1 00:00:02,880 --> 00:00:05,440 Speaker 1: Hi, and welcome back to the Carole Marco Wood Show 2 00:00:05,440 --> 00:00:09,600 Speaker 1: on The Clay Travis and Bucksexon podcast network on iHeartRadio. 3 00:00:10,280 --> 00:00:12,840 Speaker 1: As you may have heard, the pop star Taylor Swift 4 00:00:12,920 --> 00:00:16,360 Speaker 1: is dating the football star Travis Kelcey. But no, don't 5 00:00:16,360 --> 00:00:18,479 Speaker 1: go come back. This is not going to be an 6 00:00:18,520 --> 00:00:23,560 Speaker 1: episode about Taylor Swift. This monologue really isn't about them specifically. 7 00:00:24,000 --> 00:00:27,160 Speaker 1: It's about the larger subject that I would like to explore, 8 00:00:27,680 --> 00:00:30,680 Speaker 1: which is what people really want in a mate when 9 00:00:30,680 --> 00:00:32,280 Speaker 1: they're allowed to want anything. 10 00:00:33,080 --> 00:00:34,800 Speaker 2: So there's been an insane amount. 11 00:00:34,440 --> 00:00:37,559 Speaker 1: Of interest in Taylor and Travis, and we've reached the 12 00:00:37,600 --> 00:00:40,960 Speaker 1: point in the news cycle where people are asking themselves 13 00:00:41,080 --> 00:00:42,560 Speaker 1: why am I so invested in this? 14 00:00:43,440 --> 00:00:44,560 Speaker 2: And I see this all the time. 15 00:00:45,080 --> 00:00:48,480 Speaker 1: I see women calling it their Roman Empire or saying 16 00:00:48,520 --> 00:00:53,160 Speaker 1: it's my royal family. But they're also openly asking themselves 17 00:00:53,320 --> 00:00:56,200 Speaker 1: why do I care? And I think I have the answer. 18 00:00:56,880 --> 00:00:59,840 Speaker 1: So it's primarily women who are into the story rights. 19 00:01:00,240 --> 00:01:03,200 Speaker 1: It's definitely bigger on the female side. 20 00:01:02,960 --> 00:01:05,839 Speaker 2: Of the internet. And they're following. 21 00:01:05,440 --> 00:01:08,640 Speaker 1: These two while they go on dates, whether they're holding hands, 22 00:01:08,720 --> 00:01:12,120 Speaker 1: they're monitoring their body language when they're posing together. 23 00:01:12,720 --> 00:01:13,720 Speaker 2: It's like a whole thing. 24 00:01:15,240 --> 00:01:18,880 Speaker 1: But probably the most viral clip of this relationship is 25 00:01:18,920 --> 00:01:23,039 Speaker 1: when the couple pulls up to Emilio's Blatto's, a restaurant 26 00:01:23,040 --> 00:01:26,200 Speaker 1: in New York City and he moves her security guard 27 00:01:26,319 --> 00:01:28,680 Speaker 1: away from the car door to open it for her, 28 00:01:29,240 --> 00:01:31,320 Speaker 1: and he does it in kind of this, like I 29 00:01:31,360 --> 00:01:31,720 Speaker 1: got it. 30 00:01:31,680 --> 00:01:35,280 Speaker 2: From here, a kind of motion. Women swooned. 31 00:01:35,720 --> 00:01:38,240 Speaker 1: Why because it's. 32 00:01:38,120 --> 00:01:39,720 Speaker 2: Manly and you like that. 33 00:01:40,160 --> 00:01:42,800 Speaker 1: You want a man to behave like a man. You 34 00:01:42,920 --> 00:01:45,720 Speaker 1: want the guy who opens the door and protects you 35 00:01:45,840 --> 00:01:49,520 Speaker 1: and makes you feel safe. But worse is you've been 36 00:01:49,560 --> 00:01:52,440 Speaker 1: tricked into believing you don't want that, and you've been 37 00:01:52,480 --> 00:01:56,400 Speaker 1: tricked into believing that that guy, the provider, the caretaker, 38 00:01:56,480 --> 00:01:58,720 Speaker 1: the one who makes you feel like a woman, that 39 00:01:58,880 --> 00:02:02,840 Speaker 1: liking him is somehow anti feminist, or that that guy 40 00:02:03,000 --> 00:02:05,080 Speaker 1: won't help you with the dishes, or like leave you 41 00:02:05,120 --> 00:02:08,160 Speaker 1: alone to raise your children and will only grunt in 42 00:02:08,200 --> 00:02:13,760 Speaker 1: your direction. Sometimes it's crazy, but these stereotypes of men 43 00:02:13,880 --> 00:02:17,720 Speaker 1: have gone so overboard and they become so accepted that 44 00:02:17,800 --> 00:02:21,679 Speaker 1: way too many women believe them. Men are trash is 45 00:02:21,720 --> 00:02:26,040 Speaker 1: an entirely acceptable thing that women say and really don't 46 00:02:26,040 --> 00:02:30,680 Speaker 1: get any pushback, and what's crazy is it only hurts women. 47 00:02:31,160 --> 00:02:35,600 Speaker 1: With accepting that lie, more women have remained single. The 48 00:02:35,639 --> 00:02:39,480 Speaker 1: share of never married women increased twenty percent over the 49 00:02:39,560 --> 00:02:43,519 Speaker 1: last decade. It's a high number. And yes, I think 50 00:02:43,520 --> 00:02:46,640 Speaker 1: it's because what they actually like, what they want in 51 00:02:46,680 --> 00:02:49,080 Speaker 1: a man, the kind of guy that does it for 52 00:02:49,160 --> 00:02:53,840 Speaker 1: them is the manly stereotype that they're taught not to want. 53 00:02:54,639 --> 00:02:57,040 Speaker 1: They know what they're attracted to, they know what makes 54 00:02:57,080 --> 00:02:59,680 Speaker 1: their body react, but it's not okay for them to 55 00:02:59,680 --> 00:03:00,840 Speaker 1: act actually want this. 56 00:03:01,240 --> 00:03:03,160 Speaker 2: It's wrong and it's hurting women. 57 00:03:03,600 --> 00:03:06,519 Speaker 1: This morning, my thirteen year old daughter was playing Taylor 58 00:03:06,560 --> 00:03:08,760 Speaker 1: Swift on the way to a school and there was 59 00:03:08,800 --> 00:03:12,079 Speaker 1: a line in the song about Taylor's boyfriend at the time. 60 00:03:12,120 --> 00:03:14,040 Speaker 1: I think it's about Jake Jillen Hall, but you know, 61 00:03:14,120 --> 00:03:16,079 Speaker 1: don't quote me on that Swifties. I'm sorry if I 62 00:03:16,120 --> 00:03:19,520 Speaker 1: get it wrong, but the line was he throws her 63 00:03:19,600 --> 00:03:23,960 Speaker 1: the car keys and because f the patriarchy. I turned 64 00:03:23,960 --> 00:03:26,720 Speaker 1: to my daughter and I was like, you are going 65 00:03:26,800 --> 00:03:29,920 Speaker 1: to love the patriarchy when your husband is driving and 66 00:03:29,919 --> 00:03:33,240 Speaker 1: you can play Passenger Princess and look at your phone 67 00:03:33,280 --> 00:03:35,640 Speaker 1: and get the music playing and look out the window. 68 00:03:35,840 --> 00:03:38,160 Speaker 2: You're going to enjoy the patriarchy very much. 69 00:03:38,200 --> 00:03:40,120 Speaker 1: You do not want to fight the patriarchy on this. 70 00:03:40,320 --> 00:03:42,120 Speaker 2: Believe me, the. 71 00:03:42,080 --> 00:03:44,880 Speaker 1: Patriarchy is totally okay with letting you drive while he 72 00:03:44,920 --> 00:03:47,400 Speaker 1: has his feet up on the dash. But it goes 73 00:03:47,440 --> 00:03:50,200 Speaker 1: to the whole thing. Why wouldn't you want him to drive? 74 00:03:50,760 --> 00:03:54,720 Speaker 1: I had a friend once say that the greatest trick 75 00:03:54,760 --> 00:03:57,040 Speaker 1: the patriarchy ever pulled was tricking. 76 00:03:56,720 --> 00:03:59,040 Speaker 2: Women into believing it was so amazing to. 77 00:03:59,000 --> 00:04:01,560 Speaker 1: Go to work every day. Why are you fighting the 78 00:04:01,560 --> 00:04:05,120 Speaker 1: patriarchy to give yourself a tougher life. Let's keep the 79 00:04:05,160 --> 00:04:07,840 Speaker 1: patriarchy in place to have the men drive. Okay, we 80 00:04:08,040 --> 00:04:13,880 Speaker 1: like it. Manliness doesn't have to be the football player physique. 81 00:04:13,960 --> 00:04:16,560 Speaker 1: I think that's another thing that people get wrong. It's 82 00:04:16,560 --> 00:04:20,800 Speaker 1: more about competence, leadership, being able to care for a 83 00:04:20,839 --> 00:04:25,000 Speaker 1: woman and the children that you'll hopefully have together. Women 84 00:04:25,040 --> 00:04:28,039 Speaker 1: are so drawn to this tailor and trav thing because 85 00:04:28,040 --> 00:04:30,919 Speaker 1: they can see what's different about this guy compared to 86 00:04:31,000 --> 00:04:33,960 Speaker 1: other guys that she's dated, who were not as caring 87 00:04:34,000 --> 00:04:37,279 Speaker 1: to her, did not act in the stereotypical manly way 88 00:04:37,320 --> 00:04:41,440 Speaker 1: of opening car doors and being protective around her. He's 89 00:04:41,480 --> 00:04:44,560 Speaker 1: openly taking care of her and women are reminded, Hey, 90 00:04:44,680 --> 00:04:48,919 Speaker 1: I like that, I want that, So why was I 91 00:04:48,920 --> 00:04:50,039 Speaker 1: stop from admitting that? 92 00:04:51,000 --> 00:04:51,720 Speaker 2: And if it. 93 00:04:51,680 --> 00:04:54,719 Speaker 1: Takes Taylor Swift dating the guy that she actually wants, 94 00:04:54,920 --> 00:04:56,920 Speaker 1: the guy who looks ready to take care of her, 95 00:04:57,640 --> 00:04:59,640 Speaker 1: to get a lot of women to admit to themselves 96 00:04:59,680 --> 00:05:02,159 Speaker 1: that that's that's what they're looking for too, we should 97 00:05:02,160 --> 00:05:04,560 Speaker 1: be in full support. Whether or not we'll be listening 98 00:05:04,560 --> 00:05:08,200 Speaker 1: to Taylor Swift songs. Thanks for listening. Coming up next, 99 00:05:08,240 --> 00:05:11,080 Speaker 1: an interview with Carol Roth. Join us after the break. 100 00:05:15,120 --> 00:05:18,400 Speaker 1: Welcome back to the Carol Marcowitch Show. My guest today 101 00:05:18,560 --> 00:05:22,960 Speaker 1: is the amazing Carol Roth. Carol is a recovering investment banker, 102 00:05:23,160 --> 00:05:26,440 Speaker 1: two times New York Times bestselling author, and a bunch 103 00:05:26,440 --> 00:05:28,760 Speaker 1: of other stuff we don't have time for. I am 104 00:05:28,839 --> 00:05:31,359 Speaker 1: a huge fan of Carol and I'm really excited to 105 00:05:31,600 --> 00:05:34,359 Speaker 1: talk to her today. Carol, thank you so much for 106 00:05:34,400 --> 00:05:38,000 Speaker 1: coming on. I've been following you, you know, for years, 107 00:05:38,040 --> 00:05:41,920 Speaker 1: and I see you as somebody who's very wise and 108 00:05:42,040 --> 00:05:47,200 Speaker 1: very grounded, just a really steady person. And so it's 109 00:05:47,200 --> 00:05:51,000 Speaker 1: something that I found a little concerning when I read 110 00:05:51,040 --> 00:05:54,159 Speaker 1: your book that you opened the book with a provocative 111 00:05:54,160 --> 00:05:59,360 Speaker 1: introduction called the coming war, and as you say bluntly, 112 00:05:59,520 --> 00:06:02,400 Speaker 1: there's a new financial world order that is coming for 113 00:06:02,520 --> 00:06:07,320 Speaker 1: our wealth, our livelihood, social standing, access to opportunities. And 114 00:06:07,400 --> 00:06:09,520 Speaker 1: I don't see you as a hysteric at all. So 115 00:06:09,640 --> 00:06:12,600 Speaker 1: I take what you say very seriously. So can you 116 00:06:12,640 --> 00:06:14,400 Speaker 1: explain to listeners what you mean by that? 117 00:06:14,960 --> 00:06:18,600 Speaker 3: I certainly can. And I always hate being right, you know. 118 00:06:18,880 --> 00:06:21,520 Speaker 3: It's one of those things I wish that I was 119 00:06:21,560 --> 00:06:25,400 Speaker 3: wrong more often because I am a realist and so 120 00:06:26,279 --> 00:06:29,920 Speaker 3: unfortunately these days a lot of the realism tends to 121 00:06:29,960 --> 00:06:32,800 Speaker 3: be on the not so great side, when really I 122 00:06:32,960 --> 00:06:35,680 Speaker 3: just like to be fun. Frankly, Carroll, I just wanted 123 00:06:35,680 --> 00:06:37,320 Speaker 3: to be a game show host. I didn't want to 124 00:06:37,360 --> 00:06:39,400 Speaker 3: talk about any of this stuff. I wanted to give 125 00:06:39,440 --> 00:06:43,320 Speaker 3: away money and prids. So yeah, when I put this 126 00:06:43,400 --> 00:06:45,960 Speaker 3: together and I said, you know, there's a war coming, 127 00:06:46,200 --> 00:06:48,960 Speaker 3: and that it's not World War three, although that hangs 128 00:06:48,960 --> 00:06:51,520 Speaker 3: in the balance with a certain probability. You know, that 129 00:06:51,960 --> 00:06:54,599 Speaker 3: of itself was a little bit too prescient for today. 130 00:06:55,120 --> 00:06:58,200 Speaker 3: But what I was talking about was World War F, 131 00:06:58,680 --> 00:07:02,440 Speaker 3: of financial world war, or where everybody is ft basically, 132 00:07:02,760 --> 00:07:06,599 Speaker 3: and that is because we are at a time in 133 00:07:06,720 --> 00:07:11,840 Speaker 3: our history's financial cycle where we're kind of on the 134 00:07:12,120 --> 00:07:13,840 Speaker 3: end of an empire. 135 00:07:13,920 --> 00:07:14,600 Speaker 4: And this is not. 136 00:07:14,720 --> 00:07:18,080 Speaker 3: Something when you think about new world orders that is 137 00:07:18,120 --> 00:07:22,240 Speaker 3: a conspiracy theory. This is something that's very well known 138 00:07:22,440 --> 00:07:25,360 Speaker 3: through anybody who studies history. It's talked about by a 139 00:07:25,400 --> 00:07:28,480 Speaker 3: lot of financial people. It's spoken about by the President 140 00:07:28,520 --> 00:07:30,520 Speaker 3: of the United States. And we can say a lot 141 00:07:30,520 --> 00:07:34,440 Speaker 3: of things about President Biden. I don't think conspiracy theorist 142 00:07:34,560 --> 00:07:35,760 Speaker 3: is probably. 143 00:07:35,280 --> 00:07:35,920 Speaker 4: One of them. 144 00:07:36,280 --> 00:07:37,800 Speaker 3: But you know, he is in front of the Business 145 00:07:37,880 --> 00:07:41,240 Speaker 3: Roundtable March twenty first of twenty twenty two, and he 146 00:07:41,360 --> 00:07:44,640 Speaker 3: talks about how the financial world order changes every few 147 00:07:44,680 --> 00:07:47,760 Speaker 3: generations and there's going to be a new world order 148 00:07:47,800 --> 00:07:50,560 Speaker 3: out there and we've got to lead it. And that 149 00:07:50,800 --> 00:07:54,280 Speaker 3: weave is kind of part of what we're talking about here, 150 00:07:54,440 --> 00:07:57,680 Speaker 3: because you know, he's talking to the business leaders, to 151 00:07:57,760 --> 00:08:02,200 Speaker 3: the wealthy and well connected and certainly see these changes 152 00:08:02,280 --> 00:08:07,000 Speaker 3: that are happening. And it really seems, and I've documented 153 00:08:07,120 --> 00:08:10,400 Speaker 3: I think it pretty well with hundreds of sources, that 154 00:08:10,480 --> 00:08:13,400 Speaker 3: they're working as things change to make sure that they 155 00:08:13,480 --> 00:08:17,200 Speaker 3: come out on top and hold onto all of those 156 00:08:17,440 --> 00:08:21,720 Speaker 3: financial resources and the power, and with that, everybody else, 157 00:08:22,480 --> 00:08:24,520 Speaker 3: you know, kind of falls by the wayside. So when 158 00:08:24,560 --> 00:08:27,239 Speaker 3: you think of all the different forces that are seeing 159 00:08:27,280 --> 00:08:30,360 Speaker 3: this happen and trying to take advantage of it, you 160 00:08:30,560 --> 00:08:33,920 Speaker 3: have you know, the government and the Federal Reserve, these 161 00:08:33,960 --> 00:08:37,960 Speaker 3: sort of government related entities. You have big business, You 162 00:08:38,040 --> 00:08:42,760 Speaker 3: have these crazy NGOs and other organizations throughout the world, 163 00:08:42,760 --> 00:08:43,880 Speaker 3: whether it be the World. 164 00:08:43,640 --> 00:08:45,920 Speaker 4: Economic Forum or the UN or whoever. 165 00:08:46,440 --> 00:08:49,480 Speaker 3: And then you have big tech who's trying to rent 166 00:08:49,520 --> 00:08:52,280 Speaker 3: everybody's life back to them as as a subscription or 167 00:08:52,280 --> 00:08:55,800 Speaker 3: a service. So, you know, as somebody who really focuses 168 00:08:56,000 --> 00:09:00,320 Speaker 3: on wealth creation opportunities for people, and kind of trying 169 00:09:00,320 --> 00:09:02,679 Speaker 3: to put my finger on what's going on with all 170 00:09:02,720 --> 00:09:06,040 Speaker 3: these barriers, why people are working hard and saving and 171 00:09:06,080 --> 00:09:08,080 Speaker 3: doing the right things and not being able to get ahead. 172 00:09:08,520 --> 00:09:11,600 Speaker 3: I'm trying to tie it all together. And that leads 173 00:09:11,640 --> 00:09:15,320 Speaker 3: me to everybody's favorite meme. You'll own nothing and you'll 174 00:09:15,320 --> 00:09:17,959 Speaker 3: be happy. And we know throughout history the people who 175 00:09:17,960 --> 00:09:20,880 Speaker 3: didn't own things, they were free, they weren't particularly happy, 176 00:09:20,880 --> 00:09:23,240 Speaker 3: they weren't wealthy, and in many cases they start to death. 177 00:09:24,760 --> 00:09:28,200 Speaker 1: Right Well, your last book was The War on Small Business, 178 00:09:28,240 --> 00:09:31,320 Speaker 1: which I read and enjoyed very much. I mean, enjoyed 179 00:09:31,400 --> 00:09:34,200 Speaker 1: is the wrong word. You know, couldn't sleep at night 180 00:09:34,720 --> 00:09:39,080 Speaker 1: sort of also up there. But how do those two things, 181 00:09:39,200 --> 00:09:41,400 Speaker 1: how do they go together? The war on small business 182 00:09:41,400 --> 00:09:44,760 Speaker 1: and the upcoming financial revolution that you're foreseeing. 183 00:09:44,920 --> 00:09:47,360 Speaker 3: I think that you'll find throughout all my books, I'm 184 00:09:47,400 --> 00:09:51,360 Speaker 3: always kind of cheering for the underdog, and I'm really 185 00:09:51,480 --> 00:09:54,960 Speaker 3: trying to focus on freedom versus central planning. And I 186 00:09:55,000 --> 00:09:58,839 Speaker 3: think that's kind of the crux of the problem is 187 00:09:58,880 --> 00:10:03,040 Speaker 3: that we as we have become more prosperous and people 188 00:10:03,120 --> 00:10:08,760 Speaker 3: have become more well off and theoretically comfortable in their lives, 189 00:10:09,160 --> 00:10:11,960 Speaker 3: that they give up many of their freedoms for this 190 00:10:12,120 --> 00:10:17,559 Speaker 3: perception of ease and comfort. And it is to everybody's 191 00:10:17,600 --> 00:10:22,240 Speaker 3: individual detriment unless you're one of those people on the inside. 192 00:10:22,280 --> 00:10:24,920 Speaker 3: So we saw that during COVID, a lot of the 193 00:10:24,960 --> 00:10:29,160 Speaker 3: decisions that were made were not based on data or 194 00:10:29,240 --> 00:10:32,240 Speaker 3: science or anything else. It was made by political cloud 195 00:10:32,280 --> 00:10:37,000 Speaker 3: and connection. So obviously, if you are a freelancer or 196 00:10:37,000 --> 00:10:41,160 Speaker 3: a small business or main street America, you were crushed. 197 00:10:41,200 --> 00:10:44,439 Speaker 3: And trillions of dollars of wealth was moved from main 198 00:10:44,520 --> 00:10:49,720 Speaker 3: street America to wall streets by mandate, by central bank 199 00:10:50,040 --> 00:10:55,200 Speaker 3: and government policy, and people can see that as sort 200 00:10:55,240 --> 00:10:58,520 Speaker 3: of a symptom, but they don't necessarily recognize the ailment. 201 00:10:58,640 --> 00:10:59,680 Speaker 4: And that's really. 202 00:10:59,480 --> 00:11:03,160 Speaker 3: What's been happening here, you know, whether it's the debasement 203 00:11:03,200 --> 00:11:07,360 Speaker 3: of the dollar, or the things happening around social credit informally, 204 00:11:08,080 --> 00:11:11,840 Speaker 3: the threat of cbdc's Wall Street coming in to compete 205 00:11:11,840 --> 00:11:15,679 Speaker 3: with individuals for single family homes, you. 206 00:11:15,600 --> 00:11:17,000 Speaker 4: Know, so on and so forth. 207 00:11:17,040 --> 00:11:20,000 Speaker 3: You know, it's all of these sort of big entities 208 00:11:20,520 --> 00:11:24,760 Speaker 3: trying to control what's going on, trying to make decisions, 209 00:11:24,840 --> 00:11:27,120 Speaker 3: you know, buy force based on what's good for them 210 00:11:27,160 --> 00:11:30,360 Speaker 3: and their cronies instead of letting, you know, the free 211 00:11:30,400 --> 00:11:33,800 Speaker 3: will of the masses shape that decision making. And even 212 00:11:33,840 --> 00:11:35,880 Speaker 3: if we had the best and smartest people who were 213 00:11:35,920 --> 00:11:38,960 Speaker 3: a bunch of Mother Teresa's, you know, doing that, it 214 00:11:39,160 --> 00:11:42,120 Speaker 3: still wouldn't produce as good of outcomes as it would 215 00:11:42,160 --> 00:11:45,679 Speaker 3: just kind of letting it happen freely. But human nature 216 00:11:45,720 --> 00:11:48,599 Speaker 3: is human nature, and people do what people do, and 217 00:11:48,920 --> 00:11:51,319 Speaker 3: that is at the end of the day, even if 218 00:11:51,360 --> 00:11:54,280 Speaker 3: they say they're doing it for your benefits, they are 219 00:11:54,440 --> 00:11:56,760 Speaker 3: benefiting themselves and their cronies. 220 00:11:56,760 --> 00:11:58,800 Speaker 4: They're getting something out of it. In the process. 221 00:12:00,520 --> 00:12:02,840 Speaker 1: So what do you say to the people who think 222 00:12:03,120 --> 00:12:07,880 Speaker 1: that small businesses ultimately did okay during the pandemic that 223 00:12:07,880 --> 00:12:11,480 Speaker 1: that you know, because I feel like that's the line now, right, Like, 224 00:12:11,520 --> 00:12:13,840 Speaker 1: what do you mean they didn't they got crushed? 225 00:12:13,960 --> 00:12:15,560 Speaker 2: Didn't they get a check from the government. 226 00:12:16,000 --> 00:12:19,240 Speaker 4: Yeah, So this is one of those things. 227 00:12:19,240 --> 00:12:22,199 Speaker 3: I don't think people understand anything about small business. I 228 00:12:22,240 --> 00:12:24,960 Speaker 3: don't think they understand the scope of small business. 229 00:12:25,040 --> 00:12:27,200 Speaker 4: Before COVID we had. 230 00:12:27,320 --> 00:12:30,160 Speaker 3: Somewhere thirty plus million and now I think it's like 231 00:12:30,240 --> 00:12:32,880 Speaker 3: north of thirty two or thirty three million small businesses 232 00:12:32,880 --> 00:12:36,960 Speaker 3: in this country that are very disparate, like across industry, 233 00:12:36,960 --> 00:12:41,880 Speaker 3: across geography, across ownership. They had about half of the revenue, 234 00:12:42,880 --> 00:12:46,280 Speaker 3: almost half of the employment of the country. So, you know, 235 00:12:46,320 --> 00:12:49,520 Speaker 3: somebody knows one business that did okay and they think 236 00:12:49,520 --> 00:12:53,640 Speaker 3: that that perhaps speaks for you know, thirty three million businesses. 237 00:12:54,200 --> 00:12:57,520 Speaker 3: The other thing that people don't understand is the concept 238 00:12:57,800 --> 00:13:01,400 Speaker 3: of property rights and certainly eminent domain as set forth 239 00:13:01,400 --> 00:13:05,680 Speaker 3: in the constitution. When we shut down and this was 240 00:13:06,200 --> 00:13:08,280 Speaker 3: about a third of the economy, I mean, this is 241 00:13:08,280 --> 00:13:11,920 Speaker 3: on present you buy mandate. A third of the economy 242 00:13:11,960 --> 00:13:15,160 Speaker 3: was shut down, and that was largely small businesses. So 243 00:13:15,559 --> 00:13:17,520 Speaker 3: like you could go to pet Smart and you could 244 00:13:17,559 --> 00:13:18,400 Speaker 3: get your. 245 00:13:18,440 --> 00:13:21,800 Speaker 4: Dog's hair or fur group and. 246 00:13:21,960 --> 00:13:24,760 Speaker 3: That's nails clip, but you couldn't go to a small 247 00:13:24,800 --> 00:13:27,520 Speaker 3: business and get your hair done or your nails done. 248 00:13:27,760 --> 00:13:30,520 Speaker 3: And so you know, you did have this huge transferring 249 00:13:30,559 --> 00:13:31,120 Speaker 3: of wealth. 250 00:13:32,120 --> 00:13:35,600 Speaker 1: Somehow, my governor at the time, Governor Cuomo, always. 251 00:13:35,280 --> 00:13:36,160 Speaker 2: Had a good haircut. 252 00:13:36,240 --> 00:13:39,360 Speaker 1: I don't know how that. You know, all the salons 253 00:13:39,400 --> 00:13:40,960 Speaker 1: were closed, yet his hair was. 254 00:13:40,960 --> 00:13:44,800 Speaker 3: Always saw Pelosi too, right in August of twenty twenty, 255 00:13:44,920 --> 00:13:48,160 Speaker 3: you know, having somebody open up a small business so 256 00:13:48,240 --> 00:13:50,120 Speaker 3: that she could have her hair done as well, which 257 00:13:50,160 --> 00:13:53,040 Speaker 3: you just kind of goes to show you the reality 258 00:13:53,200 --> 00:13:56,040 Speaker 3: of the situation, the politicization of the situation. 259 00:13:57,720 --> 00:14:00,800 Speaker 4: But you know, when they shut those busines, this is down. 260 00:14:01,280 --> 00:14:04,160 Speaker 3: You know, it wasn't you know a scenario where that 261 00:14:04,280 --> 00:14:06,959 Speaker 3: was a decision that somebody made on their own. 262 00:14:07,040 --> 00:14:09,440 Speaker 4: It was by force. You were being forced to. 263 00:14:09,760 --> 00:14:11,920 Speaker 3: They took your property for a period of time for 264 00:14:11,960 --> 00:14:15,840 Speaker 3: the public good, and your owned do compensation. So like 265 00:14:16,040 --> 00:14:19,240 Speaker 3: maybe you got a few thousand dollars check for that, 266 00:14:19,320 --> 00:14:22,760 Speaker 3: but that doesn't make up for all of the business 267 00:14:22,800 --> 00:14:26,280 Speaker 3: that you lost and certainly for them taking your business 268 00:14:26,280 --> 00:14:27,920 Speaker 3: in the way that it should And a number of 269 00:14:28,000 --> 00:14:31,080 Speaker 3: small businesses have started to sue, you know, on a 270 00:14:31,120 --> 00:14:34,560 Speaker 3: state by state basis, so you know, it just because 271 00:14:34,600 --> 00:14:38,040 Speaker 3: you may have gotten a small, you know, drop in 272 00:14:38,080 --> 00:14:41,520 Speaker 3: the bucket, that doesn't account for the damage that was done. 273 00:14:41,800 --> 00:14:44,600 Speaker 3: And a lot of small businesses actually didn't step up 274 00:14:44,640 --> 00:14:48,200 Speaker 3: and take that for fear of, you know, maybe the 275 00:14:48,320 --> 00:14:50,200 Speaker 3: rules are going to change or this is going to 276 00:14:50,240 --> 00:14:52,040 Speaker 3: come back to bite me. And I don't think it's 277 00:14:52,080 --> 00:14:54,440 Speaker 3: a good idea. I don't trust the government. But you 278 00:14:54,480 --> 00:14:56,400 Speaker 3: know who did take it on it was a lot 279 00:14:56,400 --> 00:15:00,480 Speaker 3: of fraudsters, a lot of wealthy people because they ructured 280 00:15:00,520 --> 00:15:03,360 Speaker 3: it like a complete nightmare, and people. 281 00:15:03,160 --> 00:15:04,160 Speaker 4: Who didn't need it. 282 00:15:04,200 --> 00:15:06,800 Speaker 3: So while a lot of money was spent, it didn't 283 00:15:06,880 --> 00:15:10,960 Speaker 3: go to the people whose property rights were infringed upon. 284 00:15:11,480 --> 00:15:14,120 Speaker 3: And so it makes it seem like they should have 285 00:15:14,280 --> 00:15:17,240 Speaker 3: been fine, but they're not. And they also just don't 286 00:15:17,280 --> 00:15:20,560 Speaker 3: have the wherewithal to whether the storm. 287 00:15:20,320 --> 00:15:22,160 Speaker 4: The way that a big company does. 288 00:15:22,200 --> 00:15:24,360 Speaker 3: A lot of them are personally taking on the debt 289 00:15:24,400 --> 00:15:25,560 Speaker 3: with a personal guarantee. 290 00:15:25,560 --> 00:15:27,280 Speaker 4: It's not just going to some corporate entity. 291 00:15:27,880 --> 00:15:31,560 Speaker 3: They have one location versus a small business that's a 292 00:15:31,640 --> 00:15:35,360 Speaker 3: chain that might have hundreds of locations. So the stakes 293 00:15:35,440 --> 00:15:39,360 Speaker 3: for small businesses are very, very different. And we saw 294 00:15:39,680 --> 00:15:44,280 Speaker 3: about seven figures of small businesses you know, closed permanently 295 00:15:44,360 --> 00:15:47,000 Speaker 3: killed by mandate, including ones that had been. 296 00:15:46,800 --> 00:15:50,160 Speaker 4: Around for you know, one hundred more than one hundred years. 297 00:15:50,800 --> 00:15:53,240 Speaker 3: So yes, there were a bunch of people who got 298 00:15:53,280 --> 00:15:56,600 Speaker 3: stimulus checks and founded like little trading firms. And it 299 00:15:56,640 --> 00:15:59,120 Speaker 3: looks on a net basis like, oh, look there's still 300 00:15:59,120 --> 00:16:02,120 Speaker 3: plenty of small business is but it doesn't. 301 00:16:01,760 --> 00:16:04,600 Speaker 4: Make up for the collateral damage that was done. 302 00:16:05,880 --> 00:16:08,640 Speaker 1: I'm just so surprised that a government program didn't go well. 303 00:16:09,360 --> 00:16:12,160 Speaker 4: It is truly shocked. The first time after shocking, I know, 304 00:16:12,240 --> 00:16:16,080 Speaker 4: it's I said, awake at night and go Usually it 305 00:16:16,120 --> 00:16:19,480 Speaker 4: works out so great, there's so start time. 306 00:16:20,040 --> 00:16:22,320 Speaker 3: It was again, it was all of the things that 307 00:16:22,480 --> 00:16:24,920 Speaker 3: we all said, hey, you know, here are the ways 308 00:16:24,920 --> 00:16:26,239 Speaker 3: this is going to go wrong. 309 00:16:26,000 --> 00:16:28,120 Speaker 4: And here's how you could just make sure it doesn't. 310 00:16:28,680 --> 00:16:31,760 Speaker 2: And right, that's and you're hate being right, you're hate 311 00:16:31,800 --> 00:16:32,240 Speaker 2: being right. 312 00:16:32,680 --> 00:16:34,840 Speaker 4: Right, it really is. I just I want to be wrong. 313 00:16:35,040 --> 00:16:36,920 Speaker 4: That's gonna be that's gonna be my memoir. I want 314 00:16:36,920 --> 00:16:37,440 Speaker 4: to be wrong. 315 00:16:40,480 --> 00:16:44,320 Speaker 1: You go into the social credit system in China in 316 00:16:44,360 --> 00:16:48,080 Speaker 1: this book, can you describe what that is and how 317 00:16:48,200 --> 00:16:51,400 Speaker 1: much the average person might have to worry about that 318 00:16:51,480 --> 00:16:52,920 Speaker 1: kind of social credit system. 319 00:16:53,080 --> 00:16:56,920 Speaker 3: So China has the most advanced social credit system in 320 00:16:56,960 --> 00:17:01,680 Speaker 3: the world right now, but it's not what is always reported, 321 00:17:01,720 --> 00:17:05,000 Speaker 3: and so that's kind of the interesting dynamic here. It's 322 00:17:05,040 --> 00:17:07,800 Speaker 3: really done, it's not done on sort of a full 323 00:17:07,880 --> 00:17:10,359 Speaker 3: national basis. It's done on sort of a jurisdiction by 324 00:17:10,440 --> 00:17:13,560 Speaker 3: jurisdiction basis. So some of this the credit could be 325 00:17:13,840 --> 00:17:16,240 Speaker 3: you know, A through F as a score, some could 326 00:17:16,280 --> 00:17:19,000 Speaker 3: be one through five as a score, and they really 327 00:17:19,080 --> 00:17:23,560 Speaker 3: decide what the important things are that make up social 328 00:17:23,600 --> 00:17:26,919 Speaker 3: credit based on what's important to a jurisdiction. But the 329 00:17:27,040 --> 00:17:31,359 Speaker 3: overarching issue is that you have a handful of people 330 00:17:31,680 --> 00:17:35,320 Speaker 3: the Chinese Communist Party, you're on a jurisdictional level, who 331 00:17:35,359 --> 00:17:38,480 Speaker 3: is saying if you do these things, you're going to 332 00:17:38,800 --> 00:17:41,600 Speaker 3: you know, get rewarded. You're going to be your incentivized 333 00:17:41,600 --> 00:17:44,280 Speaker 3: and do these good things, and if you do bad things, 334 00:17:44,320 --> 00:17:45,560 Speaker 3: you are going to be punished. 335 00:17:45,680 --> 00:17:47,480 Speaker 4: And it's a way to control behaviors. 336 00:17:47,560 --> 00:17:49,880 Speaker 3: Right as Charlie Munger always says, show me the incentive, 337 00:17:50,160 --> 00:17:52,960 Speaker 3: I'll show you the outcome. And so it's kind of 338 00:17:53,040 --> 00:17:55,320 Speaker 3: hilarious depending on where you are. You know, if you 339 00:17:55,359 --> 00:17:58,760 Speaker 3: go and see your elderly parents, you get good points. 340 00:17:59,359 --> 00:18:02,600 Speaker 3: If you cheat on a video game you get bad points. 341 00:18:03,080 --> 00:18:05,000 Speaker 3: And you know, if you take up too much room 342 00:18:05,040 --> 00:18:07,359 Speaker 3: on an airplane you get bad points, which you know, 343 00:18:07,680 --> 00:18:10,680 Speaker 3: in a way you probably should, but not by the governments, 344 00:18:10,720 --> 00:18:14,199 Speaker 3: you know, just in general, right by our glare, Yeah, exactly, 345 00:18:14,440 --> 00:18:18,000 Speaker 3: we should just be just be shamed on social media. 346 00:18:18,040 --> 00:18:21,280 Speaker 4: But you know the reality of it is that. 347 00:18:21,600 --> 00:18:24,919 Speaker 3: It kind of gets to the point where, depending on 348 00:18:25,000 --> 00:18:29,360 Speaker 3: the score, it can have really bad consequences for your 349 00:18:29,440 --> 00:18:32,400 Speaker 3: freedoms and for your wealth creation opportunities. And obviously we're 350 00:18:32,440 --> 00:18:35,119 Speaker 3: talking about this in the context of a communist society, 351 00:18:35,200 --> 00:18:38,160 Speaker 3: so it's not entirely surprising. But one of the stories 352 00:18:38,160 --> 00:18:42,240 Speaker 3: I recount is from NPR. It's a gentleman by the 353 00:18:42,320 --> 00:18:45,800 Speaker 3: name of luge One who is a coal intermediary, and 354 00:18:45,840 --> 00:18:50,879 Speaker 3: so he buys stores and sells physical coal. All of 355 00:18:50,920 --> 00:18:54,119 Speaker 3: a sudden, the Chinese government changes their policy on coal, 356 00:18:54,240 --> 00:18:57,600 Speaker 3: and his business is wiped out because of the government 357 00:18:57,680 --> 00:19:00,639 Speaker 3: changing it. But now he's in debt, and he goes 358 00:19:00,720 --> 00:19:04,640 Speaker 3: on the blacklist. He's a bad person. So he goes 359 00:19:04,680 --> 00:19:07,879 Speaker 3: and he tries to buy a ticket to travel. Nope, 360 00:19:07,920 --> 00:19:11,119 Speaker 3: he can't do that. Then they're walking through town. They 361 00:19:11,200 --> 00:19:14,640 Speaker 3: look up on a billboard and they see his face, 362 00:19:15,280 --> 00:19:19,200 Speaker 3: his name, his unique identifier, and it says, this. 363 00:19:19,080 --> 00:19:20,879 Speaker 4: Is an untrustworthy person. 364 00:19:21,640 --> 00:19:24,840 Speaker 3: And so that is what the social credit system is 365 00:19:25,200 --> 00:19:28,520 Speaker 3: sort of evolving to on an individual. 366 00:19:28,040 --> 00:19:31,240 Speaker 4: Level, and then on a business level. I mean, we've seen, 367 00:19:31,400 --> 00:19:31,680 Speaker 4: you know. 368 00:19:31,680 --> 00:19:35,600 Speaker 3: Billionaires like Jack Ma get disappeared for a certain period 369 00:19:35,640 --> 00:19:37,480 Speaker 3: of time and then come back and be like, oh, 370 00:19:37,560 --> 00:19:38,080 Speaker 3: I don't. 371 00:19:37,880 --> 00:19:40,320 Speaker 4: Really want to own all of my company anymore. 372 00:19:40,320 --> 00:19:42,240 Speaker 3: I'm going to give up some of my stock, which 373 00:19:42,280 --> 00:19:44,280 Speaker 3: I'm sure he just decided to do out of the 374 00:19:44,280 --> 00:19:45,120 Speaker 3: goodness of his heart. 375 00:19:45,520 --> 00:19:46,560 Speaker 4: So it's really frightening. 376 00:19:47,240 --> 00:19:49,200 Speaker 3: So when you come to the US and go, well, 377 00:19:49,400 --> 00:19:50,480 Speaker 3: they're a communist country. 378 00:19:50,480 --> 00:19:51,560 Speaker 4: We would never do that here. 379 00:19:52,200 --> 00:19:56,840 Speaker 3: We've already had informal social credit here. You know, it 380 00:19:56,880 --> 00:19:59,679 Speaker 3: starts with cancel culture, it moves to sort of informal 381 00:19:59,680 --> 00:20:02,119 Speaker 3: c then it moves to a state system. And this 382 00:20:02,320 --> 00:20:05,840 Speaker 3: attacks all of your different aspects of wealth creation and 383 00:20:05,920 --> 00:20:08,879 Speaker 3: attacks your opportunities for wealth and your. 384 00:20:08,800 --> 00:20:10,400 Speaker 4: Job and sometimes your assets. 385 00:20:10,800 --> 00:20:14,000 Speaker 3: So you know, think about COVID, right, if you didn't 386 00:20:14,040 --> 00:20:16,720 Speaker 3: get a vaccine or you didn't wear a mask, you know, 387 00:20:16,800 --> 00:20:20,320 Speaker 3: you couldn't go to Thanksgiving dinner you were told or 388 00:20:20,359 --> 00:20:22,639 Speaker 3: you know your maybe your family members didn't want you 389 00:20:22,680 --> 00:20:25,840 Speaker 3: to do that, or you couldn't go eat in a restaurant, 390 00:20:25,840 --> 00:20:28,399 Speaker 3: you couldn't participate in society, or you're wearing a mask, 391 00:20:28,440 --> 00:20:30,320 Speaker 3: so you're ridiculed on social media. 392 00:20:30,080 --> 00:20:31,920 Speaker 4: Trying to make you seem toxic. 393 00:20:32,359 --> 00:20:35,959 Speaker 3: So people didn't want to work clost in cases of 394 00:20:36,040 --> 00:20:39,119 Speaker 3: your job, we know people you know, by mandate or 395 00:20:39,160 --> 00:20:43,320 Speaker 3: by fear of government mandate lost their jobs, including people 396 00:20:43,640 --> 00:20:48,080 Speaker 3: in the healthcare field, first responders and whatnot. So you know, 397 00:20:48,160 --> 00:20:51,600 Speaker 3: that's taking away your source of income. And we had 398 00:20:51,680 --> 00:20:55,160 Speaker 3: businesses that were directly shut down, so that's taking away 399 00:20:55,160 --> 00:20:58,240 Speaker 3: your assets. If you were up in Canada, you had 400 00:20:58,560 --> 00:21:02,240 Speaker 3: the Freedom convoys, so you know, you had these truckers 401 00:21:02,640 --> 00:21:06,920 Speaker 3: who had their bank accounts frozen. So you know, all 402 00:21:06,960 --> 00:21:11,280 Speaker 3: in all, this is a clear establishment, even if it 403 00:21:11,280 --> 00:21:14,320 Speaker 3: doesn't have a letter grade on it of what a 404 00:21:14,359 --> 00:21:17,400 Speaker 3: social credit system is here in the US and how 405 00:21:17,400 --> 00:21:18,000 Speaker 3: it's evolving. 406 00:21:18,200 --> 00:21:20,120 Speaker 1: We're going to take a quick break and be right 407 00:21:20,160 --> 00:21:26,560 Speaker 1: back on the Carol Marcowitch Show. So Carol, can these 408 00:21:26,600 --> 00:21:30,280 Speaker 1: people be stopped? Is there a happy ending in your book? 409 00:21:31,240 --> 00:21:33,240 Speaker 4: Can people be stopped? 410 00:21:33,560 --> 00:21:35,639 Speaker 3: I mean they can, it's just a question of how 411 00:21:35,720 --> 00:21:38,120 Speaker 3: much fortitude you have to stop them. 412 00:21:38,640 --> 00:21:41,200 Speaker 4: I think that the one message that I. 413 00:21:41,119 --> 00:21:44,440 Speaker 3: Want everybody to know is that you should just ignore 414 00:21:44,680 --> 00:21:47,520 Speaker 3: all the things that they're saying and follow what they're doing. 415 00:21:48,080 --> 00:21:50,119 Speaker 3: So that's like the best way to stop them is 416 00:21:50,160 --> 00:21:52,960 Speaker 3: just follow their own game. When they tell you, you know, 417 00:21:53,040 --> 00:21:55,919 Speaker 3: oh you don't need to own a house, you should 418 00:21:56,000 --> 00:21:58,880 Speaker 3: rent it from somebody on Wall Street and your life 419 00:21:58,920 --> 00:21:59,680 Speaker 3: will be easy. 420 00:22:00,320 --> 00:22:01,040 Speaker 4: Just say no. 421 00:22:01,280 --> 00:22:03,479 Speaker 3: And I know that's going to be really hard in 422 00:22:03,520 --> 00:22:06,960 Speaker 3: this moment because prices are high for houses as well 423 00:22:06,960 --> 00:22:11,280 Speaker 3: as mortgage rates. But have austerity, get your money together, 424 00:22:11,520 --> 00:22:13,639 Speaker 3: and when you get a crack, because you know, the 425 00:22:13,680 --> 00:22:17,840 Speaker 3: airbnb industry falls apart and there's an entry point, then 426 00:22:17,920 --> 00:22:19,320 Speaker 3: you're able to take. 427 00:22:19,119 --> 00:22:20,040 Speaker 4: Advantage of that. 428 00:22:20,119 --> 00:22:22,520 Speaker 3: So I think we have to sort of ignore the 429 00:22:22,560 --> 00:22:25,040 Speaker 3: things that they're saying, and I want people to own 430 00:22:25,160 --> 00:22:29,880 Speaker 3: more hard assets. Assets are things that hopefully hold their 431 00:22:29,960 --> 00:22:32,600 Speaker 3: value or appreciating value. It's not stuff I'm not telling 432 00:22:32,600 --> 00:22:34,880 Speaker 3: you to go out and buy you know, cute jeans 433 00:22:35,000 --> 00:22:36,520 Speaker 3: and shoes, and you. 434 00:22:37,320 --> 00:22:39,600 Speaker 4: Know, I know it's kind of a sad, sad in 435 00:22:39,640 --> 00:22:40,000 Speaker 4: that sense. 436 00:22:40,080 --> 00:22:42,280 Speaker 2: I was going to take your pitch straight to my husband. 437 00:22:43,160 --> 00:22:46,240 Speaker 3: Well, you know, birken bags have a value for a 438 00:22:46,280 --> 00:22:50,640 Speaker 3: long time. You might be able to make a collectibles. 439 00:22:49,880 --> 00:22:52,119 Speaker 2: Case that I do. I do make that case. 440 00:22:52,400 --> 00:22:53,600 Speaker 4: That's a store of value. 441 00:22:53,760 --> 00:22:55,800 Speaker 3: But yeah, I just want people to kind of turn 442 00:22:55,880 --> 00:22:59,720 Speaker 3: it on its head, you know, stop stop spending on things, 443 00:23:00,680 --> 00:23:04,280 Speaker 3: start spending on assets, own hard assets. 444 00:23:04,400 --> 00:23:06,280 Speaker 4: You know, that's what they don't want you to do. 445 00:23:06,320 --> 00:23:08,639 Speaker 3: They want you to buy into this narrative and just 446 00:23:08,760 --> 00:23:12,480 Speaker 3: walk through your life with a little bit more intention Like, 447 00:23:12,560 --> 00:23:18,880 Speaker 3: do you need to follow this completely technological technological aified 448 00:23:19,000 --> 00:23:22,399 Speaker 3: is that a word, I don't know, let's call it 449 00:23:22,440 --> 00:23:26,119 Speaker 3: techified kind of scenario? Or is there a way to 450 00:23:26,160 --> 00:23:29,280 Speaker 3: do things in a more analog way. Yes, it can 451 00:23:29,320 --> 00:23:33,240 Speaker 3: be convenient, but I think given the past several years, 452 00:23:33,280 --> 00:23:35,760 Speaker 3: we do need to be thinking about what we're trading 453 00:23:36,119 --> 00:23:40,000 Speaker 3: convenience for in terms of our freedoms. And you know, 454 00:23:40,160 --> 00:23:43,359 Speaker 3: hopefully that gives you a new lens to evaluate it through. 455 00:23:43,880 --> 00:23:48,080 Speaker 1: What's an example of detechifying. You're not saying use cash, right, 456 00:23:48,119 --> 00:23:50,040 Speaker 1: and I don't even know where getting yeah, I. 457 00:23:49,960 --> 00:23:53,879 Speaker 3: Mean using cash is one of those things. You know, 458 00:23:54,000 --> 00:23:57,199 Speaker 3: do you need Alexa in your house? Are you really 459 00:23:57,240 --> 00:23:59,800 Speaker 3: so lazy that you can't get up and turn on 460 00:24:00,040 --> 00:24:03,040 Speaker 3: and off the lights yourself? Or do you want to 461 00:24:03,160 --> 00:24:08,280 Speaker 3: train AI on you know the things that you have written, Carol, 462 00:24:08,400 --> 00:24:12,040 Speaker 3: that's in your voice, and you know your research that 463 00:24:12,200 --> 00:24:15,520 Speaker 3: now becomes a part of this open source project. So 464 00:24:16,080 --> 00:24:18,359 Speaker 3: you may go, yeah, you're on that lazy and I 465 00:24:18,359 --> 00:24:19,680 Speaker 3: don't want to turn off the lights. 466 00:24:19,800 --> 00:24:23,680 Speaker 1: That's fine, but no I'm too lazy to program Alexa 467 00:24:23,760 --> 00:24:24,760 Speaker 1: to turn off my life. 468 00:24:24,880 --> 00:24:27,320 Speaker 4: Okay, well that's that's good. That works to your advantage. 469 00:24:27,359 --> 00:24:30,040 Speaker 3: But you just think through these things and you may 470 00:24:30,040 --> 00:24:32,560 Speaker 3: make the choice that, yes, it is worth the trade off. 471 00:24:33,000 --> 00:24:36,760 Speaker 3: But even if a fraction of the time you're saying, yeah, 472 00:24:36,840 --> 00:24:38,560 Speaker 3: you know what, I'm going to do this in a 473 00:24:38,600 --> 00:24:42,000 Speaker 3: different way, I think that will start to change people's 474 00:24:42,280 --> 00:24:45,800 Speaker 3: behaviors and that will flow through all aspects of your life. 475 00:24:46,760 --> 00:24:49,879 Speaker 1: What would you say people don't understand about building wealth, 476 00:24:51,160 --> 00:24:53,160 Speaker 1: I mean, is it just spending on stuff? 477 00:24:53,960 --> 00:24:57,960 Speaker 3: So they're like sort of four components of your finances, right, 478 00:24:58,000 --> 00:25:01,120 Speaker 3: there's your revenue or your income, how much you're taking in. 479 00:25:01,640 --> 00:25:05,600 Speaker 3: There's the amount that you are spending. There's how you're 480 00:25:05,680 --> 00:25:08,360 Speaker 3: financing it, so you know, are you using that from 481 00:25:08,440 --> 00:25:11,720 Speaker 3: your savings or you're taking on debt, And there's investing, 482 00:25:12,280 --> 00:25:15,920 Speaker 3: and so that's kind of the puzzle, and it depends. 483 00:25:15,960 --> 00:25:18,920 Speaker 3: You know, I've known people who are you know, they 484 00:25:19,000 --> 00:25:22,439 Speaker 3: make six figures a year and they're completely broke because 485 00:25:22,480 --> 00:25:24,840 Speaker 3: they're just spending too much and they could be doing 486 00:25:24,920 --> 00:25:28,120 Speaker 3: you know, they could be accumulating wealth by changing those habits. 487 00:25:28,480 --> 00:25:30,480 Speaker 3: And then there are people who just aren't bringing in 488 00:25:30,640 --> 00:25:33,440 Speaker 3: enough income and revenue and for some period of time 489 00:25:33,560 --> 00:25:36,920 Speaker 3: they probably should be working more. And so it really 490 00:25:36,960 --> 00:25:40,720 Speaker 3: just depends on the person. But the wealth does come 491 00:25:40,840 --> 00:25:45,040 Speaker 3: from ownership. You have to own those assets that can 492 00:25:45,119 --> 00:25:48,480 Speaker 3: hold value or appreciate and value, and if you don't, 493 00:25:48,920 --> 00:25:52,160 Speaker 3: then you're not going to be able to garner wealth 494 00:25:52,200 --> 00:25:54,040 Speaker 3: over a period of time and a legacy time. 495 00:25:54,240 --> 00:25:54,439 Speaker 4: You know. 496 00:25:54,520 --> 00:25:57,680 Speaker 3: By the way, you know, for most households in the US, 497 00:25:57,800 --> 00:26:00,600 Speaker 3: the largest asset on their balance sheet is a home. 498 00:26:01,240 --> 00:26:03,560 Speaker 3: So that's why you know that issue is something that 499 00:26:03,600 --> 00:26:06,200 Speaker 3: you should be fighting at the local level. For you're 500 00:26:06,200 --> 00:26:09,720 Speaker 3: getting the opportunity for more people to have homes, get 501 00:26:09,800 --> 00:26:12,800 Speaker 3: rid of the zoning regulations and all of the costs 502 00:26:13,600 --> 00:26:17,000 Speaker 3: that are silly that are associated with some of those regulations, 503 00:26:17,000 --> 00:26:20,160 Speaker 3: to give more people the opportunity to build wealth. And 504 00:26:20,280 --> 00:26:24,040 Speaker 3: for goodness sake, don't sell your house to a Wall 505 00:26:24,040 --> 00:26:25,600 Speaker 3: Street corporation if you. 506 00:26:25,560 --> 00:26:26,600 Speaker 4: Have other buyers. 507 00:26:26,640 --> 00:26:29,000 Speaker 3: I mean, if you had no other choice, it would 508 00:26:29,000 --> 00:26:32,760 Speaker 3: maybe be one thing, but really think about that, that's 509 00:26:32,760 --> 00:26:36,040 Speaker 3: going to be taken out of inventory forever and they're 510 00:26:36,080 --> 00:26:39,600 Speaker 3: going to be renting back the American dream to somebody else. 511 00:26:39,920 --> 00:26:42,359 Speaker 4: So you know you have some level of control in 512 00:26:42,400 --> 00:26:43,240 Speaker 4: these things. 513 00:26:43,240 --> 00:26:44,560 Speaker 2: Right, Yeah. Absolutely. 514 00:26:45,400 --> 00:26:48,320 Speaker 1: So I have a question that I ask all of 515 00:26:48,320 --> 00:26:51,679 Speaker 1: my guests, and that is, what do you think is 516 00:26:52,240 --> 00:26:55,320 Speaker 1: our greatest societal or cultural problem right now? 517 00:26:56,680 --> 00:26:57,960 Speaker 4: So the shortest I. 518 00:26:57,960 --> 00:27:00,280 Speaker 1: Feel like you've laid out some problems, but which what's 519 00:27:00,280 --> 00:27:01,080 Speaker 1: your favorite? 520 00:27:01,240 --> 00:27:03,320 Speaker 3: So I mean, i'd say, well, this is kind of 521 00:27:03,440 --> 00:27:06,040 Speaker 3: probably different than the stuff I usually talk about, but 522 00:27:06,160 --> 00:27:10,040 Speaker 3: I mean it comes down to people. People are our 523 00:27:10,119 --> 00:27:14,520 Speaker 3: biggest problem. Right Human nature remains very constant. We think 524 00:27:14,520 --> 00:27:17,479 Speaker 3: that we are very evolved. Tech evolves, We've got this. 525 00:27:17,560 --> 00:27:22,040 Speaker 3: You know evolved civilization around us and humans just they 526 00:27:22,119 --> 00:27:24,600 Speaker 3: act the same all the time. So I think that 527 00:27:24,720 --> 00:27:27,520 Speaker 3: leads to kind of two different things, because of course 528 00:27:27,560 --> 00:27:29,720 Speaker 3: I can never just answer a question with one thing. 529 00:27:29,800 --> 00:27:32,040 Speaker 2: Carol, I love it. I love it. That makes you 530 00:27:32,080 --> 00:27:32,760 Speaker 2: a great guess. 531 00:27:34,000 --> 00:27:37,520 Speaker 3: So I think the first thing is that people are 532 00:27:37,680 --> 00:27:41,399 Speaker 3: sorely lacking a moral code. We used to have a 533 00:27:41,440 --> 00:27:46,440 Speaker 3: society that was more religious, you know, focus more on 534 00:27:46,480 --> 00:27:49,520 Speaker 3: whatever whatever your religion may be. And not to say 535 00:27:49,520 --> 00:27:52,600 Speaker 3: that religion doesn't have downsides, and people can become fanatical 536 00:27:52,600 --> 00:27:56,720 Speaker 3: about it, but human beings need that structure and they 537 00:27:56,800 --> 00:28:00,560 Speaker 3: need that moral code. And as people have moved away 538 00:28:00,600 --> 00:28:04,639 Speaker 3: from that, there has either been no substitution or really 539 00:28:04,680 --> 00:28:09,640 Speaker 3: bad substitutions, things like politics and government, and people no 540 00:28:09,800 --> 00:28:14,320 Speaker 3: longer I think know what they stand for. I don't 541 00:28:14,320 --> 00:28:18,440 Speaker 3: think people have strong principles. I don't think people are 542 00:28:19,040 --> 00:28:22,360 Speaker 3: proud of their name and defend their name and say 543 00:28:22,359 --> 00:28:25,800 Speaker 3: when I put my name on something, that means something. 544 00:28:26,040 --> 00:28:29,400 Speaker 3: When I enter into a contract, I take that seriously. 545 00:28:30,240 --> 00:28:36,000 Speaker 3: And without having that strong moral code, you get a 546 00:28:36,440 --> 00:28:42,160 Speaker 3: civilization of people who act in a not particularly moral way. 547 00:28:42,480 --> 00:28:46,760 Speaker 3: And I think that human beings as we said, who 548 00:28:46,760 --> 00:28:49,959 Speaker 3: are who they are? Need that more than anything. I 549 00:28:49,960 --> 00:28:53,520 Speaker 3: have a very clear sense of self. I know what 550 00:28:53,600 --> 00:28:57,400 Speaker 3: I stand for, and you know I can lay that 551 00:28:57,520 --> 00:28:59,880 Speaker 3: out for people and I try not to vary form 552 00:29:00,080 --> 00:29:02,680 Speaker 3: from that. But I don't think that is particularly common 553 00:29:03,320 --> 00:29:04,560 Speaker 3: in today's day and age. 554 00:29:04,560 --> 00:29:07,280 Speaker 4: So I think that's that's one piece of it. The 555 00:29:07,360 --> 00:29:09,800 Speaker 4: other thing is that there has. 556 00:29:09,680 --> 00:29:15,160 Speaker 3: Been this incredible decoupling from reality. It's sort of the 557 00:29:16,040 --> 00:29:20,080 Speaker 3: you know, good times create weak men part of the cycle. 558 00:29:20,720 --> 00:29:23,040 Speaker 4: It is the prosperity paradox. 559 00:29:23,160 --> 00:29:26,360 Speaker 3: As you know, things get better that you know, people 560 00:29:26,560 --> 00:29:31,560 Speaker 3: kind of you know, take it in as worse and 561 00:29:31,680 --> 00:29:34,800 Speaker 3: create more issues in drama because they don't actually really 562 00:29:34,840 --> 00:29:38,640 Speaker 3: have any issues in drama in their lives. And so, 563 00:29:38,920 --> 00:29:41,760 Speaker 3: you know, we get these people who you know, no 564 00:29:41,840 --> 00:29:45,880 Speaker 3: longer believe in math, things that like in basic laws 565 00:29:45,920 --> 00:29:48,440 Speaker 3: of science, they think we can control the weather, like 566 00:29:48,520 --> 00:29:52,160 Speaker 3: all of these like crazy things that are completely decoupled 567 00:29:52,160 --> 00:29:55,400 Speaker 3: from reality. That I do believe this sort of link 568 00:29:55,480 --> 00:29:57,160 Speaker 3: to that lack of the moral code. But it all 569 00:29:57,200 --> 00:30:00,680 Speaker 3: comes back up into people are the problem? 570 00:30:00,800 --> 00:30:02,680 Speaker 2: Is it solvable? Can we get rid of people? 571 00:30:04,280 --> 00:30:06,280 Speaker 3: I mean, we don't want to say that there are 572 00:30:06,440 --> 00:30:08,120 Speaker 3: there are a lot of people who are actually trying 573 00:30:08,200 --> 00:30:09,200 Speaker 3: to do that right now. 574 00:30:09,320 --> 00:30:12,360 Speaker 2: I love people. I'm not let me be here. 575 00:30:13,040 --> 00:30:16,200 Speaker 4: I like people. I just don't like society, right, or 576 00:30:16,360 --> 00:30:18,040 Speaker 4: like society I like people. I don't know which. 577 00:30:18,080 --> 00:30:20,640 Speaker 3: I don't know which way it goes, but yeah, it's 578 00:30:21,040 --> 00:30:23,640 Speaker 3: I think it does go in cycles, right. You know 579 00:30:23,680 --> 00:30:27,120 Speaker 3: that there is that we say that good times create 580 00:30:27,200 --> 00:30:29,920 Speaker 3: weak men. Well what happens with weak men? They create 581 00:30:29,960 --> 00:30:33,360 Speaker 3: hard times, and the hard times create strong men. So 582 00:30:33,720 --> 00:30:36,720 Speaker 3: I do think that it is a part of the cycle. 583 00:30:37,240 --> 00:30:39,360 Speaker 3: And you know, that's one of the things that you know, 584 00:30:39,360 --> 00:30:42,080 Speaker 3: whether I'm looking at the financial cycle or just sort 585 00:30:42,120 --> 00:30:45,040 Speaker 3: of the broader study of human nature, you know, there 586 00:30:45,160 --> 00:30:47,080 Speaker 3: is an inevitability to it. 587 00:30:47,200 --> 00:30:48,600 Speaker 4: So we want to stretch. 588 00:30:48,280 --> 00:30:51,240 Speaker 3: Out those cycles and make them as long as possible. 589 00:30:51,640 --> 00:30:55,400 Speaker 4: But as as humans, we've never been able. 590 00:30:55,120 --> 00:31:00,800 Speaker 3: To conquer our own issues of being human. But maybe 591 00:31:00,840 --> 00:31:04,640 Speaker 3: next time, maybe next time, maybe maybe the robots will help. 592 00:31:04,680 --> 00:31:05,120 Speaker 4: I don't know. 593 00:31:06,240 --> 00:31:09,360 Speaker 1: So my last question, and you've been a fantastic guest, 594 00:31:09,400 --> 00:31:13,480 Speaker 1: I could talk to you forever. End with your best 595 00:31:13,520 --> 00:31:17,720 Speaker 1: tip for our listeners on how to have a good life, 596 00:31:17,920 --> 00:31:20,280 Speaker 1: how to have a better life, how to improve your life. 597 00:31:21,680 --> 00:31:26,480 Speaker 3: Choose to be happy. Choose to be happy. We cannot 598 00:31:26,560 --> 00:31:31,280 Speaker 3: always control our circumstances, we can absolutely control how we 599 00:31:31,320 --> 00:31:35,760 Speaker 3: respond to our circumstances, and no matter what is thrown at. 600 00:31:35,640 --> 00:31:37,960 Speaker 4: You, choose to be happy. 601 00:31:38,280 --> 00:31:43,320 Speaker 3: Like choose laughter, find coping mechanisms. Just there are things 602 00:31:43,360 --> 00:31:46,760 Speaker 3: to take seriously in a moment, but you can't let 603 00:31:46,840 --> 00:31:50,840 Speaker 3: that sit on your shoulders twenty four to seven. Be 604 00:31:50,960 --> 00:31:53,840 Speaker 3: serious about it in the moment, but then go and 605 00:31:54,000 --> 00:31:57,120 Speaker 3: enjoy your life, like we're only here for a very 606 00:31:57,120 --> 00:32:00,240 Speaker 3: short period of time. My father rest and Pa who 607 00:32:00,320 --> 00:32:02,840 Speaker 3: is the greatest? He used to say, one hundred years 608 00:32:02,880 --> 00:32:06,240 Speaker 3: from now, none of this is going to mean and 609 00:32:06,320 --> 00:32:08,880 Speaker 3: it's true, right, one hundred years now, nobody's going to 610 00:32:08,960 --> 00:32:11,240 Speaker 3: remember either of us, which is really sad, Carol, because 611 00:32:11,240 --> 00:32:11,680 Speaker 3: they should. 612 00:32:12,040 --> 00:32:14,040 Speaker 2: I mean I remember us. 613 00:32:14,280 --> 00:32:15,360 Speaker 4: No, I don't think they will. 614 00:32:15,520 --> 00:32:19,000 Speaker 3: And so you know, you can't like, yes, there are 615 00:32:19,000 --> 00:32:21,080 Speaker 3: a lot of things that need to be solved and whatnot. 616 00:32:20,880 --> 00:32:22,960 Speaker 4: But you just can't take it too seriously. 617 00:32:22,560 --> 00:32:26,800 Speaker 3: Like find the laughter, use laughter as and humor as 618 00:32:26,800 --> 00:32:31,120 Speaker 3: a coping mechanism. Find more time to spend with the 619 00:32:31,240 --> 00:32:34,280 Speaker 3: people and the things that make you happy. And when 620 00:32:34,360 --> 00:32:37,600 Speaker 3: things go wrong, Like just take a beat and just 621 00:32:37,640 --> 00:32:40,560 Speaker 3: go like, is this really that big of a deal? 622 00:32:41,200 --> 00:32:43,960 Speaker 3: Is there a funny thing I can find in this situation? 623 00:32:44,960 --> 00:32:48,000 Speaker 4: Yes? Just well, funny trumps everything in my life. 624 00:32:48,080 --> 00:32:50,440 Speaker 3: Like that's it, doesn't it just matter how inappropriate or 625 00:32:50,480 --> 00:32:51,160 Speaker 3: how bad it is. 626 00:32:51,280 --> 00:32:52,880 Speaker 4: Funny is funny always wins. 627 00:32:53,360 --> 00:32:56,880 Speaker 3: And I think that's a way to make you be 628 00:32:57,080 --> 00:33:01,160 Speaker 3: happy and to just have a different perspective. A friend 629 00:33:01,160 --> 00:33:04,680 Speaker 3: of mine has always said that people are looking for 630 00:33:04,800 --> 00:33:08,080 Speaker 3: happiness to be something that it's not. In many cases, 631 00:33:08,080 --> 00:33:11,640 Speaker 3: it's just the absence of unhappiness. A lot of that 632 00:33:11,680 --> 00:33:15,720 Speaker 3: you can control after yourself. So, yes, there are bad 633 00:33:15,760 --> 00:33:19,320 Speaker 3: things all around us, and we'll fix them at the time, 634 00:33:19,680 --> 00:33:23,520 Speaker 3: but then take a breath and just choose to make 635 00:33:23,560 --> 00:33:26,480 Speaker 3: your life better. So much of this comes down to 636 00:33:26,600 --> 00:33:29,400 Speaker 3: you and your perspective and what it is that you 637 00:33:29,480 --> 00:33:31,360 Speaker 3: want to do. So if you want a better life, 638 00:33:31,720 --> 00:33:33,680 Speaker 3: make that decision and go with it. 639 00:33:34,040 --> 00:33:34,520 Speaker 2: I love that. 640 00:33:34,640 --> 00:33:37,480 Speaker 1: Carol, thank you so much for coming on her book 641 00:33:37,680 --> 00:33:41,280 Speaker 1: is You Will Own Nothing. It is excellent. Highly recommend it, 642 00:33:41,560 --> 00:33:44,000 Speaker 1: buy it wherever you buy your books. And thank you 643 00:33:44,040 --> 00:33:45,040 Speaker 1: so much, Carol Rock. 644 00:33:45,640 --> 00:33:48,000 Speaker 4: Thank you, Carol. If I can plug my newsletter. Oh yeah, 645 00:33:48,640 --> 00:33:53,760 Speaker 4: like a newsletter. Yes, ribe slash news. Grab it. 646 00:33:54,280 --> 00:33:55,120 Speaker 2: Excellent, we'll do. 647 00:33:55,280 --> 00:33:58,200 Speaker 1: Thank you, Carol, Thank you, Carol, thanks so much for 648 00:33:58,280 --> 00:34:01,160 Speaker 1: joining us on The Carol Marcowitch Show. Subscribe wherever you 649 00:34:01,200 --> 00:34:02,280 Speaker 1: get your podcasts.