1 00:00:01,440 --> 00:00:04,880 Speaker 1: At six if if you about Keroseed talk station. Brian 2 00:00:04,920 --> 00:00:08,000 Speaker 1: Thomas here wishing everyone a very very happy Monday as 3 00:00:08,000 --> 00:00:11,720 Speaker 1: we fast approach Christmas. But no difference for this Monday. 4 00:00:12,000 --> 00:00:15,319 Speaker 1: It's as scheduled, regularly scheduled appointment and appointment listening at 5 00:00:15,360 --> 00:00:17,439 Speaker 1: least for some people. Write Brian James doing a money 6 00:00:17,480 --> 00:00:19,560 Speaker 1: Monday thing. Thanks to all Worth Financial for learning you 7 00:00:19,560 --> 00:00:21,599 Speaker 1: out for a few segments talk about what's going on 8 00:00:21,680 --> 00:00:23,360 Speaker 1: in the financial world. Good to hear from you. 9 00:00:23,560 --> 00:00:27,520 Speaker 2: Ho ho ho, Merry Christmas. Happy Holidays to you and yours. 10 00:00:27,680 --> 00:00:30,080 Speaker 2: Get your you gotta your Christmas shopping done? We do, 11 00:00:30,320 --> 00:00:32,760 Speaker 2: we do. Santa is ready, he's got to sleigh loaded 12 00:00:32,840 --> 00:00:34,760 Speaker 2: up and he will be here in just a few days. 13 00:00:34,800 --> 00:00:36,080 Speaker 2: So yeah, yeah, we are good to go. 14 00:00:36,280 --> 00:00:39,000 Speaker 1: Love be glad to hear that the last Christmas gift 15 00:00:39,000 --> 00:00:40,519 Speaker 1: we had to buy about over the weekend. And yeah, 16 00:00:40,560 --> 00:00:42,400 Speaker 1: I did use Amazon much of the ctagre in a 17 00:00:42,440 --> 00:00:44,199 Speaker 1: lot of people who don't think I should schop on Amazon, 18 00:00:44,240 --> 00:00:47,360 Speaker 1: but to get my daughter's fiance something. So I got 19 00:00:47,360 --> 00:00:52,159 Speaker 1: a care package put together for Eric and that was it. 20 00:00:52,200 --> 00:00:53,720 Speaker 1: We're done. So I was glad to see that. I 21 00:00:53,720 --> 00:00:56,080 Speaker 1: know a lot of people wait till last minute, almost intentionally. 22 00:00:56,120 --> 00:00:58,360 Speaker 1: It's almost like it's like a sport for some reason. 23 00:00:59,040 --> 00:01:01,200 Speaker 1: I'll be damned. I fun running out on the Christmas 24 00:01:01,200 --> 00:01:02,480 Speaker 1: Eve going to the ball or. 25 00:01:02,440 --> 00:01:05,280 Speaker 2: See if I find that greatest idea ever or the 26 00:01:05,319 --> 00:01:08,880 Speaker 2: greatest deal ever, yeah, or the most ridiculous g to 27 00:01:08,959 --> 00:01:11,640 Speaker 2: see it in the impulse by last minute shopping with 28 00:01:11,680 --> 00:01:14,160 Speaker 2: no foresight or thought into that gift you have to 29 00:01:14,160 --> 00:01:15,000 Speaker 2: get for a loved one. 30 00:01:15,000 --> 00:01:17,600 Speaker 1: They're supposed to be a loved one. So anyway, I 31 00:01:17,600 --> 00:01:19,000 Speaker 1: get a kick out of this time of year, and 32 00:01:19,080 --> 00:01:21,840 Speaker 1: I hope you have a wonderful Christmas holiday, Brian in 33 00:01:21,880 --> 00:01:23,839 Speaker 1: the great New Year as well. 34 00:01:23,920 --> 00:01:25,680 Speaker 2: All Right, question for you first. 35 00:01:25,720 --> 00:01:29,720 Speaker 1: Now we're going to talk about the latest CPI report 36 00:01:30,360 --> 00:01:34,160 Speaker 1: showing that the inflation jump two point seven percent over 37 00:01:34,200 --> 00:01:36,080 Speaker 1: the past year. We think that's the figure, and correct 38 00:01:36,080 --> 00:01:36,720 Speaker 1: me if I'm wrong. 39 00:01:37,000 --> 00:01:39,800 Speaker 2: I as some of the database. Okay, that's okay. 40 00:01:39,880 --> 00:01:42,240 Speaker 1: Now that sort of stumbles upon the issue I had 41 00:01:42,240 --> 00:01:45,120 Speaker 1: to ask you sort of as a setup for this discussion, 42 00:01:45,200 --> 00:01:48,000 Speaker 1: I just read excerpts from an article by Elyssa Finley 43 00:01:48,200 --> 00:01:51,840 Speaker 1: why the affordability crisis is more severe in California, and 44 00:01:51,880 --> 00:01:55,080 Speaker 1: she pointed out, you know of Milton Friedman saying, listen, 45 00:01:55,400 --> 00:01:59,720 Speaker 1: inflation is always in everywhere a monetary a phenomenon. Okay, 46 00:01:59,760 --> 00:02:04,040 Speaker 1: that's inflation, but affordability, that is, the price for particular 47 00:02:04,080 --> 00:02:07,600 Speaker 1: things can vary depending upon locale. California's paying north of 48 00:02:07,640 --> 00:02:11,040 Speaker 1: five dollars heading towards maybe eight to twelve dollars gasoline 49 00:02:11,040 --> 00:02:13,440 Speaker 1: because they shut down the refineries. So the price of 50 00:02:13,520 --> 00:02:16,040 Speaker 1: gas way out of whack compared to here where just 51 00:02:16,120 --> 00:02:18,079 Speaker 1: over the weekend, I pay two thirty a gallon to 52 00:02:18,120 --> 00:02:22,240 Speaker 1: fill my tank. Now, energy is part of the consumer 53 00:02:23,160 --> 00:02:28,560 Speaker 1: price calculations, right, yeah, if we report it, if we 54 00:02:28,600 --> 00:02:31,280 Speaker 1: report it, Oh okay, these are leading comments that make 55 00:02:31,440 --> 00:02:34,840 Speaker 1: they are I understand. So I guess I just kind 56 00:02:34,840 --> 00:02:37,720 Speaker 1: of want to know, listen to the difference in just 57 00:02:37,800 --> 00:02:43,400 Speaker 1: the regulatory environment in any given state could be wildly different, 58 00:02:43,520 --> 00:02:47,400 Speaker 1: impacting the price and throwing you know, the whole idea 59 00:02:47,440 --> 00:02:50,120 Speaker 1: of well, what is inflation, you know, like as a 60 00:02:50,240 --> 00:02:53,639 Speaker 1: monetary phenomenon versus what is inflation by based upon what 61 00:02:53,720 --> 00:02:56,320 Speaker 1: you in your area are paying for any particular good 62 00:02:56,320 --> 00:02:59,040 Speaker 1: and service. They maybe pulling their hair out screaming about 63 00:02:59,040 --> 00:03:01,040 Speaker 1: the price of gasoline, price of Bee for the fact 64 00:03:01,040 --> 00:03:03,560 Speaker 1: that fast foods so much more expensive in California because 65 00:03:03,560 --> 00:03:06,040 Speaker 1: the mandatory twenty dollars minimum age law. But it's not 66 00:03:06,160 --> 00:03:08,600 Speaker 1: that way when you go out into the world elsewhere. 67 00:03:08,639 --> 00:03:11,120 Speaker 1: So some people are feeling it a lot harder than others. 68 00:03:11,360 --> 00:03:13,360 Speaker 2: Oh absolutely. So I have a little bit of a 69 00:03:13,440 --> 00:03:17,040 Speaker 2: personal experience with us. Very recently. I'm helping a friend 70 00:03:17,040 --> 00:03:20,200 Speaker 2: who's trying to navigate a new world, new living situation 71 00:03:20,280 --> 00:03:24,000 Speaker 2: out in California and just kind of helping her understand 72 00:03:24,000 --> 00:03:25,560 Speaker 2: what is the difference. And one of the little things 73 00:03:25,600 --> 00:03:28,120 Speaker 2: she went through as a person who went through a 74 00:03:28,160 --> 00:03:32,000 Speaker 2: divorce unfortunately and wound up buying a car from her 75 00:03:32,000 --> 00:03:34,440 Speaker 2: spouse as just part of the divorce settlement, right, and 76 00:03:34,560 --> 00:03:36,280 Speaker 2: she had to pay a bunch of taxes on that, 77 00:03:36,720 --> 00:03:38,320 Speaker 2: And I knew that was going to happen, but the 78 00:03:38,400 --> 00:03:40,520 Speaker 2: percentage that she had to pay really caught my eye. 79 00:03:40,560 --> 00:03:42,600 Speaker 2: I think it wound up being like nine percent just 80 00:03:42,600 --> 00:03:44,760 Speaker 2: to buy a used car from her spouse. She paid 81 00:03:44,840 --> 00:03:47,240 Speaker 2: nine percent including all the fees and all the crazy 82 00:03:47,240 --> 00:03:50,120 Speaker 2: stuff you got to go through, whereas here it's just 83 00:03:50,200 --> 00:03:52,560 Speaker 2: sales tax of you know, a normal sales tax more 84 00:03:52,600 --> 00:03:56,040 Speaker 2: like six percent. So it's a little things like that 85 00:03:56,040 --> 00:03:58,000 Speaker 2: that you know that all add up. Yeah, we hear 86 00:03:58,000 --> 00:04:01,960 Speaker 2: all the headline things of gas in just the overall 87 00:04:02,000 --> 00:04:04,680 Speaker 2: taxation out in California, for example, but there's all kinds 88 00:04:04,680 --> 00:04:06,920 Speaker 2: of little extra fees and all these other things. Yeah, 89 00:04:06,920 --> 00:04:08,920 Speaker 2: to live in a beautiful place, don't get me wrong, 90 00:04:09,120 --> 00:04:13,120 Speaker 2: but that state tries to eat people, no question about it. All. Right. 91 00:04:13,160 --> 00:04:16,640 Speaker 1: Now back to the you know, the hints thing you 92 00:04:16,680 --> 00:04:19,159 Speaker 1: were making in so far as what this actual report 93 00:04:19,360 --> 00:04:21,279 Speaker 1: does show and maybe some of the data they left 94 00:04:21,320 --> 00:04:22,880 Speaker 1: out of it when considering it was a two point 95 00:04:22,880 --> 00:04:23,560 Speaker 1: seven inflation. 96 00:04:24,440 --> 00:04:26,760 Speaker 2: Yeah, so let's talk about that a little bit. First off, 97 00:04:27,320 --> 00:04:29,360 Speaker 2: when I'm not sounding any alarm bells here, I talked 98 00:04:29,400 --> 00:04:31,960 Speaker 2: with Andy Stoutter, chief Investment Officer, and he gave us 99 00:04:31,960 --> 00:04:34,280 Speaker 2: all an update on this, but which is that the 100 00:04:34,400 --> 00:04:37,080 Speaker 2: economists are not really thrilled with us latest CPI are 101 00:04:37,120 --> 00:04:40,200 Speaker 2: released because it just contains so little data. I'm looking 102 00:04:40,320 --> 00:04:43,400 Speaker 2: at on the BLS Bureau of Labor Statistics page, I 103 00:04:43,440 --> 00:04:48,800 Speaker 2: am looking at the CPIU report that literally has three 104 00:04:48,839 --> 00:04:52,040 Speaker 2: categories of data for October and November. It's got gasoline, 105 00:04:52,160 --> 00:04:54,839 Speaker 2: it has new vehicles, use cars, and trucks. Everything else 106 00:04:54,880 --> 00:04:57,240 Speaker 2: has a hyphen. There's no data for food at home, 107 00:04:57,279 --> 00:05:00,880 Speaker 2: food away from home, energy commodities like the utilities. It's 108 00:05:01,000 --> 00:05:03,760 Speaker 2: just plane not there. So that's where our two point 109 00:05:03,760 --> 00:05:07,520 Speaker 2: six percent number is coming from. And the economists are 110 00:05:07,560 --> 00:05:10,560 Speaker 2: looking at this saying, okay, it's not that good. They're 111 00:05:10,560 --> 00:05:12,599 Speaker 2: not thrilled with this release, but we're all the most 112 00:05:12,680 --> 00:05:15,000 Speaker 2: are kind of holding their tongues, it seems, until December, 113 00:05:15,040 --> 00:05:17,440 Speaker 2: because we feel like December will be back online. The 114 00:05:17,520 --> 00:05:19,840 Speaker 2: reason for this, of course, is the shutdown. We weren't 115 00:05:19,839 --> 00:05:22,160 Speaker 2: collecting data. We can to the head of the BLS 116 00:05:22,160 --> 00:05:25,200 Speaker 2: a while ago too, it made some major changes to it. 117 00:05:25,279 --> 00:05:28,440 Speaker 2: So you know, on one hand, again not time for alarm. 118 00:05:28,440 --> 00:05:30,279 Speaker 2: But let's not get too excited that we actually have 119 00:05:30,320 --> 00:05:32,440 Speaker 2: a two point seven percent CPI print. I don't think 120 00:05:32,440 --> 00:05:33,240 Speaker 2: that's the case. 121 00:05:33,120 --> 00:05:35,280 Speaker 1: All right, But wheneverybody gets back online and they get 122 00:05:35,279 --> 00:05:37,880 Speaker 1: all the data points. Going back to here you mentioned energy, 123 00:05:37,960 --> 00:05:40,240 Speaker 1: I know the Northwest is struggling with energy. It's very, 124 00:05:40,320 --> 00:05:42,919 Speaker 1: very expensive. They haven't done pipe projects that would have 125 00:05:42,920 --> 00:05:46,000 Speaker 1: helped bring natural gas in lower and provide some relief. 126 00:05:46,040 --> 00:05:50,039 Speaker 1: They're all full on green and they're they're struggling with 127 00:05:50,160 --> 00:05:53,000 Speaker 1: really high energy prices. Of course not as bad as Germany, 128 00:05:53,040 --> 00:05:56,240 Speaker 1: who went you know, full on green and has destroyed 129 00:05:56,279 --> 00:05:59,240 Speaker 1: its own economy doing that. But you know, where you're 130 00:05:59,240 --> 00:06:04,200 Speaker 1: producing energy less expensively. Elsewhere in the world, the price 131 00:06:04,200 --> 00:06:06,760 Speaker 1: of energy hasn't gone up as much or shouldn't now. 132 00:06:06,839 --> 00:06:09,800 Speaker 1: And when they do calculate energy prices as a component 133 00:06:09,800 --> 00:06:14,600 Speaker 1: of the CPI, they don't take into account the regulatory reality. 134 00:06:14,640 --> 00:06:16,720 Speaker 1: It's I mean, I like to look at inflation as 135 00:06:16,720 --> 00:06:18,200 Speaker 1: a purely monetary thing. 136 00:06:19,680 --> 00:06:21,240 Speaker 2: No I would agree with that, I mean, and that's 137 00:06:21,279 --> 00:06:23,480 Speaker 2: really what we should be focusing on. It doesn't matter 138 00:06:23,520 --> 00:06:26,719 Speaker 2: what the where the components of the costs are coming from. 139 00:06:26,720 --> 00:06:28,480 Speaker 2: The cost is the cost, because it's got at the 140 00:06:28,520 --> 00:06:30,240 Speaker 2: end of the day, it's coming out of our pockets. 141 00:06:30,320 --> 00:06:32,919 Speaker 2: The C and CPI stands for consumer. We are the 142 00:06:32,920 --> 00:06:34,839 Speaker 2: ones who pay for it. So yes, we absolutely should 143 00:06:34,839 --> 00:06:37,120 Speaker 2: be measuring that. Now. You can see numbers in the 144 00:06:37,160 --> 00:06:41,240 Speaker 2: same report for electricity. They do have unadjusted twelve months 145 00:06:41,320 --> 00:06:45,040 Speaker 2: ending November twenty to twenty five, which again this isn't perfect, 146 00:06:45,520 --> 00:06:48,080 Speaker 2: but year of a year electricity is currently showing at 147 00:06:48,240 --> 00:06:51,600 Speaker 2: six point nine percent and piped gas is nine point 148 00:06:51,600 --> 00:06:54,000 Speaker 2: one percent. Now, again that's not including October and November 149 00:06:54,040 --> 00:06:56,640 Speaker 2: because there's just no data, So those numbers are still 150 00:06:56,640 --> 00:06:58,200 Speaker 2: a lot higher than we would want them to be. 151 00:06:59,080 --> 00:07:01,600 Speaker 2: But hopefully again this December number will clear things up 152 00:07:01,600 --> 00:07:02,960 Speaker 2: and maybe we'll have maybe you and I be having 153 00:07:02,960 --> 00:07:04,400 Speaker 2: a different conversation in January. 154 00:07:04,480 --> 00:07:06,440 Speaker 1: We'll see how this works out. We keep our fingers 155 00:07:06,480 --> 00:07:08,440 Speaker 1: crossed that it's even lower than two point seven. Wants 156 00:07:08,440 --> 00:07:10,640 Speaker 1: to get all the data in. But do they do 157 00:07:10,680 --> 00:07:12,960 Speaker 1: they provide going back to my point, do they provide 158 00:07:13,000 --> 00:07:16,480 Speaker 1: regional inflation numbers? Like, you know, folks in this particular 159 00:07:16,560 --> 00:07:19,320 Speaker 1: area of the country are paying ten percentage points more 160 00:07:19,360 --> 00:07:22,480 Speaker 1: for energy versus say, I don't know, pick a state 161 00:07:22,480 --> 00:07:24,960 Speaker 1: out in the Midwest here that's got some reliable, abundant 162 00:07:25,000 --> 00:07:27,680 Speaker 1: power resources where we're paying less. Do they show it 163 00:07:27,760 --> 00:07:30,640 Speaker 1: in that form like maybe an advertisement for states with 164 00:07:30,880 --> 00:07:33,680 Speaker 1: lower regulatory schemes and thus better affordability. 165 00:07:34,280 --> 00:07:36,440 Speaker 2: Not in the reporting that I'm looking at that they 166 00:07:36,520 --> 00:07:38,800 Speaker 2: do get pretty in depth, but they don't report that 167 00:07:38,840 --> 00:07:41,320 Speaker 2: at the national level because they're speaking to a national audience, 168 00:07:41,320 --> 00:07:43,600 Speaker 2: and I think they really normally, I think we really 169 00:07:43,640 --> 00:07:45,960 Speaker 2: want to be super quiet about this until we actually 170 00:07:45,960 --> 00:07:47,760 Speaker 2: get to a point where we've got good news to share. 171 00:07:47,800 --> 00:07:50,400 Speaker 2: I think this administration has been very willing to be 172 00:07:50,520 --> 00:07:52,600 Speaker 2: loud about the good news and very quiet about about 173 00:07:52,600 --> 00:07:54,080 Speaker 2: the more frustrating news. Yeah. 174 00:07:54,320 --> 00:07:56,440 Speaker 1: I just kind of am harping on it, a dwelling 175 00:07:56,440 --> 00:07:59,080 Speaker 1: on it because I know Donald Trump, everybody's looking at 176 00:07:59,160 --> 00:08:02,080 Speaker 1: him to do so something about inflation. I mean that's 177 00:08:02,880 --> 00:08:05,120 Speaker 1: a big challenge. Of course, you got the Fed involved 178 00:08:05,120 --> 00:08:07,240 Speaker 1: with that, but you also have the realities, like there's 179 00:08:07,400 --> 00:08:11,239 Speaker 1: the lowest beef herd head count since the nineteen fifties. 180 00:08:11,280 --> 00:08:13,040 Speaker 1: Your price of beefin is gonna go down. And Donald 181 00:08:13,040 --> 00:08:16,640 Speaker 1: Trump can't wave a wand and produce like double the 182 00:08:17,320 --> 00:08:19,680 Speaker 1: heads of cattle on any given farm. So that seems 183 00:08:19,680 --> 00:08:23,400 Speaker 1: to be out of a quick fix relief. You know, 184 00:08:23,600 --> 00:08:26,320 Speaker 1: energy prices are far more expensive than in California because 185 00:08:26,360 --> 00:08:28,840 Speaker 1: they're shutting down refineries and coal plants left and right, 186 00:08:28,920 --> 00:08:31,640 Speaker 1: and I mean they're just some things that are completely 187 00:08:31,640 --> 00:08:34,079 Speaker 1: out of a president's hand. That's why I raised this 188 00:08:34,160 --> 00:08:36,360 Speaker 1: as an issue. He's got a challenge on his hands. 189 00:08:36,360 --> 00:08:39,160 Speaker 1: People want him to do something, but he can't in 190 00:08:39,200 --> 00:08:39,800 Speaker 1: many cases. 191 00:08:39,960 --> 00:08:43,320 Speaker 2: Yeah, yeah, no, I did did just locate the so 192 00:08:43,360 --> 00:08:45,640 Speaker 2: it does break down into four regions. Oh and this 193 00:08:45,720 --> 00:08:47,880 Speaker 2: is again this is fuzzy numbers because it's still in. 194 00:08:47,920 --> 00:08:49,839 Speaker 2: It's including the data that we just talked about. It 195 00:08:49,880 --> 00:08:53,640 Speaker 2: doesn't exist. But then there's four regions Northeast, Midwest, and West. 196 00:08:53,720 --> 00:08:55,760 Speaker 2: Every one of them is three to three point one percent. 197 00:08:55,840 --> 00:08:58,079 Speaker 2: The South is two point two percent. So if you're 198 00:08:58,080 --> 00:09:01,319 Speaker 2: looking purely for inflation inflation to be lower, I guess 199 00:09:01,559 --> 00:09:03,400 Speaker 2: move north. But I would still hold off until we 200 00:09:03,400 --> 00:09:05,640 Speaker 2: get some of these blank spots filled in on this report. 201 00:09:05,760 --> 00:09:08,120 Speaker 1: So scurity facing cuts, who's going to save it? And 202 00:09:08,240 --> 00:09:10,439 Speaker 1: some Americans don't believe it's even going to be around 203 00:09:10,440 --> 00:09:12,480 Speaker 1: when they retire. Those topics coming up with money mon 204 00:09:12,520 --> 00:09:14,960 Speaker 1: days Brian James, I hope you can stick around fifty 205 00:09:15,000 --> 00:09:17,840 Speaker 1: five KRC dot com for more and from the program 206 00:09:17,840 --> 00:09:20,800 Speaker 1: at eight forty for our hair seat care sign helping 207 00:09:20,840 --> 00:09:22,719 Speaker 1: folks out there in the senior community. Is doing a 208 00:09:22,760 --> 00:09:25,320 Speaker 1: great job every single day, doing a great job for 209 00:09:25,440 --> 00:09:28,720 Speaker 1: financial planning for his clients. Brian James, talking money matters. 210 00:09:29,040 --> 00:09:31,600 Speaker 1: Let's move over to socials security. The giant train wreck 211 00:09:31,679 --> 00:09:33,600 Speaker 1: that's been We have seen the light at the end 212 00:09:33,640 --> 00:09:35,520 Speaker 1: of the tunnel, and it is a train it's not 213 00:09:35,640 --> 00:09:38,959 Speaker 1: a beautiful light of relief. So security is on a 214 00:09:39,000 --> 00:09:41,160 Speaker 1: train wreck, and we've all known it. Nobody is willing 215 00:09:41,160 --> 00:09:43,360 Speaker 1: to touch it. It's the third rail of politics. And 216 00:09:43,760 --> 00:09:46,400 Speaker 1: I saw this study you have from the Cato Institute. 217 00:09:46,440 --> 00:09:49,959 Speaker 1: Shocking no one, Fifty three percent of Americans under thirty 218 00:09:50,000 --> 00:09:53,600 Speaker 1: say they'd rather cut benefits of those currently receiving Social Security. 219 00:09:53,840 --> 00:09:56,760 Speaker 1: By contrast, eighty nine percent of seniors age sixty five 220 00:09:56,800 --> 00:10:00,320 Speaker 1: and older say younger workers should pay higher taxes. It 221 00:10:00,360 --> 00:10:01,160 Speaker 1: benefits steady. 222 00:10:01,240 --> 00:10:04,680 Speaker 2: Yeah, but everybody voting for them, So I vote for me, 223 00:10:04,840 --> 00:10:07,600 Speaker 2: go me, And that's exactly why they are elected. Officials 224 00:10:07,640 --> 00:10:09,720 Speaker 2: won't touch social Security. They want to be re elected, 225 00:10:09,760 --> 00:10:12,360 Speaker 2: and by touching it, it usually means having to control 226 00:10:12,440 --> 00:10:15,520 Speaker 2: the expenditures because we're running out of money. Brian James, 227 00:10:15,559 --> 00:10:19,360 Speaker 2: please unfold this for us. Yeah, So Cato Institute did 228 00:10:19,360 --> 00:10:21,160 Speaker 2: a survey to confirm what we all kind of know, 229 00:10:21,200 --> 00:10:23,680 Speaker 2: which is social Security doesn't actually work and people are 230 00:10:23,720 --> 00:10:26,440 Speaker 2: mad about it. So now social security in general is 231 00:10:26,520 --> 00:10:29,800 Speaker 2: highly supported. Eighty three percent of Americans do say that, Yeah, 232 00:10:29,800 --> 00:10:32,920 Speaker 2: that's probably a good idea. It's seventy percent of people 233 00:10:32,920 --> 00:10:35,040 Speaker 2: think that Social Security benefits are going to be reduced 234 00:10:35,080 --> 00:10:37,160 Speaker 2: in the future. This is a drum beat that I 235 00:10:37,240 --> 00:10:39,520 Speaker 2: hear all the time, Brian Thomas. People will always make 236 00:10:39,520 --> 00:10:41,840 Speaker 2: the comment though, well, I can't count on Social Security 237 00:10:41,880 --> 00:10:44,480 Speaker 2: because it's going away. No, it's not. It would have 238 00:10:44,600 --> 00:10:46,920 Speaker 2: to be voted out of existence because right now there 239 00:10:47,000 --> 00:10:48,600 Speaker 2: is an entry on the top of your pay stub, 240 00:10:48,600 --> 00:10:51,000 Speaker 2: on the top of my pay dub that says, Fika 241 00:10:51,120 --> 00:10:53,760 Speaker 2: fiica is social Security taxes. So as long as they 242 00:10:53,840 --> 00:10:56,319 Speaker 2: keep pulling taxes off the tops of our pay stubs, 243 00:10:56,600 --> 00:10:59,960 Speaker 2: that's going to fund Social Security. If they do absolutely nothing, 244 00:11:00,360 --> 00:11:02,800 Speaker 2: then benefits on retirees in the future will have to 245 00:11:02,880 --> 00:11:05,120 Speaker 2: drop by about twenty five percent, but the program will 246 00:11:05,120 --> 00:11:08,559 Speaker 2: be still solvent, so it's not going anywhere. However, thirty 247 00:11:08,559 --> 00:11:10,360 Speaker 2: percent believe that it won't exist at all. 248 00:11:10,720 --> 00:11:13,800 Speaker 1: Well, okay, you're a financial planner. You're sitting there with 249 00:11:13,840 --> 00:11:16,280 Speaker 1: your client and they're off the mindset that it's not 250 00:11:16,320 --> 00:11:18,240 Speaker 1: going to be there, and that their goal then is 251 00:11:18,280 --> 00:11:20,959 Speaker 1: to plan financially for a time when they will not 252 00:11:21,080 --> 00:11:24,040 Speaker 1: be able to get a Social Security check or maybe 253 00:11:24,080 --> 00:11:27,000 Speaker 1: even though it'll be a lot smaller. Isn't that a 254 00:11:27,080 --> 00:11:30,120 Speaker 1: healthier perspective when it comes to trying to save and 255 00:11:30,160 --> 00:11:32,439 Speaker 1: manage for retirement, thinking it's not going to be there, 256 00:11:32,480 --> 00:11:34,560 Speaker 1: and then magically when it shows up and you do 257 00:11:34,679 --> 00:11:37,640 Speaker 1: get that additional benefit, assuming it's still around, that that's 258 00:11:37,720 --> 00:11:39,160 Speaker 1: just gravy on your retirement. 259 00:11:39,480 --> 00:11:41,439 Speaker 2: Well, it depends. I mean, some people just aren't going 260 00:11:41,480 --> 00:11:43,720 Speaker 2: to be able to make it period without social Security. 261 00:11:43,800 --> 00:11:45,760 Speaker 2: So if you're really going to try to plan without it, 262 00:11:45,800 --> 00:11:47,920 Speaker 2: well then you need to find a buddy to live with, 263 00:11:48,320 --> 00:11:51,280 Speaker 2: find another retired to get married sare housing with, maybe 264 00:11:51,320 --> 00:11:53,280 Speaker 2: you already are. I mean I'm referring to married couples 265 00:11:53,280 --> 00:11:55,120 Speaker 2: here too. It can just be too big of a 266 00:11:55,160 --> 00:11:57,720 Speaker 2: hurdle to get over, you know, to completely assume. Now, 267 00:11:57,800 --> 00:12:00,520 Speaker 2: now I do encourage let's run the number I always say. 268 00:12:00,600 --> 00:12:02,920 Speaker 2: Let's run the hunky doory scenario of your financial plan, 269 00:12:02,960 --> 00:12:05,319 Speaker 2: of your cash flow projection. You know, nothing bad ever 270 00:12:05,360 --> 00:12:07,600 Speaker 2: happens again and everything you whatever promise comes to you. 271 00:12:07,679 --> 00:12:10,240 Speaker 2: Here's how that looks. That's your baseline. Now, let's run 272 00:12:10,280 --> 00:12:13,320 Speaker 2: it again and reduce social Security by twenty five to 273 00:12:13,360 --> 00:12:16,280 Speaker 2: thirty percent. And if that doesn't work, what changes do 274 00:12:16,320 --> 00:12:18,600 Speaker 2: we need to make right now? And that's always either 275 00:12:18,640 --> 00:12:22,680 Speaker 2: going to be save more work longer, or expect less spending. 276 00:12:22,920 --> 00:12:25,000 Speaker 2: If you can manipulate those three things, you can make 277 00:12:25,040 --> 00:12:26,840 Speaker 2: it work. And then sometimes yeah, I'll do a third 278 00:12:26,840 --> 00:12:29,080 Speaker 2: one with if somebody is truly kind of paranoid, let's 279 00:12:29,080 --> 00:12:31,080 Speaker 2: do a third one with social security not in the 280 00:12:31,120 --> 00:12:33,080 Speaker 2: mix at all, and for some people it's not on 281 00:12:33,080 --> 00:12:35,520 Speaker 2: the table. That means you simply can't afford to retire. 282 00:12:35,760 --> 00:12:37,560 Speaker 2: So if you want to plan for that, that's fine, 283 00:12:37,559 --> 00:12:39,240 Speaker 2: but you are kind of planning for, you know, kind 284 00:12:39,240 --> 00:12:40,760 Speaker 2: of the end of the world, and the math does 285 00:12:40,800 --> 00:12:41,880 Speaker 2: not show that at this point. 286 00:12:42,000 --> 00:12:44,200 Speaker 1: Well, and that's the beauty of having a financial planner. 287 00:12:44,240 --> 00:12:46,840 Speaker 1: You've got these programs that do all those number crunching 288 00:12:46,840 --> 00:12:50,080 Speaker 1: in scenarios. Doesn't it run like through a thousand different 289 00:12:50,120 --> 00:12:52,800 Speaker 1: scenarios of where the market could and might go from 290 00:12:52,800 --> 00:12:55,200 Speaker 1: the worst case scenario to the best case scenario. 291 00:12:55,320 --> 00:12:57,880 Speaker 2: Yeah, that's the big variable is always what are my 292 00:12:57,960 --> 00:13:00,160 Speaker 2: investments going to do? Right, we can figure out what 293 00:13:00,160 --> 00:13:02,480 Speaker 2: spending is going to do, We can attach inflation figures 294 00:13:02,520 --> 00:13:03,880 Speaker 2: to all that. You know, we can look pretty deep 295 00:13:03,920 --> 00:13:06,640 Speaker 2: in somebody's lifestyle. Those numbers are kind of sort of 296 00:13:06,640 --> 00:13:08,800 Speaker 2: fixed they don't tend to waver too much. But we 297 00:13:08,840 --> 00:13:11,120 Speaker 2: don't know when the market is going to take chunks away. 298 00:13:11,200 --> 00:13:13,120 Speaker 2: All that we know is that it will, So we 299 00:13:13,160 --> 00:13:16,160 Speaker 2: do something called Monte Carlo analysis, which basically means, let's 300 00:13:16,160 --> 00:13:17,959 Speaker 2: figure out what kind of cash flow you're going to 301 00:13:18,040 --> 00:13:20,400 Speaker 2: need over the remaining you know, decades of your life, 302 00:13:20,880 --> 00:13:23,920 Speaker 2: and then let's run it literally a thousand different times. 303 00:13:23,920 --> 00:13:27,640 Speaker 2: And across those thousand times is you know, the market 304 00:13:27,720 --> 00:13:29,760 Speaker 2: takes a hit upfront, the market takes a hit later 305 00:13:29,800 --> 00:13:32,319 Speaker 2: in life, somewhere in the middle, all those kinds of things. 306 00:13:32,360 --> 00:13:34,280 Speaker 2: And then the outcome of that is a batting average. 307 00:13:34,280 --> 00:13:36,040 Speaker 2: How many times out of a thousand do I make 308 00:13:36,080 --> 00:13:37,520 Speaker 2: it all the way to the end with at least 309 00:13:37,520 --> 00:13:40,000 Speaker 2: a dollar in the bank. That's called Monte Carlo analysis, 310 00:13:40,080 --> 00:13:42,360 Speaker 2: and it doesn't. There's nothing has nothing to do with 311 00:13:42,400 --> 00:13:44,160 Speaker 2: guarantees or anything like that. We're not trying to bat 312 00:13:44,200 --> 00:13:46,679 Speaker 2: a thousand. We're just trying to understand how far in 313 00:13:46,720 --> 00:13:49,040 Speaker 2: our direction can we lean the odds by the tweaks 314 00:13:49,080 --> 00:13:49,600 Speaker 2: we are making. 315 00:13:49,679 --> 00:13:52,199 Speaker 1: Now, that's good and again another value of having a 316 00:13:52,200 --> 00:13:54,920 Speaker 1: financial planner, and one that is h it was a 317 00:13:54,920 --> 00:13:57,280 Speaker 1: fiduciary obligation to you that is not trying to sell 318 00:13:57,280 --> 00:13:59,920 Speaker 1: you something in not charging you a fee for their works. 319 00:14:00,200 --> 00:14:02,760 Speaker 1: Got that in for you, Brian. Now, what about fixes 320 00:14:02,800 --> 00:14:05,000 Speaker 1: the Social Security? I mean, I've heard a million different 321 00:14:05,000 --> 00:14:10,839 Speaker 1: ones at income based eligibility maybe, I mean, I don't know. 322 00:14:10,920 --> 00:14:14,000 Speaker 1: There's a variety of different things extending Social Security out 323 00:14:14,040 --> 00:14:17,400 Speaker 1: to later retirement time. People are living a lot older 324 00:14:17,440 --> 00:14:19,520 Speaker 1: than they used to be. I mean when it's first 325 00:14:19,560 --> 00:14:22,600 Speaker 1: started under FDR, how many workers did they have for 326 00:14:22,640 --> 00:14:25,840 Speaker 1: every recipient? It was like fifteen or twenty or something 327 00:14:25,920 --> 00:14:27,440 Speaker 1: or down to single digits. 328 00:14:28,120 --> 00:14:31,720 Speaker 2: Yeah, the pressures here again, we've seen this train wreck 329 00:14:31,800 --> 00:14:34,240 Speaker 2: coming in slow motion as you reference, yeah, for decades now, 330 00:14:34,280 --> 00:14:36,680 Speaker 2: and it was simply because there were so many more workers. 331 00:14:37,000 --> 00:14:40,400 Speaker 2: You know, when we had the greatest generation, the Baby Boomers, 332 00:14:40,680 --> 00:14:44,400 Speaker 2: largest generations all working at full tilt and generating money 333 00:14:44,400 --> 00:14:46,440 Speaker 2: into the system were Now we're on the back end 334 00:14:46,440 --> 00:14:48,880 Speaker 2: of that where less is being earned. There are smaller 335 00:14:48,920 --> 00:14:51,080 Speaker 2: generations out there and less is being earned by them 336 00:14:51,120 --> 00:14:53,080 Speaker 2: on average, just because of the way the demographics have 337 00:14:53,160 --> 00:14:56,880 Speaker 2: worked out, and so there's just less money flowing into 338 00:14:56,880 --> 00:14:59,080 Speaker 2: the system. Now, there's a million ways we can change 339 00:14:59,120 --> 00:15:02,400 Speaker 2: this we can raise workers, we can cut benefits. I mean, 340 00:15:02,720 --> 00:15:04,480 Speaker 2: it's really we we either have to put more money 341 00:15:04,480 --> 00:15:06,400 Speaker 2: into the system or take less out, and there's a 342 00:15:06,440 --> 00:15:08,920 Speaker 2: million ways that can happen. You can make people work longer. 343 00:15:08,920 --> 00:15:11,720 Speaker 2: We've already done that. The sociecurity age has moved forward. 344 00:15:11,720 --> 00:15:13,880 Speaker 2: There were major reforms done in the eighties. Yeah, we 345 00:15:13,960 --> 00:15:17,280 Speaker 2: also began payroll taxing or not pay well. We also 346 00:15:17,320 --> 00:15:20,120 Speaker 2: began taxing social Security benefits. For those of you don't know, 347 00:15:20,160 --> 00:15:23,960 Speaker 2: you do indeed pay taxes on Social Security benefits. And 348 00:15:24,400 --> 00:15:26,960 Speaker 2: again we can change the ages that you're eligible, all 349 00:15:26,960 --> 00:15:29,160 Speaker 2: those kinds of things. I mean, I think truthfully, the 350 00:15:29,200 --> 00:15:31,600 Speaker 2: answer is going to have to be some combination where 351 00:15:31,640 --> 00:15:34,600 Speaker 2: everybody sacrifices something otherwise we're just gonna end up with 352 00:15:34,600 --> 00:15:35,440 Speaker 2: a generational war. 353 00:15:35,560 --> 00:15:39,360 Speaker 1: Well, it would be a fairness element along those lines, 354 00:15:39,400 --> 00:15:41,400 Speaker 1: if everybody had to tighten their belt a little bit, 355 00:15:41,440 --> 00:15:44,240 Speaker 1: then you could at least sell it as a package 356 00:15:44,280 --> 00:15:49,360 Speaker 1: that everyone gets impacted, not just one group or another. Complicated, absolutely, 357 00:15:49,400 --> 00:15:51,720 Speaker 1: and the of the worst part about this, Brian has 358 00:15:51,760 --> 00:15:53,360 Speaker 1: come up now for the third time that we have 359 00:15:53,480 --> 00:15:56,680 Speaker 1: seen this problem unfold, and people have been ringing alarm 360 00:15:56,760 --> 00:15:59,640 Speaker 1: bells about it for so long, and yet nothing really 361 00:15:59,640 --> 00:16:01,600 Speaker 1: has been done by way of, you know, a really 362 00:16:01,800 --> 00:16:02,720 Speaker 1: solid fix. 363 00:16:02,960 --> 00:16:05,320 Speaker 2: Yeah, And I think the reason for that is because 364 00:16:05,360 --> 00:16:08,160 Speaker 2: no politician can stand up on their soapbox and promise 365 00:16:08,280 --> 00:16:11,960 Speaker 2: to give somebody something. This is all taking away by 366 00:16:11,960 --> 00:16:14,440 Speaker 2: fixing this there there's no there's no way that anybody 367 00:16:14,480 --> 00:16:17,560 Speaker 2: benefits other than the the Maybe we can maintain the 368 00:16:17,560 --> 00:16:20,160 Speaker 2: status quo if everybody sacrifices a little bit, but nobody 369 00:16:20,200 --> 00:16:22,840 Speaker 2: gains anything. So that person is going to have to 370 00:16:22,840 --> 00:16:26,040 Speaker 2: stand on their soapbox and champion fixing social security by 371 00:16:26,080 --> 00:16:28,440 Speaker 2: convincing three hundred million people that they all need to 372 00:16:28,440 --> 00:16:31,000 Speaker 2: sacrifice something that will make them a sitting duck for 373 00:16:31,040 --> 00:16:31,760 Speaker 2: their next election. 374 00:16:31,920 --> 00:16:34,080 Speaker 1: Well, maybe you need a lame duck president to advance 375 00:16:34,120 --> 00:16:34,680 Speaker 1: that agenda. 376 00:16:34,960 --> 00:16:37,520 Speaker 2: That'd be nice that we have those every few years. 377 00:16:38,120 --> 00:16:40,400 Speaker 2: Nobody brings it up. Brian James. 378 00:16:40,440 --> 00:16:42,240 Speaker 1: Hold on, we're going to talk about the SEC You're 379 00:16:42,280 --> 00:16:43,880 Speaker 1: gonna have to explain this one to me. I admit 380 00:16:43,960 --> 00:16:47,920 Speaker 1: my ignorance on tokenized stocks and how that is a 381 00:16:48,000 --> 00:16:50,440 Speaker 1: move toward blockchain. That's what we have, Brian James, or 382 00:16:50,480 --> 00:16:53,640 Speaker 1: will continue just a minute, Hang on, fifty five KRC 383 00:16:54,160 --> 00:16:57,880 Speaker 1: the talk station Doctor with All with Financials, Brian James 384 00:16:57,880 --> 00:17:00,600 Speaker 1: doing Money Monday, and every time we start talking about 385 00:17:00,600 --> 00:17:05,240 Speaker 1: bitcoin blockchain, I'm just my eyes glaze over. Brian, I've 386 00:17:05,240 --> 00:17:07,200 Speaker 1: had to explain to me a million times listen how 387 00:17:07,200 --> 00:17:09,919 Speaker 1: that's how, that's how valuable a membership in mensa is. 388 00:17:10,000 --> 00:17:12,440 Speaker 1: I can't even understand blockchain, So yeah, go ahead and 389 00:17:12,440 --> 00:17:15,359 Speaker 1: make fun of somebody who's got that. All right, It's 390 00:17:15,440 --> 00:17:18,040 Speaker 1: just I know it's a security thing, blockchain, and I 391 00:17:18,119 --> 00:17:21,160 Speaker 1: understand it's it's pretty darn good when it comes to security. 392 00:17:21,200 --> 00:17:23,600 Speaker 1: But how does this mix in with what we're talking 393 00:17:23,640 --> 00:17:28,160 Speaker 1: about today, the idea of tokenizing stocks as it relates 394 00:17:28,200 --> 00:17:28,680 Speaker 1: to blockchains. 395 00:17:28,680 --> 00:17:31,240 Speaker 2: I actually like this update. So so I've done a 396 00:17:31,280 --> 00:17:33,320 Speaker 2: decent amount of reading on how this works, and I'm 397 00:17:33,320 --> 00:17:35,240 Speaker 2: not an expert by an by any stretch, but I 398 00:17:35,280 --> 00:17:37,080 Speaker 2: do know a little bit. And then having thirty years 399 00:17:37,080 --> 00:17:38,840 Speaker 2: of being a financial planner, it all kind of makes sense. 400 00:17:38,920 --> 00:17:41,040 Speaker 2: That helps. Oh yeah, that does add a little bit. 401 00:17:41,080 --> 00:17:44,119 Speaker 2: So the basic core function of the blockchain, which everybody 402 00:17:44,119 --> 00:17:46,359 Speaker 2: associates with crypto, that's kind of where it came from. 403 00:17:46,720 --> 00:17:49,960 Speaker 2: It's what it's one what underlies bitcoin, the entire Bitcoin 404 00:17:50,000 --> 00:17:52,040 Speaker 2: network and really most of crypto nowadays. But the whole 405 00:17:52,080 --> 00:17:54,680 Speaker 2: point of it is, it's just a record keeping structure 406 00:17:54,720 --> 00:17:57,760 Speaker 2: where there is a copy of the Ledger on every 407 00:17:57,760 --> 00:17:59,840 Speaker 2: computer on the face of the earth, and if you're 408 00:17:59,840 --> 00:18:01,679 Speaker 2: going to fake it, then you have to manage to 409 00:18:01,760 --> 00:18:05,040 Speaker 2: change every single copy out there across the universe. That's 410 00:18:05,080 --> 00:18:07,560 Speaker 2: what makes it secure. Everybody sees the same information. It 411 00:18:07,560 --> 00:18:09,000 Speaker 2: has to be changed all over the place. 412 00:18:08,840 --> 00:18:11,480 Speaker 1: So it's the ultimate transparency exactly. 413 00:18:11,480 --> 00:18:14,280 Speaker 2: And you can see these things. You actually can look 414 00:18:14,320 --> 00:18:16,560 Speaker 2: in and see what wallet owns, how many bitcoin and 415 00:18:16,560 --> 00:18:18,840 Speaker 2: all that other stuff, because it's all publicly available. So 416 00:18:18,920 --> 00:18:20,720 Speaker 2: that's where the security comes from. Now, the reason we're 417 00:18:20,720 --> 00:18:23,439 Speaker 2: talking about it today though, the SEC has approved a 418 00:18:23,440 --> 00:18:27,159 Speaker 2: plan to tokenize US stocks. Now this has nothing to do 419 00:18:27,200 --> 00:18:30,360 Speaker 2: with cryptocurrency. Stocks are not becoming crypto or anything like that. 420 00:18:30,600 --> 00:18:33,160 Speaker 2: All it is is that the Ledger program is being 421 00:18:33,280 --> 00:18:37,200 Speaker 2: updated technologically speaking, to make it more efficient. Now why 422 00:18:37,240 --> 00:18:39,960 Speaker 2: this is important. When I started in this industry, a 423 00:18:40,119 --> 00:18:42,760 Speaker 2: settlement time for a stock trade was something called T 424 00:18:42,880 --> 00:18:46,119 Speaker 2: plus three, which means time of trade plus three business days. 425 00:18:46,280 --> 00:18:48,440 Speaker 2: If I sold something on a Friday, my money wasn't 426 00:18:48,440 --> 00:18:51,399 Speaker 2: going to be available until the following Wednesday, three business days. 427 00:18:51,560 --> 00:18:55,200 Speaker 2: Then it went to T plus one in about twenty seventeen, 428 00:18:55,640 --> 00:19:00,119 Speaker 2: and this will hopefully make it almost instantaneous because the 429 00:19:00,160 --> 00:19:03,040 Speaker 2: way the blockchain infrastructure works, so you could have access 430 00:19:03,080 --> 00:19:05,320 Speaker 2: instant access to your money. What this means is that 431 00:19:05,359 --> 00:19:07,479 Speaker 2: if you're calling me and needing a distribution from your 432 00:19:07,520 --> 00:19:10,080 Speaker 2: IRA or your investment account, I might be able to 433 00:19:10,119 --> 00:19:12,320 Speaker 2: send it out the same day, oh, versus telling you 434 00:19:12,359 --> 00:19:14,760 Speaker 2: wait until tomorrow or maybe the next day, you know, 435 00:19:15,040 --> 00:19:16,560 Speaker 2: barring holidays and all that kind of stuff. So I 436 00:19:16,560 --> 00:19:18,120 Speaker 2: do think this is a good thing. I just don't 437 00:19:18,119 --> 00:19:20,119 Speaker 2: want people to get worried that stocks are becoming crypto. 438 00:19:20,160 --> 00:19:21,080 Speaker 2: That's not what's happening. 439 00:19:21,359 --> 00:19:25,399 Speaker 1: Okay, But I wrote down the word privacy when you 440 00:19:25,400 --> 00:19:27,600 Speaker 1: were talking about that. Because everybody in the world has 441 00:19:27,640 --> 00:19:30,800 Speaker 1: this blockchain, they know what's in the wallets, they can't 442 00:19:30,800 --> 00:19:33,879 Speaker 1: can they trace a particular wallet to a particular individual, 443 00:19:33,920 --> 00:19:37,919 Speaker 1: Because if that's the case, then they Tokenizing your stocks 444 00:19:37,960 --> 00:19:40,159 Speaker 1: would allow people to have a clear understanding of what 445 00:19:40,200 --> 00:19:41,320 Speaker 1: your stock portfolio. 446 00:19:41,400 --> 00:19:43,480 Speaker 2: Yeah, this is a little different. I mean what I 447 00:19:43,520 --> 00:19:45,760 Speaker 2: was referring to there is the original, because remember bitcoin 448 00:19:45,800 --> 00:19:47,560 Speaker 2: does not exist on a network. It's just out in 449 00:19:47,600 --> 00:19:50,240 Speaker 2: the universe, right, everybody can see it. This is still 450 00:19:50,280 --> 00:19:52,359 Speaker 2: going to be behind closed doors. It's just allowing the 451 00:19:52,760 --> 00:19:56,399 Speaker 2: big custodians to move things more quickly because they're going 452 00:19:56,480 --> 00:19:58,760 Speaker 2: to be synchronizing all of their ledgers across the whole universe. 453 00:19:58,800 --> 00:20:00,679 Speaker 2: But it doesn't mean that the general but can see it. 454 00:20:00,680 --> 00:20:03,119 Speaker 2: That is definitely a Bitcoin thing. It's not as private 455 00:20:03,119 --> 00:20:04,760 Speaker 2: as you might. There's some great books out there about 456 00:20:04,760 --> 00:20:07,640 Speaker 2: how unprivate that actually is, really, but that is not 457 00:20:07,680 --> 00:20:09,399 Speaker 2: what's happening here. I really want to stress that this 458 00:20:09,560 --> 00:20:12,679 Speaker 2: is this is literally as big as you know in 459 00:20:12,720 --> 00:20:15,560 Speaker 2: the sixties and seventies when big brokers just went from 460 00:20:15,560 --> 00:20:18,320 Speaker 2: paper certificates to electronic and things got a heck of 461 00:20:18,359 --> 00:20:20,479 Speaker 2: a lot faster. This is another iteration like that. 462 00:20:20,720 --> 00:20:24,119 Speaker 1: So I guess the ledger in this particular case is 463 00:20:24,720 --> 00:20:28,280 Speaker 1: everyone who has any interest in any given stock, so 464 00:20:28,440 --> 00:20:30,760 Speaker 1: they would all know what's been sold. I mean, because 465 00:20:30,760 --> 00:20:33,080 Speaker 1: there's a finite amount of shares available for any given 466 00:20:33,160 --> 00:20:36,520 Speaker 1: company that's traded, right, sure, everybody who's trading in that 467 00:20:36,560 --> 00:20:38,879 Speaker 1: particular stock on behalf of people, they would all know 468 00:20:39,000 --> 00:20:42,439 Speaker 1: real time what trades have happened and how much stock 469 00:20:42,520 --> 00:20:44,440 Speaker 1: is out there or how much has been withdrawn. 470 00:20:44,760 --> 00:20:47,000 Speaker 2: Yeah, well that's true, but that that's available anyway. I mean, 471 00:20:47,000 --> 00:20:49,000 Speaker 2: that's just trading data on a daily basis, So that 472 00:20:49,040 --> 00:20:50,919 Speaker 2: doesn't change things. And there's going to be rules and 473 00:20:50,960 --> 00:20:54,160 Speaker 2: that this is they're building this out now. There will 474 00:20:54,200 --> 00:20:56,000 Speaker 2: be rules in place to say who owns what. But 475 00:20:56,040 --> 00:20:58,640 Speaker 2: remember these are publicly traded security so the information as 476 00:20:58,640 --> 00:21:00,760 Speaker 2: to who owns how much that's definitely out there. You've 477 00:21:00,760 --> 00:21:02,840 Speaker 2: always been able to find that stuff. You can see 478 00:21:02,880 --> 00:21:04,840 Speaker 2: who the you know, the major shareholders are in the 479 00:21:04,880 --> 00:21:06,960 Speaker 2: perspectus is you can look on websites and see who 480 00:21:06,960 --> 00:21:10,120 Speaker 2: owns what. That's what publicly traded means. So that part 481 00:21:10,160 --> 00:21:10,840 Speaker 2: is not really going to. 482 00:21:10,920 --> 00:21:14,199 Speaker 1: Change, all right. So just the speed with which we 483 00:21:14,240 --> 00:21:16,200 Speaker 1: can get access to the money that we've put away 484 00:21:16,840 --> 00:21:17,200 Speaker 1: for sure. 485 00:21:17,240 --> 00:21:19,080 Speaker 2: And again I do believe this is a good thing. 486 00:21:19,119 --> 00:21:21,080 Speaker 2: I know from my day to day and our operational 487 00:21:21,119 --> 00:21:22,720 Speaker 2: folks here at all worth it will be. It will 488 00:21:22,760 --> 00:21:24,480 Speaker 2: be helpful to reduce the amount of time that we 489 00:21:24,520 --> 00:21:26,320 Speaker 2: can promise somebody, Hey, your money's going to be in 490 00:21:26,359 --> 00:21:27,359 Speaker 2: your checking accounts, so you can go. 491 00:21:27,359 --> 00:21:29,960 Speaker 1: Pay your bills, Okay, if that's ultimately what we get 492 00:21:29,960 --> 00:21:31,600 Speaker 1: out of it, and there's not any pitfalls that I 493 00:21:31,680 --> 00:21:34,040 Speaker 1: haven't created on a whole cloth in my mind for 494 00:21:34,119 --> 00:21:36,639 Speaker 1: lack of understanding on how this works, and they do 495 00:21:36,720 --> 00:21:39,879 Speaker 1: have a decent regulatory environment that actually makes sense in place. 496 00:21:40,280 --> 00:21:43,080 Speaker 1: All right, I'll go for that as a concept anyway, Brian. 497 00:21:43,080 --> 00:21:45,760 Speaker 1: We'll probably talk about it as we closer approach the 498 00:21:45,920 --> 00:21:47,680 Speaker 1: launch date of this happening. 499 00:21:47,359 --> 00:21:49,240 Speaker 2: Right, I bet this will be a topic in twenty. 500 00:21:49,000 --> 00:21:51,480 Speaker 1: Six big time. And in twenty six you and I'll 501 00:21:51,520 --> 00:21:55,000 Speaker 1: be talking on Mondays again. I pray we will. We will, indeed, 502 00:21:55,080 --> 00:21:58,600 Speaker 1: wonderful Brian James, for my entire listening audience, my family 503 00:21:58,640 --> 00:22:01,600 Speaker 1: to yours, wonderful Merry Christmas to you and all the 504 00:22:01,600 --> 00:22:03,560 Speaker 1: folks over at all Worth. I hope you enjoyed the 505 00:22:03,560 --> 00:22:06,240 Speaker 1: holiday season, and I wish you in advance a happy 506 00:22:06,240 --> 00:22:07,280 Speaker 1: New Year as well you as. 507 00:22:07,200 --> 00:22:10,000 Speaker 2: Well, and merry Christmas. Do all happy belated Hanukkah and 508 00:22:10,040 --> 00:22:12,320 Speaker 2: so on and so forth. All that to all the families. 509 00:22:12,840 --> 00:22:13,600 Speaker 1: Take care of my friend