1 00:00:00,440 --> 00:00:04,839 Speaker 1: Hey guys, I am volunteering with youth, meaning that for 2 00:00:04,879 --> 00:00:08,080 the next three nights I will sleep about two and 3 00:00:08,080 --> 00:00:11,320 a half hours. Praise God for a chance to do this. 4 00:00:12,199 --> 00:00:15,919 I'm sharing with you a podcast that my dear friends 5 00:00:16,239 --> 00:00:19,839 and brother, Zach Gabraham creates. It's at Know Your riskpodcast 6 00:00:19,920 --> 00:00:22,359 dot com. He's here every Friday. Fact it's during this 7 00:00:22,480 --> 00:00:25,760 quote time slot. So I thought it'd be really interesting 8 00:00:25,800 --> 00:00:28,480 for you to see Zach doing his thing unhampered by me. 9 00:00:29,399 --> 00:00:32,000 So we'll do this right now with the help of 10 00:00:32,159 --> 00:00:36,759 Bulwarkcapital Management, Your Riskpodcast dot com and s Gottamney Zach 11 00:00:37,159 --> 00:00:37,679 Your Turn. 12 00:00:42,719 --> 00:00:45,079 Speaker 2: The opinions expressed in this program are for general informational 13 00:00:45,079 --> 00:00:47,280 purposes only and are not intended to provide specific advice 14 00:00:47,320 --> 00:00:49,920 or recommendations for any individual or on any specific security. 15 00:00:50,000 --> 00:00:52,159 It is only intended to provide education about the financial 16 00:00:52,159 --> 00:00:54,439 industry to determine which investments may be appropriate for you. 17 00:00:54,479 --> 00:00:57,439 Consult your financial advisor prior to investing. Any past performance 18 00:00:57,439 --> 00:00:59,679 discussed during this program is no guarantee of future results, 19 00:01:00,000 --> 00:01:02,200 and this is referenced for comparison or unmanaged and cannot 20 00:01:02,200 --> 00:01:04,799 be invested into directly. Any references to performance of securities 21 00:01:04,799 --> 00:01:07,239 are thought to be materially accurate, and actual performance may differ. 22 00:01:07,280 --> 00:01:09,359 As always, please remember investing in Volve's original. 23 00:01:09,959 --> 00:01:13,599 Speaker 3: And we are back with another edition of the Daily Dots, 24 00:01:13,640 --> 00:01:17,239 and I'm joined as always by the brain Trust himself, 25 00:01:17,319 --> 00:01:23,840 mister Chase Taylor. And wouldn't you know it, Jim Kramer 26 00:01:24,000 --> 00:01:27,599 finally comes out and says it's time to buy everything uranium. 27 00:01:28,319 --> 00:01:31,439 And I was doing another interview on another podcast today 28 00:01:31,799 --> 00:01:34,599 and I got asked about this and I just broke 29 00:01:34,640 --> 00:01:37,519 out and laughter. Took probably a good five to seven 30 00:01:37,599 --> 00:01:40,599 seconds to pull myself together. And the guy's like, what's 31 00:01:40,640 --> 00:01:45,079 so funny? And I go, well, and you and I 32 00:01:45,120 --> 00:01:48,079 were on this trade together. But I remember my first 33 00:01:48,079 --> 00:01:51,680 foray into Camico was about five years ago, for if 34 00:01:51,719 --> 00:01:53,920 I want to remember correctly, right around eight and a 35 00:01:53,920 --> 00:01:58,760 half bucks. Right, Jimmy jumps on the train when Camico 36 00:01:58,840 --> 00:02:03,079 hits seventy two, a nine X return, literally a nine 37 00:02:03,200 --> 00:02:04,400 x return, then he's interested. 38 00:02:04,480 --> 00:02:07,159 Speaker 4: Yeah, now that the evaluation is actually pretty stretched, it's 39 00:02:07,200 --> 00:02:07,840 go Tan. 40 00:02:09,360 --> 00:02:12,000 Speaker 3: You can't make it up. This is the same cat 41 00:02:12,120 --> 00:02:13,520 this said. And I'm not just trying to beat on 42 00:02:13,599 --> 00:02:15,479 Jim Kramer. The reason I think that these things are 43 00:02:15,479 --> 00:02:18,039 helpful is because I think he is emblematic of so 44 00:02:18,199 --> 00:02:21,599 much of the market. Right, It is so similar to 45 00:02:22,000 --> 00:02:22,479 t rex. 46 00:02:22,680 --> 00:02:23,960 Speaker 4: Yeah, I only see it if it's moved. 47 00:02:24,240 --> 00:02:26,360 Speaker 3: Yeah, that's right. There you go, it's a t rex. 48 00:02:26,400 --> 00:02:30,080 That's a good one. It's so similar to oil being 49 00:02:30,120 --> 00:02:31,919 uninvestable at eighteen dollars a barrel. 50 00:02:33,199 --> 00:02:36,000 Speaker 4: I'll never forget that one feature that tweet in my 51 00:02:36,000 --> 00:02:38,400 big rite up about oil back in twenty twenty. 52 00:02:39,199 --> 00:02:41,800 Speaker 3: So you and I spoke that day or the night 53 00:02:41,840 --> 00:02:45,360 after he said that, because I remember a conversation specifically 54 00:02:45,400 --> 00:02:48,560 where I was like, we're going to increase our oil holdings, 55 00:02:48,599 --> 00:02:51,360 like literally because he said that, where I was just 56 00:02:51,400 --> 00:02:54,840 like that, Riddy. It just reiterated to me, wait a second, 57 00:02:55,639 --> 00:02:57,719 you're probably never going to get a chance to buy 58 00:02:57,759 --> 00:03:02,439 oil this low again for ever, maybe ever. I mean 59 00:03:02,479 --> 00:03:03,039 other than one thing. 60 00:03:03,039 --> 00:03:04,759 Speaker 4: I always when for a monthly negative, I mean, that 61 00:03:04,840 --> 00:03:08,039 was just the ultimate sign, and that's when it's investable. 62 00:03:08,479 --> 00:03:11,360 And that was when everyone was so sure it was 63 00:03:11,360 --> 00:03:15,560 in deep trouble. I still have save save screenshots from 64 00:03:15,599 --> 00:03:18,039 that period of some of the craziest stuff people were saying, 65 00:03:19,080 --> 00:03:20,599 like so like even I. 66 00:03:20,599 --> 00:03:21,120 Speaker 2: E a e. 67 00:03:21,240 --> 00:03:23,400 Speaker 4: I A like all the big all the big boys, 68 00:03:23,560 --> 00:03:26,639 you know that that forecast demand where like they said, 69 00:03:26,680 --> 00:03:29,199 like demand had reached its peak for the rest of time, 70 00:03:29,599 --> 00:03:32,800 like you would never have a higher demand print. I 71 00:03:32,919 --> 00:03:35,080 just remember being like what. 72 00:03:35,520 --> 00:03:38,439 Speaker 3: The same people said, supply had reached its Matt, I 73 00:03:38,479 --> 00:03:39,879 still remember peak oil. 74 00:03:40,199 --> 00:03:43,159 Speaker 4: I remember peak coal and coal is still growing. 75 00:03:43,439 --> 00:03:46,599 Speaker 3: Yeah. Yeah, And and like I said, I don't point 76 00:03:46,639 --> 00:03:49,879 that to blast people or to make fun of them. 77 00:03:50,599 --> 00:03:55,319 I point I point that out because value investing or 78 00:03:55,479 --> 00:04:00,360 investing for fundamental purposes has become much maligned and for 79 00:04:00,400 --> 00:04:03,840 a lot of understanding. Yeah, for a lot of understandable reasons. Right, 80 00:04:04,479 --> 00:04:08,199 But it doesn't change the fact. One simple fact is 81 00:04:08,199 --> 00:04:11,919 buffer reminds us all the time is the number one corollary, 82 00:04:12,400 --> 00:04:15,960 the number one determinant of your investment outcomes is the 83 00:04:16,000 --> 00:04:20,040 price you pay. And investing should be a game of 84 00:04:20,079 --> 00:04:24,199 buying the thing that nobody wants that they're eventually going 85 00:04:24,279 --> 00:04:24,560 to need. 86 00:04:25,519 --> 00:04:28,279 Speaker 4: Right. It's the reason I use the certain chart pattern 87 00:04:28,319 --> 00:04:32,519 that I use because it captures it captures that like 88 00:04:32,600 --> 00:04:34,120 fundamental backdrop on chart. 89 00:04:34,040 --> 00:04:37,759 Speaker 3: Essentially the other thing. Really interestingly enough, especially I think 90 00:04:37,800 --> 00:04:41,319 as it relates to commodities. Is we still own uranium, 91 00:04:41,720 --> 00:04:44,560 but we don't own it anywhere near the size that 92 00:04:44,600 --> 00:04:47,399 we had. And why because you've reached a part a 93 00:04:47,519 --> 00:04:52,399 price point here where. Look, it wasn't fun owning the stock, Okay, 94 00:04:52,439 --> 00:04:55,399 like I will admit that, but from a fundamental level, 95 00:04:55,600 --> 00:05:00,000 when you're buying good uranium minors back when the market 96 00:05:00,000 --> 00:05:02,040 the price was twenty seven bucks a pound and the 97 00:05:02,079 --> 00:05:03,759 cost of production with sixty. 98 00:05:05,000 --> 00:05:09,560 Speaker 4: Like yeah, and it's not just rainy either, like you 99 00:05:09,600 --> 00:05:12,680 now that you have the nkz ECF to capture the 100 00:05:12,720 --> 00:05:17,639 industry players, the SMR guys all that stuff. So if 101 00:05:17,639 --> 00:05:19,759 you go, if you go look through like a momentum 102 00:05:19,800 --> 00:05:22,600 screen right now, it's capturing all that stuff. Yeah, So 103 00:05:22,839 --> 00:05:25,120 any momentum book is going to have a bunch of 104 00:05:25,240 --> 00:05:29,839 SMR companies and like power producers in the nuclear space. 105 00:05:29,879 --> 00:05:33,160 So it is one of the hottest corners of the 106 00:05:33,199 --> 00:05:36,879 market right now. Is that whole that whole industry. So 107 00:05:36,959 --> 00:05:39,720 it goes from no one even knows about it a 108 00:05:39,800 --> 00:05:43,759 couple of years ago to like hot, hot, hot part 109 00:05:43,759 --> 00:05:46,120 of the market. And most of those SMR companies are 110 00:05:46,199 --> 00:05:49,560 pre revenue just you know, they're they're a science experiment 111 00:05:49,600 --> 00:05:53,680 that most of them won't won't work, But yet people 112 00:05:53,680 --> 00:05:56,439 are throwing large money at them. 113 00:05:56,399 --> 00:06:03,199 Speaker 3: Stupid amounts of money. And I don't, I really do 114 00:06:03,279 --> 00:06:05,800 not believe that that game is on, and I don't 115 00:06:05,800 --> 00:06:07,480 think we're going to relive that again. And I think 116 00:06:07,519 --> 00:06:14,240 there's several different dynamics, but I think that again, it's 117 00:06:14,279 --> 00:06:16,399 not like everybody you know had a powow and decided 118 00:06:16,439 --> 00:06:18,600 we're going to start looking at things rationally. I just 119 00:06:18,639 --> 00:06:22,079 think you reached this break point now where you're looking around, going, guys, 120 00:06:22,720 --> 00:06:25,160 when you look at some of the valuations out there 121 00:06:25,199 --> 00:06:27,120 and you look at what it is, right, We're not 122 00:06:27,160 --> 00:06:30,800 talking about crap companies with crap multiples, come about just 123 00:06:31,120 --> 00:06:36,959 great stuff out there that because it has been so ignored. Look, 124 00:06:36,959 --> 00:06:39,560 there will be irrational price moves. I mean Tesla's is 125 00:06:39,600 --> 00:06:43,079 a crack classic example. Tesla announce that deliveries down another 126 00:06:43,160 --> 00:06:46,160 thirteen percent this year in the stock rally five percent. Now, 127 00:06:47,319 --> 00:06:50,519 it did that the exact the exact same thing the 128 00:06:50,600 --> 00:06:52,759 last time it about and announced a bad quarter. What 129 00:06:52,800 --> 00:06:56,360 I'm saying is you want to kind of like warrant 130 00:06:56,360 --> 00:06:59,680 investors that, guys, I think this market is in the 131 00:06:59,720 --> 00:07:04,920 problems of getting back to some form of normalcy that 132 00:07:05,000 --> 00:07:10,279 more resembles what investing is, as opposed to just being 133 00:07:10,319 --> 00:07:13,160 a popularity contest, you know, and like you said, just 134 00:07:13,240 --> 00:07:16,040 everybody being a t Rex, just chasing what moves right. 135 00:07:16,079 --> 00:07:19,000 That's been the winning combination for a while. I don't 136 00:07:19,040 --> 00:07:23,680 think we're there anymore. And you know, I think we're 137 00:07:23,720 --> 00:07:25,959 kind of getting back to a little bit more of 138 00:07:26,000 --> 00:07:29,600 a traditional place where I think the big opportunities are 139 00:07:29,639 --> 00:07:32,680 finding the things that are just irrationally cheap that nobody 140 00:07:32,680 --> 00:07:34,879 wants for no good reason. I mean, we were just 141 00:07:35,000 --> 00:07:37,279 lamenting one of the oil companies that we own. I mean, 142 00:07:37,360 --> 00:07:40,519 you look at this thing. Financially, the thing is a 143 00:07:40,560 --> 00:07:45,079 stalwart I mean fortress balance sheet, massive amounts of cash flow. 144 00:07:45,399 --> 00:07:48,199 And while we're sitting there, the stock hasn't done anything 145 00:07:48,240 --> 00:07:51,600 except frustrat us. But it's paying a fourteen percent dividend 146 00:07:51,600 --> 00:07:55,319 for God's sake, you know, like when I'm buying deep 147 00:07:55,399 --> 00:07:57,879 value and something like that, and I'm getting a fourteen 148 00:07:57,920 --> 00:08:00,720 percent dividend that I feel very confident they can defend 149 00:08:01,439 --> 00:08:03,519 because it's not pressing their free cash flow at all. 150 00:08:04,079 --> 00:08:07,399 It's hard to lose on an investment like that. You know. Meanwhile, 151 00:08:08,160 --> 00:08:10,480 you want me to speculate on something like Tesla, the 152 00:08:10,480 --> 00:08:12,759 car manufacturer, trading at one hundred and eighty times earnings. 153 00:08:12,800 --> 00:08:16,040 It's rallying five percent because deliveries are down thirteen. 154 00:08:16,279 --> 00:08:17,720 Speaker 4: And they're going to fall two years in a row. 155 00:08:18,120 --> 00:08:22,839 Speaker 3: Yeah. The other thing too, is we didn't pull our 156 00:08:22,879 --> 00:08:25,639 short on it. Now. I might after tomorrow. I might 157 00:08:25,680 --> 00:08:28,639 after tomorrow. But if it's like the last time, same 158 00:08:28,639 --> 00:08:30,600 thing happened. When you see a company with a multiple 159 00:08:30,639 --> 00:08:35,000 like that rally on bad news, I'll take my chances 160 00:08:35,039 --> 00:08:36,919 on the short side. Now, watch, I just made sure. 161 00:08:36,960 --> 00:08:39,039 I'll probably check after hours. It's probably up ten percent 162 00:08:39,039 --> 00:08:40,120 and after hours. 163 00:08:41,840 --> 00:08:46,600 Speaker 1: There's movies that do horribly, but Hollywood continues to make them. 164 00:08:46,600 --> 00:08:51,159 There's a formula that Hollywood knows does not work, and 165 00:08:51,200 --> 00:08:55,559 they continue to produce them. Hollywood understands that when stars 166 00:08:55,720 --> 00:08:59,240 in Hollywood get up and give politically leftist speeches at 167 00:08:59,240 --> 00:09:03,039 award shows, it does not work. It does not in 168 00:09:03,080 --> 00:09:06,120 dear audiences, it does not grow the footprint of a movie. 169 00:09:06,159 --> 00:09:08,399 It does not help with distribution, it does not help 170 00:09:08,440 --> 00:09:10,480 with uptaker views. They know this this. 171 00:09:10,600 --> 00:09:12,600 Speaker 4: They are a fact. 172 00:09:13,799 --> 00:09:17,600 Speaker 1: That they continue to do it. They know and have 173 00:09:17,720 --> 00:09:19,879 felt for years that they have a lock on which 174 00:09:19,919 --> 00:09:23,159 movies get made. Yeah. Sure, there's some independent the independent 175 00:09:23,200 --> 00:09:26,279 production companies, and eventually they get bought up. Mir Max 176 00:09:26,440 --> 00:09:29,720 was once independent, Sun Dances once independent. These things get 177 00:09:29,759 --> 00:09:31,919 all bought up and gobbled up. I don't think that's 178 00:09:31,919 --> 00:09:35,240 where Angel Studios has headed. In fact, they don't need 179 00:09:35,279 --> 00:09:39,159 to get gobbled up. They become so successful with movies 180 00:09:39,200 --> 00:09:43,840 like Sound of Freedom, their Connection with The Chosen, The 181 00:09:43,919 --> 00:09:46,200 King of King's movie that destroyed snow White at the 182 00:09:46,240 --> 00:09:48,840 box office because it's about the life of the Lord 183 00:09:48,919 --> 00:09:52,519 Jesus Christ in an animated feature. So they're doing something 184 00:09:52,799 --> 00:09:57,840 that's a different incentive. Angel Studios is bringing us on 185 00:09:57,879 --> 00:10:01,240 the inside. The incentive changes. We now vote on which 186 00:10:01,279 --> 00:10:05,000 movies they accept for production, they make, their release, and 187 00:10:05,000 --> 00:10:08,120 they promotes. We are a deciding factor in this. That's 188 00:10:08,159 --> 00:10:11,120 a massive change. So if you pay for any media 189 00:10:11,120 --> 00:10:14,720 subscriptions at all, you should pay for becoming an Angel 190 00:10:14,759 --> 00:10:17,960 Studio Premium Guild member much more than stick in Netflix. 191 00:10:18,000 --> 00:10:20,919 Speaker 3: Are you kidding me? So go join up. 192 00:10:20,960 --> 00:10:23,159 Speaker 1: It's angel dot com slash todd. You will get to 193 00:10:23,240 --> 00:10:26,080 vote on the movies that they release and promote and distribute. 194 00:10:26,240 --> 00:10:28,480 You will get two free tickets to every Angel Studios 195 00:10:28,480 --> 00:10:30,799 theatrical release. You will be able to stream all their 196 00:10:30,840 --> 00:10:34,799 fan curative programs immediately, including King of Kings. It's Angel 197 00:10:34,840 --> 00:10:38,000 dot com, slash todd. They've created this incentive for us, 198 00:10:38,039 --> 00:10:40,799 so let's go do it. Angel dot com, slash todd. 199 00:10:41,120 --> 00:10:43,000 Speaker 3: But give us a rundown on indexes. 200 00:10:45,720 --> 00:10:48,799 Speaker 4: So SMP closed up point four to seven, q's up 201 00:10:48,840 --> 00:10:52,879 point seven, small caps and best mode up one point 202 00:10:52,919 --> 00:10:56,519 thirty nine, ecoweight only at point two to three, MAX 203 00:10:56,559 --> 00:10:59,320 seven up about one and a half. All world x 204 00:10:59,440 --> 00:11:03,679 US up point three three. The dollar was not read today. 205 00:11:03,840 --> 00:11:08,480 That's a big deal. One point one four had been 206 00:11:08,519 --> 00:11:11,240 down like a million days in a row. Pretty big 207 00:11:11,279 --> 00:11:13,120 day for bitcoin. You're up at one hundred and nine 208 00:11:13,120 --> 00:11:18,200 thousand OLB over three percent, Oil up three percent, dollar 209 00:11:18,320 --> 00:11:21,919 not down and yet gold, silver, plattinum playing copper all up. 210 00:11:21,919 --> 00:11:23,960 So that was kind of notable. Gold only at point three, 211 00:11:24,000 --> 00:11:28,240 but silver almost almost won, and platinum up another five 212 00:11:28,279 --> 00:11:31,679 and a half, played him up four point nine and 213 00:11:32,120 --> 00:11:35,440 copper almost two percent. You're up like five twenty, so 214 00:11:35,480 --> 00:11:39,639 like that's it's getting interesting and when it comes to yield, 215 00:11:39,720 --> 00:11:41,559 you had the two year up about two and the 216 00:11:41,639 --> 00:11:44,480 ten year up four. The thirty year at one point 217 00:11:44,519 --> 00:11:46,759 was like up about seven basis points today because we 218 00:11:46,799 --> 00:11:49,639 had a blowout in the UK of twenty basis point 219 00:11:49,720 --> 00:11:52,080 move higher in there long in, but that kind of 220 00:11:52,080 --> 00:11:55,120 cooled off by the end there, and vall Is was 221 00:11:55,120 --> 00:11:57,279 pretty flat on the day, down a little bit. You're 222 00:11:57,320 --> 00:11:59,360 at eighteen point five six. You gotten real sticky in 223 00:11:59,360 --> 00:12:01,159 the eighteen hand on front month fall. 224 00:12:02,080 --> 00:12:04,080 Speaker 3: You know something interesting that I was thinking about with crypto. 225 00:12:04,679 --> 00:12:07,320 If you look at just the coins, right, you're right 226 00:12:07,360 --> 00:12:09,080 around three and a half trillion dollars. 227 00:12:09,360 --> 00:12:10,919 Speaker 4: Right, three, yes, about right today? 228 00:12:11,240 --> 00:12:13,639 Speaker 3: Start out in the market cap of the publicly traded companies, 229 00:12:13,639 --> 00:12:15,480 I bet everything and all you're probably pushing toward that 230 00:12:15,519 --> 00:12:19,720 four trillion dollar mark. Okay, it's digital gold. Right. If 231 00:12:19,720 --> 00:12:22,480 you add up every single publicly traded gold mining company, 232 00:12:22,519 --> 00:12:28,879 they traded a discount the costco. So if those things 233 00:12:28,879 --> 00:12:32,960 are really digital gold, I just I can't. I've always 234 00:12:33,000 --> 00:12:34,679 been a skeptic. We own a little bit of it. 235 00:12:34,759 --> 00:12:39,039 All that kind of stuff, I just can't. I can't. 236 00:12:39,279 --> 00:12:42,919 I can't shake the feeling that some really big carnage 237 00:12:43,080 --> 00:12:46,759 is in for crypto. It's just too many people. I'm 238 00:12:46,799 --> 00:12:49,519 listening to Hugh Henry, Smart investor, who I respect. I've 239 00:12:49,519 --> 00:12:51,799 had him on the show before. He literally said, I'm 240 00:12:51,840 --> 00:12:54,879 selling my house. And I'm sure he's being facetious, but 241 00:12:54,919 --> 00:12:56,799 he was like, I'm selling my house. I'm putting everything 242 00:12:56,840 --> 00:12:59,720 a bitcoin. This thing's going to ten million data DA 243 00:12:59,799 --> 00:13:03,440 And I'm just like, yeah, I'm gonna call BS. Yeah, 244 00:13:03,679 --> 00:13:06,519 I just I just there's too much certainty man. 245 00:13:06,919 --> 00:13:10,600 Speaker 4: To listen click click farming maybe from from our our 246 00:13:10,600 --> 00:13:11,480 friend in the Caribbean. 247 00:13:11,799 --> 00:13:12,039 Speaker 3: Yeah. 248 00:13:12,080 --> 00:13:12,240 Speaker 4: Well. 249 00:13:12,279 --> 00:13:15,679 Speaker 3: The other thing too, is I sit there and I'm like, guys, 250 00:13:17,679 --> 00:13:20,360 just because something has gone I mean, if we use 251 00:13:20,480 --> 00:13:24,039 your rationale, like the most valuable asset that all of 252 00:13:24,120 --> 00:13:27,720 us want, those toolips. Now. Granted, I'm not saying that 253 00:13:27,759 --> 00:13:31,320 there's like I understand all the crypto arguments, and. 254 00:13:31,440 --> 00:13:35,039 Speaker 4: Yeah, the digital gold viewpoint is not insane for bitcoin, 255 00:13:35,320 --> 00:13:37,320 for bitcoin and maybe one or two other coins that 256 00:13:37,360 --> 00:13:38,360 have some use case or whatever. 257 00:13:38,399 --> 00:13:40,600 Speaker 3: But I just I listen to these guys talk about 258 00:13:40,600 --> 00:13:45,759 crypto and I'm just like, where, how do you look 259 00:13:45,799 --> 00:13:50,120 at that universe and decide that that universe has four 260 00:13:50,440 --> 00:13:56,759 trillion dollars of utility where doing what I mean, what 261 00:13:57,440 --> 00:13:59,200 if we added up the banks. How big is the 262 00:13:59,240 --> 00:14:00,720 banking sector in the United Sticks. 263 00:14:00,840 --> 00:14:01,679 Speaker 4: That's probably pretty good. 264 00:14:01,919 --> 00:14:04,080 Speaker 3: Well, I bet you it's probably about twelve trillion. 265 00:14:05,320 --> 00:14:05,960 Speaker 4: I can look it up. 266 00:14:06,039 --> 00:14:08,960 Speaker 3: Okay, So the banking, the banking sector in the United 267 00:14:09,000 --> 00:14:13,679 States that literally underwrites the world's financial system is only 268 00:14:13,720 --> 00:14:18,519 worse worth three or four x the crypto universe. I mean, 269 00:14:18,600 --> 00:14:20,440 just think about that. People are like, it should be 270 00:14:20,480 --> 00:14:23,480 worth way more than the financial and you're like, what. 271 00:14:25,080 --> 00:14:26,919 Speaker 4: It's pretty close. You're about you're about eleven. 272 00:14:27,639 --> 00:14:28,519 Speaker 3: Look at that, folks. 273 00:14:29,200 --> 00:14:32,200 Speaker 4: That was impressive. Yeah, he looked it up before it 274 00:14:32,240 --> 00:14:32,919 came on. That's fine. 275 00:14:32,960 --> 00:14:35,279 Speaker 3: Shot from the hip. No, no, it's are you kid? 276 00:14:35,360 --> 00:14:37,519 Do you know how many freaking pie charts of sectors 277 00:14:37,519 --> 00:14:40,600 on the SMP we're looking at constantly and you don't 278 00:14:40,600 --> 00:14:41,720 have to because you're not the one that. 279 00:14:41,679 --> 00:14:44,360 Speaker 4: Has to do the uh for me? It's no. 280 00:14:44,799 --> 00:14:46,039 Speaker 3: Yeah, although that's not true. 281 00:14:46,080 --> 00:14:46,919 Speaker 4: I've made a few for you. 282 00:14:47,440 --> 00:14:49,360 Speaker 3: You have turned out, churned out. 283 00:14:49,360 --> 00:14:51,000 Speaker 4: They had a research that's some research around here. 284 00:14:52,200 --> 00:14:54,519 Speaker 3: I've always had this weird thing too, that for some reason, 285 00:14:55,519 --> 00:14:58,159 numbers stick like I were like one of the big 286 00:14:58,240 --> 00:14:59,919 jokes in the office. Now, this is when I was 287 00:15:00,120 --> 00:15:02,200 really the only one bringing in new accounts. But I 288 00:15:02,240 --> 00:15:04,000 could never remember a name. But I can tell you 289 00:15:04,039 --> 00:15:06,679 exactly what the balance of somebody's portfolio was and everything 290 00:15:06,720 --> 00:15:08,679 in it, just like I remember, you know what I mean. 291 00:15:08,960 --> 00:15:10,120 I don't know. I don't know what. 292 00:15:10,080 --> 00:15:12,120 Speaker 4: That's I'm a picture guy, so I can remember a chart. 293 00:15:12,159 --> 00:15:13,440 I can't remember a number for anything. 294 00:15:13,639 --> 00:15:17,840 Speaker 3: Yeah, weird, you can remember it. Chart shocked visual learner 295 00:15:18,000 --> 00:15:23,279 should change your name to chart Taylor anyway. Uh yeah, 296 00:15:23,279 --> 00:15:26,600 I just I and we own a little bit. We've 297 00:15:26,639 --> 00:15:28,480 traded it extremely successfully. 298 00:15:28,559 --> 00:15:33,000 Speaker 4: I mean, it's a wonderful trading liquidity proxy. So whenever 299 00:15:33,080 --> 00:15:36,200 you it's crazy not to use it as a tool. 300 00:15:37,720 --> 00:15:38,600 Speaker 3: Yeah, I just don't. 301 00:15:40,720 --> 00:15:42,600 Speaker 4: All right, Two things, we definitely got to talk about 302 00:15:42,879 --> 00:15:45,759 ADP jobs. In the Vietnam Air Quotes deal. 303 00:15:45,720 --> 00:15:47,279 Speaker 3: Hit us off on ADP jobs YEP. 304 00:15:47,320 --> 00:15:50,480 Speaker 4: ADP was expected to come in at positive ninety eight 305 00:15:50,519 --> 00:15:55,679 thousand jobs created. It came in at negative thirty three thousand, 306 00:15:56,279 --> 00:15:59,919 and more than all of that was from services job 307 00:16:01,279 --> 00:16:04,080 A good producing jobs were positive, and then it was 308 00:16:04,200 --> 00:16:09,200 very negative for our services, education and healthcare got hit 309 00:16:09,279 --> 00:16:12,720 really hard. And if you look at that chart for 310 00:16:13,759 --> 00:16:16,320 that has just gone from wildly positive to all of 311 00:16:16,360 --> 00:16:20,960 a sudden a massive problem on ADP, and I would 312 00:16:20,960 --> 00:16:23,360 expect that to become a problem eventually at some point 313 00:16:23,440 --> 00:16:28,039 for a non farm payroll between you know, the Department 314 00:16:28,039 --> 00:16:30,320 of Education issue and then what I talked about yesterday 315 00:16:30,320 --> 00:16:34,080 with the potential because it's not passed yet healthcare headwinds 316 00:16:34,080 --> 00:16:37,480 that come out of the Reconciliation bill, Like I could 317 00:16:37,480 --> 00:16:40,720 see that kind of continuing. So well, this has anything 318 00:16:40,720 --> 00:16:43,279 to do with tomorrow. Probably not, But what I will 319 00:16:43,279 --> 00:16:46,559 say is if you chart ADP and non farm payrolls, 320 00:16:46,600 --> 00:16:48,759 the big official one that comes out that everyone actually 321 00:16:48,759 --> 00:16:52,399 pays attention to for markets, are they always the same 322 00:16:52,480 --> 00:16:56,440 or close? No? In fact, monthly of the variabilities super wide, 323 00:16:56,519 --> 00:16:59,279 it wouldn't be shocked if ADP or a non farm 324 00:16:59,279 --> 00:17:03,279 payrolls beats tomorrow. But if you zoom out, they absolutely 325 00:17:03,279 --> 00:17:06,839 trend together. So the fact that the ADP trend is very, 326 00:17:06,920 --> 00:17:10,200 very ugly tells me at some point on front and 327 00:17:10,200 --> 00:17:14,480 pay waves will have to gap down with it. So 328 00:17:15,400 --> 00:17:17,319 worth noting even though no one else cares about ADP 329 00:17:17,519 --> 00:17:21,279 that like it, it's showing a lot of softness the 330 00:17:21,319 --> 00:17:21,920 other thing. 331 00:17:21,960 --> 00:17:23,440 Speaker 3: With the other thing, why, I think you have to 332 00:17:23,440 --> 00:17:26,480 pay attention to that. And again, you know, we'll like 333 00:17:26,519 --> 00:17:30,440 we'll always say, don't ever be the Pollyanna that's freaking 334 00:17:30,440 --> 00:17:33,680 out over one you know, one metric. You got to 335 00:17:33,680 --> 00:17:36,359 look at it all into entirety. Concerning part about that 336 00:17:36,519 --> 00:17:38,920 is that seems to meld and rhyme a lot with 337 00:17:39,000 --> 00:17:41,200 the kind of things that we're seeing. Right you look 338 00:17:41,240 --> 00:17:43,000 at the issues and housing. You look at that and 339 00:17:43,079 --> 00:17:45,319 you're like, look, I'm not I don't see a black 340 00:17:45,319 --> 00:17:50,519 hole where things need to collapse, but I see some 341 00:17:50,920 --> 00:17:54,079 very very I see some very large obstructions as it 342 00:17:54,119 --> 00:17:55,920 relates to continuing to add jobs. 343 00:17:56,119 --> 00:17:59,319 Speaker 4: Right, clearly, it's you know, we weaken a lot. And 344 00:18:00,039 --> 00:18:01,759 another thing that kind of rhymes with you know, what 345 00:18:01,799 --> 00:18:04,119 you can kind of observe is the biggest weaknesses in 346 00:18:04,160 --> 00:18:07,519 the smallest firms. So the smallest businesses out there are 347 00:18:07,640 --> 00:18:09,319 I mean, they're under they're under a lot of stress, 348 00:18:09,319 --> 00:18:11,680 they're in a lot of pain, and that that's been 349 00:18:11,759 --> 00:18:14,279 that's been that way for a while. But you know, 350 00:18:14,559 --> 00:18:17,759 it continues to be a pretty big gap between how 351 00:18:17,839 --> 00:18:21,440 bigger businesses are doing versus small the smallest fifty or 352 00:18:21,519 --> 00:18:24,839 less employees were very negative. And companies that have a 353 00:18:24,880 --> 00:18:27,519 whole bunch of employees, like kind of the top you know, quartile, 354 00:18:27,559 --> 00:18:30,960 dessile whatever, they added a bunch of jobs. So that's 355 00:18:31,039 --> 00:18:33,359 kind of a nasty you know split. 356 00:18:33,519 --> 00:18:36,200 Speaker 3: Yeah, But then you're seeing prints from like Microsoft laying 357 00:18:36,200 --> 00:18:38,519 off another nine thousand, right, that's a lot. That's a 358 00:18:38,559 --> 00:18:40,480 lot for Microsoft for for. 359 00:18:40,440 --> 00:18:41,480 Speaker 4: A company that's growing. 360 00:18:42,480 --> 00:18:44,680 Speaker 3: You know, Well, that's what I'm saying. And you're talking 361 00:18:44,720 --> 00:18:47,599 about AI positioned, right, you're sitting there going I just 362 00:18:48,000 --> 00:18:51,599 I think, you know, I think, in my opinion, I 363 00:18:51,599 --> 00:18:53,359 think they're looking out and they're probably seeing a lot 364 00:18:53,400 --> 00:18:55,079 of the same things we are. I think they see that, 365 00:18:55,839 --> 00:18:58,559 you know, the sailing isn't going to be quite as 366 00:18:58,559 --> 00:19:00,640 smooth and easy going forward. I think there's a lot 367 00:19:00,640 --> 00:19:04,359 more risks. I think that, Yeah. 368 00:19:04,480 --> 00:19:06,559 Speaker 4: I And it's also it's one of the reasons you 369 00:19:06,599 --> 00:19:11,240 can't count out really crazy right tail stuff from tech 370 00:19:11,400 --> 00:19:16,400 is you know, they're already very employee light companies. They've 371 00:19:16,400 --> 00:19:19,799 been growing, their earnings, growing and their margins and you know, 372 00:19:19,920 --> 00:19:23,960 keeping headcount flapped down, which is wild. 373 00:19:24,079 --> 00:19:27,559 Speaker 1: But your bank by the way, your bank is incentivized 374 00:19:28,039 --> 00:19:31,640 to never give you real corporate credit. Why would they? 375 00:19:32,880 --> 00:19:36,000 Why would your bank want you to have a business 376 00:19:36,039 --> 00:19:41,200 with its own credit line, completely divorced from your house, 377 00:19:41,920 --> 00:19:45,880 your savings account, your retirement accounts. Why would they want that? 378 00:19:47,160 --> 00:19:50,440 Why would they want you to have the safety that 379 00:19:50,720 --> 00:19:54,640 they enjoy? Go look at the setup of your bank. 380 00:19:55,319 --> 00:19:56,759 Do you know how hard it would be for you 381 00:19:56,839 --> 00:19:59,200 to sue an individual at your bank? No matter what 382 00:19:59,279 --> 00:20:04,799 they did, you'd have to sue the bank. They know 383 00:20:05,319 --> 00:20:08,720 that they need to have a firewall between themselves and 384 00:20:08,799 --> 00:20:10,599 the bank. Do you think it's easy to sue a 385 00:20:10,680 --> 00:20:12,519 member of the board of directors or the CEO of 386 00:20:12,559 --> 00:20:16,160 a bank. Nope, Because they're set up as actual corporations 387 00:20:17,200 --> 00:20:19,720 with their own credit line, but they don't tell you 388 00:20:19,799 --> 00:20:23,039 about that. I had a friend of mine who signed 389 00:20:23,079 --> 00:20:25,839 up for Visible because she realized that she and her 390 00:20:25,880 --> 00:20:28,319 husband owned rental properties that they're paying. You know, they 391 00:20:28,720 --> 00:20:31,279 have mortgages on and it occurred to her that though 392 00:20:31,319 --> 00:20:34,200 her lawyers set that up, though her accountants set that up, 393 00:20:34,480 --> 00:20:38,279 she went and looked, that's not corporate credit. All that 394 00:20:38,400 --> 00:20:42,759 stuff is resting upon her and her husband's hard earned 395 00:20:42,799 --> 00:20:46,240 retirement monies. So she went to gobisible dot com. That's 396 00:20:46,359 --> 00:20:50,640 g O B I, Z A B l E dot com. 397 00:20:50,640 --> 00:20:54,240 Go bizible dot com and in seven easy steps they 398 00:20:54,279 --> 00:20:56,960 helped her get this going, so she has actual corporate credit. 399 00:20:57,119 --> 00:20:57,680 Speaker 4: They'll do the. 400 00:20:57,599 --> 00:20:59,440 Speaker 1: Same for you. There's a few things you do online 401 00:20:59,440 --> 00:21:01,880 on your own, but they make you this guarantee. Go 402 00:21:01,920 --> 00:21:04,519 take them up on their free now obligation consultation at 403 00:21:04,519 --> 00:21:07,319 gobisible dot com. You'll learn something about corporate credit in 404 00:21:07,319 --> 00:21:09,119 your business. I've done it, I did, and. 405 00:21:09,039 --> 00:21:09,519 Speaker 3: You will too. 406 00:21:09,759 --> 00:21:13,799 Speaker 1: It's go bisible dot com. Go bisible dot com. 407 00:21:14,119 --> 00:21:16,559 Speaker 4: The other thing I definitely wanted to talk about is 408 00:21:16,920 --> 00:21:19,559 we had sort of a deal announced today with Vietnam 409 00:21:20,000 --> 00:21:24,000 trade deal. It's definitely light on details and maybe they 410 00:21:24,039 --> 00:21:27,480 are or are not forthcoming. We don't know, but what 411 00:21:27,559 --> 00:21:30,440 we do know that what they got announced was that 412 00:21:30,640 --> 00:21:34,640 they're going to have no tariffs on our stuff. We're 413 00:21:34,680 --> 00:21:37,119 going to have a twenty percent tariff on their stuff 414 00:21:37,839 --> 00:21:40,640 and a forty percent tariff on anything that we deem 415 00:21:40,720 --> 00:21:45,400 to have been transshipped from China through Vietnam. So I 416 00:21:45,440 --> 00:21:49,599 would to be conservative, let's call that a twenty five 417 00:21:49,680 --> 00:21:52,480 percent effective tariff. Rate, and it may end up being 418 00:21:52,480 --> 00:21:55,240 closer to thirty or something because they do tranship a 419 00:21:55,240 --> 00:21:59,400 lot of stuff. Nobody knows who's who's responsible for determining that, 420 00:21:59,440 --> 00:22:01,160 how they're going to do it, all that kind of stuff. 421 00:22:01,160 --> 00:22:05,720 Speaker 3: But you know, if those tar if those tariffs like 422 00:22:05,759 --> 00:22:08,119 at that level ten to twenty percent, if they apply 423 00:22:08,240 --> 00:22:11,400 to things in a broader sense, like, for instance, if 424 00:22:11,400 --> 00:22:16,200 they have applied to automobiles, that might offset like Elon's 425 00:22:16,240 --> 00:22:17,960 loss of subsidies here in the United States. 426 00:22:20,480 --> 00:22:24,559 Speaker 4: All right. The problem with that is is if I'm 427 00:22:24,599 --> 00:22:29,480 understanding what you're saying, is, you know, having Vietnam's a 428 00:22:29,519 --> 00:22:30,400 tiny market. 429 00:22:30,240 --> 00:22:33,240 Speaker 3: Our subsidies make his cars less expensive to buy in 430 00:22:33,240 --> 00:22:36,279 the United States. If you remove those subsidies away, but 431 00:22:36,319 --> 00:22:38,759 you flip them over on tariffs to you know, foreign 432 00:22:38,799 --> 00:22:40,960 cars coming into the country, you know, you could have 433 00:22:41,000 --> 00:22:41,440 a wash. 434 00:22:41,839 --> 00:22:43,559 Speaker 4: We already have a twenty five percent tariff on all 435 00:22:43,599 --> 00:22:45,519 cars okay into the country period because that's one of 436 00:22:45,519 --> 00:22:50,039 the two thirty two's. So what's important to me here 437 00:22:50,119 --> 00:22:53,640 is like there's been a lot of debate about are 438 00:22:53,680 --> 00:22:57,240 tariffs just here for negotiating or are they going to stick? 439 00:22:57,440 --> 00:22:59,880 Like are we going to have you know, ten to 440 00:23:00,119 --> 00:23:03,839 twenty percent effective tariffs moving forward, or you know, maybe 441 00:23:03,839 --> 00:23:07,359 even a little higher or whatever. And there's there's been 442 00:23:07,359 --> 00:23:09,599 obviously multiple camps. Some people are like, oh yeah, like 443 00:23:09,599 --> 00:23:11,799 we'll basically barely have any tariffs. Once it's all over, 444 00:23:11,799 --> 00:23:14,000 we get all our deals lined up, the tariffs will 445 00:23:14,000 --> 00:23:16,759 basically be gone, and then we have the reciprocal argument 446 00:23:16,799 --> 00:23:19,160 of like you take yours our ears down, we'll take 447 00:23:19,160 --> 00:23:21,279 ours down. Well, now we have this deal, that kind 448 00:23:21,279 --> 00:23:24,200 of that might be you know, a template of you 449 00:23:24,240 --> 00:23:27,680 took all of yours down and we still are keeping 450 00:23:27,720 --> 00:23:30,519 twenty five And I mean, if to me, in my opinion, 451 00:23:30,519 --> 00:23:32,039 if you've listened to the administration, that made it very 452 00:23:32,039 --> 00:23:33,400 clear this is the way it was going to go down. 453 00:23:34,279 --> 00:23:38,200 Senator Kennedy was grilling Lutnik about this in Congress, where 454 00:23:38,200 --> 00:23:40,759 he asked them straight up, hey, if they if you 455 00:23:40,759 --> 00:23:43,680 know this country. He may have even said, Vietnam pulls 456 00:23:43,720 --> 00:23:48,599 down all trade barriers to zero, nothing, there's no tariffs, 457 00:23:48,599 --> 00:23:51,640 no non tariff barriers, nothing. What we pull ours down too, 458 00:23:51,680 --> 00:23:54,240 And he's like absolutely not made it clear like we're 459 00:23:54,279 --> 00:23:56,480 going to keep tariffs. Part of it is because like 460 00:23:56,519 --> 00:23:59,440 we we would still have a trade deficit, and we 461 00:23:59,759 --> 00:24:02,079 It's almost like just viewing a trade deficit is bad 462 00:24:02,119 --> 00:24:05,720 on its own. So this looks like a zero and 463 00:24:05,759 --> 00:24:09,480 a twenty five for Vietnam. The zero doesn't do much 464 00:24:09,480 --> 00:24:10,839 for us because it's the tiny market. We're not going 465 00:24:10,839 --> 00:24:14,720 to sell a bunch of stuff in Vietnam. But keeping 466 00:24:14,720 --> 00:24:17,519 that twenty five is going to be a meaningful number. Now, 467 00:24:17,839 --> 00:24:21,640 it's kind of like naftin reverse, Like the Nikes of 468 00:24:21,680 --> 00:24:24,559 the world were up today, meaning they That tells you 469 00:24:24,720 --> 00:24:27,079 a lot of people thought this could be worse. So 470 00:24:27,119 --> 00:24:29,240 that's me. That's it's notable. Maybe the people are just 471 00:24:29,279 --> 00:24:31,160 happy that it's over and they can pencil out the 472 00:24:31,160 --> 00:24:31,759 math or whatever. 473 00:24:31,799 --> 00:24:34,119 Speaker 3: But you're also just gloating because we bought Nike on 474 00:24:34,160 --> 00:24:34,799 your recommendation. 475 00:24:34,960 --> 00:24:37,160 Speaker 4: Yeah, well it wasn't because I thought anything about a 476 00:24:37,200 --> 00:24:39,200 Vietnam deal. I can assure you that if anything, that 477 00:24:39,279 --> 00:24:43,559 scares me. But but it's it's notable, like Lulu was. 478 00:24:44,000 --> 00:24:46,000 I mean, Lulu didn't have a great day, but like 479 00:24:46,359 --> 00:24:48,799 you know, they do some manufacturing in Vietnam, and once 480 00:24:48,799 --> 00:24:51,240 the news hit, it jumped, so you could see people 481 00:24:51,279 --> 00:24:54,720 that make things Vietnam, Like clearly the market thought this 482 00:24:54,759 --> 00:24:57,839 could be worse. But plus, those things don't get transhipped 483 00:24:57,960 --> 00:25:00,079 the way a lot of other things do. 484 00:25:00,160 --> 00:25:02,599 Speaker 1: Us have to become clean. We are never perfectly clean, 485 00:25:02,599 --> 00:25:04,519 and all of us have a choice. We can choose 486 00:25:04,559 --> 00:25:06,599 to work with the soap company that doesn't give a 487 00:25:06,680 --> 00:25:08,839 hoot about our values, that doesn't give a hue about 488 00:25:08,920 --> 00:25:12,039 human life, that would never consider hiring people who are 489 00:25:12,039 --> 00:25:15,319 affected by autism. They might use them as props in 490 00:25:15,359 --> 00:25:18,319 ads on TV, but they would never hire them. On 491 00:25:18,359 --> 00:25:20,400 the other hand, you can use Alan Soaps, which was 492 00:25:20,480 --> 00:25:23,519 built to create job opportunities for people like Alan, who's 493 00:25:23,599 --> 00:25:26,799 now thirteen. He's been through about eighteen operations. He's the namesake. 494 00:25:27,160 --> 00:25:30,160 He invents fragrances of soaps. He works there every single 495 00:25:30,240 --> 00:25:33,119 day in quality control and packaging. He's the son of 496 00:25:33,160 --> 00:25:35,319 the founder, John, who set this company up so his 497 00:25:35,400 --> 00:25:37,920 son would have a place to work. But John refused 498 00:25:37,920 --> 00:25:40,559 to sell junk product his kid's name on it. So 499 00:25:41,119 --> 00:25:44,160 they've partnered with the family who's made soap for three generations. 500 00:25:44,720 --> 00:25:47,880 And because Alan Skin can't stand anything harsh, this is 501 00:25:47,960 --> 00:25:51,599 gentle soap. It's made in America and absolutely no chemicals, 502 00:25:51,599 --> 00:25:54,079 one hundred percent natural so as you clean your body, 503 00:25:54,319 --> 00:25:57,480 you're also doing something for the least of these, and 504 00:25:57,519 --> 00:25:59,480 in God's eyes, we're all the least of these. It's 505 00:25:59,480 --> 00:26:01,200 not just Alan let any more. Ian works there and 506 00:26:01,240 --> 00:26:04,759 sodas Amy all impacted to one degree and very very 507 00:26:04,880 --> 00:26:09,079 very dematically by autism. Good to Alan Soaps dot Com 508 00:26:09,079 --> 00:26:11,759 slash todd. That's Alan Soaps dot Com slash tied. You 509 00:26:11,759 --> 00:26:14,119 get ten percent off all of their products, including the 510 00:26:14,160 --> 00:26:20,359 soap soap racks, the incredible wash closet, cetera, the smoothest 511 00:26:19,880 --> 00:26:22,400 and most soothing I've ever had. Alan Soaps dot Com 512 00:26:22,400 --> 00:26:23,000 slash todd. 513 00:26:23,119 --> 00:26:26,119 Speaker 3: The interesting thing about this is I've now lived long 514 00:26:26,240 --> 00:26:29,519 enough to see great. It's not perfectly offsetting, but it's 515 00:26:29,519 --> 00:26:33,759 similar because you're dealing with different sides of the debate. Right, 516 00:26:33,799 --> 00:26:36,359 I'm old enough to remember the NAFTA situation very clearly. 517 00:26:37,400 --> 00:26:39,599 I still remember when Ross pro stood up there on 518 00:26:39,599 --> 00:26:41,799 stage and said you're gonna hear a sucking sound, right, 519 00:26:43,160 --> 00:26:46,279 And I remember being very uncomfortable, unsure about where I 520 00:26:46,319 --> 00:26:47,839 stood on that. And we talked about this on the 521 00:26:47,839 --> 00:26:50,000 show before, right, because I'm mister free markets and all 522 00:26:50,000 --> 00:26:53,039 that kind of stuff, and you flip around today and 523 00:26:53,160 --> 00:26:56,680 we're putting on tariffs on trading on countries or trade 524 00:26:56,720 --> 00:26:58,559 with which is literally the inverse of what we did 525 00:26:58,599 --> 00:27:02,000 in NAFTA. And there's a part of you that feels 526 00:27:02,000 --> 00:27:05,880 that same sense of like trepidation, you know, because I 527 00:27:05,960 --> 00:27:11,720 believe in free markets. Tariffs are not that. Yet at 528 00:27:11,720 --> 00:27:18,559 the same time, free markets have been really and not 529 00:27:18,599 --> 00:27:20,680 just by everybody else. I mean we're guilty of it two, 530 00:27:20,680 --> 00:27:27,720 but have been really massaged and very manipulated, right, And 531 00:27:29,880 --> 00:27:32,839 you know it's it's there's a again, there's still a 532 00:27:32,880 --> 00:27:34,759 part of me that really likes free markets. But then 533 00:27:34,759 --> 00:27:36,240 there's a part of me that sits there and says, 534 00:27:37,319 --> 00:27:43,680 you know, giving countries access to our markets isn't isn't 535 00:27:43,680 --> 00:27:45,279 the worst thing in the world if the levels aren't 536 00:27:45,279 --> 00:27:48,359 too big. But it's also one of those things like 537 00:27:48,359 --> 00:27:51,799 with NAFTA, where you're sitting there going, I'll be honest 538 00:27:51,799 --> 00:27:53,400 with you, I don't really know how I feel about it. 539 00:27:54,160 --> 00:27:55,319 I don't really know how I feel. I mean, I 540 00:27:55,319 --> 00:27:57,960 feel like I could make really cogent arguments on either 541 00:27:57,960 --> 00:27:58,680 direction to me. 542 00:27:58,839 --> 00:28:01,359 Speaker 4: To me on this one, I do know how I feel. 543 00:28:01,400 --> 00:28:04,279 And that's it's that you stay as free and as 544 00:28:04,319 --> 00:28:08,640 open as you possibly can, because that's I mean, frankly, 545 00:28:08,640 --> 00:28:11,799 where the best outcomes come from. You look at global history. 546 00:28:12,000 --> 00:28:14,039 Speaker 3: Yeah, but the last thirty years would say the opposite. 547 00:28:14,119 --> 00:28:18,880 Speaker 4: I don't think that's necessarily true. But but what is 548 00:28:18,920 --> 00:28:22,079 clear to me is, like, you don't allow chase. 549 00:28:22,160 --> 00:28:23,759 Speaker 3: You don't think our trade policy has led to the 550 00:28:23,759 --> 00:28:25,279 fact that we're one hundred and thirty percent debt to 551 00:28:25,319 --> 00:28:27,440 GDP and the and the Bible Belt is now the 552 00:28:27,480 --> 00:28:27,960 rost belt. 553 00:28:27,960 --> 00:28:31,200 Speaker 4: I mean, come on, so you could bring back all 554 00:28:31,200 --> 00:28:34,240 that manufacturing production is going to be mostly robots and 555 00:28:34,240 --> 00:28:37,920 stuff anyways, Like I so you're looking at one side 556 00:28:37,920 --> 00:28:39,240 of it. The other side of it is look at 557 00:28:39,279 --> 00:28:41,240 all the capital that came here, and look what that 558 00:28:41,279 --> 00:28:42,319 capital did for us. 559 00:28:43,480 --> 00:28:46,480 Speaker 3: Agreed. But the problem the other issue you have, though 560 00:28:46,599 --> 00:28:48,799 is and a lot of those people got capital can 561 00:28:48,880 --> 00:28:50,400 leave a lot of yacted. 562 00:28:50,480 --> 00:28:52,440 Speaker 4: What is the unemployment rate in the US? Yeah, it's 563 00:28:52,440 --> 00:28:54,880 four point So so where's the damage? 564 00:28:55,039 --> 00:28:56,839 Speaker 3: You know? Well, I mean the dam I mean you 565 00:28:56,880 --> 00:28:58,640 could sit there and go we went fifteen years without 566 00:28:58,640 --> 00:29:02,119 substantive rage Wait increases, I mean that's you know that 567 00:29:02,359 --> 00:29:05,000 that kept inflation low, which, yeah, but what I'm saying 568 00:29:05,039 --> 00:29:08,160 is that if you go fifteen years without substantive increases 569 00:29:08,160 --> 00:29:10,400 in wages, it tells you that the middle class is 570 00:29:10,400 --> 00:29:13,680 getting pinched. And now and now who gets to pinch 571 00:29:13,720 --> 00:29:14,160 the heard? 572 00:29:14,319 --> 00:29:16,599 Speaker 4: This goes back to me, This goes back to Kev's argument. 573 00:29:16,720 --> 00:29:20,039 Though the pie has grown immensely in America in this 574 00:29:20,160 --> 00:29:23,400 in this time, how that pie is divided has has 575 00:29:23,559 --> 00:29:28,000 become a nasty split two different directions, right, Yeah, and 576 00:29:28,039 --> 00:29:31,039 I think trade policy it's part of that. But trade 577 00:29:31,039 --> 00:29:34,119 policy isn't the only policy that that determines how a 578 00:29:34,160 --> 00:29:36,359 pie gets chopped up hundred percent? 579 00:29:36,440 --> 00:29:38,599 Speaker 3: Yeah, no, I agree, one hundred percent. Right. 580 00:29:39,640 --> 00:29:41,759 Speaker 4: The point I was about to make, sorry is this, 581 00:29:42,119 --> 00:29:42,680 this is like. 582 00:29:42,759 --> 00:29:44,799 Speaker 3: So many other things that we're talking I don't don't. 583 00:29:44,799 --> 00:29:46,160 I want you to remember your point. I got it, 584 00:29:46,240 --> 00:29:47,759 But this is like so many other things that we've 585 00:29:47,759 --> 00:29:50,759 been talking about lately, where it's like when we're dealing 586 00:29:50,799 --> 00:29:53,000 with all of these things, what we're effectively doing is 587 00:29:53,000 --> 00:29:56,599 we're talking about one symptom and we're not talking, we're 588 00:29:56,599 --> 00:30:00,240 not having the broader conversations we we I believe very 589 00:30:00,279 --> 00:30:02,440 much we're in a fourth turning type of period of 590 00:30:02,480 --> 00:30:07,480 time and the tweaking at the edges that we've been 591 00:30:07,519 --> 00:30:09,079 able to do for the last fifty years, I don't 592 00:30:09,079 --> 00:30:12,279 think it works anymore. Meaning I think what it's calling 593 00:30:12,359 --> 00:30:14,400 for is broader structural reform. 594 00:30:14,839 --> 00:30:17,720 Speaker 4: Right. So what I was gonna say is, to me, 595 00:30:17,799 --> 00:30:22,240 what's clear is like just pure free trade on it's 596 00:30:22,319 --> 00:30:27,319 left of its own devices you have, you will be 597 00:30:27,440 --> 00:30:30,440 gutted in areas that you cannot allow yourself to be gutted. 598 00:30:30,480 --> 00:30:34,079 So obviously, I mean, we just cut off cut off 599 00:30:34,079 --> 00:30:37,720 some some military supplies to Ukraine, right, not for political 600 00:30:38,279 --> 00:30:42,319 Ukraine war reasons, but for like ooh, you're running low. Yeah, 601 00:30:42,359 --> 00:30:46,799 So like that tells me something about the defense industrial base, right, So, like, 602 00:30:47,119 --> 00:30:50,200 can you lose competitiveness in that? No? Should you lose 603 00:30:50,599 --> 00:30:54,960 your ability to make you know, food and clean water 604 00:30:55,400 --> 00:30:58,799 and medicine and electricity and like stuff like that. No, 605 00:30:58,920 --> 00:31:00,480 you better, you better take care of the basics. 606 00:31:00,519 --> 00:31:00,599 Speaker 3: Right. 607 00:31:00,640 --> 00:31:03,960 Speaker 4: It's almost like a Maslow's hierarchy of needs for a country. 608 00:31:04,680 --> 00:31:07,079 Take care of the base of the pyramid. If you 609 00:31:07,079 --> 00:31:08,799 have to put up walls to protection and make sure 610 00:31:08,839 --> 00:31:12,680 that that is sound, do it. But now, if you 611 00:31:12,759 --> 00:31:15,119 look over at Vietnam, we're gonna pay a twenty percent 612 00:31:15,119 --> 00:31:20,640 tariff on nikes. Should we manufacture socks and sandals in 613 00:31:20,680 --> 00:31:23,559 America we eaten shoes? No, Like that doesn't make any sense. 614 00:31:24,119 --> 00:31:27,960 So my argument would be, and this is frustrating because 615 00:31:27,960 --> 00:31:29,759 like I know, there's people administration like JD that has 616 00:31:29,759 --> 00:31:32,319 talked about this, like like hey, like let's carve out 617 00:31:32,319 --> 00:31:36,720 the strategic stuff. But there's nothing strategic about shoes or 618 00:31:37,400 --> 00:31:39,319 you know, jump ropes or whatever that we're going to 619 00:31:39,400 --> 00:31:44,279 have a twenty percent consumption tax on. So that that 620 00:31:44,319 --> 00:31:45,200 part I don't love. 621 00:31:46,400 --> 00:31:48,680 Speaker 3: Now I think I think Vietnam, I mean, so we'll 622 00:31:48,839 --> 00:31:50,319 see it way it rolls out, because I think Vietnam 623 00:31:50,359 --> 00:31:52,079 is a little bit different because there is that back 624 00:31:52,119 --> 00:31:55,200 alley action that was happening a lot where you're trying 625 00:31:55,240 --> 00:31:57,480 to shipping things through Vietnam, and you can argue that 626 00:31:57,559 --> 00:32:00,319 the you know, so maybe your argument would be then 627 00:32:00,440 --> 00:32:02,039 then keep that carve out on. 628 00:32:02,440 --> 00:32:07,279 Speaker 4: My argument would be, forget, forget country level tariffs, forget 629 00:32:08,000 --> 00:32:11,160 look at forget look at the strategic thing line tariffs 630 00:32:11,160 --> 00:32:13,400 of like everyone has to pay at least X percent. 631 00:32:13,880 --> 00:32:16,000 I no, no, no, like that's how we're gonna do this. 632 00:32:16,039 --> 00:32:19,440 It's going to be like, here are the ten things 633 00:32:19,440 --> 00:32:22,200 we've deemed to be too important for our country, and 634 00:32:22,279 --> 00:32:24,640 on those what I would do is have a quota system, 635 00:32:24,759 --> 00:32:27,160 so like, hey, in America, we will make at least 636 00:32:27,519 --> 00:32:31,079 x percent of blank and whatever we got it. You 637 00:32:31,079 --> 00:32:33,440 can have like a subsidy system that throttles up and 638 00:32:33,480 --> 00:32:35,680 down to make sure it gets there, a combination of 639 00:32:35,680 --> 00:32:40,440 subsidies for domestic production of blank and tariffs against the 640 00:32:40,440 --> 00:32:43,240 importation of blank, so that we can at least hold 641 00:32:43,240 --> 00:32:46,240 a certain capacity to make it. That's the way I 642 00:32:46,279 --> 00:32:46,960 would approach it. 643 00:32:47,599 --> 00:32:53,400 Speaker 3: Like for like, for instance, if you have radar laser 644 00:32:53,440 --> 00:32:56,880 guided you know, munitions like you know, patriot missiles, things 645 00:32:56,920 --> 00:33:00,920 like that, you should probably have the domestic capability to 646 00:33:00,960 --> 00:33:03,000 print the chips that make those weapons system. 647 00:33:02,880 --> 00:33:05,960 Speaker 4: The chips, the magnets obviously kind of hot topic, uh, 648 00:33:06,400 --> 00:33:09,799 you know, the the the inputs from you know, the 649 00:33:10,000 --> 00:33:12,400 actual commodities themselves, you know, and. 650 00:33:12,400 --> 00:33:14,000 Speaker 3: That in and of itself could provide a lot of 651 00:33:14,119 --> 00:33:16,000 a lot of additional jobs here in the United States. 652 00:33:16,079 --> 00:33:18,839 Speaker 4: It would like and it would be inefficient and like uneconomic, 653 00:33:18,960 --> 00:33:21,039 But there are you know, you have to carve out 654 00:33:21,039 --> 00:33:24,119 a few areas where it's like who cares how inefficient 655 00:33:24,160 --> 00:33:26,160 it is, like, because if you don't take some of 656 00:33:26,200 --> 00:33:29,039 these things for like seriously enough, then none of nothing 657 00:33:29,039 --> 00:33:32,400 else matters. Like you know, you can't defend yourself. Then 658 00:33:32,920 --> 00:33:33,759 what are we talking about? 659 00:33:34,400 --> 00:33:35,759 Speaker 3: Well, yeah, and then you've got to look at the 660 00:33:35,799 --> 00:33:38,000 like the changing way the world works too, right, Like, 661 00:33:38,079 --> 00:33:41,160 so you know, this isn't World War two anymore where 662 00:33:41,160 --> 00:33:43,599 you can just mobilize, you know, the entire economy and 663 00:33:43,599 --> 00:33:46,880 get everybody. You know, it's it's it's so much more diverse, 664 00:33:46,960 --> 00:33:49,559 it's so much more highly specialized. You know, you could 665 00:33:49,559 --> 00:33:52,960 flip an automobile manufacturing plant into a plant that could 666 00:33:53,000 --> 00:33:54,720 make airplanes. You can do it pretty quick. 667 00:33:54,839 --> 00:33:57,079 Speaker 4: Right, you can't do that anymore, and you can't do 668 00:33:57,119 --> 00:33:59,599 that with Yeah, and you can't just tell you know, 669 00:33:59,680 --> 00:34:02,400 somebody to go make chips. It's like the most complex 670 00:34:02,440 --> 00:34:03,039 thing in the world. 671 00:34:03,319 --> 00:34:07,519 Speaker 3: Yeah, now, great, thank god, we've got that facility going 672 00:34:07,519 --> 00:34:09,440 into down in Arizona. 673 00:34:09,280 --> 00:34:12,760 Speaker 4: Multiple facilities now and to include other states. In fact, 674 00:34:13,519 --> 00:34:16,800 maybe one of the only things that's super good in 675 00:34:16,840 --> 00:34:19,719 the bill that's coming through is they they've upped the 676 00:34:19,719 --> 00:34:23,679 the subsidies forward for chip plants, so like you'll get 677 00:34:23,679 --> 00:34:26,639 even more. Yeah, and that's a have to we're gonna 678 00:34:26,679 --> 00:34:28,840 do too much and have over capacity and kind of 679 00:34:29,239 --> 00:34:32,280 but it's that one's important to you know, we got 680 00:34:32,320 --> 00:34:34,199 to get that right, you have to like that's again 681 00:34:34,320 --> 00:34:36,119 if it's inefficient, you make too many or like whatever, 682 00:34:36,239 --> 00:34:37,599 like just deal with to consequences. 683 00:34:38,480 --> 00:34:42,840 Speaker 3: Not having chips in today's warfare is, to me is 684 00:34:42,960 --> 00:34:45,679 a very similar situation that Japan was in World War two? 685 00:34:46,320 --> 00:34:48,960 Right have it literally having no oil or energy production 686 00:34:49,039 --> 00:34:51,840 of their own, right, meaning I look at chips. Chips 687 00:34:51,840 --> 00:34:52,639 are like today's oil. 688 00:34:53,480 --> 00:34:55,559 Speaker 4: I think a few things are. Yeah, even magnets, I 689 00:34:55,559 --> 00:34:57,239 mean yeah, Fords is sitting there and Twitter in their 690 00:34:57,280 --> 00:34:59,639 thumbs because they can't make cars because the magnets like yeah, 691 00:34:59,760 --> 00:35:03,000 just and there's no there's no easy button to fix it. 692 00:35:03,159 --> 00:35:06,239 So like you you know, it's a multi year lag 693 00:35:06,280 --> 00:35:07,920 between you being able to do it for yourself and 694 00:35:08,000 --> 00:35:11,960 needing them from China. And you know, so what what 695 00:35:11,960 --> 00:35:17,159 what scares me from a like taking this too far? 696 00:35:17,239 --> 00:35:20,079 The other way standpoint would be like a real autarctic 697 00:35:20,199 --> 00:35:24,280 thing where like let's be self sufficient and just about everything, 698 00:35:24,599 --> 00:35:27,239 because that's where that's where you go too far and 699 00:35:27,320 --> 00:35:30,079 you you kind of blow out the the free traders 700 00:35:30,119 --> 00:35:33,559 take the Ricardo stuff too far, and it's like, whatever 701 00:35:33,599 --> 00:35:35,920 is the most efficient you do that, you know, But 702 00:35:36,000 --> 00:35:37,440 you can go the other way and it's like, let's 703 00:35:37,559 --> 00:35:40,239 let's be self sufficient in everything, and it's like that's 704 00:35:40,280 --> 00:35:43,679 a great way to completely ruin an economy of the country. Yeah, 705 00:35:43,679 --> 00:35:45,320 and you know, the well. 706 00:35:45,199 --> 00:35:47,599 Speaker 3: It's like so many other things that we talk about today, 707 00:35:48,320 --> 00:35:51,960 and and all too often it's not always the case, 708 00:35:52,000 --> 00:35:54,760 but all too often it is. What's the right position? 709 00:35:55,119 --> 00:35:58,519 I'm not exactly sure, but it probably lies somewhere in 710 00:35:58,559 --> 00:36:00,000 the middle of those two extreme thoughts. 711 00:36:00,760 --> 00:36:07,079 Speaker 1: God can deliver wholesale change in days, and he's warned 712 00:36:07,159 --> 00:36:08,679 us we'll have troubles on this earth, and he can 713 00:36:08,679 --> 00:36:12,119 deliver wholesale change in days, and praise God Almighty for that. 714 00:36:14,000 --> 00:36:17,679 We have a generation of kids who understand Jesus from YouTube, 715 00:36:18,440 --> 00:36:20,639 and some of that's okay. I mean, there's some pretty 716 00:36:20,639 --> 00:36:23,960 good coverage of Jesus on YouTube. They understand Jesus from 717 00:36:24,039 --> 00:36:26,639 the media, which is that Jesus is one of many 718 00:36:26,679 --> 00:36:30,480 teachers in one of many ways. And they understand Christians 719 00:36:31,000 --> 00:36:34,639 from movies where Christians, as you know, always have in 720 00:36:34,679 --> 00:36:38,360 their hearts deep deep hatred for people that they mask 721 00:36:38,480 --> 00:36:41,639 with Christianity. So that's sort of the flavor of the 722 00:36:41,800 --> 00:36:44,159 range of things. Now there's been some breakthrough movies. There's 723 00:36:44,159 --> 00:36:47,159 been The Chosen, for instance, that drew They did a 724 00:36:47,199 --> 00:36:49,480 study in this The Chos that has changed a lot 725 00:36:49,480 --> 00:36:52,159 of hearts towards Jesus. God has worked through that program 726 00:36:52,199 --> 00:36:54,239 to bring a lot of people to him. Then there 727 00:36:54,320 --> 00:36:56,880 was this movie that was called The King of Kings, 728 00:36:57,960 --> 00:37:01,039 and this took the explanation of Jesus into a family 729 00:37:01,119 --> 00:37:04,719 level basis with these characters in this animated feature, and 730 00:37:04,760 --> 00:37:07,519 it also welcomes in adults because it's based upon the 731 00:37:07,519 --> 00:37:10,639 work of Charles Dickens. Dickens roden Are a piece called 732 00:37:10,679 --> 00:37:12,360 The Life of Our Lord that he then shared with 733 00:37:12,400 --> 00:37:15,760 his kids, and in this little kids can watch a 734 00:37:15,840 --> 00:37:19,679 little boy go from an observer of Jesus to someone 735 00:37:19,719 --> 00:37:22,599 hearing stories about Jesus, to someone being involved in the 736 00:37:22,639 --> 00:37:27,280 stories about Jesus, then to literally being the person most 737 00:37:27,280 --> 00:37:31,400 affected by Jesus in that period. This movie is available 738 00:37:31,440 --> 00:37:34,159 at Angel dot com slash Todd. When you become a 739 00:37:34,159 --> 00:37:37,000 Premium Angel Studio Guild member, you get a whole lot 740 00:37:37,000 --> 00:37:39,199 of other benefits, and then so does the nation. You 741 00:37:39,280 --> 00:37:42,760 get to stream the movie immediately, You get to stream 742 00:37:42,840 --> 00:37:46,639 all of their fan curative pros shows immediately. You get 743 00:37:46,639 --> 00:37:49,239 two free tickets to any of their theatrical releases. You 744 00:37:49,280 --> 00:37:54,000 get those any of them. Plus the world wins because 745 00:37:54,239 --> 00:37:57,559 audiences like this, families like this, podcast, families like this, radio, 746 00:37:57,599 --> 00:38:01,800 families like this. We now get to program what they 747 00:38:01,840 --> 00:38:06,119 produce and distributes. It is our votes that decide. So 748 00:38:06,199 --> 00:38:08,719 go to Angel dot com slash todd become a premium 749 00:38:08,760 --> 00:38:11,960 Angel Studio member today. It's Angel dot com slash todd. 750 00:38:12,280 --> 00:38:15,639 Change is possible, particularly when God brings his mighty hand 751 00:38:16,199 --> 00:38:18,480 into a situation. Angel dot com slash todd. 752 00:38:18,719 --> 00:38:22,000 Speaker 3: Right, and that is very much the case now, right. 753 00:38:22,039 --> 00:38:25,079 It shouldn't be an all or nothing proposition. Tariffs will 754 00:38:25,079 --> 00:38:28,079 not make us rich. Right. At the same time, there 755 00:38:28,079 --> 00:38:29,639 are certain things that we need to tariff to make 756 00:38:29,639 --> 00:38:32,960 them viable to manufacture. Here, I and I you know, 757 00:38:33,000 --> 00:38:35,480 you and I raving this conversation earlier. The thing that 758 00:38:35,519 --> 00:38:39,280 I lament the most about today is that the rhetoric 759 00:38:39,400 --> 00:38:43,000 is so hot you can't have a realistic conversation, right, 760 00:38:43,239 --> 00:38:46,639 you know, I mean that that's the part of it 761 00:38:46,760 --> 00:38:50,079 that just really frustrates me. And I hear so many 762 00:38:50,119 --> 00:38:55,280 people talking about surface problems and I'm like, guys, you 763 00:38:55,360 --> 00:38:58,119 can try to address that problem all you want, but 764 00:38:58,159 --> 00:39:00,960 if you don't deal with the foundation issue down here, 765 00:39:00,960 --> 00:39:01,960 it doesn't matter. 766 00:39:02,280 --> 00:39:07,559 Speaker 4: Root cause analysis is a lost lost art, especially in politics. 767 00:39:07,679 --> 00:39:10,480 Speaker 3: I was God, dude, it's so I it just it 768 00:39:10,559 --> 00:39:13,360 makes me want to pound my face against my desk. 769 00:39:13,480 --> 00:39:17,880 Speaker 4: And almost everything you know, government does creates a new 770 00:39:17,880 --> 00:39:20,320 problem they have to fix it's and then you know, 771 00:39:20,360 --> 00:39:22,119 they break your leg and then they sell you a crutch, 772 00:39:22,159 --> 00:39:24,880 and then they brag about the crutch. And we're talking 773 00:39:24,920 --> 00:39:27,159 about the Medicaid stuff this morning, and that's it's an 774 00:39:27,199 --> 00:39:32,119 example where the reforms to Medicaid create problems. So like, 775 00:39:32,199 --> 00:39:35,119 I'll give them credit. The solution is in the same bill. 776 00:39:35,159 --> 00:39:37,199 But it's like, all right, we're gonna, you know, cut 777 00:39:37,199 --> 00:39:40,039 back on how much money we give the states for Medicaid. 778 00:39:40,239 --> 00:39:42,119 And then you know, some people were like, well, hold on, 779 00:39:42,239 --> 00:39:46,079 that's going to like totally ruin a bunch of a 780 00:39:46,119 --> 00:39:50,280 bunch of rural hospitals, and like, oh yeah, darn well, 781 00:39:50,400 --> 00:39:54,800 let's just make like a multi billion dollar rural hospital 782 00:39:54,840 --> 00:39:57,400 bailout fund that we can give them money out of. 783 00:39:57,480 --> 00:39:59,079 So like, that's all in the bill. And it's like, 784 00:40:00,760 --> 00:40:03,800 so you have in the same bill created created a 785 00:40:03,800 --> 00:40:06,400 problem and then tried to solve it, and then naturally 786 00:40:06,440 --> 00:40:08,880 that will could create its own problems and well no, yeah, and. 787 00:40:08,880 --> 00:40:12,719 Speaker 3: Then you're solve is the exact same type of thinking 788 00:40:12,800 --> 00:40:14,480 and solution that put us in this place in the 789 00:40:14,519 --> 00:40:17,679 food right, Yeah, just throw money at it, whereas what 790 00:40:17,719 --> 00:40:20,039 you need. And granted again, I hate using the word 791 00:40:20,079 --> 00:40:21,559 all the time, but it's just so fitting. It's the 792 00:40:21,639 --> 00:40:23,639 encoun strant nature of Congress, the fact you can't get 793 00:40:23,679 --> 00:40:26,840 anything done. But at a certain point kind of like 794 00:40:26,840 --> 00:40:29,280 the point I've made about the Federal Reserve. Look, I'm 795 00:40:29,320 --> 00:40:31,920 not saying that you're responsible for the debt and the 796 00:40:31,960 --> 00:40:35,440 bad decisions that were made, but you're the one that 797 00:40:35,559 --> 00:40:38,920 was given the anesthesia for it, right, like, meaning you're 798 00:40:38,960 --> 00:40:43,159 partly to blame. And you know, the federal government my 799 00:40:43,239 --> 00:40:46,920 situation as much that they play a similar role. You know, Yeah, 800 00:40:46,920 --> 00:40:49,280 they're all these problems. And that's the tough thing is 801 00:40:49,440 --> 00:40:51,519 you listen to politics, everything is just a one off. 802 00:40:51,519 --> 00:40:53,760 Oh they're doing that that's wrong, and you're like, no, 803 00:40:54,400 --> 00:40:57,239 wrong once again. You guys are talking about stuff on 804 00:40:57,280 --> 00:40:59,880 the surface level. You're not leveling with the people. We 805 00:41:00,079 --> 00:41:02,800 have a system that is defunct and cannot function right. 806 00:41:03,320 --> 00:41:07,719 Our our entitlement system will not work. It's mathematics, okay, 807 00:41:07,760 --> 00:41:11,760 it's it's broken. It needs reform. Our immigration system. We're 808 00:41:11,760 --> 00:41:14,880 not a few ice patrols away from fixing it. Right. 809 00:41:15,000 --> 00:41:17,679 The people that are all against it, I think the 810 00:41:17,760 --> 00:41:20,599 vast majority of them do not understand the nature of 811 00:41:20,639 --> 00:41:22,760 the executive branch and what they're clot Like I've already 812 00:41:22,760 --> 00:41:25,880 said I would prioritize other things other than raiding home depot. 813 00:41:26,159 --> 00:41:28,920 But at the same time, you're trying, like, what you 814 00:41:29,079 --> 00:41:32,559 need to do is address immigration, but Congress doesn't make 815 00:41:32,559 --> 00:41:34,559 that viable. So what are you left to do? And 816 00:41:34,599 --> 00:41:37,800 that's and I'm not like, you see those problems on 817 00:41:37,840 --> 00:41:40,280 both sides of the aisle, You see the accouncil trends 818 00:41:40,280 --> 00:41:42,440 on both sides of the aisle. But at the same time, 819 00:41:42,800 --> 00:41:44,840 you know, buying up a bunch of houses, you know, 820 00:41:45,760 --> 00:41:48,000 buying up a bunch of property in New York and 821 00:41:48,079 --> 00:41:51,840 making them public communes. These are not answers to problems, right, 822 00:41:51,840 --> 00:41:54,320 they're not this is not these aren't serious. These aren't 823 00:41:54,360 --> 00:41:56,639 serious answers. And if you really want to get down 824 00:41:56,639 --> 00:41:59,480 to brass tacks, if we want to tackle these situations, 825 00:42:00,119 --> 00:42:03,960 there's gonna be provisions in there by definition that are 826 00:42:04,000 --> 00:42:08,239 tough to swallow on both sides, because you need a 827 00:42:08,400 --> 00:42:12,960 sort of a combined approach. May not be sexy to 828 00:42:13,000 --> 00:42:15,599 talk about on the evening news. You know, it's not 829 00:42:15,719 --> 00:42:17,440 red meat. You're not going to sell it to either 830 00:42:17,480 --> 00:42:19,679 side and have them all pumped up and holding up signs. 831 00:42:20,360 --> 00:42:24,039 But the other thing, you know, hopefully that's the other thing. 832 00:42:24,039 --> 00:42:24,159 Speaker 4: Man. 833 00:42:24,320 --> 00:42:26,760 Speaker 3: Sometimes we started running at some point we started running 834 00:42:26,760 --> 00:42:30,079 a government political campaigns on memes too. Right, it's like 835 00:42:30,079 --> 00:42:33,840 the stock market. You never actually talk about anything serious, No, 836 00:42:34,000 --> 00:42:34,639 just nonsense. 837 00:42:34,719 --> 00:42:36,960 Speaker 4: Yeah, everything's a bontre sticker when it comes to politics 838 00:42:37,360 --> 00:42:40,119 in a sound by it and TikTok links. 839 00:42:40,360 --> 00:42:44,559 Speaker 3: Other than that, things look great, right? Other than that, 840 00:42:44,599 --> 00:42:46,199 how is the movie this? Or how is the play? 841 00:42:46,199 --> 00:42:49,159 Missus Lincoln? Anyway? We got a roll? You got anything 842 00:42:49,159 --> 00:42:49,960 else you want to add to that? 843 00:42:50,079 --> 00:42:51,840 Speaker 4: Nope, job tomorrow, jobs tomorrow. 844 00:42:52,039 --> 00:42:55,000 Speaker 3: We'll see you guys tomorrow. As always, follow us on 845 00:42:55,039 --> 00:43:00,239 social Media, Know Your Risk Podcast, Instaface, Twitter, all that 846 00:43:00,440 --> 00:43:02,119 to X. I guess now you got to call it. 847 00:43:02,559 --> 00:43:04,599 I refuse, but go on, I know it will always be. 848 00:43:04,679 --> 00:43:06,239 I'm not going to send an X. I'm gonna send 849 00:43:06,239 --> 00:43:06,639 a tweet. 850 00:43:06,760 --> 00:43:09,199 Speaker 4: You know, I don't really say, Matt, I don't really Yeah, 851 00:43:09,639 --> 00:43:10,840 I'm an old geezer now I get it. 852 00:43:10,840 --> 00:43:14,239 Speaker 3: But let's Facebook, get off my lawn, kid exactly. Anyway, 853 00:43:14,400 --> 00:43:17,440 I have a wonderful, wonderful evening. We'll see you guys tomorrow. 854 00:43:17,440 --> 00:43:19,840 You're listening to Know Your Risk Podcast. Download and subscribe 855 00:43:19,840 --> 00:43:22,159 at Know Your Riskpodcast dot com. 856 00:43:22,400 --> 00:43:24,920 Speaker 2: Investment advice cannot be given without a client service agreement. 857 00:43:24,960 --> 00:43:28,000 Zach Abraham is an investment advisor representative of Trek Financial 858 00:43:28,000 --> 00:43:31,039 and SEC registered investment advisor. Bollward Capital Management is a 859 00:43:31,039 --> 00:43:33,320 marketing name only and does not carry a separate registration. 860 00:43:35,280 --> 00:43:38,599 Speaker 1: That was Zach's podcast, Zach Abraham, Chief Investment Officer, Bullward 861 00:43:38,639 --> 00:43:42,880 Capital Management. We'd be nowhere without Zach's initial belief in 862 00:43:42,920 --> 00:43:45,719 this program. So again I thank him. I thank God 863 00:43:45,719 --> 00:43:49,000 for bringing us together as friends and partners. And now 864 00:43:49,320 --> 00:43:52,280 this has been the Zach Abraham version of The Todd 865 00:43:52,280 --> 00:43:54,480 Herman Show. But I still ask you to go, be well, 866 00:43:54,880 --> 00:43:57,960 be strong, be kind, and make a decision to walk 867 00:43:57,960 --> 00:43:58,800 in the light of Christ.