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Speaker 1: No, we're not working on Christmas Eve.

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Speaker 2: We worked really hard to get it in our contract

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Speaker 2: that we wouldn't be working today, so you're not hearing

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Speaker 2: us live. I'd hate to make both Jesus and Santa

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Speaker 2: Claus angry. So yes, we're taking the day off. But

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Speaker 2: hope you're enjoying some really good A and G replays

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Speaker 2: dig In Merry Christmas.

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Speaker 1: Welcome to the Armstrong and Getty Show.

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Speaker 3: If you want to donate to more people being able

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Speaker 3: to get into scouting, just go to Armstrong in getdy

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Speaker 3: dot com, Armstrong in Giddy dot com.

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Speaker 1: We made it easy. First day witticism and then a

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Speaker 1: new feature. Jack makes the choice.

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Speaker 2: Oh boy, here's the witticism. It is actually a cartoon

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Speaker 2: two fellows. One is obviously in terrible distress, the other

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Speaker 2: looks very, very smug. The caption is leftist mentality in

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Speaker 2: a nutshell. The distressed guy is screaming help, I'm getting

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Speaker 2: bitten to death by ants, and his smug companion says,

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Speaker 2: not all ants.

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Speaker 1: O boy, it makes you steppens. Welcome to Jack makes

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Speaker 1: the choice. I'm sure they're going to be.

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Speaker 3: I'm sure there's gonna be a backlash against all ants.

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Speaker 3: So we don't want to say anything about the ants

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Speaker 3: that are biting you to death.

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Speaker 2: It's just the radicalized ants really are biting us to death.

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Speaker 1: It's one of my choices going home.

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Speaker 2: Oh boy, if it were, you wouldn't be hearing my voice.

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Speaker 1: So here's your choice.

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Speaker 2: Why is South Korean fertility so low?

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Speaker 1: Yeah, it's the lowest in the world, isn't it. Yes?

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Speaker 2: Yeah, And well they're both so good?

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Speaker 1: Or JD.

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Speaker 2: Vance is the white ibram X can candy. I'm sorry

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Speaker 2: I stumble over that ibram X kindy.

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Speaker 3: As soon as you said gd Vance, I was thinking

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Speaker 3: the other one I want because I don't want anything

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Speaker 3: pol but that is intriguing.

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Speaker 1: Just because I can't even imagine what it is. You know.

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Speaker 2: I'm going to give you a very capsule summary of

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Speaker 2: that one, and then we'll do the South Korea story.

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Speaker 2: J D who wrote so movingly and persuasively in Hillbilly

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Speaker 2: Elegy about his people in rural at Leatia and their

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Speaker 2: self defeating beliefs and attitudes. It was a look at

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Speaker 2: and I've made this quote several times. Great Elvis Costello

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Speaker 2: song The Deep, Dark, Truthful Mirror. It was a good,

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Speaker 2: long stare into that mirror, and it was remarkably candid.

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Speaker 2: It seems as though he's decided it's much much better

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Speaker 2: politics to work the grievance side of the aisle and

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Speaker 2: tell people you're being cheated and the world is stacked.

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Speaker 1: Against you, and I will be your savior. Hmm.

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Speaker 2: That might just be a reflection of the fact that, yes,

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Speaker 2: that sort of politics is much more popular than you

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Speaker 2: need to take a look at shelf and solve your

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Speaker 2: own problems. And kind of as an adjunct to that,

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Speaker 2: there's an interesting story in the Journal today entitled the

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Speaker 2: War on Poverty failed this West Virginia County and they're

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Speaker 2: no longer waiting for help. Well, good, good, And you know,

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Speaker 2: someday I'd like to get back to discussing how the

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Speaker 2: average American would move to find work many times in

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Speaker 2: their lives a very very short time ago, and now

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Speaker 2: people seem to have some sort of belief that they

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Speaker 2: have a god given right to stay where they are

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Speaker 2: because it's familiar and comfortable.

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Speaker 1: It's odd. It's a real change.

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Speaker 2: Anyway, This is long issue, and we'll just touch on

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Speaker 2: some of the main points.

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Speaker 3: Why is Korean men can't satisfy their women's I'm.

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Speaker 2: Not sure that's it. Why is South Korean fertility so low?

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Speaker 2: Listen to this, now, comprehend this if you can. Its population,

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Speaker 2: optimistically is projected to shrink by over two thirds in

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Speaker 2: the next one hundred years. If current fertility rates persist,

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Speaker 2: You've got one hundred South Koreans today. They will have

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Speaker 2: only six great grandchildren between them.

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Speaker 1: Wow. Yeah, yeah.

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Speaker 3: I remember from reading America Alone by Mark steinback in

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Speaker 3: the days, when you do the math on the spiral

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Speaker 3: of dropping below two point one kids per woman, it's

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Speaker 3: amazing math.

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Speaker 1: It's like compound interest.

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Speaker 3: Well, it's exactly like compound interest the way it works,

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Speaker 3: and it's astounding how quickly you run out of people.

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Speaker 1: Yeah.

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Speaker 2: Yeah, So, here are a couple of stats for you.

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Speaker 2: The world fertility rate in nineteen sixty, which lines the world.

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Speaker 2: Oh there it is, was is around five children per Wow.

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Speaker 2: That's because men back then could satisfy the women. Oh boy, Interestingly,

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Speaker 2: they don't have the US rate. It's mostly about Asia,

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Speaker 2: but in South Korea it was actually in nineteen sixty

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Speaker 2: it was closer to six children per women.

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Speaker 1: Wow. That's a lot of kids for the average.

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Speaker 2: And I will tell you South Korea is more severe

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Speaker 2: than the world, but the world's fertility to rate has

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Speaker 2: been declining quite quite significantly. But anyway, I'm just gonna

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Speaker 2: go one decade at a time. For South Korea, in

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Speaker 2: nineteen sixty, it was a little over six children per women.

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Speaker 2: In nineteen seventy, it was about four and a half.

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Speaker 2: In nineteen eighty, it was about two point seven. Nineteen

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Speaker 2: ninety it was one point eight two thousand and one

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Speaker 2: point five, twenty ten, about one point two and twenty twenty.

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Speaker 2: It's like, what is the figure out now point eight?

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Speaker 2: I think, you know my theory.

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Speaker 3: Which I meant not even really a theory. The fact

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Speaker 3: isn't it that, for whatever reason, successful safe cultures stop

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Speaker 3: having kids South Korea in nineteen sixty they were coming

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Speaker 3: out of a Korean War, not that many years earlier,

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Speaker 3: when was the Armistist fifty three. So I mean they're all,

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Speaker 3: you know, children of war and they're cranking out kids.

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Speaker 3: As soon as you've become very successful and safe, you

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Speaker 3: stop having kids, you know.

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Speaker 2: In contrast to Jack's old lousemon theory, why it's not

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Speaker 2: they're women's scientists take a different view, although it is

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Speaker 2: like so many things cultural in every developed country. I'm

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Speaker 2: quoting now from the Science newsletter. I'm reading here women

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Speaker 2: struggle to reconcile their careers with a satisfying family life

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Speaker 2: and their preferred number of children. This trade off is

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Speaker 2: exceptionally severe in South Korea, despite its very high level

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Speaker 2: of female education. South Korea has the largest gender employment

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Speaker 2: gap in the developed countries. There is almost no employment

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Speaker 2: gap between men and unmarried women. I mean, the numbers

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Speaker 2: are almost precisely the same. It's around seventy three percent employment.

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Speaker 2: The gap is driven by the fact that large numbers

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Speaker 2: of women stop working when they have kids. Only fifty

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Speaker 2: six percent of mother's work the fourth lowest in the OECD,

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Speaker 2: which I can't remember what that stands for.

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Speaker 1: It's the it's your developed countries.

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Speaker 2: In South Korea, mother's employment falls by forty nine percent

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Speaker 2: relative to fathers over ten years. In the US it

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Speaker 2: falls by twenty five percent, in Sweden by only nine percent.

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Speaker 2: South Korean women face a steep motherhood penalty, partly because

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Speaker 2: of their insane work culture. South Korean's work more hours

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Speaker 2: per year. It's about a thousand more about thirty well,

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Speaker 2: I'm sorry, it's about one hundred and thirty hours more

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Speaker 2: a year than Americans and about four hundred and thirty more.

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Speaker 1: Than Swedes, for instance.

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Speaker 2: How many makes it harder to balance work and motherhood

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Speaker 2: or work or anything else?

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Speaker 1: How many more hours a year than Americans? Uh?

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Speaker 2: Three oh, one hundred and thirty Wow. Yeah, so more

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Speaker 2: than two hours a week more?

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Speaker 1: Oh? Yeah wow.

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Speaker 2: There is intense pressure from employers for women not to

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Speaker 2: have children. In surveys, twenty seven percent of female office

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Speaker 2: workers report being coerced into signing illegal contracts promising to

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Speaker 2: resign if they become pregnant or get married. Korean work

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Speaker 2: culture is notoriously sexist, blah blah blah.

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Speaker 1: But this is.

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Speaker 3: Different than the fact that they're not having kids in

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Speaker 3: like Italy or France, where you have so much time

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Speaker 3: off and you could say, well, you you want to

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Speaker 3: you know, you want to vacation and eat and blah

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Speaker 3: blah blah and self and don't and you don't have kids.

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Speaker 3: South Korea, they're working their asses off and not having kids.

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Speaker 1: Yeah, it is interesting.

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Speaker 2: You're right, these facts about South Korea cannot be applied universally.

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Speaker 1: I mean, the insane work culture, so.

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Speaker 2: You can have more studying when you're a child, but

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Speaker 2: say you can have more stuff the two of you

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Speaker 2: or the one of you with no kids.

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Speaker 1: They mentioned that.

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Speaker 2: There's intense competition for university places. Cram schools and private

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Speaker 2: tuition are popular in many low fertility Asian countries, Taiwan

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Speaker 2: and Singapore, China, they mentioned, but South Korea is even worse.

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Speaker 2: Almost eighty percent of children attend a hagwan, which is

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Speaker 2: a type of private cram school operating in the evening

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Speaker 2: and on weekends.

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Speaker 1: Almost eighty percent.

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Speaker 2: In twenty twenty three, South Koreans poured billions of dollars

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Speaker 2: into the shadow education system. They're just absolutely obsessed with

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Speaker 2: material success.

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Speaker 1: How happy are they? Oh? Miserable. They've got the highest

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Speaker 1: suicide rate in the world. I think, wow, that's something.

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Speaker 2: Yeah, there's giant decline in marriage. You know what I

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Speaker 2: think is underappreciated. And I think about this a lot,

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Speaker 2: and I don't I don't think people feel it.

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Speaker 1: I have.

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Speaker 2: Let me put it this way. I have trouble running

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Speaker 2: into people who see it the same way I do.

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Speaker 2: Not that they disagree, they just haven't thought about it.

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Speaker 2: Cultures are like individuals. They can get diseased and just

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Speaker 2: because a culture is something doesn't mean it should be

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Speaker 2: something or that there's nothing. I mean, there's little you

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Speaker 2: can do as an individual about it. But it's you've

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Speaker 2: got to look at your culture like you're in a

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Speaker 2: group of five friends, and your five friends make a

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Speaker 2: terrible decision about what they're going to do. It's like

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Speaker 2: the proverbiala if your friends jumped off a bridge. You've

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Speaker 2: got to look at yourself, separate from your culture. Cultural

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Speaker 2: going on around with the cultural going along with the

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Speaker 2: cultural current needs to be a choice.

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Speaker 1: We started the show by talking about living.

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Speaker 2: Uh, what the hell? That's funny? I couldn't remember the

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Speaker 2: term awaredly in the moment.

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Speaker 1: What's the same mindfulness? Mindfulness right?

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Speaker 2: Mindfully participate in your culture mindfully?

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Speaker 1: Yeah.

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Speaker 3: I made this joke kind of a couple of weeks

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Speaker 3: ago on our friend Tim, who's a famously childless hit

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Speaker 3: him and his wife, two very smart, successful people who

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Speaker 3: have no interest in having kids. Is just you know,

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Speaker 3: how upset can you be about kids that aren't born?

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Speaker 3: I mean, you'd have to care about your culture carrying on,

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Speaker 3: and that's not the same as like a lot of

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Speaker 3: what you and I do probably is because we got

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Speaker 3: kids out there that are going to have to live

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Speaker 3: in this country, and so I care a lot.

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Speaker 1: The direct motive goes. It's a hell of a motivator.

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Speaker 2: It's a it's one of the biggest motivators in world history.

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Speaker 2: So nobody knows what it's like to have a society

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Speaker 2: where you don't have kids, where you feel like, well,

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Speaker 2: I'm dead, What the hell do I care what happens

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Speaker 2: in this country or everybody.

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Speaker 3: Else is going to be dead too. Oh none of

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Speaker 3: my friends have kids. I mean, it's pretty hard to

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Speaker 3: get super motivated to care about what the country's going

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Speaker 3: to be like in fifty years if I'm gone and

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Speaker 3: none of I've got no offspring.

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Speaker 2: So interestingly, back to Korea briefly, like China, they decided

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Speaker 2: in the very early sixties, as a new regime came

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Speaker 2: to power, that families were way too big. There are

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Speaker 2: too many people, and shrinking family sizes would fuel economic

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Speaker 2: development by freeing up more women to work and decreasing

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Speaker 2: the number of dependents per worker. And so they had

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Speaker 2: all sorts of societal pressure and tax breaks and slogans,

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Speaker 2: have few children and bring them up well. Later posters

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Speaker 2: encourage parents to prioritize quality over quantity, with mottos such

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Speaker 2: as let's have two children and raise them well or

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Speaker 2: the frantic two children is already too many, and it

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Speaker 2: was absorbed into Asian culture, including South Korean culture, and

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Speaker 2: they just stopped having kids. It's interesting, but as you

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Speaker 2: point out, that ain't the story in Italy, for instance, Germany,

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Speaker 2: the US. It's an interesting phenomenon.

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Speaker 1: Got to learn to satisfy your women or your women's

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Speaker 1: or women's Got satisfy your women's.

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Speaker 4: The Armstrong and Getty show, your show, podcasts, and our

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Speaker 4: hot links.

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Speaker 2: National Review has got an editorial board piece out if

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Speaker 2: Trump wants to use military force to topple Maduro, he

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Speaker 2: needs to call to Congress and ask for authorization.

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Speaker 1: That's their take. Mm hmm, yeah, I don't know if

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Speaker 1: you get it. Would he get it? No?

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Speaker 2: No, I would guess not, because there's nobody in America

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Speaker 2: who's running around pitching the idea of attacking Venezuela. I

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Speaker 2: mean it has no constituency. I mean we might not

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Speaker 2: like drug cartels and that sort of thing, but what

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Speaker 2: happens next and lets we have like their top three

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Speaker 2: generals have said, oh yeah, I'm totally down with the plan.

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Speaker 2: I would love to be allied with the United States.

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Speaker 2: Let's get this done. It would be a quadmire given

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Speaker 2: our recent experiments with regime change. I don't think a

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Speaker 2: majority of Americans probably want to give that a world

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Speaker 2: be my guess. I think you're absolutely right. Oh, speaking

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Speaker 2: of Maduro, this is amusing. Establishments like CNN, the Associated Press,

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Speaker 2: and The New York Times have all, in various articles,

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Speaker 2: embraced the new narrative about Venezuela's Cartel di le Solis.

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Speaker 2: It doesn't actually exist, it's not real. It's been made up.

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Speaker 2: In spite of the fact that all of them covered

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Speaker 2: the Biden administration prosecuting successfully a higher up known as

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Speaker 2: El Poyo the Chicken back in twenty twenty three. This

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Speaker 2: guy got asked, extradited, and prosecutor. I want a better nickname.

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Speaker 2: If I'm gonna be a high up drug kingpin, I

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Speaker 2: don't want to be the Chicken. Yeah that's kind of weak, dude. Look,

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Speaker 2: I'm not going to shoot anybody over this, but the

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Speaker 2: chicken real.

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Speaker 1: It's not the cock. You don't even get to be

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Speaker 1: that now. It just says El Poyo anyway.

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Speaker 2: So yeah, back when that was happening in the Biden administration,

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Speaker 2: US labels Maduora tied Cartel del Solas is a terror organization.

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Speaker 2: It's not a cartel per se is the current headline

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Speaker 2: in the AP But back in the day when the

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Speaker 2: Biden administration was prosecuting them, it was that dangerous. A

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Speaker 2: freebody always overplays their hand. You can go ahead and

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Speaker 2: be against regime change in Venezuela. You don't have to

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Speaker 2: pretend that they're not a narco state to do it right, right, Yeah, Yeah,

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Speaker 2: I got this story I wanted to touch on. There

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Speaker 2: is a homeless encampment near the Space Needle in Seattle.

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Speaker 2: It's gained in international media attention. Well, Seattle, after a

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Speaker 2: very brief jog toward the right, and not just toward

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Speaker 2: the right, from like openly communists to reasonable liberal, is

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Speaker 2: now going to veer back leftward. As mayor elect Katie Wilson,

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Speaker 2: who is just a treat takes office in January of

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Speaker 2: twenty six. The Space Needle homeless camp is growing like

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Speaker 2: a weed, and she has vowed to end junkie camp cleanups.

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Speaker 2: They call them homeless camps to hide the fact that

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Speaker 2: it's almost entirely junkies, but the growing camp highlights Seattle's

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Speaker 2: worsening homeless crisis, as Microsoft just announced it's moving its

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Speaker 2: Build twenty twenty six conference to Las Vegas and away

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Speaker 2: from Seattle. It is widely believed this is due to

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Speaker 2: safety concerns around the Seattle tog, so Microsoft itself having

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Speaker 2: their conference in a different town.

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Speaker 4: Jack Armstrong and Joe the Armstrong and Getty show you.

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Speaker 1: Across this piece.

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Speaker 2: Katie by uh fraya India. Her name is this an

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Speaker 2: interesting name. It was in the h in the Free Press,

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Speaker 2: and she says, and jump in anytime. I keep hearing

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Speaker 2: about how there's too much pressure to settle down.

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Speaker 1: As a young woman.

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Speaker 2: Apparently everyone wants to know when you're getting married, when

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Speaker 2: you're having kids. Being single is stigmatized, shamed, pitied. We

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Speaker 2: supposedly feel so rushed to find partners that we choose wrong,

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Speaker 2: and that's why relationships are.

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Speaker 1: She write this in nineteen fifty. Well, that's kind of

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Speaker 1: her point.

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Speaker 2: It's this pressure to couple up, this feeling of being alone,

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Speaker 2: blah blah blah. But this has never been my experience,

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Speaker 2: she writes. My whole life, I've only ever felt the opposite,

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Speaker 2: an overwhelming press.

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Speaker 3: Pressure to be single, yeah, and looking at people giving

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Speaker 3: you the side eye. If you want to get married

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Speaker 3: young and have kids, definitely right in the sec go ahead, Katie.

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Speaker 5: Well, I'm just thinking, like I mean, I know it

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Speaker 5: varies by age, you know. I know a bunch of

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Speaker 5: people that are in their twenties that that's the last

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Speaker 5: thing on their mind. And I also have friends that

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Speaker 5: are around my age that are like, I better get going.

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Speaker 1: Yeah, But that's there.

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Speaker 2: That's an internal feeling, isn't it as opposed to an

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Speaker 2: extra internal position?

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Speaker 1: Not completely No.

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Speaker 5: No, because you know then there's the pressure. All your

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Speaker 5: friends around you are maryl When when are you going

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Speaker 5: to find your guy?

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Speaker 2: You know?

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Speaker 1: I mean that happens.

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Speaker 2: Well in societal pressure forms people's desires all the time. Yeah,

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Speaker 2: your clocks start to tick and scream really loud when

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Speaker 2: you get to be a no. It's deafening, So she writes,

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Speaker 2: in the secular liberal world, I used to think there

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Speaker 2: were no expectations, no pressures.

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Speaker 1: There is, though.

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Speaker 2: The pressure today is to avoid anything that might stick,

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Speaker 2: to run through life without getting snagged on any responsibilities,

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Speaker 2: without getting tethered to someone else too early. I'm sure

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Speaker 2: in some cultures there's some pressure to find someone, but

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Speaker 2: I felt rushed to do many things in modern life,

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Speaker 2: and settling down has never been one of them.

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Speaker 1: Hmm. Yeah.

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Speaker 2: Well, I live in a liberal enclave, so I don't

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Speaker 2: know how much it represents the rest of the United

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Speaker 2: States on this topic, but they're certainly not community pressure

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Speaker 2: to find a man, get married and have kids around here.

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Speaker 1: Yeah, and she points out that.

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Speaker 2: In a recent podcast, Emma Watson, the intelligent yet utterly

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Speaker 2: unwise Harry Potter gal who's been slandering JK rowling even

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Speaker 2: utterly unjustifiable, said something about women are made to feel

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Speaker 2: like they have no worth or haven't succeeded in life

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Speaker 2: until they settle down.

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Speaker 1: And fry again. Right. I have a hard time understanding this.

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Speaker 1: In my world, it's the opposite.

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Speaker 2: The young woman who settles down has always been seen

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Speaker 2: as wasting her potential. Right, The single child's free, even

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Speaker 2: divorced woman is strong, wise and nose or worth. Absolutely. Yeah,

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Speaker 2: that is just completely made up scenario. Yeah, most of

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Speaker 2: the time, people aren't wondering why young women aren't having kids,

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Speaker 2: but why we would at all?

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Speaker 1: Nobody really mentions it. Let's let alone pushes it.

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Speaker 2: And I'm sure it wasn't always like this, but lately

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Speaker 2: I see young men praised for committing well, young women

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Speaker 2: are warned. We are proud of young men, we pity

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Speaker 2: young women.

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Speaker 5: That's an interesting way to look at it, but I

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Speaker 5: can see I can see where she's coming from. Especially

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Speaker 5: you know that a lot of the people that are

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Speaker 5: or the women that are single, it's like that independent woman.

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Speaker 3: Yeah right, you're calling your own shots. You're not answering

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Speaker 3: patriarchy who tells you you need to get married?

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Speaker 1: Netaki.

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Speaker 2: Are you implying that the patriarchy is supposed to be

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Speaker 2: running the household, Because if that's the case, I've gotten

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Speaker 2: it wrong. Announce you're getting married in your twenties, and

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Speaker 2: complete strangers will rush to tell you horror stories about

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Speaker 2: affairs and divorce and heartbreak. Why would you do that

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Speaker 2: to yourself? Don't do what I did? Throw those years away.

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Speaker 2: We don't scrutinize the twenty five year old who is

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Speaker 2: still single, but the one who settles down In practice,

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Speaker 2: feels like the only life.

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Speaker 1: Decision left to disapprove of, the only one.

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Speaker 2: Acceptable to judge wanting to commit is the one desire

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Speaker 2: that is discouraged. Treating with suspicion the only thing in

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Speaker 2: the modern world we're ever told to delay.

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Speaker 1: I agree with that based on my observation. Yeah, yeah, yeah, And.

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Speaker 3: Then you can add another layer to of it. As

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Speaker 3: a guy from the rural Midwest, there's the if you

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Speaker 3: you only do that because there's nothing else to do,

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Speaker 3: there's nothing better to do, Like the better things are.

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Speaker 2: What more money for a corporation having exotic vacations, Well,

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Speaker 2: you can do. You can make make money for a

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Speaker 2: corporation anywhere. So I think they mean like the entertainment

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Speaker 2: options that exist on the coasts, Like I don't know,

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Speaker 2: concerts and ballgames. Is a better thing to do than

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Speaker 2: get married, have a kid, raise a family, right, yeah,

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Speaker 2: and have a career look at it. Yeah yeah, yeah,

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Speaker 2: it's funny. I don't I don't feel that. I have

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Speaker 2: three kids, one is married, uh one maybe at some point.

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Speaker 2: Oh my dad who turned eighty five on Thanksgiving Day,

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Speaker 2: I don't know if he has lost his filter or

396
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Speaker 2: just doesn't give a crap, because those are two different things.

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Speaker 2: If you think, you know, this is gonna make people uncomfortable,

398
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Speaker 2: but it needs to be said or you've just lost

399
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Speaker 2: the sense of how uncomfortable it's.

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Speaker 1: Gonna make people.

401
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Speaker 2: Those are two different situations, but he was utterly shameless

402
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Speaker 2: in quizzing my youngest daughter, Delaney and her man about

403
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Speaker 2: what's going on here. Let's say, what's the timetable? What

404
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Speaker 2: are we thinking here? Are you gonna make an honest

405
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Speaker 2: woman of her? Or what?

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Speaker 1: Oh? That's always a good time. And it was playful.

407
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Speaker 1: It was definitely playful, but it was it was.

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Speaker 2: It caused a great deal of rolling of eyes and

409
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Speaker 2: hands and heads and hands. How did the male handle

410
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Speaker 2: it with a pretty good sense of humor. It's an

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Speaker 2: uncomp which is one of the reasons I like him. Yeah,

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Speaker 2: it was shameless. I can't wait, Handy. What I like

413
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Speaker 2: with those kind of things is how some people just

414
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Speaker 2: look like couples. Like I got one niece and she's

415
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Speaker 2: had several long term boyfriends. Were her current long term boyfriend.

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Speaker 2: They look like they've been married for thirty years. They

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Speaker 2: just do. They just they should.

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Speaker 3: They're they're probably gonna get married, and they just look

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Speaker 3: like they they are the married couple splitting up people.

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Speaker 1: Some people just fit together.

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Speaker 2: Yeah, you know, as this piece goes on, she gets

422
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Speaker 2: more philosophical about there's this pressure to delay, pressure to

423
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Speaker 2: keep searching, pressure to do life alone. Don't fall too

424
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Speaker 2: hard too fast, not to intertwine and entangle, never to

425
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Speaker 2: lose control, to keep lives and hearts uncrossed. This impossible

426
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Speaker 2: titrope for trying to walk, this vain attempt to fall

427
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Speaker 2: in love while standing perfectly upright without ever losing our

428
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Speaker 2: footing depending on someone, without losing an inch of independence,

429
00:24:17,200 --> 00:24:19,400
Speaker 2: the pressure and pain of holding each other at arm's

430
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Speaker 2: length at all times. Are lives perfectly partitioned, the stakes

431
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Speaker 2: permanently low.

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Speaker 1: That's really good writing. When's the timetable changed? That?

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Speaker 3: Clearly they mean in your twenties at least. Yeah, really

434
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Speaker 3: making a mistake if you get married and have kids.

435
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Speaker 3: But so by forty two you should or what does

436
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Speaker 3: they get to that.

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Speaker 2: There are well no, she doesn't really write about that.

438
00:24:47,359 --> 00:24:53,520
Speaker 2: But the lie, and it's interesting why people would would

439
00:24:53,640 --> 00:24:56,080
Speaker 2: be so incuisis about this lie, the lie that you

440
00:24:56,119 --> 00:24:58,040
Speaker 2: can wait as long as you want and have kids

441
00:24:59,600 --> 00:25:05,359
Speaker 2: is that's it's bad. It's damaging, It hurts people, particularly women.

442
00:25:05,440 --> 00:25:07,440
Speaker 2: It gets more and more difficult, it's more and more

443
00:25:07,480 --> 00:25:10,400
Speaker 2: prone to you know, trouble for you and the baby.

444
00:25:10,520 --> 00:25:12,359
Speaker 1: It's just it's wrong. We're made.

445
00:25:12,480 --> 00:25:15,159
Speaker 2: Look, we're made to have babies and start producing them

446
00:25:15,160 --> 00:25:18,320
Speaker 2: when we're like sixteen, seventeen eighteen because we are eate

447
00:25:18,359 --> 00:25:20,879
Speaker 2: them by conference. Well, right, we're at the peak of

448
00:25:20,880 --> 00:25:24,320
Speaker 2: our physical health. And did you tell you can't You

449
00:25:24,359 --> 00:25:26,320
Speaker 2: can't kill an eighteen year old if you want to.

450
00:25:29,119 --> 00:25:31,440
Speaker 2: And granted, you know, okay, society is changing and put

451
00:25:31,480 --> 00:25:33,520
Speaker 2: that off. But the idea that, oh, yeah, yeah, have

452
00:25:33,600 --> 00:25:35,840
Speaker 2: your career established, your career than at age forty five

453
00:25:35,880 --> 00:25:38,200
Speaker 2: become a mommy. It happens, and it's okay in a

454
00:25:38,240 --> 00:25:42,119
Speaker 2: lot of cases, but as plans go, it's not nearly

455
00:25:42,200 --> 00:25:46,120
Speaker 2: the best one. But again, if that has been your plan,

456
00:25:46,200 --> 00:25:47,919
Speaker 2: you have a child and you love it dearly and

457
00:25:47,960 --> 00:25:48,800
Speaker 2: you're doing your best.

458
00:25:48,840 --> 00:25:51,600
Speaker 1: I bless you and wish you nothing but happiness. It's got.

459
00:25:52,040 --> 00:25:53,560
Speaker 1: You can answer those emails all day long.

460
00:25:53,560 --> 00:25:56,480
Speaker 2: You'll get generalized, though I'm telling you, generally speaking, no

461
00:25:56,640 --> 00:25:58,439
Speaker 2: are any way it sounds like you're attacking them. To me,

462
00:25:59,040 --> 00:26:02,520
Speaker 2: it's like no, it's like generally, it's like generalizing about

463
00:26:02,560 --> 00:26:04,040
Speaker 2: whether it's a good idea to run off and join

464
00:26:04,080 --> 00:26:09,960
Speaker 2: the circus or not. Generally speaking, it is a good

465
00:26:09,960 --> 00:26:11,479
Speaker 2: comparison unless you're a dope.

466
00:26:11,600 --> 00:26:15,760
Speaker 1: Oh now I'm insulting my coworkers. Wow, I'm so sorry.

467
00:26:16,320 --> 00:26:18,360
Speaker 1: I just I wag out of control.

468
00:26:18,960 --> 00:26:22,440
Speaker 2: No, you're you're taking a much higher set of risks

469
00:26:23,680 --> 00:26:26,280
Speaker 2: pros and cons. But you'll teach their own, said MeitY,

470
00:26:26,720 --> 00:26:28,240
Speaker 2: being a libertarian, I speak on peace.

471
00:26:28,280 --> 00:26:31,480
Speaker 1: Now you go, do you? And I don't particularly care

472
00:26:32,160 --> 00:26:32,639
Speaker 1: what you do.

473
00:26:33,840 --> 00:26:38,520
Speaker 4: Jack Armstrong and Joe The Armstrong and Getty Show.

474
00:26:41,480 --> 00:26:45,560
Speaker 2: From the Department of Why does nobody recognize we're driving

475
00:26:45,560 --> 00:26:47,560
Speaker 2: toward a cliff at one hundred miles per hour. Yeah.

476
00:26:48,160 --> 00:26:51,240
Speaker 2: Alicia Finley of The Wall Street Journal pointing out that

477
00:26:51,600 --> 00:26:56,480
Speaker 2: America's buy now, pay later economy is showing signs of

478
00:26:56,480 --> 00:26:59,439
Speaker 2: an emerging debt crisis everywhere. I don't like this story.

479
00:26:59,440 --> 00:27:02,640
Speaker 2: I'm not doing that. I'm I don't buy it until

480
00:27:02,640 --> 00:27:06,199
Speaker 2: like an afford it sort of guy. But we all

481
00:27:06,240 --> 00:27:09,000
Speaker 2: get brought down by a financial collapse. We all realize that,

482
00:27:09,080 --> 00:27:11,920
Speaker 2: right right. The word inclusive is very hot these days.

483
00:27:11,960 --> 00:27:13,840
Speaker 2: There certainly was a couple of years ago. That's the

484
00:27:13,960 --> 00:27:18,080
Speaker 2: brilliant thing about a financial crash. It includes virtually everybody yeah,

485
00:27:18,119 --> 00:27:22,639
Speaker 2: MISRAI So anyway, So she points out that serious credit

486
00:27:22,680 --> 00:27:26,040
Speaker 2: card and auto loan delinquencies have climbed to the level

487
00:27:26,080 --> 00:27:30,240
Speaker 2: of the twenty eighth nine recession. Okay, so rousing right

488
00:27:30,280 --> 00:27:35,440
Speaker 2: after that giant crash. Not surprising that lots of people

489
00:27:35,480 --> 00:27:38,000
Speaker 2: all of a sudden were in trouble and not quite

490
00:27:38,000 --> 00:27:39,960
Speaker 2: making their payments on time and that sort of stuff.

491
00:27:40,000 --> 00:27:46,600
Speaker 2: What is the reason now? Nobody's sure we like spending money,

492
00:27:47,960 --> 00:27:50,879
Speaker 2: she says. The housing market shows cracks. Well, the labor

493
00:27:50,880 --> 00:27:53,200
Speaker 2: market is weakening, but you wouldn't know it. From the

494
00:27:53,240 --> 00:27:57,560
Speaker 2: point stock market and consumer spending. America is buy now,

495
00:27:57,680 --> 00:28:04,080
Speaker 2: pay later economy and realy fueled by leverage. As consumers, investors, businesses,

496
00:28:04,160 --> 00:28:07,840
Speaker 2: and the government are all taking on more debt, which

497
00:28:07,920 --> 00:28:11,199
Speaker 2: she points out, and there's always one person like this

498
00:28:11,320 --> 00:28:13,560
Speaker 2: at the party, she points out, you have to pay

499
00:28:13,600 --> 00:28:15,480
Speaker 2: for debt later with interest.

500
00:28:15,640 --> 00:28:18,440
Speaker 1: Thank you for that. What a drag man.

501
00:28:19,280 --> 00:28:22,360
Speaker 2: As Americans max out their credit cards after years of inflation,

502
00:28:22,480 --> 00:28:25,800
Speaker 2: by now pay later offers are popping up everywhere, from

503
00:28:25,920 --> 00:28:30,560
Speaker 2: concert tickets to vacations to grocery stores.

504
00:28:30,720 --> 00:28:32,360
Speaker 1: Boy, oh, boil boil boy.

505
00:28:32,440 --> 00:28:34,360
Speaker 3: I can see how it would be appealing if I'm

506
00:28:35,320 --> 00:28:38,280
Speaker 3: twenty one year old Jack and they'll never tour again

507
00:28:38,640 --> 00:28:40,080
Speaker 3: or whatever, it's.

508
00:28:39,960 --> 00:28:42,440
Speaker 1: Their farewell tour man.

509
00:28:42,240 --> 00:28:45,720
Speaker 3: To not buy your concert tickets on I can't afford

510
00:28:45,760 --> 00:28:48,480
Speaker 3: it now, but I'll magically have more money six months

511
00:28:48,520 --> 00:28:49,000
Speaker 3: from now.

512
00:28:49,640 --> 00:28:51,840
Speaker 1: No, don't do that, I guess.

513
00:28:51,920 --> 00:28:54,360
Speaker 2: There are now apps where you can split the cost

514
00:28:54,360 --> 00:28:57,720
Speaker 2: of your purchases into installment payments over weeks or months.

515
00:28:57,720 --> 00:29:03,160
Speaker 2: Some are currently interest free for now, just to include fees.

516
00:29:03,760 --> 00:29:05,720
Speaker 1: You do you borrow against your used car?

517
00:29:05,920 --> 00:29:07,920
Speaker 2: Is that still a thing that people are doing, where

518
00:29:07,920 --> 00:29:12,959
Speaker 2: you take out equity from your used car. Yes, right, yeah,

519
00:29:13,120 --> 00:29:15,480
Speaker 2: And unlike credit cards, a lot of these services don't

520
00:29:15,520 --> 00:29:18,880
Speaker 2: report the loans to the credit bureaus, so folks are

521
00:29:18,880 --> 00:29:22,240
Speaker 2: in much more debt than their credit rating might indicate.

522
00:29:22,400 --> 00:29:26,960
Speaker 2: But so these all these different entities that are giving

523
00:29:26,960 --> 00:29:29,360
Speaker 2: people these deals must feel like they're going to get

524
00:29:29,360 --> 00:29:34,800
Speaker 2: paid back. Oh yeah, yeah, certainly in the short term.

525
00:29:34,920 --> 00:29:39,120
Speaker 2: And they have carefully calculated their default rates and you know,

526
00:29:39,200 --> 00:29:43,120
Speaker 2: price their services excuse me accordingly. And and you know,

527
00:29:43,120 --> 00:29:45,320
Speaker 2: if somebody ends up not being able to pay, they

528
00:29:45,400 --> 00:29:47,040
Speaker 2: just put them their name on the blacklist.

529
00:29:47,160 --> 00:29:51,440
Speaker 3: And boy, my oldest son has got a life lesson

530
00:29:51,480 --> 00:29:52,040
Speaker 3: coming on.

531
00:29:53,280 --> 00:29:54,840
Speaker 1: I don't even remember what it was now.

532
00:29:54,680 --> 00:29:57,040
Speaker 3: It's been so long, and something he really really wanted

533
00:29:57,080 --> 00:29:59,240
Speaker 3: and kind of fronted him, the monk kind of fronted

534
00:29:59,320 --> 00:30:01,440
Speaker 3: him the money on that with the idea that you

535
00:30:01,480 --> 00:30:03,280
Speaker 3: will owe me and I will be keeping track of it,

536
00:30:03,320 --> 00:30:05,240
Speaker 3: and I have been keeping track of it, and he

537
00:30:05,320 --> 00:30:08,560
Speaker 3: still owes me. And Christmas might just be here. I've

538
00:30:08,560 --> 00:30:11,880
Speaker 3: wiped off hot half your debt. Merry Christmas.

539
00:30:12,680 --> 00:30:14,840
Speaker 2: That would be a lesson in how that old thing works.

540
00:30:15,240 --> 00:30:18,680
Speaker 2: That would be a great gift in a way. Yeah, sure,

541
00:30:18,840 --> 00:30:23,840
Speaker 2: not to be appreciated at the time. According to recent survey,

542
00:30:23,880 --> 00:30:26,680
Speaker 2: about half of consumers have used a buy now, pay

543
00:30:26,760 --> 00:30:27,560
Speaker 2: later service.

544
00:30:28,080 --> 00:30:31,200
Speaker 1: This is not a niche. This is half wildly skewed

545
00:30:31,200 --> 00:30:31,960
Speaker 1: towards the young.

546
00:30:32,920 --> 00:30:37,880
Speaker 2: Concert tickets, your vacation, I mean everybody kind of does

547
00:30:37,920 --> 00:30:39,640
Speaker 2: that a vacation, right, because you put everything on your

548
00:30:39,640 --> 00:30:42,080
Speaker 2: credit card, whether you pay it off that month or

549
00:30:42,240 --> 00:30:43,120
Speaker 2: over a couple of months.

550
00:30:43,160 --> 00:30:45,440
Speaker 1: Good point. Yeah, let's see.

551
00:30:45,480 --> 00:30:48,360
Speaker 2: Federal Reserve pay for last December found such users are

552
00:30:48,360 --> 00:30:50,480
Speaker 2: more likely to have low credit scores, carry a balance

553
00:30:50,520 --> 00:30:55,040
Speaker 2: on credit cards, have incurred checking overdraft fees, and have

554
00:30:55,200 --> 00:31:02,480
Speaker 2: more delinquent credit accounts. Financiallyulnerable consumers may be over extending themselves.

555
00:31:03,840 --> 00:31:09,320
Speaker 2: Let's see, one of the bigger by Now Pay Later

556
00:31:09,400 --> 00:31:12,440
Speaker 2: services announced an IPO, which is expected to be one

557
00:31:12,440 --> 00:31:15,840
Speaker 2: of the biggest of the year. Such services make money

558
00:31:15,840 --> 00:31:19,560
Speaker 2: by capitalizing on financially stretched consumers, especially young people who

559
00:31:19,640 --> 00:31:21,840
Speaker 2: don't want to tighten their belts.

560
00:31:24,400 --> 00:31:24,800
Speaker 1: Wow.

561
00:31:26,680 --> 00:31:29,800
Speaker 3: According to the Babylon b As we told you, the

562
00:31:29,880 --> 00:31:32,920
Speaker 3: Social Security Administration is going to be renamed the Charles

563
00:31:32,960 --> 00:31:35,440
Speaker 3: Ponzi Memorial Retirement Plan, which I like.

564
00:31:36,040 --> 00:31:36,959
Speaker 1: That is great.

565
00:31:37,640 --> 00:31:41,320
Speaker 2: The Department of Justice will be changed to the Department

566
00:31:41,360 --> 00:31:43,280
Speaker 2: of Revenge and all Losers and Haters.

567
00:31:43,320 --> 00:31:45,040
Speaker 1: I don't think that's appropriate.

568
00:31:46,480 --> 00:31:49,960
Speaker 2: And yet somewhat accurate in these days of law fair,

569
00:31:50,160 --> 00:31:51,800
Speaker 2: this is the one that hurts. The Department of the

570
00:31:51,840 --> 00:31:55,520
Speaker 2: Treasury will be changed to the Chinese Loan Office.

571
00:31:55,880 --> 00:32:01,680
Speaker 1: Oh. One more that I liked.

572
00:32:03,520 --> 00:32:07,120
Speaker 3: How Housing and Urban Development will retitle his Department of

573
00:32:07,160 --> 00:32:08,160
Speaker 3: the Pores.

574
00:32:09,880 --> 00:32:14,040
Speaker 1: The Pull the Pores. Wow.

575
00:32:14,200 --> 00:32:15,760
Speaker 3: By the way, we got a text from somebody who

576
00:32:15,800 --> 00:32:18,120
Speaker 3: said they always appreciate when I do my porky pig

577
00:32:18,200 --> 00:32:19,400
Speaker 3: routine not being able to.

578
00:32:19,360 --> 00:32:24,200
Speaker 1: Pronounce a work. Hey, I got another statistic for you.

579
00:32:24,320 --> 00:32:25,880
Speaker 1: That's enough fun. Back to the misery.

580
00:32:26,160 --> 00:32:33,520
Speaker 2: So in twenty twelve, mortgage you know holders had debt

581
00:32:33,560 --> 00:32:37,920
Speaker 2: to income ratios considered risky. Right, twenty eight percent of

582
00:32:38,000 --> 00:32:42,600
Speaker 2: people had a debt to income ratio that was pretty risky.

583
00:32:42,640 --> 00:32:47,800
Speaker 2: Twenty eight percent. Last year sixty nine percent.

584
00:32:47,880 --> 00:32:48,640
Speaker 1: Oh my god.

585
00:32:50,000 --> 00:32:52,760
Speaker 2: Seven man Freddy mckew was thirty eight percent, up from

586
00:32:52,840 --> 00:32:54,480
Speaker 2: sixteen percent in twenty twelve.

587
00:32:54,680 --> 00:32:58,320
Speaker 3: Seven out of ten of yea, yeah, I don't think

588
00:32:58,360 --> 00:33:00,440
Speaker 3: I do have a risky debt to.

589
00:33:02,240 --> 00:33:03,080
Speaker 1: Income ratio.

590
00:33:03,600 --> 00:33:05,880
Speaker 2: And if I haven't driven you to buy gold and

591
00:33:05,920 --> 00:33:08,320
Speaker 2: bury it in your backyards yet, how much? How about

592
00:33:08,360 --> 00:33:14,080
Speaker 2: one more? The FAHA Federal Housing Association. We have a

593
00:33:14,120 --> 00:33:15,840
Speaker 2: fancy new name for them from the Babylon BA.

594
00:33:16,440 --> 00:33:16,760
Speaker 1: Too bad.

595
00:33:17,280 --> 00:33:20,080
Speaker 2: They've waived or reduced monthly payments on one point two

596
00:33:20,160 --> 00:33:23,040
Speaker 2: million mortgages over the past two years. That's about fifteen

597
00:33:23,080 --> 00:33:26,080
Speaker 2: percent of the total that they hold, and without that

598
00:33:26,320 --> 00:33:30,520
Speaker 2: forgiveness passed during the Biden administration, delinquencies would be near

599
00:33:30,600 --> 00:33:34,960
Speaker 2: the level of the twenty eight to nine meltdown. Fanny

600
00:33:35,000 --> 00:33:37,280
Speaker 2: and Freddy have also been slashing in deferring payments on

601
00:33:37,400 --> 00:33:39,440
Speaker 2: hundreds of thousands of mortgages.

602
00:33:40,240 --> 00:33:41,520
Speaker 1: So I go.

603
00:33:41,560 --> 00:33:45,280
Speaker 3: Into my son's room last night to talk to him,

604
00:33:45,760 --> 00:33:48,640
Speaker 3: which is one of the groovyest high schooler bedrooms I've

605
00:33:48,640 --> 00:33:50,200
Speaker 3: ever seen in my life. He's put a lot of

606
00:33:50,360 --> 00:33:53,120
Speaker 3: effort into it, and it's very cool and dark. It's

607
00:33:53,120 --> 00:33:55,000
Speaker 3: always very dark in there. But anyway, I go into

608
00:33:55,240 --> 00:33:58,120
Speaker 3: my high schooler's room last night and did not smell pleasant.

609
00:33:58,160 --> 00:33:59,560
Speaker 1: I said, what is the deal in here?

610
00:34:01,800 --> 00:34:03,920
Speaker 2: And he must have taken that to heart, because now

611
00:34:04,080 --> 00:34:08,360
Speaker 2: the entire house smells like high school boy cologne?

612
00:34:09,280 --> 00:34:10,640
Speaker 1: And I said, what did you do?

613
00:34:10,680 --> 00:34:12,279
Speaker 3: And he said, we used to sit at smell bed

614
00:34:12,320 --> 00:34:14,160
Speaker 3: So I sprayed around some of my cologne.

615
00:34:14,160 --> 00:34:16,960
Speaker 1: I thought that would help some of your colone.

616
00:34:17,360 --> 00:34:21,680
Speaker 2: Oh, it smells like you're on a date with four

617
00:34:22,040 --> 00:34:23,560
Speaker 2: high school sophomore boys.

618
00:34:23,400 --> 00:34:24,360
Speaker 1: Right now in my house.

619
00:34:25,120 --> 00:34:29,919
Speaker 2: Wow, way too much, way too important. To ascertain the

620
00:34:30,040 --> 00:34:33,360
Speaker 2: source of the funk. First, it's not funny, I.

621
00:34:33,400 --> 00:34:35,040
Speaker 3: Don't I don't know what it is about the scent,

622
00:34:35,120 --> 00:34:37,440
Speaker 3: but it just it smells like if you had to

623
00:34:37,520 --> 00:34:40,400
Speaker 3: name the smell, you'd say, I'm on a date with

624
00:34:40,480 --> 00:34:43,080
Speaker 3: a boy who's about old enough to get his driver's license.

625
00:34:43,960 --> 00:34:47,960
Speaker 1: That's what it smells like. Its own scent. You Wow

626
00:34:48,680 --> 00:34:53,000
Speaker 1: acts bedroom spray or something like that. Yikes.

627
00:34:53,480 --> 00:34:55,160
Speaker 2: Among the story, I hope you bought it for cash

628
00:34:55,160 --> 00:34:56,799
Speaker 2: and didn't borrow the money here, you know, break up

629
00:34:56,840 --> 00:34:57,320
Speaker 2: the payments.

630
00:34:58,640 --> 00:35:01,880
Speaker 1: It's the armstrong and getting show arm strong and getting

631
00:35:03,560 --> 00:35:12,920
Speaker 1: strong get so it's becoming arms strong and Getty