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Speaker 1: If you want an economic future for your kids and grandkids,

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We're going to have to do some things that for

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conservatives might feel icky or wrong. Talk about this with

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the help of Zach Abraham, chief investment Officer of Bulwark

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Capital Management, and we'll do this with the help of

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God Almighty.

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Speaker 2: But Todd Herman show is one disapproved by big pharma

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technocrats in tyrans everywhere from the high mountains of Free America.

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Here's the Emerald City exile Todd Herman.

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

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at the time subers, God has decided we shall live.

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Joining me is my friend and brother, Zach Abraham, chief

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investment Officer Bulwark Capital Management. Then let me start with this, Zach,

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let me check out with you emotionally. I know the

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Mariners lost, so let me start with do you need

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a hug, some more anti depressants? Is there anything I

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can do? More bone Frog coffee? Are you making it through?

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Speaker 3: Yeah? Well, yeah, we're surviving. We're surviving.

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Speaker 2: Man.

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Speaker 4: I'm not a I'm not a I'm not a huge

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baseball guy. I never played it growing up. But that

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being said, there are a lot of aspects about this

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team that were really compelling and one of the one

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of the compelling parts about it that really caught my

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ears how many of the guys were Christians, and how

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big a part of the bigger part of the clubhouse

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that was, how many of the guys had pretty outspoken political.

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Speaker 3: Views that I liked.

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Speaker 4: Just seemed like a lot of good dudes that really

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loved each other and uh and battled. And you know,

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as an ex athlete, I I love the I love

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competition in sports, but I also have such a great

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appreciation for like what my college coach used to say,

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the third side of the coin, right, which is, you know,

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he had this analogy heads tails, win, lose. But there's

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also this third side of the coin that is edge. Right,

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So like in trading we talk about your edge being

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your advantage, and that when you when you have a

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group of people that really love and respect each other,

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that's like the third side of the coin.

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Speaker 3: It it makes the it makes the whole greater than

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the parts, right.

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Speaker 4: And whenever I see a team doing that at any level,

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it's just compelling to me because you see this sort

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of undercurrent, this this this effectiveness that seems to outweigh

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each of their individual abilities. But together that synergy creates

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that and they they very much had that going, especially

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later in the season, and it was compelling. And but

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you know, you lived here long enough, the one thing

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you know is that no matter how good it looks

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or how exciting it might be, the history of the

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franchise is pretty is pretty consistent. Right, keep an eye

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out over one shoulder and wait to get.

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Speaker 3: Bushwhacked, because that's usually what happens. Yeah, unfortunately ended that way,

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but it was a fun run.

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Speaker 1: Well, now I get to I see, I'm not a

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big baseball fan either, And you know, the marriage did

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some cool things. Great Armed Forces Knights they used to

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have there, and I got to participate in two of

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those and watch World War two vets deliver the game.

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Speaker 2: Ball.

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Speaker 1: Dude, You've never seen anything cooler than a guy who

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flew b seventeens sitting there in the tunnel and there's

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players coming by Zach and checking in on him, sir.

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They're calling him, sir. So cool to meet you. And

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and and our fact, in fact, one of our friends,

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the guy who does the web stuff for us, Dave

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Barkurst at a Greenhaven interactive dot com. By the way,

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if you need help with Google SEO all that stuff

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green Haven Interactive dot com. Dave is awesome at that

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and he's a Christian and a Conservative. I get to

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meet his pop and he was a Vet. And you

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haven't seen anything cooler than when you take those guys

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out into the field and this role in this gentleman out.

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He lost more guys in his B seventeen through freezing

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to death than he did seeing them shot and killed

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freezing to death in those things. He told me a

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stories act of flying over France and they couldn't land,

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they couldn't drop their bombs. They're disc close to losing

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fuel of having to fly back, they might have to

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crash land. And one of his fellow pilots got both

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engines shot out, and he made eye contact with the

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guy before he went down. Like he turned to his

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left and made eye contact with a fellow pilot whose

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plane is going down. And this is the guy getting

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rid of guilious game ball. We were in the tunnel

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and the guy with the mariners who organized that night,

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he led the armed forces night.

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Speaker 3: He walked up.

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Speaker 1: He saw this guy had his medals on and his

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hat and he said, sir, what an honor to meet you.

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And this gentleman said, did you serve He goes, yes,

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but only in Vietnam. Only in Vietnam. Yeah, that different

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breed man, totally different breed, and that World War two

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Vett struggled to stand up and stood up and saluted him.

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Since warlike any other. So I wheel this man out

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to the dugouts and the players make a tunnel for

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this dude. And if you've never stood on the field

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next to some and the professional baseball players, they are

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so jacked and big, and you don't think that because

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they're baseball guys, right right, Yeah, And we roll him

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out to the field and his son says okay, and

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I give him the game ball, and they're they're running

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pictures of him and his bio on the and they

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they were supposed to run my name, and now k

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t TH radio said, no way, no way, not with

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this guy. He's the focus and he's going to deliver

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the game ball. And he stands up to walk and

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a son's like, dadd he goes, I am walking, wow,

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And you see the players watch this dude, this old man.

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He goes that he delivers the game ball, the place explode.

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It comes back and sits in his chair and he

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died shortly after Ah and but Zach on his deathbed

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he said to his son, they remember us. Yeah, I

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can die now. It's okay. Even and he said, even

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in Seattle they remember so sorry, that's my baseball story.

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Speaker 3: No, that's cool, that's more. That's certainly a better story

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in the game.

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Speaker 1: Hey, they could be back, but now no, no, I.

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Speaker 4: Mean just the game of baseball, like my story, like dad,

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just transcends sports.

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Speaker 1: Well, I'm voting for the Blue Jays. Wont to know why?

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Speaker 3: Well, I mean they're not from LA.

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Speaker 1: Well, and they didn't honor the Sisters of Perpetual Indulgence,

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which is a satanic sexual left group. They didn't just

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give Leah Thomas, the fake female swimmer, a courage award,

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so to me, And maybe the Blue Jays are horrible,

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but I'm voting for them because they're not the Dodgers.

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Speaker 3: Yeah. No, yep, yep, yeah, I would. I would have

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to agree with you.

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Speaker 4: Like I said, it's if you're betting against anything coming

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out of LA Yeah, you're ninety eight percent of time

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you're gonna be on the right.

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Speaker 3: Side of it.

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Speaker 1: Is solid. Absolutely if you look at the video stream

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of this. If you're listening to the audio, you can

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go look at this. I guess pictures. Maybe Alex post

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a picture of some of the new bone Frog merch

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s getting in bites. Take a still of that. This

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is the cup. I love these cups. Bought one for

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my wife. She loves it, stands by it. My daughter

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thinks it's cool, which is awesome.

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Speaker 2: Uh.

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Speaker 1: I'm wearing one of the one of the hoodies. I

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wore another one yesterday. This is all at Bonefrog Cooffee

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dot com slash todd get ten percent off your first purchase,

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fifteen percent off subscription coffee. This is Wintercepter. This is

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a special white rose coffee.

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Speaker 3: Now.

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Speaker 1: Yesterday I said I did not like this. In fact,

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I said, this is the first coffee I'd say. Tim

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made that. I said, yeah, it kind of sucked. It's

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white coffee, high caffeine. But people didn't hear the rest

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of what I said. I remember that Tim told me, Hey,

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if you're a fan of tea, you're gonna like this straight.

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My wife loved this. It's like an earthy tea. So

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if you have friends who are tea fans, you're gonna

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dig this. Drinking it straight. Tim had told me it's mint.

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Really to have things added to it. He adds mint.

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I had oat milk. Why do I drink oat milk

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because they don't like all the calories in cowbuk. I

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love cow milk, but I just can't have all the calories.

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So I had oat milk to this and cinnamon blew

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my mind. Now see that stuff I'd sit around drinking.

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So it's like a dessert coffee as well, So you

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can try that. It's called Winterceptor. It honors the guys

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who go to the Naval Special Warfare Cold Weather Detachment

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in Kodiak, Alaska. I saw one of these cats on

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a reality TV show once. Yeah, gosh, it was a

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good show. They go to Alaska and put up these

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survival challenges. That dude swam. He jumped off of an iceberg,

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literally jumped off of an iceberg, landed in the water,

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and swam to a rubber raft like hundred me away

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in iceberg water. So it honors guys like that. It's

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bone Frog Coffee dot com slash todd. Use promo code

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tod to get ten percent off your first purchase fifteen

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percent off subscription coffee. So there's an act. I want

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to talk with you about, Zach and we'll do that.

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Speaker 3: Just do it.

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Speaker 1: We'll do this right here. So there's the invest America Act.

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I found this really interesting because of the responses to it.

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This is a video explaining it, and I'm so curious

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what you think about this.

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Speaker 5: Here we go is you've changed the way potentially the

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country is going to deal with financial literacy and also

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having a stake in the markets, which is that this

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bill finally passed and you'd come on the show.

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Speaker 1: I'm trying to think when you first.

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Speaker 5: Two and half got away with the idea and here

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we are.

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Speaker 2: Yes.

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Speaker 3: So the invest America Act.

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Speaker 6: You know, it's really there's a battle for the soul

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of America, I think going on. We see it in

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New York with the election fight over Mandami.

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Speaker 3: You know this this drift.

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Speaker 6: There are sixty percent of people who say, hey, I'm

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left out of capitalism.

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Speaker 1: This isn't benefiting me right, And we have that problem.

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Speaker 6: We have this massive wealth gap that has grown. So

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we have to get everybody into the game of capitalism.

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The President ran on a main street agenda. The main

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street agenda was my people in Indiana, how do we

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get everybody else into the game of capitalism. So he

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and the leadership in the House and the Senate helped

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get this included in the Big Bill. Invest America Act

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is now the law of the land, starting in twenty

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twenty six.

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Speaker 1: Every child born forever.

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Speaker 3: More in America.

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Speaker 6: We'll start off with a prosperity account one thousand dollars private,

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four oh one k at birth their family owns they

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own in the s and p five hundred that everybody

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can add money to mom and dad, grandparents, birthdays, bar mitzvahs. Right,

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companies are going to match. The list of companies we're

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going to announce in early December is going to blow

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your socks off.

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Speaker 1: So a lot of this sounds super super cool. And

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then there's some nuance of this act that's really interesting

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to me because people are saying this is a fix

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against socialism, but it's the government doing the investing for you.

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And tell me that this doesn't a tastasize into something

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like social securities become. I mean, I don't know, there's

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a lot to talk about here.

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Speaker 4: You know, I'm I'm really torn on this topic too.

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And the reason I'm torn on it so to be fair.

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So you know, you know, in support of the idea

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of this concept, I would have been torn on this

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topic in much of the same way that I would

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have been torn about a lot of the government spending

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projects in the thirties. We're on the face of it,

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and let me explain what I mean. My initial reaction

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to things like that, especially when I was younger, would

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be like, this isn't capitalism.

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Speaker 3: What are we doing right?

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Speaker 4: When you look at a lot when you look at

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many of those programs, I don't know what the percentage was,

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but many of those programs ended up being incredibly successful

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in America, that paid dividends for decades and still do

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you know the Hoover Dam I've mentioned before being one

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of them. And so there are times that in defense

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of capitalism or in defense of liberty, you have to

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do things that seem to be counter to that. I

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think of Abraham Lincoln, you know, rescinding Habeas corpus during

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the Civil War. I think it's some of the things

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that Teddy Roosevelt did at turn of the century that

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had Republicans up in arms. I already mentioned some of

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the stuff that was done in the thirties, and I

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think when you look at where we're at is a country,

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and you look at the state of social security, I

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think that looking at from that frame, I.

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Speaker 3: Do not think that this is a bad policy.

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Speaker 4: Okay, something is clearly going to have to be done

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with social security. And when you see when you do

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the math on it, which which we have done in

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great detail, what.

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Speaker 3: You see is had, for instance, over the light.

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Speaker 4: Now I'm not saying somebody has or I'm not saying

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that that this will work the exact same way. But

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if people could see what would have happened if every

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dollar they paid into social Security would have gone into

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an account that held the S and P five hundred, yep,

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there's social Security payments would be ten to twelve times

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what they are yep.

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Speaker 3: Right.

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Speaker 4: And I've listened to people sit there and say, oh,

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but the market can crash.

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Speaker 3: Not over a sixty year career. It can't, Okay, not

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even Japan.

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Speaker 4: Japan had broken out to new highs and they had

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the worst, you know, for developed markets, they had the

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longest sideways action. I mean their market went negative and

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stayed negative for thirty two years.

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Speaker 3: Okay, so they didn't make new eyes for thirty two years.

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Speaker 4: Even in that scenario, had they been putting money in

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the Japanese stock market, because remember, people forget about this.

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Speaker 3: If the market crashes.

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Speaker 4: Seventy next month, what you're putting into it, you're paying

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seventy percent less to go into it. Right, So even

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when that market gets back to two thirds of where it.

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Speaker 3: Was, if you kept plugging money in, your money's grown.

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Speaker 2: Right.

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Speaker 3: And so.

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Speaker 4: We're going to have to do something like this to

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replace Social Security because Social Security isn't going to I mean,

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it's bankrupt and it's going to continue to get bankrupt,

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and we are not going to have if you look

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what's going on in AI, we're never going to get

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back to a place where we were when we started,

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which when we started, I believe you had something like

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thirty to thirty five workers per every person getting a

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Social Security check.

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Speaker 3: That those days are gone, that's not going to happen anymore.

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Speaker 4: So the other thing is is I think that we

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do need to make quote unquote capitalism in the market

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American dream more accessible to people.

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Speaker 3: Do I think this is the best way to do it?

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Speaker 2: No?

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Speaker 4: Do I think it is a step in the right direction. Potentially,

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Do I think it is good for our markets. No,

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but but we have turned our markets into a utility

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of some some shape, right, Like if you know, look

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look at the way policy is directed at equity or

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asset prices today, like it just wasn't thirty years ago.

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You know, thirty years ago you would hear central bankers

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and government politicians say the stock market isn't the economy.

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Speaker 3: We're not worried about the stock market. You don't see

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that today.

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Speaker 4: And it is concerning. It's not a it's not a

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it's not a perfect solution. At the same time, flipping

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back now and arguing for it, I think we're in

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a pivot where I think we're in a very dangerous

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and pivotal place in this country where we're gonna if

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if we get things back on track, we're gonna have

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to do things that are not conventional, at least in

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the ways that we that we think of.

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Speaker 1: I couldn't agree, mom, because they don't worship systems. And

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what you said, right, social security being bankrupt is true today,

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and it's structurally to me that means it can't be fixed.

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It's like, you know, the load bearing beams are shots.

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I'm sorry, the house is shots. What about the foundation. Well,

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the foundation has cracks. Okay, so I can't live here. No,

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I mean you can live here, but eventually this is

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going to fall down, and maybe you'll be inside when

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that happens. Right, So that's an argument for this. My friends,

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a renew medical center in Portavart, New Mexico, are working

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on the last stages of a study where they contend

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they're going to present a cure for diabetes. How could

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they possibly do that? Because they're world class health care center.

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We talk a lot about their stem cells. That is

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in fact one of their products. They have the world's

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best stem cell processing. It's based on donors. They know

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who the women are. They monitor their health, their baby's health.

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They walk the pluscentas and umbilical cords down to a

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class four bio lab and there they reject ninety percent,

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sometimes eighty ninety percent of the stem cells. It's only

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the very best, making you that's one part of what

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they do. They get there. They got the Western hemisphere's

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largest hyperbaric chamber and they're building a larger one. They

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make their own oxygen rather than buying it, so they

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can control all the outcomes. You know what else they're

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doing anti aging. They will tell you the biological age

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of your organs, and they will show you how hyperbaric

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oxygen and stem cells can in fact refresh your biological age.

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This isn't pretense, it's what these stem cells do. Want

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to be younger, Go renew r E n ue dot healthcare.

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They can't make you chronologically younger, but they can make

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us all biologically younger. It's renewed r E nue dot healthcare.

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That stuff actually is sort of brain science. It's thirty

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six million dollars per year. If you're saying there's three

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point six million babies born in the United States every year,

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which is the numbers, that's it's I found. So it's okay, fine,

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that's nothing. You know, we're already three hundred trillion dollars

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in real debt if you count the off books debt.

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That's no one else I think that would be.

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Speaker 3: I think that would be not be thirty three hundred

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and sixty millionaire.

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Speaker 1: Oh sorry, what did I say?

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Speaker 3: I said?

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Speaker 2: Three?

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Speaker 1: Okay, so three hundred and sixty million a year. Three

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hundred and sixty million a year. Now, that's again small

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money when we're three hundred trillion dollars in debt. Here's

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my concern. You're a Democrat, why is it just a

365
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thousand bucks? So this needs to go up costs of living? Incidentally,

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why are the black and brown people at getting more?

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And what about this company in that company? And why

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is it the S and P five hundred? Why isn't

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select companies? What about the green companies? Why are we

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having people investment? There's oil companies in here, there's defense

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contractors in here. Well, look I can't have that. That's

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that's this is my prediction. If they don't lock this

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into say it is one thousand bucks, or tie it

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to some ratio of income or ratio of debt, something

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where it's predetermined, make it hard to change. If I'm

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a Democrat getting into office, man, I can't wait to

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take this thing and blow it out.

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Speaker 4: Yeah. I but here's the here's the tough part about

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where we are. When you try to start I think

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back to George Bush talking about compassionate conservatism.

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Speaker 1: I was checking his watch during the debate. Who am I?

382
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Why am I here?

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Speaker 3: Yeah? There? You run into a you run into an

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issue when.

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Speaker 4: Look you as a society, I think you've got to

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determine what is the most important thing to you and

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if individualism and liberty and personal liberty are the most

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important things to you, which I think they should be,

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because that is the antithesis of the greatest threat that

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government poses to anybody.

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Speaker 3: Right. And so.

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Speaker 4: When things have been too good for too long, people

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only see the downside of things and they quit viewing

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the upside. And the reason they quit viewing the upside

395
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is because the upside's baked into the cake.

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Speaker 3: They take it for granted.

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Speaker 2: Right.

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Speaker 3: For instance, you go listen to these kids talk. They

399
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think that they can get.

400
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Speaker 4: Socialism payouts and socialism aspects and not lose any of

401
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the upsides of capitalism, you know what I mean. Yes,

402
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And you look at them and go, guys, that's not

403
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how it works. Yeah, okay, Now, I understand why you're frustrated,

404
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and you have every right to be frustrated. But you're

405
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not witnessing the failure of capitalism. You're witnessing the failure

406
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of capitalism receding. Right, You're witnessing the unholy union of

407
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big corporations and big government.

408
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Speaker 3: That's what you're witnessing.

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Speaker 4: That's what's throwing all this off and the empirical evidence

410
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is startling.

411
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Speaker 3: Let's go sector by sector in the United.

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Speaker 4: States and see how many competitors there are in each sector.

413
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That number has been absolutely decimated.

414
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Speaker 3: Right.

415
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Speaker 4: So if you want to know why more of the

416
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riches are not getting down to the work in class,

417
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it's because large corporations are not competing nearly as hardly

418
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for that talent anymore. Right, And and that's why, right,

419
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increased competition equals increase pay.

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Speaker 3: They just think about it.

421
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Speaker 4: Right, So you've got to it's like going to like

422
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a marketplace for employment. If you've got one hundred employers

423
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there bidding for talent versus three, who do you think

424
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is going to get a better deal?

425
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Speaker 3: Right?

426
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Speaker 4: And so that's that's the That is the most frustrating

427
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part of this whole thing is the people thinking that

428
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the way to fix this is given. And you go no, no,

429
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because you don't understand if we give you that, you're

430
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going to lose that right, right, and you're assuming that's

431
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still that's still going to be there.

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Speaker 3: It's not the way it works.

433
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Speaker 4: And yet at the same time, it has created this

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incredible inequity, right, meaning we've never had a wealth gap

435
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like this in the country, and and the greatest crime

436
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of that to me is capitalism is getting blamed for

437
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big government and big business cabal and it's not an accident.

438
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Speaker 3: This was big business.

439
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Speaker 4: Now, I think part of it is on the government side,

440
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and that's reflective in the fact that we no longer

441
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have the best and brightest in government because I think

442
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a lot of them were just duped and I just

443
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think a lot of them aren't smart.

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Speaker 3: But this was big business's strategy. Right.

445
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Speaker 4: We've talked about regulatory capture. That didn't happen on accident.

446
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They knew that, right. So what you're seeing is the

447
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results of big business and really smart people gaming the system,

448
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tricking politicians and getting them to do exactly what they want.

449
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Speaker 3: And wouldn't you know that.

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Speaker 4: That is correlated to previously unheard of corporate profits at

451
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the expense of the working guy.

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Speaker 3: And so that was the strategy. That was the strategy

453
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all along.

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Speaker 1: Yes, if you reverse engineer back to where things began,

455
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you could look at the you can see observe the

456
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design of the thing by what the thing does. Okay,

457
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so here's what the thing does that you're talking about.

458
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The thing does this. It takes some people a class

459
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of people. It's designed to make them perpetual renters, perpetual

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people buying on credit, people who never truly own a thing.

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And it's designed to create a class of people who

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are worker bees because they have to be forever. If

463
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I were to take this back to one article, I

464
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would take it back to This was probably gosh fifteen

465
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years ago, back when I was working in tech and

466
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doing stuff with Microsoft, and we had the people from

467
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Detroit out and they were talking about taking all cars

468
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and turning them into rentals. They saw this coming then,

469
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that most cars are unused during the day. They were

470
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got behind in the sharing economy, they got flanked by Uber,

471
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but they had this vision, why do we sell a

472
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car once? Right, we could make so much more money

473
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if we owned the cars and we simply leased the

474
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cars hour by hour. Now you have a whole generation

475
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of kids who've been taught they don't need to drive,

476
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they don't need to have their own car. That this

477
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is Now it's being extended into apartments. I was talking

478
00:24:09,920 --> 00:24:11,960
to a young person the other day who's working hard,

479
00:24:12,720 --> 00:24:15,720
you know, four twelves in a row for seventeen bucks

480
00:24:15,759 --> 00:24:18,200
an hour, because this is what they can find there's

481
00:24:18,240 --> 00:24:21,920
some tips, and she's talking to me about apartments and

482
00:24:22,000 --> 00:24:25,119
she says, the apartment I can afford is the lowest.

483
00:24:26,160 --> 00:24:29,680
This is in Spokane, Washington. Eighteen hundred bucks a month. Geez,

484
00:24:30,359 --> 00:24:34,079
spoke cane, Washington, she said. And this isn't a bad neighborhood.

485
00:24:34,319 --> 00:24:38,039
And this is a studio apartment spoke cane stink in Washington,

486
00:24:38,079 --> 00:24:42,839
eighteen hundred bucks a month. And there's no parking. And

487
00:24:43,160 --> 00:24:45,640
now this is someone who's talking about having to rent

488
00:24:45,680 --> 00:24:48,279
a car to get to work because camp park. And

489
00:24:48,319 --> 00:24:50,440
I'm not here to create a SOB story. I'm here

490
00:24:50,480 --> 00:24:53,519
to say to this young person. Look, this is why

491
00:24:53,599 --> 00:24:55,160
you need to be in business for yourself. This is

492
00:24:55,160 --> 00:24:57,160
why you need to use entrepreneurial skills. You are not

493
00:24:57,279 --> 00:25:00,359
stuck in this station. God has a design for you.

494
00:25:00,359 --> 00:25:02,279
You can beat these things. You need to beat this.

495
00:25:02,359 --> 00:25:04,440
And you know we're talking about things to do that.

496
00:25:05,279 --> 00:25:08,319
But in the sector she's working in, she's watching AI

497
00:25:08,480 --> 00:25:12,680
come and eat the senior jobs. She saw people tossed

498
00:25:12,680 --> 00:25:14,920
out of jobs because of AI. She's already seen this.

499
00:25:15,240 --> 00:25:19,440
She's twenty one and she's seeing this stuff. So yes,

500
00:25:19,519 --> 00:25:22,880
all this stuff is by design. So on the side

501
00:25:23,680 --> 00:25:26,920
of what President Trump is doing here this prosperity accounts. Okay,

502
00:25:27,119 --> 00:25:30,519
that's helpful, But then there's this, it's the inflationary nature

503
00:25:30,519 --> 00:25:33,680
of it. You think Wall Street doesn't know this is here,

504
00:25:33,759 --> 00:25:35,559
and the big companies don't know this is here. Hey,

505
00:25:35,559 --> 00:25:38,039
here's the way you can spend your stock money, etc.

506
00:25:38,400 --> 00:25:42,279
So this has to come along with actual literacy, and

507
00:25:42,319 --> 00:25:44,759
then I think we may be in the business act

508
00:25:44,759 --> 00:25:48,480
of needing to break some things up, like, for instance,

509
00:25:48,480 --> 00:25:50,079
and this is close to your heart, and we'll talk

510
00:25:50,079 --> 00:25:52,279
about this rarer thing. We need to talk about the

511
00:25:52,359 --> 00:25:54,880
build on the White House, because it's insane how they're responding.

512
00:25:55,279 --> 00:25:57,920
I was just reading that Blackstone and black Rock are

513
00:25:58,119 --> 00:26:01,359
they They must watch you because you've given them some

514
00:26:01,400 --> 00:26:03,839
financial advice. They're now going out and buying up energy

515
00:26:03,920 --> 00:26:06,599
utilities as fast as they can find them. They're buying

516
00:26:06,640 --> 00:26:08,440
up energy producers as quickly as they can find the

517
00:26:08,519 --> 00:26:11,000
United States. And they're like that Abraham guy, he's his genius.

518
00:26:12,079 --> 00:26:16,240
But Zach, once they own these things, this is beyond

519
00:26:16,279 --> 00:26:18,920
means of production. I mean, this is up level of

520
00:26:18,960 --> 00:26:22,359
means of production. Now it's means of energy. We may

521
00:26:22,440 --> 00:26:25,960
need as conservatives to say, maybe part of conservatism is

522
00:26:25,960 --> 00:26:29,119
saying to a black Rock and Blackstone, no, you guys

523
00:26:29,160 --> 00:26:32,480
don't get to own this much. Sorry, you are a

524
00:26:32,599 --> 00:26:35,519
virtual monopoly over far too many things. Does that sound

525
00:26:35,799 --> 00:26:37,960
like sacrilege to you?

526
00:26:37,960 --> 00:26:41,400
Speaker 4: No, we have to look it's it's and here's going

527
00:26:41,480 --> 00:26:45,720
into it. And there's a lot of example. There's many

528
00:26:45,759 --> 00:26:48,559
examples of this in the past, but going into it.

529
00:26:49,359 --> 00:26:52,079
If we are true free market people and true capitalists,

530
00:26:53,440 --> 00:26:55,400
we are going to have to make some decisions that

531
00:26:55,440 --> 00:26:59,119
don't taste very good. Because I am very sympathetic, I've

532
00:26:59,119 --> 00:27:03,039
got clients sit there and oh, absolutely not competition, Zach,

533
00:27:03,480 --> 00:27:04,880
It'll take care of itself over time.

534
00:27:04,920 --> 00:27:07,400
Speaker 3: Da da da, And I just firmly disagree.

535
00:27:07,720 --> 00:27:10,839
Speaker 4: I believe that when you look at the EcoSpheres that

536
00:27:10,880 --> 00:27:13,440
these guys have built, and when you look at how

537
00:27:13,440 --> 00:27:17,759
intelligent they are, when you look at the mistakes that

538
00:27:17,799 --> 00:27:21,240
they are not making, for the most part, i'd set

539
00:27:21,279 --> 00:27:22,119
Apple aside.

540
00:27:22,200 --> 00:27:24,480
Speaker 3: Apple to me is like the classic big company.

541
00:27:24,400 --> 00:27:27,200
Speaker 4: They're they're losing the narrative in my opinion, and they're

542
00:27:27,319 --> 00:27:31,119
they're descending. The rest of them have have done incredibly

543
00:27:31,160 --> 00:27:34,599
well at staying vigilant and staying on top of things

544
00:27:34,640 --> 00:27:37,759
and continuing to push the edge like so other companies haven't.

545
00:27:38,000 --> 00:27:39,720
Because if you look at and I know I'm not

546
00:27:39,759 --> 00:27:41,440
telling you anything you don't know, but if you look

547
00:27:41,440 --> 00:27:44,000
at the arc of most corporations, you get to a

548
00:27:44,039 --> 00:27:46,119
point when when you get to the point of dominance

549
00:27:46,200 --> 00:27:50,160
or behemoth, that's usually your zenith because you start believing

550
00:27:50,200 --> 00:27:52,319
that you know, you believe your own hype, you lose

551
00:27:52,400 --> 00:27:54,880
dynamism and then somebody catches up to you and passes

552
00:27:54,880 --> 00:27:59,640
you by. Right, these guys have been remarkably efficient and

553
00:27:59,680 --> 00:28:02,920
remark arkably successful at not allowing that to happen. Right,

554
00:28:04,039 --> 00:28:07,359
Unlike any other companies we've seen in the past, there's

555
00:28:07,400 --> 00:28:10,079
always been this atrophy that you see. And like I said,

556
00:28:10,400 --> 00:28:13,119
Apple is not done by any stretch of the imagination.

557
00:28:13,400 --> 00:28:15,400
But to me, they're a good example, right, look at

558
00:28:15,440 --> 00:28:17,440
the lack of dynamism, look at the lack of innovation,

559
00:28:17,799 --> 00:28:20,000
look at the lack of revolutionary products that have come

560
00:28:20,000 --> 00:28:22,279
out in the last Right, they're not taking chances and

561
00:28:22,319 --> 00:28:26,480
they're not pressing the edges like they used to. But

562
00:28:26,799 --> 00:28:29,440
most of those big companies are they've learned that lesson

563
00:28:29,880 --> 00:28:33,359
and they are not nearly as vulnerable as big conglomerates

564
00:28:33,359 --> 00:28:38,359
were in the past, and we're going to have to

565
00:28:38,440 --> 00:28:42,759
do some things that feel undemocratic. We're going to have

566
00:28:42,839 --> 00:28:46,440
to do some things that feel like not free market

567
00:28:47,759 --> 00:28:50,160
because and we're going to have to do those things

568
00:28:50,200 --> 00:28:55,160
to save capitalism because if we go down, like you said,

569
00:28:55,440 --> 00:29:00,599
you cannot have somebody that is controlling you know, I

570
00:29:00,599 --> 00:29:03,039
don't even know how much Blackrock has, but but but

571
00:29:03,880 --> 00:29:07,880
like think about the level the amount of votes that

572
00:29:08,000 --> 00:29:12,240
they control at publicly traded companies because of their passive

573
00:29:12,240 --> 00:29:19,160
ETFs right, right, and then you simultaneously give allow those

574
00:29:19,200 --> 00:29:23,440
people to control large swaths of the energy market. I

575
00:29:23,559 --> 00:29:27,839
just I don't understand how that is not a massive conflict.

576
00:29:27,960 --> 00:29:29,839
Speaker 1: No, no, no, you think of this. They own the

577
00:29:30,039 --> 00:29:33,559
energy markets that supply the power to the houses they

578
00:29:33,599 --> 00:29:39,559
own where they own neighborhoods, entire neighborhoods. They own the

579
00:29:39,720 --> 00:29:44,599
fuel that's delivered to the neighborhoods. They own controlling shares

580
00:29:44,720 --> 00:29:50,599
over the cable news that goes into the houses, They

581
00:29:50,680 --> 00:29:55,839
own controlling shares over the governments, or they own massive

582
00:29:55,839 --> 00:29:59,680
influence over how government invests its money. Blackrock says, we

583
00:29:59,680 --> 00:30:03,279
need liquidation, we need to pump capital. We need quantitative

584
00:30:03,279 --> 00:30:06,160
easing to the tune of three hundred and sixty billion dollars.

585
00:30:06,240 --> 00:30:09,240
And the FED turns around and does this twice for them,

586
00:30:09,640 --> 00:30:12,119
and the Treasury breaks the law and goes and gives

587
00:30:12,119 --> 00:30:15,240
that money to them through money laundering. We can't have that.

588
00:30:15,839 --> 00:30:18,920
They own the land beneath the houses, they own the

589
00:30:18,920 --> 00:30:22,359
building companies, they own the controlling shares of that. They're

590
00:30:22,400 --> 00:30:25,200
buying up farmland along with Bill Gates, etc. Now here's

591
00:30:25,680 --> 00:30:29,039
the means of food production. And it's not just here.

592
00:30:29,880 --> 00:30:33,480
They own it globally. And they've done this with the

593
00:30:33,480 --> 00:30:36,559
help of government. Where you told me I didn't know this.

594
00:30:37,440 --> 00:30:40,759
They get zero interest rate loans that are not available

595
00:30:40,759 --> 00:30:42,799
to us. Those aren't loans. Those are gifts that you

596
00:30:42,839 --> 00:30:46,319
pay back if you feel like it. That's not capitalism.

597
00:30:47,160 --> 00:30:50,920
That's the China model, just not yet in the complete control.

598
00:30:51,119 --> 00:30:54,319
So I can convince myself by this that it's it's

599
00:30:54,400 --> 00:30:57,759
conservative to go and say, yeah, we're breaking this up Blackrock.

600
00:30:57,799 --> 00:31:00,480
You need to separate into separate contraries and guards. You

601
00:31:00,480 --> 00:31:02,240
need to separate in the separate companies. You can't have

602
00:31:02,240 --> 00:31:05,119
this much of ownership of everything that doesn't even feel

603
00:31:05,160 --> 00:31:05,599
wrong to me.

604
00:31:06,400 --> 00:31:08,720
Speaker 3: Yeah, no, and it and it doesn't.

605
00:31:08,759 --> 00:31:11,519
Speaker 4: And to be clear on the loan thing, structurally, the

606
00:31:11,519 --> 00:31:15,640
way it works, it's not like they go and take

607
00:31:15,680 --> 00:31:18,720
out big now they now they can take out big

608
00:31:18,759 --> 00:31:22,079
loans from the federal reserve at that rate. But but

609
00:31:22,880 --> 00:31:25,599
when I'm talking about them getting access to chief capital,

610
00:31:26,160 --> 00:31:29,720
usually the way what I'm referring to. Just to be clear,

611
00:31:29,720 --> 00:31:31,839
I just want to make sure everybody's clear on this. Yeah,

612
00:31:32,079 --> 00:31:35,279
is that you know, and I've heard a lot of

613
00:31:35,279 --> 00:31:38,160
people make this comment. If your money is sitting an

614
00:31:38,160 --> 00:31:40,680
account at a bank, and let's say you look at

615
00:31:40,720 --> 00:31:43,000
it right now, and you're making one and a quarter

616
00:31:43,000 --> 00:31:45,839
percent interest, Okay, that on that safe Now, I know

617
00:31:46,000 --> 00:31:47,440
the people like exact they got high yield.

618
00:31:47,440 --> 00:31:48,519
Speaker 3: No, I know that, I know that.

619
00:31:48,799 --> 00:31:51,079
Speaker 4: But like in your brokerage account, you know, if you

620
00:31:51,119 --> 00:31:52,799
sell some stock it's sitting in that account.

621
00:31:52,839 --> 00:31:54,319
Speaker 3: You look at that account, it's probably paying you a

622
00:31:54,400 --> 00:31:55,960
one percent okay, something like that.

623
00:31:56,519 --> 00:32:00,160
Speaker 4: What most people don't realize is that is their castst

624
00:32:00,240 --> 00:32:03,240
of capital, right, because then then that what they're doing

625
00:32:03,319 --> 00:32:06,559
is they're turning around and taking your money and buying

626
00:32:06,720 --> 00:32:10,200
us government bonds that they're stay paying four Okay, So when

627
00:32:10,240 --> 00:32:12,599
I talk about them having a negative cost of capital,

628
00:32:12,640 --> 00:32:15,200
what I mean is they've got a negative cost of

629
00:32:15,240 --> 00:32:17,480
capital when it comes to everybody else. Meaning if I

630
00:32:17,480 --> 00:32:20,960
can borrow at one and invest at for I've got

631
00:32:20,960 --> 00:32:22,599
a positive carry of three percent, not.

632
00:32:22,559 --> 00:32:23,559
Speaker 3: Even using my own money.

633
00:32:23,960 --> 00:32:27,119
Speaker 4: And so they and they can invent like that's the

634
00:32:27,119 --> 00:32:29,519
way banks work. They can do that. That's totally legal.

635
00:32:29,559 --> 00:32:31,640
They can keep as much of that interest earned off

636
00:32:31,680 --> 00:32:35,000
that cash as they want to, assuming that's the type

637
00:32:35,000 --> 00:32:36,720
of account it is, right, they've got to say that.

638
00:32:36,839 --> 00:32:37,039
Speaker 2: Yeah.

639
00:32:37,079 --> 00:32:40,880
Speaker 4: But and so look that money on account with them,

640
00:32:40,880 --> 00:32:42,680
that's sitting there in cash. That's money that they can

641
00:32:42,799 --> 00:32:45,000
use and invest in other places. So what is their

642
00:32:45,000 --> 00:32:47,319
cost on that capital? It's like one percent? Well, in

643
00:32:47,359 --> 00:32:50,400
a four percent world, that's a zerouse. That's zero percent

644
00:32:50,440 --> 00:32:54,799
cost of capital, right, Just it's an unfair advantage that

645
00:32:54,920 --> 00:32:57,480
they've got when they can access capital at a cheaper

646
00:32:57,519 --> 00:33:00,279
price than anybody else can. Why are you allowing them

647
00:33:00,519 --> 00:33:04,759
to transact in retail markets? It's structurally unfair.

648
00:33:04,440 --> 00:33:06,039
Speaker 1: Right, And then that's the thing you've taught me about

649
00:33:06,039 --> 00:33:09,039
where they get to skip into the line to buy

650
00:33:09,079 --> 00:33:12,480
things based upon signals that us, US stupid monkeys are buying.

651
00:33:12,960 --> 00:33:15,559
And this is the high frequency trading. Yeah, high frequency

652
00:33:15,559 --> 00:33:20,559
trading where this is insane that we you know, there's

653
00:33:20,599 --> 00:33:23,359
this these programs like robin Hood that pretends to be

654
00:33:23,440 --> 00:33:25,880
in this for the you know, the retail investor and

655
00:33:26,279 --> 00:33:28,799
no fees, et cetera. Wow, that's cool. I can invest

656
00:33:28,799 --> 00:33:31,920
with no fees, right because we're observing the things you

657
00:33:31,960 --> 00:33:34,920
want to buy, and then we give the big investors

658
00:33:34,920 --> 00:33:38,319
the ability to hop in buy it just before all

659
00:33:38,359 --> 00:33:41,319
these massive people do and then sell it to you

660
00:33:41,559 --> 00:33:45,279
at more than you would have paid. And this is legal.

661
00:33:46,160 --> 00:33:49,559
This is insane. This is someone This is like ticketmasters saying,

662
00:33:49,880 --> 00:33:53,839
here's how much the you know, rolling stones and pearl jam,

663
00:33:54,200 --> 00:33:57,079
roll the bones and the wheelchairs out to watch people

664
00:33:57,240 --> 00:34:00,640
you know perform show. You can go, hey, here's all

665
00:34:00,640 --> 00:34:02,839
the rush. But now rich people get to go buy

666
00:34:02,839 --> 00:34:04,519
the seats and sell them to you at a five

667
00:34:04,519 --> 00:34:06,440
percent markup. And they don't even do five percent, it's

668
00:34:06,440 --> 00:34:09,960
like one half percent. But the volume on this is massive.

669
00:34:10,880 --> 00:34:12,800
We don't get to do that. That that and they're

670
00:34:12,840 --> 00:34:16,960
saying they defend this as putting liquidity into the markets. No,

671
00:34:17,320 --> 00:34:17,880
you are the.

672
00:34:19,920 --> 00:34:22,960
Speaker 4: Look they they defend it the same way that I

673
00:34:23,079 --> 00:34:26,480
put this in the same category as the carried intert loophole.

674
00:34:26,960 --> 00:34:31,719
Yeah right, meaning meaning everybody, including Warren Buffett, de cries it,

675
00:34:31,840 --> 00:34:33,880
but it never gets repealed and they all use it.

676
00:34:34,440 --> 00:34:37,199
Speaker 3: Right, So and and and this.

677
00:34:37,119 --> 00:34:39,559
Speaker 4: One is just like that because what you're describing there,

678
00:34:40,360 --> 00:34:45,320
it really is like a financial investment or whatever, like

679
00:34:46,039 --> 00:34:50,559
uh like dairy farm, meaning right, there's they're stacking y'all

680
00:34:50,599 --> 00:34:53,960
in there, and they're they're taking.

681
00:34:53,719 --> 00:34:56,119
Speaker 3: Residuals off you, they're clipping those coupons off you.

682
00:34:56,599 --> 00:34:58,760
Speaker 4: And it's almost like you're in like a financial prison,

683
00:34:58,800 --> 00:35:00,480
you know what I mean, where you've got to keep

684
00:35:00,480 --> 00:35:01,039
paying the rate.

685
00:35:01,119 --> 00:35:02,559
Speaker 3: You got to keep paying this fee, you got to

686
00:35:02,559 --> 00:35:03,239
pay that fee.

687
00:35:03,320 --> 00:35:08,679
Speaker 4: And and you brought up a classic one, you know, Robinhood.

688
00:35:09,920 --> 00:35:12,400
And and and this was what's so frustrating to me

689
00:35:12,440 --> 00:35:16,880
about people. How I don't understand how you have adults

690
00:35:16,920 --> 00:35:20,239
that realize that nothing is free or don't mean it, yeah,

691
00:35:20,280 --> 00:35:24,760
don't realize, right, nothing is free. So, so Robinhood is

692
00:35:24,800 --> 00:35:27,239
a publicly listed company, they don't charge any fees. The

693
00:35:27,280 --> 00:35:29,960
first question in your mind goes should be like, okay, how.

694
00:35:29,840 --> 00:35:30,400
Speaker 3: Is that possible.

695
00:35:30,440 --> 00:35:31,280
Speaker 1: How do they make money?

696
00:35:31,719 --> 00:35:34,880
Speaker 4: Yeah, how do they make money? Well, they sell your information. Okay,

697
00:35:35,760 --> 00:35:38,400
look at how much money they're making. Now ask yourself,

698
00:35:38,639 --> 00:35:40,920
why is somebody paying that much money for your information?

699
00:35:42,039 --> 00:35:45,800
Because it's a guaranteed bat right, yep. How much do

700
00:35:45,840 --> 00:35:49,440
you pay for a guaranteed winner? As much as somebody asks? Yep, right,

701
00:35:50,159 --> 00:35:51,880
as long as there's a guaranteed win on the other

702
00:35:51,920 --> 00:35:55,239
side of it. So and and how do they defend it?

703
00:35:55,960 --> 00:35:59,400
They defend it because they get told all of this

704
00:35:59,519 --> 00:36:02,840
nonsense by people that it improves price that and they

705
00:36:02,880 --> 00:36:04,800
show them all their charts and all their stuff, and

706
00:36:05,679 --> 00:36:07,639
again reflective of the fact that we.

707
00:36:07,599 --> 00:36:10,079
Speaker 3: Don't have smart people in office anymore. Okay.

708
00:36:10,400 --> 00:36:13,159
Speaker 4: And then on top of that, they notice that a

709
00:36:13,840 --> 00:36:17,199
political action committee while they're talking to this company just

710
00:36:17,280 --> 00:36:19,840
happen to dump five million dollars into their reelection campaign.

711
00:36:20,480 --> 00:36:22,679
Speaker 3: And now all of a sudden, those charts and everything.

712
00:36:23,559 --> 00:36:25,559
You know what, man, this is good for investors.

713
00:36:25,599 --> 00:36:28,039
Speaker 4: Look at look look at this right, this is good

714
00:36:28,039 --> 00:36:28,719
for investors.

715
00:36:28,840 --> 00:36:29,239
Speaker 3: You know what.

716
00:36:29,280 --> 00:36:31,119
Speaker 4: We need to let them do this this work. And

717
00:36:32,199 --> 00:36:35,760
on the surface, it is when they say that it

718
00:36:35,800 --> 00:36:40,599
improves liquidity and volumes and price execution markets. They are correct, okay,

719
00:36:41,360 --> 00:36:43,880
but again as adults, what is it at what cost?

720
00:36:44,519 --> 00:36:46,960
At what cost? This is because what you've done. What

721
00:36:47,000 --> 00:36:50,719
you've done is you've built another apparatus that is designed

722
00:36:50,719 --> 00:36:54,639
not to deliver value but to scalp it from unknowing consumers.

723
00:36:54,800 --> 00:36:55,679
Speaker 3: That's what you've done.

724
00:36:55,800 --> 00:36:57,880
Speaker 4: So the cost of that will be a lack of trust,

725
00:36:58,079 --> 00:37:01,199
greater wealth and equality. So any benefits you say this

726
00:37:01,320 --> 00:37:04,840
provides the market, I think it is a very very

727
00:37:05,000 --> 00:37:08,840
logical conclusion to come to that the benefits do not

728
00:37:08,960 --> 00:37:10,840
come close to outweighing the costs.

729
00:37:10,920 --> 00:37:13,039
Speaker 1: I tell people this all the time. If you're using

730
00:37:13,039 --> 00:37:18,480
a free service like Facebook, understand something, you're the product. Yes,

731
00:37:19,320 --> 00:37:24,119
anytime it's free, you are the product. Anytime it's radically discounted,

732
00:37:25,400 --> 00:37:29,480
you are the product. For instance, and this sometimes it's

733
00:37:29,519 --> 00:37:32,119
things you even pay for. There are places in America

734
00:37:32,280 --> 00:37:35,760
still where there's one cable provider. Do you remember back

735
00:37:35,800 --> 00:37:38,880
in the days when there were big time competitions for

736
00:37:39,039 --> 00:37:42,519
inter service providers had all these local ISPs. I still

737
00:37:42,519 --> 00:37:45,480
remember some of them, c netsres one in Seattle and

738
00:37:45,639 --> 00:37:48,679
all these local ISPs, and then the cable companies are

739
00:37:48,679 --> 00:37:51,360
having trouble competing with them because they could provide services

740
00:37:51,360 --> 00:37:56,079
they couldn't. They went to Congress and they lobbied them

741
00:37:56,199 --> 00:38:00,280
out of existence with fees and regulations in you know,

742
00:38:00,639 --> 00:38:03,760
institutional capture. So there are places in New York where

743
00:38:03,760 --> 00:38:05,320
you have one cable company.

744
00:38:05,960 --> 00:38:07,239
Speaker 3: And we have that in my area.

745
00:38:07,360 --> 00:38:09,679
Speaker 4: Okay, only if you want internet or cable, there is

746
00:38:09,760 --> 00:38:11,480
only one place to get it.

747
00:38:11,440 --> 00:38:14,679
Speaker 1: And it's regulated. And they purchase that. They purchased you.

748
00:38:15,360 --> 00:38:18,800
How much are we bid to provide cable for this area?

749
00:38:19,400 --> 00:38:22,440
They purchased you, and then they simply mark you up

750
00:38:23,280 --> 00:38:26,119
and they say to someone else, that's what Robin Hood's doing.

751
00:38:26,719 --> 00:38:29,320
These are things that should be broken up. It is

752
00:38:29,480 --> 00:38:34,639
not capitalism, it is a perversion of it. And that

753
00:38:34,800 --> 00:38:36,360
one other thing I wanted to check off with you now,

754
00:38:36,360 --> 00:38:37,800
and I do want to talk about this this thing

755
00:38:37,840 --> 00:38:41,840
at the White House. So the rare Earth deal with

756
00:38:41,880 --> 00:38:45,000
what with Australia. President Trump is really touting this. They

757
00:38:45,079 --> 00:38:47,920
signed this, and China is trying to own the rare

758
00:38:47,960 --> 00:38:51,480
earth markets. They're trying to own seawater, they're trying to

759
00:38:51,480 --> 00:38:55,679
own salt. They want to own all the silicon. I mean,

760
00:38:55,960 --> 00:38:59,679
they want to own everything, And is this meaningful for

761
00:38:59,800 --> 00:39:01,719
us as you guys have studied it? If you're an

762
00:39:01,800 --> 00:39:03,679
let's had a chance to look at this, that we're

763
00:39:03,719 --> 00:39:05,119
not going to be able to get rare earths from

764
00:39:05,159 --> 00:39:08,000
Australia and this is apparently going to help us as

765
00:39:08,000 --> 00:39:09,599
you guys. Have you looked at this at all?

766
00:39:10,000 --> 00:39:11,559
Speaker 3: Oh? Yeah, tons?

767
00:39:11,599 --> 00:39:16,280
Speaker 1: And should we be happy?

768
00:39:16,400 --> 00:39:17,039
Speaker 3: Yes? And no?

769
00:39:17,199 --> 00:39:20,519
Speaker 4: I mean I'm happy that they're recognizing the issue here.

770
00:39:21,880 --> 00:39:25,320
The issue is one that has been decades in the making.

771
00:39:26,199 --> 00:39:29,920
It's also a very ironic conversation because the reason you

772
00:39:29,960 --> 00:39:32,960
don't have rare earth production here in any serious level.

773
00:39:33,000 --> 00:39:35,320
Speaker 3: You've got a little bit, but not very much, is

774
00:39:35,360 --> 00:39:39,320
because it is a very polluting process. It really is.

775
00:39:40,159 --> 00:39:44,920
And so can you do it here? Yeah?

776
00:39:45,119 --> 00:39:48,800
Speaker 4: But think about how much more expensive it is going

777
00:39:48,840 --> 00:39:50,239
to be to do it here than to do it

778
00:39:50,280 --> 00:39:51,760
somewhere in Africa or somewhere in China.

779
00:39:52,119 --> 00:39:53,079
Speaker 3: I mean, let's be on right.

780
00:39:53,280 --> 00:39:55,199
Speaker 4: And that's one of the things I've laughed so much

781
00:39:55,199 --> 00:39:57,880
about the climate cabal and all the climate people, right,

782
00:39:58,079 --> 00:39:59,719
they're all levy in their sights. What do they talk

783
00:39:59,760 --> 00:40:02,760
about all the time they talk about us in Europe, yep,

784
00:40:03,400 --> 00:40:05,239
us in you're a part of the source of anywhere

785
00:40:05,280 --> 00:40:07,639
close to all of the carbon being pumped out. Right,

786
00:40:07,679 --> 00:40:10,400
So when they're not talking about China, you know the

787
00:40:10,440 --> 00:40:14,920
fixes in because there's there are monetary reasons for why

788
00:40:14,920 --> 00:40:17,760
they're not right, Like you, I'm not telling you anything

789
00:40:17,760 --> 00:40:21,079
you don't know obviously, or your listeners even, but the

790
00:40:21,239 --> 00:40:24,239
environment doesn't care whether carbon's coming from China or whether

791
00:40:24,280 --> 00:40:25,280
it's coming from America.

792
00:40:25,480 --> 00:40:28,800
Speaker 3: Right, it's a it's all fungible, it's all so.

793
00:40:30,360 --> 00:40:34,119
Speaker 4: Yeah, I mean, the ludicrous, just the lunacy of the

794
00:40:34,159 --> 00:40:37,039
whole thing is is is mind numbing.

795
00:40:37,440 --> 00:40:39,320
Speaker 3: But what we've done is because of.

796
00:40:39,280 --> 00:40:43,760
Speaker 4: That environmental those environmental issues, you have virtually no domestic production.

797
00:40:44,199 --> 00:40:47,719
Speaker 3: And if you think about that, that's.

798
00:40:47,559 --> 00:40:51,159
Speaker 4: Ridiculous because these rares, I mean, if you don't have rares,

799
00:40:51,199 --> 00:40:53,960
you're not making missiles, right, if you don't have rors,

800
00:40:54,039 --> 00:40:56,840
you're not making satellites, you're not making automobiles, you're not

801
00:40:56,880 --> 00:40:58,880
making so many of these different things that you can't

802
00:40:58,920 --> 00:40:59,519
live without.

803
00:40:59,840 --> 00:41:03,679
Speaker 3: And so this is kind of that. What I remember

804
00:41:03,719 --> 00:41:05,119
people referring to it is.

805
00:41:05,079 --> 00:41:10,559
Speaker 4: That suicide the suicidal club that is is then the

806
00:41:10,679 --> 00:41:15,599
environmental lobby and the extremists because they are literally putting

807
00:41:15,639 --> 00:41:18,480
a gun to our head economically, and so you look

808
00:41:18,519 --> 00:41:23,000
at China right now. China responded saw that. You know,

809
00:41:23,039 --> 00:41:25,159
they're not worried about the environment. So their attitude is

810
00:41:25,159 --> 00:41:28,840
pull those suckers out of anywhere you can possibly get them.

811
00:41:29,480 --> 00:41:32,719
But what we're doing to strengthen bonds with other countries

812
00:41:32,719 --> 00:41:35,480
that produce them, we have to do that. We also

813
00:41:35,519 --> 00:41:38,400
need to pass some legislation that expedites the build out

814
00:41:38,400 --> 00:41:42,199
of those minds, because you are probably somewhere and then

815
00:41:42,280 --> 00:41:46,000
if you start today, you're probably in the neighborhood of

816
00:41:46,000 --> 00:41:50,199
six to eight years away from producing any serious amount

817
00:41:50,920 --> 00:41:53,760
of rare earth metals out of now. I'm sure there's

818
00:41:53,800 --> 00:41:56,239
some projects that you could turn on quicker. The question

819
00:41:56,360 --> 00:41:57,920
is is what is the yield off of them going

820
00:41:58,000 --> 00:42:00,000
to be? What percentage of the demand will it make up.

821
00:42:00,760 --> 00:42:02,840
My belief is that if you expedited it, cut a

822
00:42:02,880 --> 00:42:04,559
lot of red tape within six to eight years, you

823
00:42:04,599 --> 00:42:07,840
could have a meaningful amount of domestic production that might

824
00:42:07,880 --> 00:42:10,920
be over aggressive on mind it may be closer to ten.

825
00:42:12,159 --> 00:42:14,840
But if you're not passing that kind of stuff at

826
00:42:14,880 --> 00:42:16,440
the same time, then all of this is for no

827
00:42:17,320 --> 00:42:20,079
We have all the natural resources we need here, and

828
00:42:20,119 --> 00:42:23,280
we need to make it permanent policy that a certain

829
00:42:23,320 --> 00:42:26,519
percentage of that production will never go down, right, And

830
00:42:26,559 --> 00:42:29,960
if you need government subsidies for that, then then then

831
00:42:30,000 --> 00:42:32,079
that's that is the kind of thing you should be

832
00:42:32,079 --> 00:42:33,519
subsidizing rather than corn.

833
00:42:33,960 --> 00:42:37,519
Speaker 1: Right, Yeah, yeah, that makes sense. I wanted to ask you,

834
00:42:38,840 --> 00:42:44,159
have you seen the unprecedented and frightening I don't even

835
00:42:44,159 --> 00:42:46,000
know how to defend this, but President Trump has sent

836
00:42:46,079 --> 00:42:49,800
backos and cranes in to destroy the walls of the

837
00:42:49,800 --> 00:42:50,239
White House.

838
00:42:51,760 --> 00:42:56,960
Speaker 4: Well, I mean he yeah, and the country. I mean

839
00:42:57,000 --> 00:42:59,800
he's he's a tyrant and he's an authoritarian.

840
00:43:00,119 --> 00:43:03,639
Speaker 7: And I'm putting a picture into the show notes because

841
00:43:03,679 --> 00:43:07,039
people have to see this. It is a picture of

842
00:43:07,079 --> 00:43:10,840
the White House, the whole White House from the sky.

843
00:43:11,920 --> 00:43:16,199
There's the West wing, there's the residence, there's the East wing.

844
00:43:17,159 --> 00:43:22,000
Then there's the parts of the rebuild that President Trump

845
00:43:22,039 --> 00:43:25,079
is rebuilding. And this speaks to the poisoner media. I

846
00:43:25,119 --> 00:43:27,760
am torn on whether I like donors paying for this.

847
00:43:27,840 --> 00:43:30,519
I probably don't because it's a way to buy the

848
00:43:30,559 --> 00:43:32,519
president off. I want to know how much money the

849
00:43:32,559 --> 00:43:35,639
President's putting into this. I like the fact in a way,

850
00:43:35,679 --> 00:43:39,239
it's not the taxpayers doing this. But Zach I was

851
00:43:39,320 --> 00:43:43,840
listening to local television news simulcasts on radio. It's Kicksy,

852
00:43:44,000 --> 00:43:46,840
ABC affiliate out of Spokane. I do this to torture myself.

853
00:43:46,840 --> 00:43:50,639
Speaker 1: In the morning, they do the weather, they do a

854
00:43:50,639 --> 00:43:53,239
story about a local nonprofit. Then I'm not kidding you.

855
00:43:53,320 --> 00:43:57,320
It's boom boom boom. Breaking news now from Washington, d C.

856
00:43:57,599 --> 00:44:00,599
A crane can be seen on the east side of

857
00:44:00,599 --> 00:44:03,480
the White House, tearing the walls off the White House

858
00:44:03,840 --> 00:44:07,840
in a construction project two hundred and eighty million dollars.

859
00:44:08,320 --> 00:44:11,159
Critics say it's happening too quickly and there's not enough

860
00:44:11,199 --> 00:44:15,679
transparency in this. They're demanding more transparency in the process.

861
00:44:15,719 --> 00:44:17,599
President Trump remise people that don't should pay for this.

862
00:44:17,639 --> 00:44:22,320
Now onto sports and it's the grim mouse Stone take

863
00:44:22,360 --> 00:44:25,400
on this, and it's the panic thing, and they're cutting

864
00:44:25,519 --> 00:44:29,599
live to this. They are never going to get the

865
00:44:29,639 --> 00:44:35,199
fact that they continue to show utter hatred for people

866
00:44:35,199 --> 00:44:37,679
who are not them in the Musclebard media.

867
00:44:37,760 --> 00:44:40,280
Speaker 4: I mean, I don't know, this is a little bit

868
00:44:40,320 --> 00:44:43,440
off the beaten path, but I was watching a social

869
00:44:43,519 --> 00:44:47,400
media clip last night. Yeah, and there were some kind

870
00:44:47,440 --> 00:44:52,079
of protests somewhere. Yeah, and this this white protester is

871
00:44:52,159 --> 00:44:55,280
going after this black guy wearing Maga stuff.

872
00:44:55,360 --> 00:44:56,320
Speaker 1: Now this is out of Portland.

873
00:44:56,360 --> 00:44:59,440
Speaker 4: We ran this, yes, yeah, yeah, and telling him you're

874
00:44:59,440 --> 00:45:03,400
a pick a piece at right, and he goes, you

875
00:45:03,960 --> 00:45:06,400
hate yourself, you have self loathing. And I'm listening to

876
00:45:06,480 --> 00:45:11,000
all of that and going because he's black and doesn't

877
00:45:11,159 --> 00:45:13,360
think like you, Ruddy, you know.

878
00:45:13,320 --> 00:45:15,760
Speaker 3: What we call that? That's racism.

879
00:45:15,960 --> 00:45:18,079
Speaker 1: Right, you are a racist.

880
00:45:18,440 --> 00:45:19,800
Speaker 3: Right, you're a racist.

881
00:45:19,880 --> 00:45:23,599
Speaker 4: You are literally exactly because the black man, which you

882
00:45:23,679 --> 00:45:27,920
have no experience, walking in his shoes, you're telling him

883
00:45:27,920 --> 00:45:29,800
because he doesn't think like you.

884
00:45:30,360 --> 00:45:33,000
Speaker 3: How was that different than Jim Crow laws? Right?

885
00:45:33,320 --> 00:45:35,880
Speaker 4: Jim Crow laws were because they didn't look like us.

886
00:45:36,320 --> 00:45:38,800
Now the new Jim Crow laws are just about if

887
00:45:38,840 --> 00:45:39,960
you don't think like us.

888
00:45:40,000 --> 00:45:41,559
Speaker 3: And right, it's the same thing.

889
00:45:41,719 --> 00:45:44,440
Speaker 1: I saw that same clip, and Zach, I'm a Christian man.

890
00:45:44,679 --> 00:45:47,400
I turned the other cheek. I don't want my flesh

891
00:45:47,400 --> 00:45:49,000
to rise up. I want to be in the spirit.

892
00:45:50,079 --> 00:45:52,599
But I come from a time where if you, as

893
00:45:52,639 --> 00:45:54,800
a white dude, went to a black dude and said

894
00:45:54,880 --> 00:46:00,239
you are a disgrace to your race, where what's your saying,

895
00:46:00,360 --> 00:46:04,480
is I would like my butt kicked. Sorry, I mean,

896
00:46:04,480 --> 00:46:06,840
and that's what you were saying, or do you remember this?

897
00:46:06,840 --> 00:46:09,079
This is the soft, bigger tree of law expectations. I

898
00:46:09,159 --> 00:46:11,679
heard this once back when I was like six years old,

899
00:46:11,719 --> 00:46:14,599
and my mom was so offended. And I didn't get

900
00:46:14,599 --> 00:46:17,920
it because as a kid, a man said to a

901
00:46:18,079 --> 00:46:21,159
black waiter at a hotel, we were there because my

902
00:46:21,280 --> 00:46:23,599
aunties once a year would take us to a nice

903
00:46:23,599 --> 00:46:27,000
place for dinner, like fancy place. And a man said

904
00:46:27,000 --> 00:46:28,920
to a waiter as he was giving him a cash chip,

905
00:46:28,920 --> 00:46:34,519
he said, you're a real credit to your race. And

906
00:46:34,679 --> 00:46:38,400
my mom looked over there and got this red face,

907
00:46:40,079 --> 00:46:42,440
and she I could tell. She said, sisters, what's wrong?

908
00:46:42,480 --> 00:46:43,360
Speaker 3: She was, we'll talk about it later.

909
00:46:43,360 --> 00:46:45,440
Speaker 1: We'll talk about it later. And we got into the car.

910
00:46:45,639 --> 00:46:47,360
What was wrong? He gave him a compum No he

911
00:46:47,400 --> 00:46:51,119
did not, No, he did not, as if one black

912
00:46:51,159 --> 00:46:53,239
man is the one person who can get the get

913
00:46:53,519 --> 00:46:54,480
service right at a.

914
00:46:54,440 --> 00:46:59,280
Speaker 4: Table, and it's like, hey, you're the only honest black

915
00:46:59,280 --> 00:47:00,000
man I've ever met.

916
00:47:00,119 --> 00:47:02,760
Speaker 1: Oh, I know you know what I mean. You're like, well,

917
00:47:02,760 --> 00:47:05,400
that was the what was it Biden talking about? It

918
00:47:05,400 --> 00:47:08,159
was Biden talking about Obama many storybook. I tell you

919
00:47:08,599 --> 00:47:14,920
he's clean, articulate, no discernible Negro accent, or.

920
00:47:15,280 --> 00:47:17,719
Speaker 3: What he said to them. If if if you don't

921
00:47:17,760 --> 00:47:19,400
vote for me, you're not black. I vote for me.

922
00:47:19,440 --> 00:47:22,599
Speaker 1: I'll tell you some of you you ain't black. By

923
00:47:22,639 --> 00:47:26,800
Son Hunter's black. I know, I know, well we got

924
00:47:26,840 --> 00:47:27,360
off track.

925
00:47:27,360 --> 00:47:31,880
Speaker 4: The the no, but the it's it's the undercover racism

926
00:47:31,920 --> 00:47:36,239
of it all is just astonishing. And we've even had

927
00:47:36,440 --> 00:47:39,119
we've had to deal with some very minute issues surrounding

928
00:47:39,199 --> 00:47:41,760
racial stuff at the kids' school.

929
00:47:41,599 --> 00:47:42,400
Speaker 3: Very minute.

930
00:47:42,880 --> 00:47:48,039
Speaker 4: But it it amazes me how backwards some of the

931
00:47:48,079 --> 00:47:51,559
thoughts are on that side, especially on the left.

932
00:47:51,599 --> 00:47:52,639
Speaker 3: It's it's unhinged.

933
00:47:52,760 --> 00:47:58,039
Speaker 4: Yeah, but even even on the right, I just we

934
00:47:58,760 --> 00:48:01,760
like the it's it. It is so reductive what we're

935
00:48:01,800 --> 00:48:06,719
currently doing, because as we move forward as a people,

936
00:48:08,480 --> 00:48:11,880
everybody should the response to racism should do so everybody

937
00:48:11,920 --> 00:48:14,559
should quit caring about it, do you know what I mean? Like,

938
00:48:14,800 --> 00:48:17,599
I've always said that a hallmark of the end of

939
00:48:17,679 --> 00:48:20,280
racism would be listening to a group, a diverse group

940
00:48:20,320 --> 00:48:23,400
of kids talk and say the most horrific racial things

941
00:48:23,400 --> 00:48:25,519
to each other and then crack each other up.

942
00:48:25,559 --> 00:48:26,440
Speaker 3: And laughing about it.

943
00:48:26,599 --> 00:48:26,800
Speaker 2: Yeah.

944
00:48:27,280 --> 00:48:29,159
Speaker 4: And I'm not saying I want to hear that I

945
00:48:29,199 --> 00:48:31,639
don't allow my kids to make racial What I'm saying

946
00:48:31,760 --> 00:48:33,840
is when we get to a point where we can

947
00:48:33,920 --> 00:48:36,800
laugh and joke about those differences, that's the end of racism,

948
00:48:36,840 --> 00:48:38,760
not the memorializing of those differences.

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Speaker 1: Yeah, well said super Well said. I always great to

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get wise counsel from you, brother. Thank you for coming on.

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It's Know Your riskpodcast dot com. Zach Abraham's work. This

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is a Todd Herban show. Please go, be well, be strong,

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be kind, and go and make every effort to walk

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in the live of Christ.

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Speaker 4: Ye