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Speaker 1: Bertie Sanders got asked a question about why Europe, with

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all of its history and all of its cool stuff,

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why can't it grow like the United States. Zach Abraham

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and I are going to discuss this now with the

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help of God Almighty.

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Speaker 2: But Todd Herman show is one hundred percent disapproved by

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big pharma technocrats and Tyrn's everywhere from the high mountains

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of Free America. Here's the Emerald City exile, Todd Hermon.

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Speaker 1: Today is the day the Lord has made, and these

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are the times to which God has decided we shall live.

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Joining me now, Chief Investment Officer, Bulwark Capital Manager, my

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friend and brother, Zach Abraham. Good to see you, my friend,

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welcome back.

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Speaker 3: Good to be seen, Good to be seen. How are

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things good? Good?

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Speaker 1: I was wondering if you do this thing at your

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staff meeting where you get everybody together and you say,

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stand up if you think the best trade we did

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this week is this, and then just observe people the

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absolute best trade, and then everybody don't do it every week.

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Then you call out the people who don't stand Yeah.

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Speaker 4: Well, and they all know, and you know, we've got

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three different analysts too, but everybody knows which ones were

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my picks?

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Speaker 1: Oh okay, because they're the.

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Speaker 4: Ones that did the best naturally, right, right, Yeah, they

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puts part.

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Speaker 3: Of the deal man. They gotta you know, you gotta,

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you gotta applaud the chief, right.

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Speaker 1: Yeah, you win at one hundred percent rate.

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Speaker 2: Yeah.

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Speaker 1: I learned this thing when I worked at Microsoft. I

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was in one and only one Bill meeting ever, And

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I probably told you personally about this that you are

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to sit to Bill's uh, let's say, I gotta remember

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it left because when Bill has a nice question, he

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turns to the left and says something like, don't you

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think that's great? No risk, because the people presenting are

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your colleagues and maybe you're yet Bill, they're great. And

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when he has a rude question, he turns to his right,

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and you could have a senior vice president of your

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division having made a statement up there saying something and

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Bill Gates turns to you and looks you in the

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eye and says, isn't that the dumbest thing you've ever heard?

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So there's this race. There was this race to sit

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to his left, and you saw the state of the union.

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Obviously that's what I'm referencing. Any quick takeaways from that

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from you, your political observer, in addition to being an

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American and a father and a finance dude.

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Speaker 3: You know, the only none of it was surprising.

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Speaker 4: Yeah, I will continue to say this that is frustrating

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and his mind numbing as the left has gotten, you know,

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for instance too, they don't do much that surprises me anymore.

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Speaker 3: Yeah, but there were two last.

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Speaker 4: Night where I just I'm looking at them, going like,

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not only is that despicable, but it's just really bad politics.

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And then it made me and I'll get to what

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those two are, but then it made me think to myself,

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you know, God blessed the liberals because the saving graces

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they're stupid, you know.

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Speaker 2: What I mean?

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Speaker 4: And I mean that if they were better politicians and

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they had more control over their emotions, they'd be much

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more formidable. That's true, but I mean staying seated when

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the gold winning hockey teams come through again, I'm glad

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you did it because the optics are so bad.

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Speaker 3: It makes the election easier. But like what.

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Speaker 4: It's the politics are so obviously bad. Doing that, I

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think it tells you a lot about how just off

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the rails they are, right, how incapable they are of

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thinking rationally. And I don't want to just hate saying

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this over and over and over. It's just hard to

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really sum it up in any other way. Donald Trump

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has taken their ability to reason completely away. Oh, like

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they're just yes, their brains are locked in. It's like

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it's like the fingercuffs, man, they're just tied up.

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Speaker 1: Yeah, the Drange cinema is real. And when you can't

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stand for the American government should value it's citizens over

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legal immigrants, and it's.

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Speaker 4: Or the woman they stayed seated for, the woman's daughter

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that got murdered on the train, and you're just going, yeah,

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thank god, Like I said, thank god, they're stupid because

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if they were more clever, there's no way they'd lose

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a life.

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Speaker 1: And they know this, and yet you know this order

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went out.

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Speaker 2: Now.

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Speaker 1: I don't know if you saw this, but President Trump

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made a statement obviously a dig get Nancy Pelosi, but

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insider trading, and we don't need to talk about Trump

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coins and Trump Crypto, where his famili's made gargantuan amounts

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of money. The rumors that they're going to build a

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resort on Gaza Zach. If they do that, if they've

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killed eighty thousand or we've paid to kill eighty thousand

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people in Gaza, twenty thousand kids and a Trump resort

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goes there. I don't know how you come back from

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that on judgment day, but in any case, they were

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he was taking a dig at Pelosi. And I don't

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know if you saw this, but Lizzie Warren, see Warren

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was actually clapping on that line. You know, she's going

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to take some heat on that. Then I saw this. Now,

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Howard Lutnick is a big advisor to the president. Lutnick

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is He's about as mobbed up cat as you can get.

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Newsweek wrote about this. This is a report off of

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Wired magazine. Canterfrice jail. They're affirm with us some they've

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got some some handles into power, don't they counter Fitzgeril couple.

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Speaker 3: Yeah, yeah, right, they're a big player. Yeah.

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Speaker 1: So apparently Lutnik works. He's the Commerce secretary and his

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sons Brandon and Kyle Lutnick senior executives at canterfriz Geril.

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Speaker 3: Oh.

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Speaker 1: Look at that. They apparently worked out a deal, according

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to Wired, where it seems that his family Lutnx family

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went and bought options or or it wouldn't be options.

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They purchased the rights to other people's tariff refunds. So

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if the tariffs that Lutnick helped push were ruled illegal

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and companies got refunds, Lutnick steps in and says, in

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case you don't get the refunds, I'll buy the rights

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from you for five, ten, fifteen cents on the dollar.

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And now it looks like these companies don't have to

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get this, and he's gonna get He's going to come

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in and get eighty five percent on this. I mean

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a raake that from me. Just just forget the morality

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of it for a second, rate that for me as

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a financial figure.

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Speaker 3: Man, It's okay.

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Speaker 4: There's two parts to this, okay, right, So first of all,

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on the moral side of it. Look, if you have

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any questions about Howard Lutnik, pull up the interview that

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he did with sixty Minutes when he talks about how

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he and his wife went over to visit Jeff Epstein

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and they immediately went he's a bad guy. And sit

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there with the knowledge after the release of the Epstein

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files that he is lying through his teeth the entire

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freaking time. Look at his face what you see is

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a dude that has zero problem creating things out of

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thin air. He is a bad actor. I wouldn't associate

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with him his kid. Oh yeahs kids got jobs at

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Canter Fitzgerald. Did they decide.

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Speaker 3: That when they were hanging out with Epstein on the island?

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Speaker 2: Is that?

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Speaker 3: Is that what they you know? Disgusting?

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Speaker 4: But to be fair to them, on the moral side

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of it, nobody in this business that cared about their

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honor their integrity would engage in a practice like that

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if they were in.

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Speaker 3: His situation, nobody would. And com and to the point

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where I'm just telling you, I'm in the industry.

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Speaker 4: If I was doing something like that my son's let's

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say they were running bulwork at the time I was

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a commerce secretary, there would be a standing rule that

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anything that I am working on or associated with, we

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cannot trade on.

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Speaker 3: That's it. That would just be a flat rule across

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the top. Yeah, and it's.

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Speaker 4: That's not that doesn't make me a good guy. That's

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a baseline expectation, right He he content, he flouts that

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he doesn't even hold to that flip side of.

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Speaker 3: This, They're going to try to make it a much

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bigger deal.

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Speaker 4: Any time you have anything like that, you are going

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to find a secondary market, and that secondary market provides liquidity.

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Speaker 3: It's not a bad thing, it's a good thing. Right.

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Speaker 4: And if I'm going to pay you upfront for that

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tariff potential tariff refund, I'm taking a risk. Of course,

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I'm going to buy that for a discount of face value, right,

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So that in and of itself, there's always secondary markets

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for stuff like that.

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Speaker 1: So let they could turn on and sell that one

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hundred percent.

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Speaker 4: Yeah, because it's got a face value. He owns the

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tariff refund if and when it gets distributed, right, same

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thing like this stuff happens all the time. So, same

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thing happened in the USSR when it collapsed because their

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currency was valueless. Essentially they issued like basically coupons to

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everybody they're citizens.

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Speaker 3: That effectively gave them.

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Speaker 4: The purchasing power of their percentage ownership in the government.

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That that's kind of like a loose way to kind

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of think of it, right, Yes, well, what did those

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people want? They desperately wanted dollars. The USSR collapsed, they

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needed dollars, so US investor and US hedge funds rushed

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in there. And we're paying cash at a very discounted

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level for those certificates. Turned around and a lot of

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people traded those things in certificates for things that they

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had no use for that the hedge fund could turn

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into a profit, and they took those dollars and went

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and fed themselves. So it's it's whenever you see situations

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like this, they're always a bit sketchy because the reason

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the liquidity is being provided is because you can get

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such a good discount, right, And it kind of that's

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where the morality kicks in because you go, you know,

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and I've been in situations like this where you sit

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there and you go, just because I can doesn't mean

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I should, right right, Having said that, that's me injecting

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morality into the discussion.

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Speaker 3: Should people do that? Should people be liquidity providers? Yes

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they should.

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Speaker 4: It's it's a valuable thing, you know, Like let's say

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you're a business that hit like an unexpected bump or whatever,

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and that liquidity is the only thing that's going to

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keep your.

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Speaker 3: Doors open for the next sixty days.

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Speaker 4: Right, you probably think it's a big, a big help

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to be able to sell that.

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Speaker 3: So it's a good thing that it's done. It is

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unbelievable to me.

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Speaker 4: And this is the part about Trump that I'm so

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disappointed in and so blown away by, Like how rich

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do you need to be? Your your your family's making

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hundreds of millions off of coins. Howard Latnix in there

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trading on his own account, behind the behind the behind

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the net.

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Speaker 3: It's just disgusting. Yeah, and and we have to.

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Speaker 1: Call this out. I'm sorry as Christian man. Yeah, or

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we're no better than they are, right, We're no better

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than the exactly I've I've realized late in life that

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I should just follow When I make jokes about finance,

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I should do it. The things I think of as

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jokes are bigger money makers than things like i've Maybe

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I told this story. We were we had a famous

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startup and we won this demo God Award, and we

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were the darling of the press and everybody loved us.

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And if if we had been if we had followed

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social media in, we would have sold the company for

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a lot more money. But one day we were kind

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of bemoaning this and I said to CTO, I said,

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you know what, I should just ask you to build

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an app that makes a farting noise, and my CTO laughed.

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He goes, yeah, you know, like the one that exists,

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and go what He goes, Oh, you didn't know, And

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he showed me an app that made it a farting noise.

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It was a two dollars app and at that point

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it had like three million downloads. And then I was thinking,

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I don't know if I ever told you this. I

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went to a buddy who has capital, and I wanted

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to buy the rights to the airspace two feet above

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people's houses. I wanted to go to neighborhoods outside of

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Seattle purchase the rights. And I did some research. You

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own some of the space above your house because you

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can put antennas, you can extend the height of your house.

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You have implied ownership. I wanted to go to some

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of the rich neighborhoods, go in and purchase some of

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the middle class neighborhoods, to see what that would be like,

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what would and if you go to someone's house. We

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just want to purchase the air rights, like you could

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still build. Our contract says you could build whatever you want.

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You want to put on an ten up, no problem,

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anything you build, fine, anything that lands no, and to

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come back and own. Oh Amazon, you want drones to

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come and deliver stuff that people's houses, you'll need to

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pay us. Does that seem like like, I'm sorry, that

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was fifteen years ago, twenty years ago was thinking about No,

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that was it was.

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Speaker 2: It was.

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Speaker 1: It was like not not fifteen, it was like ten

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years ago. I was making this pitch that that was

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actually a good idea.

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Speaker 3: Well it was, But wouldn't the drones land on the

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front porch.

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Speaker 1: They'd have to go through my airspace.

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Speaker 3: Oh they've got to go through the Oh got it, got.

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Speaker 1: It, I own the airspace. Yeah, what do you do it?

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Speaker 3: I know it is a good idea.

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Speaker 4: The problem is you'd just never be able to securitize

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it and you couldn't liquid I mean, it'd be a mess.

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Speaker 3: You would be a mess.

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Speaker 1: I mean if you no, the guy I was talking

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happened to be one of the most successful patent rolls

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in history.

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Speaker 3: So yeah, yeah, no, I'd be cool. I mean it

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it'd be fascinating.

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Speaker 4: I mean, talk about talking about no liability.

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Speaker 3: I just yeah, right, yeah, I know, I know.

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Speaker 4: Yeah, No, it would just be it would just be

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a pot like because then what do you do when

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people sell the house right like, and then does the

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other perchser have the right to turn with.

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Speaker 1: All your due diligence, you have tried to protective reduciary

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interest with your clients.

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Speaker 4: No, that's Look, it's one of the tortures of investing.

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I you know, I was the guy that was running

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around in two thousand and seven, two thousand and eight

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talking to portfolio managers trying to figure out a way

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to short housing. Yea, you know, like it's it's it's

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one of those things. And I remember at the time

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when it all came apart and we did good during

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that period of time, market dropped like sixty three percent.

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Speaker 3: We were up like twenty two twenty three.

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Speaker 4: But you know, obviously if we've been able to short housing,

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it would have been a lot better. And I remember

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at that time just bemoaning the fact where I'm like,

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that's it, man, that was going to be the one

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you know, I have that made you the biggest investment

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of the last twenty years.

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Speaker 3: Had it nailed, I'm never going to get it right again,

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you know.

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Speaker 4: And then what you realize is other opportunities come, you

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know what I mean, Yeah, and then.

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Speaker 1: You might be Commerce secretary.

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Speaker 3: I don't. I think my odds of that are probably

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similar to yours.

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Speaker 1: Yeah you know, well no, no, I assure you the

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odds of you being that are a lot better than

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the odds of me being But.

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Speaker 3: I did.

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Speaker 4: Neither of us have the constitution for elected office, Let's

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be honest.

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Speaker 1: No, I agree, because we wouldn't go out and sell

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ourselves that way. I wanted to make one thing real quick.

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I don't know if you. In fact and I were

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talking about this when I watched the footage of what

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was going on in Mexico, and I was seeing areas

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that you and I have been to, like places we've

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been two together. Yeah, And I was seeing the cars burning,

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et cetera. This is phenomenal. I was talking to my

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friends at renew Healthcare because people are saying to me, now, Zach, oh,

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you're never going back to Mexico, right, I'm like, wait,

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ever go into Seattle because a terrorist group took it over.

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I'm never going to go to San Francisco again or

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New York like we have our problems up here. Yeah,

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that was scary. As you and I are sitting here

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talking about this. This is Wednesday, the twenty fifth port

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of our art. According to my friends who lived, there's

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back to normal. Restaurants are open. They had a thousand

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people standing in line or not at the market on Tuesday,

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hanging out at the market. The ubers are back, the

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cabs are back. And I just wanted to say this

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to everybody, thank you for your prayers for the team

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at Renew. I sent texts you know, these people, to Caesar,

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to Hector, to doctor Chavez, to Steve and and the

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folks I know down there. So I just wanted to

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thank people of that guys. I am going to be

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back to Renew. I'm going to tell you about the

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anti aging program again. But just this week, I just

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wanted to say thank you for the prayers. And am

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I a bad man's act that when I saw when

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buildings I recognize, the neighborhoods I recognize, I felt extra bad.

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Does that make me a bad man?

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Speaker 2: Well?

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Speaker 4: No, but I'm biased because I'll tell you what I

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thought as a guy. They as of yesterday had reservations

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and plane tickets for eight days from now. Yeah, this

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is how this is sick. I'm a little embarrassed to

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admit it. My first thought was I'm gonna call him

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and get half off. Oh yeah, yes, but you're also

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talking to the guy that took a vacation with his

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wife to Mexico during the swine flu. Okay, and the

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reason I did, Oh we were the only ones on

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the plane.

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Speaker 3: Yeah, I was the only one in the resort.

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Speaker 4: It was phenomenal. It was phenomenal. We were in a

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different economic status back then, so you know, half off

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for the room was more than enough to justify the risk.

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Speaker 3: Of swine flu.

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Speaker 1: I was looking at this and I felt horrible. I thought,

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I know, I'm going back for treatments. I obviously didn't

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go this week, and I was not suggesting anyone go

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this week. That I started to think about what would

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happen if I purchased tickets let's say a month from now.

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So I'm going to be monitoring that because I bet you,

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I bet you, I'm going to be sitting in some

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first class Beni's for for not very much money.

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Speaker 3: Yeah, yeah, pull it.

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Speaker 4: They were trying to move, I mean, they didn't want

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us to cancel, but when they shut down the air

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you know, they shut down the air flights going in,

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and so I'm like, look, man, I'm not gonna sit here,

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you know, twiddling my fingers right up into the day

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we leave, trying to figure this out. We'll we'll redo it.

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But yeah, they were. Let's put it this way. If

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you want to book a trip to Mexico, do it

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now because they are scrambling to get people on there.

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Speaker 3: And hey, what do we do in the investment world? Man?

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You buy panic, buy panic.

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Speaker 1: Right, by low by the panic right. Bertie Sanders was

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talking about nations, not ours.

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Speaker 2: Uh.

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Speaker 1: He talked about Europe and he got this question and

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I wanted to run this by you real quick. Bertie

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Sanders is asked why Europe, with all sorts of advantages

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and government spending and social welfare, how come this hasn't

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manifested into great wealth for them.

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Speaker 5: Quite similar levels of education and development, Europe has produced

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almost none of the world's largest frontier tech firms, while

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the United States dominates global tech innovation. I want to

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ask what institutional or economic features do you think explain

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this difference. Earlier, Congressman Kanna said that government dollars led

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to AI. Why haven't European government dollars led to such innovation?

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Are our congressmen like y'all so much smarter investors than them,

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Or is it that our entrepreneurs face a better set.

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Speaker 1: Of incentives at the margin than them.

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Speaker 5: In short, I'm asking you to explain not why we

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have inequality, but why we've had so much growth over

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the last two decades.

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Speaker 6: Well, because we are very smart people who've been incentivized,

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who have worked very hard. But you know what, in

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most European countries, all people of healthcare is a human right.

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In most European countries, it doesn't cost eighty thousand dollars

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a year to go to college. In most European countries,

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they have strong childcare systems. Why So the point is,

401
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I understand the argument. If we don't have any regulation

402
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and you give tax breaks to these large companies, they

403
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will create these technologies. But what we've been the point

404
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of this evening, this afternoon is to say that while

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these technologies can be very useful, they will not be

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useful unless we have a degree of control over what

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these guys are doing.

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Speaker 1: So I just stop. Stop Bernie. So he's asked why

409
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they don't have growth like we do, he says, because

410
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we're smart and not working, and then he pivots into this.

411
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Can we all recognize something here? Maybe this is me Zach.

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Can we just recognize that the United States has been uniquely

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blessed in some ways by gods? And I know Bertie

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can't say that, but I want to get to that discussion.

415
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But let's start with just the financial discussion, and then

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let's work into the faith in this. In Christian it

417
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is an additive components to business. What do you how

418
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director this even financially?

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Speaker 3: Well, you know, one of the sat i anger is

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not a very useful emotion. So it's.

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Speaker 4: No, no, And so I'm gonna try to transfer this

422
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into like a big part of this is just and

423
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I don't mean this in a in a pernicious way,

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but a big part of this is just ignorance and stupidity.

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Speaker 3: Okay, So it's it's.

426
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Speaker 4: Very, very very simple if you have even the basic

427
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rudimentary understanding of business, of finance, of economics to understand

428
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what this young man was talking about. And it's called

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regulation and taxes. If I have a great yes, if

430
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I have a great idea, and the United States will

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allow me, via tax policy, to keep eighty percent of

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the proceeds from that idea, and in Europe, I keep fifty.

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Speaker 3: Where do I go? It's that easy, that simple, that simple.

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Speaker 4: So if I've got a great idea, and I'm in

435
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Denmark and I'm a twenty one year old wonder kid,

436
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I'm hopping on the first flight to Silicon Valley as

437
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quick as I can because i want to.

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Speaker 3: Keep the utility of my labor.

439
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Speaker 4: Put it in verticular that the communists will understand, right,

440
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So one place, lets me keep fifty, the other place,

441
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lets me keep eighty. Where am I going to go?

442
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Oh shocker, all the innovation happens here. So the other

443
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thing that Bernie talks about, oh, they all gone health

444
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killed and they all gone free college. Yeah, because they

445
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don't pay for defense. Bernie, they don't pay for their

446
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own defense. Okay, so why don't we factor that in?

447
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Speaker 3: And you don't want to talk.

448
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Speaker 4: About that, because if we bring that up, your whole

449
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illusion and your example of using northern European countries and

450
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the Netherlands and things like that, and Sweden is your

451
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socialist example, that whole fiscal product, that whole fiscal framework falls.

452
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Speaker 3: Apart the minute they've got to pay for their own defense.

453
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Speaker 4: Okay, So why do they have socialist policies. Why do

454
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they pay for everybody's college and why do they pay

455
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for the healthcare? They do it because of us. We

456
00:22:13,880 --> 00:22:15,960
gave them that ability to do it. It's not because

457
00:22:16,000 --> 00:22:18,440
they're more moral. It's not because they're kinder. It's not

458
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because they're more aligned with Bernie Sanders and his idiocy.

459
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It's because after World War Two and after the Marshall Plan, right,

460
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that was the deal. You guys, rebuild your countries, we

461
00:22:31,759 --> 00:22:34,880
handle your security. What does that security cost us? About

462
00:22:34,920 --> 00:22:37,400
one point one trillion a year? If Trump gets his way,

463
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it's going to one point five trillion a year. That's

464
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why they can do their idiotic socialist experiments.

465
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Speaker 3: That's it.

466
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Speaker 4: So if and your answer is you want to increase

467
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taxes and regulation here, okay, great, great, good idea, it's

468
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just it's just like and here's the thing that it's

469
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just it's so frustrating because you sit there and go, look, guys,

470
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here's the deal. You've got a choice. Do you want

471
00:23:01,720 --> 00:23:04,680
an economy that looks and grows and functions like Europe?

472
00:23:05,160 --> 00:23:07,880
If that's what you want, listen to what Bernie is saying,

473
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like he you know, it's it's and you could hear

474
00:23:12,160 --> 00:23:14,440
him stumbling over that, Right, I think that's the issue

475
00:23:14,440 --> 00:23:16,799
that he's wrestling with or not. I don't think he's

476
00:23:17,240 --> 00:23:20,559
wrestling with a lot. But right, that's the issue, is like, Hey,

477
00:23:20,680 --> 00:23:24,200
you can have this. It just you're not gonna get

478
00:23:24,240 --> 00:23:26,400
economic growth. You're not gonna have dynamism, don't.

479
00:23:26,680 --> 00:23:29,839
Speaker 1: I honestly don't think Bernie knows. Truly, I don't think

480
00:23:29,880 --> 00:23:32,359
he knows that regulation and taxes have that effect. I

481
00:23:32,400 --> 00:23:35,599
truly think he doesn't know that because he's never been

482
00:23:35,799 --> 00:23:39,319
incentivized in that regard. He's never experienced. Instead, if his

483
00:23:39,400 --> 00:23:44,279
wife ruins a college, destroys a college by overleveraging it,

484
00:23:44,519 --> 00:23:48,559
and she doesn't pay any penalty for that, you know,

485
00:23:48,599 --> 00:23:52,119
they're still fine. He's got his three houses. He's never

486
00:23:52,480 --> 00:23:55,480
faced risk for that. So I truly don't think it

487
00:23:55,519 --> 00:23:58,359
calculates to him. But I also don't think Bernie is

488
00:23:58,400 --> 00:23:59,920
not a guy who knows the Lord. Can we agree

489
00:23:59,920 --> 00:24:00,000
on that?

490
00:24:00,759 --> 00:24:03,720
Speaker 3: Oh yeah, obviously, Okay, So I don't.

491
00:24:03,559 --> 00:24:06,960
Speaker 1: Think he can relate to what I think we are

492
00:24:06,960 --> 00:24:12,079
putting at risk. And Zach, you know, you make a

493
00:24:12,240 --> 00:24:16,279
very big point of never using Jesus as a marketing line.

494
00:24:16,319 --> 00:24:17,759
I try it to do that here, I just try

495
00:24:17,839 --> 00:24:20,920
to describe the show. We want God at the center

496
00:24:20,960 --> 00:24:23,920
of what we do. But I think that we're putting

497
00:24:23,960 --> 00:24:26,559
at risk some of the blessings that God has given us,

498
00:24:26,559 --> 00:24:30,599
because God has given us an enormous blessing in first

499
00:24:30,640 --> 00:24:33,480
of all, our structure to recognize that we have rights

500
00:24:33,640 --> 00:24:36,559
inalienable because God gave them to us. That was a

501
00:24:36,599 --> 00:24:40,160
structure that I think created the environment you were talking about,

502
00:24:40,279 --> 00:24:43,519
the rewarding risk environment, because we recognize we've got life

503
00:24:43,799 --> 00:24:47,720
and liberty, the right to pursue happiness that involves then

504
00:24:47,759 --> 00:24:50,799
private property, the ability to own this, and then to

505
00:24:50,880 --> 00:24:54,160
grow wealth based upon this that is generational and handed

506
00:24:54,240 --> 00:24:57,359
down right, so that your kids do better than you do.

507
00:24:57,880 --> 00:25:00,000
We're told to do this to provide for our families,

508
00:25:00,000 --> 00:25:01,880
so we'll not provide for their families are worse than

509
00:25:01,880 --> 00:25:05,119
non believers. So our country was set up with this.

510
00:25:05,160 --> 00:25:09,079
We were set up with a geographic location. That's that's

511
00:25:09,119 --> 00:25:11,720
great to our advantage in terms of we're hard to attack.

512
00:25:11,759 --> 00:25:15,039
We're a massive land base. We've got two big countries

513
00:25:15,039 --> 00:25:17,599
on our flanks. You got to come through Mexico or

514
00:25:17,640 --> 00:25:19,319
Canada get to us, unless you just want to come

515
00:25:19,359 --> 00:25:22,519
on our coasts. Right, So there's a lot of things

516
00:25:22,559 --> 00:25:26,839
that we've been given, But is there a culture that

517
00:25:26,880 --> 00:25:31,200
we've been handed that that was Christian based, that contributed

518
00:25:31,240 --> 00:25:35,359
to a nation uniquely designed to be the world's financial leader.

519
00:25:35,599 --> 00:25:37,359
Do you see a Christian component to that?

520
00:25:38,440 --> 00:25:39,720
Speaker 3: Well? Yeah, one percent.

521
00:25:39,960 --> 00:25:45,880
Speaker 4: And from my perspective or in my opinion, the two

522
00:25:46,119 --> 00:25:51,559
are the two are interlinked, right, meaning capitalism and Christianity

523
00:25:51,599 --> 00:25:55,920
actually go very well together. And one of the ways

524
00:25:56,079 --> 00:25:58,720
that you can this will be kind of a weird

525
00:25:58,759 --> 00:26:01,720
way to attack it, but one of the issues that

526
00:26:01,759 --> 00:26:06,079
we have currently in society is that I think you

527
00:26:06,200 --> 00:26:09,720
have ultra capitalism in a lot of ways, and you've

528
00:26:09,759 --> 00:26:13,319
extracted the Christianity. And the reason why that's important is

529
00:26:13,359 --> 00:26:18,039
because one of the tenets of capitalism is you know,

530
00:26:19,039 --> 00:26:22,200
you gotta you gotta sleep where you eat effectively, right,

531
00:26:22,319 --> 00:26:25,119
meaning meaning yeah, you live in there and you're you're operating,

532
00:26:25,160 --> 00:26:27,119
you're making all this money, but you also live in

533
00:26:27,119 --> 00:26:29,680
that environment. And so the idea is you're not gonna

534
00:26:29,720 --> 00:26:31,799
you're not gonna sully your own environment.

535
00:26:31,440 --> 00:26:31,880
Speaker 3: Right, right.

536
00:26:32,039 --> 00:26:35,039
Speaker 4: Well, that that dynamic really breaks down when you're talking

537
00:26:35,079 --> 00:26:38,039
about multinational corporations and I think that I think that

538
00:26:38,079 --> 00:26:41,279
we have done a very bad job of enforcing antitrust

539
00:26:41,400 --> 00:26:43,799
laws and all that kind of stuff, because so much

540
00:26:43,799 --> 00:26:46,680
of the work that government's doing and invinment. We all

541
00:26:46,720 --> 00:26:49,880
know that that that you know that five on ones,

542
00:26:50,000 --> 00:26:53,200
good ones, five and one c three organizations, churches, there's

543
00:26:53,279 --> 00:26:54,680
so much more effective at that.

544
00:26:55,079 --> 00:26:56,640
Speaker 3: There's so much more effective.

545
00:26:57,039 --> 00:26:59,200
Speaker 4: When I say effect, yeah, And when I say effective,

546
00:26:59,240 --> 00:27:01,759
I'm not making like a knock on government.

547
00:27:02,039 --> 00:27:03,319
Speaker 3: I'm just saying it's factual.

548
00:27:03,480 --> 00:27:06,799
Speaker 4: If you put a dollar into those organizations, two to

549
00:27:06,920 --> 00:27:09,119
three times more of that dollar actually gets to the

550
00:27:09,160 --> 00:27:09,519
end user.

551
00:27:09,599 --> 00:27:09,759
Speaker 2: Right.

552
00:27:09,799 --> 00:27:10,920
Speaker 3: It just it's the way it is.

553
00:27:11,319 --> 00:27:14,039
Speaker 4: But to be fair to flip route, is a lot

554
00:27:14,039 --> 00:27:16,960
of that stuff not happening, Yeah, because you've taken right,

555
00:27:17,799 --> 00:27:21,880
this policy that they have followed, which goes right along

556
00:27:21,920 --> 00:27:23,799
with greater taxes and greater regulation.

557
00:27:24,079 --> 00:27:26,200
Speaker 3: Remember, higher the tax rate goes and the higher.

558
00:27:26,000 --> 00:27:28,160
Speaker 4: The regulation goes, the more advantage it is to the

559
00:27:28,200 --> 00:27:29,079
biggest guy on the block.

560
00:27:29,359 --> 00:27:31,559
Speaker 3: Right, just the way it is. And so as you've

561
00:27:31,559 --> 00:27:34,839
seen have regulations increased or decreased over the last thirty years,

562
00:27:35,000 --> 00:27:36,079
they've increased massively.

563
00:27:36,319 --> 00:27:38,200
Speaker 4: Right, What have you also seen gap between the richer

564
00:27:38,240 --> 00:27:40,200
and the poor get wider and wider and wider. And

565
00:27:40,359 --> 00:27:43,400
that happens not just because the poor guys are getting

566
00:27:43,640 --> 00:27:47,000
you know, dumped on. It happens because you're sitting there

567
00:27:47,039 --> 00:27:50,599
running your business. And I face this, You're going.

568
00:27:50,480 --> 00:27:52,160
Speaker 3: How much are you gonna pay me for my business?

569
00:27:52,640 --> 00:27:54,319
You mean you'll pay me that much? And I don't

570
00:27:54,319 --> 00:27:56,079
have to deal with the government, and I don't have.

571
00:27:56,039 --> 00:27:59,359
Speaker 4: To get wrongfully sued by government regulators for no reason

572
00:27:59,359 --> 00:27:59,960
and all that kind of stuf.

573
00:28:00,319 --> 00:28:02,000
Speaker 3: You know, what do you I'll take the check, get

574
00:28:02,039 --> 00:28:03,160
me out of here, right.

575
00:28:03,200 --> 00:28:06,359
Speaker 4: And so what you've got, the consolidation is destroying the

576
00:28:06,359 --> 00:28:09,160
middle class as well, right, even the people are getting checks,

577
00:28:09,200 --> 00:28:10,599
those businesses are going away.

578
00:28:11,039 --> 00:28:12,400
Speaker 3: Once those businesses go away.

579
00:28:12,400 --> 00:28:14,720
Speaker 4: For instance, if a big firm bought Bulwark right now,

580
00:28:14,720 --> 00:28:16,799
do you think our employees would get paid more or

581
00:28:16,920 --> 00:28:17,759
less less?

582
00:28:17,799 --> 00:28:21,400
Speaker 1: And if they were allowed to stay, because right, they're

583
00:28:21,440 --> 00:28:24,799
gonna roll everything into the existing machine. So you tie

584
00:28:24,839 --> 00:28:28,440
that to the Christian faith. And here's what I'm hearing

585
00:28:28,480 --> 00:28:33,000
you describe. I'm hearing you describe using anti trust regulation

586
00:28:33,319 --> 00:28:35,160
to pressure us to get back to some of a

587
00:28:35,279 --> 00:28:39,359
Christian village, like you're not going to like mess with

588
00:28:39,400 --> 00:28:42,680
someone who's ready the customer. For instance. For instance, I

589
00:28:42,799 --> 00:28:46,200
met my favorite pizza place over here that you've been

590
00:28:46,240 --> 00:28:48,599
to with me a couple of times, and I brought

591
00:28:48,799 --> 00:28:53,000
we brought like eight eight couples, and they quote screwed

592
00:28:53,079 --> 00:28:56,039
up some pizza. So all of a sudden, oh, this

593
00:28:56,079 --> 00:28:58,279
is on us, and this is on us, and I realized,

594
00:28:58,359 --> 00:29:01,480
oh no, this has nothing to do screwing up pizza. Right,

595
00:29:01,480 --> 00:29:05,119
They're coming here to please people, right right, They're giving

596
00:29:05,200 --> 00:29:06,880
us free pizza. They just don't want to say it.

597
00:29:06,880 --> 00:29:09,039
And then the owner sits down, Hey did you try

598
00:29:09,039 --> 00:29:10,759
this one and that one? You guys are having bad

599
00:29:10,839 --> 00:29:12,440
luck in the kitchen today, because yeah, funny how that

600
00:29:12,480 --> 00:29:16,240
happened tonight. Yeah, but he's close to this. I see

601
00:29:16,279 --> 00:29:19,640
him at church, right, and if there was a problem

602
00:29:19,720 --> 00:29:22,240
and something really got screwed up, I could see him

603
00:29:22,240 --> 00:29:25,359
at church. I could go drive to his house, you know,

604
00:29:25,359 --> 00:29:27,839
because I know where let's say, Rob, Yeah.

605
00:29:27,920 --> 00:29:28,079
Speaker 3: Yeah.

606
00:29:28,160 --> 00:29:31,039
Speaker 4: There's a similar dynamic set up with food these days, right,

607
00:29:31,119 --> 00:29:33,799
Like we all know you look like the best quality,

608
00:29:33,839 --> 00:29:35,680
the healthiest meat for you is now being grown on

609
00:29:35,720 --> 00:29:37,680
these small farms where you've got free ranging cows and

610
00:29:37,680 --> 00:29:40,200
all that kind of stuff that used to happen inside

611
00:29:40,240 --> 00:29:43,200
the you know, the community, right or at least on

612
00:29:43,279 --> 00:29:43,799
the periphery.

613
00:29:43,839 --> 00:29:46,559
Speaker 3: And so you see this playing out over and over.

614
00:29:46,599 --> 00:29:49,000
Speaker 4: And I'm not saying that putting cows on feed lots

615
00:29:49,039 --> 00:29:50,599
is anti Christian, Okay.

616
00:29:50,599 --> 00:29:54,400
Speaker 3: What I'm saying is God's system works really really well.

617
00:29:54,839 --> 00:29:57,279
Speaker 4: And when you start pulling away this part or pulling

618
00:29:57,319 --> 00:29:59,839
away this part, and you do that, and you look

619
00:30:00,240 --> 00:30:02,279
one of the one of the worst addictions and I'll

620
00:30:02,279 --> 00:30:04,440
put it up there with sugar in the United States

621
00:30:04,480 --> 00:30:08,000
right now. One of the worst intellectual addictions that we've got,

622
00:30:08,039 --> 00:30:09,599
and I don't know when it came in here, but

623
00:30:09,640 --> 00:30:12,839
it's insidious and it's taken over is this idea that

624
00:30:12,880 --> 00:30:17,839
there are cost free solutions to things. Right, nothing has

625
00:30:17,920 --> 00:30:22,720
cost free. It's all cost benefit analysis, period. So when

626
00:30:22,839 --> 00:30:27,880
you say we want to help out poor people, at

627
00:30:27,920 --> 00:30:31,880
what cost? That's the question. And that's where that's where

628
00:30:32,200 --> 00:30:34,279
the proletariat always gets duped.

629
00:30:34,680 --> 00:30:34,880
Speaker 2: Right.

630
00:30:35,279 --> 00:30:38,039
Speaker 4: They sit there and they go, yes, we want the benefit,

631
00:30:38,599 --> 00:30:41,279
but the government never tells them what the cost is.

632
00:30:41,519 --> 00:30:41,720
Speaker 2: Right.

633
00:30:41,960 --> 00:30:47,000
Speaker 1: And and I because I was a trained conservative, I

634
00:30:47,039 --> 00:30:50,079
am I've been taught that all anti trust stuff is bad.

635
00:30:50,440 --> 00:30:52,880
And then I'm thinking about God's design. I just read

636
00:30:52,880 --> 00:30:56,000
this week speaking of you know, Christians and business and

637
00:30:56,039 --> 00:31:00,440
being Christian people, that Walmarts has a back end deal

638
00:31:01,400 --> 00:31:06,920
with suppliers where they get the lowest price period. And

639
00:31:06,960 --> 00:31:09,880
I've heard small grocery stores, like family owned grocery store

640
00:31:09,880 --> 00:31:12,680
are saying, no matter what we do, we can't seem

641
00:31:12,720 --> 00:31:15,920
to get ahead. We think we get the best possible deal.

642
00:31:15,960 --> 00:31:18,200
We don't even know how these companies are making money

643
00:31:18,200 --> 00:31:21,279
on these food items. We're doing it as loss leaders,

644
00:31:21,519 --> 00:31:23,920
just to get people in the door. Then we see

645
00:31:23,960 --> 00:31:27,880
online Walmart the day we announced this, they've got the

646
00:31:27,960 --> 00:31:31,880
same thing for fifty cents per pound less and that's

647
00:31:32,160 --> 00:31:34,519
a am I saying that's anti Christian. I guess I

648
00:31:34,519 --> 00:31:37,400
should ask you. You're the finance guy, but I look

649
00:31:37,400 --> 00:31:39,279
at that, I say, yeah, you know what, you're lording

650
00:31:39,319 --> 00:31:42,359
your power over others. That's what you're doing, and government

651
00:31:42,400 --> 00:31:44,720
has helped you do this. I'm still torn on the

652
00:31:44,720 --> 00:31:47,720
anti trust stuff, but are we at a point where

653
00:31:47,720 --> 00:31:50,240
it's more Christian to go to a small store now,

654
00:31:50,240 --> 00:31:52,839
where it's more Christian to seek out family owned businesses

655
00:31:52,839 --> 00:31:54,880
to stay away from big business. Is that where we're at.

656
00:31:57,119 --> 00:31:59,960
Speaker 4: I think that it's I think that it's more Christian

657
00:32:00,160 --> 00:32:02,359
in the sense that I think it's the right thing

658
00:32:02,480 --> 00:32:04,599
to do, and I think it's wise for us to do,

659
00:32:05,359 --> 00:32:06,960
especially in our own backyards.

660
00:32:08,319 --> 00:32:12,319
Speaker 3: Just meaning, Look, I think one of the one of the.

661
00:32:12,200 --> 00:32:15,680
Speaker 4: Tragedies of today is that it shouldn't be a political

662
00:32:15,720 --> 00:32:19,880
debate whether multinational corporations have gotten too much power.

663
00:32:20,440 --> 00:32:23,559
Speaker 3: Right, of course they have. Right, Here's another thing.

664
00:32:23,640 --> 00:32:25,720
Speaker 4: Here's another thing I've come around on that I'm actually

665
00:32:25,799 --> 00:32:27,680
surprised I've come around on, and I'm kind of I'm

666
00:32:27,720 --> 00:32:30,359
kind of afraid to admit it out loud, but I'm

667
00:32:30,400 --> 00:32:32,720
against the Citizens United decision.

668
00:32:33,640 --> 00:32:35,119
Speaker 3: And the reason I am in.

669
00:32:35,200 --> 00:32:38,240
Speaker 1: Which corporations is people with rights.

670
00:32:38,640 --> 00:32:41,119
Speaker 4: Right, And the reason it did was based on precedent,

671
00:32:41,160 --> 00:32:43,680
because if you look at the legal setup of corporations,

672
00:32:44,000 --> 00:32:47,759
they're afforded those rights of being a human being, and

673
00:32:47,880 --> 00:32:51,440
I understand in a lot of ways why they are. Okay,

674
00:32:51,440 --> 00:32:54,599
But at the same the other thing that we've got

675
00:32:54,599 --> 00:32:56,599
to keep in mind is that we live in a

676
00:32:56,799 --> 00:33:01,079
in a completely imperfect world. And when we're going into

677
00:33:01,200 --> 00:33:04,880
these debates or when we're going into these issues, and

678
00:33:04,920 --> 00:33:08,680
we're trying to approach them from an ideologically pure perspective.

679
00:33:09,400 --> 00:33:10,359
Speaker 3: Right, we're going to fail.

680
00:33:10,920 --> 00:33:12,680
Speaker 4: And the reason we're going to fail is because there

681
00:33:12,759 --> 00:33:16,480
isn't one absolute answer for any problem that exists outside

682
00:33:16,480 --> 00:33:18,200
of Jesus Christ being the answer for.

683
00:33:18,319 --> 00:33:18,920
Speaker 3: All of things.

684
00:33:18,960 --> 00:33:19,079
Speaker 2: Right.

685
00:33:19,119 --> 00:33:22,000
Speaker 4: Outside of that, there is no guaranteed answer. Everything's a

686
00:33:22,039 --> 00:33:25,599
cost benefit analysis. So why am I Why do I

687
00:33:25,680 --> 00:33:28,279
push back against the pure capitalists and say that anti

688
00:33:28,279 --> 00:33:33,519
trust laws are useful because capitalism only works when competition

689
00:33:33,759 --> 00:33:39,880
is present. Monopolies are anti competition. So to protect capitalism,

690
00:33:40,319 --> 00:33:43,319
you've got to control the size of the participants.

691
00:33:43,599 --> 00:33:44,279
Speaker 3: You just do.

692
00:33:44,400 --> 00:33:46,680
Speaker 4: I wish you could just say, hey, it's a demolition derby,

693
00:33:46,720 --> 00:33:49,839
go for it, and at certain times that's the appropriate take.

694
00:33:50,240 --> 00:33:52,599
Speaker 3: But over the long run, you've got.

695
00:33:52,319 --> 00:33:54,200
Speaker 4: To make sure and you can just see it in

696
00:33:54,240 --> 00:33:58,759
the corporate history Todd. If you go look today versus

697
00:33:58,759 --> 00:34:01,759
forty years ago, in any given industry, the ratio is

698
00:34:01,759 --> 00:34:04,759
about eleven to three. Meaning if we looked at a

699
00:34:04,759 --> 00:34:07,359
certain market and there were eleven competitors in that market

700
00:34:07,440 --> 00:34:10,800
thirty years ago, today there's three. What's happened to wage

701
00:34:10,840 --> 00:34:12,639
growth in those areas? It's stalled out.

702
00:34:12,679 --> 00:34:16,280
Speaker 1: And there's also this my pizza analogy. My friend owns

703
00:34:16,280 --> 00:34:19,360
a pizza place. It's a corporation, but it's also people.

704
00:34:20,000 --> 00:34:22,039
Walmart stopped being people a long time.

705
00:34:21,880 --> 00:34:22,639
Speaker 3: Ago, for sure.

706
00:34:22,719 --> 00:34:28,079
Speaker 1: Rights that's a huge, huge difference. Speaking of people in

707
00:34:28,119 --> 00:34:31,079
big tech and big big corporations, I want to share

708
00:34:31,079 --> 00:34:33,840
with you something that we learned this week about the

709
00:34:34,559 --> 00:34:37,719
the IRS and AI and this should give you all

710
00:34:37,760 --> 00:34:40,159
sorts of warm fuzzies being that you're in the financial business.

711
00:34:40,199 --> 00:34:42,280
So I'll share this with in just a second. This

712
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is the last month that you get a big opportunity

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for big financial deal. For my friend Tim Krukshank, founder

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and CEO bone Frog Coffee, wearing some of the merch today,

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You'll notice that I'm wearing a collared shirt that is

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00:34:52,920 --> 00:34:54,920
a big deal on this show. I don't normally wear

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collared shirts, but this is the bone Frog golf shirt.

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00:34:58,880 --> 00:35:02,119
It's the Great Coffee Crush giveaway your chance to win

719
00:35:02,239 --> 00:35:04,239
either a three hundred and fifty dollars gift card one

720
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hundred or fifty bucks for free coffee at bone Frog.

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All you need to do is go to their social

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sites and take the pinpost to post at the top,

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00:35:12,679 --> 00:35:15,280
repost it, retweet it, share it on Facebook, and then

724
00:35:15,400 --> 00:35:17,760
follow them so you can get notified if you win.

725
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When you do that, you're entered to win one of

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those three gift cards. All you need to do is

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be a US resident. There's no purchase necessary. Winners will

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00:35:25,119 --> 00:35:28,079
be notified through DM. Winners are selected randomly, by the way.

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00:35:28,280 --> 00:35:30,880
Once the winners acknowledge the prize and that they've gotten that,

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00:35:30,920 --> 00:35:34,280
then Tim will announce the prizes and who won them publicly.

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00:35:34,320 --> 00:35:36,599
So make sure you follow him so he can get

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in touch with you in case you win one of

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00:35:38,000 --> 00:35:40,320
these great gift cards for free coffee Bonefog Coffee dot

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Com slash Todd promo code Todd if you have a

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00:35:43,079 --> 00:35:47,119
hard time finding their social sites, Zach. This is something

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00:35:47,119 --> 00:35:50,760
we learned about the IRS and AI this week, two

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00:35:51,079 --> 00:35:54,000
entities we should never fear. Never fear AI and never

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00:35:54,000 --> 00:35:56,039
fear the IRIS, particularly when they work together.

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00:35:56,239 --> 00:35:58,920
Speaker 7: What we have learned is that the IRS, in fact

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00:35:59,000 --> 00:36:03,119
has been using it to access bank accounts of American

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00:36:03,199 --> 00:36:06,199
citizens without any kind of a search warrant or even

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00:36:06,239 --> 00:36:09,320
without any specific claim that they have committed a crime.

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So this was something that was discovered by an undercover journalist,

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00:36:13,760 --> 00:36:16,639
and what they found is that the IRS has claimed

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00:36:16,679 --> 00:36:19,679
that they have access to every single person's bank account.

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00:36:19,960 --> 00:36:22,679
This person also indicated that they've been working with the

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00:36:22,679 --> 00:36:26,039
Department of Justice and that they have absolutely no problems, however,

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00:36:26,360 --> 00:36:28,400
going after the little guy to make sure that they

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00:36:28,400 --> 00:36:31,559
are paying their taxes. This is such a blatant violation

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00:36:31,679 --> 00:36:34,400
of the Fourth Amendment that we have Jim Jordan and

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00:36:34,440 --> 00:36:37,320
I sent a letter to the IRS demanding that they

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00:36:37,360 --> 00:36:40,960
provide additional information about what they are doing with AI

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00:36:41,119 --> 00:36:43,280
and what they are doing to protect the civil rights

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00:36:43,280 --> 00:36:44,440
of American citizens.

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00:36:44,639 --> 00:36:53,039
Speaker 1: Can you even imagine if this was announced under a

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00:36:53,039 --> 00:36:57,639
a Democrat president what the right would be saying. Can

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00:36:57,679 --> 00:37:00,599
you even imagine how people's heads to be blowing up

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00:37:00,639 --> 00:37:02,920
if this had been done under the people who are

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00:37:02,920 --> 00:37:05,639
and Joe Biden and sen under President Trump? This made

760
00:37:05,800 --> 00:37:08,800
Fox Business News. I can't find the story in else

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00:37:09,079 --> 00:37:09,960
anywhere else.

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00:37:10,039 --> 00:37:10,280
Speaker 6: Can you?

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00:37:10,360 --> 00:37:10,519
Speaker 1: Mad?

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Speaker 4: I mean, we were yeah, and look rightfully, so, I'm

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00:37:13,119 --> 00:37:14,519
not saying I was okay with this, but we were

766
00:37:14,599 --> 00:37:16,440
losing our minds when we found out the IRS was

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00:37:16,480 --> 00:37:19,400
hiring ten thousand new agents, right like.

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00:37:19,320 --> 00:37:22,079
Speaker 1: Remember that that's a great point.

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00:37:21,559 --> 00:37:24,360
Speaker 4: Okay, and no one's saying a word about this, And

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00:37:24,760 --> 00:37:26,599
this to me is the toxicity of politics.

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00:37:26,639 --> 00:37:28,480
Speaker 3: We either stand for what we stand for or we don't.

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00:37:28,800 --> 00:37:30,800
Speaker 4: And if that means that people are gonna get mad

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00:37:30,800 --> 00:37:33,079
at me and say I'm not carrying Donald Trump's water,

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00:37:33,119 --> 00:37:34,000
You're darn right I'm not.

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Speaker 3: You're darn right I'm not.

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00:37:35,239 --> 00:37:38,599
Speaker 4: Because I firm believer as a citizen, especially for the

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00:37:38,639 --> 00:37:41,360
guy I voted for, my job as an informed citizen

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00:37:41,360 --> 00:37:43,320
is to hold his feet to the fire. Yeah, so

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00:37:43,400 --> 00:37:45,199
when I see something that I don't like, I'm gonna

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00:37:45,199 --> 00:37:47,679
say it right, and I'm gonna and that doesn't mean

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00:37:47,960 --> 00:37:50,360
I'm not on the home team. It actually means that

782
00:37:50,440 --> 00:37:55,719
I am right right. We're cleaning out our own closets. Look,

783
00:37:56,519 --> 00:38:00,199
I'm horrified by this. The one thing I'm here hearing

784
00:38:00,280 --> 00:38:04,760
stuff about the IRS coming up constantly, and I will

785
00:38:04,800 --> 00:38:07,079
be shocked if the left doesn't try to figure out

786
00:38:07,199 --> 00:38:09,639
some way to weaponize this IRS talk against Donald Trump.

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00:38:10,519 --> 00:38:11,920
Speaker 3: One thing that we have to keep in mind.

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00:38:12,079 --> 00:38:14,159
Speaker 4: I heard somebody on the left going off about how

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00:38:14,639 --> 00:38:17,639
the IRS is only targeting middle income people, and dah

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00:38:17,679 --> 00:38:22,239
da da da dah Okay, I know, on the face

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00:38:22,239 --> 00:38:25,440
of that that sounds really bad. Okay, where do you think?

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00:38:25,519 --> 00:38:27,599
What do you think most of tax fraud looks like?

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00:38:28,159 --> 00:38:29,639
Speaker 3: What? What? I? What? What?

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00:38:29,639 --> 00:38:32,360
Speaker 4: What I would guess most tax fraud looks like is

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00:38:32,400 --> 00:38:34,320
a two and a half to three million dollar house,

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00:38:34,719 --> 00:38:36,679
three hundred and fifty thousand dollars worth of cars in

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00:38:36,719 --> 00:38:39,119
the driveway, and yet eighty thousand dollars income reported?

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00:38:40,039 --> 00:38:40,320
Speaker 3: Okay?

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00:38:40,360 --> 00:38:45,480
Speaker 4: So meaning meaning guys, just because they're going after middle

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00:38:45,480 --> 00:38:49,280
class income people, doesn't mean they're going after middle class

801
00:38:49,320 --> 00:38:53,079
income people. Right understated income is going to be the

802
00:38:53,239 --> 00:38:56,800
number one place where fraud and you're gonna find it.

803
00:38:56,960 --> 00:39:01,119
That's great, So let let's all take it now. That

804
00:39:01,280 --> 00:39:03,679
has nothing to do with lett an AI jump into

805
00:39:03,719 --> 00:39:07,079
our accounts without a warrant or without our permission. You

806
00:39:07,079 --> 00:39:10,760
get totally different issue. And that is alarming to me.

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00:39:11,360 --> 00:39:13,639
Speaker 3: I'm looking at the Trump administration going where are you

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00:39:13,760 --> 00:39:14,360
on this one?

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00:39:14,599 --> 00:39:14,679
Speaker 6: What?

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00:39:15,079 --> 00:39:17,119
Speaker 1: Or are you reminded me of something that happened to

811
00:39:17,119 --> 00:39:18,800
me in Utah back in the day. There were some

812
00:39:18,840 --> 00:39:22,039
people we got to know who wanted to invest in

813
00:39:22,079 --> 00:39:24,840
our business. And you go to their house and it's

814
00:39:24,880 --> 00:39:28,400
a two bedroom house, there's six people living there and

815
00:39:28,559 --> 00:39:33,039
they've got chickens to eat eggs, you know, and subsistence living.

816
00:39:33,119 --> 00:39:35,639
And they were talking about doing this investment and we're

817
00:39:35,639 --> 00:39:37,880
thinking why we're here, and you know, my friends and something.

818
00:39:38,039 --> 00:39:40,719
Just trust us, just trust us. And they take us

819
00:39:40,719 --> 00:39:44,199
out to the barn and there's how they want to invest.

820
00:39:44,239 --> 00:39:47,079
They pull up on a gun safe and it's packed

821
00:39:47,119 --> 00:39:52,000
with cash money, and there you go. And I'm talking about, Zach,

822
00:39:52,079 --> 00:39:55,400
I've never seen so much cash in my life. And

823
00:39:55,559 --> 00:39:58,360
it's in a good sealed off room, lots of like locks,

824
00:39:58,400 --> 00:40:02,440
and there's this unsafe, super high and gun safe, and

825
00:40:02,760 --> 00:40:05,840
you know, I mean, what would fifty to two hundred

826
00:40:05,840 --> 00:40:09,840
thousand dollars in the business get us? And my friends

827
00:40:09,880 --> 00:40:11,679
are trying to talk me into this. I'm leaving, going, guys,

828
00:40:11,719 --> 00:40:15,280
we can't do this. I guarantee because we're going to

829
00:40:15,320 --> 00:40:18,480
go to venture capitalists and the venture capitals are going

830
00:40:18,519 --> 00:40:21,559
to say where that money come from? Oh, these guys,

831
00:40:22,960 --> 00:40:24,199
what are they?

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00:40:25,360 --> 00:40:29,639
Speaker 3: Where are they? Are they quality the money? When did

833
00:40:29,639 --> 00:40:30,559
they wire you the money? Right?

834
00:40:30,639 --> 00:40:32,599
Speaker 1: They didn't know they give cash?

835
00:40:33,039 --> 00:40:33,239
Speaker 2: Yeah?

836
00:40:33,800 --> 00:40:34,000
Speaker 4: What?

837
00:40:34,320 --> 00:40:36,360
Speaker 1: And are they are they qualified investors?

838
00:40:37,199 --> 00:40:37,280
Speaker 2: Not?

839
00:40:37,440 --> 00:40:38,679
Speaker 1: If you look at their balance sheet?

840
00:40:39,639 --> 00:40:41,920
Speaker 3: Not of people get their tax returns are there.

841
00:40:42,119 --> 00:40:44,400
Speaker 1: Yeah, the taxi turns more to the points. But are

842
00:40:44,400 --> 00:40:46,400
they qualified? Maybe more than you are?

843
00:40:47,199 --> 00:40:47,400
Speaker 3: Yeah?

844
00:40:47,920 --> 00:40:51,119
Speaker 1: Right, yeah, and that's Look, that's a great point.

845
00:40:51,559 --> 00:40:55,840
Speaker 4: And that's another thing I'll say, Man, nobody, nobody dislikes

846
00:40:55,840 --> 00:40:57,119
paying the taxman more than I do.

847
00:40:57,559 --> 00:40:58,480
Speaker 3: I really don't.

848
00:40:58,519 --> 00:41:01,000
Speaker 4: But you know, if we're going to be God was

849
00:41:01,039 --> 00:41:03,199
pretty clear about that. It didn't offer a lot of

850
00:41:03,239 --> 00:41:05,800
wiggle room there. Peyt rendered a Caesar. What is Caesar's Yeah,

851
00:41:05,840 --> 00:41:08,000
and if you don't like the tax policy move but

852
00:41:08,079 --> 00:41:09,440
don't cheat it, don't cheat it.

853
00:41:09,760 --> 00:41:11,840
Speaker 3: And you just can't do it. Man, got to play

854
00:41:11,840 --> 00:41:12,599
by the rules. I know.

855
00:41:12,719 --> 00:41:14,599
Speaker 1: I like this idea of sitting in front of Jesus

856
00:41:14,599 --> 00:41:17,599
and the tax on judgment day and Jesus said, hey,

857
00:41:17,599 --> 00:41:19,719
look we need to talk about you're not paying your taxes.

858
00:41:19,760 --> 00:41:20,840
My government was corrupt.

859
00:41:22,000 --> 00:41:25,840
Speaker 4: And Jesus goes tell me about it.

860
00:41:26,679 --> 00:41:29,280
Speaker 1: I seem to remember something about that. Always good to

861
00:41:29,280 --> 00:41:31,480
get wise canceled from you, my brother, Thank you very much,

862
00:41:31,840 --> 00:41:33,119
appreciate you.

863
00:41:33,320 --> 00:41:34,719
Speaker 3: Pleasures all mine. Man, thanks for having me.

864
00:41:35,000 --> 00:41:36,840
Speaker 1: This is a Todd Herman show. Please go be well,

865
00:41:37,039 --> 00:41:39,239
be strong, be kind, and please make every effort to

866
00:41:39,320 --> 00:41:40,559
walk in the light of Christ,