WEBVTT 1 00:00:00.240 --> 00:00:03.160 It's either Black Monday part due, or it's not, or 2 00:00:03.200 --> 00:00:07.320 it's part of the plan, or it's people taking profits. 3 00:00:07.400 --> 00:00:10.080 Except I was just looking at a chart from last week. 4 00:00:10.160 --> 00:00:14.720 The only billionaire in the US who made money was 5 00:00:14.839 --> 00:00:18.120 Warren Buffett. Among the top I think thirty was what 6 00:00:18.199 --> 00:00:21.800 the list had. So, look, there's a lot of craziness, 7 00:00:22.839 --> 00:00:24.239 a lot of stuff going on, and we're going to 8 00:00:24.320 --> 00:00:26.280 talk about it today. But we're going to talk about 9 00:00:26.320 --> 00:00:28.239 it not in the way that it's being discussed right 10 00:00:28.280 --> 00:00:30.920 now by a bunch of billionaires like Bill Ackman and 11 00:00:31.559 --> 00:00:36.000 Ackerman excuse me, and others. We're going to talk about 12 00:00:36.039 --> 00:00:39.399 it in the way that the media elite and others 13 00:00:39.479 --> 00:00:43.960 are failing to recognize. And I think makes us Ross 14 00:00:44.000 --> 00:00:47.399 and I much better arbiters and analysts of what's going 15 00:00:47.439 --> 00:00:53.439 on because we're just do I know, you think that 16 00:00:53.479 --> 00:00:55.759 we all make millions of dollars here, I think you'd 17 00:00:55.799 --> 00:01:01.039 be very surprised. R We are firmly middle class people. 18 00:01:01.799 --> 00:01:05.799 And when you understand where a middle class is coming from, 19 00:01:05.840 --> 00:01:10.000 not everybody, but you take an honest review of what's 20 00:01:10.000 --> 00:01:12.159 going on out there and where people's heads are at, 21 00:01:12.159 --> 00:01:15.599 which thankfully we get to do every day. Every day 22 00:01:15.640 --> 00:01:18.680 we talk about, you know, twenty different things, and then 23 00:01:18.680 --> 00:01:21.079 we get emails and people call in, and then we 24 00:01:21.120 --> 00:01:24.400 talk to people when we're out and about, And I 25 00:01:24.599 --> 00:01:27.400 think I can lay this out for you this morning 26 00:01:28.079 --> 00:01:30.439 as to what's going on right now where people's heads 27 00:01:30.480 --> 00:01:33.920 are at. And I didn't see any student analysis among 28 00:01:34.040 --> 00:01:37.480 like major broadcasters or some of the you know, the 29 00:01:37.480 --> 00:01:42.439 stock market class. So maybe we'll just start there and 30 00:01:42.480 --> 00:01:44.319 then we'll get into some other stuff and it'll just 31 00:01:44.359 --> 00:01:47.799 kind of be a running undercurrent on the show. Okay, 32 00:01:48.879 --> 00:01:53.040 all right, so here we go. The vast majority of 33 00:01:53.079 --> 00:01:58.280 Americans look at the stock market and don't think it's real. 34 00:02:00.959 --> 00:02:03.799 What do they estimate? I've heard fifty percent of people 35 00:02:03.840 --> 00:02:06.680 are in the stock market, sixty two percent. I mean 36 00:02:06.719 --> 00:02:09.400 your four oh one is in the market. I but 37 00:02:09.960 --> 00:02:13.080 you know, honestly in the market. It's not the majority 38 00:02:13.080 --> 00:02:17.479 of Americans. And that's okay because when you're younger, right, 39 00:02:17.560 --> 00:02:20.759 you're not doing things necessarily to achieve that you're just 40 00:02:20.800 --> 00:02:24.439 trying to survive, and you're recognizing and you're looking at 41 00:02:24.439 --> 00:02:28.199 an economy where the stock market, even though everything feels normal, 42 00:02:28.280 --> 00:02:31.919 can have these wild fluctuations because everybody panics up there. 43 00:02:33.680 --> 00:02:36.120 Meanwhile you're sitting there and you're trying to figure out 44 00:02:36.120 --> 00:02:38.919 how a starter home with poor construction. Have you seen 45 00:02:38.960 --> 00:02:41.000 some of the videos of some of these mass builders 46 00:02:41.039 --> 00:02:44.719 the level equality of construction that's getting turned out, and 47 00:02:44.759 --> 00:02:47.680 they're looking at a starter home that if that if 48 00:02:47.719 --> 00:02:52.639 you adjusted for inflation, and I understand interest rates were different, 49 00:02:52.759 --> 00:02:55.560 all of these things. I get all of that, but again, 50 00:02:55.719 --> 00:02:59.319 you're working on perception and a lot of reality. And 51 00:02:59.360 --> 00:03:02.919 the reality is that I saw at these mass protests 52 00:03:02.960 --> 00:03:05.719 all around the country over the weekend. I saw a 53 00:03:05.719 --> 00:03:08.000 bunch of people, and I understand that there are people 54 00:03:08.039 --> 00:03:09.919 listening to the show that are very much in this 55 00:03:10.000 --> 00:03:14.080 age bracket. And I'm not picking on you, but they 56 00:03:14.080 --> 00:03:19.080 were able to pull more strongly out of that age group. Okay, 57 00:03:19.240 --> 00:03:22.000 that was clearly going on, even if you think they're lunatics, 58 00:03:22.000 --> 00:03:25.159 which most of us do. And the reason they were 59 00:03:25.199 --> 00:03:28.199 able to do that is because you have people that 60 00:03:28.280 --> 00:03:32.360 are on the cusp of retirement. They have done well 61 00:03:32.639 --> 00:03:34.800 for the most part, and good for them. I don't 62 00:03:34.840 --> 00:03:37.120 begrudge them, even if I think they're little looney tunes 63 00:03:37.199 --> 00:03:39.479 or a lot with some of the folks I saw. 64 00:03:40.319 --> 00:03:40.639 And. 65 00:03:42.639 --> 00:03:45.479 They're in this position right now, and they're going, I 66 00:03:45.520 --> 00:03:47.280 don't know if I'm gonna have time to recover this, 67 00:03:48.840 --> 00:03:52.400 even though if for a lot of people's four oh ones, 68 00:03:52.479 --> 00:03:55.199 it literally mirrors what it was under the last part 69 00:03:55.240 --> 00:03:59.439 of the Biden administration, But we don't talk about that, 70 00:04:00.520 --> 00:04:03.879 and what and the rest of the folks are sitting 71 00:04:03.879 --> 00:04:07.080 there and they look at buying their first home, especially 72 00:04:07.120 --> 00:04:10.560 in markets like Raleigh. 73 00:04:10.919 --> 00:04:11.599 How insane. 74 00:04:11.639 --> 00:04:13.840 How many of you have just got your tax adjustment 75 00:04:13.879 --> 00:04:16.199 and now this home, your home is worth so much more, 76 00:04:17.160 --> 00:04:19.920 and now you're going to pay taxes on that differential, 77 00:04:20.439 --> 00:04:23.439 even though you've never realized any gains from it. And 78 00:04:23.480 --> 00:04:25.279 what's that going to do to your budget? And oh, 79 00:04:25.319 --> 00:04:27.360 by the way, when you actually went and bought the home, 80 00:04:28.120 --> 00:04:30.480 if you went and bought a home here recently, and 81 00:04:30.560 --> 00:04:33.000 even if it was a starter home compared to what 82 00:04:33.040 --> 00:04:35.920 it was in the nineteen seventies and eighties, but let's 83 00:04:35.920 --> 00:04:37.959 talk more eighties, because that's kind of math that's going 84 00:04:38.000 --> 00:04:41.920 to math out here. Even if you adjusted for inflation 85 00:04:42.040 --> 00:04:45.040 and everything else, the cost of a new home far 86 00:04:45.120 --> 00:04:47.639 exceeds what it was back in the day. It's not 87 00:04:47.720 --> 00:04:50.399 even close and the cost of goods. Don't even get 88 00:04:50.399 --> 00:04:55.279 me started. And you ask yourself, how did we get here? Well, 89 00:04:55.279 --> 00:04:58.480 we got here with the current, with the system that 90 00:04:58.560 --> 00:05:02.959 had been in place when Trump came into office. And 91 00:05:03.720 --> 00:05:05.959 here's what I here's who I really want to hear 92 00:05:05.959 --> 00:05:08.519 from today. And I don't care what agr any of that. 93 00:05:10.240 --> 00:05:12.720 I want to hear from people who grew up and 94 00:05:12.759 --> 00:05:17.519 have lived their lives here in the South, in states 95 00:05:17.639 --> 00:05:21.639 like North Carolina, South Carolina, parts of Virginia, West Virginia. 96 00:05:23.560 --> 00:05:29.040 And I want to hear what small town life was 97 00:05:29.199 --> 00:05:31.959 like then versus what it is now, because I think 98 00:05:31.959 --> 00:05:34.480 this is a huge driving force when you get out 99 00:05:34.480 --> 00:05:37.959 into the red parts of the country. I want to 100 00:05:38.000 --> 00:05:41.120 hear what happened that time that Bill Clinton decided NAFTA 101 00:05:41.240 --> 00:05:47.000 was a good idea. What changed in your town? What 102 00:05:47.120 --> 00:05:50.000 did that do to your community? And I know people 103 00:05:50.000 --> 00:05:52.040 would say, well, you know, it's not like people want 104 00:05:52.040 --> 00:05:54.360 to work in garment factor People work in garment factories 105 00:05:54.399 --> 00:06:01.560 here that still exists. People want to build furniture, yes, 106 00:06:01.639 --> 00:06:06.360 people want to People wanted to do energy production. And 107 00:06:06.439 --> 00:06:10.160 you had this global mindset, these agreements with other countries 108 00:06:10.199 --> 00:06:11.839 where we were going to fall in line, or we 109 00:06:11.839 --> 00:06:14.439 were going to open trade to these uh you know, 110 00:06:14.920 --> 00:06:18.120 unmitigated trade, these areas that were able to undercut us 111 00:06:18.160 --> 00:06:22.000 because they do they they pay slave wages. And while 112 00:06:22.040 --> 00:06:23.720 you can sit there and you can make an argument 113 00:06:23.800 --> 00:06:29.399 that well it wasn't sustainable, that was your decision, and 114 00:06:29.439 --> 00:06:32.480 you stuck a knife in it. So now trying to 115 00:06:32.519 --> 00:06:35.480 convince a bunch of people, how many small towns within 116 00:06:35.519 --> 00:06:40.040 the sound of my voice right now are a shell 117 00:06:40.079 --> 00:06:44.600 of their former selves. So you don't have to think 118 00:06:44.639 --> 00:06:46.519 those people are right, but you read you need to 119 00:06:46.519 --> 00:06:52.879 recognize that basically from gen X down, people are willing 120 00:06:52.879 --> 00:06:56.360 to watch it burn because it was never real. I 121 00:06:56.439 --> 00:06:58.800 know that sounds horrible, but I'm giving you the truth. 122 00:06:58.920 --> 00:07:01.839 I'm not giving you my apinion. I'm giving you the truth. 123 00:07:03.120 --> 00:07:06.839 I spend far too many, far too many days and 124 00:07:06.920 --> 00:07:09.800 grew grew up small town myself and I and I 125 00:07:09.839 --> 00:07:11.720 love them. And that's that's where that's why I like 126 00:07:11.759 --> 00:07:15.399 to go vacation, That's where I like to that's why 127 00:07:15.560 --> 00:07:18.720 that's where I have friends. That's where we have interactions 128 00:07:18.720 --> 00:07:23.120 from people listening who are sitting there in towns like Eden, 129 00:07:24.480 --> 00:07:28.399 sitting in in in parts of Harnett County, sitting in 130 00:07:28.519 --> 00:07:31.759 parts of all over North Carolina where if you go 131 00:07:31.839 --> 00:07:36.160 to their main street it's dead. The industry has moved on. 132 00:07:36.800 --> 00:07:40.759 The epidemic of people utilizing drugs, whether it's opiates or 133 00:07:41.079 --> 00:07:44.319 you know, meth or things like that, has skyrocketed because 134 00:07:44.759 --> 00:07:50.800 because Hope left again. You can you can disagree on 135 00:07:50.839 --> 00:07:53.680 the methodology, but you need to understand the mindset and 136 00:07:53.720 --> 00:07:57.480 the motivation. So running around all weekend screaming this is 137 00:07:57.519 --> 00:08:03.240 going to crash the stock market. Most most of those 138 00:08:03.240 --> 00:08:08.240 people don't care because the stock market never represented what 139 00:08:08.439 --> 00:08:12.120 was going on financially in their lives. While people sat 140 00:08:12.160 --> 00:08:15.839 there and watched the brewery close up in Eden during 141 00:08:15.879 --> 00:08:19.680 a period of huge upswing in the stock market. Do 142 00:08:19.720 --> 00:08:23.639 you care what Indev's stock was doing, or do you 143 00:08:23.720 --> 00:08:25.800 care that you and your buddies just all lost your jobs. 144 00:08:25.959 --> 00:08:27.879 I know it's not just the South either, Like what 145 00:08:27.959 --> 00:08:30.959 you just described is my hometown of Schenectady up in 146 00:08:31.000 --> 00:08:31.360 New York. 147 00:08:31.560 --> 00:08:33.360 No, and to be fair, I'm sorry, I didn't mean 148 00:08:33.360 --> 00:08:35.320 to leave that out. I just figured that was use 149 00:08:35.360 --> 00:08:37.559 your pool to draw from. But yes, you're absolutely right. 150 00:08:37.639 --> 00:08:39.679 The rust belt and upstate. 151 00:08:39.279 --> 00:08:42.039 New York absolutely like the home of ge and Main Street. 152 00:08:42.039 --> 00:08:44.840 We lived off Main Street. Completely different from even when 153 00:08:44.879 --> 00:08:47.759 I grew up, you know, in the eighties and nineties, 154 00:08:47.799 --> 00:08:51.799 completely different, And you know, yeah, I watch all this 155 00:08:52.039 --> 00:08:54.720 and I'm apart. I'm just not a I'm not I'm 156 00:08:54.759 --> 00:08:57.279 just not worried. After the past five years and everything 157 00:08:57.279 --> 00:08:59.759 we've been through, I'm just not worried. I'm sorry. I 158 00:08:59.759 --> 00:09:03.720 can't panic. It's not in me. Have I lost money? Listen, 159 00:09:03.759 --> 00:09:05.480 I do have a retirement I have a four one game. Yeah, 160 00:09:05.519 --> 00:09:07.840 you and I both have four oh ones. Our company 161 00:09:07.879 --> 00:09:09.519 offers that. So just to be clear, we do have 162 00:09:09.559 --> 00:09:11.480 skin in the game. It is currently where it was 163 00:09:11.639 --> 00:09:15.120 last August, right, because it's twenty five percent growth year 164 00:09:15.159 --> 00:09:18.600 to year? Is it normal? That isn't natural. But even 165 00:09:18.639 --> 00:09:20.559 though I had it a retirement, I have a retirement 166 00:09:20.720 --> 00:09:24.879 fund or plan or whatever I did. There's no part 167 00:09:24.919 --> 00:09:26.519 of me that thinks that I'm ever going to be 168 00:09:26.519 --> 00:09:30.240 able to retire. It's not possible. My plan, and I've 169 00:09:30.240 --> 00:09:32.919 said this before jokingly, but it's sort of true, is 170 00:09:33.080 --> 00:09:35.679 I will die over the whole die working. That's my 171 00:09:35.799 --> 00:09:38.840 retirement plan. There's no part of me that has any 172 00:09:38.879 --> 00:09:41.679 sort of like belief that I'm going to be able 173 00:09:41.720 --> 00:09:44.360 to retire and live alone and not have to work. 174 00:09:44.399 --> 00:09:46.759 That's never gonna happen for me. It never is going 175 00:09:46.840 --> 00:09:48.600 to happen. So I'm watching all this happen and have 176 00:09:48.679 --> 00:09:50.480 I lost money, Yes? But do it I feel like 177 00:09:50.519 --> 00:09:52.759 the joker looking at the big pile of money marching 178 00:09:52.759 --> 00:09:55.399 it burn correct because, like you said, my house payment 179 00:09:55.440 --> 00:09:58.080 has gone up because everything's building up around it, and 180 00:09:58.120 --> 00:10:01.480 they're increasing taxes and it's ridiculous. Last year went up 181 00:10:01.639 --> 00:10:03.519 for me. It's a lot. It's a lot of money. 182 00:10:03.519 --> 00:10:04.879 Every month they went up like three hundred dollars a 183 00:10:04.879 --> 00:10:06.159 month for me. There's a lot of money because I 184 00:10:06.159 --> 00:10:09.720 don't make a lot of money. So is it concerning? 185 00:10:09.799 --> 00:10:12.639 At is concerning? But I really there's no part of me. 186 00:10:12.720 --> 00:10:15.320 I can't force the panic. I'm not panicking. I believe 187 00:10:15.440 --> 00:10:19.519 that it's Listen, I would not be surprised that by 188 00:10:19.559 --> 00:10:21.799 the midterms the Dow is up over fifty thousand. 189 00:10:22.759 --> 00:10:24.320 Well, I saw that. Lutnick. 190 00:10:24.360 --> 00:10:26.879 I think was predicting that. I think that that is 191 00:10:28.360 --> 00:10:33.559 that's aspirational, But I don't believe that it's less than 192 00:10:33.600 --> 00:10:37.960 it is or was two weeks ago, right before we 193 00:10:38.039 --> 00:10:39.919 had the two consecutive and the end of the week, 194 00:10:39.960 --> 00:10:43.279 and then whatever happens today. I refuse to believe that. 195 00:10:43.360 --> 00:10:47.799 But also I that's not the numbers that you and 196 00:10:47.840 --> 00:10:51.960 I and others really are are dry the concern. 197 00:10:51.679 --> 00:10:53.600 What's going on. It's the cost of things. 198 00:10:54.799 --> 00:10:59.279 And inflation and the willingness of the previous administration as 199 00:10:59.279 --> 00:11:04.440 well as basically all the administrations going back to do 200 00:11:04.480 --> 00:11:07.000 you know who the last Democrat was to lower taxes LBJ. 201 00:11:07.320 --> 00:11:09.639 So if you want to make that our starting point, 202 00:11:09.679 --> 00:11:14.200 we can. Ever since we have seen this and then 203 00:11:14.240 --> 00:11:16.559 it kicked into high gear under NAFTA and Clinton and 204 00:11:16.639 --> 00:11:23.080 everything that was going on there, it just yeah, here 205 00:11:23.159 --> 00:11:25.799 we go. Bought one hundred and forty k house for 206 00:11:26.279 --> 00:11:28.639 in twenty twenty two and just sold it for two 207 00:11:28.759 --> 00:11:31.600 hundred and fifty in rural Johnston County. 208 00:11:31.679 --> 00:11:33.200 Yes, right, and then you're going to sell it and 209 00:11:33.200 --> 00:11:35.320 then you get into a house that's like, you know, 210 00:11:35.600 --> 00:11:37.720 so much more expensive with a higher interest rate, and 211 00:11:37.720 --> 00:11:39.519 you're gonna be paying that way into retirement. 212 00:11:39.840 --> 00:11:41.919 Right, you have to live somewhere, So what have you 213 00:11:41.960 --> 00:11:42.600 really gained? 214 00:11:43.240 --> 00:11:45.960 One thing I keep thinking about is how I keep 215 00:11:45.960 --> 00:11:48.639 thinking about ross Pro in the nineties, watching him. Yeah, 216 00:11:48.720 --> 00:11:50.480 ross Pro in the nineties, watching him, Yeah, with all 217 00:11:50.480 --> 00:11:52.000 the charts, and I'm like, man, that dude was right, 218 00:11:52.600 --> 00:11:54.639 Yeah he was. Remember him going on and on about 219 00:11:54.679 --> 00:11:57.279 NAFTA and how it would completely hollow out the American 220 00:11:57.320 --> 00:11:58.960 workforce and the manufacturer action. 221 00:11:59.159 --> 00:12:01.960 Yeah, so that's what I want to hear. I want 222 00:12:02.000 --> 00:12:04.559 to hear your stories. How many of you grew up 223 00:12:04.600 --> 00:12:06.600 in one of these towns? Could be schenected? He could 224 00:12:06.639 --> 00:12:10.559 be could be somewhere right, you know, right here in 225 00:12:10.600 --> 00:12:14.120 the listening areas of North Carolina, western North Carolina. How 226 00:12:14.159 --> 00:12:16.639 hollowed out is that? Go to the town of Sparta, 227 00:12:17.440 --> 00:12:19.480 you know, I like to go up there. Talked about 228 00:12:19.480 --> 00:12:22.279 it here on the show. Go to the town of Sparta. 229 00:12:22.320 --> 00:12:23.039 I'm not picking on. 230 00:12:23.039 --> 00:12:25.879 Sparta, but Sparta is a shell of its former self. 231 00:12:26.200 --> 00:12:28.360 We can't agree that the middle class, the way things 232 00:12:28.360 --> 00:12:30.799 are going at this point, it's not sustainable. 233 00:12:31.159 --> 00:12:33.600 No, not, not the costs that you were seeing, Not 234 00:12:34.000 --> 00:12:34.720 for middle America. 235 00:12:34.759 --> 00:12:35.480 It's not doable. 236 00:12:35.960 --> 00:12:39.320 So so watching the billionaire class and the stock market 237 00:12:39.360 --> 00:12:44.120 class get into these screaming matches and the and this 238 00:12:44.240 --> 00:12:46.879 chicken little stuff, I don't tell it carry and I, 239 00:12:47.039 --> 00:12:48.759 By the way, do you know what Bill Bill Ackerman 240 00:12:48.879 --> 00:12:49.679 was most famous for. 241 00:12:50.639 --> 00:12:52.919 This guy is like, I'm I'm investing in America. 242 00:12:52.919 --> 00:12:54.639 This is the line that like, if I invest in stocks, 243 00:12:54.639 --> 00:12:56.039 I'm investing in America. 244 00:12:56.159 --> 00:12:56.879 I don't believe that. 245 00:12:57.039 --> 00:12:59.240 How many of you have worked in a company that 246 00:12:59.399 --> 00:13:03.519 was a publicly traded company where it was nothing but 247 00:13:03.639 --> 00:13:09.840 maximize profit for the shareholders and it decimated parts of 248 00:13:09.879 --> 00:13:13.000 your company or your business, and God help you. A 249 00:13:13.080 --> 00:13:17.639 venture capitalist came in and Bill Ackerman's famous because he 250 00:13:17.720 --> 00:13:23.360 attempted to short one of one of the companies where 251 00:13:23.360 --> 00:13:25.480 they go around and sell door to door. It's a 252 00:13:25.519 --> 00:13:28.840 little bit of a pyramid scheme, but Amway. It was 253 00:13:28.879 --> 00:13:31.840 an Amway. It was one of them. He attempted to 254 00:13:31.840 --> 00:13:35.399 short him, unsuccessfully. There's a whole documentary on this. He 255 00:13:35.559 --> 00:13:38.679 was betting against the futures of everybody who worked there 256 00:13:39.080 --> 00:13:42.919 or made money there. Doesn't mean he was wrong, But 257 00:13:43.039 --> 00:13:45.279 don't give me this holier than now. I only invest 258 00:13:45.279 --> 00:13:50.919 in America. Investing in America is not necessarily the stock market. 259 00:13:51.000 --> 00:13:54.960 It's investing in an economic system that provides the ability 260 00:13:54.960 --> 00:13:59.559 of people to not have to lose their damn minds 261 00:13:59.559 --> 00:14:02.080 and stress every day because they can't figure out how 262 00:14:02.080 --> 00:14:03.919 they're going to make ends meet even though they have 263 00:14:04.000 --> 00:14:08.200 two you have two people working. I mean, that's insane 264 00:14:08.240 --> 00:14:11.639 to me. The transition from a single payer household that 265 00:14:11.759 --> 00:14:14.840 was comfortable could make ends meet. Yes, we didn't have 266 00:14:14.919 --> 00:14:17.519 quite the level of luxuries to you know, to expend 267 00:14:17.559 --> 00:14:18.080 money on. 268 00:14:18.759 --> 00:14:21.919 But you could feasibly get by, you know, and you did. 269 00:14:22.200 --> 00:14:24.840 And then two people entered the workforce. 270 00:14:24.320 --> 00:14:28.000 Full time, and you're struggling far more than the generation 271 00:14:28.159 --> 00:14:28.600 before you. 272 00:14:28.639 --> 00:14:30.080 And that's not in dispute. 273 00:14:30.799 --> 00:14:34.639 This generation and then the one cropping up are are 274 00:14:34.720 --> 00:14:36.759 worse off than the generations before them. 275 00:14:36.960 --> 00:14:38.720 These changes had to be made, in my opinion. But 276 00:14:38.759 --> 00:14:40.519 do you think the issue is that band aid was 277 00:14:40.600 --> 00:14:41.519 ripped off too fast? 278 00:14:41.840 --> 00:14:45.159 That is, that's the only fair argument here, but also 279 00:14:45.559 --> 00:14:48.279 one of the things, and you're seeing it right now. Well, 280 00:14:48.399 --> 00:14:51.320 and I believe this and this is just me. I 281 00:14:51.320 --> 00:14:53.320 don't know if you've seen what's happened in Japan and 282 00:14:53.399 --> 00:14:58.120 China overnight they got absolutely hammered. China stock market lost 283 00:14:58.120 --> 00:15:02.120 ten percent, Japan not much better. Japan had a breaker, 284 00:15:03.000 --> 00:15:06.200 I'm not kidding, like a fuse bust and they suspended 285 00:15:06.240 --> 00:15:11.799 training trading. Nobody believes that. It's a crazy story. 286 00:15:11.840 --> 00:15:14.240 They had like a water pipe burst, No, a. 287 00:15:14.120 --> 00:15:17.360 Breaker of some sort. I'm not making this up. 288 00:15:17.480 --> 00:15:20.519 Japan suspended trading while they were getting hammered because I 289 00:15:20.519 --> 00:15:21.799 don't know, a breaker went out. 290 00:15:21.720 --> 00:15:23.159 Right, But it's like counting the votes and being like, 291 00:15:23.159 --> 00:15:24.840 we have to stop because the water pipe broke. 292 00:15:25.159 --> 00:15:27.519 They sent Bob downstairs with a sledge hammer, like hits 293 00:15:27.519 --> 00:15:30.639 something electrical. I don't know, probably not Bob, it's Japan. 294 00:15:30.799 --> 00:15:34.639 But they sat Yashimoto downstairs with a hammer and they're like, 295 00:15:35.480 --> 00:15:38.360 hit that thing, Bro, and he did because he's a ninja. 296 00:15:38.440 --> 00:15:44.120 But whatever. And what what Trump is betting on is 297 00:15:44.440 --> 00:15:50.919 those leaders panic, panic, and agree to what he wants. 298 00:15:51.480 --> 00:15:56.320 And it's kind of working because the US can take 299 00:15:56.320 --> 00:15:59.039 a lot more kick in the teeth than these smaller countries. 300 00:16:01.720 --> 00:16:04.519 That's what you have. So you have people that are 301 00:16:04.559 --> 00:16:06.879 sitting there that are not invested to the extent that 302 00:16:06.919 --> 00:16:09.639 these billionaires are, and they're willing to be the joker 303 00:16:09.720 --> 00:16:12.080 staring at the pile of money. And if they don't 304 00:16:12.159 --> 00:16:15.799 understand this, then they're not good an analysts. 305 00:16:15.840 --> 00:16:16.360 We'll be back. 306 00:16:16.480 --> 00:16:22.000 How many of you support construction trade either you do 307 00:16:22.320 --> 00:16:25.080 you work directly in it. Your truck drivers, you drive 308 00:16:25.120 --> 00:16:28.720 materials back and forth, you work in industry that produces 309 00:16:28.799 --> 00:16:32.000 the parts that are necessary for construction. 310 00:16:34.039 --> 00:16:34.440 How many? 311 00:16:34.919 --> 00:16:38.120 And development too, So you have people that deal with 312 00:16:38.279 --> 00:16:41.080 water right, the you know, the pipelines, the direct the 313 00:16:41.080 --> 00:16:43.519 people guys, the guys who go out and do directional boring, 314 00:16:44.559 --> 00:16:46.639 which I've done, which is which when you're one of 315 00:16:46.679 --> 00:16:48.879 the shovel guys at the very beginning, sucks till you 316 00:16:48.879 --> 00:16:50.840 can run a piece of machinery. But it's. 317 00:16:52.320 --> 00:16:53.159 How many of you. 318 00:16:54.480 --> 00:16:58.039 Have a financial interest in that? What do you think 319 00:16:58.200 --> 00:16:59.960 seven trillion? If I don't know, if you heard the 320 00:17:00.000 --> 00:17:03.519 bottom of the hour newscasts there, the Trump administration says, 321 00:17:03.600 --> 00:17:08.079 thus far they've received commitments for seven trillion dollars in 322 00:17:09.440 --> 00:17:14.240 in investment, so basically establishing businesses inside of the US 323 00:17:14.319 --> 00:17:18.119 which are going to require buildings, they're going to require 324 00:17:19.200 --> 00:17:23.039 you know, manufacturing lines. Automation in many instances, because I 325 00:17:23.079 --> 00:17:24.839 know people are like, well, they're just going to automate stuff. 326 00:17:24.880 --> 00:17:25.359 Well, I don't know. 327 00:17:25.359 --> 00:17:27.960 If if you think China is not really automated, then 328 00:17:28.000 --> 00:17:30.519 you don't you've never seen inside a Chinese plant, and 329 00:17:30.519 --> 00:17:33.240 you should watch some video. Yeah, they have a lot 330 00:17:33.240 --> 00:17:37.799 of people, but the majority of it is automated, especially 331 00:17:37.799 --> 00:17:42.000 when it comes to the production of big things like iPhones. Right, 332 00:17:42.799 --> 00:17:45.799 what do you think? And and countries are going to 333 00:17:45.839 --> 00:17:51.000 be scrambling to make those investments because only once they've 334 00:17:51.000 --> 00:17:54.000 started production and that stuff is being produced in the 335 00:17:54.119 --> 00:17:57.119 US so they can sell to US consumers will they 336 00:17:57.160 --> 00:18:01.559 get the full amount of terror relief unless the countries 337 00:18:01.599 --> 00:18:07.240 want to drop tariffs completely. What do you think a 338 00:18:07.400 --> 00:18:11.559 rapid rush to build six trillion in investment in infrastructure 339 00:18:11.640 --> 00:18:15.839 does for the wages and the profits If you're a 340 00:18:15.839 --> 00:18:18.519 small business owner or even a medium to large business 341 00:18:18.519 --> 00:18:26.920 owner in that slice of the economy, construction is going 342 00:18:26.960 --> 00:18:30.440 to get expensive. Now does that have impacts on people 343 00:18:30.519 --> 00:18:34.720 want to build new homes? Maybe not, because the residential 344 00:18:34.759 --> 00:18:37.200 guys are necessarily going to turn into commercial guys. But 345 00:18:37.240 --> 00:18:39.640 the people who work for them may be more incentivized 346 00:18:39.680 --> 00:18:41.960 to go work from these companies who are begging for 347 00:18:42.079 --> 00:18:45.759 workers and having to pay higher wages so they can 348 00:18:45.799 --> 00:18:49.480 construct these plants. And if you're a company who wants 349 00:18:49.519 --> 00:18:53.200 to produce a manufacturing plant of any sort, are you 350 00:18:53.279 --> 00:18:56.759 going to stick it in downtown Raleigh or Charlotte or Greensboro. 351 00:18:57.839 --> 00:19:01.440 Where are you going to put it? To go somewhere 352 00:19:01.480 --> 00:19:04.160 where you have interstate or close by access for the 353 00:19:04.160 --> 00:19:09.440 purpose of shipping, where the wages at this point are 354 00:19:09.480 --> 00:19:12.359 not so excruciating that it takes a further cut of 355 00:19:12.400 --> 00:19:15.559 what you're doing. And I can give you one hundred 356 00:19:15.599 --> 00:19:20.640 towns in North Carolina that could facilitate that. And you're 357 00:19:20.640 --> 00:19:23.319 gonna put it there, and people there are gonna have 358 00:19:23.359 --> 00:19:26.200 an opportunity to work there. And for those saying, well, 359 00:19:26.240 --> 00:19:28.720 they're not going to work there, you don't know small towns. 360 00:19:31.279 --> 00:19:34.200 You don't You don't know small towns. There's a town 361 00:19:34.240 --> 00:19:38.039 in Minnesota that I used to go down to Coldwood, Nona, Minnesota, 362 00:19:39.079 --> 00:19:41.720 and it's a It's the one of the things that 363 00:19:41.799 --> 00:19:44.480 helps that town hang on, not only because it has 364 00:19:44.599 --> 00:19:49.400 quick access to I ninety. It's right on the river, 365 00:19:50.079 --> 00:19:53.240 right across the river from Wisconsin down by Lacrosse and whatnot. 366 00:19:53.799 --> 00:19:57.680 And they have Fastenal has one of their main facilities there, 367 00:19:59.359 --> 00:20:01.000 and I, I don't know, I couldn't tell you the 368 00:20:01.039 --> 00:20:02.400 number of people I know who work there. 369 00:20:02.400 --> 00:20:03.200 Are they getting rich? 370 00:20:03.279 --> 00:20:03.359 No? 371 00:20:04.480 --> 00:20:06.079 Are they working in a job that they're able to 372 00:20:06.079 --> 00:20:09.000 support their families because fast and All continues to have 373 00:20:09.039 --> 00:20:11.079 this large operation there, and many of you in the 374 00:20:11.119 --> 00:20:14.400 construction trade, you know fasten All. Yeah, all over the 375 00:20:14.400 --> 00:20:17.680 country they got places and that's where you order your 376 00:20:17.720 --> 00:20:22.480 construction supplies and stuff from. And it literally keeps that town. 377 00:20:22.519 --> 00:20:25.319 Trucking man sounds like that they're going to be banging 378 00:20:25.359 --> 00:20:28.440 away and Fasten All. From a corporate standpoint, we probably 379 00:20:28.480 --> 00:20:32.519 do pretty well. So these are the conversations that people 380 00:20:32.599 --> 00:20:36.160 aren't having. And something's or the chance of something's better 381 00:20:36.240 --> 00:20:40.000 than nothing in the minds of so many people. That's 382 00:20:40.079 --> 00:20:43.400 the reality. That's why there is this disconnect with the 383 00:20:43.440 --> 00:20:47.279 conversation that is going on. And this is why I'm 384 00:20:47.319 --> 00:20:50.200 wanting to hear from you, because you guys are the 385 00:20:50.240 --> 00:20:52.480 ones who can tell those stories. I didn't grow up 386 00:20:52.519 --> 00:20:55.920 in rural North Carol. I grow rural Wyoming. And beef's 387 00:20:55.960 --> 00:21:01.000 a pretty sustainable industry. But nobody's getting rich, not really, 388 00:21:03.640 --> 00:21:06.440 but for a lot of towns, they don't have that backbone. 389 00:21:07.720 --> 00:21:09.640 And now you don't live there anymore because you had 390 00:21:09.680 --> 00:21:11.960 to move away because you need a job opportunities and 391 00:21:12.000 --> 00:21:13.920 you wish nothing more, maybe to be able to live 392 00:21:13.960 --> 00:21:17.599 in that town that you grew up in. Why shouldn't 393 00:21:17.599 --> 00:21:20.039 they have a chance And they didn't have a chance 394 00:21:20.079 --> 00:21:25.440 as to where we were going. So the only thing 395 00:21:25.599 --> 00:21:27.680 here's my theory on the band aid thing, and then 396 00:21:27.720 --> 00:21:31.079 we'll get into calls because ross po's the question. And 397 00:21:31.119 --> 00:21:33.960 I think that that's a legitimate argument. But I think 398 00:21:34.039 --> 00:21:36.279 people fail to understand Trump's motivation. 399 00:21:38.119 --> 00:21:39.160 One. You want the. 400 00:21:40.599 --> 00:21:43.559 When people are panicking, they're making decisions that might be 401 00:21:43.559 --> 00:21:47.039