1 00:00:00,480 --> 00:00:03,960 Speaker 1: Welcome to the Three Stories version of The Todd Herman Show. 2 00:00:04,200 --> 00:00:06,200 Zach Abraham's going to join us. I'll tell you what 3 00:00:06,200 --> 00:00:09,039 the three stories are. We're going to talk through the 4 00:00:09,080 --> 00:00:13,080 Kamala Harris economic Plan, price controls twenty eight percent, corporate 5 00:00:13,080 --> 00:00:16,199 gains or corporate tax forty four point six percent, capital 6 00:00:16,239 --> 00:00:20,120 gains tax twenty five percent on unrealized gains. Talk to 7 00:00:20,239 --> 00:00:24,039 that history of price controls, and then what is an 8 00:00:24,120 --> 00:00:27,160 unrealized corporate gains tax? 9 00:00:27,199 --> 00:00:27,800 Speaker 2: What is that? 10 00:00:28,160 --> 00:00:29,920 Speaker 1: I mean, I think we know, but what does that mean? 11 00:00:30,280 --> 00:00:32,960 Zach Abraham's here is to help us explain it. We'll 12 00:00:32,960 --> 00:00:35,000 get this with the help of our YouTube channel. It's 13 00:00:35,079 --> 00:00:37,719 YouTube dot com slash at the Todd Herman Show. And 14 00:00:37,759 --> 00:00:39,799 of course we can't do this without God Almighty. 15 00:00:42,000 --> 00:00:45,520 Speaker 3: The Todd Herman Show is one hundred percent disapproved by 16 00:00:45,560 --> 00:00:53,600 big pharma technocrats and tyrans everywhere from the high mountains 17 00:00:53,679 --> 00:01:01,079 of Free America. Here's the Emerald City exile God to 18 00:01:01,200 --> 00:01:01,719 her Man. 19 00:01:12,159 --> 00:01:14,480 Speaker 1: Today is the day the Lord has made, and these 20 00:01:14,560 --> 00:01:16,879 at the time so which God has decided, we shall live. 21 00:01:17,359 --> 00:01:20,840 Zach Abraham joins us Chief investment Officer Bolock Capital Management. 22 00:01:21,239 --> 00:01:24,319 Zach Cabraham here's what I'm hearing from the people who 23 00:01:24,439 --> 00:01:28,280 run Kamala Harris. We're gonna have some price controls. We're 24 00:01:28,280 --> 00:01:31,159 gonna have a twenty eight percent corporate gains tax. We're 25 00:01:31,159 --> 00:01:34,079 gonna have forty four point six percent capital gains tax. 26 00:01:34,560 --> 00:01:37,680 I said that twice, twenty five percent on unrealized gains. 27 00:01:38,319 --> 00:01:40,239 Speaker 2: Right off the bat. Let's take the big picture of. 28 00:01:40,239 --> 00:01:43,519 Speaker 1: The Kamala Harris plan so far for the economy. On 29 00:01:43,599 --> 00:01:47,079 a scale of nine to ten, how disastrous. 30 00:01:46,519 --> 00:01:47,319 Speaker 2: Is this for the country? 31 00:01:50,519 --> 00:01:54,640 Speaker 1: I would I would uh, now, I'm not a scale 32 00:01:54,680 --> 00:01:56,000 of nine to ten, I said. 33 00:01:56,359 --> 00:01:59,719 Speaker 4: Yeah, yeah, I'd say nine and a half. 34 00:02:00,280 --> 00:02:02,319 Speaker 2: Oh wow, wow, give it her some credit. 35 00:02:02,719 --> 00:02:06,000 Speaker 4: Yeah. On a scale of one to ten, it's not good. 36 00:02:07,359 --> 00:02:10,639 And it's not and it's and it's not good. 37 00:02:10,840 --> 00:02:14,080 Speaker 5: First of all, for what I believe or constitutional reasons. 38 00:02:14,199 --> 00:02:18,039 You can't tax somebody on something that hasn't been made. 39 00:02:18,879 --> 00:02:20,479 Speaker 2: So we got to talk about that. I want to 40 00:02:20,520 --> 00:02:21,000 save that one. 41 00:02:21,080 --> 00:02:24,759 Speaker 1: That's a big one, the unrealized corporate or unrealized gains. 42 00:02:24,919 --> 00:02:26,800 You can't tax someone and something that's not been made, 43 00:02:27,240 --> 00:02:30,159 so right, well, dig into that. That's a big constitutional issue. 44 00:02:30,560 --> 00:02:30,759 Speaker 4: Yep. 45 00:02:30,879 --> 00:02:32,599 Speaker 5: Yeah, And I and I think it could be something 46 00:02:32,680 --> 00:02:38,960 that is devastating to the economy because what will end 47 00:02:39,080 --> 00:02:43,120 up happening is you're going to get a deluge of 48 00:02:43,240 --> 00:02:48,759 selling and it I would anticipate it that it would 49 00:02:48,840 --> 00:02:53,479 be a really heart especially after the biggest longest bull 50 00:02:53,560 --> 00:02:55,719 market in the in the history of the United States. 51 00:02:56,120 --> 00:03:00,479 I mean, remember, people need to realize you've got you've 52 00:03:00,560 --> 00:03:02,800 got a lot of investment accounts out there, you know, 53 00:03:02,840 --> 00:03:04,240 that have been in the market for the last fifteen 54 00:03:04,280 --> 00:03:09,280 sixteen years that you might be sitting on seventy to 55 00:03:09,759 --> 00:03:12,319 sixty five. Seventy percent of the entire value of that 56 00:03:12,479 --> 00:03:14,159 portfolio could be capital gainst. 57 00:03:15,719 --> 00:03:18,520 Speaker 1: Okay, so we'll dig into this further because I also 58 00:03:18,599 --> 00:03:21,319 want to talk about price controls in this whole package 59 00:03:21,400 --> 00:03:23,840 together as well as the corporate tax. There's something people 60 00:03:24,280 --> 00:03:28,000 in this audience, this viewership probably knows, although out in 61 00:03:28,080 --> 00:03:30,800 the YouTube generation, I don't think people understand. 62 00:03:30,479 --> 00:03:31,199 Speaker 4: This at all. 63 00:03:31,599 --> 00:03:34,360 Speaker 1: We'll talk about this with Zach Abraham, Chief INVESTMOPS or 64 00:03:34,400 --> 00:03:37,599 Bulwert Capital Management. You might be young, and you might 65 00:03:37,680 --> 00:03:39,400 not think you're going to need this, but I'm telling 66 00:03:39,439 --> 00:03:42,000 you something you should work right now to stave off 67 00:03:42,080 --> 00:03:44,520 any inflammation in your body. One way to do that 68 00:03:44,680 --> 00:03:46,919 is to not have refined sugar. Is that stuff bakes 69 00:03:46,960 --> 00:03:48,000 you from the inside out. 70 00:03:48,080 --> 00:03:49,000 Speaker 2: It really really does. 71 00:03:49,400 --> 00:03:51,919 Speaker 1: Go read a book called Sugar Rush by doctor Richard Jacobi. 72 00:03:51,960 --> 00:03:53,479 We're going to talk to the doctor coming up. 73 00:03:54,520 --> 00:03:55,439 Speaker 2: And then there's this. 74 00:03:56,159 --> 00:03:59,199 Speaker 1: If you do have inflammation, you're experiencing this, do not 75 00:03:59,599 --> 00:04:02,840 give in to pharma. Do not use iberprofen. 76 00:04:03,000 --> 00:04:04,719 Speaker 2: I did it. I was basically an addic. 77 00:04:04,840 --> 00:04:09,599 Speaker 1: Then I learned that iberfropen aberprofin actually causes inflammation. It 78 00:04:09,719 --> 00:04:12,800 destroys your gutlining. That allows people or particles to get 79 00:04:12,840 --> 00:04:15,120 into your blood that shouldn't be there. Lo and behold, 80 00:04:15,159 --> 00:04:18,079 there's your inflammation, but it masks the symptoms. But it 81 00:04:18,160 --> 00:04:20,199 also heard fish oil will stop inflammation. 82 00:04:20,439 --> 00:04:21,079 Speaker 2: Never worked for me. 83 00:04:21,800 --> 00:04:25,399 Speaker 1: Krill oil, on the other hand, from Native pathcrill, absolutely 84 00:04:25,519 --> 00:04:28,399 stopped inflammation. And I'm talking about I had no inflammation 85 00:04:28,480 --> 00:04:33,360 after twelve straight hours of working out, swimming, running, gymnastics, weightlifting, 86 00:04:33,439 --> 00:04:34,439 twelve straight hours of that. 87 00:04:35,000 --> 00:04:37,480 Speaker 2: I no longer take gigaprofen. I will not do it again. 88 00:04:37,920 --> 00:04:39,800 Curl oil comes from the Antarctic. 89 00:04:40,439 --> 00:04:43,800 Speaker 1: It is from the purest possible waters and native pathcrill 90 00:04:44,240 --> 00:04:46,399 it is the thing that's knocked me out of iberprofene. 91 00:04:46,519 --> 00:04:50,040 Never take it again. Go to nativepathcrill dot com slash tod. 92 00:04:50,240 --> 00:04:52,800 See what deals they have for you. Hint, when you 93 00:04:52,920 --> 00:04:54,560 buy in bulk, you can get this for as little 94 00:04:54,600 --> 00:04:58,399 as nineteen dollars per bottles. Nativepathcrill dot com slash Todd. 95 00:04:59,240 --> 00:05:02,800 Zach abrahams with this, Chief Investment Officer, Capital Management. So Zach, 96 00:05:02,879 --> 00:05:05,680 let's go through this piece by piece. Price control, corporate 97 00:05:05,720 --> 00:05:08,959 gains tax at twenty percent, forty four percent, capital gains tax, 98 00:05:09,040 --> 00:05:12,079 twenty five percent tax on unrealized gains. 99 00:05:12,560 --> 00:05:17,720 Speaker 2: Let's start with the corporate tax. Do companies pay taxes? 100 00:05:19,319 --> 00:05:19,519 Speaker 4: Yes? 101 00:05:21,000 --> 00:05:22,680 Speaker 2: Do they pass the costs under the consumer? 102 00:05:23,680 --> 00:05:23,879 Speaker 4: Yes? 103 00:05:25,279 --> 00:05:28,399 Speaker 2: So do companies actually pay tax? 104 00:05:28,959 --> 00:05:30,920 Speaker 4: Not really, not in the traditional sense. 105 00:05:30,959 --> 00:05:31,000 Speaker 3: No. 106 00:05:31,480 --> 00:05:32,839 Speaker 2: I don't think people understand this. 107 00:05:33,680 --> 00:05:33,920 Speaker 3: We can. 108 00:05:34,000 --> 00:05:35,240 Speaker 5: I think there's a lot of I think there's a 109 00:05:35,279 --> 00:05:38,800 lot of people don't understand like what well, I mean, 110 00:05:39,000 --> 00:05:42,839 I mean, I mean, look, I personally, from the looks 111 00:05:42,879 --> 00:05:44,680 of it to me, I think the support for Kamala 112 00:05:44,759 --> 00:05:49,879 Harris is overstated. That being said, if let's say forty 113 00:05:49,959 --> 00:05:53,079 five percent of the electorate wants her to be president, 114 00:05:54,199 --> 00:05:57,399 I would say by definition that half of our society 115 00:05:57,600 --> 00:06:01,120 doesn't know much at all of if anything. The other 116 00:06:01,240 --> 00:06:03,120 thing I think people need to look at is she 117 00:06:03,319 --> 00:06:06,920 supposedly raised five hundred million dollars in the last month. 118 00:06:08,879 --> 00:06:09,319 Speaker 2: Sures. 119 00:06:10,160 --> 00:06:13,199 Speaker 5: Yeah, well, here's here's something that people need to come to, 120 00:06:13,279 --> 00:06:18,120 a realization of the Democratic Party is no longer the 121 00:06:18,240 --> 00:06:20,800 party of the working class man, you know what I mean, Like, 122 00:06:22,120 --> 00:06:24,920 it's it's so hilarious to me that that that that 123 00:06:25,160 --> 00:06:27,600 trope or that meme is still out there in existence. 124 00:06:27,879 --> 00:06:29,959 And you go, hey, guys, this is really simple. Go 125 00:06:30,160 --> 00:06:34,519 look at the average nominal amount to each party, right 126 00:06:34,600 --> 00:06:37,600 they what is the average size of donation to each party? 127 00:06:37,639 --> 00:06:38,480 Speaker 4: It's not even close. 128 00:06:38,959 --> 00:06:42,279 Speaker 5: It's it's you have way more people giving small amounts 129 00:06:42,600 --> 00:06:45,759 representative of working class people to the Republican Party. And 130 00:06:45,839 --> 00:06:48,040 I got plenty of issues with them, not saying I 131 00:06:48,120 --> 00:06:50,839 don't okay, But then you go flip over. I mean, 132 00:06:50,879 --> 00:06:53,279 it's really obvious, right, the party of the rich and 133 00:06:53,399 --> 00:06:54,519 powerful is the DNC. 134 00:06:54,720 --> 00:06:56,120 Speaker 4: It's it's it is what it is. 135 00:06:56,240 --> 00:06:59,079 Speaker 2: And so let's look at this from a perspective of politics. 136 00:06:59,160 --> 00:07:00,800 Then so why would they do that? So I could 137 00:07:00,800 --> 00:07:02,720 see people going, Okay, smart guy. 138 00:07:02,839 --> 00:07:07,519 Speaker 1: Why would big companies give money to Kamala Harris If 139 00:07:07,560 --> 00:07:09,560 this is going to be so bad for the economy, Well, 140 00:07:09,720 --> 00:07:13,480 let's peace through this. So price controls are coming. She 141 00:07:13,639 --> 00:07:16,759 wants price controls. So who's going to have more input 142 00:07:16,879 --> 00:07:21,120 on which products get controlled pricing? People who pay to play? 143 00:07:21,279 --> 00:07:22,720 Are people who don't pay to play? 144 00:07:23,519 --> 00:07:26,040 Speaker 2: See it's they know this right exact time. I'm wrong. 145 00:07:26,360 --> 00:07:28,560 Speaker 1: Things that are getting price controlled, They're going to have 146 00:07:28,680 --> 00:07:30,600 lobbyist they're saying, and what they're going to say is sure, 147 00:07:30,680 --> 00:07:33,680 price controlled the other guy, but not us. They'll carve 148 00:07:33,720 --> 00:07:35,040 this out. I'll give you an example, one of my 149 00:07:35,079 --> 00:07:38,839 favorite examples. The day Obamacare was shoved down the throat 150 00:07:38,879 --> 00:07:40,800 of the American people. You know what we learned at 151 00:07:40,839 --> 00:07:45,040 the Republican National Committee. A bunch of McDonald's franchises didn't 152 00:07:45,079 --> 00:07:46,399 have to join into Obamacare. 153 00:07:46,759 --> 00:07:50,720 Speaker 2: Guess where they were located? DC Nancy Pelosi's distriction. 154 00:07:51,240 --> 00:07:51,759 Speaker 4: Oh weird. 155 00:07:53,120 --> 00:07:55,879 Speaker 2: They got a waiver from this, So did the AARP. 156 00:07:56,720 --> 00:07:58,519 Speaker 1: So is that one of the reasons why you think 157 00:07:58,560 --> 00:08:01,519 the billion our class is up because they want to 158 00:08:01,600 --> 00:08:02,519 get all these waivers. 159 00:08:03,399 --> 00:08:07,759 Speaker 5: No, the reason they're coosing up buying large is regulatory capture. 160 00:08:08,079 --> 00:08:11,560 What these guys have realized, and very intelligently so, is 161 00:08:11,639 --> 00:08:14,079 that rather than trying to push back and lobby for 162 00:08:14,199 --> 00:08:18,639 less regulations, go out there and sing a song of 163 00:08:19,279 --> 00:08:23,800 regulate me more, right, become like a legislative. 164 00:08:23,600 --> 00:08:24,519 Speaker 4: Jesus if you will. 165 00:08:24,639 --> 00:08:27,480 Speaker 5: Right, Oh, look at him, he's offering to increase his 166 00:08:27,519 --> 00:08:33,559 own costs increase. So what they're realizing is through which 167 00:08:33,600 --> 00:08:36,799 I think you could almost call soft monopolies. Is that 168 00:08:37,200 --> 00:08:39,240 one of the easiest And look, all of the data 169 00:08:39,360 --> 00:08:41,440 backs this up. And if anybody has an issue with 170 00:08:41,519 --> 00:08:44,360 this data, there's several good books out there. One of 171 00:08:44,360 --> 00:08:46,120 them is written by a guy by the name of 172 00:08:46,200 --> 00:08:49,039 Matt Stoler. And I'm forgetting the name of the books, 173 00:08:49,200 --> 00:08:51,080 but during a break, I'll look up the names of both. 174 00:08:51,480 --> 00:08:54,679 But what you see as unprecedented amounts and we all 175 00:08:54,720 --> 00:08:58,840 have seen this. You see unprecedented amounts of consolidation in 176 00:08:58,960 --> 00:09:02,399 industries and sect over the past twenty five years. Well, 177 00:09:03,240 --> 00:09:10,200 when you less competition means that you have more pricing power. Right. 178 00:09:10,679 --> 00:09:14,960 Speaker 4: The more pricing power you have, the less regulatory cost 179 00:09:15,080 --> 00:09:15,360 hurts you. 180 00:09:15,960 --> 00:09:16,120 Speaker 3: Right. 181 00:09:16,200 --> 00:09:19,960 Speaker 5: The other thing is is if you're a multinational corporation 182 00:09:20,039 --> 00:09:23,039 and let's say you're operating in thirty different countries. Yeah, okay, 183 00:09:24,200 --> 00:09:29,240 you can move stuff around at the margins, okay, and 184 00:09:29,399 --> 00:09:32,039 filter this over here, filter this over here, put this 185 00:09:32,240 --> 00:09:35,759 over here, and you can more than account for that 186 00:09:36,039 --> 00:09:41,720 extra regulatory cost almost instantaneously. The companies that can't do 187 00:09:41,879 --> 00:09:46,519 that are American owned, American operated small businesses that only 188 00:09:46,600 --> 00:09:47,480 operate in America. 189 00:09:47,879 --> 00:09:49,600 Speaker 4: So what does it do it? 190 00:09:50,559 --> 00:09:54,720 Speaker 5: When you hear about increased regulations across an entire sector, 191 00:09:55,159 --> 00:09:57,440 the first thing that goes through your head is it 192 00:09:57,600 --> 00:10:01,639 is outsized penal. And this is not philosophy, right, Like 193 00:10:01,759 --> 00:10:05,159 I know this from the financial industry. Right, there's costs 194 00:10:05,240 --> 00:10:08,120 that are a pain for us that JP Morgan doesn't 195 00:10:08,120 --> 00:10:11,279 even blink at because they can reroute some more business 196 00:10:11,360 --> 00:10:14,480 through Dubai or through South America or whatever the case is. 197 00:10:15,080 --> 00:10:17,200 Speaker 4: And you know, for instance, think about it, they just. 198 00:10:17,240 --> 00:10:21,480 Speaker 5: Reroute three percent of their overall income or business activity 199 00:10:21,519 --> 00:10:24,080 on a global basis outside of the United States and 200 00:10:24,159 --> 00:10:28,200 through some other entities they can make up for right there. Right, So, 201 00:10:28,440 --> 00:10:32,279 anytime you hear about increase regulations, the smaller the business, 202 00:10:32,519 --> 00:10:33,480 the more penal it is. 203 00:10:33,840 --> 00:10:34,159 Speaker 4: Period. 204 00:10:34,639 --> 00:10:37,799 Speaker 1: Okay, So it's they're going in for a regulatory capture 205 00:10:38,240 --> 00:10:40,600 in an effort to in a successful effort. It seems 206 00:10:41,039 --> 00:10:45,159 to create regulations so labyrinthine, so puzzle esque that only 207 00:10:45,240 --> 00:10:47,480 big companies can deal within this. And then the game 208 00:10:47,679 --> 00:10:50,879 is you shift these you know, revenue flow? Okay, gosh, 209 00:10:50,960 --> 00:10:53,159 you know what, we've got this tax thing all right, 210 00:10:53,240 --> 00:10:56,559 run three percent through Ireland whatever. I had a friend 211 00:10:56,600 --> 00:10:59,240 of mine who's one of the most successful so called 212 00:10:59,279 --> 00:11:02,519 patentrolls the world. Now I've learned about the so called 213 00:11:02,559 --> 00:11:04,759 patent trolling business. I don't think it's trolling at all. 214 00:11:05,080 --> 00:11:08,600 I think it's defending small inventors. Not small people, but 215 00:11:08,720 --> 00:11:12,320 small time inventors who have legitimate patents given them by 216 00:11:12,360 --> 00:11:15,240 the United States government. Big companies come in and say, hey, 217 00:11:15,320 --> 00:11:18,240 screw you, we don't care you can assue us. Well, 218 00:11:18,279 --> 00:11:20,879 we'll paper you in all fifty states, will destroy you. 219 00:11:21,519 --> 00:11:21,639 Speaker 3: Right. 220 00:11:21,960 --> 00:11:25,039 Speaker 1: You know what, my friend it pays in taxes zero 221 00:11:25,559 --> 00:11:29,960 zero because he has done everything offshore. It took him 222 00:11:30,279 --> 00:11:33,080 millions of dollars to create this machine. He can also 223 00:11:33,240 --> 00:11:36,879 launch a company with international footprints. It takes him about 224 00:11:36,960 --> 00:11:39,639 a day to paper it all, to have it all done. 225 00:11:39,840 --> 00:11:42,639 He's so good at this because he can't have the 226 00:11:42,679 --> 00:11:46,399 big companies find out who he is because they'll come 227 00:11:46,440 --> 00:11:49,480 at him personally. So he knows how to play that game. 228 00:11:49,519 --> 00:11:51,919 Guess where he learned it. One of the top three 229 00:11:52,000 --> 00:11:52,559 tech firms. 230 00:11:53,360 --> 00:11:54,320 Speaker 2: Yeah, oh yeah, there you go. 231 00:11:54,639 --> 00:11:56,960 Speaker 4: Well and they figure and these guys, to their credit, 232 00:11:57,000 --> 00:11:57,679 are really smart. 233 00:11:57,679 --> 00:12:00,559 Speaker 5: And if anybody has been kind of scrapped your head 234 00:12:00,600 --> 00:12:04,879 about why these capitalists would be in favor of higher. 235 00:12:04,759 --> 00:12:09,039 Speaker 4: Regulations, it's just really really simple. Guys. You're when you 236 00:12:09,159 --> 00:12:10,000 are a monopoly. 237 00:12:10,240 --> 00:12:14,080 Speaker 5: So like let's think about you know, bulwork versus JP 238 00:12:14,240 --> 00:12:18,480 Morgan is a perfect example. Okay, when there is a 239 00:12:18,559 --> 00:12:21,879 regulation that has to do with myr corporate tax rate 240 00:12:22,000 --> 00:12:23,840 or anything like that, it is what it is. 241 00:12:23,919 --> 00:12:26,799 Speaker 4: There's nothing I can do, right, I've got no levers 242 00:12:26,840 --> 00:12:28,480 to pull, I've got no I got no. 243 00:12:28,559 --> 00:12:32,519 Speaker 5: Clients that are not US citizens, I've got no offshore funds, 244 00:12:32,559 --> 00:12:34,840 I've got none of that stuff. So you're just stuck 245 00:12:34,919 --> 00:12:39,519 with what it is. So every increasing regulation. The other 246 00:12:39,639 --> 00:12:42,399 thing is is that bigger firms like a JP Morgan, 247 00:12:42,759 --> 00:12:46,879 they've got armies of lawyers already, right, So dealing with 248 00:12:47,039 --> 00:12:49,240 that and knowing how to navigate it doesn't cost them 249 00:12:49,279 --> 00:12:50,480 anything exactly. 250 00:12:51,120 --> 00:12:53,399 Speaker 1: This was my point about the patent trolling thing. My 251 00:12:53,519 --> 00:12:56,399 friend learned this in one of the big three tech companies. 252 00:12:56,879 --> 00:12:59,559 He knew exactly when he got into the patent trolling business. 253 00:12:59,600 --> 00:13:03,120 He knew exactly what to go after them as dollarwise, 254 00:13:03,519 --> 00:13:05,600 where it would get kicked up into oh my gosh, 255 00:13:05,679 --> 00:13:08,720 this we can't have this good to court. He knew 256 00:13:08,759 --> 00:13:12,240 the formula to a t that was the settled formula 257 00:13:12,840 --> 00:13:14,799 so that he could get a quick settlement. He knew 258 00:13:14,840 --> 00:13:16,279 the ones where hey, I'm willing to go to court 259 00:13:16,360 --> 00:13:18,600 on this, and they figured out pretty quickly. We don't 260 00:13:18,600 --> 00:13:20,559 know who this guy is. We think we know, but 261 00:13:20,799 --> 00:13:23,320 dang it, he gets this business. He knows our formulas. 262 00:13:23,799 --> 00:13:24,960 Speaker 2: So people rely on that. 263 00:13:25,320 --> 00:13:25,600 Speaker 3: Got it. 264 00:13:25,799 --> 00:13:27,360 Speaker 2: And here's the thing to pay attention to. 265 00:13:27,480 --> 00:13:27,720 Speaker 3: Guys. 266 00:13:28,879 --> 00:13:34,120 Speaker 1: The bigger the government, right, the more invested they are 267 00:13:35,000 --> 00:13:39,240 in detail. The bigger the government, the more invested they 268 00:13:39,279 --> 00:13:42,919 are in detail, the more detail that exists, the more 269 00:13:43,000 --> 00:13:46,039 you can come around with the tool of scoundrels. Of scoundrels. 270 00:13:46,759 --> 00:13:51,399 Needless complication is a tool of scoundrels, and we are 271 00:13:51,519 --> 00:13:54,360 being bossed around by scoundrels. 272 00:13:54,639 --> 00:13:56,200 Speaker 5: Okay, hold on before you go on to that though, 273 00:13:56,279 --> 00:13:58,960 the one thing and there may be some questionable language 274 00:13:58,960 --> 00:14:00,320 in it, So I'm just gonna give I'm going to 275 00:14:00,360 --> 00:14:03,919 give a quick disclaim on that. But if you want 276 00:14:04,080 --> 00:14:07,159 to know about this from the horse's mouth from a 277 00:14:07,240 --> 00:14:10,000 guy that is not politically biased in this. If anything, 278 00:14:10,080 --> 00:14:12,559 I think he leans to the liberal side. But he's 279 00:14:12,639 --> 00:14:15,440 one of the best VC investors of all time, Bill Gurley. 280 00:14:15,480 --> 00:14:19,519 He's one of the guys that launched uber d lab yep, yep. 281 00:14:19,759 --> 00:14:22,679 He did a phenomenal ted talk on this that's about 282 00:14:22,720 --> 00:14:26,039 twenty to thirty minutes long where he explains exactly what 283 00:14:26,200 --> 00:14:32,559 regulatory capture is and how when big companies, especially big tech, 284 00:14:33,240 --> 00:14:36,799 is an agreement with the government about increased regulation, you 285 00:14:37,039 --> 00:14:39,879 know the fix is in and that ain't coming from Todd, 286 00:14:40,000 --> 00:14:42,600 It isn't coming from me. That's coming from Bill Gurley. 287 00:14:42,840 --> 00:14:46,039 This is not a political issue. This is a fairness 288 00:14:46,519 --> 00:14:50,559 and constitutional issue, and they are fleecing the American public 289 00:14:50,639 --> 00:14:50,840 with this. 290 00:14:51,159 --> 00:14:56,120 Speaker 1: Super super well said story number two, price controls. There's 291 00:14:56,159 --> 00:14:59,879 a history to this, and understand something that this is 292 00:15:00,000 --> 00:15:01,600 one of the predicates of price controls. 293 00:15:01,879 --> 00:15:02,919 Speaker 2: This is how it's sold. 294 00:15:03,279 --> 00:15:05,440 Speaker 1: Things are so unfair people can't pay for groceries. 295 00:15:05,600 --> 00:15:08,080 Speaker 2: We're going to cap this. And look, it's an emotional plea. 296 00:15:08,200 --> 00:15:10,320 Speaker 1: The gas prices. People can't pay the gas prices. So 297 00:15:10,360 --> 00:15:11,759 we're gonna come in and we're going to cap this. 298 00:15:12,559 --> 00:15:16,080 People who are emotionally captured by government. And there's a 299 00:15:16,159 --> 00:15:17,679 large of reasons for that we can talk about. We 300 00:15:17,720 --> 00:15:20,320 talk about this on the show. Their identity is due 301 00:15:20,360 --> 00:15:23,919 to governments. Their physical appearance, the wrong sex hormones, that's 302 00:15:24,000 --> 00:15:27,279 due to it. Their whole race is protected because of government. 303 00:15:27,639 --> 00:15:29,840 They're bought in on this that government protects. So the 304 00:15:29,879 --> 00:15:32,639 price controls, man, that makes a lot of economic sense, 305 00:15:32,840 --> 00:15:35,679 That makes a lot of emotional sense. So, Zach, there's 306 00:15:35,679 --> 00:15:38,320 a lot of history behind price controls. So let's talk 307 00:15:38,360 --> 00:15:40,440 about this history because I think this has been tried 308 00:15:40,480 --> 00:15:43,399 in every kind loving totalitarian regime in history. 309 00:15:44,000 --> 00:15:48,799 Speaker 4: Yeah. So it's very very simple. Price controls equal higher prices. 310 00:15:51,879 --> 00:15:54,399 Speaker 1: See young people hear this, They go, no, you idiot, 311 00:15:54,840 --> 00:15:56,000 she's capping the price. 312 00:15:56,399 --> 00:15:57,919 Speaker 2: Price control means low prices. 313 00:15:58,480 --> 00:16:01,080 Speaker 5: So there's something that we called the law of supply 314 00:16:01,159 --> 00:16:04,559 and demand. Okay, And when you cap price controls, you 315 00:16:04,639 --> 00:16:09,279 are capping potential margins and profits. Therefore less will be 316 00:16:09,440 --> 00:16:13,879 invested into those areas. Therefore less will be produced in 317 00:16:13,960 --> 00:16:17,720 those areas. It will, as it has always done, lead 318 00:16:17,799 --> 00:16:22,399 to goods shortages and higher prices. It will also lead 319 00:16:22,480 --> 00:16:23,360 to black markets. 320 00:16:24,240 --> 00:16:26,919 Speaker 2: Okay, that sounds like it's a pretty bad idea and 321 00:16:26,960 --> 00:16:27,840 they're gonna horrible. 322 00:16:28,080 --> 00:16:29,919 Speaker 1: But let's go through this bit by bit because I 323 00:16:30,000 --> 00:16:32,000 want you to know that in the podcast Family, the 324 00:16:32,120 --> 00:16:35,919 radio show Family, people get this, but YouTube generation a 325 00:16:36,000 --> 00:16:38,480 lot of people do not get this. So you said 326 00:16:38,600 --> 00:16:42,399 profit and margin, let's start there. Kenmy Harris comes along 327 00:16:42,440 --> 00:16:44,600 and she says, you know, the cost of food is 328 00:16:44,639 --> 00:16:46,720 so high. Someone should have done something, but we had 329 00:16:46,759 --> 00:16:47,759 this demented old man. 330 00:16:47,919 --> 00:16:48,360 Speaker 4: I'll do it. 331 00:16:48,720 --> 00:16:51,399 Speaker 1: I'll cap the price of donuts at a penny per 332 00:16:51,480 --> 00:16:54,320 donut and she laughs all joyfully. 333 00:16:54,840 --> 00:16:59,039 Speaker 2: So profit is what, well, I. 334 00:16:59,039 --> 00:17:01,879 Speaker 5: Mean, there's different lot of different ways to describe profit, 335 00:17:01,960 --> 00:17:04,279 but I mean product profit is reflective of value that 336 00:17:04,359 --> 00:17:08,880 you deliver it, okay, and margin is margin is the different. 337 00:17:09,160 --> 00:17:12,400 Margin is what defines profit. Right, So your whatever percentage, 338 00:17:12,400 --> 00:17:15,559 your margin percentage is, that's what defines what your profit is. 339 00:17:15,559 --> 00:17:17,480 Speaker 1: All right, So if it costs you ten bucks to 340 00:17:17,599 --> 00:17:20,839 make a widget and you sell it for twenty bucks, 341 00:17:21,319 --> 00:17:23,640 your margin is ten dollars, right, and that's a pretty 342 00:17:23,640 --> 00:17:25,000 good margin, Like that's one hundred percent. 343 00:17:25,400 --> 00:17:29,160 Speaker 4: It's okay, your margin is fifty ten dollars, yeah right, Okay. 344 00:17:29,759 --> 00:17:32,440 Speaker 1: So when this happens and they price control, let's take 345 00:17:32,559 --> 00:17:35,640 an item like beef. So they come along and they say, 346 00:17:35,680 --> 00:17:37,960 we're going to price control beef. It's too much for people. 347 00:17:38,240 --> 00:17:40,440 We're going to drop the price. They'd actually know they'd 348 00:17:40,440 --> 00:17:42,799 want they'd want beef to be super high. They'd want 349 00:17:42,799 --> 00:17:44,480 that price to go up. So they'll do it on 350 00:17:44,599 --> 00:17:47,480 something like milk. So they're going to pretend milk. 351 00:17:47,400 --> 00:17:47,839 Speaker 2: Is healthy for you. 352 00:17:47,920 --> 00:17:49,880 Speaker 1: They're going to cap the price of milk. How does 353 00:17:49,920 --> 00:17:52,519 that then, let's let's play that out. The price is capped, 354 00:17:52,839 --> 00:17:54,000 what the milk suppliers do. 355 00:17:55,039 --> 00:17:56,960 Speaker 5: So, so I think the easiest one to use it 356 00:17:57,079 --> 00:17:59,759 is that everybody understands is actually just on oil and gas. 357 00:18:00,000 --> 00:18:02,079 Speaker 4: Hey, this' use oily yess so, And you can apply 358 00:18:02,200 --> 00:18:02,759 this to anything. 359 00:18:02,839 --> 00:18:05,119 Speaker 5: But so if we look at them, if we look 360 00:18:05,160 --> 00:18:08,119 at in the US today, the US is now the largest, 361 00:18:08,319 --> 00:18:11,400 the largest producer of oil in the world. Okay, and 362 00:18:12,319 --> 00:18:15,440 industry wide it ranges quite a bit, But we've got 363 00:18:15,480 --> 00:18:19,559 about a sixty five to seventy dollars a barrel industry 364 00:18:19,960 --> 00:18:20,799 average cost. 365 00:18:21,200 --> 00:18:23,319 Speaker 4: Okay. Some companies are higher, some companies are lower. It 366 00:18:23,359 --> 00:18:25,839 depends on you know where your wells are located. Things 367 00:18:25,920 --> 00:18:27,000 like that. Okay. 368 00:18:27,759 --> 00:18:30,759 Speaker 5: One of the reasons you invest in oil, or if 369 00:18:30,759 --> 00:18:33,039 you're a company, one of the reasons you drill barrels 370 00:18:33,079 --> 00:18:37,480 of oil is it's about an average cost on that 371 00:18:37,720 --> 00:18:38,279 over time. 372 00:18:38,680 --> 00:18:38,839 Speaker 3: Right. 373 00:18:39,119 --> 00:18:42,640 Speaker 5: So if you cap me, let's say it's seventy dollars, 374 00:18:43,799 --> 00:18:46,279 so I can't sell a barrel of oil at seventy dollars, 375 00:18:47,400 --> 00:18:51,640 by definition, that investment into that oil well will pay 376 00:18:51,720 --> 00:18:54,880 substantially less over time. Why, because there are times. One 377 00:18:54,920 --> 00:18:56,880 of the reasons we invest in oil is not because 378 00:18:56,920 --> 00:18:58,720 we're sure that oil is always going to be hired 379 00:18:58,720 --> 00:18:59,519 than seventy dollars. 380 00:19:00,240 --> 00:19:01,240 Speaker 4: What we realize is. 381 00:19:01,240 --> 00:19:03,720 Speaker 5: That for the times that it is below seventy dollars, 382 00:19:04,039 --> 00:19:06,039 we will also have times like we did during COVID, 383 00:19:06,079 --> 00:19:08,480 where it's one hundred and twenty hundred and thirty, right, 384 00:19:08,599 --> 00:19:11,559 and we average that out. But if you cap me 385 00:19:11,680 --> 00:19:14,480 at seventy, I'm never going to get that upside. 386 00:19:14,599 --> 00:19:17,319 Speaker 4: So what will I do, I will invest. 387 00:19:17,079 --> 00:19:21,400 Speaker 5: Substantially less and oil. Okay, so we will produce less 388 00:19:21,400 --> 00:19:25,720 and oil, which will result in higher prices globally, which 389 00:19:25,759 --> 00:19:32,400 will result in increased international production, decreased domestic production. It 390 00:19:32,480 --> 00:19:36,079 will weaken our economy. There will be less supply, prices 391 00:19:36,119 --> 00:19:38,240 will go higher, and it will result in gas lines. 392 00:19:38,680 --> 00:19:40,359 Speaker 1: So we look at countries that used to produce a 393 00:19:40,400 --> 00:19:43,680 lot of oil. Yeah, Mexico, Venezuela, they used to be 394 00:19:43,839 --> 00:19:46,079 and they're coming back. Venezuela's coming back, thank god, because 395 00:19:46,119 --> 00:19:49,400 of the leadership there. But when we look at this 396 00:19:49,839 --> 00:19:52,799 and we see the history of this, Cuba used to 397 00:19:52,839 --> 00:19:54,720 be a net export of all these things. They had 398 00:19:54,839 --> 00:19:58,119 very successful you know practices. If Fidel Custo comes along, 399 00:19:58,400 --> 00:20:02,640 he employs controls. We've seen this in country after country 400 00:20:02,680 --> 00:20:05,160 in South America that used to be huge oil producers, 401 00:20:05,799 --> 00:20:08,000 and we've we've seen this barrel. Has there ever been 402 00:20:08,000 --> 00:20:10,799 a time in economic history where price controls have worked? 403 00:20:11,319 --> 00:20:14,839 Speaker 2: No, no, think of one, no, full stop. 404 00:20:15,039 --> 00:20:17,839 Speaker 5: Just I mean maybe maybe in a transitory way right 405 00:20:18,079 --> 00:20:23,319 right at the beginning, but no, just because listen, people 406 00:20:23,440 --> 00:20:25,640 invest because of profit. When you cant profit, you'll have 407 00:20:25,759 --> 00:20:29,680 less investment. It's it's not complicated. Right, So, anytime you 408 00:20:29,799 --> 00:20:32,759 hear somebody using price controls, if you want to push 409 00:20:32,839 --> 00:20:39,920 prices down, increase production, right, it's it's really simple. But 410 00:20:40,079 --> 00:20:42,759 this is the problem when we when we start the 411 00:20:43,039 --> 00:20:47,400 other The other problem about this is the look. I 412 00:20:47,480 --> 00:20:50,240 don't think she knows this. I don't think she knows a. 413 00:20:50,279 --> 00:20:51,240 Speaker 2: Lot Kamal Aarris. 414 00:20:51,519 --> 00:20:53,720 Speaker 4: Yeah, I think she is. 415 00:20:53,720 --> 00:20:56,880 Speaker 5: An extraordinarily intellectually limited human being. 416 00:20:57,599 --> 00:20:58,759 Speaker 2: It's a conflict. It put it. 417 00:20:59,720 --> 00:21:03,240 Speaker 5: Hey, I'm trying to bed I did my devotions this morning. 418 00:21:03,480 --> 00:21:06,160 Speaker 4: God, trying to I'm trying to be a nice guy. 419 00:21:06,279 --> 00:21:08,480 Speaker 1: Yeah, you feel about black women though, I mean, having 420 00:21:08,519 --> 00:21:12,839 married one? Well, well I mean that, why, said chief 421 00:21:12,839 --> 00:21:14,279 operaty officer of your company. 422 00:21:14,680 --> 00:21:16,480 Speaker 4: Yeah, that might be the only redeeming quality. 423 00:21:18,920 --> 00:21:19,079 Speaker 3: Right. 424 00:21:20,960 --> 00:21:22,240 Speaker 4: Well, Look, I'm partial. 425 00:21:22,519 --> 00:21:23,680 Speaker 5: Like when I was a little kid, I had a 426 00:21:23,680 --> 00:21:25,880 crush on Jana Jackson. I ended up marrying a black woman, 427 00:21:26,079 --> 00:21:28,799 so obviously I'm partial. I'm gonna give her the benefit. 428 00:21:28,519 --> 00:21:28,920 Speaker 4: Of the doubt. 429 00:21:28,960 --> 00:21:30,960 Speaker 2: Okay, Gods, and she's. 430 00:21:30,799 --> 00:21:34,079 Speaker 5: An attractive woman, Okay, Like I'm not saying that she's 431 00:21:34,119 --> 00:21:36,519 as dumb as a box of rocks, right right, So, 432 00:21:37,680 --> 00:21:42,480 But but the other thing is that generally speaking, you know, 433 00:21:42,960 --> 00:21:45,920 everybody knows this, Bill Bill, Bill Gates knows this, Bill 434 00:21:45,960 --> 00:21:46,559 Clinton knows this. 435 00:21:46,720 --> 00:21:47,119 Speaker 4: They know this. 436 00:21:48,000 --> 00:21:50,799 Speaker 5: They just don't care, right because it doesn't negatively impact them, 437 00:21:52,160 --> 00:21:54,480 pure and simple, and it allows them to say we're 438 00:21:54,480 --> 00:21:58,279 doing stuff. Another really funny you know, the one that 439 00:21:58,319 --> 00:22:01,559 I've been laughing the hardest about, is we're going to 440 00:22:01,599 --> 00:22:05,599 stop price gouging at grocery stores. Right right, Do you 441 00:22:05,720 --> 00:22:07,400 know what the industry wide? Do you know what the 442 00:22:07,440 --> 00:22:09,200 average margins are for grocery stores? 443 00:22:09,279 --> 00:22:10,480 Speaker 2: Yeah, one to one and a half percent. 444 00:22:10,920 --> 00:22:12,359 Speaker 4: Yeah, there you go. Yeah. 445 00:22:12,759 --> 00:22:16,480 Speaker 5: So so if they do that, you will see yet 446 00:22:16,519 --> 00:22:21,839 again more locally small business owned grocery stores, like you know, 447 00:22:22,759 --> 00:22:25,519 for instance, a Sprouts farmers Market would be a perfect 448 00:22:26,119 --> 00:22:28,960 explanation to that. I love that company. We actually own it. 449 00:22:29,039 --> 00:22:31,920 It's not a recommendation to buy it, but I just 450 00:22:32,000 --> 00:22:34,480 love them. Okay, but they only operate in the United States. 451 00:22:34,759 --> 00:22:35,279 Speaker 4: I think they have. 452 00:22:37,200 --> 00:22:41,480 Speaker 5: Hundred two hundred and fifty different locations, you know, delivering 453 00:22:41,559 --> 00:22:42,319 a great service. 454 00:22:42,680 --> 00:22:43,640 Speaker 4: They focus on. 455 00:22:45,160 --> 00:22:49,279 Speaker 5: Organics, right, uh, non pesticides, way all the you know, 456 00:22:50,079 --> 00:22:51,799 good stuff that we want to be getting out of 457 00:22:51,839 --> 00:22:53,359 our food. Like that's you know, they're kind of like 458 00:22:53,400 --> 00:22:56,599 a they're like a working man's and they're actually better, 459 00:22:56,680 --> 00:22:59,119 but they're there are reasonably priced whole foods. 460 00:22:59,279 --> 00:22:59,400 Speaker 3: Right. 461 00:23:00,519 --> 00:23:06,000 Speaker 5: If you pass that antiprouse price gouging rule, I would 462 00:23:06,039 --> 00:23:09,279 be pretty sure that a chain like Sprouts Farmers Market 463 00:23:09,400 --> 00:23:12,079 will probably end up selling out to a large national 464 00:23:12,160 --> 00:23:15,039 chain and you'll just see, you'll see more consolidation. 465 00:23:15,440 --> 00:23:16,680 Speaker 4: That's the other thing that happens. 466 00:23:17,039 --> 00:23:22,920 Speaker 5: Okay, so right, And this is where they are unquestionably 467 00:23:23,000 --> 00:23:26,920 the party of big business. The more regulation you put 468 00:23:27,000 --> 00:23:32,359 into any industry, the more inspiration you are providing for conglomeration, 469 00:23:32,960 --> 00:23:36,680 and the less inspiration you are providing for competition. Because 470 00:23:36,759 --> 00:23:40,839 the more regulatory costs there are to operate in a business, right, 471 00:23:41,279 --> 00:23:44,759 the easiest way to spread that regulatory cost and make 472 00:23:44,799 --> 00:23:47,759 it a smaller percentage is to combine business and widen 473 00:23:47,799 --> 00:23:50,359 your footprints. Who are the businesses that can buy the 474 00:23:50,400 --> 00:23:54,079 most companies and consolidate the most the biggest businesses. It 475 00:23:54,920 --> 00:24:00,359 like everything these people propose is putting small moment pop 476 00:24:00,440 --> 00:24:03,799 shops out of business and strengthening fortune five hundred companies. 477 00:24:03,920 --> 00:24:06,720 Speaker 2: Right, And with consolidation, there's also this loss of jobs. 478 00:24:06,839 --> 00:24:08,599 Speaker 1: Why would you say that, Well, because we don't need 479 00:24:08,720 --> 00:24:12,880 multiple accounting departments, multiple marketing departments, multiple sales departments, multiple 480 00:24:12,960 --> 00:24:13,799 shipping departments. 481 00:24:14,160 --> 00:24:14,839 Speaker 2: We don't need that. 482 00:24:15,000 --> 00:24:17,480 Speaker 1: And by the way, just this week thereat the FED 483 00:24:17,599 --> 00:24:21,319 came along and said, uh, yeah, you know what, we 484 00:24:21,480 --> 00:24:25,160 actually overestimated the job growth by about a million people. 485 00:24:25,799 --> 00:24:29,559 Just darn the stink and luck, yeah, what you gonna do? Well, 486 00:24:29,599 --> 00:24:32,480 it's just the Fed. Understand this, guys, something about big 487 00:24:32,599 --> 00:24:36,039 business and these price controls. It's proven not to work, 488 00:24:36,279 --> 00:24:38,440 So why are they doing it? In my judgment, it's 489 00:24:38,519 --> 00:24:42,319 because it doesn't work, except it gives the government an 490 00:24:42,359 --> 00:24:43,640 excuse to get more power. 491 00:24:44,480 --> 00:24:47,160 Speaker 2: Story number three. We've tried this. 492 00:24:47,319 --> 00:24:50,319 Speaker 1: We've seen this in the in parts of the country 493 00:24:50,440 --> 00:24:53,359 on human beings, not on businesses, and businesses are nothing 494 00:24:53,400 --> 00:24:57,480 more than a collection of human beings. It's called unrealized 495 00:24:57,519 --> 00:25:01,200 gains taxing unrealized gains. I want to present this scenario 496 00:25:01,279 --> 00:25:02,640 to you guys in a way that I'm going to 497 00:25:02,759 --> 00:25:05,559 just let you know. Zach's gonna explain how this works. 498 00:25:05,640 --> 00:25:08,039 Zach Abraham, chief investment Officer bol Or Capital Managements, can 499 00:25:08,119 --> 00:25:11,000 explain how this works. This is not going to remain 500 00:25:11,319 --> 00:25:15,720 on companies. I guarantee they intend for this to come 501 00:25:15,839 --> 00:25:18,880 to you. It could be on your savings account, it 502 00:25:18,960 --> 00:25:21,920 could be on your inheritance, it could be on your house, 503 00:25:21,960 --> 00:25:24,079 which is where I think it's really going to start. 504 00:25:24,559 --> 00:25:27,839 They don't like little people owning houses. They told us 505 00:25:27,920 --> 00:25:30,920 we should own nothing and be happy. They've said, in fact, 506 00:25:31,039 --> 00:25:33,960 home ownership's a bad deal for most people. We shouldn't 507 00:25:34,000 --> 00:25:37,440 own homes, but they should. So we'll have Zach explain 508 00:25:37,559 --> 00:25:40,039 what this means and what it means for you. After 509 00:25:40,079 --> 00:25:43,119 I tell you about this, in your home or your business, 510 00:25:43,279 --> 00:25:46,680 or your RV or your dorm, you may have the 511 00:25:47,119 --> 00:25:49,559 unavoidable fact of bad smell. Let me give you an 512 00:25:49,599 --> 00:25:52,680 example of this. I went out the other day and 513 00:25:52,799 --> 00:25:54,839 I visited with a friend of mine who was a 514 00:25:54,880 --> 00:25:58,319 horse property. So he's someone who's in my discipleship group. 515 00:25:58,359 --> 00:25:59,279 Speaker 2: But I just was nearby. 516 00:25:59,599 --> 00:26:02,119 Speaker 1: I'd never seeing the horse property, so I popped a text, said, hey, 517 00:26:02,160 --> 00:26:04,559 I wanted to swing by, and sure enough. 518 00:26:04,640 --> 00:26:07,680 Speaker 2: His house is a beautiful, beautiful house, but. 519 00:26:07,799 --> 00:26:09,920 Speaker 1: The downstairs area and he admits it, Hey, look, you 520 00:26:09,960 --> 00:26:11,920 know a bunch of ranching clothes and stuff in here. 521 00:26:12,279 --> 00:26:14,200 Speaker 2: You walk in through that wet room or whatever they 522 00:26:14,279 --> 00:26:17,240 call that. And there, yep, Overall's boots. 523 00:26:17,319 --> 00:26:20,720 Speaker 1: It smelled like well, horse stuff, and I jokingly said, 524 00:26:20,759 --> 00:26:22,599 you know what you should get the eating pure auxy 525 00:26:22,680 --> 00:26:24,559 leaf two should throw that in her. He views and 526 00:26:24,640 --> 00:26:26,279 listens to the podcast and he suff for a second. 527 00:26:26,279 --> 00:26:29,599 He goes, dude, he goes, that would work. And here 528 00:26:29,599 --> 00:26:31,640 I goes absolutely because with all I mean, even with 529 00:26:31,759 --> 00:26:33,599 the fresh stuff coming in, I go, it will work. 530 00:26:34,079 --> 00:26:37,319 I guarantee it will work. See, this produces ozone. It's 531 00:26:37,359 --> 00:26:39,000 not an air filter and El Virgil's not going to 532 00:26:39,039 --> 00:26:40,680 clean that up. That's not a clean up the smell, 533 00:26:41,319 --> 00:26:44,000 but the oxy leaf pure the oxy leaf too from 534 00:26:44,160 --> 00:26:47,880 Edenpredeals dot com. Yeah, it will because it produces ozone. 535 00:26:48,480 --> 00:26:50,880 Ozone goes into the air and it bonds to the 536 00:26:50,960 --> 00:26:54,319 molecules coming off the horse, doodoo and the mud at 537 00:26:54,359 --> 00:26:55,880 the cetera in that room. And that's what it is, 538 00:26:56,000 --> 00:26:58,920 is a mud room, and it bonds to those smells 539 00:26:59,160 --> 00:27:02,480 and its them. It even works with viruses. So I 540 00:27:02,640 --> 00:27:05,640 guaranteed my friend, this will absolutely work in that space. 541 00:27:05,680 --> 00:27:08,079 So he's buying some, just like many of my friends have. 542 00:27:08,240 --> 00:27:10,440 We've got one in the studio. It smells like the 543 00:27:10,519 --> 00:27:12,440 day after the thunderstorm in here all the time. We've 544 00:27:12,480 --> 00:27:14,359 got two at home. Now I'm gonna save you two 545 00:27:14,359 --> 00:27:16,680 inter Bucks while we're talking about the economy. Good to 546 00:27:16,759 --> 00:27:19,519 eatinpid deals dot com. Get three of these devices. That's 547 00:27:19,559 --> 00:27:23,799 whole home coverage. Eatenprid deals dot com, enter code Todd three. Boom, 548 00:27:23,880 --> 00:27:26,559 you save twoitter bucks eatingprideals dot Com entercode Todd three. 549 00:27:27,160 --> 00:27:31,680 So zach, what is an unrealized corporate gains tax? And 550 00:27:31,880 --> 00:27:34,000 why should people be concerned about this? Starting with what 551 00:27:34,240 --> 00:27:34,799 is this thing? 552 00:27:35,799 --> 00:27:36,480 Speaker 4: Well, I'd have to. 553 00:27:36,559 --> 00:27:39,640 Speaker 5: I'd have to dig through it, because I mean, there, 554 00:27:40,200 --> 00:27:42,079 there is what it is, and then there's the way 555 00:27:42,119 --> 00:27:47,920 it's legislatively defined. Right, But generally speaking, an an unrealized 556 00:27:48,039 --> 00:27:51,720 tax is any investment or any asset that's been purchased 557 00:27:52,359 --> 00:27:54,839 that has gone up in value, but that asset has 558 00:27:54,920 --> 00:27:57,880 not been sold and that gain has not been realized. Right, 559 00:27:57,960 --> 00:27:59,519 So I think the easiest way is to put it 560 00:27:59,519 --> 00:28:01,519 in the house. Right, you paid two hundred grand for 561 00:28:01,519 --> 00:28:03,599 a house, it's now worth six hundred grand. You have 562 00:28:03,640 --> 00:28:06,759 four hundred thousand dollars worth of unrealized cab gains. Okay, 563 00:28:07,319 --> 00:28:11,319 So people are sitting there going, let's first get down 564 00:28:11,400 --> 00:28:14,599 to let's first get down to brass tacks on something else. Though, 565 00:28:16,559 --> 00:28:22,160 Any discussion about people paying their fair share or paying 566 00:28:22,279 --> 00:28:26,359 down deficits that does not start with spending cuts at 567 00:28:26,400 --> 00:28:29,000 the government side is an absolute joke. 568 00:28:29,240 --> 00:28:30,119 Speaker 4: The numbers aren't. 569 00:28:30,359 --> 00:28:32,720 Speaker 5: There is no way you tax yourself out of these 570 00:28:32,759 --> 00:28:37,079 deficits without completely collapsing the economy. And that's not an opinion, 571 00:28:37,160 --> 00:28:40,079 that's just math. Okay, And you're gonna hear people step 572 00:28:40,200 --> 00:28:42,319 up there and there, Well, that's not true because by 573 00:28:42,440 --> 00:28:45,359 year you look at all of those assumptions that those 574 00:28:45,400 --> 00:28:47,920 guys make, they make the assumption as if US debt 575 00:28:47,960 --> 00:28:51,240 isn't going to grow, right, So you're sitting there going, 576 00:28:51,279 --> 00:28:51,960 this is a joke. 577 00:28:52,160 --> 00:28:54,559 Speaker 1: Right, So, yeah, you pay off the existing debt. Let's 578 00:28:54,559 --> 00:28:56,920 say you seize all the money held by the top 579 00:28:57,039 --> 00:29:00,480 five percent in society, Yes, seize it, and you pay 580 00:29:00,519 --> 00:29:03,279 off the debt for a couple of years, Except we 581 00:29:03,359 --> 00:29:06,359 don't stop spending, right, it's just continuous to grow on 582 00:29:06,440 --> 00:29:06,799 day one. 583 00:29:07,400 --> 00:29:10,079 Speaker 4: Yeah, I mean you know, I mean you're running six. 584 00:29:10,200 --> 00:29:14,000 Speaker 5: I mean the idea that you're discussing up in taxes 585 00:29:14,720 --> 00:29:17,759 to better financea government that's running six and a half to. 586 00:29:17,839 --> 00:29:20,640 Speaker 4: Seven percent deficits. It's absurd. 587 00:29:21,599 --> 00:29:23,960 Speaker 5: It's absurd on the face of it, and it has 588 00:29:24,119 --> 00:29:26,960 nothing to do I mean, they might believe it does, 589 00:29:27,440 --> 00:29:31,160 but the people that push these these these policies, it's 590 00:29:31,240 --> 00:29:34,359 all about seizing more control over the economy. It has 591 00:29:34,519 --> 00:29:37,079 nothing to do with paying down debt. And like I said, 592 00:29:37,160 --> 00:29:39,359 you can look at this in a in a very 593 00:29:39,559 --> 00:29:43,319 simple mathematics or the other part of it that is 594 00:29:43,400 --> 00:29:48,960 completely unconstitutional is that how do you tax Again that 595 00:29:49,119 --> 00:29:52,400 hasn't been realized. What happens when the value of that 596 00:29:52,599 --> 00:29:54,799 goes down, You're going to pay them back to taxes. 597 00:29:55,440 --> 00:29:56,839 Speaker 4: But no, so so. 598 00:29:58,440 --> 00:30:02,519 Speaker 5: You know what it's doing is it is an erosion 599 00:30:03,599 --> 00:30:07,359 of ownership. If you can tax capital gains, then you 600 00:30:07,480 --> 00:30:08,839 don't actually own anything. 601 00:30:09,920 --> 00:30:12,359 Speaker 1: Well, let's look at what happens when you view it 602 00:30:12,480 --> 00:30:15,480 that way. Property tax already means you don't own anything. 603 00:30:16,119 --> 00:30:17,920 You don't own your home. You're branting your home from 604 00:30:17,960 --> 00:30:21,240 the government. But let's expand this thought. This is basically 605 00:30:21,400 --> 00:30:26,599 like reparations. You are taxing people money they haven't earned 606 00:30:27,880 --> 00:30:30,799 to give to people who are going to burn it in. 607 00:30:30,799 --> 00:30:32,039 Speaker 2: A barrel right. 608 00:30:32,079 --> 00:30:36,039 Speaker 1: It's basically that. So if this happens, you'll never know 609 00:30:36,319 --> 00:30:39,000 how much money you actually owe on anything. And the 610 00:30:39,079 --> 00:30:41,759 government could come along and this is exactly what they 611 00:30:41,759 --> 00:30:43,599 will do. I guarantee this is what they will do. 612 00:30:44,240 --> 00:30:46,359 They'll look at people who had a six hundred thousand 613 00:30:46,400 --> 00:30:49,200 dollars home they purchased and it's gone up into the value. 614 00:30:49,240 --> 00:30:51,960 Let's say it's now worth nine hundred thousand dollars. They're 615 00:30:52,000 --> 00:30:53,839 going to come along and start taxing you on this. 616 00:30:53,920 --> 00:30:56,279 And they've tried this with property tax. We're going to 617 00:30:56,440 --> 00:30:58,480 tax you in that nine hundred thousandar home. But here's 618 00:30:58,519 --> 00:31:01,400 Zach where this is headed. I promise you it's headed 619 00:31:01,440 --> 00:31:04,920 into good best use cidaris. You know what this is 620 00:31:05,039 --> 00:31:08,559 right where your house right now is a nice six 621 00:31:08,640 --> 00:31:10,400 bedroom house. It's got a little bit of a view 622 00:31:10,440 --> 00:31:12,920 of territorial view. But you know what could go there 623 00:31:13,079 --> 00:31:16,079 is a condo. We could put eighteen units there and 624 00:31:16,240 --> 00:31:18,640 have on the bottom floor a coffee shop and a 625 00:31:18,680 --> 00:31:21,759 little mini whole foods. Therefore, the good and best use 626 00:31:21,839 --> 00:31:24,559 of this is a two million to three million to 627 00:31:24,640 --> 00:31:27,400 four million dollar condo. We're going to start costing you. 628 00:31:27,480 --> 00:31:30,119 We're going to start taxing you on that this will 629 00:31:30,160 --> 00:31:32,160 be an effort to force people out of their homes 630 00:31:32,640 --> 00:31:34,640 so that they can build even more tax spaces in 631 00:31:34,680 --> 00:31:35,000 the city. 632 00:31:35,039 --> 00:31:36,559 Speaker 2: I think this is where this ultimately goes. 633 00:31:38,079 --> 00:31:42,279 Speaker 5: Yeah, no, I look, and the interesting one is I 634 00:31:42,359 --> 00:31:44,160 need to actually dig into what they mean by. 635 00:31:45,839 --> 00:31:49,680 Speaker 4: Corporate unrealized. I mean, just think about it. 636 00:31:49,799 --> 00:31:52,279 Speaker 5: It doesn't give you the ability to control your own 637 00:31:52,319 --> 00:31:58,839 balance sheet. It's insanity. It's I mean, it's it's complete insanity. 638 00:31:59,119 --> 00:32:01,279 It doesn't give you the ability to control or or 639 00:32:01,599 --> 00:32:03,680 work your own cab gains schedules. 640 00:32:04,079 --> 00:32:04,839 Speaker 4: It doesn't, I mean it. 641 00:32:05,319 --> 00:32:09,039 Speaker 5: And and I I agree with your assertion that property 642 00:32:09,119 --> 00:32:13,079 tax is very similar to that. But but property tax 643 00:32:13,839 --> 00:32:16,519 is Look, there is what we call a carry cost 644 00:32:16,680 --> 00:32:21,119 to any investment. Okay, explain that any and all investments 645 00:32:21,319 --> 00:32:23,960 have some type of cost to them, even if that 646 00:32:24,119 --> 00:32:27,720 cost is only opportunity cost. Meaning when we've got when 647 00:32:27,720 --> 00:32:30,079 we own an investment or we put money into an investment, 648 00:32:30,640 --> 00:32:33,640 there are you know, uh, there are maintenance costs we 649 00:32:33,759 --> 00:32:35,960 have to pay on a business. There's property taxes we 650 00:32:36,039 --> 00:32:39,200 have to pay. There's you know, upkeep there. You know, 651 00:32:39,279 --> 00:32:42,400 there's there there's different things right. There can even be 652 00:32:42,759 --> 00:32:46,079 while we're sitting in one investment, we're simultaneously taking the 653 00:32:46,160 --> 00:32:48,119 risk that there is a better investment that will be 654 00:32:48,200 --> 00:32:48,759 more productive. 655 00:32:48,839 --> 00:32:52,079 Speaker 4: Right. That's what we call opportunity costs, meaning you know, 656 00:32:52,599 --> 00:32:54,160 if if it's. 657 00:32:54,079 --> 00:32:58,119 Speaker 5: Not just does this you know, does this investment pay well, 658 00:32:58,599 --> 00:33:01,519 it's does this investment well compared to everything else I 659 00:33:01,559 --> 00:33:02,519 could have put the money into. 660 00:33:03,200 --> 00:33:06,960 Speaker 4: Right, So, so you know property tax, well, I agree 661 00:33:07,000 --> 00:33:07,200 with you. 662 00:33:07,440 --> 00:33:12,759 Speaker 5: In principle that it is something that dilutes away, you know, 663 00:33:12,880 --> 00:33:17,240 the benefits of legally owning something. It's also a carry 664 00:33:17,319 --> 00:33:19,720 costs that when you look at the traditional like let's 665 00:33:19,799 --> 00:33:22,160 use real estate or even the stock market as an example, 666 00:33:23,880 --> 00:33:26,240 or real estate because we're talking about property taxes, but 667 00:33:27,640 --> 00:33:32,759 real estate historically appreciates at a much faster rate than 668 00:33:33,000 --> 00:33:37,240 property taxes go up and as a property right. Okay, 669 00:33:37,319 --> 00:33:41,000 So so I see, I agree with what you're saying, 670 00:33:41,000 --> 00:33:42,759 and I think there is something criminal about the way 671 00:33:42,759 --> 00:33:46,079 that we handle property taxes in this country. That being said, 672 00:33:46,759 --> 00:33:52,079 most property taxes, virtually all actually are While I don't 673 00:33:52,160 --> 00:33:54,799 like paying them, they're a localized tax. 674 00:33:54,839 --> 00:33:55,640 Speaker 4: The vast majority of. 675 00:33:55,640 --> 00:33:57,359 Speaker 5: That revenue goes to the schools that your kids go 676 00:33:57,440 --> 00:34:00,000 to school to, They go to roads, fire departments, things 677 00:34:00,200 --> 00:34:04,680 like that. When we start talking about cap gains taxes 678 00:34:05,160 --> 00:34:08,400 on things like real estate, they go directly to a 679 00:34:08,480 --> 00:34:11,039 federal government that, in our case, living here in the 680 00:34:11,039 --> 00:34:14,559 state of Washington is three thousand miles away. Right, that's 681 00:34:14,599 --> 00:34:17,880 a completely to me, it is a much more pernicious deal. 682 00:34:18,360 --> 00:34:21,920 The other thing is those property taxes, they don't they 683 00:34:22,079 --> 00:34:26,400 do not limit the profitability right now. They chew it 684 00:34:26,440 --> 00:34:28,559 away a little bit, but it's a small enough percentage. 685 00:34:28,760 --> 00:34:31,800 When you're sitting there saying I am going to preemptively 686 00:34:32,000 --> 00:34:35,800 tax money that you have quote unquote made. First of all, 687 00:34:35,840 --> 00:34:36,880 how do we determine that? 688 00:34:38,840 --> 00:34:39,519 Speaker 4: Who's the one? 689 00:34:39,639 --> 00:34:42,519 Speaker 5: Because if we're gonna bet you haven't made it, right, 690 00:34:42,840 --> 00:34:44,760 if you're gonna if you're gonna, if you're gonna push 691 00:34:45,360 --> 00:34:47,000 you know, and I'll give you a perfect example of this. 692 00:34:47,519 --> 00:34:51,400 If you're going to push a tax cap gains on 693 00:34:51,559 --> 00:34:57,559 unrealized gains, okay, then what you're what you're simultaneously doing, 694 00:34:58,480 --> 00:35:00,639 I mean you're you're pigeonholing something. Body into it right 695 00:35:00,639 --> 00:35:02,280 where they've got they've got no choice. They're gonna have 696 00:35:02,280 --> 00:35:05,239 to do it, but who determines what the actual profit is? 697 00:35:05,840 --> 00:35:09,119 Meaning it hasn't been sold, it hasn't been realized. So 698 00:35:09,400 --> 00:35:13,800 the value is theoretical, right, right, but the tax is 699 00:35:13,840 --> 00:35:15,119 real one. 700 00:35:16,360 --> 00:35:16,480 Speaker 4: Right. 701 00:35:16,599 --> 00:35:18,840 Speaker 5: So let's say, you know, let's say you've got a 702 00:35:18,880 --> 00:35:23,599 neighbor or or somebody across town and you know it's 703 00:35:23,760 --> 00:35:26,760 it's a considerably more desirable location or whatever, but you 704 00:35:26,840 --> 00:35:29,079 both have thirty four hundred foot ramblers that are on 705 00:35:30,039 --> 00:35:33,559 you know, half acre lots. You know, is that going 706 00:35:33,599 --> 00:35:36,039 to be your comp even though houses in that part 707 00:35:36,079 --> 00:35:38,519 of the you know, it's still within a half a 708 00:35:38,599 --> 00:35:40,880 mile or a one mile radius. But you know, there's 709 00:35:40,880 --> 00:35:43,000 several different places in the States where if you move 710 00:35:43,079 --> 00:35:46,559 one mile, real estate fluctuate. Real estate prices can fluctuate 711 00:35:46,599 --> 00:35:49,400 by twenty five to thirty percent, right right right. 712 00:35:49,480 --> 00:35:51,239 Speaker 4: The place I used to live was like that. It 713 00:35:51,360 --> 00:35:53,000 was a a in a gated community. 714 00:35:53,480 --> 00:35:55,960 Speaker 5: If if you went a quarter of a mile to 715 00:35:56,079 --> 00:35:59,480 another house, everything else being held equivalent, and you left 716 00:35:59,519 --> 00:36:02,320 the gated can unity, the prices went down by about 717 00:36:02,360 --> 00:36:04,000 fifteen to twenty percent, right. 718 00:36:04,079 --> 00:36:05,840 Speaker 4: Well, so who's who's. 719 00:36:06,559 --> 00:36:09,519 Speaker 1: It's get Who's going to pay the twenty five percent 720 00:36:09,639 --> 00:36:11,280 less who's going to pay the twenty five percent money? 721 00:36:11,320 --> 00:36:13,960 Right Washington, DC doesn't care. They're going to have a 722 00:36:14,039 --> 00:36:16,000 formula and it's going to be laid across the country. 723 00:36:16,239 --> 00:36:17,760 Speaker 2: Let's boil it down to this. This is really what 724 00:36:17,840 --> 00:36:18,519 we're talking about. 725 00:36:19,039 --> 00:36:21,800 Speaker 1: Quantitative easing is the conjuring of money, and I've agreed 726 00:36:21,840 --> 00:36:22,000 on that. 727 00:36:22,679 --> 00:36:23,440 Speaker 4: This is what this is. 728 00:36:23,599 --> 00:36:26,719 Speaker 1: It's a reverse quantitative easing. It's the government coming to 729 00:36:26,760 --> 00:36:29,599 you and taxing you on money you don't have. They're 730 00:36:29,639 --> 00:36:32,400 taxing you on money you've never made. They're taxing you 731 00:36:32,480 --> 00:36:35,079 on a profit you've never realized. If they can do 732 00:36:35,320 --> 00:36:41,159 that based upon corporate unrealized corporate gains, unrealized corporate gains, 733 00:36:41,480 --> 00:36:45,000 they can do that in unrealized private gains, because corporations 734 00:36:45,039 --> 00:36:48,000 are nothing more than a group of individuals. If you 735 00:36:48,119 --> 00:36:50,360 accept the premise that the government can tax you on 736 00:36:50,440 --> 00:36:53,400 money you have never earned, then the government can come 737 00:36:53,480 --> 00:36:56,280 to you with your house and the government can say 738 00:36:56,920 --> 00:37:00,719 your house should be a condo. Since it's not a condo, 739 00:37:00,880 --> 00:37:03,360 we're going to tax you like it is one. Because 740 00:37:03,480 --> 00:37:06,440 that's what the capital gains could be. If you would 741 00:37:06,440 --> 00:37:08,920 get off your butts and sell the house to the 742 00:37:09,039 --> 00:37:13,199 nice people from the big investment banks who want to 743 00:37:13,239 --> 00:37:16,480 buy up all the houses. So you choose let them 744 00:37:16,519 --> 00:37:19,840 pay you for your house or pay a two million 745 00:37:19,880 --> 00:37:23,320 dollar tax on a property that you bought for six 746 00:37:23,440 --> 00:37:24,480 hundred thousand dollars. 747 00:37:24,800 --> 00:37:26,880 Speaker 2: And it's unrealized gains. 748 00:37:27,280 --> 00:37:27,559 Speaker 3: That's it. 749 00:37:27,679 --> 00:37:30,199 Speaker 1: You're giving the government the right detation money you've never made. 750 00:37:31,599 --> 00:37:34,599 Speaker 5: That's what it is, right, yeah, yeah, well and it's 751 00:37:34,639 --> 00:37:38,920 also once again right, this is not stuff that is 752 00:37:39,000 --> 00:37:41,000 beneficial for the little guy. 753 00:37:41,320 --> 00:37:43,840 Speaker 4: What does this do an aggregate? It pushes prices higher? 754 00:37:44,320 --> 00:37:47,000 Speaker 2: Right, And sitting there looking at this is black rock 755 00:37:47,079 --> 00:37:50,679 going love me some of that. Guess what? 756 00:37:50,960 --> 00:37:54,480 Speaker 1: I can handle that stuff all stinking day long. Plus 757 00:37:54,679 --> 00:37:57,800 happens that I got speed dial over to the irs. 758 00:37:58,119 --> 00:37:59,599 You know what, we need some help with a thing 759 00:37:59,719 --> 00:37:59,920 or two. 760 00:38:00,480 --> 00:38:00,679 Speaker 4: Yeah. 761 00:38:00,760 --> 00:38:03,000 Speaker 5: Now, what's funny is I just saw a headline come through. 762 00:38:03,480 --> 00:38:06,760 The Other thing that the Democrats are simultaneously doing and 763 00:38:06,800 --> 00:38:09,960 trying to add to their platform is some serious anti 764 00:38:10,000 --> 00:38:12,760 trust legislation with teeth. And I just put out a 765 00:38:12,800 --> 00:38:16,639 tweet where I quoted that tweet that that breaking news, 766 00:38:17,079 --> 00:38:20,559 And I just said, look, you're promoting anti trust legislation 767 00:38:20,639 --> 00:38:25,159 while you're pushing cost controls while you're pushing attacks on 768 00:38:25,280 --> 00:38:26,559 capital gains, et cetera. 769 00:38:26,639 --> 00:38:28,719 Speaker 4: It's like brushing your teeth while you're eating oreos. 770 00:38:31,280 --> 00:38:34,760 Speaker 5: I mean, you're instantly undoing any benefit that you would 771 00:38:34,800 --> 00:38:38,079 get from anti trust legislation because every single thing you're proposing, 772 00:38:39,320 --> 00:38:41,960 whatever you're hitting them on the anti trust side, you're 773 00:38:42,000 --> 00:38:43,960 giving it right back to them in the forms of 774 00:38:44,000 --> 00:38:47,280 these cost controls and increase with you know, it's just 775 00:38:48,000 --> 00:38:51,400 it's just insane. And this is why these guys, especially 776 00:38:51,519 --> 00:38:54,639 these tech guys, have been so smart to attack things 777 00:38:54,719 --> 00:38:57,079 the way that they've been because they can stay in 778 00:38:57,239 --> 00:39:00,480 friendly with the media, they can go along with the 779 00:39:00,559 --> 00:39:03,960 liberal zeitgeist. And what they found out, and this goes 780 00:39:04,039 --> 00:39:06,880 back to that bird Bill Gurly video that Ted Talkie did. 781 00:39:07,239 --> 00:39:11,280 What they found out is it's actually way more beneficial 782 00:39:11,360 --> 00:39:13,639 to their business than if they got the. 783 00:39:13,679 --> 00:39:18,840 Speaker 4: Regulatory cuts that they probably should get. Yes, just they all, 784 00:39:19,000 --> 00:39:20,480 they all woke up to that realization. 785 00:39:20,639 --> 00:39:24,239 Speaker 5: We'll wait a second, right, more regulations, more costs, more advantage, 786 00:39:24,280 --> 00:39:27,320 we've got more. We consolidate our power and we can 787 00:39:27,400 --> 00:39:28,880 make that up in other markets. 788 00:39:29,880 --> 00:39:30,360 Speaker 2: Well said. 789 00:39:30,800 --> 00:39:34,239 Speaker 4: It's just blind, man, It's just well said. There's not a. 790 00:39:34,360 --> 00:39:37,880 Speaker 5: Single citizen in the United States that will benefit from 791 00:39:38,079 --> 00:39:39,280 any one of these policies. 792 00:39:39,559 --> 00:39:40,079 Speaker 2: Well said. 793 00:39:40,559 --> 00:39:42,840 Speaker 1: Praise God for wise counsel as You've joyed to have 794 00:39:42,920 --> 00:39:44,960 you on Zach Abraham Know Your Risk Radio dot Com. 795 00:39:45,199 --> 00:39:47,559 Speaker 2: Appreciate you, my brother. Thank you so much for joining us. 796 00:39:48,239 --> 00:39:49,920 Speaker 4: Hey, thank you for having me. Man, God bless you 797 00:39:49,960 --> 00:39:50,599 with all the listeners. 798 00:39:50,880 --> 00:39:51,920 Speaker 2: This is a Todd Herbert show. 799 00:39:51,960 --> 00:39:54,800 Speaker 1: Please go, be well, be strong, be kind, and remember 800 00:39:55,159 --> 00:39:58,559 but don't place your trust in the economics, the charots 801 00:39:58,599 --> 00:40:01,440 and horses of money place It's your trust in God Almighty.