1 00:00:00,720 --> 00:00:03,880 Speaker 1: Welcome to you stuff you should know from house Stuff 2 00:00:03,920 --> 00:00:12,280 Speaker 1: Works dot com. Hey, and welcome to the podcast. I'm 3 00:00:12,360 --> 00:00:16,479 Speaker 1: Josh Clark, and there's Charles W. Chuck Bryant. The W 4 00:00:16,640 --> 00:00:22,640 Speaker 1: stands for Wayne Dr Wayne Coyne. It gets you every time. 5 00:00:22,760 --> 00:00:25,600 Speaker 1: I know, it's funny to be forty five years old 6 00:00:25,640 --> 00:00:29,240 Speaker 1: and named after Wayne Coyne because he's like forty eight. Right, No, 7 00:00:29,400 --> 00:00:32,600 Speaker 1: he's in the fifties too, But it would be weird. 8 00:00:32,640 --> 00:00:34,960 Speaker 1: I would have been named after a very uh like 9 00:00:35,640 --> 00:00:39,360 Speaker 1: kindergarten age Wayne coin A. Right. You know, maybe your 10 00:00:39,400 --> 00:00:41,440 Speaker 1: parents were friends with his parents and they really thought 11 00:00:41,440 --> 00:00:43,720 Speaker 1: a lot about him. Play he's a real achiever, right 12 00:00:44,000 --> 00:00:48,840 Speaker 1: that Wayne Coyn going places? Okay, Uh, that's a weird 13 00:00:48,840 --> 00:00:51,080 Speaker 1: side track. It was already out of the gate. Man. 14 00:00:51,720 --> 00:00:54,480 Speaker 1: How are you feeling. I'm good. I got a lot 15 00:00:54,520 --> 00:00:57,960 Speaker 1: on your plate, got a lot going on. Oh you 16 00:00:57,960 --> 00:01:02,880 Speaker 1: know what today is? What? Dude? Today is the day 17 00:01:04,040 --> 00:01:06,760 Speaker 1: that I leave this office and I go to a 18 00:01:06,800 --> 00:01:10,280 Speaker 1: shop in Edmond Park and pick up four brand new 19 00:01:10,360 --> 00:01:13,600 Speaker 1: last chance garage hats. Oh wow, it's a big day, 20 00:01:14,200 --> 00:01:17,000 Speaker 1: very big day. So I have a couple of people 21 00:01:17,040 --> 00:01:19,320 Speaker 1: would like to thank It's a bigger deal than it 22 00:01:19,360 --> 00:01:21,600 Speaker 1: should be for a grown man in a hat. But 23 00:01:21,640 --> 00:01:26,920 Speaker 1: we all understand, first of all, Katie, my custom patchmaker, 24 00:01:27,360 --> 00:01:29,640 Speaker 1: this is really where it all came together. The patches 25 00:01:29,800 --> 00:01:33,319 Speaker 1: isn't right, the hat's not right. Katie killed it. It 26 00:01:33,400 --> 00:01:37,160 Speaker 1: looks identical and you can find her work at tulip 27 00:01:37,600 --> 00:01:41,400 Speaker 1: cake dot com c U L I P. Cake. And 28 00:01:41,440 --> 00:01:44,000 Speaker 1: I said, you know people might ask you to make 29 00:01:44,080 --> 00:01:47,720 Speaker 1: you to make them last chance garage patches. Did you 30 00:01:47,760 --> 00:01:49,720 Speaker 1: have her destroy the mold? And I said, I don't 31 00:01:49,760 --> 00:01:52,560 Speaker 1: you know. It's on you. It's up to you legally. 32 00:01:54,160 --> 00:01:56,960 Speaker 1: I'm just saying you might get requests. You should have 33 00:01:57,000 --> 00:02:00,320 Speaker 1: been like Ivan the Terrible who blinded his architect, except 34 00:02:00,320 --> 00:02:02,520 Speaker 1: that they built his pal Now, I don't care people. 35 00:02:02,600 --> 00:02:06,320 Speaker 1: I'd love to see these things around and la mood 36 00:02:06,320 --> 00:02:09,600 Speaker 1: big hats l A m o O d uh for 37 00:02:09,680 --> 00:02:13,560 Speaker 1: big heads because part of the problem was finding uh 38 00:02:14,000 --> 00:02:17,120 Speaker 1: big and tall hat. Yeah, man, like, uh the problem 39 00:02:17,200 --> 00:02:18,680 Speaker 1: I have with hats these days. I don't look like 40 00:02:18,720 --> 00:02:21,359 Speaker 1: I have a huge head, but they just fit so 41 00:02:21,440 --> 00:02:24,400 Speaker 1: snugly and they don't go far down enough on my head. 42 00:02:25,080 --> 00:02:27,480 Speaker 1: So I finally looked up oversized hats and found La 43 00:02:27,480 --> 00:02:31,720 Speaker 1: mood hats and dude, they're exactly like the old hat 44 00:02:32,360 --> 00:02:35,799 Speaker 1: except it doesn't stink. Oh yeah, like these are great. 45 00:02:35,800 --> 00:02:37,680 Speaker 1: I got four brands, an improvement for sure. So are 46 00:02:37,680 --> 00:02:41,080 Speaker 1: you gonna put one in like the seed Vault in Norway? Uh? 47 00:02:41,120 --> 00:02:43,520 Speaker 1: Probably one there. Uh, there will be one in the 48 00:02:43,600 --> 00:02:49,520 Speaker 1: nuclear suitcase, and um, I'll wear the other two at 49 00:02:49,520 --> 00:02:53,639 Speaker 1: the same time at the same that's right. Anyway, I'm 50 00:02:53,639 --> 00:02:55,840 Speaker 1: super excited. So it's pretty cool. Thank you to Katie 51 00:02:55,880 --> 00:02:59,400 Speaker 1: and the mood Hats for allowing me to spend too 52 00:02:59,440 --> 00:03:02,200 Speaker 1: much money getting four hats remade. And speaking of while 53 00:03:02,200 --> 00:03:05,520 Speaker 1: we're thanking people, we we owe a long overdue thank 54 00:03:05,600 --> 00:03:09,360 Speaker 1: you to a guy who um made us a really 55 00:03:09,400 --> 00:03:13,079 Speaker 1: cool sign. Um. Oh you mean the sign this guy 56 00:03:13,080 --> 00:03:15,080 Speaker 1: made for us like seven years ago. Yeah. His name's 57 00:03:15,120 --> 00:03:17,359 Speaker 1: Matt Street. He's at fat Bison dot com. And it 58 00:03:17,440 --> 00:03:19,960 Speaker 1: made a really cool woodcarved sign. It was in our 59 00:03:20,000 --> 00:03:23,040 Speaker 1: TV show. It was like like the production company got 60 00:03:23,040 --> 00:03:25,080 Speaker 1: clearance rights for it and all this stuff, and we 61 00:03:25,120 --> 00:03:27,440 Speaker 1: love the sign, but we just forgot to ever thank Matt. 62 00:03:27,520 --> 00:03:29,800 Speaker 1: So Matt, thank you so much for the sign. We 63 00:03:29,840 --> 00:03:32,320 Speaker 1: love it. We have it hanging here in the studio. 64 00:03:32,639 --> 00:03:34,600 Speaker 1: It is a work of art and we appreciate it. 65 00:03:34,639 --> 00:03:38,280 Speaker 1: We're sorry for the oversight. Um. Is that all the 66 00:03:38,320 --> 00:03:41,920 Speaker 1: thank you? So let's talk about the misery index high. Yeah. 67 00:03:42,000 --> 00:03:44,880 Speaker 1: What a great transition, have you? Um? Had you heard 68 00:03:44,880 --> 00:03:47,440 Speaker 1: of it before you came across this article? Yeah? I 69 00:03:47,440 --> 00:03:49,800 Speaker 1: didn't know a lot about it though, And um, apparently 70 00:03:49,800 --> 00:03:51,520 Speaker 1: it's going a little bit out of fashion lately from 71 00:03:51,560 --> 00:03:54,920 Speaker 1: what I understand. Yeah, I think so, because well, well 72 00:03:55,000 --> 00:03:58,240 Speaker 1: let's get into it. Okay. It turns out economics as 73 00:03:58,240 --> 00:04:00,880 Speaker 1: a whole is in danger of going out of fashion. 74 00:04:01,960 --> 00:04:04,840 Speaker 1: I've read this really interesting article on a on, which 75 00:04:04,880 --> 00:04:07,080 Speaker 1: is maybe the greatest website on the planet a e 76 00:04:07,200 --> 00:04:10,720 Speaker 1: O N dot It might be dot CEO because British 77 00:04:10,720 --> 00:04:12,880 Speaker 1: about a lot of websites. I think I said about 78 00:04:12,880 --> 00:04:15,280 Speaker 1: a on a lot and and it just seems like 79 00:04:15,280 --> 00:04:18,240 Speaker 1: I'm talking about different ones. But there's this article by 80 00:04:18,320 --> 00:04:22,919 Speaker 1: Allen J. Levinovitz and it's called the New Astrology, and 81 00:04:22,960 --> 00:04:27,520 Speaker 1: he basically makes a parallel between economics and economists and 82 00:04:27,600 --> 00:04:31,760 Speaker 1: economic theory when you take economics and try to apply 83 00:04:31,839 --> 00:04:36,640 Speaker 1: it to future forecasting and the um the b CE 84 00:04:37,480 --> 00:04:42,719 Speaker 1: Chinese astrologers that basically directed the way that the economy 85 00:04:42,839 --> 00:04:46,120 Speaker 1: or the government was going to move based on the 86 00:04:46,160 --> 00:04:49,280 Speaker 1: movements of the stars, you might as well just do that. 87 00:04:49,960 --> 00:04:52,880 Speaker 1: He drew some pretty pretty interesting parallels between the two 88 00:04:52,960 --> 00:04:56,320 Speaker 1: that that economics in and of itself is not necessarily flawed, 89 00:04:56,360 --> 00:04:58,839 Speaker 1: but when it's used to forecast the future, then it 90 00:04:58,920 --> 00:05:02,360 Speaker 1: becomes inherently flaw odd. Yeah, this this article really kind 91 00:05:02,360 --> 00:05:06,000 Speaker 1: of kind yeah, a little bit. Yeah, to an extent. 92 00:05:06,040 --> 00:05:09,640 Speaker 1: I mean, the misery index is a legitimate economic tool, 93 00:05:09,800 --> 00:05:12,800 Speaker 1: and it's hit or miss in a lot of ways. Yeah. 94 00:05:12,839 --> 00:05:14,400 Speaker 1: I think one thing that hit home to me with 95 00:05:14,560 --> 00:05:19,200 Speaker 1: researching this is it just seems impossible to say that 96 00:05:19,279 --> 00:05:23,880 Speaker 1: there's one correct way of doing things right or that 97 00:05:24,040 --> 00:05:26,479 Speaker 1: is absolute, and you're like, you know, if you do 98 00:05:26,560 --> 00:05:29,239 Speaker 1: things this way, then there will be nothing but growth 99 00:05:29,360 --> 00:05:32,720 Speaker 1: in jobs and the GDP s and g m P 100 00:05:33,440 --> 00:05:36,040 Speaker 1: and uh, it just it just doesn't seem to work 101 00:05:36,080 --> 00:05:38,040 Speaker 1: that way, right. I think the problem is is that 102 00:05:38,120 --> 00:05:41,160 Speaker 1: if you listen to economists, they like to act like 103 00:05:41,440 --> 00:05:43,479 Speaker 1: they do have a handle on that kind of thing. 104 00:05:43,800 --> 00:05:46,840 Speaker 1: But if you really look into economics, it's very politicized. 105 00:05:46,880 --> 00:05:50,479 Speaker 1: There's liberal economics and there's conservative economics, and the fact 106 00:05:50,520 --> 00:05:53,320 Speaker 1: that each one saying it's right kind of makes you 107 00:05:53,320 --> 00:05:56,279 Speaker 1: think that maybe no one is, you know, but the 108 00:05:56,320 --> 00:06:00,159 Speaker 1: misery index actually is is it started out from a 109 00:06:00,240 --> 00:06:03,640 Speaker 1: guy who was pretty good at walking the line between 110 00:06:03,720 --> 00:06:08,039 Speaker 1: conservative and liberal economics. UM, a guy uh what was 111 00:06:08,080 --> 00:06:12,400 Speaker 1: his name Okin? Yeah, Arthur Oakin, and he uh he 112 00:06:12,440 --> 00:06:16,680 Speaker 1: worked on Kennedy's staffs, Council of Economic Advisors, John F. 113 00:06:16,800 --> 00:06:20,279 Speaker 1: Kennedy that is, and he was, UM, I get the feeling, 114 00:06:20,279 --> 00:06:24,360 Speaker 1: one of the main influences and talking Kennedy, who initially 115 00:06:24,360 --> 00:06:28,600 Speaker 1: did not necessarily agree, but talking Kennedy into kind of 116 00:06:28,760 --> 00:06:34,400 Speaker 1: trying to enact both conservative and liberal economic policies simultaneously. 117 00:06:34,600 --> 00:06:37,560 Speaker 1: Right they were. The US was intercession when Kennedy took 118 00:06:37,600 --> 00:06:41,719 Speaker 1: office in nine one, UM, and they talked him into 119 00:06:41,839 --> 00:06:47,039 Speaker 1: not only increasing government spending like welfare programs. They raised 120 00:06:47,040 --> 00:06:51,839 Speaker 1: the UM, the minimum wade and UM some other stuff 121 00:06:51,880 --> 00:06:55,320 Speaker 1: like that, but they also cut taxes, which is, you 122 00:06:55,440 --> 00:06:57,560 Speaker 1: do one or the other. You cut taxes and hope 123 00:06:57,560 --> 00:07:00,360 Speaker 1: everything goes for the best because businesses will start investing 124 00:07:00,360 --> 00:07:04,960 Speaker 1: and spending, or you start you start investing in welfare 125 00:07:04,960 --> 00:07:08,719 Speaker 1: programs to help your ailing UM lower in middle classes. Right, 126 00:07:09,040 --> 00:07:12,160 Speaker 1: you don't do both, and Kennedy did both and it 127 00:07:12,280 --> 00:07:15,360 Speaker 1: was successful. Yeah. He well he at first he said, 128 00:07:16,480 --> 00:07:18,880 Speaker 1: I don't know about this. I don't know about this author. 129 00:07:18,960 --> 00:07:22,360 Speaker 1: Mike Kennedy sounds like a robot. My kinda did too. 130 00:07:22,360 --> 00:07:28,040 Speaker 1: Actually this is fine, but Arthur mr Okun Okon, I 131 00:07:28,080 --> 00:07:33,120 Speaker 1: think it's a weird name. Okay, you in uh. He 132 00:07:33,160 --> 00:07:37,520 Speaker 1: talked him into it and said trust me, and things 133 00:07:37,520 --> 00:07:40,840 Speaker 1: worked out in that case. Yeah. Well, and a lot 134 00:07:40,880 --> 00:07:45,400 Speaker 1: of guys, including Oaken's names, were made by this advice 135 00:07:45,440 --> 00:07:48,840 Speaker 1: that panned out like the US Center to Boom and 136 00:07:49,040 --> 00:07:51,720 Speaker 1: um Okin ended up as being the head of the 137 00:07:51,760 --> 00:07:56,559 Speaker 1: Council of Economic Advisors for Kennedy's successor, Lyndon Johnson. Right, yeah, 138 00:07:56,640 --> 00:08:01,240 Speaker 1: and um one thing that economic economists economists love to 139 00:08:01,280 --> 00:08:05,120 Speaker 1: do is um I mean, he loved the forecasts and 140 00:08:05,120 --> 00:08:08,200 Speaker 1: all that stuff. But it's all about data, man. They 141 00:08:08,360 --> 00:08:11,520 Speaker 1: love to pour over data, like stuff that makes the 142 00:08:11,560 --> 00:08:16,160 Speaker 1: average person their mind bleed from boredom. They just find 143 00:08:16,200 --> 00:08:19,320 Speaker 1: it fascinating. That's what they do on Friday nights. Friday nights, 144 00:08:19,320 --> 00:08:22,160 Speaker 1: they pour over data, historical data, trying to find you know, 145 00:08:22,200 --> 00:08:24,200 Speaker 1: it's like the big puzzle and they're all trying to 146 00:08:24,200 --> 00:08:27,120 Speaker 1: solve it, so they pour over this data. Oakland did, 147 00:08:27,280 --> 00:08:30,160 Speaker 1: and um he said, you know what, I noticed something 148 00:08:30,240 --> 00:08:38,120 Speaker 1: here between when we started recording some some decent unemployment rates, 149 00:08:39,120 --> 00:08:40,560 Speaker 1: which I didn't know. I didn't know we started that. 150 00:08:41,520 --> 00:08:43,120 Speaker 1: It seems like it would have gone back before then. 151 00:08:43,559 --> 00:08:46,680 Speaker 1: But between sixty he said, you know what, I've noticed 152 00:08:46,720 --> 00:08:51,679 Speaker 1: that the gross national product rises three for every percentage 153 00:08:51,720 --> 00:08:57,320 Speaker 1: point that unemployment falls. With the caveat that unemployment has 154 00:08:57,360 --> 00:09:00,680 Speaker 1: to be between three and seven point five percent, which 155 00:09:00,720 --> 00:09:03,400 Speaker 1: is a pretty like, it's pretty bold statement to say 156 00:09:03,440 --> 00:09:06,840 Speaker 1: I've noticed this is a definite trend. It is, and 157 00:09:06,920 --> 00:09:09,800 Speaker 1: it came to be called Oakland's law because it was 158 00:09:09,920 --> 00:09:12,280 Speaker 1: verified other people poured over the data and like, this 159 00:09:12,320 --> 00:09:15,000 Speaker 1: guy is right, man, he just keeps coming up with hits, 160 00:09:15,040 --> 00:09:18,640 Speaker 1: doesn't he. Um. And the reason you would want to 161 00:09:18,679 --> 00:09:23,320 Speaker 1: know some arcane piece of data like that is that 162 00:09:23,640 --> 00:09:27,560 Speaker 1: if you know that that's the case, then you can say, well, 163 00:09:27,600 --> 00:09:30,360 Speaker 1: if we attack unemployment can get it down a couple 164 00:09:30,400 --> 00:09:33,680 Speaker 1: of points. We can you know, raise g d P 165 00:09:34,080 --> 00:09:36,959 Speaker 1: or g MP, you know, by three percent every time 166 00:09:37,000 --> 00:09:40,400 Speaker 1: we drop it. So when we need to bulk g 167 00:09:40,600 --> 00:09:45,120 Speaker 1: m P up, we just attack unemployment, right, easy, peasy, 168 00:09:46,160 --> 00:09:50,360 Speaker 1: uh yeah, and everyone said, thank you are Yeah. Things 169 00:09:50,360 --> 00:09:51,840 Speaker 1: worked out pretty well for a while, but then the 170 00:09:51,880 --> 00:09:55,760 Speaker 1: nineteen seventies came along, and UM, if you what, we're 171 00:09:55,800 --> 00:09:57,800 Speaker 1: gonna talk a little bit about stagflation now. But if 172 00:09:57,840 --> 00:10:01,800 Speaker 1: you haven't heard it, we have a two good episode 173 00:10:02,360 --> 00:10:06,680 Speaker 1: I think. So it's called what is Stagflation? From February 174 00:10:06,280 --> 00:10:11,000 Speaker 1: twenty four, two thousand. Um. Yeah, I think as far 175 00:10:11,040 --> 00:10:15,000 Speaker 1: as our economics episodes, it was not bad. I went 176 00:10:15,040 --> 00:10:17,320 Speaker 1: back and listened to a lot of it before I 177 00:10:17,320 --> 00:10:21,920 Speaker 1: got bored out. Yeah, the first three minutes were great. Um. 178 00:10:21,960 --> 00:10:24,680 Speaker 1: But yeah, I go back and listen to that. But um, 179 00:10:24,720 --> 00:10:26,240 Speaker 1: like he said, he served as chairman of the c 180 00:10:26,280 --> 00:10:29,440 Speaker 1: e A for Johnson, and then in seventy three, a 181 00:10:29,559 --> 00:10:34,360 Speaker 1: very unfortunate thing happened that kind of ended up rocking 182 00:10:34,520 --> 00:10:39,880 Speaker 1: the world and the United States in particular with our economy. Um, 183 00:10:39,920 --> 00:10:41,760 Speaker 1: so we're gonna take a break and we're gonna talk 184 00:10:42,120 --> 00:11:07,760 Speaker 1: when we get back about the Middle East. All right, 185 00:11:07,760 --> 00:11:13,800 Speaker 1: what happened in the old I am negative three? The 186 00:11:13,880 --> 00:11:17,800 Speaker 1: arab oil embargo happened. Right, So, at the time, until 187 00:11:18,000 --> 00:11:21,240 Speaker 1: very recently, the US was super dependent on foreign oil 188 00:11:21,880 --> 00:11:25,000 Speaker 1: like like other countries. We wouldn't even sit down at 189 00:11:25,000 --> 00:11:28,840 Speaker 1: the table with we were getting oil from right. Yeah, 190 00:11:28,840 --> 00:11:32,839 Speaker 1: we're doing better now, yeah, with our dependency, But back then, 191 00:11:33,120 --> 00:11:36,920 Speaker 1: very bad, very um. And it was it was a 192 00:11:36,960 --> 00:11:38,880 Speaker 1: source of anxiety for a lot of people, and that 193 00:11:38,960 --> 00:11:43,000 Speaker 1: anxiety actually panned out. So in Um nineteen seventy three, 194 00:11:43,440 --> 00:11:48,040 Speaker 1: Egypt and Syria and a few other Arab nations invaded 195 00:11:48,120 --> 00:11:52,599 Speaker 1: the Golden Heights and the Sinai Peninsula to attempt to 196 00:11:52,640 --> 00:11:56,840 Speaker 1: take back land Um from the State of Israel. The 197 00:11:56,960 --> 00:12:01,840 Speaker 1: US was found to be supply arms to Israel, So 198 00:12:02,040 --> 00:12:04,360 Speaker 1: as far as the Arab States were concerned, the US 199 00:12:04,440 --> 00:12:06,959 Speaker 1: had cast its lot on israel side, and they were 200 00:12:06,960 --> 00:12:11,840 Speaker 1: fairly peeved about that. So they literally shut off the 201 00:12:11,880 --> 00:12:16,120 Speaker 1: tap of oil flowing to the United States and other 202 00:12:16,160 --> 00:12:18,640 Speaker 1: countries that were found considered to be on the side 203 00:12:18,640 --> 00:12:22,360 Speaker 1: of Israel in this in this war Um huge deal. 204 00:12:22,679 --> 00:12:27,400 Speaker 1: It was an enormous deal. The the this foreign dependency 205 00:12:27,480 --> 00:12:31,000 Speaker 1: in the the precarious situation that it placed the United 206 00:12:31,040 --> 00:12:33,959 Speaker 1: States and came to pass, and the price of oil 207 00:12:34,040 --> 00:12:37,520 Speaker 1: rose thirty seven. The long lines at the gas station 208 00:12:37,600 --> 00:12:40,760 Speaker 1: were never seen before or since. Even after the financial 209 00:12:40,800 --> 00:12:44,439 Speaker 1: crisis of two thousand eight. UM, it was just insane. 210 00:12:44,480 --> 00:12:47,480 Speaker 1: There was gas rationing in the United States in nineteen 211 00:12:48,040 --> 00:12:50,720 Speaker 1: because the UM the oil embargo, and after a while 212 00:12:50,960 --> 00:12:53,480 Speaker 1: the taps were turned back on. But that shocked to 213 00:12:53,559 --> 00:12:59,800 Speaker 1: the system, screwed the economy up for a decade. Inflation 214 00:13:00,280 --> 00:13:04,360 Speaker 1: went out of control, and UM a very another unfortunately 215 00:13:04,360 --> 00:13:10,000 Speaker 1: happened along the same timeline. Unemployment started to creep up. 216 00:13:10,400 --> 00:13:13,520 Speaker 1: And these two things happening at the same time as devastating. Yeah, 217 00:13:13,559 --> 00:13:16,760 Speaker 1: and up to this point, so first of all, the 218 00:13:16,840 --> 00:13:19,400 Speaker 1: US had never had a shock to the system like that. 219 00:13:19,400 --> 00:13:21,599 Speaker 1: That was one thing. It wasn't a gradual thing. It 220 00:13:21,720 --> 00:13:24,920 Speaker 1: was like yeah. But the other thing is when you 221 00:13:25,000 --> 00:13:27,960 Speaker 1: have something that has never happened before, you can look 222 00:13:28,000 --> 00:13:30,400 Speaker 1: at it and say, wow, what what happened, and new 223 00:13:30,480 --> 00:13:32,640 Speaker 1: things that have never happened before come out of that. 224 00:13:32,679 --> 00:13:36,320 Speaker 1: And one of the things was inflation and unemployment going up, 225 00:13:36,320 --> 00:13:39,320 Speaker 1: because up to this point, economists just assumed that the 226 00:13:39,360 --> 00:13:43,319 Speaker 1: two were mutually exclusive. If you're if you're UM. If 227 00:13:43,360 --> 00:13:46,400 Speaker 1: inflation was up, prices were high, that meant that companies 228 00:13:46,400 --> 00:13:49,400 Speaker 1: could go out and hire more people, so unemployment of 229 00:13:49,440 --> 00:13:51,520 Speaker 1: course would be low. Yeah, it kind of made sense. 230 00:13:51,600 --> 00:13:54,600 Speaker 1: Well not not after the oil embargo. The shock to 231 00:13:54,640 --> 00:13:57,240 Speaker 1: the system led to, like you said, high unemployment rates 232 00:13:57,280 --> 00:14:00,880 Speaker 1: and high inflation, and uh, it was a miserable time. Yeah, 233 00:14:01,000 --> 00:14:05,040 Speaker 1: and that was called stagflation. It also led to skateboarding, 234 00:14:05,360 --> 00:14:08,520 Speaker 1: as we all know. Oh yeah, because of the pools, right, yeah, 235 00:14:08,559 --> 00:14:10,880 Speaker 1: they could and cal well actually that was the drought. 236 00:14:11,640 --> 00:14:15,280 Speaker 1: But I think the drought was also tied into the economics. Sure, 237 00:14:15,320 --> 00:14:17,080 Speaker 1: but they couldn't fill up swimm pools that they started 238 00:14:17,120 --> 00:14:19,120 Speaker 1: skating in swimming pools. Well, yeah, if you have a drought, 239 00:14:19,160 --> 00:14:21,040 Speaker 1: then you lose your crops. And if you lose your crops, 240 00:14:21,080 --> 00:14:24,960 Speaker 1: you lose money, a significant sector of money exactly. So 241 00:14:25,080 --> 00:14:30,040 Speaker 1: good news. We have half pipes now and quarter pipes 242 00:14:31,120 --> 00:14:35,720 Speaker 1: and peralta they're still around, right, I think bad news 243 00:14:35,800 --> 00:14:38,520 Speaker 1: is like you said, it had a devastating effect for many, 244 00:14:38,520 --> 00:14:41,560 Speaker 1: many years on the United States. So Oakin starts to 245 00:14:41,560 --> 00:14:43,640 Speaker 1: look around. He said, you know what, things are pretty 246 00:14:43,680 --> 00:14:46,320 Speaker 1: bad here. One might even say miserable. I haven't gotten 247 00:14:46,360 --> 00:14:49,040 Speaker 1: any acclaim for a while. Yeah, nothing's been named after 248 00:14:49,080 --> 00:14:51,640 Speaker 1: me in a while. So let me create this new 249 00:14:52,560 --> 00:14:55,960 Speaker 1: uh list, new method for looking at the economy. And 250 00:14:55,960 --> 00:14:59,320 Speaker 1: it turns out to not be like a look over 251 00:14:59,400 --> 00:15:01,240 Speaker 1: a period of time or anything, but just sort of 252 00:15:01,240 --> 00:15:05,960 Speaker 1: like a polaroid of that day and not just that 253 00:15:06,040 --> 00:15:09,720 Speaker 1: day for like the country as a whole, or um 254 00:15:09,840 --> 00:15:13,520 Speaker 1: for the FED or anything like that. But what he 255 00:15:13,600 --> 00:15:17,080 Speaker 1: did that was different was he looked into what the 256 00:15:17,240 --> 00:15:19,960 Speaker 1: what it was like that day or that year for 257 00:15:20,040 --> 00:15:24,400 Speaker 1: the average American in their daily life. And he called 258 00:15:24,440 --> 00:15:29,280 Speaker 1: it the misery Index. Yeah, and it was very rudimentary 259 00:15:29,320 --> 00:15:33,240 Speaker 1: at the time. It was just simple calculation of the 260 00:15:33,320 --> 00:15:36,440 Speaker 1: yearly rate of inflation plus the unemployment rate. Yeah. So 261 00:15:36,480 --> 00:15:41,040 Speaker 1: if you have like five percent inflation and two percent unemployment, 262 00:15:41,080 --> 00:15:43,320 Speaker 1: you have a seven percent misery index. It's as simple 263 00:15:43,360 --> 00:15:45,440 Speaker 1: as that. I don't know why it got so much, 264 00:15:45,560 --> 00:15:47,320 Speaker 1: you know what. It was hailed as a big deal 265 00:15:47,520 --> 00:15:51,560 Speaker 1: because I think Oakin had a a a knack for 266 00:15:51,760 --> 00:15:55,840 Speaker 1: noticing things that seemed obvious in retrospect, but at the 267 00:15:55,880 --> 00:15:59,400 Speaker 1: time no one had ever noticed before. I'll buy it. 268 00:15:59,600 --> 00:16:02,800 Speaker 1: Thank why not? Alright, So now he has this index, 269 00:16:02,960 --> 00:16:04,920 Speaker 1: and not only can he look at a snapshot of 270 00:16:05,000 --> 00:16:07,880 Speaker 1: that day, he can go back because he was a 271 00:16:07,880 --> 00:16:12,000 Speaker 1: a data walk sure he could look at data throughout history. Well, 272 00:16:12,040 --> 00:16:14,560 Speaker 1: at least in nine, Yeah, which is when we started 273 00:16:14,560 --> 00:16:17,160 Speaker 1: recording unemployment, like we said, which must have been frustrating 274 00:16:17,160 --> 00:16:22,000 Speaker 1: for him because our um our inflation rates data goes 275 00:16:22,040 --> 00:16:25,880 Speaker 1: back to nineteen fourteen. But that's only part of the equation. Well, 276 00:16:25,880 --> 00:16:28,240 Speaker 1: it must have been like, oh, sure, and to be 277 00:16:28,280 --> 00:16:29,920 Speaker 1: able to look at the Great Depression, you could have 278 00:16:29,960 --> 00:16:32,680 Speaker 1: learned a lot, you know. Uh. So he went and 279 00:16:32,680 --> 00:16:35,400 Speaker 1: he looked back, and he says, here is what we've noticed, 280 00:16:35,640 --> 00:16:39,280 Speaker 1: and this is so obvious to me, uh, that that 281 00:16:39,480 --> 00:16:41,920 Speaker 1: presidents and political parties are brought in and out of 282 00:16:41,920 --> 00:16:45,520 Speaker 1: office largely depending on how the economy is doing. Yeah, 283 00:16:45,960 --> 00:16:48,200 Speaker 1: but they kind of proved it, but not even just 284 00:16:48,240 --> 00:16:50,320 Speaker 1: how the economy is doing. Like he he was saying, 285 00:16:50,360 --> 00:16:53,680 Speaker 1: like the misery index you can use to predict whether 286 00:16:54,440 --> 00:16:58,560 Speaker 1: the the presidency's going to change hands politically. Yeah. So 287 00:16:58,840 --> 00:17:03,040 Speaker 1: nineteen fifty six, Uh, misery index is six point five three, 288 00:17:03,240 --> 00:17:08,760 Speaker 1: which is great. That's during like, yeah, very low, Mr Eisenhower, 289 00:17:09,080 --> 00:17:13,320 Speaker 1: President Eisenhower, and he got reelected because things were pretty good, 290 00:17:14,920 --> 00:17:17,680 Speaker 1: right as far as the misery index goes. Yeah, Yeah, 291 00:17:17,840 --> 00:17:20,000 Speaker 1: everybody was pretty happy, even though they didn't really know 292 00:17:20,080 --> 00:17:22,280 Speaker 1: what the misery index was because it wasn't invented yet. 293 00:17:22,880 --> 00:17:25,640 Speaker 1: They just had a general sense. Well, yeah, they didn't 294 00:17:25,640 --> 00:17:27,199 Speaker 1: call it that at a time. No, They're just like, 295 00:17:27,520 --> 00:17:30,080 Speaker 1: seems fine to me. You're miserable. We like, no, I'm 296 00:17:30,080 --> 00:17:35,760 Speaker 1: not miserable, are you. So in Johnson came to the 297 00:17:35,800 --> 00:17:38,320 Speaker 1: end of his term and the misery index was up 298 00:17:38,359 --> 00:17:40,240 Speaker 1: to eight point one three, and then he had his 299 00:17:40,760 --> 00:17:44,760 Speaker 1: Democratic successor, Hubert Humphrey in line, and because the thing 300 00:17:44,960 --> 00:17:47,600 Speaker 1: had crept up, people a little more miserable and they said, no, 301 00:17:47,720 --> 00:17:50,479 Speaker 1: get out of here, I want Mr Nixon in office, right, 302 00:17:50,760 --> 00:17:53,679 Speaker 1: And I guess I'm not. I'm not sure about this. 303 00:17:53,720 --> 00:17:58,160 Speaker 1: So I don't understand why Johnson was replaced by Humphrey 304 00:17:58,200 --> 00:18:01,760 Speaker 1: by the Democrats and in this article, and it seems 305 00:18:01,840 --> 00:18:05,120 Speaker 1: to be because of this misery index that it would 306 00:18:05,160 --> 00:18:11,439 Speaker 1: have predicted that. But he was the incumbent president, so 307 00:18:11,520 --> 00:18:15,280 Speaker 1: let's see, so he was he would have should know this. No, 308 00:18:15,480 --> 00:18:17,680 Speaker 1: he yeah, he was a one term or technically one 309 00:18:17,720 --> 00:18:20,320 Speaker 1: in a third or one in a quarter because he 310 00:18:20,359 --> 00:18:23,520 Speaker 1: took over after Kennedy's assassination. But if his term was 311 00:18:23,600 --> 00:18:25,199 Speaker 1: up in sixty eight, then he would have won the 312 00:18:25,240 --> 00:18:29,560 Speaker 1: sixty four election. So he technically I think would have 313 00:18:29,560 --> 00:18:32,359 Speaker 1: been able to have been president. Again, I'm not sure 314 00:18:32,440 --> 00:18:34,479 Speaker 1: we could have found this out too sure, but I'll 315 00:18:34,520 --> 00:18:36,600 Speaker 1: bet there's somebody out there who can explain it to us, 316 00:18:36,640 --> 00:18:39,760 Speaker 1: and so email us, will you? Uh? At any rate, 317 00:18:39,840 --> 00:18:43,719 Speaker 1: Nixon gets elected and um, the misery index shot up 318 00:18:43,760 --> 00:18:46,720 Speaker 1: to eleven point six seven during the first term, but 319 00:18:46,760 --> 00:18:50,200 Speaker 1: then started to this decline enough that he did get 320 00:18:50,200 --> 00:18:54,680 Speaker 1: re elected. Um. But then uh in n with Watergate, 321 00:18:54,960 --> 00:18:57,400 Speaker 1: the misery index leapt all the way up to seventeen 322 00:18:57,520 --> 00:19:00,119 Speaker 1: point oh one. That's not good. Now, that's that is 323 00:19:00,160 --> 00:19:03,840 Speaker 1: the all time high at the time from what I understand. UM, 324 00:19:03,880 --> 00:19:08,240 Speaker 1: and that happened around nineteen seventy four, which meant that 325 00:19:08,520 --> 00:19:11,920 Speaker 1: when Watergate broke, some people who really subscribed to the 326 00:19:11,960 --> 00:19:15,000 Speaker 1: misery index say Watergate might not have been quite as 327 00:19:15,040 --> 00:19:17,960 Speaker 1: big a deal. If um, the misery index have been 328 00:19:18,000 --> 00:19:20,280 Speaker 1: low at the time, he might have been able to 329 00:19:20,640 --> 00:19:24,399 Speaker 1: squeak by without resigning or being forced out of office. 330 00:19:24,640 --> 00:19:26,720 Speaker 1: I think everyone has more leeway if things are great, 331 00:19:27,160 --> 00:19:31,760 Speaker 1: you know. But he his his his his currency had 332 00:19:31,800 --> 00:19:35,040 Speaker 1: been spent. Man. I watched all the president's men a 333 00:19:35,040 --> 00:19:39,240 Speaker 1: few weeks ago. Again, you ever seen that great, great movie. Yeah, 334 00:19:39,640 --> 00:19:42,480 Speaker 1: I've always meant to really really good and just sort 335 00:19:42,520 --> 00:19:44,000 Speaker 1: of like, they don't make a lot of movies like 336 00:19:44,040 --> 00:19:49,520 Speaker 1: that anymore. Spotlight reminded me of all it's good. It's 337 00:19:49,520 --> 00:19:51,400 Speaker 1: just I call it movies for adults. You know. There's 338 00:19:51,440 --> 00:19:55,720 Speaker 1: no chase scenes or anything remarkable. It's just good dramatic 339 00:19:56,400 --> 00:19:59,520 Speaker 1: movie making. Yeah, good stuff anyway. Wait, what's wrong with 340 00:19:59,520 --> 00:20:03,200 Speaker 1: the chasing? Uh? What's wrong with chase? No, there's nothing 341 00:20:03,240 --> 00:20:05,960 Speaker 1: inherently wrong with this, but I know what you mean, 342 00:20:06,040 --> 00:20:07,800 Speaker 1: just for the sake of a chasing, which we see 343 00:20:07,840 --> 00:20:09,440 Speaker 1: a lot of these days, you know what I mean, 344 00:20:09,480 --> 00:20:11,840 Speaker 1: Like Mark Ruffalo is chasing a priest in a car 345 00:20:11,920 --> 00:20:19,360 Speaker 1: and spotlight. Yeah, um, where were we? Okay, we're with Nixon. Um, well, 346 00:20:19,359 --> 00:20:21,440 Speaker 1: not with Nixon, you know what I mean. Ford comes 347 00:20:21,440 --> 00:20:25,359 Speaker 1: in office for a short time, and he actually managed 348 00:20:25,400 --> 00:20:28,200 Speaker 1: to get the misery indext year down. Well. I think 349 00:20:28,240 --> 00:20:30,080 Speaker 1: just the fact that Nixon was out. I think that 350 00:20:30,119 --> 00:20:35,200 Speaker 1: probably helped um you know and inspire like consumer confidence 351 00:20:35,200 --> 00:20:37,680 Speaker 1: in the like. So it crept back down to twelve 352 00:20:37,720 --> 00:20:41,439 Speaker 1: point six six, but not enough to keep um, the 353 00:20:41,480 --> 00:20:44,560 Speaker 1: Democrats and Jimmy Carter from coming into office and Carter 354 00:20:44,640 --> 00:20:48,000 Speaker 1: actually cited the misery Index. It was relatively new at 355 00:20:48,040 --> 00:20:49,800 Speaker 1: the time. He talked too much about it, but it 356 00:20:49,840 --> 00:20:51,760 Speaker 1: was it was a g whiz thing that you could 357 00:20:51,760 --> 00:20:53,800 Speaker 1: really just point to, like this post this, This is 358 00:20:53,800 --> 00:20:56,960 Speaker 1: the misery index. Can you can you hear me? That's 359 00:20:57,000 --> 00:21:00,919 Speaker 1: my car? But that was his amous quote, can you 360 00:21:00,920 --> 00:21:03,560 Speaker 1: hear me? It came back to haunt him though, to 361 00:21:03,600 --> 00:21:05,879 Speaker 1: say the least, because he talked a lot about the 362 00:21:05,920 --> 00:21:10,920 Speaker 1: misery Index, and then in his term the it reached 363 00:21:10,920 --> 00:21:15,639 Speaker 1: an all time high of twenty one. Yeah, which, man, 364 00:21:16,680 --> 00:21:19,159 Speaker 1: I really think that shock to the system under the 365 00:21:19,200 --> 00:21:23,080 Speaker 1: oil embargo, um and plenty of other stuff. This stuff 366 00:21:23,119 --> 00:21:26,159 Speaker 1: gets laid at Carter's feet, I think unfairly in a 367 00:21:26,160 --> 00:21:30,280 Speaker 1: lot of respects. Well, I mean, I would love for 368 00:21:30,320 --> 00:21:33,040 Speaker 1: someone to really that really knows their stuff to explain 369 00:21:33,119 --> 00:21:38,040 Speaker 1: to me exactly how much a president's influence has on 370 00:21:38,080 --> 00:21:40,760 Speaker 1: the economy and how long it takes for that to 371 00:21:41,280 --> 00:21:44,640 Speaker 1: bear fruit. Yeah, I would love to know that too. 372 00:21:44,720 --> 00:21:48,440 Speaker 1: I think though, Uh, the guy who came after Carter, Reagan, 373 00:21:49,320 --> 00:21:54,000 Speaker 1: is a pretty sterling, unassailable example of an impact a 374 00:21:54,240 --> 00:21:56,879 Speaker 1: president can have on the economy, whether you agree with 375 00:21:56,960 --> 00:22:00,720 Speaker 1: his politics or his economic policies are not. He most 376 00:22:00,760 --> 00:22:03,879 Speaker 1: decidedly had an effect on the economy. Yeah. I just 377 00:22:03,920 --> 00:22:06,720 Speaker 1: remember hearing one time. I need to look this up, 378 00:22:06,760 --> 00:22:09,960 Speaker 1: but somebody told me once that that the economic impact 379 00:22:09,960 --> 00:22:13,359 Speaker 1: of the presidential a four year term is felt the 380 00:22:13,359 --> 00:22:15,960 Speaker 1: most like eight years later or something. Yeah, that makes 381 00:22:15,960 --> 00:22:18,480 Speaker 1: sense to me. Economies don't move on a dime. Yeah, 382 00:22:18,520 --> 00:22:21,000 Speaker 1: I just I don't know if that's talking lumbering things. 383 00:22:21,080 --> 00:22:24,439 Speaker 1: They aren't fully understood by anybody. Yeah, it's interesting to 384 00:22:24,480 --> 00:22:27,520 Speaker 1: me now more than ever before though, because remember economics 385 00:22:27,560 --> 00:22:31,040 Speaker 1: used to I know, I was really really surprised when 386 00:22:31,080 --> 00:22:35,840 Speaker 1: you suggested this one. It's slightly more interesting to me. Oh, 387 00:22:36,400 --> 00:22:39,280 Speaker 1: just wondering things like that, and during an election season, 388 00:22:39,920 --> 00:22:43,439 Speaker 1: like are the decisions we make now gonna affect us 389 00:22:43,480 --> 00:22:47,359 Speaker 1: in one year or two years? Eight years? Uh? Yeah, Well, 390 00:22:47,400 --> 00:22:50,040 Speaker 1: if there's any economists who are still listening after that 391 00:22:50,160 --> 00:22:54,240 Speaker 1: initial remark about the new astrology, we'd love to to 392 00:22:54,359 --> 00:22:56,560 Speaker 1: get a primer on how long it takes for a 393 00:22:56,600 --> 00:22:59,640 Speaker 1: president to impact an economy, if they do at all. 394 00:23:00,000 --> 00:23:02,040 Speaker 1: I'm sure it's a arrange, you know, it's not like 395 00:23:02,119 --> 00:23:05,840 Speaker 1: starting it eight years and really, honestly was Carter that 396 00:23:05,880 --> 00:23:10,320 Speaker 1: band or was he a victim of cross stars. Yeah. 397 00:23:10,359 --> 00:23:12,680 Speaker 1: I mean you can make a case where a lot 398 00:23:12,720 --> 00:23:16,600 Speaker 1: of bills of presidencies not being directly at their feet. 399 00:23:16,840 --> 00:23:21,080 Speaker 1: But you remember that, uh Simpsons where they unveil a 400 00:23:21,200 --> 00:23:24,320 Speaker 1: statue of Jimmy Carter in Springfield and on the pedestal 401 00:23:24,400 --> 00:23:28,080 Speaker 1: it says Malaise Forever, and somebody goes, Jimmy Carter, He's 402 00:23:28,119 --> 00:23:34,920 Speaker 1: history's greatest monster Carter. So, like we said, it came 403 00:23:34,960 --> 00:23:37,040 Speaker 1: back to haunt Carter because he talked a lot about 404 00:23:37,080 --> 00:23:39,119 Speaker 1: the index. It rose a lot. Then Reagan came in 405 00:23:39,240 --> 00:23:42,000 Speaker 1: was like, well, let's talk about that misery index that 406 00:23:42,040 --> 00:23:44,040 Speaker 1: you like to talk about so much. That's in an 407 00:23:44,040 --> 00:23:47,199 Speaker 1: all time high. Reagan got in there, um knocked it 408 00:23:47,200 --> 00:23:50,399 Speaker 1: down to nine point five five by the end of 409 00:23:50,520 --> 00:23:53,720 Speaker 1: his term, enough to get Bush Senior in Um, it 410 00:23:53,800 --> 00:23:57,199 Speaker 1: inched up some then Clinton was able to Uh, it 411 00:23:57,240 --> 00:23:59,280 Speaker 1: didn't go up that much though. And I read an 412 00:23:59,320 --> 00:24:02,280 Speaker 1: interesting article to day on whether or not ross Pero 413 00:24:02,440 --> 00:24:04,960 Speaker 1: really got Clinton elected, because that's sort of the popular 414 00:24:05,080 --> 00:24:07,919 Speaker 1: thought he was a spoiler. Yeah, I could see that, 415 00:24:08,040 --> 00:24:11,159 Speaker 1: but um, he was definitely more in line with um 416 00:24:11,280 --> 00:24:14,680 Speaker 1: Bush seniors policies and Clinton's well at the time, yeah, 417 00:24:14,760 --> 00:24:16,840 Speaker 1: you would think, but I read, uh, I read one 418 00:24:16,920 --> 00:24:18,640 Speaker 1: article that said that it was kind of a myth 419 00:24:18,760 --> 00:24:21,760 Speaker 1: that basically that Clinton won by six million votes and 420 00:24:21,760 --> 00:24:27,200 Speaker 1: it would have taken of Paros supporters to have uh 421 00:24:28,200 --> 00:24:33,600 Speaker 1: been aligned with UM with Bush m hm, and supposedly 422 00:24:33,680 --> 00:24:37,639 Speaker 1: exit polls showed showed it more like thirty And so 423 00:24:37,680 --> 00:24:40,480 Speaker 1: they're saying it's sort of a myth that Pero swung 424 00:24:40,520 --> 00:24:43,000 Speaker 1: the election to Clinton. I see, but I mean that 425 00:24:43,080 --> 00:24:45,240 Speaker 1: was one person's opinion to who knows. You know, I've 426 00:24:45,240 --> 00:24:48,280 Speaker 1: been reading a lot about you know that we that 427 00:24:48,280 --> 00:24:51,080 Speaker 1: that suspicion you can't quite kick that there's really no 428 00:24:51,160 --> 00:24:54,640 Speaker 1: difference between Republicans and Democrats these days, that they're really 429 00:24:54,720 --> 00:24:57,760 Speaker 1: just kind of all in the same little club. I 430 00:24:57,800 --> 00:25:00,679 Speaker 1: think people feel that way sometimes. I've been reading a 431 00:25:00,680 --> 00:25:05,399 Speaker 1: lot about that, and apparently it's all based on neoliberalism. 432 00:25:05,520 --> 00:25:09,200 Speaker 1: That's like the key and um, there's there's a lot 433 00:25:09,280 --> 00:25:12,720 Speaker 1: of If you look into Neil liberalism and the policies 434 00:25:12,760 --> 00:25:15,080 Speaker 1: of neoliberalism, you realize we're like living in the thick 435 00:25:15,119 --> 00:25:18,040 Speaker 1: of it. But no one everyone's kind of blind to 436 00:25:18,119 --> 00:25:20,520 Speaker 1: the idea that it's just a single thing that basically 437 00:25:20,600 --> 00:25:25,320 Speaker 1: everybody in power subscribes to and that it has a 438 00:25:25,320 --> 00:25:29,880 Speaker 1: triple down effect of screwing over everybody below the top. Um. 439 00:25:29,920 --> 00:25:32,639 Speaker 1: But just the name itself seems totally fine, you know. 440 00:25:32,760 --> 00:25:36,560 Speaker 1: But it's uh, it's it's interesting. Yeah. I researched that 441 00:25:36,640 --> 00:25:39,040 Speaker 1: a little bit lately too. Yeah, there's been some good article. 442 00:25:39,200 --> 00:25:42,920 Speaker 1: We totally should let's do it, agreed. Man, we're gonna 443 00:25:42,960 --> 00:25:48,159 Speaker 1: get some emails for that one from billionaires. Yeah. Um, 444 00:25:48,280 --> 00:25:52,480 Speaker 1: So let's just finish out this quick little recap. Clinton 445 00:25:52,800 --> 00:25:56,120 Speaker 1: brought it down to seven point three five. Things were great, 446 00:25:56,600 --> 00:26:00,560 Speaker 1: Bush Junior gets elected. Um, despite the fact that Clinton 447 00:26:00,600 --> 00:26:02,720 Speaker 1: had a low index. Well, it depends on how you 448 00:26:02,720 --> 00:26:06,080 Speaker 1: look at the two thousand election. We should do one 449 00:26:06,119 --> 00:26:07,959 Speaker 1: on that one too. But this is the this is 450 00:26:08,000 --> 00:26:10,840 Speaker 1: that's considered one of those rare instances where the misery 451 00:26:10,880 --> 00:26:13,280 Speaker 1: index didn't indicate where it was going to go. But 452 00:26:13,359 --> 00:26:17,200 Speaker 1: you could also say it might have had things gone 453 00:26:17,240 --> 00:26:21,000 Speaker 1: slightly differently. In the Supreme Court George W. Bush, the 454 00:26:21,040 --> 00:26:23,840 Speaker 1: index rose from seven point three five to eleven point four, 455 00:26:24,400 --> 00:26:26,440 Speaker 1: and then Obama came in it went down to seven 456 00:26:26,440 --> 00:26:29,360 Speaker 1: point eight seven. But another weird flaw in the system 457 00:26:29,560 --> 00:26:32,720 Speaker 1: is exposed there because, um, despite the fact that the 458 00:26:32,720 --> 00:26:36,359 Speaker 1: misery index was lower, things were not good. The stock 459 00:26:36,400 --> 00:26:40,040 Speaker 1: market had crashed, unemployment was rising at a rapid rate, 460 00:26:40,640 --> 00:26:43,000 Speaker 1: and they said, you know this. It basically was another 461 00:26:43,000 --> 00:26:45,120 Speaker 1: example of like, look, this misery index isn't all it's 462 00:26:45,119 --> 00:26:48,080 Speaker 1: cracked up to be right, so let's work on it. Yeah. 463 00:26:48,520 --> 00:26:51,040 Speaker 1: I think a lot of people said this is too simplistic. 464 00:26:51,520 --> 00:26:54,199 Speaker 1: You can't rely on this. But we'll talk about some 465 00:26:54,280 --> 00:26:57,639 Speaker 1: of the additional factors that people have worked into the 466 00:26:57,680 --> 00:27:24,040 Speaker 1: misery index after this. All right, Chuck, so the misery 467 00:27:24,080 --> 00:27:28,560 Speaker 1: index open. Everybody's happy with him. They're like, this is 468 00:27:28,640 --> 00:27:31,520 Speaker 1: just too simple, especially in what's called the post stag 469 00:27:31,520 --> 00:27:37,359 Speaker 1: inflation era after the oil embargo. Um. And so some 470 00:27:37,400 --> 00:27:40,000 Speaker 1: people have said, okay, you can there's certainly there's other 471 00:27:40,040 --> 00:27:42,560 Speaker 1: things you can add in to give a genuine, true 472 00:27:42,600 --> 00:27:46,200 Speaker 1: snapshot of what the conditions are like on the ground, 473 00:27:46,240 --> 00:27:48,399 Speaker 1: as it were. Right, Well, yeah, not only what the 474 00:27:48,440 --> 00:27:51,560 Speaker 1: conditions are, but whether or not performance over a period 475 00:27:51,600 --> 00:27:55,080 Speaker 1: of time is getting better getting worse. Yes, And you know, 476 00:27:55,280 --> 00:27:58,800 Speaker 1: rather than say, oh, under under this president, the misery 477 00:27:58,800 --> 00:28:00,480 Speaker 1: index was this, you know, and it gives you a 478 00:28:00,520 --> 00:28:04,480 Speaker 1: pretty good idea this with this one guy UM named 479 00:28:04,720 --> 00:28:08,360 Speaker 1: Robert Barrow. He wrote a book called Getting It Right, 480 00:28:08,480 --> 00:28:11,280 Speaker 1: Markets and Choices in a Free Society, and in it 481 00:28:11,359 --> 00:28:15,119 Speaker 1: he takes the misery index Oakin's Misery Index, and he says, 482 00:28:15,640 --> 00:28:17,880 Speaker 1: we can add some stuff to this to to make 483 00:28:17,920 --> 00:28:20,560 Speaker 1: it an even clearer picture, not just of the conditions 484 00:28:20,560 --> 00:28:22,399 Speaker 1: on the ground, but you can take it and apply 485 00:28:22,480 --> 00:28:26,320 Speaker 1: it genuinely to a president's entire term to see just 486 00:28:26,440 --> 00:28:29,359 Speaker 1: how good their economic policies were or weren't for the 487 00:28:29,359 --> 00:28:32,880 Speaker 1: health of the economy. And he added some other stuff. Yeah, 488 00:28:32,920 --> 00:28:36,760 Speaker 1: he added four main new measurements. Uh. Took the inflation 489 00:28:36,840 --> 00:28:40,320 Speaker 1: rate during the last year of the president's term, compared 490 00:28:40,320 --> 00:28:43,800 Speaker 1: it to the average inflation rate over the entire course 491 00:28:43,920 --> 00:28:47,920 Speaker 1: of the subsequent presidents, which is based on what you 492 00:28:47,960 --> 00:28:52,160 Speaker 1: were saying that like the a four year term, the 493 00:28:52,200 --> 00:28:54,840 Speaker 1: effects are felt like years down the road. So I 494 00:28:54,840 --> 00:28:56,600 Speaker 1: think that's what he was doing there, right, Yeah, it 495 00:28:56,640 --> 00:28:59,520 Speaker 1: makes sense. Did the same thing with the rate of unemployment. 496 00:29:00,200 --> 00:29:03,560 Speaker 1: That was number two. Uh. He added in changes for 497 00:29:03,640 --> 00:29:07,600 Speaker 1: the thirty year government bond yield over a presidency. And 498 00:29:07,640 --> 00:29:10,880 Speaker 1: then finally he said, um, I need to look at 499 00:29:10,880 --> 00:29:14,680 Speaker 1: the difference between the long term GDP growth the real 500 00:29:14,800 --> 00:29:18,520 Speaker 1: rate of growth. Compare all these things along with the 501 00:29:18,520 --> 00:29:22,160 Speaker 1: original Uh, this plus this equals this, right, and with 502 00:29:22,240 --> 00:29:25,080 Speaker 1: the real growth rate. Um, that's where you take the 503 00:29:25,200 --> 00:29:29,480 Speaker 1: actual change either the shrinking or the growth of the 504 00:29:29,520 --> 00:29:33,280 Speaker 1: economy the g d P year over year. Right. And 505 00:29:33,320 --> 00:29:35,800 Speaker 1: he took that for year after year over the course 506 00:29:35,840 --> 00:29:39,120 Speaker 1: of the presidency and averaged it out. I guess that's right. Yeah, 507 00:29:39,160 --> 00:29:42,160 Speaker 1: And he came up with what's called the Barrow Misery Index. 508 00:29:42,440 --> 00:29:44,680 Speaker 1: And UM, a lot of people think that that's where 509 00:29:44,720 --> 00:29:47,160 Speaker 1: the misery Index started, when in fact it was Oakin 510 00:29:47,240 --> 00:29:50,480 Speaker 1: who came up with it about twenty years before Barrow 511 00:29:51,120 --> 00:29:55,720 Speaker 1: took it up and improved it. So under Barrow's Misery Index, UM, 512 00:29:55,800 --> 00:29:58,720 Speaker 1: Clinton and Reagan, that's Bill. Clinton of course came out 513 00:29:58,760 --> 00:30:01,480 Speaker 1: on top. And then it got named Steve Hankey about 514 00:30:01,520 --> 00:30:04,840 Speaker 1: ten years later. This was originally in and then Hankey 515 00:30:04,920 --> 00:30:07,960 Speaker 1: came along in two thousand six and said, you know what, 516 00:30:08,160 --> 00:30:10,720 Speaker 1: we need to add even more things. And this all 517 00:30:10,760 --> 00:30:12,720 Speaker 1: just makes sense. You need to if you want a 518 00:30:12,720 --> 00:30:15,920 Speaker 1: more detailed picture, then add more detail to the data 519 00:30:15,960 --> 00:30:18,479 Speaker 1: going in, you know. So he said, we need more 520 00:30:18,520 --> 00:30:22,920 Speaker 1: detail Uh, why don't we do this. Let's um, let's 521 00:30:22,960 --> 00:30:26,680 Speaker 1: measure inflation and unemployment like we're doing, and then let's 522 00:30:26,720 --> 00:30:30,960 Speaker 1: now add interest rates and subtract annual percentages from the 523 00:30:31,000 --> 00:30:34,480 Speaker 1: GDP to get a more accurate picture. And he said, 524 00:30:34,520 --> 00:30:36,120 Speaker 1: you can use this anywhere, you can use it all 525 00:30:36,120 --> 00:30:37,760 Speaker 1: over the world. Well, that's what he did, and that's 526 00:30:37,800 --> 00:30:40,479 Speaker 1: kind of what made his his version of it pretty famous. 527 00:30:40,480 --> 00:30:43,960 Speaker 1: He figured out how to apply it to other countries, 528 00:30:44,040 --> 00:30:48,400 Speaker 1: even countries that used UM price controls to keep inflation 529 00:30:48,440 --> 00:30:52,520 Speaker 1: in check, which means price inflation is held back artificially. 530 00:30:53,040 --> 00:30:56,600 Speaker 1: So Hanky looked into other things like UM the exchange 531 00:30:56,640 --> 00:30:58,640 Speaker 1: rate in the black market, and then given country that 532 00:30:58,720 --> 00:31:01,680 Speaker 1: kind of thing UM, and he figured out real inflation rates, 533 00:31:01,840 --> 00:31:03,760 Speaker 1: and he applied it around the world to find out 534 00:31:04,040 --> 00:31:07,440 Speaker 1: what country is the most miserable in what country is 535 00:31:07,480 --> 00:31:09,320 Speaker 1: the least miserable. And what he found in two thousand 536 00:31:09,400 --> 00:31:12,320 Speaker 1: fourteen was that the most miserable country in the world 537 00:31:12,360 --> 00:31:17,600 Speaker 1: was Venezuela, which had a Hanky misery index of seventy 538 00:31:17,680 --> 00:31:21,080 Speaker 1: nine point four. It's pretty high, very high. And then 539 00:31:21,160 --> 00:31:26,240 Speaker 1: Japan had the lowest misery at five point four one. Yeah, 540 00:31:26,320 --> 00:31:31,760 Speaker 1: the US came in at about nineteen, correct, I think eleven? Yeah? No, no, no, 541 00:31:31,840 --> 00:31:35,280 Speaker 1: eleven was our Oh I'm sorry. Nineteenth yeah, yeah, ranked 542 00:31:35,360 --> 00:31:40,400 Speaker 1: nineteen within eleven. I didn't hear that, yeah, because my 543 00:31:40,440 --> 00:31:44,360 Speaker 1: tooth is still gone. You think it'd be. It would 544 00:31:44,360 --> 00:31:49,480 Speaker 1: be more pronounced if they were nineteen. I would have 545 00:31:49,520 --> 00:31:53,800 Speaker 1: heard it clearly as about August can't get here soon enough. 546 00:31:54,880 --> 00:31:59,240 Speaker 1: So um, there are critics of this one too, though, 547 00:31:59,240 --> 00:32:02,400 Speaker 1: there's critics all these indexes. Well, yeah, the the A 548 00:32:02,440 --> 00:32:06,960 Speaker 1: lot of them say, no, still too elementary. Some people 549 00:32:07,000 --> 00:32:09,640 Speaker 1: say this is all just try like you can't. You 550 00:32:09,640 --> 00:32:12,040 Speaker 1: can't use this stuff to to make any real predictions. 551 00:32:12,400 --> 00:32:14,720 Speaker 1: You could use it to look back at the past, 552 00:32:14,760 --> 00:32:16,920 Speaker 1: but to use it for the future, probably not. But 553 00:32:17,080 --> 00:32:19,320 Speaker 1: some people do believe in the idea that if you 554 00:32:19,360 --> 00:32:22,600 Speaker 1: have enough data and the right kind of data, you 555 00:32:22,640 --> 00:32:25,520 Speaker 1: can get a clear picture of misery. And again that's 556 00:32:25,520 --> 00:32:27,960 Speaker 1: what we're after here, Like, the whole point of the 557 00:32:28,000 --> 00:32:32,080 Speaker 1: misery index is to figure out how unhappy and and 558 00:32:32,320 --> 00:32:36,000 Speaker 1: just low the average person in a country is feeling 559 00:32:36,040 --> 00:32:40,080 Speaker 1: at that moment, right, so um, HuffPo actually came up 560 00:32:40,120 --> 00:32:44,960 Speaker 1: with a pretty good one. HuffPo boo in two thousand nine, 561 00:32:45,480 --> 00:32:48,640 Speaker 1: HuffPo came up with what they called the Real Misery Index, right, 562 00:32:49,160 --> 00:32:53,240 Speaker 1: and so a lot of people cite the the use 563 00:32:53,280 --> 00:32:57,360 Speaker 1: of what's called YOU three unemployment statistics, which when you 564 00:32:57,440 --> 00:33:00,680 Speaker 1: hear unemployment numbers in the news, that till you're hearing 565 00:33:00,680 --> 00:33:04,320 Speaker 1: that's what the Bureau of Labor Statistics issues as the 566 00:33:04,360 --> 00:33:08,000 Speaker 1: official unemployment numbers. Right, yeah, And that's the very first 567 00:33:08,000 --> 00:33:10,800 Speaker 1: thing that people will say if they want to poopoo 568 00:33:11,520 --> 00:33:14,800 Speaker 1: the unemployment numbers, that that these are these are just 569 00:33:14,960 --> 00:33:17,680 Speaker 1: false numbers. Yeah. If someone says, hey, man, look how 570 00:33:17,720 --> 00:33:19,880 Speaker 1: great ex president is doing. Look at the unemployment rate, 571 00:33:20,000 --> 00:33:22,720 Speaker 1: right man, they're just using the U three. They need 572 00:33:22,760 --> 00:33:25,480 Speaker 1: to use the U six. Wake up, pal up in 573 00:33:25,520 --> 00:33:28,600 Speaker 1: your eyes, which you know is valid. Well yeah, so, um, 574 00:33:28,760 --> 00:33:34,160 Speaker 1: the BLS has six measurements of unemployment you one through 575 00:33:34,240 --> 00:33:38,560 Speaker 1: U six, and YOU six is the broadest. It includes 576 00:33:38,680 --> 00:33:42,440 Speaker 1: people who are so discouraged with the state of the 577 00:33:42,560 --> 00:33:45,440 Speaker 1: job market that they've given up looking for work and 578 00:33:45,440 --> 00:33:49,760 Speaker 1: they're just like, have given themselves over entirely to judge 579 00:33:49,800 --> 00:33:54,880 Speaker 1: Alex right, and then um. It also includes people who 580 00:33:54,920 --> 00:33:58,120 Speaker 1: are working part time but wish they could work full time, 581 00:33:58,160 --> 00:34:00,960 Speaker 1: but there's no full time work available. I'm a graphic designer, 582 00:34:01,000 --> 00:34:03,320 Speaker 1: but I work at Starbucks. So that's the U six 583 00:34:03,760 --> 00:34:09,279 Speaker 1: measurement that and that's considered the the broadest snapshot of unemployment, 584 00:34:09,320 --> 00:34:13,200 Speaker 1: the real m vision of unemployment. Yeah, like you said, 585 00:34:13,239 --> 00:34:15,799 Speaker 1: mostly they use you three, I guess because it's in 586 00:34:15,800 --> 00:34:17,600 Speaker 1: the middle. I mean you one. They would never use 587 00:34:18,440 --> 00:34:26,719 Speaker 1: you two. Everybody used to like, but not anymore. I 588 00:34:26,760 --> 00:34:30,120 Speaker 1: still like you too, get yeah, you know, not like 589 00:34:30,160 --> 00:34:34,359 Speaker 1: I used to. I'm not anything, but I did see 590 00:34:34,360 --> 00:34:38,000 Speaker 1: that concert they did on the HBO, and I have 591 00:34:38,120 --> 00:34:39,560 Speaker 1: to hand it to him. My big problem with you 592 00:34:39,600 --> 00:34:42,319 Speaker 1: two for years was that they just got so out 593 00:34:42,360 --> 00:34:45,360 Speaker 1: of control with those live shows like these giant spider 594 00:34:45,400 --> 00:34:49,439 Speaker 1: spaceships and things. And I was always of the belief that, man, 595 00:34:49,480 --> 00:34:51,879 Speaker 1: you need to go back to basics and just get 596 00:34:51,960 --> 00:34:54,560 Speaker 1: up on stage and play again. And that's what they 597 00:34:54,600 --> 00:34:56,640 Speaker 1: did with this new tour. I mean, there was a 598 00:34:56,640 --> 00:34:58,560 Speaker 1: cool visual element, but the stage set up in the 599 00:34:58,560 --> 00:35:00,720 Speaker 1: way they did it was very much back to basics 600 00:35:00,719 --> 00:35:04,120 Speaker 1: in it. I think they really connected with fans again. Yeah, 601 00:35:04,160 --> 00:35:08,399 Speaker 1: that's kind of help. Yeah, because you can only when 602 00:35:08,400 --> 00:35:10,879 Speaker 1: the when the interactions between you and the fans rather 603 00:35:10,920 --> 00:35:13,759 Speaker 1: than the fans and giant spiders. Yeah, you just you 604 00:35:13,800 --> 00:35:15,480 Speaker 1: can only go so far in that direction. I think 605 00:35:15,480 --> 00:35:18,480 Speaker 1: they realize that. Sure, anyway, where do you go, Youtuo, 606 00:35:18,800 --> 00:35:23,280 Speaker 1: I'll defend those guys. Um, even though I know everyone 607 00:35:23,400 --> 00:35:25,600 Speaker 1: in the world generally wants to punch Bono in the face, 608 00:35:26,440 --> 00:35:28,919 Speaker 1: I'm not one of them. It's kind of feel weird 609 00:35:28,800 --> 00:35:33,919 Speaker 1: like them. Yeah, I'm on record. I know if you're listening, well, 610 00:35:33,960 --> 00:35:38,000 Speaker 1: if you're Jared indicators, any any predictor Bonno is going 611 00:35:38,040 --> 00:35:42,239 Speaker 1: to come out to be canonized one day. What oh yeah, yeah, 612 00:35:42,239 --> 00:35:44,399 Speaker 1: you know you're like, there's something about Jared. I don't 613 00:35:44,440 --> 00:35:46,920 Speaker 1: like him, and you know, we found out about Jared 614 00:35:47,480 --> 00:35:52,640 Speaker 1: and then um, you're saying something's good, like they're gonna 615 00:35:52,680 --> 00:35:55,000 Speaker 1: find a cure for cancer and a saliva or something. 616 00:35:55,160 --> 00:36:00,080 Speaker 1: You never know. Um, so did we even mention what 617 00:36:00,120 --> 00:36:03,799 Speaker 1: the HuffPo what kind of outrageous numbers they came up with? No, well, 618 00:36:03,880 --> 00:36:05,919 Speaker 1: we didn't mention everything they used. We were talking about 619 00:36:05,920 --> 00:36:08,919 Speaker 1: the use six measurement. HuffPo used that measurement the most 620 00:36:08,960 --> 00:36:13,440 Speaker 1: extreme of unemployment numbers. They also used other things like, um, 621 00:36:13,480 --> 00:36:18,040 Speaker 1: the inflation rate of food and drink and fuel and 622 00:36:18,120 --> 00:36:22,320 Speaker 1: healthcare because other The misery index just uses the consumer 623 00:36:22,360 --> 00:36:26,759 Speaker 1: price index, which is inflation as a whole. HuffPo used, um, 624 00:36:26,920 --> 00:36:30,319 Speaker 1: the the inflation of some really essential things that people 625 00:36:30,360 --> 00:36:33,120 Speaker 1: can't do without and where you're gonna immediately feel the 626 00:36:33,120 --> 00:36:36,319 Speaker 1: pinch when prices go up. With those two factors, right. Um. 627 00:36:36,360 --> 00:36:39,759 Speaker 1: They also included the rate of credit card delinquency, the 628 00:36:39,840 --> 00:36:42,640 Speaker 1: cost of housing, how many people are using food stamps 629 00:36:42,800 --> 00:36:46,600 Speaker 1: that seems like a smart move home, equity loan deficiencies, 630 00:36:46,960 --> 00:36:50,520 Speaker 1: I guess, people who are laid on their payments. Um. 631 00:36:50,560 --> 00:36:52,600 Speaker 1: And then they took the average of those seven numbers 632 00:36:52,600 --> 00:36:55,960 Speaker 1: and added it to the U six unemployment numbers, which 633 00:36:57,400 --> 00:36:59,200 Speaker 1: here you can step back and say, wait a minute, 634 00:36:59,200 --> 00:37:01,759 Speaker 1: how would you how are you adding this together? How 635 00:37:01,760 --> 00:37:04,560 Speaker 1: does this make any sense? You can't just keep adding things, right, 636 00:37:05,040 --> 00:37:06,839 Speaker 1: And really you can take that all the way back 637 00:37:06,880 --> 00:37:09,560 Speaker 1: to the initial misery index, Like what you're just adding 638 00:37:09,640 --> 00:37:12,239 Speaker 1: unemployment percentage and inflation, and all of a sudden you 639 00:37:12,280 --> 00:37:15,480 Speaker 1: have a magic number that doesn't make any sense. This 640 00:37:15,600 --> 00:37:18,239 Speaker 1: HuffPo metric really points out the inherent flaw in it. 641 00:37:18,400 --> 00:37:21,280 Speaker 1: I think, yeah, because in two thousand eight, the Oakland 642 00:37:21,320 --> 00:37:24,879 Speaker 1: Misery index was eight point one, but huff po's Real 643 00:37:25,000 --> 00:37:28,560 Speaker 1: Misery Index a k A. You think things are bad, 644 00:37:28,680 --> 00:37:31,520 Speaker 1: here's how bad they really are index was twenty nine 645 00:37:31,560 --> 00:37:33,960 Speaker 1: point nine compared to the eight point one, right, and 646 00:37:33,960 --> 00:37:36,040 Speaker 1: some people are like, oh, well, that just shows how 647 00:37:36,280 --> 00:37:41,600 Speaker 1: off the oaken misery index is. Who knows. I know 648 00:37:41,680 --> 00:37:44,600 Speaker 1: they quit doing the real Misery Index at HuffPo like 649 00:37:44,800 --> 00:37:47,920 Speaker 1: five years ago. I think it was a am I 650 00:37:47,960 --> 00:37:49,319 Speaker 1: going to call it a stunt. It was a bit 651 00:37:49,360 --> 00:37:52,920 Speaker 1: of a stunt maybe, but I'm sure really what happened 652 00:37:52,960 --> 00:37:56,799 Speaker 1: was the writer who was contributing it for free, like 653 00:37:56,960 --> 00:38:00,319 Speaker 1: left for a paying job. That's probably what U into 654 00:38:00,320 --> 00:38:04,040 Speaker 1: the huff Real Misery and day Yeah. Um, I was 655 00:38:04,080 --> 00:38:07,440 Speaker 1: reading this guy, Tim McMahon. He has a site, or 656 00:38:07,480 --> 00:38:09,279 Speaker 1: he writes first site, I'm not sure it's his. Are 657 00:38:09,320 --> 00:38:13,880 Speaker 1: not called inflation data dot com. Jim McMahon, Tim his brother, 658 00:38:15,000 --> 00:38:18,160 Speaker 1: not the Super Bowl Shuffle, No, his brother. Um. So 659 00:38:18,520 --> 00:38:22,359 Speaker 1: he mentioned this two thousand one paper that concluded that 660 00:38:22,680 --> 00:38:27,279 Speaker 1: unemployment causes one point seven times more misery than inflation. 661 00:38:27,960 --> 00:38:30,560 Speaker 1: And so if you're doing any kind of misery index 662 00:38:30,600 --> 00:38:34,200 Speaker 1: that uses those two, you need to first multiply the 663 00:38:34,280 --> 00:38:37,440 Speaker 1: unemployment number by one point seven before adding it to 664 00:38:38,200 --> 00:38:41,799 Speaker 1: UM the inflation number to to properly wait it, and like, 665 00:38:41,840 --> 00:38:43,839 Speaker 1: how did they come up with that? So I looked 666 00:38:43,840 --> 00:38:46,080 Speaker 1: at the paper. It was actually pretty clever. There's like 667 00:38:46,200 --> 00:38:49,759 Speaker 1: twenty three years of this survey of life satisfaction and 668 00:38:49,800 --> 00:38:53,040 Speaker 1: happiness that these researchers looked at back in two thousand one, 669 00:38:53,440 --> 00:38:56,840 Speaker 1: and they found that UM economically based or just like 670 00:38:56,880 --> 00:38:58,840 Speaker 1: how happy are you? Know, here's the thing, it was, 671 00:38:58,880 --> 00:39:01,240 Speaker 1: how happy are you? It was like a single question 672 00:39:01,280 --> 00:39:04,160 Speaker 1: like would you say, based on how you're feeling right now, 673 00:39:04,200 --> 00:39:08,120 Speaker 1: that you are fairly satisfied, unsatisfied, very satisfied with your 674 00:39:08,160 --> 00:39:11,160 Speaker 1: life right now right? And then they took that that 675 00:39:11,239 --> 00:39:13,719 Speaker 1: measurement for that that country as a whole, and you 676 00:39:13,719 --> 00:39:16,160 Speaker 1: can do this for any country that participated in the survey. 677 00:39:16,239 --> 00:39:18,440 Speaker 1: And then they looked at inflation, and then they looked 678 00:39:18,520 --> 00:39:22,800 Speaker 1: at UM unemployment for those years and they could figure 679 00:39:22,840 --> 00:39:27,319 Speaker 1: out the the variation between or the interplay between unemployment 680 00:39:27,520 --> 00:39:32,279 Speaker 1: and inflation and satisfaction, and they found that uh, that 681 00:39:32,719 --> 00:39:37,640 Speaker 1: UM that unemployment was one time one point seven times 682 00:39:38,280 --> 00:39:42,640 Speaker 1: more miserable than inflation in regards to life satisfaction, as 683 00:39:42,640 --> 00:39:45,279 Speaker 1: that survey. Guess it's pretty clever. It's a lot of 684 00:39:45,280 --> 00:39:47,480 Speaker 1: hocus pocus, but it's I thought it was pretty clever 685 00:39:47,520 --> 00:39:49,520 Speaker 1: how they did it. That makes sense to me because 686 00:39:49,560 --> 00:39:52,440 Speaker 1: to be without work, like if you have a job 687 00:39:52,520 --> 00:39:55,839 Speaker 1: and things inflation is happening, you still have your job, sure, 688 00:39:55,840 --> 00:39:58,120 Speaker 1: and you're like, man, this sucks to pay this much more, 689 00:39:58,200 --> 00:40:00,560 Speaker 1: but you can still conceivably pay for Yeah, I'll cut 690 00:40:00,600 --> 00:40:03,200 Speaker 1: back here or there if you if you're unemployed, then 691 00:40:03,280 --> 00:40:06,360 Speaker 1: there's not a lot of hope. Yeah, one, the number 692 00:40:06,440 --> 00:40:09,239 Speaker 1: might be conservative here. Yeah, I agree with you. Very 693 00:40:09,280 --> 00:40:13,719 Speaker 1: interesting stuff. So that's uh, that's it, man, that's the 694 00:40:13,800 --> 00:40:18,440 Speaker 1: misery Index. You got anything else? No, but I'm looking 695 00:40:18,440 --> 00:40:22,000 Speaker 1: forward to hearing from economists that me too, like in 696 00:40:22,040 --> 00:40:24,960 Speaker 1: an unbiased way to try to explain things. Me too. 697 00:40:25,040 --> 00:40:27,560 Speaker 1: If you if you send just you know, these crazy 698 00:40:27,600 --> 00:40:31,439 Speaker 1: political emails and they're they're gonna fall in deaf years 699 00:40:31,480 --> 00:40:34,160 Speaker 1: because everyone yells at each other that they're right. I 700 00:40:34,239 --> 00:40:39,719 Speaker 1: just want to hear some real numbers, do it, chuck. Uh. 701 00:40:39,760 --> 00:40:41,680 Speaker 1: If you want to know more about the misery Index, 702 00:40:41,719 --> 00:40:43,719 Speaker 1: you can type those words in the search bar how 703 00:40:43,800 --> 00:40:46,120 Speaker 1: stuff works dot com. And since I said search bar, 704 00:40:46,560 --> 00:40:48,520 Speaker 1: just play an old search bar. It's time for a 705 00:40:48,520 --> 00:40:54,400 Speaker 1: listener mail. I'm gonna call this, uh, follow up on 706 00:40:54,480 --> 00:40:59,960 Speaker 1: vocal pride once again. Um. Regarding vocal pride, guys, Uh, 707 00:41:00,040 --> 00:41:04,120 Speaker 1: you guys were offended because someone said local pride was repulsive. 708 00:41:04,600 --> 00:41:07,560 Speaker 1: But there is another side of this, dudes. I suffer 709 00:41:07,600 --> 00:41:11,719 Speaker 1: from a neurological disorder known as miss aphonia, which we 710 00:41:11,760 --> 00:41:14,400 Speaker 1: totally should do a show in this. It's a condition 711 00:41:14,440 --> 00:41:18,200 Speaker 1: where a person has extreme emotional response commonly occurring sounds, 712 00:41:18,840 --> 00:41:20,200 Speaker 1: and I remember hearing a lot of times it's like 713 00:41:20,320 --> 00:41:24,040 Speaker 1: people chewing noises or gum or whatever. Um he said. 714 00:41:24,040 --> 00:41:26,080 Speaker 1: In my case, my trigger noise is the high pitched 715 00:41:26,280 --> 00:41:30,319 Speaker 1: s sound when some people speak. Uh. It feels like 716 00:41:30,360 --> 00:41:33,200 Speaker 1: my brain is cringing, as if an allergic reaction is 717 00:41:33,239 --> 00:41:36,240 Speaker 1: taking place. Cannot stress enough. This is not a mere annoyance, 718 00:41:36,520 --> 00:41:39,239 Speaker 1: as a legitimate mental disorder that can vary great and 719 00:41:39,719 --> 00:41:42,520 Speaker 1: greatly in severity. I don't visibly freak out when I 720 00:41:42,520 --> 00:41:44,440 Speaker 1: hear my trigger noise, but it really kills me inside, 721 00:41:44,920 --> 00:41:47,880 Speaker 1: gives me an instant headache. And that's why, which is 722 00:41:47,920 --> 00:41:49,560 Speaker 1: why I will get away from the noise if at 723 00:41:49,560 --> 00:41:53,879 Speaker 1: all possible. Um, I believe in avoiding complaining in life 724 00:41:53,880 --> 00:41:56,439 Speaker 1: and playing the victim. But this disorder really has made 725 00:41:56,440 --> 00:41:59,600 Speaker 1: my life like a subtle hell. It's been especially toxic 726 00:41:59,640 --> 00:42:04,239 Speaker 1: to my emily relationships and my ability to learn in school. Um. 727 00:42:04,239 --> 00:42:06,880 Speaker 1: I felt compelled to email you guys, because you definitely 728 00:42:06,920 --> 00:42:09,759 Speaker 1: appreciate interesting medical conditions. I think would be a great 729 00:42:09,800 --> 00:42:12,399 Speaker 1: topic for a show someday. I was a documentary about 730 00:42:12,400 --> 00:42:15,759 Speaker 1: it called Quiet Please. If you watch the trailer, you 731 00:42:15,840 --> 00:42:17,400 Speaker 1: might be inspired to watch it to learn what the 732 00:42:17,440 --> 00:42:21,000 Speaker 1: condition is. Huge. Thanks to everyone of Stuff you Should Know. 733 00:42:21,040 --> 00:42:25,320 Speaker 1: You make a mundane parts of my life interesting and educational. Uh. 734 00:42:25,440 --> 00:42:29,360 Speaker 1: I'm gonna anonymize this from Texas because I didn't hear 735 00:42:29,440 --> 00:42:33,680 Speaker 1: back from him from text. Yeah, text PS was in 736 00:42:33,760 --> 00:42:36,440 Speaker 1: disbelief when Chuck said he had not seen Billy Madison 737 00:42:36,560 --> 00:42:40,480 Speaker 1: or Happy Gilmore. That's a good PS. I believe it. 738 00:42:40,480 --> 00:42:45,480 Speaker 1: It's a good PostScript and post PPS right, not p 739 00:42:45,719 --> 00:42:48,319 Speaker 1: s S. I think it's post PostScript. Yeah, but people 740 00:42:48,320 --> 00:42:52,000 Speaker 1: who often put PSS what doesn't mean? Do you think 741 00:42:52,040 --> 00:42:54,760 Speaker 1: Stuff you Should Know could ever become a television show? Well? 742 00:42:54,960 --> 00:42:58,399 Speaker 1: Text never we actually did that. We we found out 743 00:42:58,400 --> 00:43:00,279 Speaker 1: the hard way that it came Yeah, we did a 744 00:43:00,320 --> 00:43:03,319 Speaker 1: TV show on the Science Channel and it ran for 745 00:43:03,400 --> 00:43:05,880 Speaker 1: one full season that played out over the course of 746 00:43:06,040 --> 00:43:09,640 Speaker 1: several days, which we'll always have. We'll always have that 747 00:43:09,719 --> 00:43:12,400 Speaker 1: season of television we did once. It lasted nine or 748 00:43:12,440 --> 00:43:14,879 Speaker 1: ten days. Yea, let's just show them all at once, 749 00:43:16,000 --> 00:43:20,399 Speaker 1: out of order. But you never know, we might get 750 00:43:20,600 --> 00:43:24,360 Speaker 1: another shot at stardom. But we're not looking to it. No. 751 00:43:25,000 --> 00:43:26,680 Speaker 1: I like it in this room where no one's looking 752 00:43:26,719 --> 00:43:33,239 Speaker 1: at us. Jerry be there looking away in discuss That's right, 753 00:43:34,160 --> 00:43:37,000 Speaker 1: good idea about the mesophonia. I think we mentioned that before, 754 00:43:37,080 --> 00:43:39,560 Speaker 1: Like that was I really like that vocal fry episode. 755 00:43:39,840 --> 00:43:41,680 Speaker 1: And that was the one thing that I wish we 756 00:43:41,719 --> 00:43:44,600 Speaker 1: would have mentioned because it's a legitimate thing that it 757 00:43:44,719 --> 00:43:47,279 Speaker 1: does affect some people. Um, but yeah, look for a 758 00:43:47,320 --> 00:43:51,000 Speaker 1: mesophonia episode at some point in the future. Text. If 759 00:43:51,000 --> 00:43:52,520 Speaker 1: you want to get in touch with us, we're all 760 00:43:52,520 --> 00:43:57,040 Speaker 1: over social media. We're on Twitter and Instagram at s 761 00:43:57,160 --> 00:44:00,000 Speaker 1: y s K podcast, We're on Facebook dot com, slide 762 00:44:00,040 --> 00:44:02,040 Speaker 1: Stuff you Should Know. You can send us an email 763 00:44:02,080 --> 00:44:04,839 Speaker 1: to Stuff Podcasts at how stuff Works dot com, and 764 00:44:05,000 --> 00:44:07,239 Speaker 1: you can join us at our very own home on 765 00:44:07,280 --> 00:44:14,879 Speaker 1: the web. Stuff you Should Know dot com. For more 766 00:44:14,920 --> 00:44:17,560 Speaker 1: on this and thousands of other topics, visit how stuff 767 00:44:17,560 --> 00:44:25,400 Speaker 1: Works dot com.