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Speaker 1: Sunday hang is brought to you by Chalk Natural Supplements

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Speaker 1: for guys, gals, and nothing in between. Fuel your day

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Speaker 1: at Chalk dot Com, bold reverence.

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Speaker 2: And occasionally random The Sunday Hang With Playing podcast. It

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Speaker 2: starts now.

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Speaker 3: I knew this was gonna happen.

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Speaker 1: That's time for me to get a little heat. You know,

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Speaker 1: Clay steers right into it. You know, he's like and

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Speaker 1: as I always tell you, the more you get angry

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Speaker 1: at a Clay take that the deeper he goes on

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Speaker 1: the take.

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Speaker 3: So just remember that.

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Speaker 1: Okay, this is like telling someone please don't play with

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Speaker 1: those fireworks.

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Speaker 3: They make a really big boom.

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Speaker 1: Like he's now he's gonna run off for the woods

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Speaker 1: with the fireworks.

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Speaker 3: One hundred percent.

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Speaker 4: Uh.

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Speaker 3: Here we have Daniel. This is Ee on.

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Speaker 1: The Talkbacks, Daniel from Pennsylvania who listens on news radio

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Speaker 1: five eighty and play Ee.

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Speaker 3: Okay, guys, I was loving your show until you went

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Speaker 3: after the Philly cheese state.

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Speaker 5: Man.

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Speaker 2: Either you need to see a doctor or you need

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Speaker 2: to have your taste buds checked or something, because the

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Speaker 2: Philly cheese steak is God's gift to man.

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Speaker 3: I'm with him.

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Speaker 4: I think you're you're just you're out to lunch. No

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Speaker 4: pun intended on this one, Clay. Clay supports you. On

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Speaker 4: the cheese, I'm sorry.

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Speaker 1: Anything that required that has cheese whiz added to it

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Speaker 1: is just not gourmet it is. It's just it's two

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Speaker 1: peasants for my taste buds. I cannot get excited about

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Speaker 1: cheese with. So now there are fancy cheese steaks out there.

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Speaker 1: If you're gonna slice up some delicious seasoned sirloin, melt

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Speaker 1: some cheese on it, and Clay, I'm gonna admit something, Carrie,

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Speaker 1: my wife, we made it. We went to a mozzarella

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Speaker 1: making class last night to learn how to make mozzarella.

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Speaker 1: And I will also admit that I didn't. You're supposed

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Speaker 1: to make it and bring it home. I couldn't get

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Speaker 1: I just ate it.

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Speaker 4: Were there people in the mozzarella making class?

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Speaker 1: Or is it just like twenty It was like a

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Speaker 1: cooking class, but for making mozzarella. So it was we

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Speaker 1: had a little date night, so we made I made him.

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Speaker 4: Was it was it all dates?

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Speaker 2: Was like?

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Speaker 6: What?

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Speaker 2: Is it?

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Speaker 3: All male? Female? Were there any non?

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Speaker 1: It was married? It was married couples from the neighborhood.

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Speaker 1: Pretty much yeah, not really, no surprise there. You know,

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Speaker 1: everyone was talking about like when they had to get

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Speaker 1: back to their babysitter, including us. So but we made

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Speaker 1: some mozzarella, let me tell you, fresh mozerella.

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Speaker 4: Romantic, very romantic. So that is fun, and you're wrong

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Speaker 4: on the chief steak. But I'm going to take on

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Speaker 4: some some approbrium here. I'm going to take on some

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Speaker 4: some negativity, maybe from Cincinnati. You asked the question, which

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Speaker 4: I thought was a good one. Is there any regional

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Speaker 4: delicacy that you have tried that you are just like,

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Speaker 4: this is not very good. The whole Cincinnati chili thing,

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Speaker 4: like the spaghetti chili stuff.

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Speaker 3: It's awful, it is.

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Speaker 4: I tried it, and I understand that in Cincinnati there

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Speaker 4: is a full on revolt that may well be happening

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Speaker 4: right now through throughout radio.

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Speaker 3: It's awful.

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Speaker 4: They should be embarrassed in Cincinnati for that to be

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Speaker 4: the food that they are famous for.

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Speaker 3: It is atrocious.

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Speaker 4: I've never heard anybody who comes to Nashville, for instance,

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Speaker 4: where I live, and says, you know what's really bad?

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Speaker 4: Fried chicken? You know, hot fried chicken. It's awful, And

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Speaker 4: no one would ever say it because it would be

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Speaker 4: a lie. But this Cincinnati chili stuff, Buck, it's awful.

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Speaker 4: I tried.

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Speaker 1: I've never even heard of it. I'm looking at a

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Speaker 1: photo of it right now.

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Speaker 3: Looks like dog food. Not gonna lie. Can't can't get

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Speaker 3: excited about it.

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Speaker 4: And look, I'm a fro spaghetti. I'm pro chili. I

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Speaker 4: am not pro the combination of the two. It's awful.

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Speaker 4: It's really a bad combo. I don't know where it started.

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Speaker 4: I don't know who's responsible for it. But you can

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Speaker 4: do better, Cincinnati, you have done better in the past.

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Speaker 4: Pete Rose is rolling over in his grave right now

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Speaker 4: over this ff Reggie Quick from North Carolina.

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Speaker 7: Hit this one New Yorkstown pizza totally overrated. I've tried it.

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Speaker 7: I don't get it. Nothing amazing about it, the whole

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Speaker 7: gotta have a slice. No, it's I've had better, way better.

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Speaker 4: Okay, he's wrong. It's good, first of all. I don't

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Speaker 4: if you're coming after pizza. It's like, what do you

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Speaker 4: got going on in your life? Pizza is pretty much

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Speaker 4: good everywhere. I've never had bad pizza.

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Speaker 2: Sunday hang with Clay and Buck.

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Speaker 1: We've got just some chalkbacks racked and stacked We want

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Speaker 1: to get to them, including from our own producer. Uh, well,

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Speaker 1: he's a different producer, producer Michael. We got producer Mike.

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Speaker 1: We got producer Michael. We will hear from him, producer

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Speaker 1: Michael in. He's a Chicago native. This is why that's

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Speaker 1: relevant here. This is KK He wanted to weigh in.

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Speaker 6: Clay and buckets producer Mike here in Chicago, and we

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Speaker 6: have the worst liquor in America. It's called malort. It's

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Speaker 6: like lick an attire after chewing aspirin. It's like cops

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Speaker 6: are up and betrayal had a baby.

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Speaker 2: It is awful.

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Speaker 6: And the worst part is when you come to Chicago.

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Speaker 6: If you go to a bar, first thing anybody's gonna

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Speaker 6: want to do is go two shots of alert. Watch

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Speaker 6: everybody around the bar. They'll be watching out of the

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Speaker 6: corner of their eye because they know, oh they know,

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Speaker 6: Happy New Year, guys, have a good one.

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Speaker 1: Happy New Year man. Uh Clay, I have have you

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Speaker 1: never even heard of malory? Never have heard of it

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Speaker 1: in my life.

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Speaker 3: And I feel like, you know what I hear? You?

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Speaker 1: You know what I hear goes great with my lord

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Speaker 1: polish sausage. What you're Chicago is the Polish sausage capital

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Speaker 1: of them.

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Speaker 4: I just I'll just toss this out there. I bet

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Speaker 4: there's been a lot of Polish sausage in millort combos

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Speaker 4: over the years.

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Speaker 3: I bet one leads to the.

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Speaker 4: Other quite frequently thosegotten for those who have forgotten. I

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Speaker 4: wasn't on air when Buck said that his roommate introduced

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Speaker 4: him to Polish sausage.

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Speaker 1: I had a Chicago I actually had two Chicago roommates,

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Speaker 1: and one of them introduced.

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Speaker 4: His college roommate introduced him to Polish sausage. And uh,

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Speaker 4: the clip I I got it sent to me, I

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Speaker 4: think I was out I was out shocked. I think

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Speaker 4: we're probably talking about, you know, something really important to

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Speaker 4: save the republic, and our inbox was dominated by Polish

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Speaker 4: sausage jokes. So there's that, uh, or or or advice

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Speaker 4: on how to cook the perfect polar sausage, depending on

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Speaker 4: how you take it.

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Speaker 3: We got you want to take some of these calls here?

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Speaker 4: Well, yeah, we've got a couple of talkbacks, by the way,

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Speaker 4: that also echo. I believe what producer Mike just said there,

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Speaker 4: and I'm trying to pull them up right now. AA

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Speaker 4: somebody else is is that what he just said?

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Speaker 3: Yeah, aa, listen, you guys dropped the ball yesterday. The

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Speaker 3: absolute worst liquor that exists on the planet is Jepson's Molart.

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Speaker 3: Give it a whirl again, this exact same thing.

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Speaker 4: We got a bunch of people who were calling in

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Speaker 4: and saying that you and I were talking about off

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Speaker 4: air yager is awful, But Cardi one p. Fifty one

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Speaker 4: I think is up there with even.

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Speaker 3: Saying off your teeth man. That stuff is rough.

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Speaker 4: That is that is a tough one too to to

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Speaker 4: to be breaking out. We gotta let's see.

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Speaker 1: Can I tell you what my lord on the AI said.

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Speaker 1: It says milord is a notoriously bitter wormwood based Swedish snaps.

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Speaker 3: That sounds horrible. That does sound awful.

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Speaker 4: By the way, Jeff in North Carolina wants to give

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Speaker 4: you a cheese steak recommendation since you have alienated the

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Speaker 4: entire city of Philadelphia by claiming falsely that cheesesteaks are awful.

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Speaker 5: Jeff, he's killing us up here. Hey, Eastern Pennsylvania, maybe

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Speaker 5: you have to ask for a cheese steak with sauce

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Speaker 5: and onions, probably American cheese. Cooper'sburg Firehouse probably has the

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Speaker 5: best freaking cheese steak. I'm fifty five years old. I've

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Speaker 5: been eating them since I was born. Hands down, if

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Speaker 5: you ever ate that, you would just be you would

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Speaker 5: be in heaven all right, with some thick steak.

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Speaker 3: Fries that all sounds delicious.

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Speaker 1: I just I was directed toward those famous places in

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Speaker 1: Philly to go to.

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Speaker 4: When I visited Pat's a Gino's, They're great. I disagree

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Speaker 4: with Buck, He's wrong on this one. I just you know,

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Speaker 4: I just speak the truth everybody. It's sometimes it's hard

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Speaker 4: out there. Sometimes you got to tell people things that

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Speaker 4: I want to hear.

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Speaker 2: Sundays with Clay and Buck.

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Speaker 1: Please subscribe on our YouTube channel YouTube dot com slash

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Speaker 1: playing Buck and if you do, you can see that

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Speaker 1: I went to my Cuban Americans here and I got

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Speaker 1: a new due. And Clay says, I look very Miami

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Speaker 1: right now, very Miami and honestly very youthful. I actually

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Speaker 1: also said my teenage boys would be jealous.

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Speaker 4: I think of the haircut that you have just gotten.

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Speaker 3: You would be.

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Speaker 4: Very popular, very popular in their high school right now.

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Speaker 4: If you rolled it, you would definitely be the cool

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Speaker 4: teacher with it, It's not quite broccoli hair, as the

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Speaker 4: boys call it these days, but it is definitely.

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Speaker 1: It's like a Miami fade that I got. I just

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Speaker 1: went in and just said, make my hair hair, and

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Speaker 1: this is what happened.

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Speaker 4: I haven't gotten a haircut in a long time, so

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Speaker 4: I do not have cool kid hair. But yes, you

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Speaker 4: would one hundred percent be very popular teenage.

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Speaker 1: I'm a little sad right now because you have trimmed

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Speaker 1: your Santa Claus beard and the white puffiness you haven't. Okay, no,

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Speaker 1: it's it's coming in. I have not shaved my beard

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Speaker 1: since December nineteenth. This is I think you keep letting

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Speaker 1: you go like college shake Mohammed style. You see his

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Speaker 1: beard after he was in custody for a few years.

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Speaker 1: Oh yeah, it's going to look like just let it roll.

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Speaker 2: Sunday Drop with Clay Buck.

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Speaker 4: President Trump tweeted that he was going to try to

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Speaker 4: cap credit card interest rates at ten percent right now.

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Speaker 4: I believe the interest rates have crept up often north

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Speaker 4: of twenty percent is the current credit card rate.

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Speaker 3: So I've got a couple of thoughts on this.

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Speaker 4: To me, Basically, what we talk about when we talk

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Speaker 4: about credit card interest rates is is what is the

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Speaker 4: rate that we will allow to happen? Right, Because we're

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Speaker 4: basically capping them at twenty five percent ish and saying

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Speaker 4: that's as high as we will allow them to get.

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Speaker 3: I think they're capped to thirty six percent.

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Speaker 4: Thirty six percent? Is that as high as it's allowed

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Speaker 4: under traditional credit cards?

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Speaker 1: I mean, I think I have credit cards that are

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Speaker 1: at like twenty nine, So I mean it's definitely higher

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Speaker 1: than just like twenty it's it's upwards of thirty percent.

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Speaker 4: It may partly be state determinant too. I will be

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Speaker 4: honest with everybody out there, I am not an expert

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Speaker 4: on credit card interest rates or what the rates are

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Speaker 4: that are allowed, and I know they're different depending on

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Speaker 4: where you might live or what your overall credit rate is.

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Speaker 4: First of all, I don't know that the president has

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Speaker 4: the authority to be able to do this legally. I

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Speaker 4: know there's bills out there that would potentially cap this.

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Speaker 4: Ted Cruz said, Hey, here's my concern. He was just

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Speaker 4: on with this last hour when you asked him the

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Speaker 4: next question, to what extent does that curtail the amount

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Speaker 4: of interest that is available in the market, Because I

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Speaker 4: think what the credit card companies would argue, is the

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Speaker 4: reason we have to have rates that high is because

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Speaker 4: if we're going to extend credit to people that may

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Speaker 4: not pay us back, we have to have an ability

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Speaker 4: to make sure that we make the best possible profit

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Speaker 4: that we can to alleviate the risk that comes with

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Speaker 4: making a credit card credit available to everyone. Now, you

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Speaker 4: just said, buck, your credit card interest rate you think

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Speaker 4: is twenty nine percent on your credit card. I don't

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Speaker 4: even know what my credit card interest rate.

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Speaker 1: I think that's if I miss a payment. Yeah, then

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Speaker 1: they jacket they skyrocket it up if you miss one payment.

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Speaker 1: They've changed some of this stuff. I mean, look, I'll

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Speaker 1: just tell you this I have. I was in my

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Speaker 1: thirties and had a net worth in the hundreds of

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Speaker 1: dollars at once.

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Speaker 3: Yes, okay, So this is not like, oh I always

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Speaker 3: paid much.

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Speaker 1: I had basically a paycheck to paycheck exit distance until

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Speaker 1: like five years ago, maybe six years ago, something like that.

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Speaker 1: So what I'm saying is I never carried a credit

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Speaker 1: card balance that entire time. Never once did you just

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Speaker 1: pay cash or you had a debit card. I just

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Speaker 1: paid it off every month, every month I paid.

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Speaker 2: Off credit card.

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Speaker 4: Okay, yeah, not that you didn't use credit cards. And

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Speaker 4: you say you didn't have a balance, you mean you

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Speaker 4: paid it off every month. You get sure that it

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Speaker 4: was not I'm saying I never.

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Speaker 1: I never ran up a debt on credit card companies

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Speaker 1: when I had no money and when it would have

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Speaker 1: been a lot of fun to go buy like a

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Speaker 1: new Jet Ski, I did not do.

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Speaker 3: No.

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Speaker 1: Yeah, I understand some people it's grocery, some people it's

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Speaker 1: I get all this, but but what I'm pointing out

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Speaker 1: is you you really don't want to run up credit

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Speaker 1: card debt, and it should be something that people are

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Speaker 1: far more educated on because the rates are super high

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Speaker 1: and it is non dischargeable in bankruptcy, which is the

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Speaker 1: other part of this. So I've been on both sides.

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Speaker 1: I also think that some of the credit cards stuff

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Speaker 1: that they do. I actually got hit by this once

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Speaker 1: when I was in my twenties. They would change the

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Speaker 1: due dates. Oh yeah, kind of arbitrarily. So I'm just

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Speaker 1: going to be clear. The credit card companies have engaged

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Speaker 1: in predatory behavior that has happened, that has been a

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Speaker 1: real thing in recent years. They have had to be

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Speaker 1: they have had to be told stop acting like a

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Speaker 1: loan shark mobster. Okay, moving the do date around in

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Speaker 1: the hopes that somebody's auto payment is then late and

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Speaker 1: then they can hit you with the thirty percent APR.

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Speaker 1: That's a scumbag, honestly fraudulent move, Like it's fraud to

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Speaker 1: do this, and the credit card companies had to get hit,

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Speaker 1: had to get slapped with that, so they're not the

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Speaker 1: good guys. I'm not taking to the good guys. But

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Speaker 1: what Ted Cruz says is also true. If people need

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Speaker 1: access to credit, what are.

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Speaker 3: You going to do?

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Speaker 1: Like that, you get into this moral hazard thing, like

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Speaker 1: what do you do if somebody needs to have an

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Speaker 1: emergency thousand dollars they can go to on their credit

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Speaker 1: card for whenever something comes up, what are you gonna do.

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Speaker 1: You're gonna force people to give them the money. You're

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Speaker 1: gonna force people. You're gonna force credit cards to try

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Speaker 1: to give a lower ript. By the way, it's just

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Speaker 1: gonna be. It's like price controls. They're gonna squeeze at

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Speaker 1: one end and then you're gonna get squeezing at the

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Speaker 1: other end. This is what ends up happening. The money

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Speaker 1: has to come from somewhere.

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Speaker 4: I would also point out banks will screw you at

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Speaker 4: every opportunity that they can too. So a lot of

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Speaker 4: people talk about, you know, unfair fees that are hitting

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Speaker 4: them on credit cards. Banks hit you on unfair fees

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Speaker 4: all the time too. My number one advice, to the

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Speaker 4: extent that you can you can do it is, and

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Speaker 4: I think most a lot of financial advisors out there

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Speaker 4: would say this, you are way less likely to spend

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Speaker 4: money if you use cash, because in your brain, this

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Speaker 4: is just the way we're all wired.

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Speaker 3: Cash.

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Speaker 4: You feel it in a way that you not when

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Speaker 4: it comes to paying with a credit card. And the

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Speaker 4: reason why the credit card industry works is because people

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Speaker 4: live beyond their means and they take advantage of you.

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Speaker 4: You ever fly on an airplane, you ever notice how

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Speaker 4: often they walk around trying to get you to sign

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Speaker 4: up for credit cards on an airplane. It's because the

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Speaker 4: airlines now make as much money just about off their

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Speaker 4: credit cards as they do actually off of the airline itself.

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Speaker 4: It's one of the craziest things out there. If you're

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Speaker 4: ever on a college campus, the reason why they're trying

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Speaker 4: to give you away a sweatshirt to get you to

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Speaker 4: sign up is because they know what the long term

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Speaker 4: value of this is going to create for them because

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Speaker 4: the numbers are the numbers, a little bit like a casino.

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Speaker 4: Once they get you signed up, they know that you're

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Speaker 4: going to be worth a decent amount to them going forward.

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Speaker 4: Now I said it, I don't know that Trump has

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Speaker 4: the ability to do it. I will say, is this

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Speaker 4: in conjunction with Trump last week talking about trying to

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Speaker 4: limit the number of homes that people could buy, meaning

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Speaker 4: big companies buying up all the homes. This is Trump

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Speaker 4: pivoting because I think his team has recognized that the

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Speaker 4: twenty twenty sixth election is going to be decided on affordability,

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Speaker 4: and people are angry over how much prices went up

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Speaker 4: during Joe Biden, and so sometimes you put out policies

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Speaker 4: that are populist in nature that don't necessarily have a

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Speaker 4: chance of happening, just to show people that you're listening

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Speaker 4: to them and hearing their complaints.

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Speaker 1: That's exactly right. This is the Trump gambit. This is

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Speaker 1: Trump saying something that's going to do a few things

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Speaker 1: without getting into the details right now, because he's moving

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Speaker 1: the focus and changing the pressure here. So you point

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Speaker 1: out clay people feel like credit card companies and that's

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Speaker 1: why I said what I said before. But I will

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Speaker 1: tell you guys something. This is actually personal, little personal anecdote.

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Speaker 1: This is true when I was in the CIA, and

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Speaker 1: I think I made thirty eight thousand dollars my first

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Speaker 1: year in the CIA, something like that. And so I

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Speaker 1: had no money and my parent, I had no money

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Speaker 1: set aside for me or anything like that. Okay, so

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Speaker 1: I just started my job at the CIA. I moved

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Speaker 1: because I couldn't afford the rent increase in the initial apartment,

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Speaker 1: which was the cheapest studio apartment in this massive building

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Speaker 1: living in DC. I moved, and Capital one clay I

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Speaker 1: had a zero balance, because I always had a zero balance.

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Speaker 1: Capital One sent via snail mail to my old address

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Speaker 1: a five dollars account closing charge. I had never you know,

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Speaker 1: was this in the fine print of my contract somewhere?

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Speaker 3: Yeah? Whatever.

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Speaker 1: But I shut down the credit card when I moved

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Speaker 1: because I was like, I never used this card. It

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Speaker 1: was an emergency card that my parents set up for

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Speaker 1: me when I was in college that I actually never

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Speaker 1: used one time. It was like, use this if you know,

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Speaker 1: you break your leg, you're in the er.

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Speaker 4: He was like, that's a great the glass emergency card

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Speaker 4: if you need money and you and.

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Speaker 1: I realized I had a five hundred limit, which isn't

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Speaker 1: a hell of an emergency, let's be honest, so I

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Speaker 1: shut it down. They sent a five dollars charge to

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Speaker 1: shut it down. I found I heard nothing about this.

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Speaker 1: I got a call eighteen months later from a collection

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Speaker 1: agency saying I owe them like three hundred dollars now

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Speaker 1: and my credit was wrecked over five dollars that the

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Speaker 1: notification they sent was completely unsatisfactory.

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Speaker 3: They could have emailed me. They never emailed me.

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Speaker 1: I mean they were a whole credit card companies act

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Speaker 1: like scumbag sometimes, is my point. That was a total

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Speaker 1: That was a total scumbag move.

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Speaker 4: This is twenty years ago, and they will screw you

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Speaker 4: on your credit rating, which is ultimately probably the number

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Speaker 4: one most valuable financial asset that most of us have.

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Speaker 4: And a lot of times you have like parking ticket

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Speaker 4: on there, or you've got a cancelation fee on there

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Speaker 4: that they're tanking you with.

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Speaker 1: This was the only missed payment of any kind like

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Speaker 1: this I have ever had of any I've always been

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Speaker 1: very Look, I'm gonna be honest with you. He's a

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Speaker 1: competitor a radio. I love the Dave Ramsey approach on this.

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Speaker 1: I'm very you know, pay cash when you can, you're

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Speaker 1: not carrying a balance. The whole point is the discipline.

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Speaker 1: It's supposed to be hard. It's supposed to be frustrating

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Speaker 1: that you can't buy the jet ski right now. Okay,

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Speaker 1: you save, you figure it out, you get there the

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Speaker 1: right way.

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Speaker 3: You don't go buy that.

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Speaker 1: You know, that Firebird or that I don't know, you know,

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Speaker 1: Ford Mustang that goes room froom room super loud and

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Speaker 1: pay like a twenty percent APR on the money like

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Speaker 1: that's in You can't. These are bad decisions. Okay, they're

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Speaker 1: bad decisions. So at some point or at some level,

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Speaker 1: you want people to be disincentivized from doing some of

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Speaker 1: these things. A high APR does that. But I'm just

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Speaker 1: saying I also understand this, why is it non dischargeable?

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Speaker 1: But they would say if it wasn't non dischargeable, that

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Speaker 1: would have to then factor into the room profile and

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Speaker 1: you'd have the same problem of not having the higher rates.

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Speaker 1: This is a complicated issue. But here on trump Clay

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Speaker 1: due to your point, because I think it's brilliant when sorry,

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Speaker 1: I just got fired up because I still remember opening.

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Speaker 1: I still remember that call from the collection agency, and

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Speaker 1: I was just like, you scumbags, you know.

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Speaker 4: I mean, I has experienced that where it is completely

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Speaker 4: unfair and they're going to take advantage of you.

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Speaker 3: And I'm like and I'm like, my credits a ruined.

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Speaker 1: The credit card company is getting like a sixty x

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Speaker 1: return on five dollars for nothing, for literally nothing for

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Speaker 1: shutting down an account. As absurd anyway, And yeah, I

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Speaker 1: think I wouldn't have qualified for a Fannie May loan

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Speaker 1: based on this one thing at that time. That's how

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Speaker 1: bad it was, because it had gone on for like

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Speaker 1: a year, and once it goes on, once it goes

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Speaker 1: beyond ninety days, you're screwed. My point is Trump understands this,

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Speaker 1: and he knows that he's putting heat on the credit

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Speaker 1: card companies, and he knows whether he has the right

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Speaker 1: or rather the legal ability or not, Clay, he has

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Speaker 1: the political ability right now, can maybe get some concessions

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Speaker 1: out of them, maybe get them to not do some

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Speaker 1: of the grosser stuff they do, maybe move them in

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Speaker 1: the right direction.

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Speaker 3: So that's the Trump gambit as I see it.

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Speaker 4: I would also point out, we're basically making a policy decision.

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Speaker 3: On what we're allowing.

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Speaker 4: The credit card companies to set their rates at. We're saying, like,

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Speaker 4: you couldn't have a seventy five percent interest rates on

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Speaker 4: a credit card, right, we wouldn't allow it.

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00:21:21,200 --> 00:21:25,399
Speaker 1: So to some extent, it is just a policy choice

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Speaker 1: because I'm sure, look, credit card companies would take a

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Speaker 1: seventy five percent interest rate if they could right yearly APR.

442
00:21:32,040 --> 00:21:34,120
Speaker 1: They would take it as high as they possibly can.

443
00:21:34,240 --> 00:21:37,240
Speaker 4: This is to where people say, Okay, we're going to

444
00:21:37,320 --> 00:21:40,680
Speaker 4: balance this, and Trump is saying, to his credit this

445
00:21:40,720 --> 00:21:44,200
Speaker 4: is a one year thing, which also looks even more political.

446
00:21:44,400 --> 00:21:46,359
Speaker 3: Right to be fair, Oh, the one.

447
00:21:46,280 --> 00:21:49,359
Speaker 4: Year happens to correspond with the midterm, when you'll be

448
00:21:49,480 --> 00:21:52,040
Speaker 4: on the ballot basically for the last time of your

449
00:21:52,080 --> 00:21:53,000
Speaker 4: political career.

450
00:21:53,480 --> 00:21:56,240
Speaker 3: Again, it's political in nature. I think it's.

451
00:21:56,040 --> 00:22:00,800
Speaker 4: Acknowledging affordability related issues. I'm not sure how packful in

452
00:22:00,920 --> 00:22:02,760
Speaker 4: terms of getting it to actually occur.

453
00:22:02,960 --> 00:22:04,720
Speaker 1: This will be the credit card thing. It's one of

454
00:22:04,760 --> 00:22:06,320
Speaker 1: these to play. It's a little bit like the minimum

455
00:22:06,359 --> 00:22:11,760
Speaker 1: wage conversation. It sounds at first like it's oh, it's

456
00:22:11,760 --> 00:22:15,119
Speaker 1: like technical and financial. No, people really feel this one

457
00:22:15,520 --> 00:22:17,920
Speaker 1: people the same way people really feel gas prizes when

458
00:22:17,920 --> 00:22:20,080
Speaker 1: they're high. When you get people fired off about credit

459
00:22:20,080 --> 00:22:22,520
Speaker 1: card companies, especially because, like I said, I'm familiar with this.

460
00:22:22,560 --> 00:22:24,919
Speaker 1: It happened to me, and I know credit card companies

461
00:22:24,920 --> 00:22:27,359
Speaker 1: have had to be slapped down because they're doing scumbag stuff.

462
00:22:28,080 --> 00:22:29,720
Speaker 3: That's just the truth they have. You can go back

463
00:22:29,760 --> 00:22:30,159
Speaker 3: and look at this.

464
00:22:30,160 --> 00:22:32,400
Speaker 1: They've had to pay different settlements and things, so they're

465
00:22:32,440 --> 00:22:34,439
Speaker 1: not like the good guys. But we also kind of

466
00:22:34,440 --> 00:22:38,000
Speaker 1: need them, right, So that's another part of this BB podcast.

467
00:22:38,040 --> 00:22:40,920
Speaker 1: Listener Hank in Annapolis play BB here.

468
00:22:41,480 --> 00:22:46,000
Speaker 8: Hank here in Annapolis, just responding to the credit card issue.

469
00:22:46,400 --> 00:22:49,880
Speaker 8: It sounds great ten percent interest rate for one year,

470
00:22:50,560 --> 00:22:52,640
Speaker 8: but then people, a lot of people will rack up

471
00:22:52,760 --> 00:22:56,399
Speaker 8: huge balances and then the credit cards go back up

472
00:22:56,440 --> 00:22:59,720
Speaker 8: to twenty and twenty one percent. Then what so I think,

473
00:23:00,280 --> 00:23:02,240
Speaker 8: be careful what you wish for on this one.

474
00:23:02,480 --> 00:23:02,920
Speaker 3: Not good.

475
00:23:03,600 --> 00:23:06,040
Speaker 4: That's actually a really good point because many people have

476
00:23:06,160 --> 00:23:08,960
Speaker 4: multi year credit card balances. So it comes down to

477
00:23:09,040 --> 00:23:11,359
Speaker 4: ten percent, maybe you take on more because you're like,

478
00:23:11,400 --> 00:23:13,080
Speaker 4: it's only ten percent, and then.

479
00:23:13,359 --> 00:23:15,600
Speaker 1: That was part of the that was part of the

480
00:23:15,600 --> 00:23:24,040
Speaker 1: mortgage meltdown with mortgages where people had a resetting variable APR.

481
00:23:23,800 --> 00:23:26,840
Speaker 4: Variable interest rate mortgage, which is just.

482
00:23:26,800 --> 00:23:28,800
Speaker 1: So like, at first your mortgage rate it was like

483
00:23:28,840 --> 00:23:30,800
Speaker 1: two percent, and then a few years in it went

484
00:23:30,840 --> 00:23:33,560
Speaker 1: to ten. Yes, well, guess what, it's really easy to

485
00:23:33,600 --> 00:23:35,800
Speaker 1: pay the two percent, but the ten starts to bite,

486
00:23:35,880 --> 00:23:39,440
Speaker 1: doesn't it just wants to talk about this. Yep, go for.

487
00:23:39,440 --> 00:23:45,800
Speaker 9: It, Hi, guys. I sat down with my ten year

488
00:23:45,880 --> 00:23:50,119
Speaker 9: old grandson last summer because he was asking for something,

489
00:23:50,200 --> 00:23:51,719
Speaker 9: and he goes, well, you can just put it on

490
00:23:51,760 --> 00:23:55,600
Speaker 9: your credit card. And I said, okay, I said, is

491
00:23:55,640 --> 00:23:58,639
Speaker 9: this something you really want a walt need or is

492
00:23:58,640 --> 00:24:01,120
Speaker 9: this something you just walk? Well? I would I don't

493
00:24:01,160 --> 00:24:03,960
Speaker 9: want it, And I'm like, okay, let's go through this exercise.

494
00:24:04,400 --> 00:24:06,280
Speaker 9: And I said, Heay, you've got a three hundred dollars

495
00:24:06,320 --> 00:24:09,240
Speaker 9: credit card and you buy something for three hundred dollars

496
00:24:09,400 --> 00:24:11,800
Speaker 9: and your payment comes in and you only owe thirty

497
00:24:11,800 --> 00:24:16,199
Speaker 9: five dollars or your minimum payment. I said, now, how

498
00:24:16,280 --> 00:24:18,399
Speaker 9: much do you owe to the credit card company? And

499
00:24:18,400 --> 00:24:21,439
Speaker 9: he said, well, that's easy, two hundred and sixty five dollars.

500
00:24:21,480 --> 00:24:25,280
Speaker 9: I said, no, because we're going to add interest now

501
00:24:25,359 --> 00:24:27,760
Speaker 9: on your two hundred and sixty five dollars, so now

502
00:24:28,040 --> 00:24:30,040
Speaker 9: you owe us three hundred and ten dollars.

503
00:24:30,359 --> 00:24:31,800
Speaker 5: Well that's not fair.

504
00:24:31,880 --> 00:24:35,679
Speaker 9: And I'm like, you're getting it, buddy.

505
00:24:34,840 --> 00:24:36,080
Speaker 3: Yep, well done it.

506
00:24:36,280 --> 00:24:39,320
Speaker 4: I'm glad Grandma sat down, because this is one of

507
00:24:39,400 --> 00:24:42,359
Speaker 4: the things, Buck, that I think should be standard in

508
00:24:42,560 --> 00:24:47,879
Speaker 4: every school. Financial literacy base wiring ants should be required.

509
00:24:47,960 --> 00:24:49,600
Speaker 4: They don't teach it because they want you to be

510
00:24:49,680 --> 00:24:50,320
Speaker 4: debt slaves.

511
00:24:50,359 --> 00:24:53,680
Speaker 1: This is true. It's not conspiracy. I'm sorry. Everyone should

512
00:24:53,760 --> 00:24:56,920
Speaker 1: learn about credit cards, compound interest. Everyone should learn about

513
00:24:56,920 --> 00:24:59,879
Speaker 1: mortgagees and you should mortgages. You should learn about this

514
00:25:00,560 --> 00:25:03,520
Speaker 1: in like the ninth grade. And yeah, maybe it's complicated

515
00:25:03,520 --> 00:25:05,320
Speaker 1: for some people, but they should at least learn what

516
00:25:05,359 --> 00:25:07,480
Speaker 1: they can from it. Everybody should learn about this stuff

517
00:25:07,480 --> 00:25:10,360
Speaker 1: because otherwise you're paying for that Jetski for the next

518
00:25:10,359 --> 00:25:13,320
Speaker 1: fifty years. Sunday hang is brought to you by Chalk

519
00:25:13,440 --> 00:25:15,119
Speaker 1: Natural Supplements.

520
00:25:14,520 --> 00:25:18,080
Speaker 4: For guys, gals, and nothing in between. Fuel your day

521
00:25:18,160 --> 00:25:20,399
Speaker 4: at Chalk dot Com.

522
00:25:19,920 --> 00:25:23,760
Speaker 2: On Sunday Sizzle with Clayinbusch.

523
00:25:24,160 --> 00:25:27,879
Speaker 4: The credit card debt discussion. Buck, I used to wonder,

524
00:25:27,920 --> 00:25:30,880
Speaker 4: I didn't they don't teach you anything about mortgages. We

525
00:25:30,880 --> 00:25:33,600
Speaker 4: were talking about the lack of financial literacy that comes

526
00:25:33,600 --> 00:25:37,199
Speaker 4: from schools, and it is incredibly unfortunate that that is

527
00:25:37,240 --> 00:25:42,240
Speaker 4: the reality that we face. Here is a crazy, crazy

528
00:25:42,280 --> 00:25:45,360
Speaker 4: take that I think a lot of people never actually

529
00:25:45,400 --> 00:25:49,080
Speaker 4: go into. Do you know that when you get a

530
00:25:49,119 --> 00:25:53,520
Speaker 4: mortgage thirty year or fifteen year mortgage, the first several

531
00:25:53,640 --> 00:25:57,160
Speaker 4: years of your mortgage payments go look at the amortization table.

532
00:25:57,240 --> 00:25:58,879
Speaker 4: I don't even think most people even know what an

533
00:25:58,920 --> 00:26:03,240
Speaker 4: amortization table is. Almost all of your mortgage payments is interest.

534
00:26:03,800 --> 00:26:06,199
Speaker 4: So if you wonder why is a bank always so

535
00:26:06,359 --> 00:26:08,520
Speaker 4: happy to have people refi, it can be a very

536
00:26:08,520 --> 00:26:11,399
Speaker 4: good decision because you can go from a seven percent

537
00:26:11,520 --> 00:26:13,560
Speaker 4: rate down to a four percent rate or whatever. I'm

538
00:26:13,600 --> 00:26:15,800
Speaker 4: not saying it's not a smart decision. It often is,

539
00:26:16,680 --> 00:26:19,399
Speaker 4: but they're giving up that rate because you go back

540
00:26:19,440 --> 00:26:23,000
Speaker 4: to just paying interest to them. Most people never complete

541
00:26:23,040 --> 00:26:26,159
Speaker 4: a thirty year mortgage. Some thirty year mortgages for the

542
00:26:26,160 --> 00:26:29,760
Speaker 4: first decade almost all of it is interest, And then

543
00:26:29,760 --> 00:26:32,520
Speaker 4: when you look at the amortization table, by the time

544
00:26:32,560 --> 00:26:34,760
Speaker 4: you get to the end of a thirty year mortgage,

545
00:26:34,840 --> 00:26:38,920
Speaker 4: you're actually only then starting to pay principle, and I

546
00:26:39,000 --> 00:26:42,960
Speaker 4: don't think I bet a huge majority of this audience

547
00:26:43,320 --> 00:26:46,520
Speaker 4: pays a mortgage. I bet very few people have ever

548
00:26:46,640 --> 00:26:51,480
Speaker 4: actually looked at the amortization table to recognize, Oh my goodness,

549
00:26:51,640 --> 00:26:54,480
Speaker 4: it's nearly a decade of a thirty year mortgage where

550
00:26:54,520 --> 00:26:58,520
Speaker 4: all I'm doing is paying interest. You're not actually getting

551
00:26:58,520 --> 00:27:00,199
Speaker 4: to the principle at all. And now people say, wait

552
00:27:00,240 --> 00:27:03,560
Speaker 4: a minute, my value. Yeah, hopefully your overall value of

553
00:27:03,560 --> 00:27:06,720
Speaker 4: your home is going up, so you're building equity because

554
00:27:06,760 --> 00:27:10,199
Speaker 4: that home you bought for three hundred thousand a decade

555
00:27:10,240 --> 00:27:13,000
Speaker 4: later hopefully is worth four hundred thousand or something. So

556
00:27:13,080 --> 00:27:16,960
Speaker 4: you're getting equity that way, but you're not actually paying

557
00:27:17,560 --> 00:27:20,439
Speaker 4: it in a way that gets your equity. And I

558
00:27:20,520 --> 00:27:24,200
Speaker 4: just don't think most people even understand that. Again, financial

559
00:27:24,240 --> 00:27:29,520
Speaker 4: literacy probably something along with historical literacy, that so many

560
00:27:29,520 --> 00:27:32,000
Speaker 4: people are getting preyed upon because they don't have the

561
00:27:32,040 --> 00:27:34,359
Speaker 4: basic knowledge that is necessary.

562
00:27:34,960 --> 00:27:35,160
Speaker 5: Well.

563
00:27:35,200 --> 00:27:37,879
Speaker 1: Also, it reminds me of a very viral tweet from

564
00:27:37,920 --> 00:27:39,639
Speaker 1: a long time ago. I would give credit for it,

565
00:27:39,640 --> 00:27:41,360
Speaker 1: but I don't remember, but I think it was a comedian.

566
00:27:41,840 --> 00:27:45,040
Speaker 1: We said I'm so glad I studied parallelograms in high school.

567
00:27:45,320 --> 00:27:46,160
Speaker 3: This was in April.

568
00:27:46,320 --> 00:27:50,960
Speaker 1: Obviously it'll come in so handy during parallelogram season, as

569
00:27:51,000 --> 00:27:54,439
Speaker 1: in tax season, as in now we're all supposed to

570
00:27:54,480 --> 00:27:57,720
Speaker 1: become accountants in our own right and know all these

571
00:27:57,760 --> 00:28:01,959
Speaker 1: things and this incredibly complicated tax code. And remember, you

572
00:28:02,000 --> 00:28:05,080
Speaker 1: are very the same people that will tell you all illegals,

573
00:28:05,119 --> 00:28:06,960
Speaker 1: no one's illegal. You can come into the country and

574
00:28:07,000 --> 00:28:09,240
Speaker 1: take whatever you want, it doesn't matter, but you better

575
00:28:09,280 --> 00:28:11,159
Speaker 1: pay your darn taxes. Because if you're part of the

576
00:28:11,200 --> 00:28:14,399
Speaker 1: productive class, if you're part of the now less than

577
00:28:14,400 --> 00:28:17,520
Speaker 1: half of American households that even pay into the tax

578
00:28:17,560 --> 00:28:22,320
Speaker 1: system instead of get benefits from the tax system, then

579
00:28:22,359 --> 00:28:24,640
Speaker 1: you are a cow to be milked and you are

580
00:28:24,640 --> 00:28:26,600
Speaker 1: to shut up about it and to just take take

581
00:28:26,640 --> 00:28:29,600
Speaker 1: that and uh and deal with it. So I think

582
00:28:29,600 --> 00:28:33,879
Speaker 1: that people are are rightly very their interest is piqued,

583
00:28:33,920 --> 00:28:38,200
Speaker 1: if you will, over the I mean the credit card

584
00:28:38,640 --> 00:28:43,840
Speaker 1: rate issue, because it goes to a lot of what

585
00:28:43,880 --> 00:28:48,080
Speaker 1: we see right now, which is companies, corporations have things

586
00:28:48,120 --> 00:28:50,240
Speaker 1: written in a way that are beneficial to them. And

587
00:28:50,280 --> 00:28:53,320
Speaker 1: I would say this clay, Okay, people will point out,

588
00:28:53,800 --> 00:28:56,520
Speaker 1: they'll say, well, but what about credit You won't get

589
00:28:56,560 --> 00:28:58,280
Speaker 1: credit to port you know, to people that need it.

590
00:28:58,360 --> 00:29:00,920
Speaker 1: Unless you have these rates, then why do we have

591
00:29:00,920 --> 00:29:02,440
Speaker 1: a cap on it at all? Right now we do

592
00:29:03,360 --> 00:29:04,920
Speaker 1: and people are getting credit cards.

593
00:29:05,400 --> 00:29:06,880
Speaker 3: That's so we're.

594
00:29:06,680 --> 00:29:09,840
Speaker 4: Made for this policy decision on some level that we're

595
00:29:09,920 --> 00:29:13,160
Speaker 4: okay at twenty five percent, but we're not okay with

596
00:29:13,280 --> 00:29:14,200
Speaker 4: forty five percent.

597
00:29:14,280 --> 00:29:14,640
Speaker 3: That's right.

598
00:29:14,680 --> 00:29:17,720
Speaker 4: There is a level that we're willing to accept.

599
00:29:18,160 --> 00:29:19,760
Speaker 1: And this is where you see it's a bit like

600
00:29:19,800 --> 00:29:23,560
Speaker 1: the minimum wage discussion too, where people will say, well,

601
00:29:23,560 --> 00:29:26,120
Speaker 1: we shouldn't have any minimum wage, okay, but we do.

602
00:29:27,120 --> 00:29:30,360
Speaker 1: And so if we do have one, we're going to

603
00:29:30,480 --> 00:29:33,200
Speaker 1: argue over what it should be. And if we're going

604
00:29:33,240 --> 00:29:37,240
Speaker 1: to have a cap, you know, we're if you're very

605
00:29:37,280 --> 00:29:42,200
Speaker 1: simply put, if you're drawing a line, you get to decide,

606
00:29:42,240 --> 00:29:44,440
Speaker 1: you get to argue over where the line should be drawn.

607
00:29:44,760 --> 00:29:47,160
Speaker 1: There are some people who will be there should.

608
00:29:46,920 --> 00:29:47,880
Speaker 3: Be no line. Okay.

609
00:29:47,920 --> 00:29:50,600
Speaker 1: That's a different argument though, because if there is a line,

610
00:29:50,640 --> 00:29:52,520
Speaker 1: we're going to argue over where that line is. We're

611
00:29:52,520 --> 00:29:54,040
Speaker 1: going to debate where that line should be. And I

612
00:29:54,080 --> 00:29:57,400
Speaker 1: think Trump raises that and it's a very much like

613
00:29:57,440 --> 00:30:01,040
Speaker 1: I said, the Trump gambit, because maybe it's at again.

614
00:30:01,080 --> 00:30:02,600
Speaker 1: I think I saw that thirty I did a quick

615
00:30:02,680 --> 00:30:06,360
Speaker 1: rock search. Thirty six percent is the like statutory cap

616
00:30:06,440 --> 00:30:09,920
Speaker 1: right now on credit cards. It certainly is around thirty

617
00:30:09,920 --> 00:30:12,760
Speaker 1: because I've seen twenty nine percent penalty aprs on credit

618
00:30:12,800 --> 00:30:15,160
Speaker 1: cards that I have not that I ever hit those

619
00:30:15,200 --> 00:30:18,160
Speaker 1: penalties because I've refused to carry a credit card balance.

620
00:30:19,520 --> 00:30:22,760
Speaker 1: But Clay, if we could get it down to twenty percent,

621
00:30:23,800 --> 00:30:25,959
Speaker 1: would what would that mean? Would that just mean that

622
00:30:25,960 --> 00:30:28,320
Speaker 1: that credit card stocks take a bit of a hit

623
00:30:28,440 --> 00:30:31,480
Speaker 1: and have to, you know, reassess some of their they're

624
00:30:31,480 --> 00:30:33,120
Speaker 1: still going to give credit card you know, they're still

625
00:30:33,160 --> 00:30:36,160
Speaker 1: making money. I understand that at some level there's charge

626
00:30:36,160 --> 00:30:38,800
Speaker 1: offs and you're gonna say, but it's non dischargeable in bankruptcy.

627
00:30:38,840 --> 00:30:42,240
Speaker 1: And you have this huge collections industry that's going to

628
00:30:42,240 --> 00:30:45,200
Speaker 1: continue to function as it does. So remember they make

629
00:30:45,240 --> 00:30:48,160
Speaker 1: money off of transaction fees every time. They're not supposed

630
00:30:48,160 --> 00:30:50,560
Speaker 1: to do this. Some vendors, every time you go and

631
00:30:50,600 --> 00:30:53,280
Speaker 1: you swipe that card, they're taking a percentage of the

632
00:30:53,320 --> 00:30:54,000
Speaker 1: transaction or.

633
00:30:54,040 --> 00:30:57,000
Speaker 4: Three percent typically every single time you swipe a card.

634
00:30:57,520 --> 00:31:00,480
Speaker 1: And that's an amazing business to be in, right, But

635
00:31:00,840 --> 00:31:03,920
Speaker 1: some places won't take the higher. I think AMX tends

636
00:31:03,960 --> 00:31:07,440
Speaker 1: to have the higher, the higher swipe fee. And so

637
00:31:07,680 --> 00:31:09,760
Speaker 1: they'll say, we don't, say, you've come across this right, Clay,

638
00:31:09,760 --> 00:31:10,040
Speaker 1: we don't.

639
00:31:10,120 --> 00:31:11,800
Speaker 3: I've been to restaurants. They'll say, we don't take American

640
00:31:11,840 --> 00:31:12,440
Speaker 3: Express here.

641
00:31:13,000 --> 00:31:15,120
Speaker 1: They're not supposed to do that, by the way, like

642
00:31:15,160 --> 00:31:18,000
Speaker 1: there there's actually a and they're not. Well, I should say,

643
00:31:18,000 --> 00:31:21,360
Speaker 1: they're not supposed to charge you more for using a

644
00:31:21,400 --> 00:31:23,760
Speaker 1: credit card if you have a credit card contract with them.

645
00:31:23,800 --> 00:31:25,440
Speaker 1: But some places will do that too. They're like, oh,

646
00:31:25,600 --> 00:31:28,120
Speaker 1: we charge a credit card fee. That's actually a violation

647
00:31:28,200 --> 00:31:29,640
Speaker 1: of their credit card agreement.

648
00:31:30,240 --> 00:31:34,560
Speaker 4: By the way, their power is only growing too, because

649
00:31:34,720 --> 00:31:37,960
Speaker 4: young people never have cash. Yes, I mean and Apple,

650
00:31:38,080 --> 00:31:40,640
Speaker 4: for instance, I am almost to the to the point

651
00:31:40,720 --> 00:31:43,480
Speaker 4: sometimes where I would rather just go out with my

652
00:31:43,600 --> 00:31:47,280
Speaker 4: phone and use Apple pay what you know, Look, Apple

653
00:31:47,560 --> 00:31:50,960
Speaker 4: is really good at figuring out how ways to monetize

654
00:31:51,040 --> 00:31:54,000
Speaker 4: everything that you do, and so they could get you

655
00:31:54,040 --> 00:31:57,480
Speaker 4: to pay from your phone. Ten years from now, I'm

656
00:31:57,480 --> 00:31:59,840
Speaker 4: not sure that there's hardly going to be anybody out

657
00:31:59,840 --> 00:32:02,200
Speaker 4: there paying with cash. And I'm gonna be honest with you.

658
00:32:03,920 --> 00:32:06,000
Speaker 4: I love when I get in an uber or a

659
00:32:06,040 --> 00:32:08,120
Speaker 4: way mow or a lyft.

660
00:32:07,880 --> 00:32:08,720
Speaker 3: Whatever it is.

661
00:32:10,000 --> 00:32:12,440
Speaker 4: Have you been in a cab where you basically start

662
00:32:12,440 --> 00:32:14,920
Speaker 4: to get out of the cab because you're so used

663
00:32:14,920 --> 00:32:18,600
Speaker 4: to being charged automatically on your phone. Everybody out there

664
00:32:18,720 --> 00:32:22,040
Speaker 4: around our age, certainly younger probably around our age, because

665
00:32:22,040 --> 00:32:24,200
Speaker 4: we at least used cash at some point in time.

666
00:32:25,640 --> 00:32:27,600
Speaker 4: I can't count the number of times when I've actually

667
00:32:27,680 --> 00:32:30,600
Speaker 4: gotten in a cab and I just start to get

668
00:32:30,600 --> 00:32:32,640
Speaker 4: out of a cab now because I'm so used to

669
00:32:32,720 --> 00:32:36,520
Speaker 4: an automatic charge going to my phone. So the powers

670
00:32:36,640 --> 00:32:40,440
Speaker 4: of these credit card companies is only going to grow

671
00:32:40,680 --> 00:32:44,640
Speaker 4: in the decades ahead because young people like my kids

672
00:32:45,120 --> 00:32:49,680
Speaker 4: never have cash. I give them cash because I'm like, hey,

673
00:32:50,160 --> 00:32:53,880
Speaker 4: make sure that everybody is taken care of, because you

674
00:32:53,920 --> 00:32:56,720
Speaker 4: need to have cash in an emergency whatever else. My

675
00:32:56,800 --> 00:32:59,520
Speaker 4: kids are like, what, why would I ever need cash?

676
00:32:59,800 --> 00:33:02,520
Speaker 4: So I think the power of credit card companies is

677
00:33:02,600 --> 00:33:03,720
Speaker 4: only going to grow.

678
00:33:05,320 --> 00:33:07,920
Speaker 1: So Trump is taking a stand on that one. Also

679
00:33:08,040 --> 00:33:12,320
Speaker 1: on the institutions being able to buy up single family homes.

680
00:33:13,160 --> 00:33:15,880
Speaker 1: You know, that's a complicated argument too. I know it's

681
00:33:15,920 --> 00:33:21,760
Speaker 1: become very popular on the right generally to talk about

682
00:33:21,800 --> 00:33:25,800
Speaker 1: how the reason home prices are so high is Blackrock,

683
00:33:26,840 --> 00:33:30,720
Speaker 1: for example, the massive, massive financial institution that has a

684
00:33:30,800 --> 00:33:33,080
Speaker 1: very large balance sheet with a lot of homes on it.

685
00:33:33,120 --> 00:33:34,840
Speaker 1: You know, they just that's one name that they'll throw

686
00:33:34,920 --> 00:33:37,200
Speaker 1: out there. But you say, well, hold on a second.

687
00:33:37,240 --> 00:33:38,840
Speaker 1: First of all, if we all agree they're twenty million

688
00:33:38,840 --> 00:33:43,240
Speaker 1: illegals in this country, they're living somewhere, and you say, oh,

689
00:33:43,240 --> 00:33:45,960
Speaker 1: well they're renting. Yeah, that's still housing stock that is off.

690
00:33:46,200 --> 00:33:48,840
Speaker 1: So start with that. Start with there are millions and

691
00:33:48,880 --> 00:33:52,600
Speaker 1: millions of people who are being housed currently who are

692
00:33:52,600 --> 00:33:54,800
Speaker 1: not supposed to be in the country. There is no

693
00:33:54,920 --> 00:33:57,840
Speaker 1: way that that does not have an effect on supplying demand.

694
00:33:57,960 --> 00:33:58,520
Speaker 3: It certainly does.

695
00:33:58,560 --> 00:34:00,600
Speaker 1: New York City hotel room has never been more expensive

696
00:34:00,920 --> 00:34:03,280
Speaker 1: than at the end of the Atoms administration, and it

697
00:34:03,320 --> 00:34:05,720
Speaker 1: was because twenty or thirty percent twenty or thirty I

698
00:34:05,720 --> 00:34:08,960
Speaker 1: can't remember, but a big portion of hotels were going

699
00:34:09,000 --> 00:34:11,000
Speaker 1: to house illegals at the taxpayer's expense.

700
00:34:11,160 --> 00:34:12,839
Speaker 3: Correct. Well, if you take twenty.

701
00:34:12,560 --> 00:34:15,319
Speaker 1: Percent of something off the market, guess what it does

702
00:34:15,360 --> 00:34:16,080
Speaker 1: to what remains.

703
00:34:16,320 --> 00:34:19,200
Speaker 3: It raises the price, It raises the cost.

704
00:34:19,280 --> 00:34:22,760
Speaker 1: Applying demand is still a major effect on the single

705
00:34:22,800 --> 00:34:25,800
Speaker 1: family homes situation. You know, on the one hand, you

706
00:34:25,800 --> 00:34:29,000
Speaker 1: don't want institutions buying up all these homes because you think, okay,

707
00:34:29,040 --> 00:34:32,560
Speaker 1: well they just use you know, the funny money balance

708
00:34:32,560 --> 00:34:34,680
Speaker 1: sheet they have access to that. It's all just sort

709
00:34:34,719 --> 00:34:36,640
Speaker 1: of numbers to them on a spreadsheet. They're not actually

710
00:34:36,680 --> 00:34:38,520
Speaker 1: living in this and they're going to rise the price.

711
00:34:38,600 --> 00:34:41,399
Speaker 1: On the other hand, though, you want more developers, right,

712
00:34:41,480 --> 00:34:44,839
Speaker 1: you want there to be buyers ready to go so

713
00:34:44,880 --> 00:34:46,840
Speaker 1: that there are more and more developers making more and

714
00:34:46,880 --> 00:34:50,359
Speaker 1: more houses to keep up with population growth. So how

715
00:34:50,440 --> 00:34:51,960
Speaker 1: much is now And the other side of it is

716
00:34:52,000 --> 00:34:54,480
Speaker 1: I don't think they someone tell me what the numbers are, guys.

717
00:34:54,760 --> 00:34:56,640
Speaker 1: I think it depends where in the country. I think

718
00:34:56,640 --> 00:34:59,840
Speaker 1: there are some states play where institutions own something like

719
00:35:00,000 --> 00:35:03,000
Speaker 1: twenty percent of the single family homestock, which seems other

720
00:35:03,040 --> 00:35:05,840
Speaker 1: states it's a lot lower than that, and it's dependent

721
00:35:05,920 --> 00:35:09,440
Speaker 1: upon the market factors in that state. But there is

722
00:35:09,480 --> 00:35:13,560
Speaker 1: a complicated discussion, you know, because sometimes things that it's

723
00:35:13,600 --> 00:35:16,880
Speaker 1: just like the minimum wage thing. Minimum wage in California

724
00:35:16,920 --> 00:35:18,879
Speaker 1: is what now twenty five dollars. Guess what they're doing

725
00:35:18,880 --> 00:35:21,600
Speaker 1: in all these places. They're automating, they're cutting back hours,

726
00:35:21,600 --> 00:35:24,080
Speaker 1: all the things that we said, would happen happen No.

727
00:35:24,080 --> 00:35:27,880
Speaker 4: One hundred percent, And look, I mean again, these go

728
00:35:28,040 --> 00:35:32,520
Speaker 4: into complicated aspects. In order to talk about them intelligently,

729
00:35:33,200 --> 00:35:35,960
Speaker 4: you have to have some measure of schooling on it,

730
00:35:36,160 --> 00:35:39,520
Speaker 4: and I just think financial literacy we do a really

731
00:35:39,560 --> 00:35:43,000
Speaker 4: poor job of explaining to kids how to balance checkbooks,

732
00:35:43,000 --> 00:35:46,279
Speaker 4: how to understand mortgages, how to understand what credit card

733
00:35:46,440 --> 00:35:51,600
Speaker 4: interest is, to understand how quickly compound interest works against

734
00:35:51,640 --> 00:35:54,880
Speaker 4: you if you have those balances running forward, and also

735
00:35:54,960 --> 00:35:58,359
Speaker 4: in a positive way, how much compounding works in your

736
00:35:58,400 --> 00:36:02,520
Speaker 4: favor if you start saving I mean every ten years

737
00:36:02,560 --> 00:36:06,440
Speaker 4: on average, if you buy SMP five hundred index funds,

738
00:36:06,680 --> 00:36:09,640
Speaker 4: you're gonna double your money. Well, if you're a kid

739
00:36:10,040 --> 00:36:13,080
Speaker 4: and you can start saving money when you're eighteen twenty

740
00:36:13,160 --> 00:36:17,680
Speaker 4: years old, by the time you're fifty, you've doubled, doubled,

741
00:36:17,760 --> 00:36:20,319
Speaker 4: doubled just in the last thirty years. And then if

742
00:36:20,360 --> 00:36:23,040
Speaker 4: you live fortunate enough to be eighty or ninety, you

743
00:36:23,120 --> 00:36:26,680
Speaker 4: start compounding that on such an incredible level. I don't

744
00:36:26,719 --> 00:36:29,239
Speaker 4: think most kids think about it. It's an optimistic way

745
00:36:29,280 --> 00:36:33,360
Speaker 4: to think, just to understand the larger context here, and

746
00:36:33,440 --> 00:36:37,279
Speaker 4: I wish we did a better job of setting this

747
00:36:37,320 --> 00:36:37,759
Speaker 4: all up,