WEBVTT 1 00:00:00.080 --> 00:00:02.560 Here we go again, guys. The Senate is now put 2 00:00:02.600 --> 00:00:05.519 Clarity on a delay path. Now there may still be 3 00:00:05.559 --> 00:00:07.240 an option here, but we are going to break it 4 00:00:07.280 --> 00:00:10.199 down for you guys, so don't miss this one. I 5 00:00:10.240 --> 00:00:12.240 want to thank our sponsor today, and of course that 6 00:00:12.400 --> 00:00:15.439 is Uphold. If you are holding crypto right now and 7 00:00:15.480 --> 00:00:18.760 not earning rewards, you're essentially leaving money on the table. 8 00:00:18.879 --> 00:00:21.839 And the reality is in today's market, you need to 9 00:00:21.879 --> 00:00:26.199 be able to move instantly. That's why upholds flexible staking 10 00:00:26.600 --> 00:00:29.359 is such a game changer. You can earn weekly rewards 11 00:00:29.519 --> 00:00:34.079 automatically on assets you already hold without a lockup. That's 12 00:00:34.159 --> 00:00:37.399 most important, you can sell any time. It's the perfect 13 00:00:37.399 --> 00:00:40.560 setup for anyone who wants to grow their holdings without 14 00:00:40.600 --> 00:00:44.759 losing their exit strategy. Download the Uphold app today and 15 00:00:44.880 --> 00:00:46.079 try it for yourself. 16 00:00:46.640 --> 00:00:47.679 Let's just get into it. 17 00:00:47.719 --> 00:00:50.479 I want to first lead off with, well, we had 18 00:00:50.479 --> 00:00:52.759 to create a new timer in this time, we're going 19 00:00:52.840 --> 00:00:55.119 to create it the other way. And that is how 20 00:00:55.119 --> 00:00:58.840 many days it's been since the House passed Clarity into 21 00:00:58.840 --> 00:01:01.359 the Senate. That is now three hundred and eighty five days. 22 00:01:01.399 --> 00:01:05.000 That's crazy that it has been that long since the 23 00:01:05.079 --> 00:01:07.359 House has put this through, and of course, with everything 24 00:01:07.400 --> 00:01:11.640 that's going on in DC, you have the situation pretty 25 00:01:11.719 --> 00:01:14.959 much going to a grinding to a halt here on polymarket, 26 00:01:15.000 --> 00:01:17.799 as you can see, setting at fourteen percent when it 27 00:01:17.840 --> 00:01:21.400 comes to clarity. And I think this is a situation 28 00:01:21.599 --> 00:01:25.840 right now that we have to analyze some very close statements. 29 00:01:26.319 --> 00:01:28.560 We've got some clips today and I'm also going to 30 00:01:28.599 --> 00:01:31.599 bring on Rebecca Wallser from Wallser Wealth of Management to 31 00:01:31.680 --> 00:01:32.680 kind of break this down. 32 00:01:33.159 --> 00:01:34.040 Rebecca, how are you. 33 00:01:34.400 --> 00:01:36.400 I'm great, Thanks for having me. Paul glad to be here, 34 00:01:37.000 --> 00:01:38.359 all right, So Rebecca. 35 00:01:38.000 --> 00:01:41.280 I want to showcase something to you quickly. This was 36 00:01:41.319 --> 00:01:43.959 a political piece put out this of course with Senator Thune, 37 00:01:44.000 --> 00:01:46.159 who has pretty much been the guy that is the 38 00:01:46.280 --> 00:01:48.799 lynch pin on getting this done. 39 00:01:49.200 --> 00:01:50.159 And one thing that. 40 00:01:50.280 --> 00:01:52.439 Is said right here, and I'll zoom in on this 41 00:01:52.480 --> 00:01:54.480 for you guys to see it a little bit. But 42 00:01:54.560 --> 00:01:59.599 you'll notice that he told reporters that we're getting all 43 00:01:59.599 --> 00:02:02.760 of this queued up in reference to clarity for first 44 00:02:02.799 --> 00:02:06.560 thing when we come back in September. This is the 45 00:02:06.640 --> 00:02:08.800 big point because I think the market may have read 46 00:02:08.800 --> 00:02:12.560 this differently. Is this is the first time that Thune 47 00:02:12.599 --> 00:02:15.599 has given a date even though it's a month, but 48 00:02:15.680 --> 00:02:18.800 it's still a date. So my question to you is, 49 00:02:18.840 --> 00:02:23.879 do you feel like this is another punting setup or 50 00:02:23.919 --> 00:02:27.240 do you feel like maybe they actually have something in 51 00:02:27.319 --> 00:02:28.479 plan for September? 52 00:02:28.599 --> 00:02:29.280 What are your thoughts? 53 00:02:29.599 --> 00:02:32.439 I mean, I do think that the everyone is aware 54 00:02:32.479 --> 00:02:34.599 of this act, everyone is in the world is aware 55 00:02:34.639 --> 00:02:37.479 that it needs to get through. So I do I 56 00:02:37.560 --> 00:02:41.280 have some reticence to believe that we're going to come 57 00:02:41.319 --> 00:02:43.400 straight back from you know, from the summer break for 58 00:02:43.439 --> 00:02:46.439 the Senators and get a vote in September or first thing. 59 00:02:46.479 --> 00:02:48.840 I think they're back to thirteenth I want to say. 60 00:02:49.159 --> 00:02:52.400 And you know, it doesn't look like to me there's 61 00:02:52.560 --> 00:02:56.039 actual still consensus. It seems like we're still having an 62 00:02:56.080 --> 00:02:59.560 impass not only around the Ethics provision, but also some 63 00:02:59.599 --> 00:03:03.759 of the come being regulated by this at Agriculture Committee, 64 00:03:03.919 --> 00:03:07.039 so you know that being their domain, the commodities being 65 00:03:07.120 --> 00:03:09.800 in their domain the way it's structured right now, so 66 00:03:10.080 --> 00:03:14.439 it still seems like there's some meat that is left unresolved. 67 00:03:14.479 --> 00:03:16.840 And I also noted in that same article that you 68 00:03:17.039 --> 00:03:19.439 just mentioned, the political article, that Thune did say they 69 00:03:19.479 --> 00:03:20.879 would have three weeks Paul to. 70 00:03:21.159 --> 00:03:23.439 Actually work on it when they came back. 71 00:03:23.639 --> 00:03:26.680 So he's even kind of forecasting that this is not 72 00:03:26.879 --> 00:03:29.560 fully resolved, which is why even a cloture vote today 73 00:03:29.560 --> 00:03:32.120 wouldn't have really made a lot of sense. It's not 74 00:03:32.159 --> 00:03:35.000 a resolved ready to go for a vote. They don't 75 00:03:35.000 --> 00:03:37.360 have the sixty votes, and so there's work to be 76 00:03:37.479 --> 00:03:39.800 done and it's not going to be just back. We're 77 00:03:39.840 --> 00:03:41.560 back and we're ready to vote, like you know, because 78 00:03:41.560 --> 00:03:43.319 so many people were expecting to see some kind of 79 00:03:43.360 --> 00:03:45.960 vote this week, we were really we get a vote 80 00:03:46.000 --> 00:03:47.879 this week. And what this tells me is when he 81 00:03:47.919 --> 00:03:49.840 comes says we're coming back right to it. 82 00:03:49.879 --> 00:03:51.960 When we come back, we've got three weeks to work 83 00:03:52.000 --> 00:03:52.240 on it. 84 00:03:52.439 --> 00:03:54.599 That tells me that he still sees there's a lot 85 00:03:54.599 --> 00:03:57.000 of work to be done to resolve the differences between 86 00:03:57.000 --> 00:03:58.159 the Democrats and Republicans. 87 00:03:58.479 --> 00:03:59.560 Well, listen to the Democrats. 88 00:03:59.599 --> 00:04:02.120 I think we have a very good position right now 89 00:04:02.159 --> 00:04:05.520 because they're able to claw in a lot of their 90 00:04:05.599 --> 00:04:07.879 needs and wants coming out of this bill, because it 91 00:04:07.919 --> 00:04:10.199 is a very important bill to Trump and the administration. 92 00:04:10.680 --> 00:04:13.639 If you look at the calendar to your point, coming 93 00:04:13.680 --> 00:04:16.360 back on the week of the thirteenth, they actually go 94 00:04:16.399 --> 00:04:20.319 into session on the fourteenth, They'll go through four days, 95 00:04:20.519 --> 00:04:22.839 then they have another four days on the next week, 96 00:04:22.879 --> 00:04:25.319 and then another what is it, four days, all the 97 00:04:25.319 --> 00:04:28.680 way into the first of October. So you can kind 98 00:04:28.680 --> 00:04:31.639 of see there is a window here of where this 99 00:04:31.680 --> 00:04:34.879 could potentially still occur, and to your point, maybe there 100 00:04:34.920 --> 00:04:38.519 is still some negotiations happening. I want to play a 101 00:04:38.560 --> 00:04:41.000 clip for you because this will get into a little 102 00:04:41.000 --> 00:04:43.759 bit more detail on where. 103 00:04:43.560 --> 00:04:45.160 I think this is coming from. 104 00:04:45.160 --> 00:04:48.560 And I still believe that the banks are behind all 105 00:04:48.600 --> 00:04:48.839 of this. 106 00:04:49.160 --> 00:04:50.040 Let me play this for you. 107 00:04:50.759 --> 00:04:55.079 Here's how Wall Street Journal editorial board put it on Tuesday. 108 00:04:55.279 --> 00:04:58.639 But I'm just putting up the headline clarity for crypto 109 00:04:59.040 --> 00:05:03.240 comma sort of, and then they say the Senate bill 110 00:05:03.360 --> 00:05:08.519 to regulate the digital currency needs changes to reduce risks 111 00:05:08.519 --> 00:05:12.920 to the financial system. I think this is a warning 112 00:05:13.040 --> 00:05:15.959 for all of us that bill is not ready for 113 00:05:16.600 --> 00:05:20.199 prime time. You would agree that that would be a concern, 114 00:05:20.240 --> 00:05:20.759 would you not. 115 00:05:21.920 --> 00:05:25.959 Yes, Senator Congress should act in this space. So good 116 00:05:26.000 --> 00:05:28.879 for Congress to be acting. And so we do have 117 00:05:28.959 --> 00:05:31.480 concerns with the bill as we understand it today, but 118 00:05:31.519 --> 00:05:33.519 we haven't quite seen it, so we don't really know. 119 00:05:33.759 --> 00:05:34.480 But we agree. 120 00:05:34.639 --> 00:05:37.519 I agree with the Wall Street Journal editorial from yesterday. 121 00:05:37.560 --> 00:05:38.639 I think it's very well written. 122 00:05:40.079 --> 00:05:43.120 All right, So we've called this out a couple of 123 00:05:43.120 --> 00:05:45.519 times on the Wall Street Journal. Is they have these 124 00:05:45.680 --> 00:05:50.279 very unusual editors not to be named, that put this 125 00:05:50.639 --> 00:05:53.439 kind of thud out. And then ironically this comes up 126 00:05:53.480 --> 00:05:57.839 in a random hearing over in DC that really didn't 127 00:05:57.839 --> 00:06:00.279 have anything to do with what's going to actually be 128 00:06:00.319 --> 00:06:04.079 done here. Then you have Senator Jerry Moran, who is 129 00:06:04.120 --> 00:06:07.120 opposing clarity. So he's the newest one that has come 130 00:06:07.160 --> 00:06:09.360 out of the cobwebs here. 131 00:06:09.759 --> 00:06:12.000 And has entered the case. 132 00:06:12.040 --> 00:06:14.720 And I still this guy has never even been mentioned 133 00:06:15.000 --> 00:06:16.800 by any of the lobbyists that I've. 134 00:06:16.560 --> 00:06:18.920 Talked to, lobbyists that I've talked to, that this guy 135 00:06:19.000 --> 00:06:20.519 is even an issue. 136 00:06:20.639 --> 00:06:23.560 And then right after that, Rebecca, you have Wall Street 137 00:06:23.959 --> 00:06:27.639 Journal putting out another piece talking about Wells Fargo rolling 138 00:06:27.639 --> 00:06:30.879 out a token it's deposit program that's not even available 139 00:06:31.079 --> 00:06:32.360 right now for corporate clients. 140 00:06:32.399 --> 00:06:35.120 So this looks very orchestrated to me. 141 00:06:36.079 --> 00:06:38.040 I know how dirty these guys are now because we've 142 00:06:38.040 --> 00:06:40.120 been covering this for a couple of years and I'm 143 00:06:40.160 --> 00:06:43.560 surprised how many dirty tricks they're playing. What are we 144 00:06:43.639 --> 00:06:46.720 going to expect from them going into September? 145 00:06:47.839 --> 00:06:49.600 Well, what I think this is really set in the 146 00:06:49.639 --> 00:06:55.040 stage four Paul is like, you know, either we can 147 00:06:55.279 --> 00:06:58.360 in the digital asset world, and I'm in both worlds, right, 148 00:06:58.519 --> 00:07:02.199 I'm in both, But in the digital asset world, if 149 00:07:02.360 --> 00:07:08.360 we allow in other words, if they make it seem 150 00:07:08.519 --> 00:07:12.160 like they are going to not vote for Clarity at 151 00:07:12.240 --> 00:07:15.639 all unless the banking problem is fixed, we might get 152 00:07:15.680 --> 00:07:17.560 a Clarity Act, Paul, But is it going to be 153 00:07:17.600 --> 00:07:19.959 the Clarity Act that keeps America as the innovator or 154 00:07:19.959 --> 00:07:21.240 is it going to be a Clarity Act that puts 155 00:07:21.240 --> 00:07:24.920 a massive moat around our legacy banks and doesn't allow 156 00:07:24.959 --> 00:07:26.240 the United States to innovate. 157 00:07:26.360 --> 00:07:29.480 It really is offensive that we are innovating. 158 00:07:29.800 --> 00:07:33.560 I mean literally SpaceX and Nvidia, you know, are looking 159 00:07:33.600 --> 00:07:37.519 at starmind, you know, data centers in space. 160 00:07:37.800 --> 00:07:39.160 We're able to be doing. 161 00:07:39.000 --> 00:07:44.040 That, but we can't get you know, financial mechanations passed 162 00:07:44.079 --> 00:07:48.199 in our own Congress that are protecting legacy technology. And 163 00:07:48.240 --> 00:07:50.160 in other words, what I'm trying to say is, if 164 00:07:50.199 --> 00:07:52.160 you start to see sinators now kind of pulling back 165 00:07:52.199 --> 00:07:53.839 and saying we aren't even going to vote for this, 166 00:07:54.079 --> 00:07:57.120 especially on the Republican side, unless this deals with the 167 00:07:57.120 --> 00:08:02.000 concerns we have for small town Kansas city banks. I'm sorry, Senator, 168 00:08:02.319 --> 00:08:06.279 we can't change the time. We are in a period 169 00:08:06.439 --> 00:08:09.920 of moving to blockchain. It is happening globally. This is 170 00:08:10.000 --> 00:08:12.279 not a US based thing where the US Congress can 171 00:08:12.279 --> 00:08:13.879 come in and say no, no, no, we're going to 172 00:08:13.920 --> 00:08:17.079 protect the banks. This is a global sweep to a 173 00:08:17.199 --> 00:08:21.720 new way of transacting financial transactions. And thank god, I 174 00:08:21.800 --> 00:08:24.920 actually think that wells Fargo. It's interesting that they are 175 00:08:25.120 --> 00:08:28.199 now talking about tokenization on the blockchain. It's kind of like, 176 00:08:28.480 --> 00:08:30.720 not the same, but similar to the way, you know, 177 00:08:30.720 --> 00:08:32.960 we've been talking about Japanese banks getting on board and 178 00:08:33.000 --> 00:08:35.399 saying we'll be your infrastructure, will roll this out, We're 179 00:08:35.440 --> 00:08:40.240 going to be your go to to make crypto currencies work. 180 00:08:40.559 --> 00:08:43.080 So I don't know if they're trying to give banks 181 00:08:43.080 --> 00:08:45.120 more time to see if they can come up with 182 00:08:45.159 --> 00:08:47.360 a way that they can get into the game. But 183 00:08:47.440 --> 00:08:49.720 if they are trying to scare us now that this 184 00:08:49.799 --> 00:08:52.440 might not even have sixty votes because the banks are 185 00:08:52.480 --> 00:08:56.120 so vocal, then you know, we could either get no 186 00:08:56.279 --> 00:08:58.320 act or we could get an ACT that we don't want, 187 00:08:58.600 --> 00:09:01.200 And how is that helpful for us? That's not that's 188 00:09:01.240 --> 00:09:03.360 the exact opposite of what we need. So this is 189 00:09:03.360 --> 00:09:05.120 a huge problem, all right. 190 00:09:05.200 --> 00:09:08.320 So there there has been kind of a situation like this, Rebecca. 191 00:09:08.519 --> 00:09:12.600 If you look back at Netflix and their potential acquisition 192 00:09:12.919 --> 00:09:16.480 with Warner Brothers, this was kind of because everybody was 193 00:09:16.519 --> 00:09:18.679 looking at that as you know, either it's going to 194 00:09:18.720 --> 00:09:20.879 go sideways, it's going to go down if it doesn't happen. 195 00:09:21.559 --> 00:09:23.879 But the moment that they were out of the bidding, 196 00:09:24.679 --> 00:09:28.240 it actually allowed that industry to kind of move along, 197 00:09:28.639 --> 00:09:31.919 you know. And I'm just wondering, if clarity does go 198 00:09:32.000 --> 00:09:36.120 off the table, is this a okay we now have 199 00:09:36.240 --> 00:09:39.320 certainty that that's not going to happen, and can we 200 00:09:39.320 --> 00:09:40.279 move along from there? 201 00:09:40.320 --> 00:09:42.559 Do you think we'd see some sideways a crash? 202 00:09:42.679 --> 00:09:45.039 Where do you where would you see the digital asset 203 00:09:45.120 --> 00:09:46.759 market going if it doesn't go through? 204 00:09:47.080 --> 00:09:49.159 I mean, if we have status quo, we have to 205 00:09:49.159 --> 00:09:51.080 look at what is status quo? Like, you don't get 206 00:09:51.240 --> 00:09:54.759 new you know, clarity around regulation around. 207 00:09:54.480 --> 00:09:56.519 What is this? You know, who is in charge? 208 00:09:56.519 --> 00:09:58.440 We already pretty much know, it's not going to be 209 00:09:58.679 --> 00:10:01.200 you know, from the from the perspective of it being 210 00:10:01.240 --> 00:10:04.000 a commodity and not belonging under the c SEC as 211 00:10:04.039 --> 00:10:04.639 a security. 212 00:10:04.879 --> 00:10:06.720 If we can agree that that's the. 213 00:10:06.600 --> 00:10:09.440 Framework we're all operating under right now without in the 214 00:10:09.480 --> 00:10:13.720 absence of clarity, then perhaps it's not the worst thing 215 00:10:13.879 --> 00:10:18.120 because we can continue to innovate and yet know that 216 00:10:18.919 --> 00:10:23.480 the Congress can't get a bipartisan you know, consensus on how. 217 00:10:23.279 --> 00:10:26.799 To regulate this, and so what does that leave The. 218 00:10:27.080 --> 00:10:30.639 Only concern, of course, the huge, the biggest concern is 219 00:10:30.639 --> 00:10:34.519 that if that is not enough of of clarity for 220 00:10:34.720 --> 00:10:39.120 the operations that are moving forward with implementing blockchain solutions 221 00:10:39.159 --> 00:10:42.279 and tokenization, all these you know, stable point issuers, all 222 00:10:42.320 --> 00:10:46.519 of these things, if they cannot if they don't feel 223 00:10:46.559 --> 00:10:49.720 they have the regulatory framework security and it's it's clear 224 00:10:49.879 --> 00:10:52.200 enough that they feel comfortable to move forward to actually 225 00:10:52.240 --> 00:10:54.399 implement all of this, all the solutions and all the 226 00:10:54.399 --> 00:10:55.000 things they want. 227 00:10:54.840 --> 00:10:57.000 To bring forward, then that that would be the problem. 228 00:10:57.120 --> 00:10:59.679 Right they're too afraid that they that they are going 229 00:10:59.720 --> 00:11:02.840 to do that it's not clearly defined and basically be sued, 230 00:11:03.080 --> 00:11:05.679 and so then you could really stifle innovation from not 231 00:11:05.799 --> 00:11:08.799 having a regulatory framework that people feel comfortable operating it, 232 00:11:08.879 --> 00:11:10.200 and that would be the biggest problem. 233 00:11:10.399 --> 00:11:12.720 Yeah, I mean we are in a position now, and 234 00:11:13.240 --> 00:11:16.559 you mentioned the ethics situation. I want to play a 235 00:11:16.559 --> 00:11:18.879 clip for you because this is Trump talking about this, 236 00:11:19.559 --> 00:11:21.679 and it was a bit surprising to me. I was 237 00:11:21.759 --> 00:11:24.080 kind of taken back by how far along ethics was. 238 00:11:24.159 --> 00:11:25.039 Let me play this clip. 239 00:11:26.399 --> 00:11:28.679 But I do it very simply because we can't let 240 00:11:28.759 --> 00:11:31.279 China have it or Japan have it. And in the bill, 241 00:11:31.320 --> 00:11:33.279 they want me to be different than everybody else, and 242 00:11:33.360 --> 00:11:34.919 so you're against that way. So I'm like, well, I 243 00:11:34.919 --> 00:11:37.000 don't mind putting it in a blind trust. I don't 244 00:11:37.080 --> 00:11:39.120 run myself anyway. I let my kids run it. You know, 245 00:11:39.159 --> 00:11:41.759 they're not involved in government. I don't talk to them 246 00:11:41.759 --> 00:11:44.679 about government. I truck them about much other than to 247 00:11:44.759 --> 00:11:46.960 say I love you kids. You know, they're good kids. 248 00:11:47.080 --> 00:11:49.960 That takes a lot of pressure of our dollar. It's 249 00:11:50.000 --> 00:11:51.759 a good thing for our country. 250 00:11:52.639 --> 00:11:52.960 All right. 251 00:11:53.000 --> 00:11:55.039 So Trump right there saying I'm willing to do a 252 00:11:55.039 --> 00:11:57.799 blind trust. This has been another factor that the Democrats 253 00:11:57.840 --> 00:12:01.919 have kind of pushed for administration that's ever been exposed 254 00:12:01.960 --> 00:12:05.240 to this kind of restriction and even though it's going 255 00:12:05.279 --> 00:12:07.759 to be a temporary restriction, even until he's out office, 256 00:12:07.799 --> 00:12:09.960 so it's like there are only targeting this guy. I 257 00:12:09.960 --> 00:12:13.720 think Trump is looking at using Clarity as leverage, saying, hey, 258 00:12:13.720 --> 00:12:15.559 you need to get this cross or otherwise it's going 259 00:12:15.600 --> 00:12:18.240 to look good bad for you Democrats. And you know, 260 00:12:18.399 --> 00:12:20.639 the other alternative is is that it actually may be 261 00:12:20.720 --> 00:12:24.120 the economy that everybody's pressing on. What do you think, Yeah, I. 262 00:12:24.080 --> 00:12:28.080 Mean, I think that the average your audience accepted, you know, 263 00:12:28.159 --> 00:12:31.600 the average American is not following what Clarity is, what 264 00:12:31.679 --> 00:12:35.000 it does, even what the digital you know, conversion to 265 00:12:35.000 --> 00:12:38.679 tokenization and crypto platforms, blockchain is even happening. 266 00:12:38.759 --> 00:12:43.240 So I don't think that the mainstream voter is clued in. 267 00:12:44.039 --> 00:12:46.759 It's not going to be Paul until these things actually 268 00:12:46.799 --> 00:12:50.039 start affecting how you're checking out and your you know, 269 00:12:50.080 --> 00:12:53.320 your ability to really start to leverage this as stable 270 00:12:53.399 --> 00:12:55.720 coins and as these things become more of the mainstream 271 00:12:55.759 --> 00:12:57.399 way to pay, then I think it would have a 272 00:12:57.480 --> 00:12:59.600 much bigger impact for those of us that are in 273 00:12:59.639 --> 00:13:01.759 the know. I think that this is a really big 274 00:13:01.799 --> 00:13:04.440 problem that it has that it's been over a year 275 00:13:04.519 --> 00:13:06.919 since the House passed it, and that the Senate hasn't been. 276 00:13:06.799 --> 00:13:07.759 Able to get it done. 277 00:13:07.960 --> 00:13:09.840 And in the absence of getting it done, if it 278 00:13:09.879 --> 00:13:13.080 creates innovation outside of us, that is an absolute problem 279 00:13:13.080 --> 00:13:15.519 that Trump should be harping on. And the and the 280 00:13:15.600 --> 00:13:18.240 incidence of getting it done before the midterms. But having 281 00:13:18.240 --> 00:13:20.799 it be protective too protective of the banks. I think 282 00:13:20.799 --> 00:13:22.879 that's a whole another thing that you could really harp 283 00:13:22.919 --> 00:13:24.320 on with the with we don't. 284 00:13:24.399 --> 00:13:26.320 I don't want that. I want that the least. 285 00:13:26.360 --> 00:13:30.000 I'd rather have none, nothing at all, than an act 286 00:13:30.000 --> 00:13:32.519 that is going to try to put this massive mode 287 00:13:32.559 --> 00:13:35.120 around our banking industry. I I believe if you have 288 00:13:35.200 --> 00:13:39.720 to legislate and oppose and and and and instead of innovating. 289 00:13:39.840 --> 00:13:42.679 If you're legislating instead of innovating, you've already lost. 290 00:13:42.679 --> 00:13:44.279 You're already a dying industry. 291 00:13:44.320 --> 00:13:46.679 And it's it's time for you to get like Wills 292 00:13:46.720 --> 00:13:48.679 Fargo is doing and saying what can we do on 293 00:13:48.720 --> 00:13:51.279 the blockchain? What can we do it with tokenization? And 294 00:13:51.559 --> 00:13:55.720 so yeah, this is a huge problem for America. Whether 295 00:13:55.759 --> 00:13:59.279 the average American voter is any has any clue about 296 00:13:59.279 --> 00:14:01.159 this at all. I I have a feeling that they're 297 00:14:01.279 --> 00:14:03.440 too involved in social media to even understand with that. 298 00:14:03.639 --> 00:14:05.919 Yeah, well, I think to your point is the innovation 299 00:14:06.159 --> 00:14:11.759 cycles sometimes are well ahead of what mainstream is exactly, 300 00:14:11.919 --> 00:14:14.279 and then they only realize that down the road and 301 00:14:14.399 --> 00:14:17.000 find out, oh, we're behind because we didn't, you know, 302 00:14:17.039 --> 00:14:20.320 our lawmakers didn't make moves back three years ago, which 303 00:14:20.440 --> 00:14:21.600 is what we're talking about now. 304 00:14:21.679 --> 00:14:24.039 And I just want to say, I am still so 305 00:14:24.279 --> 00:14:27.559 disgusted if we as a country pass a bill that 306 00:14:27.720 --> 00:14:30.480 only has an ethics provision that relates to the current 307 00:14:30.879 --> 00:14:35.799 sitting administration. I just can't even put into words how 308 00:14:35.840 --> 00:14:39.360 disgusting that is, Like, you really don't care about the 309 00:14:39.440 --> 00:14:43.600 ethics for anybody else except for this sitting president. And 310 00:14:43.679 --> 00:14:45.960 even if they want to say, well, he offered it 311 00:14:46.039 --> 00:14:48.240 to begin with, Even if they want to say that, 312 00:14:48.440 --> 00:14:51.120 if you're serious about ethics, why would it apply to 313 00:14:51.159 --> 00:14:54.440 every administration? Why would it apply to every member of Congress? 314 00:14:54.559 --> 00:14:56.720 Why does it apply to just a sitting administration? 315 00:14:57.159 --> 00:14:58.960 A president? Is disgusting? 316 00:15:00.200 --> 00:15:00.600 All right? 317 00:15:01.600 --> 00:15:04.759 I want to go over to the rate potential rate 318 00:15:04.840 --> 00:15:08.360 hike and possibly maybe a rate pause. We'll see, how 319 00:15:08.360 --> 00:15:12.279 do you think this changes Warsh's position? Just the jobs numbers. 320 00:15:12.320 --> 00:15:14.159 I know, the you know, the inflation numbers haven't come 321 00:15:14.159 --> 00:15:16.679 in yet, but what about just this job's numbers. Is 322 00:15:16.679 --> 00:15:18.080 he looking at this any differently? 323 00:15:18.120 --> 00:15:18.320 Now? 324 00:15:18.639 --> 00:15:19.720 I think he's vindicated. 325 00:15:19.799 --> 00:15:22.759 I think the consternation that happened in the financial markets 326 00:15:22.759 --> 00:15:25.759 and all the financial media last week about his FOMC 327 00:15:25.840 --> 00:15:28.840 meeting and you know, his ability, his lack of wanting 328 00:15:28.879 --> 00:15:33.080 to give guidance, his lack of wanting to really control 329 00:15:33.240 --> 00:15:35.399 the short end of the curve, even though we had 330 00:15:35.399 --> 00:15:38.519 three dissenters. I think that he was very clear that 331 00:15:38.679 --> 00:15:41.960 he wants to give less guidance, maybe possibly have less meetings, 332 00:15:42.279 --> 00:15:45.720 and he thinks that the market itself will do a 333 00:15:45.720 --> 00:15:47.720 lot of the heavy lifting. It certainly did on the 334 00:15:47.759 --> 00:15:50.720 long end. You know, from after the FOMC meeting, so 335 00:15:50.960 --> 00:15:52.840 you had a lot of people and the financial media 336 00:15:52.840 --> 00:15:54.480 it was kind of weird. They're coming out and saying, 337 00:15:54.519 --> 00:15:56.519 you know, oh gosh, there's a real strong case for 338 00:15:56.679 --> 00:15:59.159 hikes and he's you know, he's not doing it. And 339 00:15:59.240 --> 00:16:02.679 they were really questioning him already, like you know, give 340 00:16:02.720 --> 00:16:05.519 the guy a minute, give him a beat. And now 341 00:16:05.559 --> 00:16:07.919 that we see this weakness in the labor market, this 342 00:16:08.039 --> 00:16:10.720 is really making those people that were really kind of 343 00:16:10.919 --> 00:16:13.200 out there beating a drum saying, gosh, you really should 344 00:16:13.240 --> 00:16:15.159 have taken action there. There was really a lot enough 345 00:16:15.200 --> 00:16:16.120 data to support it. 346 00:16:16.759 --> 00:16:19.039 I think that he's vindicated, and. 347 00:16:18.919 --> 00:16:21.440 This just lets us know that, you know, a lot 348 00:16:21.440 --> 00:16:23.919 of this. We also got a may revisions downward as well, 349 00:16:23.960 --> 00:16:26.399 So if you look at the June and made revisions together, 350 00:16:26.399 --> 00:16:30.440 it's over one hundred thousand jobs downward that we weren't expecting. 351 00:16:30.480 --> 00:16:32.759 And then also we did expect this to be a 352 00:16:32.840 --> 00:16:36.159 relatively positive you know number at eighty five. Eighty to 353 00:16:36.200 --> 00:16:38.039 eighty five was consensus. We had some out letters that 354 00:16:38.039 --> 00:16:39.960 said one hundred and fifteen, but for the most part 355 00:16:39.960 --> 00:16:42.200 we were at, you know, an eighty eighty five consensus, 356 00:16:42.240 --> 00:16:44.279 and to get a loss of twenty three with a 357 00:16:44.320 --> 00:16:47.080 consensus that high, obviously the ADP members came in week 358 00:16:47.120 --> 00:16:50.279 this week, but nobody was expecting this large of a loss, 359 00:16:50.519 --> 00:16:55.360 And this just obviously boosts Worsh's position to wait and see, 360 00:16:55.519 --> 00:16:58.799 to let the market do the finagling and the talking. 361 00:16:59.159 --> 00:17:01.320 And again, I think he's going to continue to have 362 00:17:01.360 --> 00:17:03.840 this stance until his task force really deliver the data 363 00:17:03.840 --> 00:17:05.720 that they're supposed to deliver to him by the end 364 00:17:05.759 --> 00:17:07.720 of the year, and I think after he has the 365 00:17:08.160 --> 00:17:09.920 data from the task force, we'll start to see a 366 00:17:09.960 --> 00:17:12.920 lot more opinions and changes being formulated. But I really 367 00:17:12.920 --> 00:17:15.759 think he's trying to give enough space for the market 368 00:17:15.799 --> 00:17:17.359 to breathe and for these numbers to come in and 369 00:17:17.400 --> 00:17:19.079 let's see what the market is really doing. I think 370 00:17:19.079 --> 00:17:21.680 that was very smart, very strategic, and I'm glad that 371 00:17:21.720 --> 00:17:24.480 he's not getting ruffled by the financial media basically trying 372 00:17:24.480 --> 00:17:26.599 to tell him and push him, really push him to 373 00:17:26.640 --> 00:17:27.079 take action. 374 00:17:27.440 --> 00:17:30.039 Well, you know, I think the situation with the FED 375 00:17:30.400 --> 00:17:32.960 is one he was put in a pretty hard position. 376 00:17:33.440 --> 00:17:35.720 The real question will be as if we do really 377 00:17:35.759 --> 00:17:39.559 see any kind of consensus on inflation numbers, because those 378 00:17:39.599 --> 00:17:43.559 will be the key components coming back here in just 379 00:17:43.599 --> 00:17:44.119 a little bit. 380 00:17:44.200 --> 00:17:46.240 So with not only jobs. 381 00:17:45.960 --> 00:17:49.160 And inflation, you look at GDP and what that may 382 00:17:49.240 --> 00:17:51.640 look like throughout the end of the year, Moon numbers 383 00:17:51.799 --> 00:17:53.079 potentially could be coming in. 384 00:17:53.400 --> 00:17:53.799 I don't know. 385 00:17:53.839 --> 00:17:56.240 If the economy is truly cooling, then maybe this is 386 00:17:56.279 --> 00:17:59.440 a position that warsh is kind of queuing up for. 387 00:18:00.039 --> 00:18:02.799 I want to jump over to something that Besant did 388 00:18:03.519 --> 00:18:07.279 and everybody knows about the famous you know, buy Japanese 389 00:18:07.400 --> 00:18:11.279 yen note. So here is a quote, here's a clip 390 00:18:11.319 --> 00:18:15.799 of Besant talking about this issue and how it applies 391 00:18:15.839 --> 00:18:16.200 to the end. 392 00:18:16.279 --> 00:18:20.920 Take a look automatically, that should lead to more dollar 393 00:18:20.960 --> 00:18:21.880 strength over time. 394 00:18:22.119 --> 00:18:25.440 Are we intervening in the currency market right now strengthening 395 00:18:25.440 --> 00:18:27.000 the ends happening? 396 00:18:27.200 --> 00:18:27.880 Absolutely not. 397 00:18:28.759 --> 00:18:31.400 We have a strong dollar policy. 398 00:18:32.480 --> 00:18:35.759 Kobe Eesy put out the end carry trade maybe is dying. 399 00:18:36.759 --> 00:18:39.640 In other words, the carry trade is losing its influence 400 00:18:39.759 --> 00:18:40.480 in the market. 401 00:18:40.599 --> 00:18:42.480