1 00:00:00,080 --> 00:00:03,320 Speaker 1: Welcome to today's edition of the Clay Travis and Buck 2 00:00:03,360 --> 00:00:07,360 Speaker 1: Sexton Show podcast. Welcome in everybody to the Clay Travis 3 00:00:07,360 --> 00:00:10,520 Speaker 1: and Buck Sexton Show. Great to have you here with me. 4 00:00:10,720 --> 00:00:16,520 Speaker 1: Clay on vacation, and we have much to discussed today 5 00:00:16,600 --> 00:00:19,880 Speaker 1: here in the world of well, a lot of things, 6 00:00:19,960 --> 00:00:24,840 Speaker 1: but certainly banking, finance, the economy, the dollars in your 7 00:00:24,840 --> 00:00:28,600 Speaker 1: bank account, the dollars in your pocket. What is going 8 00:00:28,640 --> 00:00:31,720 Speaker 1: to happen. We've got the new inflation numbers. I'll break 9 00:00:31,760 --> 00:00:34,680 Speaker 1: that down for you. A little bit of a calm, 10 00:00:34,760 --> 00:00:37,280 Speaker 1: it seems right now a lot of the regional banks 11 00:00:37,320 --> 00:00:42,320 Speaker 1: that got smashed yesterday had a big rally, so it 12 00:00:42,400 --> 00:00:45,080 Speaker 1: seems like confidence in them has been at least four 13 00:00:45,120 --> 00:00:52,239 Speaker 1: now restored. We've also got a crisis with the NYPD 14 00:00:52,600 --> 00:00:57,200 Speaker 1: switching gears here to criminal justice and policing resigning at 15 00:00:57,200 --> 00:01:00,560 Speaker 1: a record breaking pace. So that's an we're going to 16 00:01:00,640 --> 00:01:04,040 Speaker 1: discuss later on in the program. More fallout from that 17 00:01:04,280 --> 00:01:10,080 Speaker 1: Stanford Dean and students who were shouting down Fifth Circuit 18 00:01:10,200 --> 00:01:16,000 Speaker 1: Federal Appeals Court Judge Duncan. We'll discuss that. And we've 19 00:01:16,040 --> 00:01:20,280 Speaker 1: also got more on the border and oh and Trump 20 00:01:20,800 --> 00:01:24,640 Speaker 1: has some words about DeSantis in a new video that 21 00:01:24,760 --> 00:01:29,880 Speaker 1: we'll discuss here on the program. Trump seems to be 22 00:01:30,000 --> 00:01:35,000 Speaker 1: of the mind that saying that Florida is not Rhnda 23 00:01:35,080 --> 00:01:40,520 Speaker 1: Santis's success story, that that is going to be a 24 00:01:40,560 --> 00:01:43,520 Speaker 1: worthwhile line of attack. We will discuss that here in 25 00:01:44,000 --> 00:01:48,200 Speaker 1: just a little bit. But you all remember Donald Rumsfeld, right, 26 00:01:48,680 --> 00:01:53,360 Speaker 1: Remember he was Secretary of Defense under George W. Bush. 27 00:01:53,560 --> 00:01:55,680 Speaker 1: Very much the first person I think for a lot 28 00:01:55,720 --> 00:02:00,240 Speaker 1: of people who comes to mind with the Iraq of 29 00:02:00,280 --> 00:02:02,800 Speaker 1: two thousand and three and a whole range of other 30 00:02:02,840 --> 00:02:05,560 Speaker 1: things from the War on Terror. And he had had 31 00:02:05,920 --> 00:02:09,440 Speaker 1: a bunch of prominent roles in the White House before that. 32 00:02:09,480 --> 00:02:11,160 Speaker 1: I mean, the guy had been in government for a 33 00:02:11,200 --> 00:02:15,560 Speaker 1: long time in different capacities. But that very famous little 34 00:02:15,600 --> 00:02:23,400 Speaker 1: moment where he was discussing known, known unknowns and unknown unknowns. 35 00:02:24,320 --> 00:02:28,239 Speaker 1: I am concerned right now in the financial sector and 36 00:02:28,760 --> 00:02:31,560 Speaker 1: about things that would affect all of us when it 37 00:02:31,600 --> 00:02:34,760 Speaker 1: comes to the unknown unknowns. I'm just gonna put a 38 00:02:34,800 --> 00:02:37,240 Speaker 1: few things out there, right because, as I always tell you, 39 00:02:37,240 --> 00:02:40,960 Speaker 1: nobody can predict the future, but we can at least 40 00:02:40,960 --> 00:02:43,320 Speaker 1: look at the odds, look at what's going on right now. 41 00:02:43,480 --> 00:02:47,280 Speaker 1: SVB bank, all the depositors Silicon Valley Bank, and the 42 00:02:47,360 --> 00:02:51,480 Speaker 1: people that were banking, they're thinking that they were just 43 00:02:51,480 --> 00:02:55,440 Speaker 1: putting money in a bank and not some version of 44 00:02:55,480 --> 00:02:58,640 Speaker 1: a very low yield hedge fund or a mutual fund 45 00:02:58,680 --> 00:03:03,120 Speaker 1: or something. They have been back stopped by this program 46 00:03:03,120 --> 00:03:05,760 Speaker 1: with the government, the FED, the FDIC, with you know, 47 00:03:05,800 --> 00:03:09,240 Speaker 1: the financial alchemy of it's not a bailout, but it 48 00:03:09,280 --> 00:03:12,280 Speaker 1: actually is a bailout, because if it wasn't a bailout, 49 00:03:12,320 --> 00:03:15,440 Speaker 1: the bank would have gone under. So it is a bailout. 50 00:03:16,040 --> 00:03:19,239 Speaker 1: But it seems like people have calmed down a bit, 51 00:03:19,320 --> 00:03:22,800 Speaker 1: and as I said, the regional banks have recovered. But 52 00:03:22,840 --> 00:03:24,960 Speaker 1: there are some issues right now that are also out there. 53 00:03:24,960 --> 00:03:28,000 Speaker 1: First of all, inflation, what are the newest numbers, slows 54 00:03:28,040 --> 00:03:32,760 Speaker 1: to six percent from six point four percent a month ago. 55 00:03:33,240 --> 00:03:37,000 Speaker 1: So the FED is now considering pausing its interest rate 56 00:03:37,080 --> 00:03:40,840 Speaker 1: hikes because of the banking crisis. But you see, this 57 00:03:40,880 --> 00:03:44,680 Speaker 1: all just takes us back to the basic problem. What 58 00:03:44,760 --> 00:03:48,320 Speaker 1: did I say yesterday? This all comes from a decision 59 00:03:48,360 --> 00:03:52,720 Speaker 1: to crush the bond market, destroy anyone's ability really to 60 00:03:52,840 --> 00:03:59,160 Speaker 1: get a pretty standard yield for savings accounts, treasury bonds, 61 00:03:59,160 --> 00:04:03,680 Speaker 1: you name it. Bonds from companies bonds in general, you 62 00:04:03,720 --> 00:04:08,400 Speaker 1: couldn't get any income on the money that you had saved, 63 00:04:08,440 --> 00:04:10,800 Speaker 1: whether you're an individual or an institution, unless you took 64 00:04:10,880 --> 00:04:17,479 Speaker 1: riskier pathways. And the government decided alongside this whole process 65 00:04:17,520 --> 00:04:19,839 Speaker 1: that they were going to keep printing money through quantitative 66 00:04:19,880 --> 00:04:24,479 Speaker 1: easing through QE, so interest rates were kept artificially low. 67 00:04:25,160 --> 00:04:29,480 Speaker 1: You can't get money from your savings account, and they 68 00:04:29,560 --> 00:04:33,040 Speaker 1: keep on pushing more money into the system. This has 69 00:04:33,080 --> 00:04:35,760 Speaker 1: caused inflation. How do you deal with the inflation? Well, 70 00:04:36,120 --> 00:04:38,560 Speaker 1: how do you bring it down? You have to let 71 00:04:38,640 --> 00:04:41,960 Speaker 1: interest rates normalize. The problem with letting interest rates normalize, 72 00:04:42,000 --> 00:04:45,040 Speaker 1: they say too quickly, is that there will be economic 73 00:04:45,080 --> 00:04:47,640 Speaker 1: pain associated with that. We started to see a little 74 00:04:47,640 --> 00:04:51,080 Speaker 1: bit of that with the bank failures that have just occurred, 75 00:04:51,400 --> 00:04:57,320 Speaker 1: the run on SVB, the banks that were on the brink, 76 00:04:57,400 --> 00:05:00,640 Speaker 1: it seemed, and now we're told, oh, don't worry, it'll 77 00:05:00,680 --> 00:05:04,200 Speaker 1: all be fine. But the fundamental problem remains, what is 78 00:05:04,200 --> 00:05:06,920 Speaker 1: the Fed going to do? Now? What does this mean 79 00:05:07,560 --> 00:05:10,960 Speaker 1: for inflation? For the cost of everything that you need 80 00:05:11,600 --> 00:05:16,040 Speaker 1: to feed yourself, your family, pay your rent, gas up 81 00:05:16,080 --> 00:05:20,080 Speaker 1: your car, buy the things you need, whether it's healthcare 82 00:05:20,279 --> 00:05:23,160 Speaker 1: or a dozen eggs, buy the things you need day 83 00:05:23,200 --> 00:05:24,560 Speaker 1: in and day Yeah, what does it mean for you? 84 00:05:24,600 --> 00:05:27,560 Speaker 1: And the answer is they don't really know. And this 85 00:05:27,600 --> 00:05:29,920 Speaker 1: is where I get into the unknown unknowns and also 86 00:05:30,080 --> 00:05:33,440 Speaker 1: the plans that may start to get a little bit 87 00:05:33,440 --> 00:05:37,160 Speaker 1: more attention out there. But first, let me put this 88 00:05:37,400 --> 00:05:39,520 Speaker 1: before we get into the possible plans, Let's look at 89 00:05:39,520 --> 00:05:43,120 Speaker 1: some things that are happening. So Credit Suisse has had 90 00:05:43,160 --> 00:05:47,720 Speaker 1: its shares a huge, a huge bank, has had its 91 00:05:47,720 --> 00:05:51,560 Speaker 1: shares fall to an all time low. It is the 92 00:05:51,720 --> 00:05:56,360 Speaker 1: seventh largest investment bank in the world, and it has 93 00:05:56,400 --> 00:06:01,520 Speaker 1: said it has material weakness. So that's not that's not 94 00:06:01,560 --> 00:06:05,240 Speaker 1: a good sign right now. Maybe that's just because of 95 00:06:05,560 --> 00:06:11,520 Speaker 1: a few specific things for Credit sweets. Okay, fine, you know, 96 00:06:11,839 --> 00:06:16,359 Speaker 1: but people will point out that there have been problems 97 00:06:16,400 --> 00:06:20,680 Speaker 1: there for a while Archagos. I believe it was called 98 00:06:20,800 --> 00:06:25,200 Speaker 1: the five point five billion dollars loss they took because 99 00:06:25,200 --> 00:06:28,839 Speaker 1: of this Arcagos fiasco. There going to get too deep 100 00:06:28,839 --> 00:06:31,799 Speaker 1: into the weeds on it, point being there are issues. 101 00:06:32,480 --> 00:06:34,320 Speaker 1: That's a really big bank, that's a really big problem. 102 00:06:34,360 --> 00:06:40,120 Speaker 1: You've also got the staff of Facebook finding out today. 103 00:06:40,160 --> 00:06:42,360 Speaker 1: The tech sector has already been in a big decline 104 00:06:42,400 --> 00:06:46,840 Speaker 1: staff of Facebook finding out that ten thousand jobs are 105 00:06:46,880 --> 00:06:51,279 Speaker 1: about to get cut thirteen percent of all Facebook staff. 106 00:06:51,560 --> 00:06:56,800 Speaker 1: And Mark Zuckerberg, like the AI robot he is made real, 107 00:06:57,640 --> 00:06:59,760 Speaker 1: is telling everybody to get ready for a quote new 108 00:06:59,800 --> 00:07:02,919 Speaker 1: economic reality that will continue for many years. As in 109 00:07:03,680 --> 00:07:08,920 Speaker 1: they are doing efficiency. I actually read the letter they 110 00:07:08,960 --> 00:07:11,520 Speaker 1: put out, not a particularly warm and fuzzy one about 111 00:07:11,560 --> 00:07:14,480 Speaker 1: the efficiency cuts Love be making at Facebook. This is 112 00:07:14,520 --> 00:07:17,760 Speaker 1: happening all over the place. Big tech companies that seem 113 00:07:17,840 --> 00:07:20,440 Speaker 1: like they were money printing machines and at the time 114 00:07:20,440 --> 00:07:23,080 Speaker 1: they were just a few years ago, are laying off 115 00:07:23,160 --> 00:07:26,880 Speaker 1: large numbers of people, a lot of the tech stocks 116 00:07:26,920 --> 00:07:29,640 Speaker 1: that were really drivers of the economy, and we're propping 117 00:07:29,720 --> 00:07:32,640 Speaker 1: up the stock market overall. So where most of the 118 00:07:32,680 --> 00:07:37,320 Speaker 1: games were coming from, they've gotten whacked pretty badly in 119 00:07:37,400 --> 00:07:40,800 Speaker 1: the last well last year, depends on which one you're 120 00:07:40,840 --> 00:07:45,120 Speaker 1: looking at. But things are rough right now. If you 121 00:07:45,200 --> 00:07:49,520 Speaker 1: also look at car Loan defaults, another indicator, not quite 122 00:07:49,560 --> 00:07:53,280 Speaker 1: housing defaults, but car Loan defaults, they are right now, 123 00:07:54,040 --> 00:07:58,440 Speaker 1: way up. They're the highest they have been in a 124 00:07:58,520 --> 00:08:02,600 Speaker 1: number of a number of decades I think at this point. 125 00:08:02,880 --> 00:08:06,320 Speaker 1: So this is higher than it's been in quite some time, 126 00:08:08,360 --> 00:08:11,680 Speaker 1: and that's obviously really disconcerting as well. So what are 127 00:08:11,680 --> 00:08:14,160 Speaker 1: they going to do about all of this now? I 128 00:08:14,200 --> 00:08:17,160 Speaker 1: brought up the unknown unknowns because look at how quickly 129 00:08:17,280 --> 00:08:21,120 Speaker 1: SVB turned into a financial crisis that required the entire 130 00:08:21,680 --> 00:08:25,640 Speaker 1: attention of the White House, the Fed, the Treasury, and 131 00:08:26,880 --> 00:08:28,960 Speaker 1: what was it a month ago? Jim Kramer was on 132 00:08:29,000 --> 00:08:33,960 Speaker 1: TV by SVB, you know whatever? Sure, I think there's 133 00:08:33,960 --> 00:08:38,640 Speaker 1: actually there are people that they trade based upon the opposite. 134 00:08:39,040 --> 00:08:41,400 Speaker 1: They actually manage money based on the opposite of what 135 00:08:41,480 --> 00:08:44,040 Speaker 1: Jim Kramer recommends on his TV show. It's pretty funny. 136 00:08:44,920 --> 00:08:46,839 Speaker 1: I think there's an index that someone's created where you 137 00:08:46,880 --> 00:08:51,360 Speaker 1: go in the opposite direction. But here you have here, 138 00:08:51,440 --> 00:08:56,520 Speaker 1: you have a series of major challenges to the economy, 139 00:08:57,200 --> 00:09:00,000 Speaker 1: and you have also a few things that have happened 140 00:09:00,040 --> 00:09:03,520 Speaker 1: in rapid succession that no one seemed to see coming. 141 00:09:04,160 --> 00:09:06,560 Speaker 1: And right right now it feels like, oh, maybe things 142 00:09:06,559 --> 00:09:10,720 Speaker 1: are getting a bit better. But those unknown unknowns they 143 00:09:10,800 --> 00:09:14,240 Speaker 1: linger out there, what would it take for us to 144 00:09:14,320 --> 00:09:19,080 Speaker 1: really go off the cliffire financially systemic weakness in a 145 00:09:19,120 --> 00:09:21,679 Speaker 1: major bank somewhere? Well, Credit Suista said they have that 146 00:09:21,720 --> 00:09:23,840 Speaker 1: but maybe that's not enough. Maybe they'll figure that out. 147 00:09:24,720 --> 00:09:28,440 Speaker 1: How many of these massive financial institutions have made a 148 00:09:28,480 --> 00:09:31,320 Speaker 1: similar bet to what SVB did, or have taken other 149 00:09:31,800 --> 00:09:37,760 Speaker 1: risky ventures onto their balance sheets that could really create enormous, 150 00:09:38,040 --> 00:09:40,400 Speaker 1: enormous problems down the line. So many of the people 151 00:09:40,400 --> 00:09:43,200 Speaker 1: you'll see on TV or economists and people in the 152 00:09:43,200 --> 00:09:47,040 Speaker 1: financial sector who don't actually manage money, and they've been 153 00:09:47,040 --> 00:09:49,719 Speaker 1: wrong many many times in the past, but because they 154 00:09:49,760 --> 00:09:55,480 Speaker 1: have a long and establish history of being wrong, it 155 00:09:55,520 --> 00:09:57,440 Speaker 1: seems they continue to go on TV and tell you 156 00:09:57,480 --> 00:10:00,520 Speaker 1: what's going to happen. They have no idea. I will 157 00:10:00,520 --> 00:10:03,040 Speaker 1: tell you they have no idea what's going on. You 158 00:10:03,080 --> 00:10:06,520 Speaker 1: know who looks really prescient right now would be Ron 159 00:10:06,600 --> 00:10:10,199 Speaker 1: Paul and the people that have said the FED which 160 00:10:10,280 --> 00:10:13,040 Speaker 1: was really created to avoid, isn't it supposed to avoid 161 00:10:13,040 --> 00:10:17,959 Speaker 1: the very situation we are in right now, all this inflation, 162 00:10:18,080 --> 00:10:21,480 Speaker 1: all this money printing and then trying to control the 163 00:10:21,559 --> 00:10:24,720 Speaker 1: recession that nobody wants there to be pain, But what 164 00:10:24,840 --> 00:10:27,600 Speaker 1: goes up must come down. I mean, there's some fundamental 165 00:10:27,640 --> 00:10:31,560 Speaker 1: realities here that a government structure is not really able 166 00:10:32,160 --> 00:10:36,040 Speaker 1: to manage. Right. We can't actually have people who decide 167 00:10:36,040 --> 00:10:37,880 Speaker 1: that we're just never going to have it. If we 168 00:10:37,880 --> 00:10:40,560 Speaker 1: could create a situation where we never have a painful 169 00:10:40,559 --> 00:10:44,120 Speaker 1: economic downturn, well of course we would want that. That's 170 00:10:44,160 --> 00:10:46,680 Speaker 1: not reality, that's not the way this is going to 171 00:10:46,679 --> 00:10:48,520 Speaker 1: shake out. And then that brings me to something else 172 00:10:48,559 --> 00:10:50,280 Speaker 1: that I wanted to spend a little more time on 173 00:10:50,320 --> 00:10:54,959 Speaker 1: today because I know people are are concerned about it, 174 00:10:55,360 --> 00:10:59,760 Speaker 1: and I think in the post COVID world of easy 175 00:10:59,760 --> 00:11:03,959 Speaker 1: authoritarianism that we fell into in this country, the notion 176 00:11:04,200 --> 00:11:10,600 Speaker 1: of a central bank digital currency a CBDC is something 177 00:11:10,640 --> 00:11:15,200 Speaker 1: we all have to take very seriously. Because here's how 178 00:11:15,320 --> 00:11:19,080 Speaker 1: you may be thinking about the situation right now of 179 00:11:19,120 --> 00:11:21,559 Speaker 1: the economy. You might be thinking, so the FED is 180 00:11:21,600 --> 00:11:24,720 Speaker 1: screwing things up once again. They're not a bunch of geniuses. 181 00:11:24,760 --> 00:11:27,200 Speaker 1: They're they're not you know, the wizard behind the curtain 182 00:11:27,280 --> 00:11:31,720 Speaker 1: making everything run and look great. They're actually creating a 183 00:11:31,800 --> 00:11:37,920 Speaker 1: lot of these dislocations and a lot of these distortions 184 00:11:37,960 --> 00:11:41,800 Speaker 1: in the market by FED policy. And now they're telling us, well, 185 00:11:41,840 --> 00:11:45,040 Speaker 1: they're going to fix it, but they're they're riding the 186 00:11:45,080 --> 00:11:46,960 Speaker 1: tiger or riding the dragon on this one. They're not 187 00:11:47,000 --> 00:11:50,400 Speaker 1: really determining how this thing goes. They're just doing their 188 00:11:50,480 --> 00:11:53,440 Speaker 1: best to make it less bad than it would otherwise be. 189 00:11:54,840 --> 00:11:56,559 Speaker 1: You would be thinking, well, we have to figure out 190 00:11:56,600 --> 00:11:59,160 Speaker 1: a way to lessen the power of some of these 191 00:11:59,160 --> 00:12:02,680 Speaker 1: institutions going forward, right, But you have to remember for 192 00:12:02,800 --> 00:12:08,840 Speaker 1: government failure, failure never is met with we shouldn't do 193 00:12:08,880 --> 00:12:11,960 Speaker 1: this next time, it's we need more power and more resources. 194 00:12:13,160 --> 00:12:15,480 Speaker 1: So how do you get that? You might be thinking, well, 195 00:12:15,520 --> 00:12:19,200 Speaker 1: we need to look more at I mean, the whole 196 00:12:19,320 --> 00:12:21,360 Speaker 1: range of things, right, and go back, go and listen 197 00:12:21,360 --> 00:12:23,880 Speaker 1: to all the old Ron Paul lectures. He's still giving lectures, 198 00:12:23,880 --> 00:12:25,720 Speaker 1: but go go and listen to the things that that 199 00:12:25,800 --> 00:12:28,080 Speaker 1: he said about what the fed, the boom bust cycles, 200 00:12:28,120 --> 00:12:31,160 Speaker 1: and all the rest of it, what it does. And 201 00:12:31,240 --> 00:12:33,840 Speaker 1: people are talking about cryptocurrencies now and all the rest 202 00:12:34,080 --> 00:12:38,439 Speaker 1: ways of getting outside of this centralized government control. But 203 00:12:39,040 --> 00:12:42,520 Speaker 1: that's if you think the answer here is less central 204 00:12:42,920 --> 00:12:46,120 Speaker 1: government control. The people in charge, you know what they think. 205 00:12:46,120 --> 00:12:52,720 Speaker 1: The answer is more more government control, more ability to 206 00:12:52,800 --> 00:12:56,760 Speaker 1: determine exactly what you can do with the money that 207 00:12:56,880 --> 00:12:59,800 Speaker 1: you have. And that brings us to a central bank 208 00:13:00,000 --> 00:13:02,480 Speaker 1: digital currency, which is something that I do want to 209 00:13:03,000 --> 00:13:06,360 Speaker 1: speak to you about a little bit, because it's already 210 00:13:06,400 --> 00:13:12,480 Speaker 1: happening in places. There are different kinds of CBDCs out there, 211 00:13:13,400 --> 00:13:19,120 Speaker 1: but major economies, you know, like China, India, they already 212 00:13:19,120 --> 00:13:22,839 Speaker 1: have this. As you know, China has gotten rid of cryptocurrencies. 213 00:13:23,280 --> 00:13:28,199 Speaker 1: So centralization, top down, centralization of money through a digital 214 00:13:28,240 --> 00:13:31,240 Speaker 1: currency is happening elsewhere in the world, and there are 215 00:13:31,360 --> 00:13:36,199 Speaker 1: arguments underway right now about how to do this in America. 216 00:13:36,280 --> 00:13:38,200 Speaker 1: They've been happening for a while. This is not a 217 00:13:38,200 --> 00:13:40,680 Speaker 1: conspiracy theory. This is off the front pages of the 218 00:13:40,679 --> 00:13:43,960 Speaker 1: Wall Street Journal. It's just a question of how deep 219 00:13:44,000 --> 00:13:49,160 Speaker 1: into this we go and what we actually do with it. 220 00:13:49,160 --> 00:13:51,200 Speaker 1: It's going to happen at some level. So I want 221 00:13:51,200 --> 00:13:53,840 Speaker 1: to talk to you about that because right now it 222 00:13:53,920 --> 00:13:58,200 Speaker 1: feels to me like that come before the storm. I 223 00:13:58,240 --> 00:14:00,560 Speaker 1: don't think we are out of the storm. We've just 224 00:14:01,040 --> 00:14:04,560 Speaker 1: we had a squall, but the big one is still coming. 225 00:14:04,600 --> 00:14:07,040 Speaker 1: That is the sense that I have. And when you 226 00:14:07,080 --> 00:14:09,720 Speaker 1: look at the options that the people in charge have 227 00:14:09,840 --> 00:14:14,920 Speaker 1: at this point, if they have one shock from an 228 00:14:15,040 --> 00:14:19,040 Speaker 1: unknown unknown, this whole thing all of a sudden gets 229 00:14:19,160 --> 00:14:23,840 Speaker 1: really really ugly. Look, a lot of small business owners 230 00:14:23,880 --> 00:14:26,640 Speaker 1: that survive the pandemic have been taking advantage of sizeable 231 00:14:26,720 --> 00:14:29,440 Speaker 1: refunds from the IRS. The money is coming from an 232 00:14:29,440 --> 00:14:33,560 Speaker 1: IRS program called the Employee Retention Credit or ARC. Your 233 00:14:33,600 --> 00:14:36,160 Speaker 1: business may be eligible for a payroll tax refund of 234 00:14:36,240 --> 00:14:39,440 Speaker 1: up to twenty six thousand dollars per employee kept on 235 00:14:39,480 --> 00:14:42,800 Speaker 1: payroll during COVID nineteen. To see if your business qualifies, 236 00:14:43,040 --> 00:14:46,200 Speaker 1: go to get Refunds dot com. Get Refunds has already 237 00:14:46,200 --> 00:14:49,400 Speaker 1: helped folks claim over three billion dollars in payroll tax 238 00:14:49,480 --> 00:14:52,200 Speaker 1: refunds through the ARC, and they may be able to 239 00:14:52,200 --> 00:14:55,240 Speaker 1: help your business too. There's no upfront charge either. They 240 00:14:55,280 --> 00:14:58,560 Speaker 1: don't get paid until your business gets its refund. Many 241 00:14:58,600 --> 00:15:02,880 Speaker 1: businesses believe they won't qualified based off incomplete or outdated information, 242 00:15:03,120 --> 00:15:05,800 Speaker 1: So don't let this opportunity pass you by. Because this 243 00:15:05,920 --> 00:15:09,520 Speaker 1: payroll tax refund is only available for a limited time, 244 00:15:09,880 --> 00:15:12,600 Speaker 1: go to get refunds dot com to learn more. That's 245 00:15:13,000 --> 00:15:19,000 Speaker 1: get refunds dot com. Sanity in an Insane World The 246 00:15:19,160 --> 00:15:22,280 Speaker 1: Clay Travis and Buck Sexton show. I don't care what 247 00:15:22,400 --> 00:15:26,080 Speaker 1: bank we're talking about anymore. You, as a depositor, have 248 00:15:26,440 --> 00:15:31,960 Speaker 1: no risk whatsoever, So what stops the idiot bank? Manager 249 00:15:32,040 --> 00:15:35,520 Speaker 1: going forward from doing anything they want, taking as much 250 00:15:35,600 --> 00:15:38,480 Speaker 1: risk as possible to get the stock price of that 251 00:15:38,560 --> 00:15:41,880 Speaker 1: bank up. This is going to create some very perverse 252 00:15:42,480 --> 00:15:45,360 Speaker 1: acts by bank managers, and in the end it's not 253 00:15:45,400 --> 00:15:49,160 Speaker 1: a long term solution whatsoever, because either you decide to 254 00:15:49,280 --> 00:15:52,400 Speaker 1: nationalize the banks or you let the private sector be 255 00:15:52,400 --> 00:15:55,040 Speaker 1: the private sector, and within that you have collapses by 256 00:15:55,080 --> 00:15:58,400 Speaker 1: idiot managers like the Silicon Valley Bank. We shouldn't have 257 00:15:58,440 --> 00:16:01,120 Speaker 1: done this, and now we have the world jeopardy ahead 258 00:16:01,160 --> 00:16:05,320 Speaker 1: of us of idiot bank managers everywhere doing crazy behavior. 259 00:16:05,920 --> 00:16:12,960 Speaker 1: There's anybody in the Biden administration, at the Fed Treasury Department, 260 00:16:13,000 --> 00:16:14,920 Speaker 1: you name it, do any of them have an answer 261 00:16:15,520 --> 00:16:18,720 Speaker 1: to mister Wonderful's question there, you know, Kevin O'Leary from 262 00:16:18,720 --> 00:16:21,920 Speaker 1: Shark Tank. You know, people are saying that this has 263 00:16:22,360 --> 00:16:28,200 Speaker 1: effectively de facto nationalized banks, as in the expectation that 264 00:16:28,280 --> 00:16:32,800 Speaker 1: people have is that the FDIIC. Now people can tell me, oh, 265 00:16:32,800 --> 00:16:36,160 Speaker 1: but that's not no, no, this is the expectation clearly 266 00:16:36,760 --> 00:16:40,560 Speaker 1: that the two hundred and fifty thousand dollars limit for 267 00:16:41,560 --> 00:16:43,880 Speaker 1: maybe it's per person and so two people. But you know, 268 00:16:44,000 --> 00:16:45,680 Speaker 1: generally we talk of the two hundred and fifty K 269 00:16:45,760 --> 00:16:48,520 Speaker 1: limit or per account, right, so you can have multiple 270 00:16:48,520 --> 00:16:50,920 Speaker 1: accounts in a bank. But whatever the limit is, it 271 00:16:50,960 --> 00:16:53,880 Speaker 1: isn't the limit because whatever you deposit into a bank, 272 00:16:53,920 --> 00:16:57,520 Speaker 1: the federal government now just guarantees. That is the expectation 273 00:16:57,600 --> 00:17:02,720 Speaker 1: that has been created. Well, given that expectation, and given 274 00:17:02,800 --> 00:17:06,520 Speaker 1: that we have artificially low interest rates, right, and so 275 00:17:06,560 --> 00:17:10,080 Speaker 1: that means that banks who have been lending out money 276 00:17:10,359 --> 00:17:13,919 Speaker 1: in the past up until now haven't been able to 277 00:17:14,000 --> 00:17:16,639 Speaker 1: charge you know, the rates have been lower all across 278 00:17:16,680 --> 00:17:19,720 Speaker 1: the board, right, they haven't been able to get the 279 00:17:19,800 --> 00:17:22,639 Speaker 1: money on the money they lend based on a real, 280 00:17:22,840 --> 00:17:27,920 Speaker 1: real market value. What's to stop them from deciding, you know, okay, 281 00:17:28,040 --> 00:17:30,560 Speaker 1: let's just lever up and do crazy stuff and make 282 00:17:30,600 --> 00:17:34,359 Speaker 1: as much money as we can. Because if the bank depositors, 283 00:17:35,000 --> 00:17:38,480 Speaker 1: you know, everybody you know, Sally, Sue, Bob, Sarah, Mike 284 00:17:38,560 --> 00:17:43,040 Speaker 1: getting their money. Folks, this is a big problem. Okay, 285 00:17:43,040 --> 00:17:45,640 Speaker 1: this is not and they have no answers to this yet. 286 00:17:45,920 --> 00:17:48,560 Speaker 1: And we haven't even gotten into central bank digital currency, 287 00:17:49,000 --> 00:17:53,080 Speaker 1: which we will dive into next. Gunnarners, let me tell 288 00:17:53,080 --> 00:17:55,399 Speaker 1: you about a training device, a system that is helping me, 289 00:17:55,520 --> 00:17:57,560 Speaker 1: hone my skills when I'm not the range. I'm actually 290 00:17:57,560 --> 00:17:59,040 Speaker 1: going to the range on Sunday, so I want to 291 00:17:59,040 --> 00:18:01,280 Speaker 1: be sharp. You know what, I've been training with my 292 00:18:01,359 --> 00:18:04,320 Speaker 1: mantis X system. 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In fact, 302 00:18:30,640 --> 00:18:33,480 Speaker 1: ninety four percent of shooters improve within twenty minutes of 303 00:18:33,640 --> 00:18:37,240 Speaker 1: using mantis X. If you believe in your Second Amendment rights, 304 00:18:37,240 --> 00:18:39,879 Speaker 1: you must also act on your Second Amendment responsibility to 305 00:18:39,880 --> 00:18:43,200 Speaker 1: be competent in your shooting. Start improving your accuracy today 306 00:18:43,400 --> 00:18:46,760 Speaker 1: with the mantis X system. Go to mantis x dot com. 307 00:18:46,840 --> 00:18:51,320 Speaker 1: That's m A n tisx dot com. So cobblem with bailouts? Right? 308 00:18:51,720 --> 00:18:53,960 Speaker 1: Is that supposed that you're a bank right now and 309 00:18:54,119 --> 00:18:56,359 Speaker 1: you're not really doing so good. You took some bad bets, 310 00:18:56,760 --> 00:18:59,760 Speaker 1: the bets are down. Well, if your depositors are going 311 00:18:59,800 --> 00:19:01,639 Speaker 1: to be out no matter what you do, then you 312 00:19:01,680 --> 00:19:03,760 Speaker 1: should swing for the fences, right. You should take the 313 00:19:03,760 --> 00:19:06,600 Speaker 1: biggest risks that you can to try to double down 314 00:19:06,680 --> 00:19:09,080 Speaker 1: and get yourself out of trouble. And so what usually 315 00:19:09,119 --> 00:19:12,960 Speaker 1: happens when regulators come in and try to outsmart the 316 00:19:13,000 --> 00:19:16,159 Speaker 1: market and provide backstops is that risk goes up and 317 00:19:16,240 --> 00:19:22,640 Speaker 1: eventually something really horrible happens. Eventually, something really horrible happens 318 00:19:22,640 --> 00:19:25,520 Speaker 1: in the economy, right, you bail them out, You bail 319 00:19:25,560 --> 00:19:28,960 Speaker 1: them out, and then finally a collapse happens, a crisis 320 00:19:29,040 --> 00:19:32,280 Speaker 1: that isn't just a forty eight hour or seventy two 321 00:19:32,320 --> 00:19:36,960 Speaker 1: hour thing. It's a people losing their homes, their jobs, 322 00:19:37,000 --> 00:19:41,160 Speaker 1: their life savings, their retirements kind of thing. So this 323 00:19:41,280 --> 00:19:43,399 Speaker 1: is what we're talking about when we're looking at the 324 00:19:43,440 --> 00:19:46,520 Speaker 1: stakes of this. And also it reminds me of the Charlie. 325 00:19:46,560 --> 00:19:49,399 Speaker 1: You know, Charlie Mungery is Warren Buffet's right hand man. 326 00:19:50,040 --> 00:19:52,639 Speaker 1: Many people would argue Warren Buffett is the most legendary 327 00:19:52,680 --> 00:19:56,840 Speaker 1: investor of all time. Charlie Munger is right alongside him 328 00:19:57,359 --> 00:20:01,919 Speaker 1: and is a source of a lot of wisdom, and 329 00:20:02,240 --> 00:20:04,800 Speaker 1: he says, show me the incentive, and I'll show you 330 00:20:04,880 --> 00:20:09,560 Speaker 1: the outcome. What is the incentive right now? What is 331 00:20:09,560 --> 00:20:13,720 Speaker 1: the incentive for banks? Is it to change their behavior 332 00:20:13,800 --> 00:20:17,960 Speaker 1: dramatically so that they are being more responsible stewards of 333 00:20:18,000 --> 00:20:20,360 Speaker 1: the funds that are put in bank accounts with them, 334 00:20:21,720 --> 00:20:25,440 Speaker 1: or is it they just know that push comes to shove, 335 00:20:25,520 --> 00:20:27,679 Speaker 1: you make a lot of noise. You say, if you 336 00:20:27,720 --> 00:20:31,040 Speaker 1: don't prop us up, all the banks go down simultaneously, 337 00:20:31,119 --> 00:20:32,440 Speaker 1: or they'll be a run on all the banks and 338 00:20:32,480 --> 00:20:35,320 Speaker 1: they'll all collapse, and so the bailout is built in 339 00:20:35,400 --> 00:20:40,080 Speaker 1: for them. This is a very important question for us 340 00:20:40,119 --> 00:20:43,320 Speaker 1: to as a society, honestly as a country, as a nation, 341 00:20:43,880 --> 00:20:47,080 Speaker 1: to grapple with, because on the one hand, it does 342 00:20:47,080 --> 00:20:49,480 Speaker 1: seem really unfair to people who are putting money in 343 00:20:49,520 --> 00:20:52,760 Speaker 1: accounts that they just think they're putting the money in 344 00:20:52,760 --> 00:20:56,000 Speaker 1: a bank. It's fdic in short, and people say, well 345 00:20:56,359 --> 00:20:59,000 Speaker 1: they should be backstop to the two fifty or whatever 346 00:20:59,040 --> 00:21:03,280 Speaker 1: it is that the but that's not really what we expect, 347 00:21:03,400 --> 00:21:05,440 Speaker 1: is it. You know, people who say that. I would 348 00:21:05,480 --> 00:21:07,480 Speaker 1: ask them, Okay, so if you have, if you have 349 00:21:07,720 --> 00:21:09,960 Speaker 1: your life savings, you have five hundred thousand dollars in 350 00:21:10,000 --> 00:21:13,640 Speaker 1: the bank, And as someone turned to you and said, sorry, 351 00:21:13,640 --> 00:21:16,320 Speaker 1: your bank failed, we'll get you that two hundred your 352 00:21:16,320 --> 00:21:18,800 Speaker 1: backstop the two fifty, a lot of people would say 353 00:21:18,800 --> 00:21:21,760 Speaker 1: that's not fair. They'd say that's not fair, even when 354 00:21:21,840 --> 00:21:23,919 Speaker 1: we're saying that they wanted SVB bank to fail. So 355 00:21:24,040 --> 00:21:27,040 Speaker 1: this is where there's the tension. There's another huge point 356 00:21:27,040 --> 00:21:30,679 Speaker 1: of tension though, with central bank digital currency. And I 357 00:21:30,680 --> 00:21:32,240 Speaker 1: thought it was worth it because we're gonna be talking 358 00:21:32,240 --> 00:21:34,640 Speaker 1: about this. I'm you know, Clay is having a great 359 00:21:34,680 --> 00:21:36,360 Speaker 1: time right now. It on even he comes back. We're 360 00:21:36,359 --> 00:21:39,760 Speaker 1: gonna certainly be focusing in on a lot of what 361 00:21:40,040 --> 00:21:43,000 Speaker 1: is happening with this economy, because I think we're just 362 00:21:43,080 --> 00:21:47,200 Speaker 1: seeing the early stages. You know, the first artillery rounds 363 00:21:47,240 --> 00:21:50,919 Speaker 1: from the enemy have landed in our proximity. There's a 364 00:21:50,920 --> 00:21:53,320 Speaker 1: whole lot more coming for this economy. Okay, this is 365 00:21:53,359 --> 00:21:56,080 Speaker 1: not about to just go oh it's all fine. Despite 366 00:21:56,119 --> 00:22:01,000 Speaker 1: Elizabeth Warren. You know, I'm so glad Biden's in charge. No, no, no, 367 00:22:01,040 --> 00:22:04,320 Speaker 1: we don't really believe that, but let's talk about I mean, 368 00:22:04,359 --> 00:22:07,640 Speaker 1: we don't believe it. She might central bank digital currency. 369 00:22:07,720 --> 00:22:10,359 Speaker 1: Here's what you need to know. You've got over a 370 00:22:10,480 --> 00:22:13,560 Speaker 1: hundred countries that are already exploring it officially in some 371 00:22:13,600 --> 00:22:19,480 Speaker 1: capacity a lot of places, and those countries are representative 372 00:22:19,520 --> 00:22:23,800 Speaker 1: of over ninety five percent of global GDP. And this 373 00:22:23,840 --> 00:22:27,600 Speaker 1: is according to the Atlantic Council Central Bank Digital Currency Tracker. 374 00:22:27,920 --> 00:22:31,560 Speaker 1: As I mentioned, China, India are already using digital a 375 00:22:31,600 --> 00:22:36,040 Speaker 1: digital currency. Sweden and Japan are thinking about a rollout 376 00:22:36,080 --> 00:22:38,600 Speaker 1: of a digital currency. Although this is all being done 377 00:22:38,600 --> 00:22:42,560 Speaker 1: and talked about before this most recent bank failure. So 378 00:22:42,640 --> 00:22:45,000 Speaker 1: it's not like, oh now, all of a sudden people 379 00:22:45,040 --> 00:22:48,720 Speaker 1: are thinking about central bank digital currency. This has been 380 00:22:48,760 --> 00:22:53,959 Speaker 1: going on. This has been a longstanding effort, and Jerome Powell, 381 00:22:54,000 --> 00:22:58,440 Speaker 1: the FED Chair, has said that the US Central Bank 382 00:22:58,600 --> 00:23:02,040 Speaker 1: is not yet is not yet going to create one 383 00:23:02,280 --> 00:23:06,399 Speaker 1: without direction from Congress. Okay, so let's just keep it, 384 00:23:06,520 --> 00:23:11,320 Speaker 1: keep this very clear. As we're talking about it, they're 385 00:23:11,400 --> 00:23:14,439 Speaker 1: open to it. The US government, or at least the 386 00:23:14,480 --> 00:23:17,000 Speaker 1: FED Chair, i should say, is putting out there you 387 00:23:17,040 --> 00:23:20,880 Speaker 1: know maybe now here's what is so important to separate 388 00:23:20,960 --> 00:23:26,640 Speaker 1: out there is the possibility of CBDC. That would just 389 00:23:26,720 --> 00:23:30,160 Speaker 1: be for the banks too, I'm sorry, from the Fed 390 00:23:30,200 --> 00:23:33,399 Speaker 1: to the banks, and it would use blockchain and the 391 00:23:33,400 --> 00:23:36,400 Speaker 1: technology really the technology that has been adopted by crypto 392 00:23:36,520 --> 00:23:42,080 Speaker 1: like bitcoin, blockchain technology to have a central ledger where 393 00:23:42,119 --> 00:23:48,560 Speaker 1: they can efficiently, easily and with total trackability move money 394 00:23:48,600 --> 00:23:51,480 Speaker 1: to your bank, to Bank of America, to Chase to 395 00:23:52,200 --> 00:23:55,959 Speaker 1: you know, regional bank, SunTrust, Bank, Santander, whatever right, they 396 00:23:55,960 --> 00:23:59,800 Speaker 1: can move the money to different banks for lending purposes. 397 00:24:00,800 --> 00:24:03,920 Speaker 1: That's not that that may just be actually more efficient. 398 00:24:03,960 --> 00:24:06,480 Speaker 1: And I know a lot of people who I would 399 00:24:06,520 --> 00:24:09,720 Speaker 1: say I'm politically aligned with who don't see that as 400 00:24:11,240 --> 00:24:15,000 Speaker 1: as a big issue that is not from the FED 401 00:24:15,400 --> 00:24:18,359 Speaker 1: to the banks themselves, and to effectively make that a 402 00:24:18,440 --> 00:24:25,119 Speaker 1: more streamlined and more efficient system, that doesn't strike me 403 00:24:25,200 --> 00:24:29,200 Speaker 1: as big brother, oh my gosh, we're heading into a dystopia. 404 00:24:29,400 --> 00:24:36,000 Speaker 1: But then there's the creation of individual accounts with a 405 00:24:36,040 --> 00:24:39,440 Speaker 1: central bank digital currency, whereby the FED effectively is going 406 00:24:39,480 --> 00:24:44,200 Speaker 1: to deposit money into your account or that you will 407 00:24:44,280 --> 00:24:48,239 Speaker 1: set up individual There will be individual accounts that the 408 00:24:48,280 --> 00:24:52,080 Speaker 1: government will put money into this digital currency and it 409 00:24:52,119 --> 00:24:55,320 Speaker 1: will be one hundred percent trackable. The government will have 410 00:24:55,400 --> 00:24:58,440 Speaker 1: a direct pipeline if you will, not through a bank 411 00:24:58,520 --> 00:25:02,880 Speaker 1: and through any other levers and levels, but this will 412 00:25:02,920 --> 00:25:07,200 Speaker 1: be directly to you to your computer, your computer screen, 413 00:25:07,240 --> 00:25:10,240 Speaker 1: your account, which means that they have total control of 414 00:25:10,280 --> 00:25:12,399 Speaker 1: it too. They can put the money in, they can 415 00:25:12,440 --> 00:25:14,879 Speaker 1: take the money out, They know what you're spending that 416 00:25:14,960 --> 00:25:19,240 Speaker 1: money on. The government would have full transparency and full 417 00:25:19,320 --> 00:25:23,440 Speaker 1: view with this method of central bank digital currency. Why 418 00:25:23,440 --> 00:25:25,520 Speaker 1: do you think the Chinese like this? The Chinese Communist 419 00:25:25,560 --> 00:25:29,000 Speaker 1: Party likes this so much so with a central bank 420 00:25:29,040 --> 00:25:33,280 Speaker 1: digital currency and its adoption in this model, do you 421 00:25:33,320 --> 00:25:35,120 Speaker 1: think that how hard do you think it would be 422 00:25:35,720 --> 00:25:40,720 Speaker 1: for a Democrat administration to come along and say you're 423 00:25:40,760 --> 00:25:42,720 Speaker 1: not allowed to We're going to say you're not allowed 424 00:25:42,760 --> 00:25:44,800 Speaker 1: to buy any more guns with this. We're going to 425 00:25:44,920 --> 00:25:47,880 Speaker 1: use some executive authority so this money can't go toward 426 00:25:47,960 --> 00:25:50,600 Speaker 1: gun purchases. You know they would want to do that. 427 00:25:50,640 --> 00:25:53,760 Speaker 1: I mean, they're already trying to d bank. This is 428 00:25:53,760 --> 00:25:57,080 Speaker 1: happening all over the country. Banks are getting pressured by 429 00:25:57,119 --> 00:26:01,480 Speaker 1: the federal government, by administration and also their own woke 430 00:26:01,600 --> 00:26:04,520 Speaker 1: executives to debank people that have anything to do with 431 00:26:04,520 --> 00:26:07,879 Speaker 1: the firearms, industry. Yeah, what you're doing is totally legal 432 00:26:07,960 --> 00:26:11,840 Speaker 1: and lawful and fine and even constituency protected. You're no 433 00:26:11,920 --> 00:26:14,280 Speaker 1: longer will you're no longer willing to hold your deposits 434 00:26:14,359 --> 00:26:17,199 Speaker 1: or engage any transactions with you because you're affiliated with 435 00:26:17,200 --> 00:26:19,520 Speaker 1: the firearms industry. That's happening. It's happened to friends of mine, 436 00:26:19,560 --> 00:26:23,399 Speaker 1: happened to people I know. So that's one component of this. 437 00:26:24,040 --> 00:26:26,680 Speaker 1: But also with COVID, what we saw is they would 438 00:26:26,720 --> 00:26:29,840 Speaker 1: have the ability to tell you, well, this money can 439 00:26:29,840 --> 00:26:34,359 Speaker 1: only go for the following things. Oh, sorry, we're an emergency, 440 00:26:34,520 --> 00:26:36,879 Speaker 1: or you know what, Actually, we're going to create a 441 00:26:37,000 --> 00:26:41,800 Speaker 1: special tax for carbon purposes. We want carbon neutrality, so 442 00:26:42,520 --> 00:26:46,679 Speaker 1: you can spend money on the following technologies or with 443 00:26:46,760 --> 00:26:48,879 Speaker 1: the following companies, but not these. The government would have 444 00:26:49,240 --> 00:26:51,800 Speaker 1: the ability to do all of that. It would have 445 00:26:51,840 --> 00:26:55,879 Speaker 1: effectively total control, the ability to track every transaction that 446 00:26:55,920 --> 00:26:59,000 Speaker 1: you would make, no matter how small. They would know 447 00:26:59,080 --> 00:27:01,280 Speaker 1: exactly what it is, who it's going to, and the 448 00:27:01,320 --> 00:27:08,439 Speaker 1: ability to perhaps block it in real time, to say no, no, 449 00:27:08,600 --> 00:27:10,960 Speaker 1: you can't actually donate, or you're gonna give that money 450 00:27:11,040 --> 00:27:15,560 Speaker 1: or spend that money there. This is people are going 451 00:27:15,600 --> 00:27:17,240 Speaker 1: to argue, well, it's great because you know you won't 452 00:27:17,280 --> 00:27:19,080 Speaker 1: be able to use this money to break the law 453 00:27:19,160 --> 00:27:21,800 Speaker 1: with Yeah, but Democrats want to do a whole lot 454 00:27:21,840 --> 00:27:26,520 Speaker 1: more than just stop illegal transactions from happening. They want 455 00:27:26,520 --> 00:27:28,359 Speaker 1: to use this as a tool of social engineering. We 456 00:27:28,359 --> 00:27:31,920 Speaker 1: all know that. I think that's obvious. I would find 457 00:27:31,960 --> 00:27:35,600 Speaker 1: it laughable if anyone tried to argue you otherwise. Everything 458 00:27:35,600 --> 00:27:37,600 Speaker 1: that they have shown us and COVID was perhaps the 459 00:27:37,600 --> 00:27:40,760 Speaker 1: biggest window into this. Everything the Democrats have shown us 460 00:27:40,800 --> 00:27:44,640 Speaker 1: is that when they have the ability because and decrease 461 00:27:44,680 --> 00:27:47,439 Speaker 1: and diminish your liberties and your freedom, and a central 462 00:27:47,480 --> 00:27:52,160 Speaker 1: bank digital currency would be an enormously, enormously useful tool 463 00:27:52,840 --> 00:28:00,040 Speaker 1: to those ends. So it would be effectively creating a 464 00:28:00,040 --> 00:28:04,439 Speaker 1: basis for a social credit score system. You know, what 465 00:28:04,480 --> 00:28:06,919 Speaker 1: are you spending your money on? How much does the 466 00:28:06,920 --> 00:28:09,639 Speaker 1: government approve of it? It would be the basis. And 467 00:28:09,640 --> 00:28:14,200 Speaker 1: I know this sounds like brave New world stuff, that 468 00:28:14,359 --> 00:28:19,080 Speaker 1: sounds dystopian, futuristic nightmare that's supposed to be so efficient 469 00:28:19,119 --> 00:28:21,399 Speaker 1: with the experts in charge, And that's because it would be. 470 00:28:22,560 --> 00:28:25,720 Speaker 1: It would be these things. There are a lot of 471 00:28:25,720 --> 00:28:27,600 Speaker 1: ways you can see that this would be used for 472 00:28:27,720 --> 00:28:31,399 Speaker 1: social engineering and for absolute control universal basic income. By 473 00:28:31,440 --> 00:28:33,640 Speaker 1: the way, think about how easy that would be. Set 474 00:28:33,680 --> 00:28:35,840 Speaker 1: up your account. The government gets to just put the 475 00:28:35,880 --> 00:28:37,399 Speaker 1: money in the account, but it also gets to tell 476 00:28:37,440 --> 00:28:39,760 Speaker 1: you how you spend the money, figures out what you're 477 00:28:39,760 --> 00:28:41,200 Speaker 1: spending all the money on. All the time. You think 478 00:28:41,240 --> 00:28:43,000 Speaker 1: the irs is scary. Now, by the way, wait till 479 00:28:43,000 --> 00:28:46,480 Speaker 1: you get a central bank digital currency. So it hasn't 480 00:28:46,520 --> 00:28:49,600 Speaker 1: happened yet, but you're going to see more and more 481 00:28:49,640 --> 00:28:54,120 Speaker 1: people calling for it. I think, especially if a crisis 482 00:28:54,240 --> 00:28:59,120 Speaker 1: happens and it feels like the banking system fractional banking 483 00:28:59,200 --> 00:29:03,120 Speaker 1: has been you're gonna hear very loud calls for this. 484 00:29:03,400 --> 00:29:06,000 Speaker 1: Look at how quickly they went to shut up peasant, 485 00:29:06,320 --> 00:29:09,880 Speaker 1: stay in your house, mask up outside, and get shots 486 00:29:09,960 --> 00:29:11,600 Speaker 1: number seven to eight to nine, or else you're a 487 00:29:11,640 --> 00:29:14,640 Speaker 1: bad person. You don't think those same people, that same 488 00:29:14,680 --> 00:29:19,560 Speaker 1: apparatus would say, Okay, you now have to use the 489 00:29:19,600 --> 00:29:21,680 Speaker 1: money the way we tell you to use it, and 490 00:29:21,760 --> 00:29:23,600 Speaker 1: you can only use the money that we're putting into 491 00:29:23,600 --> 00:29:26,520 Speaker 1: your account directly, and we see where every penny goes. 492 00:29:27,240 --> 00:29:29,760 Speaker 1: Oh no, they don't want they don't want that much power, right, Sure, 493 00:29:30,760 --> 00:29:34,120 Speaker 1: you know they do. Look when I see stories like this, 494 00:29:34,160 --> 00:29:37,600 Speaker 1: I just get mad. Cyber hackers are filing bogus tax 495 00:29:37,600 --> 00:29:41,600 Speaker 1: returns ahead of real tax abiding citizens and stealing their refunds. 496 00:29:41,960 --> 00:29:44,000 Speaker 1: This often happens when there's a data breach and your 497 00:29:44,040 --> 00:29:48,520 Speaker 1: sensitive information is exposed online, making your personal information vulnerable. 498 00:29:48,960 --> 00:29:51,440 Speaker 1: Arm yourself with an added layer of protection by getting 499 00:29:51,480 --> 00:29:55,000 Speaker 1: lifelocked by Norton. Their online identity theft protection is second 500 00:29:55,040 --> 00:29:58,640 Speaker 1: to none. They monitor billions of transactions weekly, specifically looking 501 00:29:58,680 --> 00:30:01,600 Speaker 1: for suspicious activity. When they spot it, they alert you 502 00:30:01,600 --> 00:30:04,719 Speaker 1: immediately and you can confirm or deny the activity. 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I have it, you should too. 509 00:30:22,840 --> 00:30:25,360 Speaker 1: Joy Now save twenty five percent off your first year 510 00:30:25,360 --> 00:30:29,040 Speaker 1: with promo code buck call one eight hundred LifeLock or 511 00:30:29,160 --> 00:30:32,240 Speaker 1: go online to LifeLock dot com and use promo code Buck. 512 00:30:32,280 --> 00:30:35,880 Speaker 1: That's promo code buck for twenty five percent off. Peace 513 00:30:35,880 --> 00:30:38,560 Speaker 1: of mind alone is worth it. Promo code Buck at 514 00:30:38,640 --> 00:30:43,360 Speaker 1: LifeLock dot com. Download and use the new Clay and 515 00:30:43,560 --> 00:30:46,680 Speaker 1: Buck cast. Listen to the program live, catch up on 516 00:30:46,680 --> 00:30:49,120 Speaker 1: any part of the show you might have missed. Use 517 00:30:49,360 --> 00:30:52,680 Speaker 1: your CNB twenty four to seven subscription to get access 518 00:30:52,760 --> 00:30:55,360 Speaker 1: to the guys. Find the Clay and Buck app in 519 00:30:55,400 --> 00:30:57,600 Speaker 1: your app store and make it part of your day. 520 00:30:58,120 --> 00:31:01,760 Speaker 1: Welcome back. Play in Buck and this is Buck today. 521 00:31:02,280 --> 00:31:04,320 Speaker 1: Plays out for the week on vacation. If the family 522 00:31:04,360 --> 00:31:07,080 Speaker 1: having a great time in Italy, he sends his regards 523 00:31:07,080 --> 00:31:09,320 Speaker 1: to all of you eight hundred two A two two 524 00:31:09,360 --> 00:31:11,800 Speaker 1: eight two on the phone lines. If you want to chat, 525 00:31:11,840 --> 00:31:14,400 Speaker 1: please give us give us a call. Here on the show, 526 00:31:15,120 --> 00:31:21,240 Speaker 1: we have Christie in Gettysburg, Pennsylvania. What's going on? CHRISTI Hi? 527 00:31:21,720 --> 00:31:27,800 Speaker 1: I was just wondering why the CVB bank executives aren't 528 00:31:28,080 --> 00:31:32,880 Speaker 1: guilty of insider trading for selling off their stock right 529 00:31:32,920 --> 00:31:36,560 Speaker 1: before the Failum. That's a great question. As far as 530 00:31:36,760 --> 00:31:42,080 Speaker 1: I understand the way the law works, it could very 531 00:31:42,080 --> 00:31:46,120 Speaker 1: well be insider trading. I think from what we've seen. Look, 532 00:31:46,120 --> 00:31:48,440 Speaker 1: the thing about insider trading is. People will always try 533 00:31:48,440 --> 00:31:52,480 Speaker 1: to argue, oh, there there were other reasons for the trade, 534 00:31:52,640 --> 00:31:55,800 Speaker 1: or there was I think they called the mosaic defense theory. 535 00:31:55,840 --> 00:31:57,200 Speaker 1: There was a little bit of this, a little bit 536 00:31:57,200 --> 00:32:00,320 Speaker 1: of that, a lot. These were bank insiders who they 537 00:32:00,360 --> 00:32:02,280 Speaker 1: were heading for a heading for the edge of the 538 00:32:02,280 --> 00:32:05,600 Speaker 1: cliff and decided to start taking millions off the table 539 00:32:05,880 --> 00:32:08,800 Speaker 1: while not only people that were doing any kind of 540 00:32:08,880 --> 00:32:12,800 Speaker 1: venture business with them were at risk, but depositors were 541 00:32:12,800 --> 00:32:15,160 Speaker 1: at risk. So Christy, it's a great question. There is 542 00:32:15,200 --> 00:32:21,480 Speaker 1: an SEC and Justice Department investigation under way right now. 543 00:32:21,520 --> 00:32:23,720 Speaker 1: They're in the preliminary phases, is what the report is. 544 00:32:23,760 --> 00:32:28,320 Speaker 1: But it certainly looks like it certainly looks like you 545 00:32:28,400 --> 00:32:31,440 Speaker 1: might have had some insider trading going on here. And 546 00:32:31,560 --> 00:32:34,240 Speaker 1: it's just a reminder of the people running these institutions. 547 00:32:34,760 --> 00:32:38,720 Speaker 1: They are often greedy and don't really care about their customers. 548 00:32:38,880 --> 00:32:46,240 Speaker 1: Thank you for calling in. Let's see Steve in Akron, Ohio. 549 00:32:46,320 --> 00:32:50,360 Speaker 1: What's going on, Steve? Yeah, I just wanted to say buck, 550 00:32:51,000 --> 00:32:58,400 Speaker 1: these big corporate layoffs, they've always been damaging to economies, 551 00:32:58,960 --> 00:33:02,080 Speaker 1: but not to Wall Street. And that's where you know, 552 00:33:02,160 --> 00:33:06,240 Speaker 1: people never separate those two beasts. But you're saying like 553 00:33:06,280 --> 00:33:10,320 Speaker 1: Facebook will help its stock price. Facebook helps its stock 554 00:33:10,320 --> 00:33:12,920 Speaker 1: price by having them, you know, massive. I think they're 555 00:33:12,960 --> 00:33:18,080 Speaker 1: ten thousand people whatever they're they're laying off. Well that's 556 00:33:18,080 --> 00:33:20,600 Speaker 1: what I'm inferring. Yes, it's it's helping out the markets 557 00:33:20,640 --> 00:33:25,440 Speaker 1: even today to keep everybody wondering what's really the damage 558 00:33:25,520 --> 00:33:29,840 Speaker 1: you know from the banking system debacles. Well yeah, well 559 00:33:29,880 --> 00:33:35,080 Speaker 1: thanks for calling and Steve the cutting back expenses. You know, ultimately, 560 00:33:35,080 --> 00:33:37,520 Speaker 1: Facebook is not making as much money as as it 561 00:33:37,920 --> 00:33:41,400 Speaker 1: wanted to and as it planned to. And the AI 562 00:33:41,640 --> 00:33:46,400 Speaker 1: artificial intelligence h spending that meta the parent company of Facebook, 563 00:33:46,640 --> 00:33:49,320 Speaker 1: so it's really a meta issue has done is a 564 00:33:49,320 --> 00:33:52,840 Speaker 1: big part of that. But you know, Facebook is also 565 00:33:53,560 --> 00:33:56,160 Speaker 1: it's fascinating me. Very few people that I know on 566 00:33:56,240 --> 00:34:00,760 Speaker 1: the right really use Facebook very much anymore. Um, it's 567 00:34:00,760 --> 00:34:04,080 Speaker 1: a very it's very difficult to share content effectively on 568 00:34:05,080 --> 00:34:08,560 Speaker 1: there's all. They've really ruined it. I mean Facebook five 569 00:34:08,680 --> 00:34:11,919 Speaker 1: six years ago, even you could spend money and get 570 00:34:12,920 --> 00:34:16,520 Speaker 1: get a realistic return as a content creator, and some 571 00:34:16,560 --> 00:34:18,760 Speaker 1: people did that very effectively if they had the money 572 00:34:18,760 --> 00:34:22,920 Speaker 1: to do it. Now it's just it doesn't really work 573 00:34:22,960 --> 00:34:27,360 Speaker 1: for people the same way, and as a social media platform, 574 00:34:27,440 --> 00:34:30,400 Speaker 1: I think it's losing ground with each passing day. But 575 00:34:30,520 --> 00:34:32,840 Speaker 1: as for you know, whether it's good for the stock 576 00:34:32,960 --> 00:34:35,200 Speaker 1: or good for the overall economy, I just when you're 577 00:34:35,239 --> 00:34:40,799 Speaker 1: having companies that are the uh, the drivers of a 578 00:34:40,800 --> 00:34:43,120 Speaker 1: lot of the stock members. Stock market isn't just oh, 579 00:34:43,120 --> 00:34:46,760 Speaker 1: wealthy investors, it's your four oh one K. Stock market 580 00:34:46,960 --> 00:34:50,560 Speaker 1: is an indicator of economic health well beyond people that 581 00:34:50,600 --> 00:34:54,839 Speaker 1: are doing speculation and trading to either day trading or 582 00:34:54,920 --> 00:34:58,960 Speaker 1: people who are hedge fund managers and all the private 583 00:34:58,960 --> 00:35:01,640 Speaker 1: equity all the rest of that at the stock market 584 00:35:01,760 --> 00:35:05,040 Speaker 1: very much affects the hiring that companies will do. Right, 585 00:35:05,120 --> 00:35:07,480 Speaker 1: their stock price will determine what kind of investing they 586 00:35:07,480 --> 00:35:11,880 Speaker 1: can do. And so it's more of an indicator because 587 00:35:11,880 --> 00:35:14,400 Speaker 1: it is actually a market that functions instead of just 588 00:35:14,520 --> 00:35:17,279 Speaker 1: government press releases of where things may be going. And 589 00:35:17,280 --> 00:35:21,040 Speaker 1: when you have major major layoffs happening at companies that are, 590 00:35:21,400 --> 00:35:25,160 Speaker 1: as I said, used to being effectively money printing presses, 591 00:35:26,320 --> 00:35:30,560 Speaker 1: that's an indicator of bad times ahead. I mean, I 592 00:35:30,640 --> 00:35:32,359 Speaker 1: just try to take this to the most fundamental level. 593 00:35:32,360 --> 00:35:34,239 Speaker 1: First of all, it's funny because on the one hand, 594 00:35:34,239 --> 00:35:35,799 Speaker 1: you can sit here and say like, well, you know, 595 00:35:35,880 --> 00:35:37,359 Speaker 1: I mean, I'm not an economist. A lot of people 596 00:35:37,360 --> 00:35:40,160 Speaker 1: talking about this aren't economists. Economists are wrong all the time. 597 00:35:40,680 --> 00:35:43,480 Speaker 1: So start with that. Just putting that out there. Okay, 598 00:35:43,600 --> 00:35:45,360 Speaker 1: I'm not sitting here talking to you about doing some 599 00:35:45,440 --> 00:35:50,120 Speaker 1: kind of complicated regression analysis either. We're talking about very 600 00:35:50,160 --> 00:35:54,799 Speaker 1: basic forces that are driving well trillions of dollars in 601 00:35:54,800 --> 00:35:58,880 Speaker 1: one direction or another economically. And what you got to 602 00:35:58,880 --> 00:36:02,239 Speaker 1: figure out at some point is how is it possible 603 00:36:02,920 --> 00:36:07,000 Speaker 1: that they shut down sectors of the economy spent trillions 604 00:36:07,000 --> 00:36:11,040 Speaker 1: of dollars and we're not gonna have some really rough 605 00:36:11,080 --> 00:36:15,600 Speaker 1: times through inflation and through a market reset. Right, just 606 00:36:15,680 --> 00:36:18,000 Speaker 1: started the most base. If you start with the most 607 00:36:18,040 --> 00:36:20,920 Speaker 1: basic questions that everybody understands and everybody can think through 608 00:36:20,960 --> 00:36:25,000 Speaker 1: on their own, you come to wow, the people in charge, 609 00:36:25,480 --> 00:36:27,120 Speaker 1: I don't think they're gonna be able to fix this, 610 00:36:27,320 --> 00:36:29,879 Speaker 1: and I think things are going to get rough. So 611 00:36:30,280 --> 00:36:32,799 Speaker 1: hopefully that's not the case. Maybe we get lucky, but 612 00:36:33,320 --> 00:36:35,279 Speaker 1: I wouldn't count on luck with this administration.