1 00:00:30,399 --> 00:00:31,320 Speaker 1: What Up, everybody? 2 00:00:31,800 --> 00:00:34,799 Speaker 2: Welcome to another episode of Let's Ask Paul, the podcast 3 00:00:34,840 --> 00:00:37,799 where you get to ask me Paul Abernathy anything you 4 00:00:37,840 --> 00:00:40,799 want on the National Electrical Code of course, all things 5 00:00:40,840 --> 00:00:44,200 electrical as well. 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So we had a question 27 00:01:46,599 --> 00:01:50,159 that was submitted and it wasn't necessarily about the National 28 00:01:50,239 --> 00:01:54,560 Electrical Code. It is going to impact us electrically. If 29 00:01:54,599 --> 00:01:58,400 you're a contractor and you're buying products, you're importing products, 30 00:01:58,400 --> 00:02:01,400 you're using boxes or or something that may be made 31 00:02:01,480 --> 00:02:07,599 in another country China, Singapore, or we're Taiwan or Japan 32 00:02:07,959 --> 00:02:09,360 or wherever, and you're. 33 00:02:09,199 --> 00:02:10,240 Speaker 1: Bringing it into the country. 34 00:02:10,280 --> 00:02:14,039 Speaker 2: You'll notice that we have new tariffs that went into 35 00:02:14,199 --> 00:02:18,120 or an elevated tariff that went into effect here on 36 00:02:18,199 --> 00:02:22,680 the ninth of April, and it's people are freaking out. 37 00:02:23,039 --> 00:02:26,000 I mean, everybody's freaking out. You know, the stock market's 38 00:02:26,000 --> 00:02:28,960 freaking out, going up and down, up and down. Even 39 00:02:29,080 --> 00:02:32,719 Dave Portnoy, who's saying that he lost money in the 40 00:02:32,759 --> 00:02:37,560 stock market because of these tariffs, and he's crying the blues. 41 00:02:37,800 --> 00:02:39,960 And that tells you that Dave is a day trader. 42 00:02:40,120 --> 00:02:43,280 He's not a long term investor. Okay, there's a big difference, 43 00:02:43,319 --> 00:02:44,599 and we'll talk about that today. 44 00:02:44,879 --> 00:02:46,080 Speaker 1: But I wanted to talk a little bit. 45 00:02:46,120 --> 00:02:48,960 Speaker 2: The question was and the question was submitted to me, 46 00:02:50,479 --> 00:02:53,439 and I'll read the question because it's important to get 47 00:02:53,479 --> 00:02:56,919 context of a question. Says Hey, Paul, I love your 48 00:02:56,919 --> 00:03:00,000 podcast and I was listening to your Coffee Hour this morning, 49 00:03:00,560 --> 00:03:04,719 and I have an important question I want to ask you, 50 00:03:04,759 --> 00:03:07,919 and it again, is your opinion. I understand you hate 51 00:03:07,919 --> 00:03:11,000 to give opinions on certain topics, but would you please 52 00:03:11,360 --> 00:03:14,719 give your opinion on the tariffs and why so many 53 00:03:14,800 --> 00:03:18,360 people are flipping out. It's not an issue of Republican 54 00:03:18,520 --> 00:03:22,319 versus democrat. It is simply an issue of people are 55 00:03:22,319 --> 00:03:26,840 freaking out because the US is finally standing up and 56 00:03:26,879 --> 00:03:30,919 requiring equal representation, whether it's import or export. I'd love 57 00:03:31,000 --> 00:03:33,719 to hear your thoughts on this. Keep up the good 58 00:03:33,719 --> 00:03:38,080 work and I'll catch you on tomorrow's coffee Hour. Okay, 59 00:03:38,680 --> 00:03:42,039 that is a great It does allow me to opine 60 00:03:42,080 --> 00:03:45,080 on it, and again I'm going to agree. I can 61 00:03:45,159 --> 00:03:48,879 see I've already gotten into debates over on YouTube and 62 00:03:49,800 --> 00:03:54,719 other channels and people having a hissy fit over these 63 00:03:54,759 --> 00:03:58,719 tariffs only because they're wanting to buy something right now, 64 00:03:58,800 --> 00:04:01,479 and the price went up on a Chinese import and 65 00:04:01,520 --> 00:04:03,560 they're freaking out, and I'm like. 66 00:04:03,800 --> 00:04:04,680 Speaker 1: Just chill out. 67 00:04:04,840 --> 00:04:07,639 Speaker 2: Did you really need it that bad right at this moment? 68 00:04:07,800 --> 00:04:09,120 Then let me explain a little bit. 69 00:04:09,520 --> 00:04:11,800 Speaker 1: So, first of all, what are tariffs. 70 00:04:12,960 --> 00:04:15,840 Speaker 2: In the easiest explanation of a tariff for everybody out 71 00:04:15,879 --> 00:04:17,879 there who's not aware of terrorists, it's a tax. 72 00:04:18,160 --> 00:04:19,160 Speaker 1: Basically, it's a tax. 73 00:04:19,199 --> 00:04:21,319 Speaker 2: If you want to sell your product in my country 74 00:04:21,759 --> 00:04:24,839 or my you know, yeah, we'll just say my country, 75 00:04:25,199 --> 00:04:29,279 then you're going to pay a tax, right And basically 76 00:04:29,399 --> 00:04:32,600 we take that tax. If I sell my product in 77 00:04:32,639 --> 00:04:37,079 your country, I'm going to pay a tax, now, Drew, 78 00:04:37,720 --> 00:04:40,360 One thing was great when we got rid of NAFTA 79 00:04:40,759 --> 00:04:45,040 years ago and we changed that in order to get 80 00:04:45,079 --> 00:04:47,680 a much better and this was under Trump's first term, 81 00:04:47,879 --> 00:04:52,839 a much better agreement between let's say Canada and Mexico 82 00:04:52,920 --> 00:04:56,000 and the North American Free Trade Deal. When we got 83 00:04:56,040 --> 00:04:58,839 a better deal, it was better for America. And you 84 00:04:58,920 --> 00:05:01,120 know what, it kind of slid on the radar. Nobody 85 00:05:01,160 --> 00:05:03,040 made a big wave about it. But it was great 86 00:05:03,040 --> 00:05:07,319 because the NAFTA was very lopsided, okay, trade deal, very 87 00:05:07,360 --> 00:05:12,800 lopsided trade deal. And so let's look at it now. 88 00:05:12,920 --> 00:05:17,040 So why are tariffs important. For one, when we there's 89 00:05:17,199 --> 00:05:20,279 certain countries in Europe, for example, that do not take 90 00:05:20,319 --> 00:05:23,959 American goods. They will limit they say their roads are 91 00:05:23,959 --> 00:05:26,639 too thin or too narrow. They don't want our cars 92 00:05:26,680 --> 00:05:29,680 over there. If we make an American card, they don't 93 00:05:29,680 --> 00:05:32,439 want it, and so they refuse it, or they set 94 00:05:32,480 --> 00:05:35,399 the tariff so high on certain things in certain categories 95 00:05:35,800 --> 00:05:38,680 that it just makes it not realistic for us to 96 00:05:38,759 --> 00:05:45,079 sell goods to that country. Now, Americans the consumption of 97 00:05:45,360 --> 00:05:49,079 cheap products okay, not made in America, which doesn't necessarily 98 00:05:49,120 --> 00:05:53,120 meither're made any less cheap. It's just that we're not 99 00:05:53,240 --> 00:05:55,959 making our stuff in a sweatshop. Okay, we're not making 100 00:05:56,000 --> 00:05:59,399 our stuff where Ho Chi Minh can make it for 101 00:06:00,160 --> 00:06:03,879 you know, five dollars, whereas we it's going to cost 102 00:06:03,959 --> 00:06:07,319 us ten times more. Right, And so at the end 103 00:06:07,399 --> 00:06:12,240 of the day, when you talk about the tariffs, it 104 00:06:12,399 --> 00:06:16,519 was so disproportionate in what we would charge for tariffs 105 00:06:17,120 --> 00:06:20,399 versus what they would charge based on the market share. 106 00:06:20,879 --> 00:06:23,879 I mean, the US market is massive when it comes 107 00:06:23,920 --> 00:06:27,959 to product, right, but compare that to China. 108 00:06:28,560 --> 00:06:29,680 Speaker 1: China has a. 109 00:06:29,680 --> 00:06:33,519 Speaker 2: Lot of people, a lot of people condensed in an area. 110 00:06:34,199 --> 00:06:38,120 So they don't have the insatiable need to have US 111 00:06:38,240 --> 00:06:42,560 products and they really don't have the need for their 112 00:06:43,000 --> 00:06:46,079 certain products for them, so they make them cheap, they 113 00:06:46,120 --> 00:06:47,279 export them to other country. 114 00:06:47,319 --> 00:06:51,680 Speaker 1: It helps their economy, right, so we buy them. 115 00:06:52,199 --> 00:06:58,759 Speaker 2: I just recently purchased a Chinese mini excavator, okay, and 116 00:06:58,879 --> 00:07:00,800 people are like, Paul, how did you do that? You know, 117 00:07:00,879 --> 00:07:03,000 I'm like, well, I got it before the tariff went up. 118 00:07:03,040 --> 00:07:06,360 We'll see if the eBay seller honors that, because he's 119 00:07:06,399 --> 00:07:11,639 gonna lose money because it's it is increased dramatically that 120 00:07:11,680 --> 00:07:16,600 the percentages of increase are crazy compared to what that 121 00:07:16,839 --> 00:07:21,480 that they just got involved in. So we're talking tariffs 122 00:07:21,519 --> 00:07:25,000 now that immediately went to like for China, one hundred 123 00:07:25,000 --> 00:07:30,480 and four percent. There's no way that that can be sustained. 124 00:07:31,199 --> 00:07:33,920 And people are freaking out over it. And I'm telling 125 00:07:33,959 --> 00:07:37,000 you right now, folks, it had to be done. 126 00:07:37,199 --> 00:07:37,439 Speaker 1: Yeah. 127 00:07:37,519 --> 00:07:39,279 Speaker 2: I mean, you don't like it that it was Trump. 128 00:07:40,000 --> 00:07:42,360 And you may not like Trump, whether you like him personally, 129 00:07:42,399 --> 00:07:44,800 you don't like his politics. You just don't like if 130 00:07:44,800 --> 00:07:46,519 you don't like what he stands, well that's fine. I 131 00:07:46,519 --> 00:07:51,600 don't care. It doesn't bother me. Whether somebody likes Trump 132 00:07:51,680 --> 00:07:54,600 or Biden or Obama or whoever, it doesn't bother me. 133 00:07:54,720 --> 00:07:56,000 Speaker 1: I don't care. Y'all know who I like. 134 00:07:56,120 --> 00:07:58,879 Speaker 2: But it doesn't matter. The fact of the matter is, 135 00:07:58,920 --> 00:08:02,279 it doesn't matter who it is. Is we needed this 136 00:08:02,839 --> 00:08:07,319 right now. And what this does is this tries to 137 00:08:07,360 --> 00:08:10,879 do what we call an economic reset. First of all, 138 00:08:10,920 --> 00:08:13,800 it's going you already see now that there's trillions of 139 00:08:13,839 --> 00:08:15,519 dollars companies who want to build. 140 00:08:15,319 --> 00:08:15,879 Speaker 1: In the US. 141 00:08:16,000 --> 00:08:18,800 Speaker 2: That's good for the US. And you should be wanting 142 00:08:18,839 --> 00:08:20,959 things that are good for the US if you live here. 143 00:08:21,319 --> 00:08:23,240 If you don't live here, get the hell out. But 144 00:08:23,319 --> 00:08:26,240 if you're here, you should want things that are good 145 00:08:26,800 --> 00:08:33,600 for our economy, bringing back jobs, growth, having manufacturers actually 146 00:08:33,639 --> 00:08:36,840 make stuff here. Now it's going to cost more to 147 00:08:37,039 --> 00:08:40,840 make it here because we don't pay sweatshops. Okay, we 148 00:08:40,919 --> 00:08:43,120 have labor laws, we have things that you have to 149 00:08:43,759 --> 00:08:46,960 do here. We have certain things that we have to 150 00:08:47,039 --> 00:08:51,440 hold true to under our American values that they don't 151 00:08:51,440 --> 00:08:53,840 necessarily hold true to in these other countries. 152 00:08:53,879 --> 00:08:54,600 Speaker 1: And we know this. 153 00:08:56,039 --> 00:09:00,679 Speaker 2: But the first time that somebody cries about that, we go, well, 154 00:09:00,759 --> 00:09:02,480 I mean you want to get I mean you want 155 00:09:02,480 --> 00:09:05,559 to go to work for McDonald's. And now the minimum 156 00:09:05,600 --> 00:09:08,120 wage they want to make it what seventeen eighteen nineteen 157 00:09:08,159 --> 00:09:12,000 dollars really to flip a hamburger, So that affects everything else. 158 00:09:12,039 --> 00:09:15,799 But you're okay with that. But you're you, you don't 159 00:09:15,879 --> 00:09:18,000 under You're like, but wait a minute, I still want 160 00:09:18,039 --> 00:09:19,720 to get my cheap stuff from China. 161 00:09:20,080 --> 00:09:21,039 Speaker 1: When they're over there. 162 00:09:21,200 --> 00:09:24,480 Speaker 2: You've got a sweat shop making a Nike for a 163 00:09:24,519 --> 00:09:27,279 buck and a quarter selling to them, selling them over 164 00:09:27,279 --> 00:09:30,159 here on eBay for three hundred and fifty bucks a 165 00:09:30,200 --> 00:09:33,480 pair of Jordan's or something. I'm just saying, you can't 166 00:09:33,519 --> 00:09:37,440 have it both ways. Okay, now I get it. We 167 00:09:37,480 --> 00:09:40,480 love cheap products, we love to pay less. Hey, and 168 00:09:40,559 --> 00:09:41,279 I'm no different. 169 00:09:41,440 --> 00:09:42,080 Speaker 1: Okay. 170 00:09:42,360 --> 00:09:44,919 Speaker 2: People ask me, said, Paul, if you're so passionate you 171 00:09:45,000 --> 00:09:48,080 care about this tariff thing, then why did you buy 172 00:09:48,120 --> 00:09:50,440 a Chinese and why couldn't you buy American boy, Bobcat 173 00:09:50,480 --> 00:09:54,120 buy something in America. Well, the chances are that that 174 00:09:54,200 --> 00:09:56,679 product that's made in America is probably using an engine 175 00:09:56,759 --> 00:09:58,399 like a. 176 00:09:57,720 --> 00:09:59,720 Speaker 1: Cabodo that's from Japan. 177 00:10:00,919 --> 00:10:04,639 Speaker 2: They use parts from other countries and everything, so very little. 178 00:10:04,399 --> 00:10:05,919 Speaker 1: Is probably one hundred percent. 179 00:10:06,080 --> 00:10:08,519 Speaker 2: And I'm not saying this across the board, but very 180 00:10:08,559 --> 00:10:11,799 little today is probably one hundred percent. Nuts to Bolts 181 00:10:12,159 --> 00:10:15,639 is American. They're going to be using products in it, 182 00:10:15,759 --> 00:10:19,480 components in it. Uh So it's very little. Kay. 183 00:10:20,159 --> 00:10:22,879 Speaker 1: So when I buy something that is. 184 00:10:22,840 --> 00:10:28,759 Speaker 2: Imported and I pay that importer, right, they're making money. 185 00:10:29,000 --> 00:10:33,600 They're here, they're in the US, they imported it, They're 186 00:10:33,600 --> 00:10:37,000 going to be making money. You know, if i want 187 00:10:37,000 --> 00:10:40,200 to buy something straight from China, then I've got to 188 00:10:40,240 --> 00:10:42,360 pay the taxes. I got to pay the duties, I 189 00:10:42,399 --> 00:10:44,559 got to pay for it, to get logistics from here 190 00:10:44,559 --> 00:10:46,919 to there, from the port, all this kind of stuff. 191 00:10:46,919 --> 00:10:49,720 I got to pay all that, right, So yeah, I'm 192 00:10:49,759 --> 00:10:52,360 buying it cheaper, but I still have to pay all 193 00:10:52,360 --> 00:10:55,320 that stuff. So a lot of times when we buy 194 00:10:55,360 --> 00:10:58,679 products like my excavator, I assume that that that the 195 00:10:58,759 --> 00:11:01,080 tariffs were already built into but now that was before 196 00:11:01,120 --> 00:11:04,679 it's done. Gone from from ten percent or twenty percent 197 00:11:04,759 --> 00:11:07,799 tariff to thirty to forty four percent to now one 198 00:11:07,879 --> 00:11:12,240 hundred and four or whatever percent is get it, I 199 00:11:12,360 --> 00:11:16,200 get it, but this is necessary whether you like it 200 00:11:16,320 --> 00:11:18,360 or not. So does that mean you're gonna hold off 201 00:11:18,360 --> 00:11:20,679 on buying some import because you're gonna pay more than 202 00:11:20,679 --> 00:11:24,799 you would have a day ago. Absolutely, you need to 203 00:11:24,879 --> 00:11:28,159 suck it up. Okay, it is what it is. We're 204 00:11:28,480 --> 00:11:31,879 trust me. They are not going to leave it like that. 205 00:11:32,840 --> 00:11:35,720 China can act like they're tough all they want. They've 206 00:11:35,720 --> 00:11:40,480 been ripping us off for years, intellectual properties, stealing our products, 207 00:11:41,320 --> 00:11:46,120 designing products that mirror products that are US based. They 208 00:11:47,080 --> 00:11:52,600 use very cheap labor, They charge taxes on our products 209 00:11:52,600 --> 00:11:56,799 that we export to them, and we charge taxes on 210 00:11:56,879 --> 00:12:00,080 stuff that we import from them. But other than that, 211 00:12:00,240 --> 00:12:03,759 there's other trade agreements that are wrapped up into that 212 00:12:03,759 --> 00:12:07,000 that are very one sided. And then you have some countries. 213 00:12:07,039 --> 00:12:09,799 This is not just about China, by the way, And 214 00:12:09,919 --> 00:12:14,720 that's the other big thing people are saying UK for example, Europe, 215 00:12:15,120 --> 00:12:19,039 they won't accept certain things. France won't accept certain things 216 00:12:19,039 --> 00:12:22,519 from the US, right, or they hit tariffs that are 217 00:12:22,519 --> 00:12:27,440 so high, but yet when we slap a reciprocal tariff 218 00:12:27,480 --> 00:12:29,720 on them, which a reciprocal tariff means that we're gonna 219 00:12:29,720 --> 00:12:32,879 tariff you the same as you're tariffing us. That's it, 220 00:12:33,559 --> 00:12:37,240 and everybody goes ape shit. They literally do they go 221 00:12:37,279 --> 00:12:40,320 ape shit over it, and they don't understand the concept 222 00:12:40,879 --> 00:12:44,720 of tariffs. Now, let's talk about this for a second, 223 00:12:45,960 --> 00:12:49,279 and I'm gonna use Dave Portinoy for an example. Dave 224 00:12:49,320 --> 00:12:50,879 went on there and says that he lost because of 225 00:12:50,879 --> 00:12:54,120 the stock market, which is folatile anyway. I don't care 226 00:12:54,200 --> 00:12:56,519 much for the stock market anyway, although I understand for 227 00:12:56,639 --> 00:12:58,519 a one k long term. 228 00:12:58,320 --> 00:12:59,919 Speaker 1: Growth, be in it to win it for the long 229 00:13:00,039 --> 00:13:01,000 long term. 230 00:13:01,200 --> 00:13:03,039 Speaker 2: There are a lot of people that are day traders 231 00:13:03,679 --> 00:13:06,600 and they make They've been making quite a good amount 232 00:13:06,600 --> 00:13:08,120 of money as a day trader. 233 00:13:08,559 --> 00:13:09,799 Speaker 1: Dave Portnoy is a. 234 00:13:09,799 --> 00:13:12,159 Speaker 2: Day trader, Okay, that's what he likes to do. So 235 00:13:12,200 --> 00:13:15,440 he says he lost seven million. You haven't lost shit 236 00:13:15,559 --> 00:13:17,759 until you sell it. He's not getting rid of that 237 00:13:17,799 --> 00:13:21,480 stock because it's on the downturn. He's gonna keep it now. 238 00:13:21,480 --> 00:13:24,120 He says he's twenty million down. You know what for 239 00:13:24,240 --> 00:13:27,080 somebody that has a net worth of three hundred million 240 00:13:27,120 --> 00:13:31,200 dollars or more. Let me explain something and Dave Ramsey. 241 00:13:31,279 --> 00:13:33,399 Dave Ramsey, who I don't agree with all the time, 242 00:13:33,759 --> 00:13:35,480 probably can say it better though than me. 243 00:13:36,279 --> 00:13:36,840 Speaker 1: This is a. 244 00:13:36,919 --> 00:13:41,159 Speaker 2: Great time for people that have money because now they 245 00:13:41,159 --> 00:13:43,480 can double down, they get to buy it cheap. 246 00:13:43,840 --> 00:13:46,639 Speaker 1: They know what's coming back, they know that the economy's 247 00:13:46,720 --> 00:13:48,840 not going to stay down. Just look at the historical 248 00:13:48,960 --> 00:13:50,360 nature of the stock market. 249 00:13:50,759 --> 00:13:54,159 Speaker 2: Okay, I am scared to get into it because again, 250 00:13:54,240 --> 00:13:55,759 I don't like to gamble that type. 251 00:13:55,840 --> 00:13:57,320 Speaker 1: I don't even gamble at casinos. 252 00:13:57,320 --> 00:13:59,919 Speaker 2: I just I went to an Indian casinos a couple 253 00:14:00,039 --> 00:14:02,600 times with my wife, But I don't, dude, I don't 254 00:14:02,639 --> 00:14:04,679 gamble with what I got to eat with and some 255 00:14:04,720 --> 00:14:07,279 people love it. I can never get addicted to gamble. 256 00:14:07,360 --> 00:14:09,360 I just can't do it. Now. I have a four 257 00:14:09,360 --> 00:14:11,960 to oh one k, but that's long term. I'm letting 258 00:14:12,000 --> 00:14:12,519 it ride. 259 00:14:13,399 --> 00:14:14,240 Speaker 1: So the people that. 260 00:14:14,200 --> 00:14:18,200 Speaker 2: Are freaking out about the stock market and saying. 261 00:14:17,879 --> 00:14:20,480 Speaker 1: Oh don't you like watching your net worth? Go away? 262 00:14:20,879 --> 00:14:24,039 Shut the hell up your network. You're not selling it. 263 00:14:24,879 --> 00:14:25,720 Just leave it there. 264 00:14:26,399 --> 00:14:29,360 Speaker 2: And in fact, for me, I have a four to 265 00:14:29,480 --> 00:14:33,919 one K through unco Wired Corporation. The money I contribute 266 00:14:34,000 --> 00:14:36,559 is not changing. They're going to be able to get 267 00:14:36,679 --> 00:14:39,480 more stock if the value drops, They're gonna get more 268 00:14:39,519 --> 00:14:42,080 shares to me, so that when it goes up, I'm 269 00:14:42,159 --> 00:14:45,879 gonna win on the back end. Long term people don't 270 00:14:45,960 --> 00:14:48,840 understand it, and so at the end of the day, 271 00:14:49,080 --> 00:14:51,440 you have to be if you're in the stock market. 272 00:14:51,639 --> 00:14:53,080 Speaker 1: Again, I'm not talking to day. 273 00:14:52,879 --> 00:14:55,600 Speaker 2: Traders who want to play around and go low buy 274 00:14:56,440 --> 00:14:59,240 buy low, sell high. That's what you want to do, 275 00:14:59,320 --> 00:15:02,039 Then you can cry and moan over that volatility all 276 00:15:02,080 --> 00:15:04,360 you want. Most people that are in it for the 277 00:15:04,360 --> 00:15:08,159 long haul are in stocks for twenty thirty years. 278 00:15:09,080 --> 00:15:10,360 Speaker 1: I am not a stock investor. 279 00:15:10,879 --> 00:15:13,759 Speaker 2: I'm a big believer putting my money in a simple 280 00:15:13,840 --> 00:15:16,519 savings account that gives me four to five percent interest 281 00:15:16,559 --> 00:15:18,919 and let her ride, okay, because I'm gonna pay taxes 282 00:15:18,960 --> 00:15:21,000 on that interest anyway, So I just put it in 283 00:15:21,000 --> 00:15:22,279 there and let it ride, okay. 284 00:15:22,399 --> 00:15:23,879 Speaker 1: I keep it under the FDIC. 285 00:15:24,360 --> 00:15:26,879 Speaker 2: I get multiple accounts so that money is kept under 286 00:15:26,919 --> 00:15:29,480 the FDIC, which is for an individual's two hundred and 287 00:15:29,480 --> 00:15:32,639 fifty thousand. For a couple or jointly, it's five hundred thousand. 288 00:15:33,000 --> 00:15:35,399 You can have as many banks as you want, but 289 00:15:35,440 --> 00:15:38,080 you can only have limited ones in one bank. Okay, 290 00:15:38,279 --> 00:15:42,399 give different categories. So for example, my wife could have 291 00:15:42,440 --> 00:15:44,720 a limit of two fifty. I could have a limit 292 00:15:44,799 --> 00:15:47,000 of two fifty and jointly, we could have a limit 293 00:15:47,039 --> 00:15:49,679 of five hundred So that basically is a million dollars 294 00:15:49,720 --> 00:15:53,240 that's protected by FDIC. Okay, the moment you go over that, 295 00:15:53,320 --> 00:15:55,399 then you run the risk. Doesn't mean you won't get 296 00:15:55,440 --> 00:15:59,120 your money, but that's only after liquidation. So and again, 297 00:15:59,120 --> 00:16:01,639 by the way, I'm not attacked advisor, So don't take 298 00:16:01,679 --> 00:16:04,120 any of my tax If I had to listen to 299 00:16:04,120 --> 00:16:06,759 my advice years ago, i'd be a be a multi 300 00:16:06,799 --> 00:16:09,240 billionaire right now. If I had a bought bitcoin when 301 00:16:09,240 --> 00:16:12,320 everybody said by bitcoin, I said, nope, I don't trust it. 302 00:16:12,559 --> 00:16:14,840 I still don't trust it today, but there's people that 303 00:16:14,879 --> 00:16:17,799 have made a fortune on it. So there is many 304 00:16:17,799 --> 00:16:23,960 things like I should have bought uh, Newsmax just weeks ago. 305 00:16:24,440 --> 00:16:26,679 I knew Newsmax over the next four years is going 306 00:16:26,720 --> 00:16:30,039 to be riding a conservative high that it's going to be, 307 00:16:30,360 --> 00:16:31,799 and you look at the numbers. 308 00:16:31,759 --> 00:16:36,240 Speaker 1: You can't you really can't lose. But I'm just I 309 00:16:36,320 --> 00:16:37,799 just don't like stock market. Now. 310 00:16:37,799 --> 00:16:40,200 Speaker 2: When it comes to four one k, I just let 311 00:16:40,200 --> 00:16:44,159 her ride. And when the stock market is down, I'm giddy. 312 00:16:44,399 --> 00:16:46,840 Speaker 1: Really I am, dude. I'm not ready to retire. I'm 313 00:16:46,879 --> 00:16:48,960 like I'm not messing with my four one K. 314 00:16:49,399 --> 00:16:52,519 Speaker 2: Now, if you're right at the CUSPP of retirement or 315 00:16:52,559 --> 00:16:54,559 you're in it and you're using your full one k, 316 00:16:55,039 --> 00:16:55,919 then that sucks. 317 00:16:57,120 --> 00:17:02,279 Speaker 1: But it is what it is. We have to and 318 00:17:02,320 --> 00:17:03,279 that's not Trump. You know. 319 00:17:03,320 --> 00:17:06,000 Speaker 2: Folks will say, well, it's because of these tariffs. No, 320 00:17:06,599 --> 00:17:09,920 this is just the the it was. It was they 321 00:17:10,000 --> 00:17:14,599 kept kicking the can down the road year after year 322 00:17:14,720 --> 00:17:18,640 after year. We were taking advantage of other countries with 323 00:17:18,920 --> 00:17:22,000 not taking our products, or not importing our products or 324 00:17:22,079 --> 00:17:26,880 very little. We as a US consume stuff and we 325 00:17:27,039 --> 00:17:30,279 like it cheap. So we had no problem going to 326 00:17:30,359 --> 00:17:33,759 the dollar trees and the and the Amazons and all 327 00:17:33,799 --> 00:17:37,240 that who live off of these imports. Everything you pretty 328 00:17:37,279 --> 00:17:41,839 much buy on these things are probably made overseas. So 329 00:17:41,960 --> 00:17:45,200 at the end of the day, the tariffs are designed 330 00:17:45,240 --> 00:17:48,079 to say, you know what, it's at tax, it's an attack. 331 00:17:48,200 --> 00:17:50,759 So you're gonna charge me this much for my for 332 00:17:50,880 --> 00:17:53,640 products that we sell to you, and we're gonna charge 333 00:17:53,680 --> 00:17:55,680 you this much for products that you try to import 334 00:17:55,720 --> 00:17:56,519 to sell to US. 335 00:17:56,759 --> 00:17:57,000 Speaker 3: Okay. 336 00:17:57,200 --> 00:18:00,599 Speaker 2: Now, people are quick to say, well Elon mus doesn't 337 00:18:00,720 --> 00:18:03,920 like he wants a zero tariff, zero zero again, he 338 00:18:03,960 --> 00:18:08,519 disagrees with Trump. You're not listening, You're not hearing it. 339 00:18:09,880 --> 00:18:15,599 Elon Musk is against tariffs because Elon Musk believes that 340 00:18:15,640 --> 00:18:20,200 we should have no tariffs, free exchange amongst countries. 341 00:18:20,759 --> 00:18:21,960 Speaker 1: Right, I am going. 342 00:18:21,960 --> 00:18:25,119 Speaker 2: To sell to you and you sell to me. Screw 343 00:18:25,200 --> 00:18:28,880 the tariffs, you know what, and just have free trade. 344 00:18:29,160 --> 00:18:33,000 That's what Elon believes in, Okay, and that's great in 345 00:18:33,039 --> 00:18:36,480 a utopian world. But the reality is none of the 346 00:18:36,519 --> 00:18:40,559 other countries are gonna do that, and so what do 347 00:18:40,640 --> 00:18:43,240 we have to do as a country. We have to 348 00:18:43,359 --> 00:18:45,920 rip off the band aid and say, you know what, 349 00:18:46,759 --> 00:18:49,240 I don't have a choice. We're going to raise the 350 00:18:49,279 --> 00:18:52,119 tariffs to make you come to the table. Do you 351 00:18:52,240 --> 00:18:56,839 and I believe for any amount and you're gonna say, well, 352 00:18:56,839 --> 00:19:02,319 I believe it. Look, do you you believe that for 353 00:19:02,519 --> 00:19:07,359 any amount of time that China? And I'm picking on China, 354 00:19:07,400 --> 00:19:12,400 But China can sustain one hundred and four percent tariff 355 00:19:13,240 --> 00:19:15,680 and still send products to the US. 356 00:19:16,880 --> 00:19:24,279 Speaker 1: No, they can't. Can we sustain not getting products from China? 357 00:19:24,759 --> 00:19:25,000 Speaker 2: Yes? 358 00:19:26,119 --> 00:19:29,599 Speaker 1: I can do without my mini excavator. Shit, I don't 359 00:19:29,640 --> 00:19:30,599 you know? You know what I'm saying? 360 00:19:31,240 --> 00:19:36,079 Speaker 2: We have enough stuff here. Their economy can't. Our economy can. 361 00:19:36,960 --> 00:19:39,599 And so that's the leverage. And if they want to 362 00:19:39,640 --> 00:19:41,559 come to the table, this thing will be over next week. 363 00:19:41,759 --> 00:19:43,200 It could be over to next shit. It could be 364 00:19:43,200 --> 00:19:46,720 over right now. It's what is it, uh, one, two 365 00:19:46,720 --> 00:19:49,039 o'clock in the morning, three o'clock in the morning, four o'clock. 366 00:19:49,119 --> 00:19:51,519 But whatever it is in China, this shit could end 367 00:19:51,640 --> 00:19:54,400 right away. They act like they're not going to end, 368 00:19:54,440 --> 00:19:56,039 but that's just publicly tough talk. 369 00:19:56,519 --> 00:19:57,160 Speaker 1: At the end of the. 370 00:19:57,200 --> 00:20:00,920 Speaker 2: Day, it's when it starts hurting them, they're going to 371 00:20:01,000 --> 00:20:03,480 come to the table. That's why you saw other countries, 372 00:20:03,559 --> 00:20:07,799 Japan and all them quickly wanting to talk to Trump. Look, 373 00:20:08,000 --> 00:20:11,720 it didn't matter whether it was Trump or Biden or Kamala, 374 00:20:12,039 --> 00:20:14,839 it wouldn't matter. This is the right thing to do 375 00:20:15,559 --> 00:20:19,039 right now for history. It's time to get rid of 376 00:20:19,119 --> 00:20:22,000 that DEI shit. It's time to get rid of all 377 00:20:22,039 --> 00:20:26,599 that wokeness. It's time to put America first in all cases. 378 00:20:26,960 --> 00:20:31,839 I see these politicians people that are protesting in saying 379 00:20:31,880 --> 00:20:35,640 talking about illegal immigrants, Dude, if you're here illegally, they say, well, 380 00:20:35,880 --> 00:20:38,079 they didn't commit a crime. I know I'm deviating from 381 00:20:38,079 --> 00:20:40,440 the topic. But they say he didn't commit they don't 382 00:20:40,440 --> 00:20:43,000 commit a crime. The moment that they walked into this 383 00:20:43,079 --> 00:20:47,559 country illegally improperly, they committed a crime. It doesn't matter 384 00:20:47,599 --> 00:20:51,960 whether they're jaywalking or committed murder. They committed a crime 385 00:20:52,599 --> 00:20:54,799 the moment that they came in here illegally. 386 00:20:55,920 --> 00:20:57,880 Speaker 1: That's it. They should go. 387 00:20:59,319 --> 00:21:01,400 Speaker 2: That doesn't mean I don't want people to come into 388 00:21:01,400 --> 00:21:03,119 this melting pot of America. 389 00:21:03,240 --> 00:21:05,079 Speaker 1: I do. I do. 390 00:21:05,200 --> 00:21:10,759 Speaker 2: I love all races, all different creeds and the melting pot. 391 00:21:10,839 --> 00:21:14,720 And some of my best friends are black folks, African 392 00:21:14,720 --> 00:21:16,640 American folks, and Indians. 393 00:21:16,799 --> 00:21:20,240 Speaker 1: And I've got some great Jewish friends. I got some 394 00:21:20,359 --> 00:21:23,920 great Muslim friends. Dude, I don't hate. 395 00:21:23,759 --> 00:21:28,640 Speaker 2: Anybody, Okay, but at the end of the day, if 396 00:21:28,680 --> 00:21:32,960 you are here illegally, you need to come in legally, 397 00:21:33,519 --> 00:21:36,559 get your ass out, come back the right way. That's 398 00:21:36,599 --> 00:21:38,920 all I'm saying. Then we'll welcome you in here with 399 00:21:39,039 --> 00:21:41,680 open arms. So I think people are just not seeing 400 00:21:42,519 --> 00:21:43,559 what Trump is doing. 401 00:21:44,079 --> 00:21:44,240 Speaker 1: Now. 402 00:21:44,319 --> 00:21:46,400 Speaker 2: You don't have to like him, and I'm sure I'll 403 00:21:46,400 --> 00:21:47,839 lose listeners because you don't like him. 404 00:21:47,839 --> 00:21:48,359 Speaker 1: And that's fine. 405 00:21:48,400 --> 00:21:51,880 Speaker 2: If you can't listen to the bitter truth. Then that's 406 00:21:51,920 --> 00:21:53,960 on you. I can't help it, and I'm not here 407 00:21:54,000 --> 00:21:56,480 to convince you otherwise. I don't care what your belief is. 408 00:21:56,680 --> 00:22:00,480 I don't care where you stand in your spectrum life. 409 00:22:00,519 --> 00:22:03,839 I don't really care. I'm answering the question that the 410 00:22:03,920 --> 00:22:08,279 gentleman sent me, so rounding it back to tariffs and 411 00:22:08,440 --> 00:22:14,000 ending this podcast on tariffs. It's necessary, It is necessary 412 00:22:14,119 --> 00:22:18,599 right now to play that hard card and make the 413 00:22:18,680 --> 00:22:21,160 countries come to the table because at the end of 414 00:22:21,160 --> 00:22:25,480 the day, it's going to mean back to prosperity new 415 00:22:25,519 --> 00:22:28,640 building in America. Look at already, it's five trillion dollars 416 00:22:28,640 --> 00:22:31,039 of commitment from companies that want to build here in 417 00:22:31,079 --> 00:22:31,559 the US. 418 00:22:32,599 --> 00:22:34,960 Speaker 1: People say, we don't have the land for it. Bullshit. 419 00:22:35,079 --> 00:22:37,759 Speaker 2: We got plenty of land. We got plenty of land 420 00:22:37,799 --> 00:22:42,319 to make this happen. Okay, don't don't opine about shit 421 00:22:42,559 --> 00:22:45,960 that you don't know anything about on social media. There's 422 00:22:45,960 --> 00:22:48,599 plenty of land, plenty of opportunity. There's plenty of old 423 00:22:48,599 --> 00:22:51,880 buildings that can be revamped to rebuild, torn down, build up. 424 00:22:52,480 --> 00:22:58,720 We can have another rebirth of America being this amazing 425 00:22:58,839 --> 00:23:01,440 place to be. And it all he is amazing. We're 426 00:23:01,519 --> 00:23:04,960 very blessed to be here. Okay, you've seen pictures of 427 00:23:05,000 --> 00:23:08,920 other countries. I could not live in China. I couldn't 428 00:23:08,920 --> 00:23:11,640 do it. I just I couldn't do it. But at 429 00:23:11,640 --> 00:23:15,119 the end of the day, we're very blessed. And so 430 00:23:15,279 --> 00:23:18,400 for everybody that says, oh wooe, he's me it's so 431 00:23:18,599 --> 00:23:20,799 bad here they hate, then get the hell out because 432 00:23:20,839 --> 00:23:25,039 you're living in the best country in the world to 433 00:23:25,160 --> 00:23:28,400 live in. If you don't believe that, then go where 434 00:23:28,440 --> 00:23:31,759 you think it is better. But I don't see you going. 435 00:23:32,599 --> 00:23:35,759 You ain't going nowhere because you just are talk talk talk, 436 00:23:36,119 --> 00:23:40,319 you know, action, just talk, right, I ain't going anywhere. 437 00:23:40,720 --> 00:23:45,839 I love America. I love what's going on. Is it 438 00:23:46,240 --> 00:23:49,480 suck that I might not get my excavator because the buyer, 439 00:23:49,680 --> 00:23:51,920 the seller may back out because he's getting to hit 440 00:23:51,920 --> 00:23:53,880 with one hundred and four percent tariffs even after I've 441 00:23:53,880 --> 00:23:56,519 already paid him. Yeah, am I going to trash you 442 00:23:56,640 --> 00:23:59,200 on eBay and cause his account to get banned if 443 00:23:59,200 --> 00:24:04,079 that happens? Aslutely, I am welcome to America, okay, But 444 00:24:04,160 --> 00:24:05,799 at the end of because I want them to honor it. 445 00:24:06,519 --> 00:24:10,759 I got in before the tariff. I'm just saying, it's 446 00:24:10,799 --> 00:24:12,640 just like me selling my house. If I sell my 447 00:24:12,680 --> 00:24:15,000 house for and I agree to a contract of four 448 00:24:15,039 --> 00:24:17,960 hundred thousand, and all of a sudden the value of 449 00:24:18,000 --> 00:24:19,880 it goes to five hundred and fifty thousand over the 450 00:24:19,880 --> 00:24:22,160 next thirty days to forty five days of closing. Am 451 00:24:22,200 --> 00:24:24,759 I gonna get that extra money? Hell no, I'm gonna 452 00:24:24,759 --> 00:24:25,559 get what we agreed. 453 00:24:25,759 --> 00:24:26,240 Speaker 1: That's it. 454 00:24:26,880 --> 00:24:29,960 Speaker 2: They're gonna get the appreciation. I'm not gonna get the appreciation. 455 00:24:30,480 --> 00:24:30,680 Speaker 1: Right. 456 00:24:31,240 --> 00:24:34,480 Speaker 2: That sucks, but it is what it is, right, same concept, 457 00:24:34,839 --> 00:24:38,160 same concept. All right, hopefully I answered that question for you. 458 00:24:38,279 --> 00:24:40,519 I am all for the tariffs. Does that mean that 459 00:24:40,839 --> 00:24:44,039 the little cheap import stuff that I like to import 460 00:24:44,079 --> 00:24:46,240 and do that stuff for my lasers and all that stuff. 461 00:24:46,240 --> 00:24:48,279 Speaker 1: Does that mean I'm gonna pay more? Yeah? If I 462 00:24:48,319 --> 00:24:51,519 want it, I will, But I don't need it. 463 00:24:52,200 --> 00:24:57,640 Speaker 2: Nobody needs, you get me, nobody needs to. 464 00:24:57,640 --> 00:25:01,759 Speaker 1: Import stuff from China. You don't need you want it, 465 00:25:02,200 --> 00:25:06,559 you don't need it. Okay, So at the end of 466 00:25:06,599 --> 00:25:12,160 the day, just wait, this will be worked out. Trust me. 467 00:25:12,640 --> 00:25:15,720 Speaker 2: I was right about TikTok, wasn't I I told you 468 00:25:15,799 --> 00:25:17,720 all it ain't going nowhere, and everybody got crazy and 469 00:25:17,759 --> 00:25:18,359 I was like, kid. 470 00:25:18,240 --> 00:25:19,079 Speaker 1: Ain't going nowhere. 471 00:25:19,680 --> 00:25:22,279 Speaker 2: It's worth too much money to go anywhere. It ain't 472 00:25:22,279 --> 00:25:25,319 going anywhere. Listen to me, just ride this out. I 473 00:25:25,359 --> 00:25:27,119 don't care if you hate Trump, I don't care if 474 00:25:27,119 --> 00:25:31,720 you hate Biden. I don't care any politics. Tariffs are 475 00:25:31,799 --> 00:25:37,000 right right now in this world where we're at, the 476 00:25:37,240 --> 00:25:41,279 ripping down statues, the DEEI hiring people that aren't qualified 477 00:25:41,279 --> 00:25:43,839 for the job. Just to me to quote, all of 478 00:25:43,839 --> 00:25:46,480 that shit needs to end. It needed to end it. 479 00:25:46,559 --> 00:25:49,480 Finally took somebody with balls. 480 00:25:49,920 --> 00:25:50,519 Speaker 1: To end it. 481 00:25:51,480 --> 00:25:54,200 Speaker 2: And he's not running for another term, so he doesn't care. 482 00:25:54,279 --> 00:25:57,160 You people don't get it. He don't care, but he 483 00:25:57,200 --> 00:26:01,000 does love America. This tariff is for a America, not 484 00:26:01,200 --> 00:26:05,240 stealing money, hiding money, doing that like the Biden regime. 485 00:26:05,799 --> 00:26:09,559 This is about America. And if you don't understand how 486 00:26:09,599 --> 00:26:12,680 tariffs go, then you don't get it. Go read and 487 00:26:12,720 --> 00:26:15,559 see how we were taking advantage of by many other countries. 488 00:26:16,119 --> 00:26:18,880 See or other countries wouldn't even take our products that 489 00:26:18,920 --> 00:26:22,920 we make. Also, see why companies were leaving America to 490 00:26:22,960 --> 00:26:26,319 go to other countries because they can make shit cheaper 491 00:26:26,960 --> 00:26:32,200 and then exploit youth labor. Okay, in unfair work practices. 492 00:26:32,680 --> 00:26:35,759 We don't do that in the US. We want to 493 00:26:35,759 --> 00:26:39,000 bring that back here. You should want that as an 494 00:26:39,039 --> 00:26:43,920 American and if you don't, something's wrong with you. Until 495 00:26:43,960 --> 00:26:46,960 next time, folks, stay safe, God bless and check us 496 00:26:47,000 --> 00:26:50,400 on the next episode of Let's Ask Paul the podcast Peace. 497 00:27:00,440 --> 00:27:17,599 Speaker 3: Boots, nothing mask, no thing, no