because the electoral college 319 00:15:45.679 --> 00:15:50.120 absolutely helps Donald Trump in his quest to be the 320 00:15:50.120 --> 00:15:54.000 president again. So in any event, he's running around talking 321 00:15:54.000 --> 00:15:56.559 about getting rid of the electoral College. It wasn't just 322 00:15:57.320 --> 00:16:00.759 with Gavin Newsom here in California. Apparently he was talking 323 00:16:00.759 --> 00:16:04.279 like that up in Seattle. And I'm not saying he's 324 00:16:04.320 --> 00:16:05.919 I mean, lots of people want to get rid of 325 00:16:05.960 --> 00:16:10.799 the electoral College, maybe just as many. Actually, polling shows 326 00:16:11.000 --> 00:16:13.799 a majority of Americans want to get rid of the 327 00:16:13.840 --> 00:16:18.960 electoral college. So what he's saying is the more popular position. 328 00:16:19.600 --> 00:16:24.279 But the campaign, the Harris Walls campaign, is not like 329 00:16:24.360 --> 00:16:26.759 they're not making it a big deal as part of 330 00:16:26.759 --> 00:16:30.320 the official campaign platform or anything like that. It is 331 00:16:30.360 --> 00:16:33.879 not an official position of the campaign to get rid 332 00:16:33.919 --> 00:16:39.039 of the electoral College. If it was gone, it would 333 00:16:39.080 --> 00:16:42.039 be far more likely that we would have President Harris 334 00:16:42.639 --> 00:16:45.879 and less likely that we will have President Trump again. 335 00:16:46.720 --> 00:16:47.559 But in any. 336 00:16:47.360 --> 00:16:52.159 Event, the question has been raised since most Americans a majority, 337 00:16:52.840 --> 00:16:56.519 want to get rid of the electoral College, to remind 338 00:16:56.559 --> 00:17:01.039 ourselves why it's there at all, because, you know, the 339 00:17:01.080 --> 00:17:03.639 Founding Fathers at that time, it was such, it was 340 00:17:03.679 --> 00:17:12.640 a completely different country, slavery anywhere in the country, and 341 00:17:16.400 --> 00:17:19.920 have a modern perspective, they couldn't possibly and so the 342 00:17:20.039 --> 00:17:22.640 big problem was they're trying to put together a country 343 00:17:22.640 --> 00:17:25.160 and they're trying to decide how will we elect a president? 344 00:17:26.400 --> 00:17:29.359 And the Southern slave states were saying, hey, this is bs. 345 00:17:29.720 --> 00:17:33.640 You can't just let everybody vote and then whoever gets 346 00:17:33.640 --> 00:17:34.160 the most. 347 00:17:34.039 --> 00:17:39.000 Vote that they win. We can't have that. Well why not? 348 00:17:39.480 --> 00:17:42.160 Well, number one, you know, a lot of people are stupid. 349 00:17:43.480 --> 00:17:47.720 We don't really want ordinary people voting and picking a president. 350 00:17:48.400 --> 00:17:50.680 And a lot of the Founding Fathers agreed. In fact, 351 00:17:50.720 --> 00:17:52.839 most of the Founding Fathers seem to agree that you 352 00:17:52.880 --> 00:17:55.480 know what, something like president, you don't want to just 353 00:17:55.599 --> 00:17:58.160 let every Tom, Dick and Harry vote for the president. 354 00:17:59.559 --> 00:18:05.480 They weren't not huge fans of direct democracy, the Founding Fathers. 355 00:18:06.039 --> 00:18:08.920 They said, yeah, Okay, a lot of people are stupid, 356 00:18:08.920 --> 00:18:12.519 that's true, But why else And the Southern States said, well, 357 00:18:12.559 --> 00:18:17.039 because we have all of these people living here who 358 00:18:17.119 --> 00:18:21.559 can't vote, and so we're not getting any credit for 359 00:18:21.640 --> 00:18:24.519 how many congressional seats that we get or how many 360 00:18:24.960 --> 00:18:28.119 you know, our contribution to electing a president, because we've 361 00:18:28.119 --> 00:18:31.119 got so many people who are here and they deserve 362 00:18:31.240 --> 00:18:33.960 to be part of the equation, but they can't vote. 363 00:18:34.119 --> 00:18:36.279 And the founding fathers said, oh, yeah, you know, you 364 00:18:36.359 --> 00:18:38.960 got women there, and they said, no, no, not them, 365 00:18:39.799 --> 00:18:40.480 the slaves. 366 00:18:41.759 --> 00:18:42.079 We have. 367 00:18:42.400 --> 00:18:45.039 The reason that we have a lot of people that 368 00:18:45.119 --> 00:18:48.480 can't vote and we're not getting counted properly or completely 369 00:18:48.799 --> 00:18:50.720 is because we enslave people here. 370 00:18:51.559 --> 00:18:54.240 We keep them as personal, private property. 371 00:18:54.480 --> 00:18:59.000 And we would like to get some benefit from the 372 00:18:59.119 --> 00:19:03.920 presence of these slaves. And the founding father said, all right, 373 00:19:03.960 --> 00:19:05.880 here's what we're gonna do. And you've probably heard this 374 00:19:07.000 --> 00:19:11.720 idea that slaves were considered three fifths of a person. 375 00:19:13.759 --> 00:19:16.160 That's for the purpose of the electoral college. They said, 376 00:19:16.200 --> 00:19:18.920 here's what we'll do. White people are a person. You 377 00:19:19.000 --> 00:19:22.000 got all these slaves, we'll let them count each one 378 00:19:22.000 --> 00:19:24.480 as three fifths of a person in order to come 379 00:19:24.559 --> 00:19:28.960 up with the total people that you have to determine 380 00:19:28.960 --> 00:19:34.000 how many congressional seats you get and your proportionate contribution 381 00:19:34.440 --> 00:19:41.240 to the election of a president. That's why we have it. 382 00:19:42.799 --> 00:19:48.039 And that's not a great reason to have it. You 383 00:19:48.039 --> 00:19:51.400 could say, well, what about put aside the slavery and 384 00:19:51.400 --> 00:19:54.680 the racism and all that, what about just the fact 385 00:19:54.680 --> 00:19:56.680 that you have big states with lots of people and 386 00:19:56.799 --> 00:19:58.480 you have little states with not a lot of people, 387 00:19:58.519 --> 00:20:01.759 and you don't want the big states stomping on the 388 00:20:01.799 --> 00:20:02.480 little states. 389 00:20:02.599 --> 00:20:05.079 And that was a concern at the time. 390 00:20:05.200 --> 00:20:08.440 At the time it was New York and Virginia, where 391 00:20:08.640 --> 00:20:11.799 like the big dog states and the smaller states were like, 392 00:20:11.839 --> 00:20:15.720 we don't want New York in Virginia dictating everything. Now, 393 00:20:15.759 --> 00:20:21.079 that might be a legitimate reason to not use the 394 00:20:21.119 --> 00:20:30.519 popular vote, but really it's not founded on a strong 395 00:20:31.119 --> 00:20:37.920 basis that is relevant today the electoral college. So I 396 00:20:38.000 --> 00:20:42.720 don't think it's going anywhere, by the way, But that's 397 00:20:42.759 --> 00:20:44.880 why we have it, And at the time you can 398 00:20:44.960 --> 00:20:49.079 understand why people wanted it. Some people wanted it, but 399 00:20:49.880 --> 00:20:53.000 the circumstances are different now. Wayne, resident here for one 400 00:20:53.039 --> 00:20:57.519 more segment. We are watching some stories for you. Over 401 00:20:57.559 --> 00:21:00.359