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Speaker 1: Welcome to another episode of the Chicks on the Right podcast. Today,

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I have with me one of our favorites, our BFF

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and sponsor, Zach Abraham of Bulwart Capital Management. Zach, interesting

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topic that we have for you today, and that is

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apparently two representatives that you would not expect to be

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working together, Anna, Paulina Luna and AOC have decided to

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work together to introduce a bill that would cap credit

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card interest rates at ten percent, which of course is

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vastly lower than most of them are right now. And

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they're saying they want to do this because they think

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that this will end predatory practices. But on the other side,

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there are critics who are saying this is going to

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slow down economic growth, this is going to limit access

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to credit for low income folks. Where do you stand

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on this?

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Speaker 2: You know, this is a tricky one because I am

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not in favorite all of the current setup. Meaning if

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you if you look at usery laws. Wait, I want

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to say, I want to say credit card interest rates

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are currently caped to like thirty percent.

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Speaker 1: I mean, and they're right up there.

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Speaker 2: Yeah, seems like yeah, Well, I mean wherever you put

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the cap right, that's where they're going to both bias

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right time. So so the thing you have to think about,

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and these are always the things that get messed up

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in economics, is we have an issue and we start

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treating a symptom as opposed to looking at the pause

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right now. Sometimes that's all you can do. And in

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this situation, I think that there is a there is

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a cause, there is there is reason and justification to

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treat the symptom per se. Meaning I do not think

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if folks fall on tough times or whatever and miss

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a credit card payment that their balance should immediately go

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from six nine nine to twenty nine nine nine right

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like that. That seems onerous. The flip side of that

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is that I think that culturally speaking and financially speaking,

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one of the biggest problems we have in this country

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is the non existence, if you will, or the extinction

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of the whole concept of caveat import right, buyer beware.

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And you deal with this in financial regulations so much

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where so many of these regulations you can look at

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them and you can see the intended purpose, right, and

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the intended purpose was good, okay. The problem is is

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that these things are thought of by people that are

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typically non practitioners and they don't think about the knock

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on effects. So yeah, and I can point to several

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financial regulations that were passed that on the face of it,

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you go, oh, yeah, that makes sense, and then I go, okay,

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but here's what you didn't think about. And so actually

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this regulation is accomplishing the exact opposite of what you're

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trying to accomplish, right, And so I think we got

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to be careful with that in credit cards because here's

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a fact. If you cap rates at ten percent, less

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credit will be available period. Now.

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Speaker 1: Is that to explain that? Because is it just because

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the credit card companies are making less and they don't

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want to assume as much risk by giving it by

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extending credit to higher risk people?

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Speaker 2: Is that why? Yeah? Yeah, Basically you know these guys

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aren't stupid, right, and so they're sitting there doing these

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They're very similar to actuary actuary tables, right, looking at

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default rates and you know, comparing that to income levels,

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and there's all these ways that you can predict risk

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and you can actually risk it. You can actually predict

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it way tighter and way more accurately than most people

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would think. Well, if I lower the upper bound, right,

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there are several people where if I run them through

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my scenario, my computer will kick back and be like, look,

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if you're not charging this guy fifteen percent, there's no

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way you're going to make any money on this, right,

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So what am I going to do? I'm not going

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to lend to anybody that if their credit comes back

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saying that we need to charge them sixteen or seventeen percent,

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I'm just not going to lend to them, right, And

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you can't make that That's what I don't think people

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like this understand. Certainly AOC doesn't where Okay, great, you

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can artificially determine interest rate levels, but you can't make

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anybody lend at that level, right, Yeah.

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Speaker 1: Because it seems this seems like the same thing is

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just telling, you know, telling companies how much profit they're

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allowed to make.

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Speaker 2: ROCH doesn't seem right, And so I think that you

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should have some usury laws put in place. Like I said,

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I don't think the way the current says. There's also

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there's also a lot of historic precedent for usery laws,

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and the fact that we don't have tighter ones on

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the books is a problem. Okay, But the way that

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they're going about doing This is very concerning to me

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because these are how things get broken. Meaning ten percent

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seems like a good level. You have no idea, you

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don't know what level is. Let's sit down with some

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actuaries and figure out, Okay, if we cap it at fifteen,

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how much of Because like I said, these things are

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not unknown. Okay, we can put five knowledgeable people together

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in a room with a laptop, and I can tell

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you probably within half a percentage point of where if

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we if we put that cap at fifteen percent, this

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is how much consumer credit will disappear. If we put

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the cap at twelve, it's how much consumer credit will disappear.

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These are not unknown things, right, So the way you

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want to approach this is through a much more analytical

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and rigorous practice rather than just throwing out a ten

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percent because, like you said, you said it earlier on right,

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the question is available credit is helpful? We want to

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make sure that we are doing it in such a

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way that it is a benefit to the overall system, right,

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Meaning we know it's going to make less credit available,

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but if done correctly, it'll make less of the false

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as well. Right, Yeah, and so whatever we're whatever we're

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quote unquote hurting consumers with the lack of credit availability.

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They will be gaining back hopefully through you know, more

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economic production, smarter allocation of assets, you know, things like that.

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And that's really the that's really the only way you

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can go about doing it. But if you just start

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throwing off which it sounds to me like that's what

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they're doing. We think ten percent sounds fair well great,

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but if that if that eliminates forty percent of available

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consumer credit, that's a problem. Right, that makes sense? Well,

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especially the other thing that you have to consider too,

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is the amount of consumers that are currently levered up

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in this environment, right, meaning there's a lot of consumers

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that don't have the option of just saying, okay, well

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we'll quit using credit, right like, meaning they've created a

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nasty situation where for look, whether they like it or not,

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they're reliant on credit. Right If you all of a

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sudden lower that rate and they can't access credit, you've

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just created a pretty big problem for them. So it's thought.

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But here's the other thing too, and this goes right

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into what we're dealing with doge in this country. Getting

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back to that idea of caveat m tour. Also getting

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back to that idea of everything in adult life. And

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I've been hammering this over my kid's head lately, just

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because this is something that I think is just so

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basic it has just gotten lost in our culture. Everything

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in adult life is a cost benefit analysis, meaning everything

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has a cost, everything has a benefit. The question is,

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let's quit looking for cost free benefits. They do not exist.

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Perfection is the enemy of progress. What we need to

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start thinking like, is okay, how much pain are we

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willing to take to get this desired outcome? Because that's

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really the question. Right. It's like everybody freaking out about

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Doge and you're sitting there going, guys, how do you

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think we're ever going to balance a budget if we

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don't do auditing? Right, Like, nobody wants any type of

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pain or discomfort, and you're just we can't lay those

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people off, and you go, how did you think we

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are going to cut cost that money? What?

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Speaker 1: And it's like that I saw, you know, I saw

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just this week that there were people, you know, showing

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these stats that in Trump's you know, first however many

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days it's been now we're already seeing record deficits compared

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to last year and I'm like, so you're gonna blame

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that on him when it's literally because we we're not at.

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Speaker 2: In string bill. I'm not even his spending bill. It's

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not even his budget that's operating right now, right And yet.

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Speaker 1: They're gonna say it's because of his policies somehow that

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we're facing this like never before seen deficit. Therefore, Elon,

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Everything that Elon is doing is useless. This is this

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is like how their minds work. And I'm just like, Oh,

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this stuff to not happen instantaneously.

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Speaker 2: Or stop the Elon coup. He has much power, I go, guys,

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he has no power. All he's doing is giving recommendations

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to to to the people that do He has no power.

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He can't eliminate somebody's paycheck. He can't. He can't just

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sit there and start slashing budgets. All he can do

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is present the information. Hey. It was like a woman

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I was listening to the other day going off about

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the dissolution of the Department of Education, and she goes,

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if we get rid of the Department of Education, every

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school is going to turn into a Christian school. And

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and I and I and I responded, and I went pardon,

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and they oh, yeah, because there's gonna be no rule.

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And I go, guys, guys, separation of church and state

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is part constitution, whether deal Department of Education is involved

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or not. And they go, well, they're already putting Ten

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Commandments in the school. And I go, well, seeing is

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that is the basis for our entire legal system. There's

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at least something we should teach them. And they go, oh, well,

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they're putting Bibles in school, and I go, once again,

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the most published red manuscript in the history of humankind,

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And you don't think kids should have access to it

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in the school? What are we talking about? Right? Like,

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it's just I mean, and and here's the problem. Everybody

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makes up their own facts, right, Like getting rid of

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the Department of Education means that these are going to

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altern into Christian schools. You go, it also means that

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we're gonna get free McDonald's on Monday, Wednesday and Friday,

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and the Hamburglar is going to be the principal, right, Like,

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let's just make stuff up, you know, Yeah, well.

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Speaker 1: This is this is all they have. This is all

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that they can do is make stuff up, because they

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certainly can't lean on their own policies which suck, and

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you know, trying to turn education back over to the States.

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Speaker 2: It's not like the Department of.

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Speaker 1: Ed has always existed way back when actually kids were

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educated and in a way that was meaningful. Yeah, they've

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not been around that long, and so returning the control

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to the States, I think is a welcome change goal.

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Speaker 2: Yeah. Go look, all you have to do is go

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look at test scores. Okay, let's go look at test

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scores and aptitude scores from nineteen hundred to nineteen eighty,

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the year the Department of Education was put into existence.

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And let's see from now, for the first time in

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developed history of this country, you have illiteracy rates among

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people between eighteen to twenty five, going up, going soizy okay.

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And then you look at a country as big and

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diverse as ours is. You know, what is it the

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second largest country in terms of land mass, second or third? Okay,

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three hundred and sixty million people, and you think one

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department of education located in one city, which of I

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think it's important to point out, nobody in the Department

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of Education has actually taught anybody anything. Right, people have

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never stepped inside of a classroom, right, and you don't

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think localizing education, getting more parental and and customizing that

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education to the geographic specific needs of the people there.

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What like that is the dumbest think about like the

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people that live in the rich suburbs of DC educationally speaking,

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and then compare that to people growing up in Biloxi, Mississippi.

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And you're telling me that the exact same educational standard

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should be. It's just stupid, right, And.

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Speaker 1: I know that anytime Randy Weingarten is super mad about something,

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then I should be on the other side of that thing.

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Speaker 2: Yeah, we should be celebrating. Right, That's exactly right. And

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I just want to look at him and go, can

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somebody tell me a reason to not get rid of

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the Department of It? Yes, give me a point me

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to one thing.

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Speaker 1: Yeah, what has what has that department done for us lately?

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Speaker 2: Yeah? Yeah? Yeah, and justify it in some way. Point

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to me something that they have improved or that they

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have made better, and explain to me why you don't

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think education should be more local. Crazy thing is I

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feel like a granola munching liberal when I say stuff

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like that. Right, we want to make education more local,

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we want more more parental involvement, and then I turn

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around and all the granola crunching liberals are all like,

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that's because you're a fascist, and you're going right, wow, yeah,

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I thought everything has gotten so flipped on its head.

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Speaker 1: It's because now you know, conservatives are the are the rebels,

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like we're the crazy anti war you know, granola people

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just like you said.

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Speaker 2: Yeah, it's it is, it's.

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Speaker 1: We live in interesting times.

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Speaker 2: Yeah, isn't That isn't Maybe you look at interesting times

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at least? Thats right? That's right?

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Speaker 1: Well, and these interesting times certainly give you a lot

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of fodder when you have your webinars, which I know

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you've got another one coming up. You do these on

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the regular. How can people find out more about those

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and find out more about you?

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Speaker 2: Yeah, and a little bit of a plug here, guys.

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We are at a sea change right now as far

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as markets go, and if you're doing the same things

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that you've been doing over the last ten to fifteen years,

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it's just not going to work. And so we're exploit

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rather than saying that and trying to scare peep, you

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know what I mean? The webinar is all about showing

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them okay here, Structurally, our pictures of how the market

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has changed, what you need to be aware of, and

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how we're dealing with these things. And here's what everybody

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else is doing. They're not dealing with these things. They're

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just telling you to buy the dip right. Times are

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changing and you've got very historical things happening right now.

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So just walking people through what we do. You know,

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you've got a year like right now where the market's

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down six percent on the ear. Our flagship fund is

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positive on the ear. Explaining to them how that is

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right doesn't mean we're taking crazy risks. It's kind of

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the opposite. We're managing risk properly. So anyway, we're walking

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through that, explain that to you, and it's of no cost.

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We're doing that on March twentieth of this month, so

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next week, I believe that is Yeah. Just go to

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Borcapitalmanagement dot com. Sign up, it's for free and we'll

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happy to see you there. Awesome, Thanks again, Zach, all right,

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thank you so much. Reservices offered through Trek Financial loc

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and SEC registered investment advisor. The opinions expressed in this

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programmer for general informational purposes only and are not intended

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to provide specific advice or recommendations for any individual or

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on any specific security. Any references to performance of security

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so are thought to be materially accurate, and actual performance

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may different. Investments involve risk and are not guaranteed. Past

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performance doesn't guarantee future results. Track twenty four to three,

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Zeroly