1 00:00:00,040 --> 00:00:04,120 Speaker 1: And socialist New York City longest shutdown. 2 00:00:03,720 --> 00:00:07,520 Speaker 2: Challenging Trump's terariff check in Please latest fifty five krs 3 00:00:08,039 --> 00:00:09,200 Speaker 2: the talk station. 4 00:00:11,640 --> 00:00:12,319 Speaker 1: Eight oh five. 5 00:00:12,600 --> 00:00:16,000 Speaker 2: Here a fifty five KRSD talk station. Happy Monday, Monday, Monday, 6 00:00:16,079 --> 00:00:19,599 Speaker 2: every Monday at eight oh five talk with Brian James 7 00:00:19,640 --> 00:00:22,160 Speaker 2: Malworth Financial who loans him out for a few segments 8 00:00:22,160 --> 00:00:26,680 Speaker 2: for a listening audience. Enjoyment and edification. Welcome back, Brian James, 9 00:00:26,720 --> 00:00:27,680 Speaker 2: Hope you had a nice weekend. 10 00:00:27,840 --> 00:00:31,320 Speaker 1: I am here again to provide enjoyment and edification. I'm 11 00:00:31,320 --> 00:00:32,680 Speaker 1: gonna tell my wife that. 12 00:00:32,680 --> 00:00:37,239 Speaker 2: There you go as I do right day, and we 13 00:00:37,280 --> 00:00:39,760 Speaker 2: don't have to lament another Bengals loss since it didn't 14 00:00:39,760 --> 00:00:40,440 Speaker 2: play yesterday. 15 00:00:40,440 --> 00:00:43,000 Speaker 1: So I wasn't gonna ruin things by bringing that up. 16 00:00:43,080 --> 00:00:47,000 Speaker 1: But there you become tradition. Brian. It's it's Monday. It's 17 00:00:47,000 --> 00:00:47,760 Speaker 1: time to gripe, all. 18 00:00:47,720 --> 00:00:50,920 Speaker 2: Right, your reaction to the apparent shutdown being over. I 19 00:00:50,960 --> 00:00:53,040 Speaker 2: guess I saw what the Democrats got by way of 20 00:00:53,120 --> 00:00:56,360 Speaker 2: quote unquote concessions, not a tremendous amount. Notably the return 21 00:00:56,400 --> 00:00:58,360 Speaker 2: of the federal eployees had been laid off. They never 22 00:00:58,400 --> 00:01:00,000 Speaker 2: would have been laid off had the government not shut 23 00:01:00,120 --> 00:01:01,760 Speaker 2: not gotten shut down in the first place, so I 24 00:01:01,760 --> 00:01:03,920 Speaker 2: don't view that as much of a concession by the Republicans. 25 00:01:03,960 --> 00:01:07,440 Speaker 2: But kicking the vote on the extension of the supplements 26 00:01:07,480 --> 00:01:10,080 Speaker 2: and promising a vote in December does not mean those 27 00:01:10,120 --> 00:01:14,120 Speaker 2: extensions are going to get increased or extended. I firmly 28 00:01:14,160 --> 00:01:17,560 Speaker 2: doubt that they will. So what does this mean. I 29 00:01:17,600 --> 00:01:20,040 Speaker 2: think it means more that they get to go home 30 00:01:20,040 --> 00:01:23,000 Speaker 2: for vacation. They're hoping there's enough time between now and holidays, 31 00:01:23,120 --> 00:01:26,400 Speaker 2: notably Thanksgiving, to get the air traffic control situation worked out. 32 00:01:26,440 --> 00:01:28,399 Speaker 2: I'm sure they were hearing from the constituents about that, 33 00:01:28,520 --> 00:01:31,280 Speaker 2: given the thousands of flights that got canceled. They too 34 00:01:31,319 --> 00:01:33,920 Speaker 2: want to go home for vacation. But maybe it has 35 00:01:33,959 --> 00:01:37,840 Speaker 2: more to do with perhaps offering Obamacare subsidies directly to 36 00:01:38,040 --> 00:01:40,920 Speaker 2: individuals so they can select on the free market what 37 00:01:41,000 --> 00:01:43,840 Speaker 2: plan they want. Given the massive number of opportunities in 38 00:01:43,880 --> 00:01:46,520 Speaker 2: the private insurance market to get policies for less money 39 00:01:46,760 --> 00:01:49,440 Speaker 2: and a policy that's tailored to your specific needs. I 40 00:01:49,440 --> 00:01:51,920 Speaker 2: think that's frightened them because that means to me, the 41 00:01:52,000 --> 00:01:52,920 Speaker 2: end of Obamacare. 42 00:01:53,640 --> 00:01:56,480 Speaker 1: Well, that could be and that would be a major 43 00:01:57,040 --> 00:01:59,600 Speaker 1: push for Republicans that's gone on. Yes, we're sneaking up 44 00:01:59,600 --> 00:02:03,280 Speaker 1: twenty year now on Obamacare. Maybe not quite that many, 45 00:02:03,320 --> 00:02:05,160 Speaker 1: but still that was that's how far back you have 46 00:02:05,200 --> 00:02:08,720 Speaker 1: to go to when the administration occurred. So the headline 47 00:02:08,760 --> 00:02:11,919 Speaker 1: is that yesterday the Senate voted sixty forty to advance 48 00:02:11,919 --> 00:02:14,359 Speaker 1: a funding measure known as a procedural vote. We've done 49 00:02:14,360 --> 00:02:17,040 Speaker 1: this before. This is how we get away with just 50 00:02:17,120 --> 00:02:18,760 Speaker 1: extending it out. We're going to kick the can just 51 00:02:18,760 --> 00:02:21,200 Speaker 1: a little bit longer. That's going to allow some debate 52 00:02:21,280 --> 00:02:23,560 Speaker 1: and move the bill forward. This is a stop gap 53 00:02:23,560 --> 00:02:27,400 Speaker 1: funding resolution that's basically going to temporarily fund the government 54 00:02:27,480 --> 00:02:29,760 Speaker 1: through January thirties. This is what when we see these 55 00:02:29,800 --> 00:02:31,840 Speaker 1: procedural votes, this is what it is. It's about kicking 56 00:02:31,840 --> 00:02:35,000 Speaker 1: the can. Let's address the immediate issue without solving the 57 00:02:36,240 --> 00:02:40,480 Speaker 1: primary issue. So involved in this is reversing the firings 58 00:02:40,480 --> 00:02:43,000 Speaker 1: and layoffs of federal workers done during the shutdown and 59 00:02:43,120 --> 00:02:45,680 Speaker 1: guaranteeing their back pay. That's part of the compromise. And 60 00:02:45,720 --> 00:02:47,440 Speaker 1: then a commitment, this is really the big thing, a 61 00:02:47,480 --> 00:02:50,160 Speaker 1: commitment to hold a future vote on extending the health 62 00:02:50,200 --> 00:02:53,640 Speaker 1: insurance premium tax credits. That are available under the Affordable 63 00:02:53,639 --> 00:02:56,960 Speaker 1: Care Actor Obamacare. But that's no guarantee that those ACA 64 00:02:57,040 --> 00:03:00,480 Speaker 1: subsidies are going to be extended in this bill. It's 65 00:03:00,480 --> 00:03:02,359 Speaker 1: got to get through the Senate completely, and then it'll 66 00:03:02,400 --> 00:03:04,400 Speaker 1: go to the House like allways, and then finally to 67 00:03:04,480 --> 00:03:07,280 Speaker 1: be signed by President Trump and that will officially end 68 00:03:07,280 --> 00:03:09,720 Speaker 1: the funding gap. So, you know, I think you're right, 69 00:03:09,760 --> 00:03:12,480 Speaker 1: that's probably what they're shooting for, But I don't know. 70 00:03:12,639 --> 00:03:15,760 Speaker 1: I'm looking at these at the the recent results of 71 00:03:15,760 --> 00:03:17,440 Speaker 1: the midterms here, and I wonder if they're going to 72 00:03:17,520 --> 00:03:19,440 Speaker 1: have the support that they'll need to push it through. 73 00:03:19,520 --> 00:03:21,400 Speaker 2: Well, whether they know they have the support or not. 74 00:03:21,480 --> 00:03:23,200 Speaker 2: We were talking earlier about you know, you kind of 75 00:03:23,240 --> 00:03:25,639 Speaker 2: have to be a real weed dweller to understand the 76 00:03:26,520 --> 00:03:29,760 Speaker 2: connection between all these ins and outs and different legislation. 77 00:03:30,320 --> 00:03:33,920 Speaker 2: We I think collectively can agree most people probably do 78 00:03:34,000 --> 00:03:36,600 Speaker 2: not have all that information. For example, they wouldn't even 79 00:03:36,680 --> 00:03:38,760 Speaker 2: understand right now because most people don't that there is 80 00:03:38,840 --> 00:03:42,960 Speaker 2: a private medical insurance market out there that's thriving, something 81 00:03:43,000 --> 00:03:45,440 Speaker 2: that offers an alternative to Obamacare. I talk about this 82 00:03:45,480 --> 00:03:47,440 Speaker 2: with John Rohlman all the time. I speak for him. 83 00:03:47,480 --> 00:03:49,720 Speaker 2: I do a Weekend show on the whole idea, it's 84 00:03:49,760 --> 00:03:52,720 Speaker 2: there's a lot of better options out there. Even insurance 85 00:03:52,760 --> 00:03:55,119 Speaker 2: agents aren't aware of this reality. But if you give 86 00:03:55,120 --> 00:03:57,080 Speaker 2: people the money themselves, much in the same way, I'm 87 00:03:57,080 --> 00:03:59,640 Speaker 2: an advocate for letting the money follow this student as 88 00:03:59,680 --> 00:04:02,880 Speaker 2: opposed to go directly to the to the school. You 89 00:04:02,920 --> 00:04:05,920 Speaker 2: have a great argument. You're not giving money to the 90 00:04:06,080 --> 00:04:09,480 Speaker 2: evil insurance companies, and Democrats hate these big insurance companies. 91 00:04:09,560 --> 00:04:11,880 Speaker 2: They celebrate when the United Way CEO got his head 92 00:04:11,880 --> 00:04:14,160 Speaker 2: blown off. I mean, you know they're going to have 93 00:04:14,160 --> 00:04:16,080 Speaker 2: a tough ord of home marketing. The whole idea of 94 00:04:16,120 --> 00:04:18,640 Speaker 2: not going down this road, even though it would it 95 00:04:18,680 --> 00:04:21,400 Speaker 2: would be the demise of Obamacare from my perspective, Well. 96 00:04:21,400 --> 00:04:23,560 Speaker 1: Let me ask you this because maybe you know more 97 00:04:23,600 --> 00:04:24,920 Speaker 1: than I do about this. Matter of fact, I'll go 98 00:04:25,000 --> 00:04:27,640 Speaker 1: ahead and say you do. Because you've shared some details, 99 00:04:27,680 --> 00:04:29,159 Speaker 1: you're kind of educate me a little bit. So my 100 00:04:29,279 --> 00:04:32,320 Speaker 1: question to you, Brian Thomas is the insurance companies are 101 00:04:32,320 --> 00:04:35,400 Speaker 1: still all behind this. So if their motivations are you know, 102 00:04:35,520 --> 00:04:37,760 Speaker 1: profit and all these other things that I that both 103 00:04:37,800 --> 00:04:40,560 Speaker 1: sides are speaking that they hate, then how does it 104 00:04:40,640 --> 00:04:43,680 Speaker 1: change when the funding mechanism changes. Aren't we still going 105 00:04:43,760 --> 00:04:47,000 Speaker 1: to be slaves to companies that are still basically focused 106 00:04:47,040 --> 00:04:50,160 Speaker 1: primarily on profit margin and not the end results competition. 107 00:04:50,839 --> 00:04:54,920 Speaker 2: Obamacare is supported. It's the only insurance option out there, 108 00:04:55,000 --> 00:04:58,640 Speaker 2: government controlled, it may be that is eligible for these subsidies. 109 00:04:59,320 --> 00:05:03,279 Speaker 2: That way, if you give money to people directly, every 110 00:05:03,480 --> 00:05:06,440 Speaker 2: insurance company is eligible for subsidies. And there are some 111 00:05:06,600 --> 00:05:09,760 Speaker 2: far better policies out there, far more competitive, far less 112 00:05:09,760 --> 00:05:13,279 Speaker 2: out of pocket liability and responsibility. Monthly premiums can be 113 00:05:13,279 --> 00:05:16,400 Speaker 2: more affordable. It's just knowing how to stack your insurance policies, 114 00:05:16,400 --> 00:05:18,640 Speaker 2: which there are people well, again like my friend John Roman, 115 00:05:18,680 --> 00:05:20,919 Speaker 2: who I do advertise for, that do this all the time. 116 00:05:21,720 --> 00:05:24,919 Speaker 2: Just allowing that subsitty to go really anywhere, like allowing 117 00:05:24,920 --> 00:05:27,800 Speaker 2: the school funding not just to go to public schools, 118 00:05:27,800 --> 00:05:30,600 Speaker 2: but to go to any school of the parent's choice. 119 00:05:31,000 --> 00:05:34,159 Speaker 2: Competition gets built and created. It forces people to run 120 00:05:34,160 --> 00:05:37,520 Speaker 2: a better well oil machine. It forces policy prices to 121 00:05:37,560 --> 00:05:40,839 Speaker 2: come down because they're in market competition with everybody else 122 00:05:40,880 --> 00:05:41,560 Speaker 2: for a change. 123 00:05:42,120 --> 00:05:45,240 Speaker 1: Is it flexible enough? I mean, I'm sure we don't 124 00:05:45,279 --> 00:05:47,360 Speaker 1: know these things yet, but I'm just wondering if it's 125 00:05:47,360 --> 00:05:50,200 Speaker 1: flexible enough to cover and are people in a position 126 00:05:50,320 --> 00:05:52,760 Speaker 1: yet where they know what they need and how to 127 00:05:52,880 --> 00:05:53,599 Speaker 1: navigate through it. 128 00:05:53,960 --> 00:05:57,280 Speaker 2: That's why you have an expert like you in financial 129 00:05:57,360 --> 00:06:00,560 Speaker 2: planning to answer the questions on behalf of the clients 130 00:06:00,560 --> 00:06:03,760 Speaker 2: that you represent, Like for example, you are sitting in 131 00:06:03,800 --> 00:06:06,840 Speaker 2: a fiduciary capacity. For those who are relying on your 132 00:06:06,920 --> 00:06:10,280 Speaker 2: services to invest their retirement funds. You owe them an 133 00:06:10,320 --> 00:06:13,440 Speaker 2: obligation to explain all this now if you don't understand it. 134 00:06:13,520 --> 00:06:16,440 Speaker 2: John Ruhlman is working for you, for example, he has 135 00:06:16,520 --> 00:06:18,960 Speaker 2: to explain it all and tell you exactly why what 136 00:06:19,080 --> 00:06:21,560 Speaker 2: happens under this option, what it's ultimately going to cost 137 00:06:21,600 --> 00:06:24,600 Speaker 2: you factoring in monthly premiums out of pockets. Here, if 138 00:06:24,600 --> 00:06:26,880 Speaker 2: we look at this option over here in the private sector, 139 00:06:27,040 --> 00:06:29,000 Speaker 2: we can put it together this way, and here's the 140 00:06:29,040 --> 00:06:32,400 Speaker 2: real cost benefit or the real cost to you. Here's 141 00:06:32,440 --> 00:06:33,920 Speaker 2: what you're going to be paying out of pocket. Here's 142 00:06:33,920 --> 00:06:36,680 Speaker 2: what your exposure is from a liability perspective in your 143 00:06:36,680 --> 00:06:38,920 Speaker 2: monthly premiums. So it's all spelled out on paper. 144 00:06:39,279 --> 00:06:41,560 Speaker 1: Yes, I agree. Now here's a weakness in what you 145 00:06:41,640 --> 00:06:44,400 Speaker 1: just described though, that is not the term fiduciary doesn't 146 00:06:44,400 --> 00:06:46,840 Speaker 1: exist in health insurance industry. This isn't you know, to 147 00:06:46,839 --> 00:06:49,400 Speaker 1: bash anyone industry, but it's not a little different. 148 00:06:49,080 --> 00:06:53,840 Speaker 2: That is correct operates that way. He operates that way. 149 00:06:53,880 --> 00:06:55,880 Speaker 1: He may choose to. That's one guy, And this is 150 00:06:55,880 --> 00:06:57,839 Speaker 1: a frustration I've had with the insurance industry for a 151 00:06:57,960 --> 00:07:00,840 Speaker 1: very very very long time because they're isn't a massive 152 00:07:00,839 --> 00:07:03,719 Speaker 1: amount of money can you can make by placing a policy? 153 00:07:03,920 --> 00:07:05,760 Speaker 1: But you don't have to sign up to say I'm 154 00:07:05,800 --> 00:07:06,520 Speaker 1: doing this for you. 155 00:07:06,880 --> 00:07:10,680 Speaker 2: Not because if you work for United Healthcare and are 156 00:07:10,720 --> 00:07:13,680 Speaker 2: selling United health Care policies, the only policy you're going 157 00:07:13,760 --> 00:07:16,120 Speaker 2: to sell is United Healthcare because you're not going to 158 00:07:16,160 --> 00:07:18,600 Speaker 2: make any money selling any other premium or another policy. 159 00:07:18,720 --> 00:07:21,640 Speaker 2: John Roman doesn't work that way. His profit is made 160 00:07:21,680 --> 00:07:24,800 Speaker 2: working by selling any insurance policy to any individual. The 161 00:07:24,840 --> 00:07:27,000 Speaker 2: advantage he has is because he's giving you sound advice 162 00:07:27,080 --> 00:07:28,760 Speaker 2: on the difference between them. 163 00:07:29,040 --> 00:07:31,000 Speaker 1: I get that it's still a commission based business, and 164 00:07:31,000 --> 00:07:32,760 Speaker 1: I'm not bashing John at all. It's just the way 165 00:07:32,800 --> 00:07:36,640 Speaker 1: that that industry has always market sign It. 166 00:07:36,560 --> 00:07:39,880 Speaker 2: Creates market incentive for others to operate the same way. 167 00:07:39,920 --> 00:07:41,880 Speaker 2: You're never going to get that with an insurance agent 168 00:07:41,920 --> 00:07:43,840 Speaker 2: who works exclusively for one company. 169 00:07:43,920 --> 00:07:46,720 Speaker 1: Yeah, yeah, you're talking about captive versus independent. I totally 170 00:07:46,840 --> 00:07:49,800 Speaker 1: understand that. I'm talking about the compensation methodology. How do 171 00:07:49,840 --> 00:07:52,200 Speaker 1: I know for a thousand percent sure that somebody is 172 00:07:52,280 --> 00:07:54,720 Speaker 1: not picking one insurance company because it's paying the more 173 00:07:54,800 --> 00:07:56,880 Speaker 1: than another one that could be appropriate for me. That's 174 00:07:56,920 --> 00:07:59,760 Speaker 1: the risk in any fiduciary versus non fiduciary discussion. 175 00:07:59,840 --> 00:08:01,800 Speaker 2: Well, knowing John and the team there and what they've 176 00:08:01,840 --> 00:08:04,080 Speaker 2: done for all my listeners so far, that is a 177 00:08:04,160 --> 00:08:07,280 Speaker 2: risk we're worthy of taking because that's exactly what he does. 178 00:08:08,000 --> 00:08:10,160 Speaker 1: I get it. And again I'm not bashing John at all. 179 00:08:10,240 --> 00:08:12,520 Speaker 1: I'm just saying that's that's a weakness of that industry, 180 00:08:12,560 --> 00:08:14,720 Speaker 1: and that's what I used to sell life insurance when 181 00:08:14,720 --> 00:08:18,440 Speaker 1: I was younger and didn't understand this stuff quite as clearly. 182 00:08:18,600 --> 00:08:20,440 Speaker 1: And that was a huge conflict I saw with the 183 00:08:20,480 --> 00:08:21,240 Speaker 1: banks that I worked for. 184 00:08:21,400 --> 00:08:22,880 Speaker 2: Yeah, you were, who are you working for? 185 00:08:23,920 --> 00:08:26,960 Speaker 1: I am a bank. See it was National City up 186 00:08:26,960 --> 00:08:29,320 Speaker 1: and Dayton and National City became p and C. And 187 00:08:29,320 --> 00:08:31,040 Speaker 1: for those who don't know, p and C stands for 188 00:08:31,120 --> 00:08:34,480 Speaker 1: previously National City. Under Stallo's humor from the day that 189 00:08:34,480 --> 00:08:35,720 Speaker 1: that was announced. 190 00:08:35,440 --> 00:08:37,199 Speaker 2: To understand, and I don't mean to turn this into 191 00:08:37,200 --> 00:08:38,800 Speaker 2: be commercial for him, but he's not the only one 192 00:08:38,800 --> 00:08:41,360 Speaker 2: of the world that does this. So once we're and 193 00:08:41,400 --> 00:08:43,560 Speaker 2: you can tell by the comments from our elected official 194 00:08:43,600 --> 00:08:45,520 Speaker 2: senators on both sides of the ledger, they're really not 195 00:08:45,600 --> 00:08:49,400 Speaker 2: familiar with this concept at all. They've come brainwashed into 196 00:08:49,400 --> 00:08:51,880 Speaker 2: the idea that Obamacare can't be replaced and there's no 197 00:08:52,000 --> 00:08:53,240 Speaker 2: other option out there. 198 00:08:53,440 --> 00:08:55,360 Speaker 1: Huh huh. Wrong. There is. 199 00:08:55,520 --> 00:08:57,800 Speaker 2: There are a multitude of them, and quite often it's 200 00:08:57,840 --> 00:08:59,360 Speaker 2: better to go down that road and check into it, 201 00:08:59,360 --> 00:09:01,880 Speaker 2: at least look out for your own best interests, because 202 00:09:01,880 --> 00:09:03,280 Speaker 2: the fool is the one who's. 203 00:09:03,080 --> 00:09:04,240 Speaker 1: Not all right. 204 00:09:04,280 --> 00:09:06,280 Speaker 2: We'll get back to your list of topics. Bring Oh 205 00:09:06,360 --> 00:09:08,520 Speaker 2: wait real quick, I wanted to ask you how this 206 00:09:09,120 --> 00:09:11,960 Speaker 2: apparent end of the shutdown, not that we're there yet, 207 00:09:11,960 --> 00:09:14,319 Speaker 2: how's it impacting the market? I'm looking at futures. They 208 00:09:14,320 --> 00:09:16,560 Speaker 2: haven't really been impacted by this. Was this already baked 209 00:09:16,559 --> 00:09:17,120 Speaker 2: into the cake? 210 00:09:17,520 --> 00:09:19,640 Speaker 1: Yeah? I mean, I think with shutdowns, with them, the 211 00:09:19,679 --> 00:09:22,400 Speaker 1: market kind of always knows that it's never gonna last 212 00:09:22,440 --> 00:09:26,320 Speaker 1: forever because nobody, no politician is going to benefit and 213 00:09:26,400 --> 00:09:30,160 Speaker 1: make their constituents happy by completely shutting down permanently and 214 00:09:30,200 --> 00:09:33,280 Speaker 1: totally walking away. So the market hasn't done a whole 215 00:09:33,320 --> 00:09:36,280 Speaker 1: lot of anything. Dared. We've seen this before too, you know. 216 00:09:36,520 --> 00:09:39,240 Speaker 1: And the thing I think that is become the you know, 217 00:09:39,240 --> 00:09:42,240 Speaker 1: with the new political third rails is the publicly traded markets. 218 00:09:42,520 --> 00:09:46,520 Speaker 1: We're simply not going to permanently anger the leaders of 219 00:09:46,559 --> 00:09:50,000 Speaker 1: our largest publicly traded companies because there's literally nothing stopping them, 220 00:09:50,040 --> 00:09:52,720 Speaker 1: Brian Thomas from picking up and moving to another country 221 00:09:52,720 --> 00:09:55,360 Speaker 1: that is more favorable to business. That's an extreme outcome, 222 00:09:55,600 --> 00:09:57,720 Speaker 1: but I think that's always kind of in the background 223 00:09:57,760 --> 00:09:59,679 Speaker 1: of yeah, we just can't take, you know, take the 224 00:09:59,679 --> 00:10:02,320 Speaker 1: ball and go home and expect good outcomes. Therefore the 225 00:10:02,320 --> 00:10:04,120 Speaker 1: market kind of goes, yeah, whatever, we're going to get 226 00:10:04,120 --> 00:10:05,719 Speaker 1: through this and we can still make a profit during 227 00:10:05,720 --> 00:10:06,160 Speaker 1: this time. 228 00:10:06,480 --> 00:10:08,679 Speaker 2: Always the case, Brian James will continue to find out 229 00:10:08,720 --> 00:10:10,920 Speaker 2: what in the hell is a low cost EFT and 230 00:10:10,960 --> 00:10:13,160 Speaker 2: how does it relate to four to one ks plus, 231 00:10:13,480 --> 00:10:15,160 Speaker 2: what's going to happen if we all get two thousand 232 00:10:15,240 --> 00:10:18,000 Speaker 2: dollars from tariffs and how might that work? And apparently 233 00:10:18,080 --> 00:10:20,920 Speaker 2: not everybody's taking all of their vacation days. Those topics 234 00:10:20,920 --> 00:10:22,800 Speaker 2: coming up with Brian James from Allworth Financial. Hope you 235 00:10:22,800 --> 00:10:24,800 Speaker 2: can stick around and also take care of yourself. It's 236 00:10:24,840 --> 00:10:27,840 Speaker 2: cold out there. Eight nineteen. 237 00:10:27,880 --> 00:10:29,280 Speaker 1: If you have care cit talk station. 238 00:10:29,320 --> 00:10:31,120 Speaker 2: It's Monday. We're doing that money Monday thing with Brian 239 00:10:31,200 --> 00:10:33,719 Speaker 2: James from Allworth Financial. All right, do you have to 240 00:10:33,760 --> 00:10:34,600 Speaker 2: break this down for me? 241 00:10:35,040 --> 00:10:35,439 Speaker 1: Ignorant? 242 00:10:35,480 --> 00:10:37,040 Speaker 2: I am on a lot of topics. Is having to 243 00:10:37,040 --> 00:10:38,560 Speaker 2: be one of them, Brian James, that's who bring you 244 00:10:38,600 --> 00:10:42,000 Speaker 2: on the show. Low cost ETFs in four to one 245 00:10:42,040 --> 00:10:45,520 Speaker 2: K retirement plan. What's this all about, Brian James? 246 00:10:45,600 --> 00:10:48,800 Speaker 1: So, yeah, Exchange traded funds are the cool kid on 247 00:10:48,800 --> 00:10:50,280 Speaker 1: the block now. They kind of have been for about 248 00:10:50,360 --> 00:10:52,439 Speaker 1: almost thirty years, I think, so they're not brand new, 249 00:10:52,480 --> 00:10:55,520 Speaker 1: but these are vehicles that are. They're very much like 250 00:10:55,600 --> 00:10:59,120 Speaker 1: mutual funds in the traditional sense. These are investments that 251 00:10:59,160 --> 00:11:01,440 Speaker 1: you can own that well, that you buy one thing 252 00:11:01,480 --> 00:11:03,160 Speaker 1: and it owns a bunch of under things underneath it, 253 00:11:03,600 --> 00:11:05,960 Speaker 1: and that's not all that crazy to talk about that. 254 00:11:06,040 --> 00:11:08,959 Speaker 1: The headline today though, is that State Street, which is 255 00:11:09,000 --> 00:11:10,760 Speaker 1: one of the big providers. They have about one point 256 00:11:10,800 --> 00:11:14,400 Speaker 1: seven trillion dollars in ETFs and if you ever if 257 00:11:14,400 --> 00:11:16,360 Speaker 1: you've heard of spiders. That's the S and P five 258 00:11:16,440 --> 00:11:19,640 Speaker 1: hundred ETF that is a State Street product. But what 259 00:11:19,679 --> 00:11:23,920 Speaker 1: they're pushing for is to get more ETF like structures 260 00:11:23,960 --> 00:11:26,320 Speaker 1: into four to one case. There's been a shift for 261 00:11:26,360 --> 00:11:29,520 Speaker 1: a long time in traditional mutual fund offerings, you know, 262 00:11:29,600 --> 00:11:33,480 Speaker 1: think Vanguard to change their to offer in an ETF 263 00:11:33,600 --> 00:11:36,400 Speaker 1: chassis something that their mutual funds already do well. This 264 00:11:36,440 --> 00:11:38,240 Speaker 1: one's kind of going in the other direction because State 265 00:11:38,280 --> 00:11:41,160 Speaker 1: Street kind of started with ETFs, so they're pushing their 266 00:11:41,160 --> 00:11:45,120 Speaker 1: ETF structures into mutual funds. This is really about cost, 267 00:11:45,200 --> 00:11:47,000 Speaker 1: and I can't I'm kind of scratching my head a 268 00:11:47,040 --> 00:11:49,840 Speaker 1: little bit to look for other benefits here. The benefits 269 00:11:49,880 --> 00:11:51,960 Speaker 1: to an ETF over to mutual fund is they tend 270 00:11:51,960 --> 00:11:54,079 Speaker 1: to be dirt cheap, right in terms of something called 271 00:11:54,080 --> 00:11:56,480 Speaker 1: an expense ratio. For those who don't know, you're paying 272 00:11:56,520 --> 00:11:59,080 Speaker 1: for your mutual funds every single day via a little 273 00:11:59,120 --> 00:12:01,320 Speaker 1: payment that comes out of share price. You'll never see it, 274 00:12:01,320 --> 00:12:03,960 Speaker 1: but rest assured it's there. It's called an expense ratio, 275 00:12:04,080 --> 00:12:06,120 Speaker 1: and you want that percentage to be as low as possible. 276 00:12:06,800 --> 00:12:09,040 Speaker 1: So that's one of the big reasons ETFs are simply 277 00:12:09,080 --> 00:12:12,080 Speaker 1: technologically more efficient. Therefore they can be cheaper to run. 278 00:12:12,160 --> 00:12:14,440 Speaker 1: That has triggered this race to the bottom in terms 279 00:12:14,480 --> 00:12:18,880 Speaker 1: of low expense ratios. But beyond that, the rest of 280 00:12:18,880 --> 00:12:21,520 Speaker 1: it is tax efficiency. They are much more tax efficient 281 00:12:21,800 --> 00:12:24,800 Speaker 1: than a traditional mutual fund. However, that does not matter 282 00:12:24,840 --> 00:12:26,680 Speaker 1: in a four oh one K or an IRA because 283 00:12:26,679 --> 00:12:29,600 Speaker 1: those are tax sheltered. Anyway, I am not super excited 284 00:12:29,600 --> 00:12:31,559 Speaker 1: about this headline, so I hope nobody out there is 285 00:12:32,800 --> 00:12:35,960 Speaker 1: really really hoping their company offers this and is banking 286 00:12:36,000 --> 00:12:38,400 Speaker 1: their future on it. Is not going to be that impactful. 287 00:12:38,600 --> 00:12:41,760 Speaker 1: It's simply a big financial institution looking to get a 288 00:12:41,760 --> 00:12:44,440 Speaker 1: hold of the twelve trillion dollars. Because remember State Street 289 00:12:44,440 --> 00:12:46,880 Speaker 1: does ets primarily. That means they're not really in a 290 00:12:46,920 --> 00:12:47,840 Speaker 1: four to oh one k market. 291 00:12:47,880 --> 00:12:49,800 Speaker 2: They're the ones. They're doing this for their own benefit, 292 00:12:49,840 --> 00:12:51,079 Speaker 2: is what you're really trying to say. 293 00:12:51,240 --> 00:12:53,040 Speaker 1: I've been digging this morning trying to figure out why 294 00:12:53,120 --> 00:12:55,600 Speaker 1: is this a headline? So what a company wants into 295 00:12:55,640 --> 00:12:56,040 Speaker 1: a market? 296 00:12:56,080 --> 00:12:59,080 Speaker 2: I get it, But why would they not be a 297 00:12:59,120 --> 00:13:03,280 Speaker 2: part of the mutual fund options already, because. 298 00:13:03,120 --> 00:13:05,559 Speaker 1: Well, they don't run mutual funds. They primarily run exchange 299 00:13:05,559 --> 00:13:07,920 Speaker 1: traded funds. So what they're doing is they're taking their 300 00:13:08,280 --> 00:13:10,839 Speaker 1: popular exchange traded funds. And they are good ones. I'm 301 00:13:10,840 --> 00:13:13,120 Speaker 1: not bashing them at all, but they're just not built 302 00:13:13,200 --> 00:13:15,120 Speaker 1: to be inside a four oh one K. You want 303 00:13:15,120 --> 00:13:16,360 Speaker 1: to be in a four oh one K, you have 304 00:13:16,400 --> 00:13:20,040 Speaker 1: to be very flexible, flexible with fractional shares. So because 305 00:13:20,040 --> 00:13:23,520 Speaker 1: somebody might be putting fifty bucks every paycheck into their 306 00:13:23,559 --> 00:13:25,000 Speaker 1: four oh one K and then that's got to get 307 00:13:25,040 --> 00:13:28,839 Speaker 1: split seventeen ways. ETFs are not efficient to be broken 308 00:13:28,920 --> 00:13:31,560 Speaker 1: down into fractional shares. Mutual funds are built for it. 309 00:13:32,040 --> 00:13:34,280 Speaker 1: I see, Okay, I'm not excited about this one. 310 00:13:34,320 --> 00:13:35,440 Speaker 2: Well, then sounds like it. 311 00:13:35,480 --> 00:13:36,920 Speaker 1: I think you made that point really clear. 312 00:13:37,160 --> 00:13:39,320 Speaker 2: All right, Well, let's talk real quick here, because there 313 00:13:39,320 --> 00:13:41,520 Speaker 2: are a couple of talks talk about like not taking vacations 314 00:13:41,559 --> 00:13:43,840 Speaker 2: and also the two thousand dollars from tariffs. Will do 315 00:13:43,880 --> 00:13:47,040 Speaker 2: that in the next segment. Real quick here. Why I 316 00:13:47,040 --> 00:13:49,560 Speaker 2: saw the statistic and while I may not use all 317 00:13:49,600 --> 00:13:53,480 Speaker 2: of my vacation days, the weird statistic in the article 318 00:13:53,520 --> 00:13:57,960 Speaker 2: that you have from CNBC. Though the majority have access 319 00:13:57,960 --> 00:14:00,439 Speaker 2: to paid time off, the report found that twenty three 320 00:14:00,480 --> 00:14:03,160 Speaker 2: percent of employees didn't even take a single day of 321 00:14:03,280 --> 00:14:05,520 Speaker 2: vacation even though they had it. 322 00:14:06,480 --> 00:14:09,000 Speaker 1: Yeah, you know, and I think that's a cultural thing, Brian. 323 00:14:09,040 --> 00:14:11,079 Speaker 1: I mean there's a lot of people around who still 324 00:14:11,160 --> 00:14:12,800 Speaker 1: kind of wave that flag. If I'm a hard worker 325 00:14:12,800 --> 00:14:14,600 Speaker 1: and that's what I'm known to be, what I will 326 00:14:14,640 --> 00:14:16,880 Speaker 1: speak to is what I see on the other side 327 00:14:16,920 --> 00:14:18,560 Speaker 1: of that, because I see a lot of people who 328 00:14:18,559 --> 00:14:20,560 Speaker 1: that was their lifestyle. It's just what they do, knows 329 00:14:20,600 --> 00:14:23,240 Speaker 1: to the grindstone take Oh sure, wear it like a 330 00:14:23,280 --> 00:14:26,240 Speaker 1: badge of pride. Those people are not happy during retirement 331 00:14:26,280 --> 00:14:28,240 Speaker 1: pride they don't know what to do with themselves. Oh, 332 00:14:28,280 --> 00:14:30,800 Speaker 1: it's very scary. It's scary enough to see somebody who 333 00:14:30,800 --> 00:14:33,960 Speaker 1: can't afford retirement. It's almost scarier to see the mental 334 00:14:34,000 --> 00:14:36,600 Speaker 1: impact on somebody who never thought about what that was 335 00:14:36,640 --> 00:14:39,000 Speaker 1: going to feel like, to have that huge expanse of 336 00:14:39,040 --> 00:14:39,760 Speaker 1: time to fill. 337 00:14:40,840 --> 00:14:42,800 Speaker 2: Yeah, you know what, that makes sense. I do know 338 00:14:42,840 --> 00:14:45,960 Speaker 2: a guy who never missed not only did he never 339 00:14:46,040 --> 00:14:48,960 Speaker 2: miss a single day of K through twelve education or 340 00:14:49,000 --> 00:14:52,080 Speaker 2: college education, he never missed a single day of work, 341 00:14:52,880 --> 00:14:56,840 Speaker 2: and he built up a massive, massive retirement savings just 342 00:14:56,880 --> 00:14:59,600 Speaker 2: because he never took any time off, he didn't have 343 00:14:59,640 --> 00:15:01,840 Speaker 2: anything do after work. It's the kind of person you're 344 00:15:01,840 --> 00:15:04,760 Speaker 2: talking about right now. Work is their life. And from 345 00:15:04,800 --> 00:15:06,840 Speaker 2: all accounts, I think he's done pretty well in retirement. 346 00:15:06,840 --> 00:15:09,120 Speaker 2: I guess he found something to do. But yeah, I 347 00:15:09,840 --> 00:15:10,720 Speaker 2: know people like that. 348 00:15:10,800 --> 00:15:12,760 Speaker 1: And I hope he did. But I'm sure he had 349 00:15:12,800 --> 00:15:15,000 Speaker 1: a lot of soul searching moments for that. What is 350 00:15:15,000 --> 00:15:16,440 Speaker 1: that going to feel like? That first day that the 351 00:15:16,440 --> 00:15:18,880 Speaker 1: alarm doesn't go off and I don't have to go anywhere. 352 00:15:18,960 --> 00:15:21,160 Speaker 1: That's great for twenty four hours, but then that next week, 353 00:15:21,280 --> 00:15:24,440 Speaker 1: especially in February, when it's cold and terrible outside, What 354 00:15:24,480 --> 00:15:26,560 Speaker 1: am I gonna do today? I terrifying me. 355 00:15:26,640 --> 00:15:28,320 Speaker 2: Well, and after we're talking with you guys for long 356 00:15:28,400 --> 00:15:29,960 Speaker 2: enough to realize that I'm at least in a position 357 00:15:29,960 --> 00:15:32,920 Speaker 2: where I can retire, the whole idea of retirements scares 358 00:15:32,960 --> 00:15:34,720 Speaker 2: the hell out of me because I don't know what 359 00:15:34,840 --> 00:15:35,600 Speaker 2: I'm going to be doing. 360 00:15:35,680 --> 00:15:37,880 Speaker 1: There, you go, that is the big mountain behind the 361 00:15:37,880 --> 00:15:40,760 Speaker 1: little mountain. The little mountain to climb is the financial part. 362 00:15:40,800 --> 00:15:42,800 Speaker 1: We all hide behind that and go, I don't have enough. 363 00:15:42,800 --> 00:15:44,640 Speaker 1: I don't have enough. I guess I'll just keep working. 364 00:15:44,840 --> 00:15:46,600 Speaker 1: But then one day and it sounds like this happened 365 00:15:46,640 --> 00:15:48,440 Speaker 1: to you. One day we realize that, Oh my gosh, 366 00:15:48,520 --> 00:15:50,200 Speaker 1: I do have enough. I can do whatever I want. 367 00:15:50,560 --> 00:15:52,080 Speaker 1: Oh my god, what do I want to do? I've 368 00:15:52,120 --> 00:15:53,000 Speaker 1: never thought about that? 369 00:15:53,640 --> 00:15:56,280 Speaker 2: Yeah, Scarier, it's a scary future for me. I do 370 00:15:56,360 --> 00:15:59,280 Speaker 2: see sloth and lethargy playing a huge part of that, 371 00:15:59,320 --> 00:16:01,400 Speaker 2: and that is not good for my health or the relationship. 372 00:16:01,440 --> 00:16:03,080 Speaker 1: To have goals, at least you defined your goal. 373 00:16:03,200 --> 00:16:04,960 Speaker 2: I well, that's it. I know what the goals are 374 00:16:05,040 --> 00:16:07,920 Speaker 2: right now, but these shouldn't be those goals. Find something 375 00:16:08,000 --> 00:16:09,920 Speaker 2: to do, and why you're at it. Use up your 376 00:16:09,960 --> 00:16:13,240 Speaker 2: retirement or your vacation days. Might find some good in that, 377 00:16:13,360 --> 00:16:15,080 Speaker 2: just to exhale for a couple of minutes and take 378 00:16:15,080 --> 00:16:18,000 Speaker 2: some relaxing time. Brian James will talk about the two 379 00:16:18,000 --> 00:16:20,600 Speaker 2: thousand dollars maybe coming our way. How's that going to work? 380 00:16:20,640 --> 00:16:22,400 Speaker 2: And I want a word or two on what you 381 00:16:22,440 --> 00:16:24,800 Speaker 2: and I might expect by way of investment return over 382 00:16:24,840 --> 00:16:27,520 Speaker 2: the lifetime of our investment strategy, because I'm not sure 383 00:16:27,560 --> 00:16:29,640 Speaker 2: I ever expected, nor would I hope to expect, a 384 00:16:29,800 --> 00:16:34,360 Speaker 2: sixteen thousand percent return. Nancy Pelosi got that one more 385 00:16:34,400 --> 00:16:36,320 Speaker 2: with Brian James Money Monday coming. 386 00:16:36,200 --> 00:16:38,920 Speaker 1: Up fifty five a twenty eighty nine. 387 00:16:38,800 --> 00:16:40,680 Speaker 2: To fifty five K city talk station Brian Time with 388 00:16:40,720 --> 00:16:44,560 Speaker 2: Brian James from all Worth Financial talking Money Monday and 389 00:16:44,840 --> 00:16:46,960 Speaker 2: what's the story in this two thousand dollars tariff check. 390 00:16:47,040 --> 00:16:50,000 Speaker 2: I know that Supreme Court and hearing oral arguments about 391 00:16:50,000 --> 00:16:53,040 Speaker 2: the legality and authority of Donald Trump to levy taxes 392 00:16:53,240 --> 00:16:56,120 Speaker 2: or tariff's rather individually, is not looking good for the 393 00:16:56,160 --> 00:16:59,040 Speaker 2: Trump administration basedup on the comments and questioning of the justices, 394 00:16:59,080 --> 00:17:02,040 Speaker 2: but that decision hasn't come down yet. In the meantime, 395 00:17:02,080 --> 00:17:04,640 Speaker 2: tariffs are still out there. Of course, we've entered into 396 00:17:04,720 --> 00:17:08,200 Speaker 2: some trade negotiations as a consequence of him unilaterally doing 397 00:17:08,240 --> 00:17:10,600 Speaker 2: the tariffs but putting aside his authority to do it. 398 00:17:10,600 --> 00:17:13,800 Speaker 2: It has worked, so unringing the bell, if they indeed 399 00:17:13,840 --> 00:17:16,520 Speaker 2: have to, is going to be extremely complicated matter. But 400 00:17:16,560 --> 00:17:18,719 Speaker 2: it seems like Trump's trying to pivot, telling the American 401 00:17:18,760 --> 00:17:21,280 Speaker 2: people that know, you're going to benefit from this, and 402 00:17:21,359 --> 00:17:24,120 Speaker 2: we're going to give you two thousand dollars more, maybe 403 00:17:24,240 --> 00:17:27,639 Speaker 2: less directly as a consequence of the billions and billions 404 00:17:27,640 --> 00:17:30,520 Speaker 2: of dollars we're bringing in in tariffs. Do you see 405 00:17:30,560 --> 00:17:32,920 Speaker 2: this is actually happening. If the Supreme Court says it's 406 00:17:32,920 --> 00:17:35,040 Speaker 2: okay for him to do this, I suppose really is 407 00:17:35,040 --> 00:17:36,720 Speaker 2: a critical element to know whether this is going to 408 00:17:36,800 --> 00:17:37,160 Speaker 2: go forward. 409 00:17:37,240 --> 00:17:39,800 Speaker 1: Brian, Well, he's tying it too, as we were talking 410 00:17:39,800 --> 00:17:42,080 Speaker 1: about earlier. He's tying it a little bit to the 411 00:17:42,119 --> 00:17:46,199 Speaker 1: health insurance discussion over a dismantling Obamacare. And then you know, 412 00:17:46,200 --> 00:17:48,040 Speaker 1: why not just give people money and let them choose 413 00:17:48,040 --> 00:17:50,160 Speaker 1: their own or do or buy an HDTV or whatever 414 00:17:50,160 --> 00:17:52,199 Speaker 1: they're going to do with their couple thousand dollars, you know, 415 00:17:52,240 --> 00:17:55,200 Speaker 1: freedom to spend whatever you want. Yeah, And I think 416 00:17:55,240 --> 00:17:58,640 Speaker 1: he's really just kind of laying the groundwork to make 417 00:17:58,680 --> 00:18:01,000 Speaker 1: people aware that if you report this, there could be 418 00:18:01,040 --> 00:18:03,080 Speaker 1: money showing up in your mailbox. I mean, what better 419 00:18:03,119 --> 00:18:07,080 Speaker 1: way can a politician ever get gain favor for anything? 420 00:18:07,560 --> 00:18:12,040 Speaker 1: Does this buying votes? Brian James, are you kidding me? Quite? Literally? 421 00:18:12,080 --> 00:18:13,960 Speaker 1: Money in your mailbox? Right, we can do. Then there's 422 00:18:13,960 --> 00:18:16,240 Speaker 1: a little bit of history for this. It would effectively 423 00:18:16,240 --> 00:18:19,399 Speaker 1: work like a stimulus payment, which we've seen before. March 424 00:18:19,400 --> 00:18:21,760 Speaker 1: of twenty twenty, we had the Cares Act and that 425 00:18:21,840 --> 00:18:23,959 Speaker 1: was twelve hundred dollars per adult five hundred bucks per 426 00:18:24,000 --> 00:18:26,760 Speaker 1: child that actually did happen. This was early in COVID, 427 00:18:26,800 --> 00:18:28,640 Speaker 1: so you know, there was such chaos and people don't 428 00:18:28,640 --> 00:18:31,560 Speaker 1: really remember it. Then later that year, December of twenty twenty, 429 00:18:31,560 --> 00:18:33,600 Speaker 1: there was another push for two thousand dollars checks that 430 00:18:33,680 --> 00:18:36,600 Speaker 1: kind of just came and went. And earlier this year, 431 00:18:36,680 --> 00:18:38,800 Speaker 1: remember we had the dozed dividend that we were supposed 432 00:18:38,800 --> 00:18:40,520 Speaker 1: to get that was going to be five thousand dollars 433 00:18:40,600 --> 00:18:42,920 Speaker 1: per household, except that just kind of went away. When 434 00:18:42,920 --> 00:18:44,680 Speaker 1: that whole dose thing didn't move the needle very much, 435 00:18:44,840 --> 00:18:47,240 Speaker 1: Elon Musk got bored with it. So we'll see what 436 00:18:47,359 --> 00:18:50,040 Speaker 1: comes of this, you know, But I really I feel 437 00:18:50,080 --> 00:18:51,919 Speaker 1: like it's just greasing this kid, so there will be 438 00:18:52,040 --> 00:18:54,040 Speaker 1: there will be less of a public hue and cry 439 00:18:54,119 --> 00:18:55,919 Speaker 1: over the things that he really wants to get done. 440 00:18:56,640 --> 00:18:58,840 Speaker 1: And because as we've seen very very recently with the 441 00:18:58,840 --> 00:19:01,480 Speaker 1: snap payments, it only takes one or two judges to 442 00:19:01,560 --> 00:19:04,880 Speaker 1: throw a monkey wrench in the works in both directions. Right, Yeah, 443 00:19:05,000 --> 00:19:07,119 Speaker 1: we had it overturned and then it was unoverturned and 444 00:19:07,160 --> 00:19:08,080 Speaker 1: I don't know where we are now. 445 00:19:08,320 --> 00:19:10,960 Speaker 2: It's been They were ordered to pay one hundred percent 446 00:19:10,960 --> 00:19:14,880 Speaker 2: of the SNAP benefits beginning today unless the Supreme Court 447 00:19:14,960 --> 00:19:18,399 Speaker 2: pronounces otherwise. Now, they allowed Trump to move to keep 448 00:19:18,480 --> 00:19:21,240 Speaker 2: things in place with the freeze on Friday evening, but 449 00:19:21,280 --> 00:19:23,239 Speaker 2: that was a single judge saying we're going to leave 450 00:19:23,280 --> 00:19:26,800 Speaker 2: its status quo until this decision comes out. This decision 451 00:19:26,880 --> 00:19:29,240 Speaker 2: was what came out last night, and the Appellate Court 452 00:19:29,280 --> 00:19:30,560 Speaker 2: said you got to pay one hundred percent of the 453 00:19:30,560 --> 00:19:33,720 Speaker 2: SNAP benefits, which I think helped the Republicans in these 454 00:19:33,760 --> 00:19:37,399 Speaker 2: negotiations yesterday. Because you've taken assuming that court order stayed 455 00:19:37,440 --> 00:19:41,160 Speaker 2: in place, maybe the administration doesn't appeal it, then all 456 00:19:41,200 --> 00:19:43,000 Speaker 2: of the people who are going to get harmed because 457 00:19:43,000 --> 00:19:46,000 Speaker 2: of SNAP stopping no longer can complain. So there's a 458 00:19:46,119 --> 00:19:49,160 Speaker 2: giant chunk of people forty million or so who no 459 00:19:49,200 --> 00:19:52,480 Speaker 2: longer care about the shutdown as having impacted their bottom line. 460 00:19:52,640 --> 00:19:55,080 Speaker 2: So you've taken that out, leaving I guess those who 461 00:19:55,080 --> 00:19:57,720 Speaker 2: are traveling on airplanes and looking forward to holidays to 462 00:19:57,800 --> 00:20:00,000 Speaker 2: be screaming and yelling. And that includes a lot broad 463 00:20:00,040 --> 00:20:02,880 Speaker 2: a number of people who actually might influence elections, including 464 00:20:02,880 --> 00:20:05,879 Speaker 2: corporate business owners, individuals with enough money to go on 465 00:20:05,960 --> 00:20:10,280 Speaker 2: vacation and actually utilize air traffic. That's my theory on 466 00:20:10,320 --> 00:20:12,399 Speaker 2: that matter. No, I think I think you're probably right. 467 00:20:12,600 --> 00:20:14,800 Speaker 1: What's the largest segment of the population that's going to 468 00:20:14,800 --> 00:20:16,280 Speaker 1: be the loudest, and it's the ones that are getting 469 00:20:16,320 --> 00:20:18,440 Speaker 1: directly hurt by Well you've just taken that away, and 470 00:20:18,560 --> 00:20:20,240 Speaker 1: a little sugar on top, here's a chance at a 471 00:20:20,280 --> 00:20:23,359 Speaker 1: two thousand dollars check. Now he has also indicated this 472 00:20:23,400 --> 00:20:26,480 Speaker 1: is this is going to exclude high income individuals. I'm 473 00:20:26,480 --> 00:20:29,000 Speaker 1: not sure exactly what high income means. Who knows this 474 00:20:29,080 --> 00:20:30,840 Speaker 1: is None of this isn't writing yet. So we'll see 475 00:20:30,880 --> 00:20:32,879 Speaker 1: what comes down the pipe. And we have talked about 476 00:20:32,880 --> 00:20:35,439 Speaker 1: this before again that that whole doze dividend. Here's the 477 00:20:35,480 --> 00:20:37,320 Speaker 1: thing that his government is doing that's going to result 478 00:20:37,320 --> 00:20:39,440 Speaker 1: in money in your pocket. While that didn't exactly happen. 479 00:20:39,480 --> 00:20:41,480 Speaker 1: So we're going to see, you know, here's the thing 480 00:20:41,480 --> 00:20:43,600 Speaker 1: the government's doing. We're bringing in tariffs and here's a 481 00:20:43,680 --> 00:20:47,040 Speaker 1: chunk of the action for taxpayers. Yeah, you know, does 482 00:20:47,080 --> 00:20:49,080 Speaker 1: allow through and see what happened? That was in the detail. 483 00:20:49,080 --> 00:20:51,680 Speaker 2: Because I would think money flowing into government with through 484 00:20:51,720 --> 00:20:54,720 Speaker 2: tariffs or taxation or any other mechanism would be part 485 00:20:54,760 --> 00:20:57,159 Speaker 2: and parcel of the power of the perse And unless 486 00:20:57,160 --> 00:21:00,159 Speaker 2: Congress and acts legislation to allow the return one of 487 00:21:00,200 --> 00:21:02,240 Speaker 2: these tariffs to us in any way, shape or form, 488 00:21:02,280 --> 00:21:04,360 Speaker 2: that it's going to require congressional action and approval. 489 00:21:04,880 --> 00:21:06,720 Speaker 1: You would think, you would think. And with all the 490 00:21:06,800 --> 00:21:10,400 Speaker 1: talk too, just over this administration, the prior administration, all 491 00:21:10,440 --> 00:21:15,040 Speaker 1: the bluster about the deficit, I would love to see 492 00:21:15,040 --> 00:21:17,560 Speaker 1: one ounce of these dollars go toward paying down the 493 00:21:17,560 --> 00:21:20,000 Speaker 1: debt we already have, yes, as opposed to encouraging us 494 00:21:20,040 --> 00:21:20,880 Speaker 1: to go make more of it. 495 00:21:21,000 --> 00:21:23,960 Speaker 2: Thank you, Brian James. You and I in agreement completely 496 00:21:24,000 --> 00:21:27,240 Speaker 2: on that. That's a pesky challenge for generations to come 497 00:21:27,240 --> 00:21:27,640 Speaker 2: that death. 498 00:21:27,680 --> 00:21:30,000 Speaker 1: We wish there were more of us in agreement. Really, 499 00:21:30,040 --> 00:21:31,719 Speaker 1: we'd rather have our checks in our mailbox. All right. 500 00:21:31,720 --> 00:21:33,520 Speaker 2: Well, I'm an agreement on the idea of earning sixteen 501 00:21:34,359 --> 00:21:36,080 Speaker 2: thirty percent rate to return on my investments. 502 00:21:36,080 --> 00:21:36,600 Speaker 1: Brian James. 503 00:21:36,640 --> 00:21:39,119 Speaker 2: That's not a regular occurrence with all Worth Financial, is it? 504 00:21:39,160 --> 00:21:41,399 Speaker 2: Because that sounds extraordinary to me. I mean, I'm of 505 00:21:41,480 --> 00:21:44,880 Speaker 2: the mind that you know I should expect around eight percent, 506 00:21:45,000 --> 00:21:50,240 Speaker 2: hopefully more. But I Nancy Pelosi back in eighty seven, 507 00:21:50,320 --> 00:21:53,200 Speaker 2: which she took off as head roughly eight seven hundred 508 00:21:53,160 --> 00:21:55,560 Speaker 2: and eighty five thousand dollars total portfolio between her and 509 00:21:55,560 --> 00:21:58,680 Speaker 2: her husband. She announced the retirement and apparently she now 510 00:21:58,680 --> 00:22:01,000 Speaker 2: has one hundred and thirty million thirty three million she's 511 00:22:01,040 --> 00:22:04,480 Speaker 2: sitting on, which was calculated as a sixteen nine and 512 00:22:04,480 --> 00:22:08,040 Speaker 2: thirty percent raady to return the Dow Jones over the 513 00:22:08,080 --> 00:22:10,399 Speaker 2: same period of time two thousand, three hundred. Now, they 514 00:22:10,440 --> 00:22:12,320 Speaker 2: didn't put the SMP in there, but I can't imagine 515 00:22:12,320 --> 00:22:14,760 Speaker 2: the S and P being closer to sixteen thousand than 516 00:22:14,840 --> 00:22:15,760 Speaker 2: twenty three hundred. 517 00:22:16,080 --> 00:22:18,240 Speaker 1: Well, yeah, story, let me put pen to paper. No, 518 00:22:18,320 --> 00:22:20,040 Speaker 1: the S and P five hundred is not close to 519 00:22:20,040 --> 00:22:23,840 Speaker 1: sixty percent. They'll carry the one and then this goes 520 00:22:23,920 --> 00:22:27,000 Speaker 1: over here and no, that's not a close number. Yeah. 521 00:22:27,040 --> 00:22:29,840 Speaker 1: And so it is a very very very lucrative gig 522 00:22:30,119 --> 00:22:33,400 Speaker 1: to be tied to the US Congress because you get 523 00:22:33,440 --> 00:22:36,359 Speaker 1: a whole boatload of insider information and there's just not 524 00:22:36,440 --> 00:22:38,080 Speaker 1: a lot of law. We just don't have the structure. 525 00:22:38,119 --> 00:22:41,240 Speaker 1: We've never had the political will to stop this from happening, 526 00:22:41,280 --> 00:22:43,320 Speaker 1: because of course, the ones who would decide to make 527 00:22:43,320 --> 00:22:45,080 Speaker 1: the laws are the ones who would who would be 528 00:22:45,160 --> 00:22:47,760 Speaker 1: hurt by them. So guess what's not gonna happen anytime? 529 00:22:48,040 --> 00:22:50,480 Speaker 2: Fox watching the hen House there, Brian James, although you 530 00:22:50,520 --> 00:22:53,760 Speaker 2: and I are not allowed to inside trade. Yeah, well exactly, 531 00:22:53,760 --> 00:22:57,040 Speaker 2: we would get that thrown into jail if we insider trade, correct. 532 00:22:57,040 --> 00:22:59,880 Speaker 1: I mean like when we we we managed portfolios. Here, 533 00:22:59,880 --> 00:23:02,119 Speaker 1: we move exchange ttraded funds around there. There's a no 534 00:23:02,200 --> 00:23:04,240 Speaker 1: fly list, but advisors are not allowed to touch this 535 00:23:04,320 --> 00:23:06,760 Speaker 1: ETF or at that ETF because we're about to move 536 00:23:06,800 --> 00:23:09,920 Speaker 1: money around at a portfolio level for our entire firm. 537 00:23:10,720 --> 00:23:12,560 Speaker 1: But that's not does not apply if you are in 538 00:23:13,040 --> 00:23:16,000 Speaker 1: a member of Congress. Now this does both. Pelosi's numbers 539 00:23:16,000 --> 00:23:17,840 Speaker 1: are ie popping, for sure, and she's always had her 540 00:23:17,880 --> 00:23:19,399 Speaker 1: hands in a whole lot of things. She's not the 541 00:23:19,400 --> 00:23:21,800 Speaker 1: only one. I got a list here all the different names, 542 00:23:21,840 --> 00:23:24,919 Speaker 1: and they're both flavors. It's on both sides of the aisles. Absolutely, 543 00:23:25,080 --> 00:23:27,720 Speaker 1: game works happens on both sides. It would be great 544 00:23:27,800 --> 00:23:29,800 Speaker 1: if we would put a law in place, and we did. 545 00:23:29,840 --> 00:23:32,159 Speaker 1: There's the Stock Act that came out in twenty twelve 546 00:23:32,840 --> 00:23:35,920 Speaker 1: that limits the some limit somewhat how much these people 547 00:23:35,960 --> 00:23:38,680 Speaker 1: can do, but the fine can be like two hundred bucks, 548 00:23:38,720 --> 00:23:42,000 Speaker 1: and nobody's ever been prosecuted under it. That's why you've 549 00:23:42,000 --> 00:23:42,560 Speaker 1: never heard of it. 550 00:23:42,640 --> 00:23:46,200 Speaker 2: Let's see two hundred and fifty bucks or sixteen thousand 551 00:23:46,960 --> 00:23:49,000 Speaker 2: percent return. I'm gonna go with the ladder, knowing full 552 00:23:49,040 --> 00:23:51,000 Speaker 2: well that I can cover the nut on the any 553 00:23:51,280 --> 00:23:53,240 Speaker 2: any against net that out. 554 00:23:53,280 --> 00:23:55,400 Speaker 1: If you net out the two fifty dollar fee, gonna 555 00:23:55,440 --> 00:23:56,120 Speaker 1: work in your favor. 556 00:23:57,680 --> 00:23:59,359 Speaker 2: Brian James. Glad we got in with a little bit 557 00:23:59,359 --> 00:24:01,280 Speaker 2: of smile on her face and a couple of points 558 00:24:01,280 --> 00:24:01,800 Speaker 2: on agreement. 559 00:24:01,840 --> 00:24:02,320 Speaker 1: Brian James. 560 00:24:02,320 --> 00:24:04,120 Speaker 2: Look for to next Monday, another edition of Monday Monday. 561 00:24:04,119 --> 00:24:06,040 Speaker 2: I appreciate it all worth loaning you out for the segments. 562 00:24:06,040 --> 00:24:07,520 Speaker 2: I hope you have a great week. My friend. 563 00:24:07,600 --> 00:24:09,720 Speaker 1: We're gonna have to talk about the Bengals next Monday. 564 00:24:09,520 --> 00:24:12,480 Speaker 2: That we will, good or bad. It'll be a topic 565 00:24:12,560 --> 00:24:13,200 Speaker 2: right out of the gate. 566 00:24:13,240 --> 00:24:14,240 Speaker 1: Definitely be acknowledged. 567 00:24:14,520 --> 00:24:17,120 Speaker 2: Thanks for the football game, Yes there was. Thanks brother, 568 00:24:17,200 --> 00:24:19,199 Speaker 2: we'll talk say thirty six right now, fifty five? Care 569 00:24:19,200 --> 00:24:22,360 Speaker 2: to see the dox lation talkstation? Joe opened the phone line. 570 00:24:22,359 --> 00:24:22,800 Speaker 2: Somebody wants