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Speaker 2: Investing involves risk, including loss of principle Securities. Trading is

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Speaker 2: offered through an account with robin Hood Financial LLC member SIPC,

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Speaker 2: a registered broker dealer.

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Speaker 3: Back Dah's episode five on Your Leisure Podcasts, Thank you

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Speaker 3: Again called us a portal.

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Speaker 4: The feedback keep sending us in with the suggestions.

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Speaker 3: We greatly appreciate it, and we'll try to get into

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Speaker 3: our definitely into our topics.

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Speaker 4: We're gonna start right away with maybe of silence.

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Speaker 5: Man here, so we're going to talk about snapchat. Snapchat

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Speaker 5: is interesting for a few different reasons. But yeah, he

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Speaker 5: said a moment of silence because we you know, we said,

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Speaker 5: like the death.

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Speaker 4: Of Snapchat definitely.

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Speaker 5: Yeah, Snapchat something I never really was really keen on.

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Speaker 5: I never really got on the snack. I never got

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Speaker 5: on the Snapchat, but obviously it became very popular, especially

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Speaker 5: amongst young people. Instagram kind of took the features a

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Speaker 5: lot of it, most of it.

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Speaker 3: So it becomes popular for that alone. Like, well, a

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Speaker 3: couple of things. Number one was that it had the filters,

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Speaker 3: Like most people even like that we're on Instagram will

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Speaker 3: go to Snapchat to get the features, the filters and

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Speaker 3: put them on their posts. But another thing that they had,

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Speaker 3: which actually was against them later in the future, is

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Speaker 3: that the pictures the content was only available for a

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Speaker 3: short period of time.

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Speaker 5: Yeah, twenty four hours and then like disappeared and stuff

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Speaker 5: like that. So all right, so Snapchat. Before we even

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Speaker 5: saw talking about Snapchat, we got to go back to

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Speaker 5: the last episode we talked about Kylie Jenner, So she

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Speaker 5: plays a major part in Snapchat as well, because about

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Speaker 5: a year ago, year and a half ago, she had

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Speaker 5: an issue with Snapchat and she tweeted pretty negative tweet

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Speaker 5: about Snapchat and that right after she tweeted that, the

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Speaker 5: stock price dropped six percent.

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Speaker 4: Yeah, it was their owndoing though, like I think they

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Speaker 4: had an update. They updated and it changed the design

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Speaker 4: of change the design.

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Speaker 5: So she tweets that she's leaving pretty much or she's

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Speaker 5: not feeling Snapchat anymore, and it's the stock price dropped

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Speaker 5: six percent the next day. This is crazy, which equals

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Speaker 5: a one point three billion dollar drop. So she she

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Speaker 5: dropped the company's value one point three billion dollars in

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Speaker 5: one day off of one tweet. Pretty powerful. So the

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Speaker 5: first quarter of twenty eighteen, Snapchat had one hundred and

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Speaker 5: eighty one million users. Second quarter of twenty eighteen, they

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Speaker 5: had one hundred and eighty eight million users, So they

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Speaker 5: were on a steady decline. They had a study that

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Speaker 5: said forty percent of their staffers were planning to leave.

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Speaker 5: They have three thousand employees. Forty percent of their staffers

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Speaker 5: are playing the lead, which is almost half of their employees.

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Speaker 5: They still haven't made a profit yet. Yeah, they made

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Speaker 5: They haven't made a profit yet, right, And that's interesting too.

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Speaker 5: Not to go off topic, but a lot of these

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Speaker 5: companies that we see are not profitable and have never

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Speaker 5: been profitable. So if you look at it from like

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Speaker 5: a small business standpoint, it's like a small business, you

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Speaker 5: can't run a bakery if you've never made a profit.

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Speaker 5: But a lot of these multi billion dollar companies have

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Speaker 5: never made a profit, and they've been in existence for

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Speaker 5: five years, six years, so it's interesting, like Uber or lyft,

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Speaker 5: so all right, so, but the interesting thing about it

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Speaker 5: is that it was looking like the death of Snapchat. Right,

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Speaker 5: They was looking good at all twenty eighteen, But towards

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Speaker 5: the end of twenty eighteen they were able to actually

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Speaker 5: pull themselves together and they're kind of stable. They stopped

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Speaker 5: losing users. So now people are saying, is this the

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Speaker 5: rebirth of Snapchat? Kind of like Twitter? Like Twitter was

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Speaker 5: kind of went through a similar situation where for a

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Speaker 5: while people kind of thought they were dead and they

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Speaker 5: had a resurgence and now you know, Twitter is moving

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Speaker 5: up again. But Snapchat still has a lot of problems.

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Speaker 5: Though they have a lot of debt. They they still

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Speaker 5: haven't fully understood how to monetize their system yet because

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Speaker 5: they're not profitable, and they have their biggest competitor, which

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Speaker 5: is Facebook. Right, so Facebook, Facebook is interested in the

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Speaker 5: social media game because we've seen them take over and

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Speaker 5: like we talked last episode about Amazon, Facebook might be

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Speaker 5: the Amazon of social media, right, So in twenty and thirteen,

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Speaker 5: they they offer Snapchat three billion dollars to buy them out.

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Speaker 4: I think it was like four billion, alright, three to four.

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Speaker 5: They offered them that amount to buy them out, and

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Speaker 5: they didn't take the deal. Now, the reason why I

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Speaker 5: was interested is that the year before that, they paid

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Speaker 5: one billion for Instagram exact right, and and interesting at

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Speaker 5: the time they brought Instagram for one billion because I

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Speaker 5: remember the guy CEO of Instagram at the time, he

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Speaker 5: was on the cover of Forbes and they was like,

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Speaker 5: Instagram gets brought and this is the early stages of Instagram.

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Speaker 5: So obviously they had the vision to offer them one

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Speaker 5: billion because it's actually a good deal looking at it now.

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Speaker 5: But everybody was saying, why would you pay one billion

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Speaker 5: for a company that never made any money? They asked

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Speaker 5: the CEO, They said, Instagram has never made any money,

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Speaker 5: and he said, that's not true. We just made a billion.

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Speaker 4: Dollars, right, So you.

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Speaker 5: Know, if you look at it from that standpoint, So

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Speaker 5: they buy Instagram for one billion in twenty twelve, then

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Speaker 5: they buy WhatsApp for nineteen billion, which is gonna buy

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Speaker 5: it for the petitors in twenty fourteen. Now, people especially

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Speaker 5: in the America, I don't think peop will fully understand

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Speaker 5: the power of WhatsApp. But overseas WhatsApp is huge. Like overseas,

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Speaker 5: everybody use WhatsApp, not.

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Speaker 4: Just overseas, like people who have family.

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Speaker 5: But what I'm saying, if you have, if you're trying to,

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Speaker 5: because it's free and you know you can. You can

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Speaker 5: do facetimes, you can do calls, you can do texts.

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Speaker 5: Pretty much everything you do with a cell phone you

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Speaker 5: can do through the WhatsApp. So they paid nineteen billion

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Speaker 5: for WhatsApp. So when they offer Snap three billion, a

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Speaker 5: lot of people were surprised that Snap turned it down.

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Speaker 4: Said no, man, say, it's kind of.

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Speaker 5: Hard to turn down three billion dollars. That's an interesting decision.

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Speaker 5: But the risk that they run in that is to say, okay,

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Speaker 5: either get down or lay down, right like mber Vine

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Speaker 5: another moment of silence, so Vine people don't even remember

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Speaker 5: Vine anymore.

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Speaker 4: Yeah, they had the eight second clips.

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Speaker 5: They had the eight second video clips. That was it.

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Speaker 3: That was it day Yeah, and so like so like

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Speaker 3: what happens is like Instagram and Facebook. Really they look

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Speaker 3: at these features, they said, oh that's really cool.

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Speaker 4: All right, the next update we're putting it.

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Speaker 5: On they so, now that was so crazy. Vine Vine

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Speaker 5: was all over the place. Within two months, Instagram took

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Speaker 5: them out of business because they had eight second video clips.

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Speaker 5: Instagram released ten second video I think fifteen first, I

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Speaker 5: think it was ten. At first they took their It

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Speaker 5: was disrespectful. It was like for one second more.

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Speaker 4: Then they took the Snapchat filter.

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Speaker 5: So no, no, no, I know, but I'm I'm saying that

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Speaker 5: Vine thing happened within three months and there were no

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Speaker 5: more Vine great. So then they took Snapchats filters and

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Speaker 5: the stories and the thing pretty much everything. No apology. Yeah,

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Speaker 5: and Snapchat has struggled since, right.

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Speaker 4: You know. But there's an interesting thing also in Snapchat.

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Speaker 3: In twenty sixteen, they get off with another deal from

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Speaker 3: this company named Google thirty billion. You know what, they say, no,

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Speaker 3: say no again, wow, thirty billion. This time Google was like, listen, face,

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Speaker 3: look is all competitive. They have Instagram. What's that We're

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Speaker 3: gonna try to We're gonna throw more money at them

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Speaker 3: and offer them this and again they say no.

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Speaker 5: Wow, Well there you have it. I mean. The interesting

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Speaker 5: thing is that the stock ip old a few years

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Speaker 5: ago at twenty seven dollars. Now it's at nine dollars.

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Speaker 4: Yeah, I mean a couple of things work again.

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Speaker 3: So like when it started, it was like cool to

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Speaker 3: have your content disappear, right, But what's happening is that

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Speaker 3: social media influences, like on Instagram, it actually works for

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Speaker 3: your benefit now because people can go back in time

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Speaker 3: and look.

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Speaker 5: I don't know how you market it on I don't

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Speaker 5: know how you market yourself on Snapchat because it's it's

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Speaker 5: such it's so disposable, right, it doesn't stay.

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Speaker 3: Like, how could somebody look back at what you were

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Speaker 3: trying to say?

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Speaker 5: If it's gone, they have challenges. But the stock from

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Speaker 5: the stocks that go to twenty seven to nine, it's

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Speaker 5: pretty disturbing. And actually last year they was actually contemplating

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Speaker 5: taking it off the stock market and making private again,

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Speaker 5: which hardy ever happened when that happen, Yeah, that hardly

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Speaker 5: ever happened. So I don't know, man. Sometimes you know,

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Speaker 5: it's we always talk about not selling and keeping your independence,

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Speaker 5: and I respect that, but it's a thin line. Sometimes

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Speaker 5: you have to know when to sell and reinvent yourself, right,

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Speaker 5: Like it's a couple like Elon Musk is a perfect

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Speaker 5: example of that, right, So he starts with PayPal. He

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Speaker 5: sells PayPal I think for like two hundred million dollars.

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Speaker 5: He flips that into SpaceX in Tesla. Now he's one

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Speaker 5: of the richest people in the world. He could have

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Speaker 5: just stayed with PayPal, but who knows if he would

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Speaker 5: have reached the status that he's at now. Same thing

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Speaker 5: with Mark Cuban, right, Mark Cuban has I forgot what

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Speaker 5: his company was called, but it was a sports streaming type.

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Speaker 4: Of h He was like one of the first guys who.

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Speaker 5: Video for sports. Yeah, who buys it for a billion

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Speaker 5: a couple billion. He flips that and he buys the

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Speaker 5: Mavericks and a lot of other companies, and now he's Mark.

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Speaker 4: Cuban, So buy more company.

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Speaker 5: In business, sometimes you have to know. It's like fighting, right,

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Speaker 5: you gotta know when to walk away. You gotta know

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Speaker 5: when the fall.

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Speaker 4: It's like poker, you should what's your analogy on the parties?

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Speaker 5: You gotta leave nothing. So I used to go clubing

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Speaker 5: a lot in my younger days. So I mastered the

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Speaker 5: club scene, and I realized that nothing good happens after

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Speaker 5: three am. That's when all the fights happened.

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Speaker 4: When everything settled.

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Speaker 5: Yeah, nothing happens at three four am. Right. You might

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Speaker 5: leave a party at two and it might have a

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Speaker 5: half an hour left of good partying, But you had

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Speaker 5: two and a half hours, right, So the risk of

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Speaker 5: having a half an hour left is not worth the Well,

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Speaker 5: the reward of having a half an hour of a

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Speaker 5: good party is not worth the tremendously bad things have

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Speaker 5: to happen for that extra half an hour at your stay,

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Speaker 5: so you have to leave. You have to leave the

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Speaker 5: party at two am. So this is similar is sometimes

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Speaker 5: you can stay at the party for too long and

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Speaker 5: you know, you wake up next day and like, what

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Speaker 5: did I do? So Snapchat, I don't know. What's an

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Speaker 5: interesting story. We'll see, we'll follow it. But thirty billion,

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Speaker 5: I don't know. That's tough. That's tough to turn down. Man,

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Speaker 5: for a company that's never made any money and it's

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Speaker 5: not projected to make any money anytime soon. Somebody offers

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Speaker 5: you thirty billion you've never made a profit.

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Speaker 4: Yeah, difficult.

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Speaker 3: If somebody's gonna learn from this, hopefully them and then

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Speaker 3: other companies will learn from it.

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Speaker 5: Or it'll be a case study hard All right, Well, Snapchat,

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Speaker 5: we'll see, we'll see what happens with snapchat.

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Speaker 4: Okay, all right, we're gonna move to a new segment.

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Speaker 5: Here's a little story that must be toold.

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Speaker 1: Listen up, gangsters and honeys with your head done.

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Speaker 3: The best story tell us stuff now right up myself.

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Speaker 3: Gray out, its gray down, its gray out, it's gree douts. Right,

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Speaker 3: we're gonna do this new segment is like you said,

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Speaker 3: we'd like to go into some case study in some

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Speaker 3: behind the scenes of sports entertainment that people don't really

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Speaker 3: know about but probably should, and sometimes it gets swept

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Speaker 3: under and overlooked. And today we want to talk about

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Speaker 3: a gentleman named Junior Bridgeman.

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Speaker 5: Yes, Junior Bridgeman. So, Junior Bridgeman is interesting for a

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Speaker 5: few different reasons. Right, you probably never heard of him before,

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Speaker 5: but he was an ex NBA player. He played from

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Speaker 5: nineteen seventy five to nineteen eighty seven, so he had

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Speaker 5: a pretty decent career. He played twelve years in the league. Journeyman.

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Speaker 5: You know, he wasn't a star player, but six men

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Speaker 5: at best, I think. Yeah. So at that point in time,

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Speaker 5: NBA players, you know, they weren't making tremendous amounts of

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Speaker 5: money and good income for that time frame, but nothing.

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Speaker 5: How we know now one hundred million dollar contract stuff

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Speaker 5: like that. It wasn't making that. So he actually reached

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Speaker 5: his peak salary of three hundred and fifty thousand in

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Speaker 5: nineteen eighty five. Right, So he's an interested person because

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Speaker 5: a lot of times we talk about athletes and entertainers

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Speaker 5: and how they make bad decisions with their money and

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Speaker 5: they make a lot of money and then when they retire,

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Speaker 5: they broke, they have to file for bankruptcy. So he

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Speaker 5: as I said, you know, mid level player. He made

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Speaker 5: decent money, but not a tremendous amount of money. So

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Speaker 5: towards the tail end of his career, he starts planning

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Speaker 5: for his future outside of basketball, right, because he knows

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Speaker 5: that basketball is only going to last so long and

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Speaker 5: it's going to run up eventually.

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Speaker 3: He started starting not schedule in nineteen eighty five, so

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Speaker 3: he was making three hundred and fifty thousand, but in

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Speaker 3: the off seasons, he started a job like he was

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Speaker 3: selling life insurance.

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Speaker 4: Like most people think, like NBA player, like, what is

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Speaker 4: he doing? Like he had to earn more income.

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Speaker 5: Yeah, so he starts, so he gets introduced to the

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Speaker 5: franchise game, right, fast through franchises, and he starts to

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Speaker 5: study franchises in the off season, and he actually starts

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Speaker 5: to work at a local Windy's. And this is interesting, right,

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Speaker 5: So he starts to work at a local Windy's in

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Speaker 5: the offseason. So at the time, it's kind of a

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Speaker 5: weird situation because you have an NBA basketball player who's

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Speaker 5: working in Windy's, right. But he didn't work in Windy's

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Speaker 5: obviously because he needed the money. He worked in Wendy's

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Speaker 5: because his plan was to buy a Windy's franchise and

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Speaker 5: he wanted to learn that in the workings and the

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Speaker 5: culture of the actual business. So he's figured what better

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Speaker 5: way to learn about it than to actually work in

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Speaker 5: the franchise, I think, or something like that. So he

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Speaker 5: starts to work in Windy's. By Tommy retires, he has

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Speaker 5: three Windys franchises. Right. In the next fifteen years, he

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Speaker 5: turns those three Windy's franchises into one hundred and sixty

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Speaker 5: Windys franchises and also one hundred and twenty Chiles franchises,

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Speaker 5: So he had one hundred and sixty Windy's franchises, which

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Speaker 5: made him the second largest franchisee holder for Wendy's in

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Speaker 5: the world, No. In America, in the world. He owned

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Speaker 5: the second amount, the second largest amount of Windy's in

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Speaker 5: the world out of anybody. He also brought in another legend, well,

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Speaker 5: an NBA legend, Chauncey billups to twenty thirteen, two thouand thirteen.

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Speaker 3: Chauncey's at the tail end of his career but wants

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Speaker 3: to go into the entrepreneur world and knows about bridgement,

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Speaker 3: and he says, can you help me?

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Speaker 5: Yeah, So him and Chauncey by thirty Wendy's.

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Speaker 4: But not just thirty.

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Speaker 3: So like they buy thirty Wendy's in the Saint Louis area,

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Speaker 3: which pretty much is every Wendy's in Saint Louis. They

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Speaker 3: buy in every restaurant in the city of Saint Louis.

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Speaker 3: That's pretty remarkable.

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Speaker 5: Yeah, So he ends up his last his biggest salary

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Speaker 5: was still on your fifty thousand, right. He ends up

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Speaker 5: owning one hundred and sixty Windy's, He one hundred and

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Speaker 5: twenty Chilis, and he amasses a network for four hundred

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Speaker 5: million in the process. But that's not the end of

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Speaker 5: the story.

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Speaker 3: No story gets better. So we're gonna go from city

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Speaker 3: Saint Louis. In twenty sixteen, he wants to go bigger,

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Speaker 3: bigger vision, so you know, he decides that he's gonna

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Speaker 3: look into Coca Cola, and twenty sixteen he buys a company.

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Speaker 3: He starts with a company Heartland Coca Cola Bottling, and

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Speaker 3: that takes over the region of the midwest of Missouri, Kansas, Nebraska,

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Speaker 3: and he becomes a distributor for Coca Cola in that region, right,

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Speaker 3: and that gross is even more money.

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Speaker 4: Okay, story doesn't that in there though.

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Speaker 3: After that, he partners with a gentleman in Canada to

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Speaker 3: take over Coca Cola Canada. So he went from Saint

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Speaker 3: Louis to city to taking over Midwest region of distributing

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Speaker 3: to taking over the country of Canada's bottling and distributing

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Speaker 3: for Coca Cola.

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Speaker 5: So he sells his win these franchises, right and buys

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Speaker 5: Coca Cola distribution centers right in Canada, well in the Midwest.

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Speaker 4: I think he has eighteen in Missouri, Kansas, Nebraska.

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Speaker 3: And then from there he takes over the entire distribution

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Speaker 3: facilities for Canada, which is crazy. And then right now

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Speaker 3: like present day, I think he's in talk he might

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Speaker 3: be the front runner to buy Sports Illustrated, Like it's

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Speaker 3: off his heal. I think he him and Dan Gilbert,

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Speaker 3: who is the owner of the Cleveland Paths, are like

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Speaker 3: the finalists to buy the company. And he's leading Canada

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Speaker 3: to buy Sports Illustrated, a magazine he probably hasn't been

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Speaker 3: in but since maybe the eighties.

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Speaker 5: So okay. So I heard Dane Dadd say something a

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Speaker 5: few weeks ago. He said, y'all, y'all sell records. I

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Speaker 5: sell companies, right, And that's kind of what we spoke

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Speaker 5: about even with Snapchat as far as a lot of

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Speaker 5: times in business, part of business is building a legacy,

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Speaker 5: building a company and keeping it. But another part of

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Speaker 5: it is building it and selling it and then moving

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Speaker 5: on to the next thing. Right. So that's pretty much

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Speaker 5: what he did. What he's doing, right, He's constantly moving

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Speaker 5: up the ladder by leveraging his businesses. He's building businesses

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Speaker 5: and then he's selling businesses. And another thing, it's interesting

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Speaker 5: a boy his stories. A lot of time people, you know,

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Speaker 5: they ask how do you become an entrepreneur? How do

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Speaker 5: you start a business? You don't always necessarily have to

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Speaker 5: start a business to be a business owner or to

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Speaker 5: be an entrepreneur. Right, So he's an entrepreneur, he's a

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Speaker 5: business owner, but it's not he doesn't own Wendy's, but

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Speaker 5: he owns He owned a lot of them. He owns,

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Speaker 5: you know, Coca Cola in a sense by owning different

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Speaker 5: centers and distribution. It's not his company, but that's another

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Speaker 5: way to go about it as well. Franchise's owning franchises.

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Speaker 5: You know, lebron owns some Blaze pizzas. So we've seen

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Speaker 5: this play before and that's one of the good things

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Speaker 5: with you know, buying into an established business already is

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Speaker 5: that you're not reinventing the wheel, right. They have a

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Speaker 5: set formula in place, So that's another avenue, you know,

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Speaker 5: if somebody is looking to get into business but they

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Speaker 5: don't necessarily want to start everything from the ground up.

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Speaker 5: It's good exactly and like he's.

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Speaker 4: Like it's a play on words, but like hes.

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Speaker 3: Is all you need is a real franchise player, right,

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00:22:05,880 --> 00:22:08,439
Speaker 3: Like he owns a bunch of franchises and sells them.

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Speaker 3: But like in our world, in sports world, franchise player

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Speaker 3: is the most dominant and the best player on the team.

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Speaker 4: But like this guy has another player on it, Like

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Speaker 4: he is.

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Speaker 5: A franchise and he's somebody that you probably I'm almost

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Speaker 5: sure that nobody's heard of him.

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Speaker 3: I mean, but even that franchise you remember, like early

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Speaker 3: maybe mid two thousands, like we sat down and we

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Speaker 3: were trying to like get money together to get a franchise,

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Speaker 3: and it was like this ice cream company that no

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Speaker 3: one quite heard of, and then like.

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Speaker 4: Two years later that becomes Coldstone.

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Speaker 3: Like so we had that vision and yeah, sometimes it

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Speaker 3: doesn't work, but that doesn't mean you stop, Like let's

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Speaker 3: start a new vision.

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Speaker 5: And even Rick Ross, right, we look at we look

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Speaker 5: at somebody like Rick Ross, who and I made a

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Speaker 5: post about that as far as like the importance of

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Speaker 5: family business where he owns I don't know how many,

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Speaker 5: but he owns a lot of wing stops and he

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Speaker 5: also owns checkers now and his family, his sister and

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Speaker 5: his mom, they helped run a lot of the locations.

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Speaker 5: So that's somebody else.

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Speaker 4: Who's just not saying it themeing Lemon Pepper for no reason.

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Speaker 5: Right. That was Wings in his cillar, right, and he's

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Speaker 5: not you know, he could have opened his own restaurant,

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Speaker 5: but he chose to go with an established line that

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Speaker 5: he believed in that he already was eating on a

433
00:23:19,119 --> 00:23:21,359
Speaker 5: regular fasis and it's not wrong with that. A lot

434
00:23:21,359 --> 00:23:22,679
Speaker 5: of times, you know, we look at it like if

435
00:23:22,720 --> 00:23:25,040
Speaker 5: it's not one hundred percent something that we started ourselves,

436
00:23:25,480 --> 00:23:28,959
Speaker 5: we have to get out of that mindset, because collaboration

437
00:23:29,119 --> 00:23:31,000
Speaker 5: works in a lot of different ways, right, So you

438
00:23:31,040 --> 00:23:33,280
Speaker 5: can collaborate with somebody you know, or you can collaborate

439
00:23:33,320 --> 00:23:37,240
Speaker 5: with somebody that you don't know, But if it's mutually beneficial,

440
00:23:37,680 --> 00:23:39,480
Speaker 5: that's what business comes down to. So you don't have

441
00:23:39,600 --> 00:23:42,320
Speaker 5: to do everything yourself. And we could break that down

442
00:23:42,359 --> 00:23:43,960
Speaker 5: on a micro level as far as just you know,

443
00:23:44,520 --> 00:23:47,359
Speaker 5: having business partners or you know, a lot of times

444
00:23:47,400 --> 00:23:49,399
Speaker 5: you feel like you have to do every single thing yourself,

445
00:23:49,520 --> 00:23:51,640
Speaker 5: or you have to have a complete control of the situation,

446
00:23:51,840 --> 00:23:55,920
Speaker 5: and that's not always beneficial. You know, you can learn

447
00:23:56,000 --> 00:24:00,000
Speaker 5: from other people's success and you can duplicate their success.

448
00:24:00,160 --> 00:24:03,200
Speaker 5: There's nothing new under the sun. So it's important not

449
00:24:03,280 --> 00:24:07,240
Speaker 5: to feel ashamed or embarrassed if you're not actually starting

450
00:24:07,320 --> 00:24:09,639
Speaker 5: the idea yourself, because it can still be successful. You

451
00:24:09,680 --> 00:24:11,040
Speaker 5: can still make a lot of money, you can still

452
00:24:11,040 --> 00:24:14,000
Speaker 5: employ people, you can still be beneficial and do good things.

453
00:24:13,920 --> 00:24:16,560
Speaker 3: And there's valuable lessons like when he originally started doing

454
00:24:16,600 --> 00:24:18,680
Speaker 3: the Windy's and working and their customers were coming in

455
00:24:18,720 --> 00:24:21,639
Speaker 3: and laughing like this is an NBA player, this is

456
00:24:21,680 --> 00:24:23,920
Speaker 3: what hes succumbed to, but not realizing like his vision

457
00:24:24,000 --> 00:24:25,840
Speaker 3: is long term, like I'm gonna turn.

458
00:24:25,720 --> 00:24:27,480
Speaker 4: This and now you're in the store that I own.

459
00:24:27,720 --> 00:24:29,879
Speaker 5: How many of his people that he was playing with

460
00:24:30,040 --> 00:24:33,600
Speaker 5: on the off season was going out partying, blowing their

461
00:24:33,640 --> 00:24:36,359
Speaker 5: money and probably laughing at him as well, right and

462
00:24:37,520 --> 00:24:41,600
Speaker 5: now looking so the league gratification is another another thing

463
00:24:41,640 --> 00:24:41,920
Speaker 5: as well.

464
00:24:41,920 --> 00:24:44,920
Speaker 3: They're probably drinking the products that he's bowing, which is

465
00:24:45,160 --> 00:24:46,200
Speaker 3: that's kind of crazy man.

466
00:24:46,920 --> 00:24:49,919
Speaker 5: All right, Okay, so yeah, that's that's that's interesting. That's

467
00:24:49,960 --> 00:24:56,320
Speaker 5: an interesting examined nation of an entrepreneur. So we want

468
00:24:56,359 --> 00:24:58,919
Speaker 5: to jump into the political realm a little bit.

469
00:24:59,280 --> 00:25:04,359
Speaker 3: Yeah, we had an interest in a few weeks and

470
00:25:04,480 --> 00:25:09,080
Speaker 3: one in particular, Cory Booker has announced that he's running

471
00:25:09,080 --> 00:25:09,560
Speaker 3: for president.

472
00:25:09,760 --> 00:25:12,000
Speaker 4: For those who are not familiar, Correy Booker was the

473
00:25:12,119 --> 00:25:13,520
Speaker 4: mayor of the city of Newark.

474
00:25:14,280 --> 00:25:17,960
Speaker 3: He is now a senator in New Jersey and he

475
00:25:18,080 --> 00:25:24,400
Speaker 3: has fought for criminal justice reform, he's fought for housing reform,

476
00:25:24,720 --> 00:25:28,640
Speaker 3: and he's had some some pretty interesting ideas, and we're

477
00:25:28,640 --> 00:25:30,080
Speaker 3: gonna touch on one of those ideas.

478
00:25:30,160 --> 00:25:32,200
Speaker 5: Corey Brooker is interesting for a few different reasons. But

479
00:25:33,240 --> 00:25:35,040
Speaker 5: you know, he used to live in the projects when

480
00:25:35,040 --> 00:25:37,480
Speaker 5: he was the mayor of Newark by choice for like

481
00:25:37,560 --> 00:25:37,840
Speaker 5: a year.

482
00:25:37,920 --> 00:25:39,120
Speaker 4: Yeah, by choice, Yeah.

483
00:25:39,119 --> 00:25:42,159
Speaker 3: Yeah, if anybody like he has an interesting story on

484
00:25:43,119 --> 00:25:46,320
Speaker 3: If anybody's ever watched Netflix Explain the Racial Wealth Gap,

485
00:25:46,320 --> 00:25:47,959
Speaker 3: I think it is the last episode of season one,

486
00:25:48,400 --> 00:25:50,760
Speaker 3: and he tells a story about how his family came

487
00:25:50,800 --> 00:25:51,399
Speaker 3: into wealth and.

488
00:25:51,480 --> 00:25:54,440
Speaker 4: The importance of owning homes, which is why he fights

489
00:25:54,480 --> 00:25:56,520
Speaker 4: for it. But by choice, he.

490
00:25:58,400 --> 00:26:00,720
Speaker 5: And one of the worst projects, yeah Newark, in Newark,

491
00:26:01,440 --> 00:26:04,000
Speaker 5: and he lived there for a year, so some people

492
00:26:04,080 --> 00:26:06,200
Speaker 5: called it a gimmick, but he still live.

493
00:26:06,160 --> 00:26:09,240
Speaker 3: There, like right now, he said he lives in a

494
00:26:09,359 --> 00:26:11,840
Speaker 3: basement in d C. Like, yeah, he owns a home

495
00:26:11,880 --> 00:26:14,760
Speaker 3: in Newark, but he's humbled themselfing like listen, man, I

496
00:26:14,840 --> 00:26:15,880
Speaker 3: have a landlord in DC.

497
00:26:16,240 --> 00:26:18,280
Speaker 4: Like that's just how I'm living right now. I'm a

498
00:26:18,320 --> 00:26:18,840
Speaker 4: single man.

499
00:26:18,960 --> 00:26:22,679
Speaker 5: Remember when Mark Zuckerberg gave Newark one hundred million dollars

500
00:26:22,720 --> 00:26:24,879
Speaker 5: for the school district? Whatever? What happened with that?

501
00:26:25,600 --> 00:26:26,080
Speaker 4: Who's the man?

502
00:26:27,640 --> 00:26:28,360
Speaker 5: Baraka? Now?

503
00:26:29,119 --> 00:26:31,400
Speaker 3: I think that you know what they they they did invested,

504
00:26:31,440 --> 00:26:35,600
Speaker 3: they had new it was for education, right, yeah, yeah,

505
00:26:35,840 --> 00:26:39,520
Speaker 3: they built some some some some pretty decent academies in Newark,

506
00:26:40,560 --> 00:26:43,240
Speaker 3: and he was on the Breads Club speaking about some

507
00:26:43,359 --> 00:26:46,080
Speaker 3: of the growth they've seen, okay with these students, So we.

508
00:26:46,440 --> 00:26:49,000
Speaker 4: Can't just dismiss I was just wondering what happened. But

509
00:26:49,119 --> 00:26:52,560
Speaker 4: it was Devin and Christie at the time. Yeah, Chris, okay, Yeah, but.

510
00:26:52,600 --> 00:26:53,960
Speaker 5: No, I wasn't dismissing it. I was just I just

511
00:26:54,119 --> 00:26:56,520
Speaker 5: I didn't hear anything since that had happened. I think

512
00:26:56,520 --> 00:26:59,920
Speaker 5: it happened on Oprah. But yeah, So Corey buckets into

513
00:27:00,560 --> 00:27:03,240
Speaker 5: for a few different reasons. But one of the things

514
00:27:03,320 --> 00:27:06,200
Speaker 5: that so okay, he announced that he's running for president, right,

515
00:27:06,760 --> 00:27:09,040
Speaker 5: so you know, when you announce your running for president anything,

516
00:27:09,080 --> 00:27:11,800
Speaker 5: you start to say different things that you want to do,

517
00:27:11,920 --> 00:27:14,119
Speaker 5: you want to implement stuff like that which you're running

518
00:27:14,119 --> 00:27:16,960
Speaker 5: on your platform. So we talked about the racial wealth

519
00:27:17,040 --> 00:27:21,919
Speaker 5: gap in this country and how disturbing it is, right

520
00:27:22,000 --> 00:27:27,000
Speaker 5: I think, on episode two. So now it's interesting to

521
00:27:27,040 --> 00:27:31,639
Speaker 5: see because some of the candidates are proposing different ways

522
00:27:31,720 --> 00:27:36,440
Speaker 5: to kind of bridge that right into to lesson that

523
00:27:36,600 --> 00:27:39,480
Speaker 5: the racial wealth gap. So he has an interesting idea,

524
00:27:39,560 --> 00:27:43,480
Speaker 5: and his idea is for baby bonds, so he wants

525
00:27:43,720 --> 00:27:47,120
Speaker 5: every baby so right now, right now, we talked about

526
00:27:47,320 --> 00:27:51,840
Speaker 5: the racial wealth gap for adult families, right and all

527
00:27:51,880 --> 00:27:53,080
Speaker 5: the top of my head, I think it was like

528
00:27:53,480 --> 00:27:56,640
Speaker 5: the average black family has a net worth of seventeen

529
00:27:56,720 --> 00:27:59,320
Speaker 5: hundred and the average white family has a networth of

530
00:27:59,600 --> 00:28:00,800
Speaker 5: one hundred in sixteen thousand.

531
00:28:01,000 --> 00:28:03,200
Speaker 3: Well, he was on the Breakfast Club, I think maybe

532
00:28:03,280 --> 00:28:06,080
Speaker 3: like this week, and he went further on to that

533
00:28:06,480 --> 00:28:09,240
Speaker 3: Bostonian article we were talking about where the average white

534
00:28:09,240 --> 00:28:12,560
Speaker 3: family in Boston is a network the worth is two

535
00:28:12,600 --> 00:28:13,760
Speaker 3: undred and fifty thousand.

536
00:28:14,000 --> 00:28:16,520
Speaker 4: And the average black family is eight.

537
00:28:16,400 --> 00:28:21,640
Speaker 5: Dollars in Boston in Boston, eight dollars, eight dollars yep, yes,

538
00:28:22,560 --> 00:28:24,080
Speaker 5: eight dollars, ladies and gentlemen.

539
00:28:24,119 --> 00:28:25,520
Speaker 4: Yeah, let that sit in for two seconds.

540
00:28:25,920 --> 00:28:29,800
Speaker 5: So all right, so he had even So now was

541
00:28:29,840 --> 00:28:32,440
Speaker 5: even interesting when I was reading an article that he's

542
00:28:32,480 --> 00:28:36,520
Speaker 5: proposing the baby bonds. That so the wealth the networth

543
00:28:36,800 --> 00:28:41,120
Speaker 5: for young people. So eighteen to twenty five, the average

544
00:28:41,200 --> 00:28:45,720
Speaker 5: white person's networth is forty six thousand dollars, and the

545
00:28:45,880 --> 00:28:49,160
Speaker 5: networth for young people eighteen to twenty five, average black

546
00:28:49,240 --> 00:28:51,440
Speaker 5: person's networth is twenty nine hundred dollars.

547
00:28:51,480 --> 00:28:52,600
Speaker 4: Yeah, we spoke about networth.

548
00:28:52,920 --> 00:28:54,760
Speaker 5: No, we did speak about it, but we spoke about

549
00:28:54,800 --> 00:28:57,560
Speaker 5: it for families, but not. So it's actually that's actually

550
00:28:57,600 --> 00:29:01,040
Speaker 5: shocking to me because I don't I knew very few

551
00:29:01,080 --> 00:29:05,600
Speaker 5: people twenty five and under that had networths of forty

552
00:29:05,640 --> 00:29:06,400
Speaker 5: six thousand dollars.

553
00:29:07,680 --> 00:29:08,520
Speaker 4: No, I didn't either.

554
00:29:08,720 --> 00:29:12,000
Speaker 5: So but this and that's the average network for a

555
00:29:12,080 --> 00:29:14,200
Speaker 5: white person eighteen to twenty five. So what happens is

556
00:29:14,240 --> 00:29:17,719
Speaker 5: that the white person's networth families, it actually increases right

557
00:29:18,440 --> 00:29:21,240
Speaker 5: as they get older. But the black if you notice,

558
00:29:21,280 --> 00:29:24,680
Speaker 5: the black network actually decreases because the black family's networth

559
00:29:25,000 --> 00:29:28,320
Speaker 5: is seventeen hundred. But the average black young person's networth

560
00:29:28,400 --> 00:29:30,600
Speaker 5: is twenty nine hundred, so it actually goes down, so

561
00:29:30,680 --> 00:29:31,840
Speaker 5: it gets worse as you get older.

562
00:29:31,880 --> 00:29:33,400
Speaker 3: This is one thing that we know about wealth, that

563
00:29:33,560 --> 00:29:36,440
Speaker 3: is it's going to be true. Wealth grows and grows

564
00:29:36,480 --> 00:29:39,440
Speaker 3: and grows. Right, being rich, you could make some mistakes

565
00:29:39,480 --> 00:29:41,400
Speaker 3: and that they'll take you out of that carriage, but

566
00:29:41,520 --> 00:29:43,320
Speaker 3: wealth will continue to grow.

567
00:29:43,880 --> 00:29:44,040
Speaker 4: Right.

568
00:29:44,400 --> 00:29:47,040
Speaker 5: So what he wants to do is have a thousand

569
00:29:47,080 --> 00:29:49,800
Speaker 5: dollars baby bonds, So every baby that's born into America,

570
00:29:49,920 --> 00:29:52,400
Speaker 5: every single baby, gets one thousand dollars on the born right,

571
00:29:53,400 --> 00:29:56,880
Speaker 5: and then it's depending on your income. So if your

572
00:29:57,080 --> 00:30:00,200
Speaker 5: family makes under one hundred, if your family makes under

573
00:30:00,200 --> 00:30:02,360
Speaker 5: one hundred and twenty six thousand dollars a year, you

574
00:30:02,440 --> 00:30:05,680
Speaker 5: will get up to two thousand dollars added to that

575
00:30:05,840 --> 00:30:08,479
Speaker 5: bond every year until the child turns eighteen.

576
00:30:09,280 --> 00:30:12,160
Speaker 3: It's so the account is a savings account that's going

577
00:30:12,240 --> 00:30:13,280
Speaker 3: to be managed by the treasury.

578
00:30:13,480 --> 00:30:15,600
Speaker 5: Right treasures earning three percent?

579
00:30:15,760 --> 00:30:19,680
Speaker 3: Yeah, so you're right, so like they project if it

580
00:30:19,760 --> 00:30:22,520
Speaker 3: does three percent, but it's so if at that rate,

581
00:30:22,760 --> 00:30:25,240
Speaker 3: if somebody's family income up is over one hundred and

582
00:30:25,240 --> 00:30:26,360
Speaker 3: twenty five, they don't get anything.

583
00:30:26,400 --> 00:30:28,240
Speaker 5: No, that's what saying, Yeah, no, you get a thousand

584
00:30:28,240 --> 00:30:30,080
Speaker 5: dollars and you're born. When you're born, right after that,

585
00:30:30,160 --> 00:30:33,080
Speaker 5: you don't get anything, right exactly, And even the two

586
00:30:33,120 --> 00:30:35,120
Speaker 5: thousand dollars is the most that you can get. Yeah,

587
00:30:35,160 --> 00:30:36,640
Speaker 5: So it's like a sliding scale. So if you make

588
00:30:36,680 --> 00:30:41,200
Speaker 5: one hundred thousand, then you might get five hundred dollars, right,

589
00:30:41,520 --> 00:30:43,720
Speaker 5: but if you're below the poverty line, then the most

590
00:30:43,800 --> 00:30:46,320
Speaker 5: you can get is two thousand. The child's the.

591
00:30:46,440 --> 00:30:50,560
Speaker 3: Federal poverty line, I believe it's twenty five thousand. It's

592
00:30:50,640 --> 00:30:53,040
Speaker 3: like that family, that family afford that they stay at

593
00:30:53,080 --> 00:30:56,760
Speaker 3: that rate. By the time the child has gotten to eighteen,

594
00:30:58,280 --> 00:30:59,520
Speaker 3: then I think it's like forty.

595
00:31:00,000 --> 00:31:01,959
Speaker 5: So what happens is that? So right? So, right now,

596
00:31:02,480 --> 00:31:07,240
Speaker 5: the wealth gap between young people whites and blacks, it's

597
00:31:07,240 --> 00:31:11,320
Speaker 5: sixteen times. So young people have sixteen times the net

598
00:31:11,400 --> 00:31:15,840
Speaker 5: worth of black young people. So what this new proposal

599
00:31:15,880 --> 00:31:19,000
Speaker 5: will do will actually lessen that to one to four.

600
00:31:19,160 --> 00:31:22,880
Speaker 5: So it's still not equal, but it'll have the average

601
00:31:23,040 --> 00:31:28,000
Speaker 5: white person's networth will be seventy niney eighteen to twenty five,

602
00:31:28,560 --> 00:31:31,440
Speaker 5: and the average black person's network eighteen to twenty five

603
00:31:31,520 --> 00:31:36,520
Speaker 5: will be fifty seven thousand. So what they're saying is

604
00:31:36,600 --> 00:31:42,040
Speaker 5: that this can actually change the course of the wealth

605
00:31:42,160 --> 00:31:46,680
Speaker 5: gap and almost erase it within a generation. Right. The

606
00:31:46,760 --> 00:31:49,960
Speaker 5: thing about it too is that so people actually talk

607
00:31:49,960 --> 00:31:54,200
Speaker 5: about reparations, So this it plays in line with reparations,

608
00:31:54,240 --> 00:31:58,040
Speaker 5: because it's been proven that the easiest way to do

609
00:31:58,120 --> 00:32:02,200
Speaker 5: it would be through reparation. Right, reparations is to give

610
00:32:03,040 --> 00:32:05,880
Speaker 5: Black people, give Spanish people, just give them money, right,

611
00:32:06,920 --> 00:32:11,240
Speaker 5: But obviously politically that's very hard to get through.

612
00:32:11,360 --> 00:32:11,479
Speaker 4: Right.

613
00:32:11,920 --> 00:32:15,560
Speaker 5: So this is a way of reparations. But it's not

614
00:32:15,720 --> 00:32:21,280
Speaker 5: race based, right, because everybody is for everybody, But since

615
00:32:21,440 --> 00:32:29,400
Speaker 5: proportionally Black and Latino families are more impovished than white families,

616
00:32:29,680 --> 00:32:33,160
Speaker 5: even though it's for everybody, it will proportionally affect Black

617
00:32:33,200 --> 00:32:35,400
Speaker 5: and Latino families at a higher rate.

618
00:32:35,600 --> 00:32:37,920
Speaker 3: It's like when he did prison reform, right, Like he

619
00:32:38,120 --> 00:32:43,800
Speaker 3: changes laws for imprisonment, right, and it's for everybody, but

620
00:32:44,480 --> 00:32:48,680
Speaker 3: it proportionally helps people of color because they're the ones

621
00:32:49,160 --> 00:32:50,560
Speaker 3: who suffer more.

622
00:32:50,760 --> 00:32:54,400
Speaker 5: Right. So this is an interesting take on the reparations

623
00:32:54,520 --> 00:32:59,120
Speaker 5: argument because, as I said, it's not something that you're

624
00:32:59,160 --> 00:33:01,280
Speaker 5: just giving to one group of people. You're actually giving

625
00:33:01,320 --> 00:33:04,280
Speaker 5: it to everybody. But it's going to affect one or

626
00:33:04,320 --> 00:33:06,880
Speaker 5: two groups of people a lot more. Now, the thing

627
00:33:06,920 --> 00:33:08,200
Speaker 5: about it is that it's only going to be for

628
00:33:08,240 --> 00:33:09,200
Speaker 5: young people, for people that.

629
00:33:09,200 --> 00:33:11,400
Speaker 4: Are born right now, they're still trying to right now.

630
00:33:11,520 --> 00:33:15,800
Speaker 5: Yeah, so it won't affect like adults or even you know,

631
00:33:15,960 --> 00:33:18,320
Speaker 5: teenagers or whatever. It'll be. So you'll have to wait

632
00:33:18,480 --> 00:33:21,280
Speaker 5: a generation before they actually see the effects of it.

633
00:33:21,760 --> 00:33:25,960
Speaker 5: And another interesting thing is to see, you know, education.

634
00:33:26,080 --> 00:33:27,560
Speaker 5: That thing has to be tied into it as well,

635
00:33:27,600 --> 00:33:30,040
Speaker 5: because okay, it's great to have I think the idea

636
00:33:30,120 --> 00:33:33,040
Speaker 5: is a good idea. But if somebody turns eighteen and

637
00:33:33,120 --> 00:33:36,560
Speaker 5: they have forty thousand dollars and now they have access

638
00:33:36,680 --> 00:33:40,680
Speaker 5: to that, right, we don't want them just to spend it.

639
00:33:41,200 --> 00:33:44,080
Speaker 4: So that's one of the things. So, like we's explained,

640
00:33:44,120 --> 00:33:45,200
Speaker 4: it's a four step program.

641
00:33:45,320 --> 00:33:47,760
Speaker 3: So we pretty much explained the first three steps or

642
00:33:47,760 --> 00:33:49,320
Speaker 3: step one was you get there thousand dollars.

643
00:33:49,600 --> 00:33:51,120
Speaker 4: The Treasury takes it into your account.

644
00:33:51,160 --> 00:33:54,120
Speaker 3: Step two is through the tax code, children will receive

645
00:33:54,160 --> 00:33:56,680
Speaker 3: two thousand based on the income of the family. Third

646
00:33:56,720 --> 00:33:58,800
Speaker 3: one is the fund sits there in account three percent

647
00:33:59,080 --> 00:34:01,720
Speaker 3: hopefully annually. And that fourth step is that the account

648
00:34:01,720 --> 00:34:05,320
Speaker 3: holder can't access it until they're eighteen, and it has.

649
00:34:05,240 --> 00:34:07,120
Speaker 4: To be for a usable reason.

650
00:34:07,240 --> 00:34:09,759
Speaker 3: It has to be for education, or it has to

651
00:34:09,800 --> 00:34:11,799
Speaker 3: be for the purchase of a home, or if they

652
00:34:11,960 --> 00:34:14,000
Speaker 3: keep it there, it could be for retirement later on.

653
00:34:14,360 --> 00:34:16,920
Speaker 4: So they have to have specific reasons why they're taking off.

654
00:34:17,040 --> 00:34:18,759
Speaker 5: They just they just can't take it off take it out.

655
00:34:18,840 --> 00:34:20,000
Speaker 3: Yeah, So I think, I mean, I think it's a

656
00:34:20,040 --> 00:34:22,399
Speaker 3: great idea, But this is this is not the first

657
00:34:22,400 --> 00:34:23,600
Speaker 3: time we've seen an idea like this.

658
00:34:23,760 --> 00:34:26,080
Speaker 4: No. Hillary Clinton, she tried it and then like as

659
00:34:26,120 --> 00:34:27,319
Speaker 4: soon as her campaign got.

660
00:34:27,400 --> 00:34:31,160
Speaker 5: No, it was like, let's little known fact, Hillary Clint

661
00:34:31,160 --> 00:34:35,000
Speaker 5: in two thousand and five, I think two thousand seven,

662
00:34:35,000 --> 00:34:36,520
Speaker 5: I think when she was running the first time.

663
00:34:36,760 --> 00:34:38,880
Speaker 4: Yeah, she that was proposal.

664
00:34:39,040 --> 00:34:43,240
Speaker 5: No, it was and they quickly scrapped it quickly.

665
00:34:43,920 --> 00:34:44,960
Speaker 4: Tony Blair tried this and.

666
00:34:45,400 --> 00:34:47,759
Speaker 5: Tony Blair actually implemented.

667
00:34:47,239 --> 00:34:51,160
Speaker 4: It, and yes, as soon as he left office, scrapped done.

668
00:34:51,040 --> 00:34:53,759
Speaker 5: With Conservative Party. Okay, so the UK. Tony Blair was

669
00:34:53,760 --> 00:34:56,320
Speaker 5: the Prime Minister of the UK. So reparate. When we

670
00:34:56,360 --> 00:35:01,120
Speaker 5: talk about reparations, this isn't something that a lot of

671
00:35:01,160 --> 00:35:03,880
Speaker 5: times people don't fully understand the concept of reparations, right,

672
00:35:05,160 --> 00:35:11,799
Speaker 5: other people have been given reparations, right, We've seen We've

673
00:35:11,880 --> 00:35:16,759
Speaker 5: seen Japanese Americans get reparations from Ronald Reagan. We've seen

674
00:35:17,600 --> 00:35:21,880
Speaker 5: Jewish people get reparations from the Holocaust. It's something that

675
00:35:22,080 --> 00:35:25,960
Speaker 5: politically is not as far fetched as it's made out

676
00:35:26,040 --> 00:35:28,719
Speaker 5: to be. Right, and people realize that, as I said before,

677
00:35:29,000 --> 00:35:31,920
Speaker 5: the racial wealth gap is something that if anybody's intelligent,

678
00:35:32,000 --> 00:35:35,040
Speaker 5: they understand that that is it's a problem, and it's

679
00:35:35,120 --> 00:35:38,200
Speaker 5: not something that just affects only black people. It spills over.

680
00:35:38,560 --> 00:35:41,400
Speaker 5: So it's in everybody's interest to try to fix the problem.

681
00:35:41,840 --> 00:35:44,080
Speaker 5: And this is a worldwide problem. So when Tony Blair

682
00:35:44,280 --> 00:35:49,680
Speaker 5: implements it in Britain and then the Conservative Party comes

683
00:35:49,760 --> 00:35:51,759
Speaker 5: and they just eliminate it because they say, now it's

684
00:35:51,840 --> 00:35:54,239
Speaker 5: like welfare and you're giving you know, poor people just

685
00:35:54,800 --> 00:35:59,080
Speaker 5: you know that that's something that is done out of ignorance, right,

686
00:35:59,239 --> 00:36:06,800
Speaker 5: Because if the goal is to actually make up for

687
00:36:07,400 --> 00:36:10,359
Speaker 5: things that were done in the past that have systematically

688
00:36:11,000 --> 00:36:14,360
Speaker 5: hold people that, then the only way to really reverse

689
00:36:14,440 --> 00:36:17,760
Speaker 5: that is to have a systematic thing put in place

690
00:36:17,960 --> 00:36:21,640
Speaker 5: to help those people. It's not out of charity, it's

691
00:36:21,680 --> 00:36:23,840
Speaker 5: just the right thing to do, right, So Yeah, so

692
00:36:23,960 --> 00:36:27,239
Speaker 5: we have seen this before and it's not as far

693
00:36:27,320 --> 00:36:30,160
Speaker 5: af fetched as people think because it was put in

694
00:36:30,239 --> 00:36:35,040
Speaker 5: place in the UK even though it was reversed, and

695
00:36:35,200 --> 00:36:38,080
Speaker 5: Hillary Clinton, who had a very good chance of actually

696
00:36:38,080 --> 00:36:43,280
Speaker 5: becoming president, had it as one of her campaign points,

697
00:36:43,560 --> 00:36:47,080
Speaker 5: even though she quickly scratched it. So we'll see where

698
00:36:47,120 --> 00:36:51,960
Speaker 5: this reparation argument goes. Because there's another candidate. I believe

699
00:36:52,040 --> 00:36:56,960
Speaker 5: that she wants to actually do reparations different So everybody

700
00:36:57,000 --> 00:36:59,000
Speaker 5: has different ways about it how they want to do it.

701
00:36:59,080 --> 00:37:03,239
Speaker 5: But I think the baby by ideas interesting at least

702
00:37:03,280 --> 00:37:04,560
Speaker 5: it is interesting.

703
00:37:04,360 --> 00:37:08,440
Speaker 3: Because it it really is about equity, right, So everybody

704
00:37:08,560 --> 00:37:11,560
Speaker 3: starts at the playing field, and as you'll see it,

705
00:37:11,719 --> 00:37:13,160
Speaker 3: like the people who needed more will.

706
00:37:13,000 --> 00:37:14,840
Speaker 5: Be so that the argument will be like who, how

707
00:37:14,920 --> 00:37:17,359
Speaker 5: do you pay for it? Where's the money coming from?

708
00:37:17,680 --> 00:37:20,839
Speaker 5: The right, that would be the argument, because I mean,

709
00:37:20,840 --> 00:37:22,920
Speaker 5: I don't think anybody would be opposed to people, you know,

710
00:37:23,239 --> 00:37:25,840
Speaker 5: babies getting money, But where's this money coming. That's a

711
00:37:25,880 --> 00:37:29,320
Speaker 5: lot of money. You get every baby a thousand dollars.

712
00:37:29,080 --> 00:37:30,279
Speaker 4: And then it'll come into it.

713
00:37:30,880 --> 00:37:33,520
Speaker 3: Well, if their parents aren't citizens, is that how do

714
00:37:33,600 --> 00:37:35,520
Speaker 3: they get to There's a lot of issues there.

715
00:37:36,520 --> 00:37:38,000
Speaker 5: It's a lot of issues that can be raised.

716
00:37:38,040 --> 00:37:39,640
Speaker 4: But the idea, I think it's great.

717
00:37:39,719 --> 00:37:42,359
Speaker 5: No, it's a great idea on surface. So we'll see.

718
00:37:42,719 --> 00:37:47,359
Speaker 5: Like I said, the political environment is very interesting right now.

719
00:37:48,120 --> 00:37:50,640
Speaker 5: You know a lot of people are running for president

720
00:37:50,800 --> 00:37:52,600
Speaker 5: that are announcing that they're running for president. We have

721
00:37:52,680 --> 00:37:57,160
Speaker 5: a black female and announced. We have Corey Bookers, black

722
00:37:57,200 --> 00:38:01,600
Speaker 5: male that announced, and you know, I'm sure as the

723
00:38:01,640 --> 00:38:04,120
Speaker 5: weeks some fall, we'll be having more and more people

724
00:38:04,160 --> 00:38:07,760
Speaker 5: from the Democratic Party and Independent Party that will announced

725
00:38:07,760 --> 00:38:09,880
Speaker 5: that their run for president. Then of course you have

726
00:38:09,960 --> 00:38:12,440
Speaker 5: the current president, Donald Trump, who I'm pretty sure he

727
00:38:12,520 --> 00:38:15,960
Speaker 5: will be seeking re election, so we'll be it'll be

728
00:38:16,040 --> 00:38:20,000
Speaker 5: interesting to see. But economic definitely plays a major part

729
00:38:20,480 --> 00:38:23,400
Speaker 5: in the political game. So that's the thing too. We

730
00:38:23,520 --> 00:38:25,680
Speaker 5: can't separate the two right. A lot of times people

731
00:38:25,800 --> 00:38:28,319
Speaker 5: you know, we say, okay, well I'm not voting. If

732
00:38:28,320 --> 00:38:30,280
Speaker 5: you decide to vote or not, that's your personal decision.

733
00:38:30,640 --> 00:38:33,960
Speaker 5: But we can't just say I just want to focus

734
00:38:34,000 --> 00:38:36,680
Speaker 5: on economics and not politics, or I want to focus

735
00:38:36,719 --> 00:38:39,279
Speaker 5: on politics and not economics. They go hand in hand

736
00:38:39,800 --> 00:38:44,160
Speaker 5: economic empowerment, it is political empowerment. You can't you can't

737
00:38:44,239 --> 00:38:48,520
Speaker 5: separate the too. All right, okay, final words.

738
00:38:49,920 --> 00:38:53,120
Speaker 3: Yeah, so we spoke about Corey Booker and what he's

739
00:38:53,160 --> 00:39:01,680
Speaker 3: done for obviously the school to prison pipeline system, racism

740
00:39:01,800 --> 00:39:05,680
Speaker 3: when it comes to terms of imprisonment, and in immigration,

741
00:39:06,280 --> 00:39:09,399
Speaker 3: and what we've seen in the past couple of weeks,

742
00:39:09,440 --> 00:39:12,720
Speaker 3: maybe last week, we saw Meek Mill and Michael Rubin

743
00:39:12,840 --> 00:39:16,440
Speaker 3: and Robert Craft and Jay Z create reform, which is

744
00:39:16,520 --> 00:39:20,520
Speaker 3: great for criminal justice, and within that week we also

745
00:39:20,560 --> 00:39:24,200
Speaker 3: see a young black male be picked up by Ice

746
00:39:24,480 --> 00:39:29,520
Speaker 3: for immigration, and it'll be interesting to see how this

747
00:39:29,560 --> 00:39:31,680
Speaker 3: plays out. But I know that, you know, they're putting

748
00:39:31,680 --> 00:39:35,279
Speaker 3: some support behind him, twenty one Savage, so we'll see

749
00:39:35,320 --> 00:39:39,000
Speaker 3: that maybe you know, this case may spark some immigration reform,

750
00:39:40,440 --> 00:39:43,120
Speaker 3: so they'll be interesting to see. So, I mean, it's

751
00:39:43,160 --> 00:39:45,239
Speaker 3: unfortunate that this happened. I know, he has a family

752
00:39:45,280 --> 00:39:49,799
Speaker 3: three about three kids, and he's I think he filed.

753
00:39:49,520 --> 00:39:55,000
Speaker 4: For citizenship and saying like four years. So I'm it's

754
00:39:55,080 --> 00:39:55,680
Speaker 4: just unfortunate.

755
00:39:56,560 --> 00:40:00,279
Speaker 3: So hopefully, you know, reform started the criminal justice and

756
00:40:01,000 --> 00:40:03,799
Speaker 3: hopefully we'll see something that happens to immigration as well.

757
00:40:05,400 --> 00:40:09,759
Speaker 5: Yeah, yeah, we'll see, we'll see. All right, all right, guys,

758
00:40:09,840 --> 00:40:12,560
Speaker 5: So once again, thank you for rocking with us. We

759
00:40:12,640 --> 00:40:15,520
Speaker 5: will see you guys next week. Yeah man peace.

760
00:40:15,640 --> 00:40:16,799
Speaker 4: Yeah, we give you the game.

761
00:40:16,880 --> 00:40:18,600
Speaker 3: Now you gotta go out to your neighborhood and give

762
00:40:18,600 --> 00:40:20,640
Speaker 3: it right back. Psychondric said, that's a fact.

763
00:40:47,480 --> 00:40:51,320
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764
00:40:51,880 --> 00:40:56,560
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