1 00:00:02,880 --> 00:00:10,239 Speaker 1: It's that time time, time, time, luck and load. So 2 00:00:10,480 --> 00:00:28,840 Speaker 1: Michael Varry Show is on the air. Good mornings are 3 00:00:29,200 --> 00:00:34,000 Speaker 1: I heard you talking about Robert Frost earlier I got 4 00:00:34,000 --> 00:00:35,360 Speaker 1: on my cowboy boots. 5 00:00:35,440 --> 00:00:36,760 Speaker 2: I don't know if you're aware of this or not, 6 00:00:36,920 --> 00:00:39,320 Speaker 2: but one of the most profound and eloquent American poets 7 00:00:39,320 --> 00:00:40,840 Speaker 2: of all time was born on this day in nineteen 8 00:00:40,920 --> 00:00:46,320 Speaker 2: forty six in Soper, Oklahoma, wishing a big old screw you. 9 00:00:46,479 --> 00:00:49,919 Speaker 2: We're from Texas. Happy birthday to Ray Wiley Hubbard. 10 00:00:50,479 --> 00:00:52,840 Speaker 3: Medle Fan that's soldern Riot. 11 00:00:54,880 --> 00:00:56,280 Speaker 1: Sometimes we're sloppy. 12 00:00:56,320 --> 00:00:59,840 Speaker 3: We're always loud and night Woods and Stamer and locked 13 00:01:00,160 --> 00:01:06,520 Speaker 3: the Pucketts. To screw you woo from Texas. Screwed word 14 00:01:06,520 --> 00:01:12,840 Speaker 3: from Texas. Screw you go from Texas with from Texas. Baker. 15 00:01:13,240 --> 00:01:29,560 Speaker 1: It's a screw now. 16 00:01:29,560 --> 00:01:32,319 Speaker 3: I love the USA and the other sticks. 17 00:01:33,280 --> 00:01:38,679 Speaker 1: They're okay. Texas is the police. I won't have been. 18 00:01:38,840 --> 00:01:41,520 Speaker 1: I don't care if I ever go to tell her anyway, 19 00:01:42,880 --> 00:01:46,040 Speaker 1: because we've got stood up, some Green Hall and Antone, 20 00:01:46,360 --> 00:01:48,600 Speaker 1: some Jaunty's Country Store. 21 00:01:49,960 --> 00:01:53,080 Speaker 3: I've got Willie and Jack and Jack, Robert Earl, Pat Cory, 22 00:01:53,280 --> 00:01:58,720 Speaker 3: Charlie Man, so many more. Let's to screw you we 23 00:01:58,960 --> 00:02:06,800 Speaker 3: from Texas, screw WO from Texas, scrillio wor from Texas 24 00:02:07,920 --> 00:02:11,600 Speaker 3: from Texas, screw you say it with me, screw you 25 00:02:12,600 --> 00:02:17,119 Speaker 3: worth from Texas, screw you work in Texas. 26 00:02:17,840 --> 00:02:22,280 Speaker 1: The screw WO from Texas, woof from Texas. 27 00:02:23,360 --> 00:02:23,680 Speaker 3: Three. 28 00:02:49,800 --> 00:02:57,880 Speaker 2: So now Texas is gonna I think my frustration over 29 00:02:58,000 --> 00:03:02,119 Speaker 2: how people react to issues like that. It's probably quite 30 00:03:02,160 --> 00:03:05,360 Speaker 2: similar to how people react to politics, which also found frustrating, 31 00:03:06,680 --> 00:03:10,040 Speaker 2: and that is they don't want to actually invest any 32 00:03:10,200 --> 00:03:17,160 Speaker 2: time into the subtle nuances of issues. Well, how come 33 00:03:17,240 --> 00:03:20,720 Speaker 2: we can't just vote for John corn and Michael he's 34 00:03:20,760 --> 00:03:25,359 Speaker 2: a Republican. Why are we fighting amongst ourselves? Let's fight 35 00:03:25,480 --> 00:03:28,919 Speaker 2: the Democrats? Michael, Why do we want to fight a Republican? 36 00:03:29,760 --> 00:03:32,840 Speaker 2: We already got him. Let's go somewhere where they got 37 00:03:32,880 --> 00:03:41,160 Speaker 2: a Democrat and fight the Democrat. And the understanding of 38 00:03:41,280 --> 00:03:44,240 Speaker 2: the proper answer to that question is the understanding of 39 00:03:44,320 --> 00:03:46,520 Speaker 2: how you fix the problems in this country. But they 40 00:03:46,560 --> 00:03:48,600 Speaker 2: are not simple, They are not easy. 41 00:03:50,360 --> 00:03:54,680 Speaker 1: It's just that simple. My urologists no with Kira. 42 00:03:56,840 --> 00:04:04,120 Speaker 2: Will steadfastly maintain that increasing the hormone testosterone does not 43 00:04:04,520 --> 00:04:09,720 Speaker 2: necessarily increase the rate or risk of prostate cancer that 44 00:04:09,880 --> 00:04:14,080 Speaker 2: comes from one study some number of years ago that 45 00:04:14,280 --> 00:04:20,640 Speaker 2: has been basically repudiated, but it's become offhand. People here 46 00:04:21,720 --> 00:04:26,720 Speaker 2: get testosterone, get prostate cancer. Well, what is it that 47 00:04:26,880 --> 00:04:31,040 Speaker 2: the odds are. My uncle, who was a prostate cancer doctor, 48 00:04:31,120 --> 00:04:34,320 Speaker 2: my wife's uncle, told me, if you live to be seventy, 49 00:04:34,760 --> 00:04:37,520 Speaker 2: this is offhand, simple math. If you live to be seven, 50 00:04:37,600 --> 00:04:39,800 Speaker 2: you've got a seventy percent chance of getting prostate cancer, 51 00:04:40,520 --> 00:04:43,560 Speaker 2: and at a percent for every year thereafter, eventually almost 52 00:04:43,600 --> 00:04:45,040 Speaker 2: every man would get prostate cancer. 53 00:04:45,640 --> 00:04:48,480 Speaker 1: It's a flaw in the system. It's just there. We 54 00:04:48,560 --> 00:04:50,760 Speaker 1: weren't meant to live this long and now here we are. 55 00:04:52,440 --> 00:04:57,120 Speaker 2: So if a man starts taking testosterone and five years 56 00:04:57,200 --> 00:05:00,720 Speaker 2: later they get prostate cancer, the immediate rec action is, 57 00:05:01,839 --> 00:05:05,560 Speaker 2: well the testosterone did it okay? Well what if that 58 00:05:05,640 --> 00:05:10,280 Speaker 2: same man didn't take testosterone and got prostate cancer. Nobody 59 00:05:10,320 --> 00:05:14,640 Speaker 2: stops to think, oh, well, maybe you can get prostate 60 00:05:14,760 --> 00:05:19,160 Speaker 2: cancer without it. Maybe long before we were doing hormone 61 00:05:19,200 --> 00:05:25,720 Speaker 2: replacement treatment, we were getting prostate cancer. And the tie 62 00:05:25,920 --> 00:05:29,880 Speaker 2: is not necessarily direct, and we've learned that. But once 63 00:05:30,000 --> 00:05:35,000 Speaker 2: that was learned, a number of primary physicians will simply 64 00:05:35,120 --> 00:05:38,280 Speaker 2: say that. I've had people email me, Hey, I heard 65 00:05:38,320 --> 00:05:40,560 Speaker 2: you talking about testosterone and how much has helped you 66 00:05:40,720 --> 00:05:41,839 Speaker 2: and all these other people, and. 67 00:05:43,800 --> 00:05:45,640 Speaker 1: You think it's great, but my doctor says, not to 68 00:05:45,720 --> 00:05:47,600 Speaker 1: do it. I'll get prostate cancer. All right? 69 00:05:48,839 --> 00:05:51,760 Speaker 2: You mean you're seventy year old doctor that has not 70 00:05:51,920 --> 00:05:54,640 Speaker 2: stayed up with any trend since graduating from medical school, 71 00:05:55,480 --> 00:05:57,760 Speaker 2: who walks in every day and says, hey, how you doing, Bob, 72 00:05:57,839 --> 00:05:58,400 Speaker 2: good to see you. 73 00:05:58,680 --> 00:06:00,560 Speaker 1: What can I write your script for? Gone in forty 74 00:06:00,600 --> 00:06:01,120 Speaker 1: five seconds? 75 00:06:01,440 --> 00:06:05,720 Speaker 2: Oh, that genius told you that you're that impressed that 76 00:06:05,800 --> 00:06:08,320 Speaker 2: he went to medical school forty five years ago. 77 00:06:08,800 --> 00:06:10,800 Speaker 1: Good for you. I wish you the absolute best. 78 00:06:11,520 --> 00:06:15,839 Speaker 2: You should also ask him about the effects of carbohydrates, 79 00:06:16,400 --> 00:06:18,560 Speaker 2: what amount of water you should be drinking, and see 80 00:06:18,600 --> 00:06:21,440 Speaker 2: what other of doctors Bock's list of top ten things. 81 00:06:21,279 --> 00:06:22,680 Speaker 1: To do from nineteen sixty seven. 82 00:06:22,760 --> 00:06:25,160 Speaker 2: He quotes you because that guy hasn't had an independent 83 00:06:25,240 --> 00:06:30,920 Speaker 2: thought since Kennedy was president, and that is true of 84 00:06:31,000 --> 00:06:34,120 Speaker 2: a number of doctors. There are doctors who have not 85 00:06:34,320 --> 00:06:38,680 Speaker 2: learned anything new in forty years. They're just going through 86 00:06:38,720 --> 00:06:41,920 Speaker 2: the motion. They're walking in and writing you. Oh, somebody 87 00:06:41,920 --> 00:06:45,440 Speaker 2: in your family's got the flu. Here's tama flu. Oh, 88 00:06:45,560 --> 00:06:49,440 Speaker 2: here's a Z pack. Okay, But what I'm trying to 89 00:06:49,520 --> 00:06:53,400 Speaker 2: tell you is I have horrible hemorrhoids and my chest 90 00:06:54,000 --> 00:06:57,040 Speaker 2: is pounding out of my heart is pounding out of 91 00:06:57,120 --> 00:06:59,239 Speaker 2: my chest, and I have a ringing headache. 92 00:06:59,360 --> 00:07:03,440 Speaker 1: Yeah, let's go on to do a Z pack. Okay, Doc, 93 00:07:03,520 --> 00:07:04,839 Speaker 1: I just got shot in the hip. 94 00:07:04,960 --> 00:07:07,440 Speaker 2: I'm bleeding out. I'm not sure what I should do. 95 00:07:07,760 --> 00:07:11,160 Speaker 2: I'll write you a Z pack. Well, that's not practicing medicine. 96 00:07:12,440 --> 00:07:14,000 Speaker 2: I didn't intend to go off on this from mom. 97 00:07:14,840 --> 00:07:16,760 Speaker 1: Who are you to question buck? Or you didn't go 98 00:07:16,840 --> 00:07:17,600 Speaker 1: to medical school. 99 00:07:19,000 --> 00:07:23,200 Speaker 2: I have had conversations about the law on the deepest, 100 00:07:23,320 --> 00:07:27,520 Speaker 2: most profound level my life, more often than not with 101 00:07:27,720 --> 00:07:31,320 Speaker 2: non lawyers. And if you think having gone to law 102 00:07:31,360 --> 00:07:35,320 Speaker 2: school and having two law degrees means I know anything 103 00:07:35,440 --> 00:07:38,720 Speaker 2: more than somebody who's been practicing for twenty years, who 104 00:07:38,880 --> 00:07:44,640 Speaker 2: actually does it going to school for something, I could 105 00:07:44,800 --> 00:07:50,239 Speaker 2: question you about something you learned in junior year Civics 106 00:07:50,320 --> 00:07:53,600 Speaker 2: that you don't remember. That doesn't make you an expert 107 00:07:53,760 --> 00:07:59,960 Speaker 2: on it, all right? So reverse mortgage, credit card, payday loan, pawnshop, 108 00:08:00,200 --> 00:08:01,120 Speaker 2: fifty year mortgage. 109 00:08:01,680 --> 00:08:04,240 Speaker 1: That's just five things I came up with that people. 110 00:08:04,400 --> 00:08:09,200 Speaker 2: Offhandedly are opposed to that in some rare circumstances are 111 00:08:09,280 --> 00:08:11,480 Speaker 2: not of necessary, they're the right thing for that person. 112 00:08:12,640 --> 00:08:17,480 Speaker 2: So I have been exploring options from my friend who 113 00:08:17,680 --> 00:08:20,920 Speaker 2: is mid to late sixties. I guess you have to 114 00:08:20,960 --> 00:08:23,480 Speaker 2: be sixty two to qualify for reverse mortgage. I've never 115 00:08:23,520 --> 00:08:25,440 Speaker 2: really dug into reverse mortgage. I just always kind of 116 00:08:25,440 --> 00:08:29,560 Speaker 2: heard they were terrible. So I started digging into it 117 00:08:29,640 --> 00:08:34,760 Speaker 2: and he sent me the actual documents. You have disclosure 118 00:08:34,880 --> 00:08:38,400 Speaker 2: requirements now, just like you when you have a settlement statement. 119 00:08:38,600 --> 00:08:40,440 Speaker 2: It's not a ten ninety eight, what's the twelve ninety 120 00:08:40,520 --> 00:08:42,160 Speaker 2: there's a number for it. I used to know these 121 00:08:42,240 --> 00:08:46,440 Speaker 2: things when you when you close on a real estate transaction, 122 00:08:46,679 --> 00:08:50,960 Speaker 2: there is a what's is shorthand referred to as the hood, 123 00:08:52,120 --> 00:08:55,560 Speaker 2: but it's the standardized form where you see the expenses 124 00:08:55,600 --> 00:08:58,560 Speaker 2: that title companies taking out and the appraisal, who's paying 125 00:08:58,679 --> 00:09:02,839 Speaker 2: for what, what the final settlement numbers are. And then 126 00:09:03,280 --> 00:09:08,559 Speaker 2: in your loan documents there are truth in lending disclosures. 127 00:09:09,400 --> 00:09:12,400 Speaker 2: And I suspect I don't know this, but I suspect 128 00:09:12,840 --> 00:09:15,800 Speaker 2: most people don't bother to read those and the truth 129 00:09:15,840 --> 00:09:19,560 Speaker 2: in lending disclosures will reveal to you that you think 130 00:09:19,640 --> 00:09:23,120 Speaker 2: you got a six point five percent interest rate on 131 00:09:23,280 --> 00:09:26,520 Speaker 2: the money they lend you, But when you build in 132 00:09:26,640 --> 00:09:29,640 Speaker 2: all the fees that they add to that, it is 133 00:09:29,720 --> 00:09:32,280 Speaker 2: as if you paid I don't know seven point two 134 00:09:32,440 --> 00:09:36,199 Speaker 2: or I don't know some higher number, because all of 135 00:09:36,280 --> 00:09:40,480 Speaker 2: those are the costs associated with borrowing the money. So 136 00:09:40,600 --> 00:09:43,400 Speaker 2: people get hung up on what the percentage rate is. 137 00:09:44,000 --> 00:09:45,839 Speaker 2: But in many cases you have to buy down that 138 00:09:45,920 --> 00:09:49,800 Speaker 2: percentage rate, so you've actually paid them for a lower 139 00:09:50,000 --> 00:09:52,600 Speaker 2: percentage rate, which is the equivalent of paying a higher 140 00:09:52,600 --> 00:09:55,240 Speaker 2: percentage rate. Otherwise you could have kept the cash and 141 00:09:55,320 --> 00:09:59,559 Speaker 2: put it somewhere else. And if you look at those numbers, 142 00:09:59,600 --> 00:10:02,240 Speaker 2: you get a better sense of what that money costs 143 00:10:02,240 --> 00:10:06,599 Speaker 2: you to borrow. Well, credit cards, I don't know what 144 00:10:06,840 --> 00:10:09,120 Speaker 2: I used to know. They used to a credit card 145 00:10:09,200 --> 00:10:11,559 Speaker 2: couldn't charge you more than I think twenty nine percent, 146 00:10:12,679 --> 00:10:16,079 Speaker 2: And so people get very angry about credit cards. And 147 00:10:17,800 --> 00:10:20,839 Speaker 2: the reason people get angry about credit cards is the 148 00:10:20,920 --> 00:10:22,839 Speaker 2: reason we have many other problems in this country, and 149 00:10:22,920 --> 00:10:25,079 Speaker 2: that's a lack of accountability. 150 00:10:26,960 --> 00:10:31,520 Speaker 1: If you borrow the money you owe the money. Yeah, 151 00:10:31,600 --> 00:10:32,640 Speaker 1: but then I lost my. 152 00:10:32,720 --> 00:10:36,400 Speaker 2: Job and then I okay, but that's part of the 153 00:10:36,480 --> 00:10:43,320 Speaker 2: calculation before you borrow money. People who find themselves constantly 154 00:10:43,440 --> 00:10:46,520 Speaker 2: being screwed by high interest rates and all these terrible 155 00:10:46,600 --> 00:10:50,240 Speaker 2: things for things that were clearly disclosed, that's an important 156 00:10:50,280 --> 00:10:52,959 Speaker 2: part of the story, are not really victims. 157 00:10:53,960 --> 00:10:54,760 Speaker 1: They're idiots. 158 00:10:56,080 --> 00:10:58,840 Speaker 2: And if they're honest with themselves, they made a mistake, 159 00:11:00,040 --> 00:11:01,520 Speaker 2: a mistake that you're going to have to pay for. 160 00:11:02,120 --> 00:11:05,120 Speaker 2: It is as simple as that. And because we have 161 00:11:05,280 --> 00:11:10,079 Speaker 2: told people there are no consequences for bad actions, that's 162 00:11:10,120 --> 00:11:14,679 Speaker 2: what abortion is. That's what the abortion advocates want. They 163 00:11:14,840 --> 00:11:19,800 Speaker 2: want in consequential sex. They don't want there to be 164 00:11:19,960 --> 00:11:23,199 Speaker 2: a baby if they do everything necessary to make a baby, 165 00:11:23,559 --> 00:11:26,360 Speaker 2: because they weren't in the baby making mode, they were 166 00:11:26,440 --> 00:11:30,440 Speaker 2: in the humping mode, and a baby just appears. Well, 167 00:11:32,440 --> 00:11:37,960 Speaker 2: that's a consequence of that action. Many people never learn, 168 00:11:38,120 --> 00:11:41,640 Speaker 2: and this is a lack of good parenting, that there 169 00:11:41,720 --> 00:11:43,360 Speaker 2: are consequences for actions. 170 00:11:43,480 --> 00:11:44,439 Speaker 1: It is as simple as that. 171 00:11:46,559 --> 00:11:51,040 Speaker 2: And the inability to accept those consequences, the desire to deflect, 172 00:11:51,240 --> 00:11:54,439 Speaker 2: to blame, to be a victim, to seek to go 173 00:11:55,040 --> 00:11:56,920 Speaker 2: fundme to whatever else. 174 00:11:59,320 --> 00:12:00,880 Speaker 1: The credit card business. 175 00:12:01,960 --> 00:12:04,679 Speaker 2: If people operated on the premise, then if you have 176 00:12:04,800 --> 00:12:06,920 Speaker 2: to put it on your credit card, you can't afford it. 177 00:12:08,480 --> 00:12:12,480 Speaker 1: We lived in privation as a child. I didn't suffer. 178 00:12:13,280 --> 00:12:13,680 Speaker 1: I learned. 179 00:12:13,880 --> 00:12:16,520 Speaker 2: I'm grateful for it. My dad didn't buy things. He 180 00:12:16,760 --> 00:12:19,240 Speaker 2: just didn't buy things until he could afford to buy it. 181 00:12:20,960 --> 00:12:25,880 Speaker 2: He finally got a Discover card, and I kid him 182 00:12:26,040 --> 00:12:28,679 Speaker 2: about that. I handle everything for him now, but I 183 00:12:28,800 --> 00:12:31,760 Speaker 2: kid him about that. There's no monthly subscriptions on the 184 00:12:31,800 --> 00:12:35,120 Speaker 2: Discover card. There's no hey, how did this get on here? 185 00:12:35,720 --> 00:12:42,480 Speaker 1: There's no PlayStation games. Do do do? The Discover card 186 00:12:42,600 --> 00:12:43,120 Speaker 1: was used. 187 00:12:42,920 --> 00:12:45,160 Speaker 2: If he went into town and had to get milk 188 00:12:45,240 --> 00:12:47,199 Speaker 2: and bread and didn't have cash on him, and then 189 00:12:47,400 --> 00:12:49,240 Speaker 2: he'd drive home and he'd probably write. 190 00:12:49,040 --> 00:12:50,840 Speaker 1: A check that day to Discover. 191 00:12:51,200 --> 00:12:53,600 Speaker 2: Oh he's a great Discover card because they get their 192 00:12:53,640 --> 00:12:56,959 Speaker 2: fees on his transactions and they never ever have a 193 00:12:57,000 --> 00:13:00,600 Speaker 2: problem the payday loan. Everyone hay to pay day loan 194 00:13:00,640 --> 00:13:03,640 Speaker 2: because the rates are too high. Okay, tell you what 195 00:13:05,000 --> 00:13:08,240 Speaker 2: if you don't like the payday loan rates and they're 196 00:13:08,280 --> 00:13:13,000 Speaker 2: so evil because they're so high, how about this, how 197 00:13:13,040 --> 00:13:16,719 Speaker 2: about you give the loans they're getting rich off of them. Right, 198 00:13:18,240 --> 00:13:22,360 Speaker 2: If it's such, if it's such a usorious thing and 199 00:13:22,440 --> 00:13:26,640 Speaker 2: it's so insanely profitable, then why doesn't everybody do it? 200 00:13:28,640 --> 00:13:30,439 Speaker 2: Because you don't want to have to deal with the 201 00:13:30,480 --> 00:13:33,679 Speaker 2: people who take payday loans. You ever seen one of 202 00:13:33,720 --> 00:13:37,760 Speaker 2: those things. It looks like an Asian owned liquor store 203 00:13:37,800 --> 00:13:40,920 Speaker 2: in the hood. They've got a lot of times they 204 00:13:40,960 --> 00:13:44,000 Speaker 2: have an officer on duty, or they have a car 205 00:13:44,160 --> 00:13:46,040 Speaker 2: parked out front to make people think there's an officer 206 00:13:46,120 --> 00:13:49,439 Speaker 2: on duty that's not working. They've got a cage inside there. 207 00:13:50,520 --> 00:13:53,160 Speaker 2: Because you're dealing with people who are desperate, and this 208 00:13:53,360 --> 00:13:55,800 Speaker 2: is what we don't discuss. So what are we to 209 00:13:55,920 --> 00:14:00,400 Speaker 2: do when people are desperate? Are we to say, when 210 00:14:00,440 --> 00:14:04,319 Speaker 2: you're desperate, there will be no way for you to 211 00:14:04,360 --> 00:14:08,920 Speaker 2: get money, none, none that are legal. We refuse to 212 00:14:08,960 --> 00:14:12,120 Speaker 2: make them legal. There will be no way for you 213 00:14:12,240 --> 00:14:14,760 Speaker 2: to access cash when you are desperate. What do you 214 00:14:14,880 --> 00:14:18,400 Speaker 2: think people are going to do if they're so desperate 215 00:14:18,480 --> 00:14:21,960 Speaker 2: as to enter into a really, really bad transaction. 216 00:14:23,080 --> 00:14:25,880 Speaker 1: They're pretty desperate. What do you think is going to 217 00:14:25,920 --> 00:14:30,160 Speaker 1: be the alternative? In the marketplace? 218 00:14:30,880 --> 00:14:34,920 Speaker 2: You create products for different people at different points in 219 00:14:34,960 --> 00:14:39,040 Speaker 2: their lives, and if we prohibit the making of products 220 00:14:39,080 --> 00:14:43,040 Speaker 2: for people who are in a really bad way, are 221 00:14:43,120 --> 00:14:47,200 Speaker 2: we doing them a favor? First of all, we're not 222 00:14:47,320 --> 00:14:49,480 Speaker 2: respecting that they can make a decision as to what's 223 00:14:49,520 --> 00:14:52,920 Speaker 2: in their best interest at this time. Haven't you ever 224 00:14:53,080 --> 00:14:57,000 Speaker 2: in your life said, you know what, I'll suck it 225 00:14:57,120 --> 00:15:00,320 Speaker 2: up and accept this terrible deal right now because I 226 00:15:00,400 --> 00:15:02,440 Speaker 2: need this right now, and I'll never let myself get 227 00:15:02,480 --> 00:15:05,880 Speaker 2: in this situation again. What if you need cash to 228 00:15:05,920 --> 00:15:09,000 Speaker 2: get out of trouble? What if you need cash? I 229 00:15:09,040 --> 00:15:10,920 Speaker 2: don't know what people use cash for. Maybe you need 230 00:15:11,000 --> 00:15:15,440 Speaker 2: cash for something, Well, it's some drugs. Michael, Okay, well 231 00:15:15,520 --> 00:15:16,320 Speaker 2: drugs are illegal. 232 00:15:17,080 --> 00:15:17,880 Speaker 1: But you don't know that. 233 00:15:19,440 --> 00:15:23,400 Speaker 2: This all goes back to the core, the core idea 234 00:15:23,880 --> 00:15:28,840 Speaker 2: that it is not our responsibility nor our privilege to 235 00:15:29,040 --> 00:15:34,200 Speaker 2: get to control the lives of other people. Simple you 236 00:15:34,320 --> 00:15:36,560 Speaker 2: don't get to make decisions as to what they eat, 237 00:15:36,640 --> 00:15:38,840 Speaker 2: when they sleep, what time they go to bed, and 238 00:15:39,000 --> 00:15:40,960 Speaker 2: what terms they borrow money under. 239 00:15:41,240 --> 00:15:46,520 Speaker 1: Lift laugh learning doing it big on the Michael Berry Show. 240 00:15:49,040 --> 00:15:50,480 Speaker 1: Let's take some calls on the is shoe. 241 00:15:50,520 --> 00:15:53,280 Speaker 2: So we seven one three nine nine one thousand, seven 242 00:15:53,520 --> 00:15:54,640 Speaker 2: three nine nine nine one. 243 00:15:54,600 --> 00:16:01,000 Speaker 1: Thousand, I saw. I saw. 244 00:16:02,760 --> 00:16:05,880 Speaker 2: The meme about Dave Ramsey and it said Dave Ramsey's 245 00:16:05,920 --> 00:16:09,400 Speaker 2: in critical condition after learning of a fifty year mortgage. 246 00:16:09,400 --> 00:16:10,880 Speaker 1: Of course it was a joke. It was Babylon b. 247 00:16:12,640 --> 00:16:14,560 Speaker 2: And it was the idea that it flies in the 248 00:16:14,600 --> 00:16:18,400 Speaker 2: face of all the fundamentals that Dave preaches. And I 249 00:16:18,480 --> 00:16:20,040 Speaker 2: think that what Dave preaches is wonderful. 250 00:16:20,200 --> 00:16:20,640 Speaker 1: I really do. 251 00:16:21,200 --> 00:16:24,200 Speaker 2: And I think it's a good thing that someone has 252 00:16:24,240 --> 00:16:27,760 Speaker 2: built a national audience and has given people an opportunity 253 00:16:28,680 --> 00:16:33,080 Speaker 2: to learn about the fundamentals. It's basically the fundamentals of thrift. 254 00:16:34,520 --> 00:16:37,000 Speaker 2: It's learning that you have wants and needs. It's learning 255 00:16:37,040 --> 00:16:41,960 Speaker 2: that just because you can pay for something doesn't mean 256 00:16:42,000 --> 00:16:44,160 Speaker 2: you can afford it. It doesn't mean it's always in 257 00:16:44,200 --> 00:16:50,240 Speaker 2: your best interest. Now that being said, not everyone wants 258 00:16:50,320 --> 00:16:54,200 Speaker 2: to pay off every debt. Not everyone wants to live 259 00:16:56,040 --> 00:17:00,960 Speaker 2: in thrift, in penury, to be the millionaire next door. 260 00:17:01,640 --> 00:17:04,600 Speaker 2: I've read The Millionaire next Door, and I will tell 261 00:17:04,640 --> 00:17:07,680 Speaker 2: you I don't want to live that life. If you 262 00:17:07,800 --> 00:17:09,600 Speaker 2: read the Millionaire next Door, it's about the guy that 263 00:17:09,680 --> 00:17:13,080 Speaker 2: you don't realize how much he has in savings because 264 00:17:13,119 --> 00:17:17,560 Speaker 2: he drove a buick skylark or something forever, and he 265 00:17:17,600 --> 00:17:19,919 Speaker 2: lived in tiny little home, and he never took vacation, 266 00:17:20,720 --> 00:17:27,320 Speaker 2: and he never did anything to enjoy himself. I think 267 00:17:27,400 --> 00:17:31,920 Speaker 2: a lot of people make a calculated decision, a calculated 268 00:17:31,960 --> 00:17:35,480 Speaker 2: decision that they are going to live beyond their means, 269 00:17:37,000 --> 00:17:39,320 Speaker 2: and who are we to tell them they can't. I 270 00:17:39,400 --> 00:17:44,040 Speaker 2: think most Americans live beyond their means. So it drives 271 00:17:44,119 --> 00:17:47,320 Speaker 2: my dad crazy because he never took that. He had 272 00:17:47,359 --> 00:17:49,000 Speaker 2: to borrow a little money. He built our house, but 273 00:17:49,040 --> 00:17:52,200 Speaker 2: he had borrow a little money, and I think thirteen percent. 274 00:17:52,320 --> 00:17:54,920 Speaker 2: Dan PASTORNI told me he financed a house at seventeen percent. 275 00:17:56,359 --> 00:17:59,240 Speaker 2: Oh wow, have we reached a point in twenty twenty five? 276 00:17:59,280 --> 00:18:03,080 Speaker 2: That dam Pastrine doesn't get a dig I never thought 277 00:18:03,080 --> 00:18:04,200 Speaker 2: I'd see that that happen. 278 00:18:04,600 --> 00:18:06,640 Speaker 1: Wow. He was love you blue. 279 00:18:07,440 --> 00:18:10,720 Speaker 2: He was the quarterback for the Houston Oilers, and then 280 00:18:10,880 --> 00:18:15,639 Speaker 2: he was a drag racer and a boat racer and 281 00:18:15,760 --> 00:18:20,720 Speaker 2: an actor. Huh what friend of mine? Yeah, friend of mine? Yeah, 282 00:18:20,760 --> 00:18:27,560 Speaker 2: thank you. Anyway, So my dad paid that mortgage off 283 00:18:27,560 --> 00:18:30,080 Speaker 2: as fast as he could worked overtime. I remember he 284 00:18:30,160 --> 00:18:33,200 Speaker 2: was working overtime constantly to try to pay that darn house. 285 00:18:33,280 --> 00:18:34,760 Speaker 1: Off because he was just eating at him. 286 00:18:36,240 --> 00:18:40,840 Speaker 2: However, if people choose to live and have the things 287 00:18:40,960 --> 00:18:45,919 Speaker 2: they want and they pay those bills, it's the thing 288 00:18:46,000 --> 00:18:51,680 Speaker 2: about it is, as long as things are disclosed. In 289 00:18:51,800 --> 00:18:54,879 Speaker 2: my opinion, restaurants ought to be able to allow smoking. 290 00:18:55,680 --> 00:18:58,480 Speaker 2: The only thing I say is you should have to 291 00:18:58,520 --> 00:19:01,760 Speaker 2: have a sign on the front door that says smoking 292 00:19:01,840 --> 00:19:05,880 Speaker 2: aloud inside clear for everybody to see, because I don't 293 00:19:05,920 --> 00:19:08,840 Speaker 2: think it's fair as a cigar smoker for somebody to 294 00:19:08,920 --> 00:19:11,000 Speaker 2: walk into a restaurant, order their food, start eating, and 295 00:19:11,040 --> 00:19:12,600 Speaker 2: all of a sudden I fire up at the next table. 296 00:19:12,680 --> 00:19:14,600 Speaker 2: That's not fair to them. They didn't know that was 297 00:19:14,600 --> 00:19:17,040 Speaker 2: going to happen, and they didn't want to be exposed 298 00:19:17,040 --> 00:19:22,240 Speaker 2: to that. Okay, But if they come in eyes wide open, 299 00:19:22,640 --> 00:19:26,320 Speaker 2: fully aware, then why not let the restaurant do what 300 00:19:26,359 --> 00:19:26,800 Speaker 2: they want to do. 301 00:19:27,960 --> 00:19:29,160 Speaker 1: It's the dumbest thing of our heart. 302 00:19:29,760 --> 00:19:31,359 Speaker 2: I was on city council when we put in places 303 00:19:31,640 --> 00:19:35,919 Speaker 2: the cigarette band, and the funniest thing is the restaurants 304 00:19:36,800 --> 00:19:40,320 Speaker 2: were for the band on the bars because a band 305 00:19:40,359 --> 00:19:41,840 Speaker 2: on the bars would mean that you'd go to the 306 00:19:41,880 --> 00:19:46,280 Speaker 2: restaurant to drink, and then once they got looped into it, 307 00:19:46,280 --> 00:19:47,280 Speaker 2: all of a sudden they changed their mind. 308 00:19:47,280 --> 00:19:51,479 Speaker 1: Oh no, no, we're against the band. We too late now. 309 00:19:52,720 --> 00:19:55,680 Speaker 2: And so what it meant was restaurants just outside the 310 00:19:55,720 --> 00:19:58,800 Speaker 2: city limits boomed. You had these little mom and pop 311 00:19:58,920 --> 00:20:00,800 Speaker 2: cafes that were just outside the city limits where they 312 00:20:00,800 --> 00:20:02,920 Speaker 2: allowed people to smoke because they had forever, and people 313 00:20:02,960 --> 00:20:09,560 Speaker 2: started going there. I think we could all do well 314 00:20:10,640 --> 00:20:13,280 Speaker 2: to stop and think about what we actually think about things, 315 00:20:13,840 --> 00:20:17,960 Speaker 2: rather than hopping around over here. Well, I'm for spending 316 00:20:18,720 --> 00:20:23,960 Speaker 2: an unlimited amount of governmental money on dementia because my 317 00:20:24,160 --> 00:20:28,280 Speaker 2: mom has dementia. Okay, what about spending an unlimited amount 318 00:20:28,320 --> 00:20:28,880 Speaker 2: of money. 319 00:20:28,960 --> 00:20:29,720 Speaker 1: On breast cancer? 320 00:20:29,880 --> 00:20:31,639 Speaker 2: No, why are we going to give the government a 321 00:20:31,680 --> 00:20:34,159 Speaker 2: blank check? That's a terrible idea. I mean, I'm against 322 00:20:34,240 --> 00:20:36,680 Speaker 2: breast cancer and all, but why give Okay, but you 323 00:20:36,760 --> 00:20:39,840 Speaker 2: see that you're being inconsistent based purely on whether you 324 00:20:39,920 --> 00:20:43,000 Speaker 2: have a connection to it. That's how government works. They 325 00:20:43,080 --> 00:20:45,560 Speaker 2: go find pockets of people. They do this to blacks 326 00:20:45,600 --> 00:20:48,680 Speaker 2: and gays, and trends and immigrants and women. This is 327 00:20:48,760 --> 00:20:53,360 Speaker 2: how they get all the money from everybody to use 328 00:20:53,400 --> 00:20:56,520 Speaker 2: as they see fit and get rich off of because 329 00:20:56,560 --> 00:20:59,440 Speaker 2: they super serve these groups over here and give them 330 00:20:59,480 --> 00:21:01,960 Speaker 2: something that should have been opposed to. And that's how 331 00:21:02,000 --> 00:21:04,159 Speaker 2: it works. There's your problem, writ large boom, that's it. 332 00:21:05,720 --> 00:21:08,080 Speaker 2: But a fifty year mortgage. Let's let's talk about this. 333 00:21:09,359 --> 00:21:11,800 Speaker 2: A fifty year mortgage. I should have calculated the numbers. 334 00:21:11,840 --> 00:21:15,119 Speaker 2: It's not hard to do. Let's say you take a 335 00:21:15,200 --> 00:21:18,040 Speaker 2: three hundred thousand dollar house, more than most people are 336 00:21:18,040 --> 00:21:19,480 Speaker 2: going to spend on their homes. But let's just so 337 00:21:19,560 --> 00:21:22,200 Speaker 2: that we see the numbers. The higher the cost of 338 00:21:22,240 --> 00:21:23,520 Speaker 2: the house, the more this is going to be, the 339 00:21:23,560 --> 00:21:27,119 Speaker 2: more dramatic this is going to be. And I don't 340 00:21:27,200 --> 00:21:29,600 Speaker 2: know on a fifty year mortgage. So people are going 341 00:21:29,680 --> 00:21:31,280 Speaker 2: to say, and Dave Ramsey's gonna say this, and he'd 342 00:21:31,280 --> 00:21:33,600 Speaker 2: be right. He's going to say, for that I can 343 00:21:33,640 --> 00:21:36,320 Speaker 2: hear his voice, right, for that three hundred thousand dollars house, 344 00:21:37,400 --> 00:21:40,119 Speaker 2: you're gonna pay a million dollars. I don't know what 345 00:21:40,160 --> 00:21:41,919 Speaker 2: the number is, or fifty years probably would biggest. It's 346 00:21:41,920 --> 00:21:44,040 Speaker 2: going to depend on the interest rate. So let's say 347 00:21:44,520 --> 00:21:47,520 Speaker 2: especially you know, one of the reasons occasioning all of 348 00:21:47,600 --> 00:21:51,720 Speaker 2: this is interest rates right now, and interest rates are 349 00:21:51,800 --> 00:21:55,359 Speaker 2: not historically high. This is what people don't understand interest 350 00:21:55,480 --> 00:21:58,600 Speaker 2: rates are not higher than they've been historically. 351 00:21:59,119 --> 00:22:01,359 Speaker 1: They're just higher than they were. For ten years. 352 00:22:02,720 --> 00:22:06,560 Speaker 2: We got addicted to cheap money. Our economy was flowing 353 00:22:06,920 --> 00:22:11,000 Speaker 2: on cheap money. I used to say this during Trump's 354 00:22:11,040 --> 00:22:14,639 Speaker 2: first term, at the very beginning, that interest rates are 355 00:22:14,760 --> 00:22:18,480 Speaker 2: too low, and people would say, you're crazy, why do 356 00:22:18,640 --> 00:22:23,000 Speaker 2: you want to punish people? And my argument was, it 357 00:22:23,840 --> 00:22:28,920 Speaker 2: defies the laws of economics. To make money this cheap 358 00:22:29,040 --> 00:22:33,320 Speaker 2: for this long. It defies every law of economics. You 359 00:22:33,440 --> 00:22:37,200 Speaker 2: are going to have a long term inflationary effect. And 360 00:22:37,320 --> 00:22:40,200 Speaker 2: what's going to happen is at some point you have 361 00:22:40,400 --> 00:22:43,200 Speaker 2: to turn that spigot off. You cannot print free money forever. 362 00:22:43,400 --> 00:22:43,760 Speaker 2: You can't. 363 00:22:43,800 --> 00:22:44,720 Speaker 1: It's unsustainable. 364 00:22:45,200 --> 00:22:46,879 Speaker 2: You know. This is the old stories of you know 365 00:22:46,960 --> 00:22:50,719 Speaker 2: in Bolivia, where they're carrying their money in a wheelbarrow 366 00:22:51,119 --> 00:22:54,840 Speaker 2: to the restaurant to eat, and you have to hurry 367 00:22:55,040 --> 00:22:57,000 Speaker 2: because by the time you get there, the inflation has 368 00:22:57,040 --> 00:22:59,959 Speaker 2: gone even higher. The more money you pump into the economy, 369 00:23:00,040 --> 00:23:02,360 Speaker 2: which is what cheap money does. People take lots of debt. 370 00:23:02,400 --> 00:23:05,480 Speaker 2: When debt is when the cost of borrowing is cheap. 371 00:23:06,160 --> 00:23:09,000 Speaker 2: When you do that for that long, then you drive 372 00:23:09,200 --> 00:23:12,040 Speaker 2: down the value of cash reserves. You make it so 373 00:23:12,160 --> 00:23:14,159 Speaker 2: that no one wants to save anything anyway because your 374 00:23:14,200 --> 00:23:16,520 Speaker 2: money won't be worth anything tomorrow. And that's what we 375 00:23:16,600 --> 00:23:18,920 Speaker 2: did for a very long time. So then when those 376 00:23:18,960 --> 00:23:20,680 Speaker 2: interest rates went up to what I would consider to 377 00:23:20,720 --> 00:23:23,560 Speaker 2: be reasonable rates, people think they're very high. And everybody's 378 00:23:23,560 --> 00:23:25,879 Speaker 2: waiting on the sidelines right now for interest rates to 379 00:23:25,920 --> 00:23:28,280 Speaker 2: go down. That's why Trump's having to be push power 380 00:23:28,400 --> 00:23:28,920 Speaker 2: to lower. 381 00:23:28,760 --> 00:23:29,400 Speaker 1: The interest rates. 382 00:23:33,800 --> 00:23:36,560 Speaker 2: The only reason someone would finance something if they could 383 00:23:36,560 --> 00:23:42,280 Speaker 2: afford to pay cash for it is because they want 384 00:23:42,320 --> 00:23:46,280 Speaker 2: to hold onto their cash and use it for something else, 385 00:23:47,760 --> 00:23:51,280 Speaker 2: and they expect a steady revenue of cash coming in 386 00:23:51,760 --> 00:23:54,240 Speaker 2: over a period of time. I'm using cash as money, 387 00:23:54,320 --> 00:24:00,680 Speaker 2: not necessarily dollar bills, but for someone to say, rather 388 00:24:00,800 --> 00:24:04,080 Speaker 2: than pay one hundred thousand dollars for this home today, 389 00:24:05,600 --> 00:24:08,680 Speaker 2: I'd rather pay that out over X number of years. 390 00:24:10,840 --> 00:24:13,720 Speaker 2: Almost nobody has the money to pay cash for a home. 391 00:24:15,160 --> 00:24:20,080 Speaker 2: So when people tell you how horrible debt is, and look, 392 00:24:20,480 --> 00:24:22,480 Speaker 2: I get it, the whole screaming I'm out of debt 393 00:24:22,560 --> 00:24:24,639 Speaker 2: on Dave Ramsey Show, I think that's buying large a 394 00:24:24,680 --> 00:24:29,480 Speaker 2: good thing, because I'm not against people making having the 395 00:24:29,560 --> 00:24:32,960 Speaker 2: ability to make bad decisions for themselves. I believe this 396 00:24:33,200 --> 00:24:35,200 Speaker 2: is the libertarian in me. I believe in the sense 397 00:24:35,240 --> 00:24:40,320 Speaker 2: of freedom, the freedom to make bad decisions. You shouldn't 398 00:24:40,359 --> 00:24:45,639 Speaker 2: get married before you can support yourself. You shouldn't bring 399 00:24:45,680 --> 00:24:48,440 Speaker 2: a baby into the world before you can support it. 400 00:24:49,480 --> 00:24:52,480 Speaker 2: You shouldn't eat five thousand calories a day. All of 401 00:24:52,520 --> 00:24:56,960 Speaker 2: these things are ill advised, But I don't believe that 402 00:24:57,280 --> 00:24:59,800 Speaker 2: anyone else should be in the position of preventing you 403 00:25:00,000 --> 00:25:00,480 Speaker 2: from doing that. 404 00:25:01,119 --> 00:25:04,760 Speaker 1: That's what freedom looks like. Freedom to choose the Milton 405 00:25:04,760 --> 00:25:07,320 Speaker 1: Friedman series. 406 00:25:08,680 --> 00:25:11,639 Speaker 2: So we finance things so that we can have it 407 00:25:11,760 --> 00:25:14,480 Speaker 2: now and pay for it later, even if we have 408 00:25:14,600 --> 00:25:19,400 Speaker 2: to pay more for it later. If you look at 409 00:25:19,440 --> 00:25:25,520 Speaker 2: the standard of living in America, the number of things 410 00:25:25,800 --> 00:25:29,440 Speaker 2: people can buy and do, and that means not only 411 00:25:29,480 --> 00:25:33,639 Speaker 2: a house, about two or three vehicles per per family, 412 00:25:34,240 --> 00:25:38,400 Speaker 2: a second home, a place that Talita ben or round 413 00:25:38,480 --> 00:25:44,840 Speaker 2: Top or Belleville or wherever else New Ullum. You look 414 00:25:44,880 --> 00:25:47,960 Speaker 2: at the number of things that people have today versus 415 00:25:48,080 --> 00:25:51,359 Speaker 2: what they had in the seventies. People will tell you, 416 00:25:51,359 --> 00:25:55,560 Speaker 2: you know, my parents, I mean we don't have anything 417 00:25:55,640 --> 00:25:57,639 Speaker 2: like that. I mean, we're really struggling we don't have. 418 00:25:58,760 --> 00:25:59,040 Speaker 1: Yeah, but. 419 00:26:01,480 --> 00:26:03,920 Speaker 2: Think about how people live back then. First of all, 420 00:26:03,960 --> 00:26:06,359 Speaker 2: they never eat out. We don't eat out because we 421 00:26:06,480 --> 00:26:09,680 Speaker 2: have to. Nobody's forcing us to. It's an enjoyable thing. 422 00:26:10,560 --> 00:26:13,880 Speaker 2: Someone else cooks for you. Mama loves that she doesn't 423 00:26:13,920 --> 00:26:17,159 Speaker 2: have to do the dishes. You get to be in 424 00:26:17,200 --> 00:26:19,760 Speaker 2: a different place. You get to eat some things that 425 00:26:19,800 --> 00:26:22,560 Speaker 2: you don't even know how to make. In many cases, 426 00:26:22,560 --> 00:26:26,800 Speaker 2: you're eating food that's outside of your family's cultural cuisine. 427 00:26:28,400 --> 00:26:30,080 Speaker 1: It's enjoyable to eat out. It's fun. 428 00:26:30,119 --> 00:26:33,560 Speaker 2: You look forward to it. We arrange our time around food. 429 00:26:33,760 --> 00:26:36,880 Speaker 2: Many people eat out and eat out often. That costs 430 00:26:36,880 --> 00:26:42,080 Speaker 2: a lot of money. A new car or truck. That's 431 00:26:42,119 --> 00:26:42,480 Speaker 2: a treat. 432 00:26:42,560 --> 00:26:44,280 Speaker 1: It's fun, it's nice. People like it. 433 00:26:44,320 --> 00:26:47,000 Speaker 2: Nobody's making you do it. The fact that you can 434 00:26:47,080 --> 00:26:51,640 Speaker 2: finance it means that you get it now. See that's 435 00:26:51,680 --> 00:26:54,560 Speaker 2: the thing people don't pay attention to. The People who 436 00:26:54,600 --> 00:26:56,520 Speaker 2: want to tell you how horrible it is to have 437 00:26:56,720 --> 00:27:01,760 Speaker 2: debt have a different set of value than the people 438 00:27:01,800 --> 00:27:05,920 Speaker 2: who take debt. The person who's taking debt says, I 439 00:27:06,119 --> 00:27:09,240 Speaker 2: want to have nice things now, and I will pay 440 00:27:09,320 --> 00:27:12,080 Speaker 2: for them, and yes, I will pay too much for them. 441 00:27:12,359 --> 00:27:14,800 Speaker 2: Down the road, but I want to have them now. 442 00:27:18,640 --> 00:27:21,600 Speaker 2: Some people struggle with the idea that we're not all 443 00:27:22,200 --> 00:27:27,000 Speaker 2: the same person. We have different values. Some people don't 444 00:27:27,000 --> 00:27:28,800 Speaker 2: ever want to be married. They want to play the field. 445 00:27:29,920 --> 00:27:32,160 Speaker 2: Some people don't ever want to have children, and that's okay. 446 00:27:33,920 --> 00:27:37,399 Speaker 2: Some people don't want to work in an office. They 447 00:27:37,440 --> 00:27:39,159 Speaker 2: want to be as far from society as they can, 448 00:27:39,840 --> 00:27:41,840 Speaker 2: so they find a way to farm or do something 449 00:27:41,880 --> 00:27:45,679 Speaker 2: out in the country, and that might be different than 450 00:27:45,720 --> 00:27:46,200 Speaker 2: other people. 451 00:27:46,680 --> 00:27:47,639 Speaker 1: Some people don't want to have. 452 00:27:47,680 --> 00:27:51,000 Speaker 2: A television or a cell phone, or have their cell 453 00:27:51,040 --> 00:27:53,439 Speaker 2: phone on all the time and be reached like everybody else, 454 00:27:53,480 --> 00:27:55,440 Speaker 2: so they can always be at someone else's back and call. 455 00:27:57,040 --> 00:27:59,320 Speaker 1: A lot of people struggle with the control of other people. 456 00:28:00,000 --> 00:28:01,560 Speaker 1: People to have to live exactly the way I do. 457 00:28:03,920 --> 00:28:08,440 Speaker 2: Nobody is confused or doubting that a fifty year mortgage 458 00:28:08,520 --> 00:28:11,000 Speaker 2: means that you're going to pay more for that home 459 00:28:12,800 --> 00:28:18,280 Speaker 2: over the long term, even time adjusted, than you would 460 00:28:18,359 --> 00:28:23,080 Speaker 2: if you paid cash. There are costs associated with borrowing. 461 00:28:23,760 --> 00:28:26,200 Speaker 2: It's a financial instrument, period, end of story. 462 00:28:26,720 --> 00:28:28,479 Speaker 1: That's all it is. It's a financial instrument. 463 00:28:29,320 --> 00:28:32,720 Speaker 2: We have financial instruments for most every aspect of American life, 464 00:28:33,600 --> 00:28:36,400 Speaker 2: and when you throw in prop bets, there's a financial 465 00:28:36,440 --> 00:28:40,680 Speaker 2: instrument for almost everything. I remember years ago, must have 466 00:28:40,720 --> 00:28:44,280 Speaker 2: been about the late nineties. I had a neighbor who 467 00:28:44,400 --> 00:28:46,640 Speaker 2: got in. He was just an investor, and he got 468 00:28:46,680 --> 00:28:50,760 Speaker 2: into biatical contracts, and that's when people were dying of AIDS, 469 00:28:51,000 --> 00:28:55,760 Speaker 2: almost exclusively men. But men were dying of AIDS because 470 00:28:55,760 --> 00:28:58,840 Speaker 2: they had not created the cocktail that saves their lives. 471 00:28:58,960 --> 00:29:01,040 Speaker 2: You don't ever hear of anybody of AIDS anymore, but 472 00:29:01,160 --> 00:29:03,720 Speaker 2: it was a big deal back then, and so they 473 00:29:03,800 --> 00:29:06,680 Speaker 2: came out with again the financial instruments. It's very similar 474 00:29:06,720 --> 00:29:08,760 Speaker 2: to a reverse mortgage. It's just on your life instead 475 00:29:08,760 --> 00:29:11,400 Speaker 2: of your house. And as I understand it, the way 476 00:29:11,440 --> 00:29:14,720 Speaker 2: the biatical contract mean biatical meaning life. The way the 477 00:29:14,800 --> 00:29:18,080 Speaker 2: viatical contract worked was you would get this amount of 478 00:29:18,200 --> 00:29:21,640 Speaker 2: you'd have to have a life insurance policy, but you 479 00:29:21,680 --> 00:29:26,120 Speaker 2: would get your cash now. And the owner of the 480 00:29:26,240 --> 00:29:31,360 Speaker 2: viatical insurance policy, the policy is sure would get that. 481 00:29:31,560 --> 00:29:35,120 Speaker 2: You would get the life insurance when you died. And 482 00:29:35,200 --> 00:29:38,040 Speaker 2: I remember at the time there were horrible things being written. Oh, 483 00:29:38,360 --> 00:29:43,440 Speaker 2: these people are terrible. They're betting on someone's death, all right, well, 484 00:29:43,520 --> 00:29:47,840 Speaker 2: let's go ask John, who's eat up with AIDS, who's 485 00:29:47,880 --> 00:29:51,440 Speaker 2: got a few months left, who can't pay for his house, 486 00:29:52,920 --> 00:29:56,400 Speaker 2: He can't pay for anything. He has no cash and 487 00:29:56,480 --> 00:30:00,680 Speaker 2: no ability to work, and here is some one offering 488 00:30:00,760 --> 00:30:04,240 Speaker 2: him money in exchange for money. He's gonna get down the. 489 00:30:04,280 --> 00:30:07,560 Speaker 1: Road but can't get Now you know who's betting on 490 00:30:07,600 --> 00:30:08,000 Speaker 1: his death? 491 00:30:09,520 --> 00:30:14,719 Speaker 2: The life insurance policy. John's betting on his life insurance policy. 492 00:30:15,400 --> 00:30:18,560 Speaker 2: He wants the money that's gonna be paid when he 493 00:30:18,680 --> 00:30:22,760 Speaker 2: dies while he's alive. Are you telling me it's more 494 00:30:22,880 --> 00:30:29,840 Speaker 2: humane to let him die broke, miserable? Would we know 495 00:30:30,040 --> 00:30:31,840 Speaker 2: the day after he dies some cash is going to 496 00:30:31,880 --> 00:30:34,960 Speaker 2: flow in. Why not give him access to that cash 497 00:30:35,000 --> 00:30:39,840 Speaker 2: he paid for the policy? Oh well, it's just horrible. 498 00:30:40,120 --> 00:30:44,640 Speaker 2: It's terrible. Okay, some things in life are horrible and terrible. 499 00:30:44,680 --> 00:30:51,960 Speaker 2: Childbirth ain't pretty, parenting's pretty darn tough. The military goes 500 00:30:52,000 --> 00:30:55,200 Speaker 2: to hell to get ready for war. Just because things 501 00:30:55,240 --> 00:30:59,600 Speaker 2: are unpleasant to your immediate eye does not make them 502 00:30:59,640 --> 00:31:02,520 Speaker 2: horrible and terrible. And that we should run around saying 503 00:31:02,640 --> 00:31:05,960 Speaker 2: these these awful things about went to the first break. 504 00:31:05,960 --> 00:31:08,320 Speaker 2: After I started talking about Romo said, so we getting 505 00:31:08,320 --> 00:31:11,200 Speaker 2: a reverse mortgage sponsor. No, we're not getting a reverse 506 00:31:11,240 --> 00:31:14,800 Speaker 2: mortgage sponsor. I just I know that. My immediate reaction 507 00:31:15,040 --> 00:31:18,240 Speaker 2: was I called him Ramon Ramone, you don't want to 508 00:31:18,280 --> 00:31:19,040 Speaker 2: do reverse mortgage. 509 00:31:19,040 --> 00:31:19,920 Speaker 1: That's terrible, horrible. 510 00:31:20,040 --> 00:31:20,200 Speaker 2: Why. 511 00:31:21,080 --> 00:31:21,440 Speaker 1: I don't know. 512 00:31:21,520 --> 00:31:23,360 Speaker 2: I'm just repeating what I thought. I don't know why 513 00:31:23,440 --> 00:31:26,120 Speaker 2: I thought that. I started digging in his particular case 514 00:31:26,280 --> 00:31:28,440 Speaker 2: is unique case. I think it's a good deal for him.