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Speaker 3: Back Dah's episode five on Your Leisure Podcasts, Thank you
Speaker 3: Again called us a portal.
Speaker 4: The feedback keep sending us in with the suggestions.
Speaker 3: We greatly appreciate it, and we'll try to get into
Speaker 3: our definitely into our topics.
Speaker 4: We're gonna start right away with maybe of silence.
Speaker 5: Man here, so we're going to talk about snapchat. Snapchat
Speaker 5: is interesting for a few different reasons. But yeah, he
Speaker 5: said a moment of silence because we you know, we said,
Speaker 5: like the death.
Speaker 4: Of Snapchat definitely.
Speaker 5: Yeah, Snapchat something I never really was really keen on.
Speaker 5: I never really got on the snack. I never got
Speaker 5: on the Snapchat, but obviously it became very popular, especially
Speaker 5: amongst young people. Instagram kind of took the features a
Speaker 5: lot of it, most of it.
Speaker 3: So it becomes popular for that alone. Like, well, a
Speaker 3: couple of things. Number one was that it had the filters,
Speaker 3: Like most people even like that we're on Instagram will
Speaker 3: go to Snapchat to get the features, the filters and
Speaker 3: put them on their posts. But another thing that they had,
Speaker 3: which actually was against them later in the future, is
Speaker 3: that the pictures the content was only available for a
Speaker 3: short period of time.
Speaker 5: Yeah, twenty four hours and then like disappeared and stuff
Speaker 5: like that. So all right, so Snapchat. Before we even
Speaker 5: saw talking about Snapchat, we got to go back to
Speaker 5: the last episode we talked about Kylie Jenner, So she
Speaker 5: plays a major part in Snapchat as well, because about
Speaker 5: a year ago, year and a half ago, she had
Speaker 5: an issue with Snapchat and she tweeted pretty negative tweet
Speaker 5: about Snapchat and that right after she tweeted that, the
Speaker 5: stock price dropped six percent.
Speaker 4: Yeah, it was their owndoing though, like I think they
Speaker 4: had an update. They updated and it changed the design
Speaker 4: of change the design.
Speaker 5: So she tweets that she's leaving pretty much or she's
Speaker 5: not feeling Snapchat anymore, and it's the stock price dropped
Speaker 5: six percent the next day. This is crazy, which equals
Speaker 5: a one point three billion dollar drop. So she she
Speaker 5: dropped the company's value one point three billion dollars in
Speaker 5: one day off of one tweet. Pretty powerful. So the
Speaker 5: first quarter of twenty eighteen, Snapchat had one hundred and
Speaker 5: eighty one million users. Second quarter of twenty eighteen, they
Speaker 5: had one hundred and eighty eight million users, So they
Speaker 5: were on a steady decline. They had a study that
Speaker 5: said forty percent of their staffers were planning to leave.
Speaker 5: They have three thousand employees. Forty percent of their staffers
Speaker 5: are playing the lead, which is almost half of their employees.
Speaker 5: They still haven't made a profit yet. Yeah, they made
Speaker 5: They haven't made a profit yet, right, And that's interesting too.
Speaker 5: Not to go off topic, but a lot of these
Speaker 5: companies that we see are not profitable and have never
Speaker 5: been profitable. So if you look at it from like
Speaker 5: a small business standpoint, it's like a small business, you
Speaker 5: can't run a bakery if you've never made a profit.
Speaker 5: But a lot of these multi billion dollar companies have
Speaker 5: never made a profit, and they've been in existence for
Speaker 5: five years, six years, so it's interesting, like Uber or lyft,
Speaker 5: so all right, so, but the interesting thing about it
Speaker 5: is that it was looking like the death of Snapchat. Right,
Speaker 5: They was looking good at all twenty eighteen, But towards
Speaker 5: the end of twenty eighteen they were able to actually
Speaker 5: pull themselves together and they're kind of stable. They stopped
Speaker 5: losing users. So now people are saying, is this the
Speaker 5: rebirth of Snapchat? Kind of like Twitter? Like Twitter was
Speaker 5: kind of went through a similar situation where for a
Speaker 5: while people kind of thought they were dead and they
Speaker 5: had a resurgence and now you know, Twitter is moving
Speaker 5: up again. But Snapchat still has a lot of problems.
Speaker 5: Though they have a lot of debt. They they still
Speaker 5: haven't fully understood how to monetize their system yet because
Speaker 5: they're not profitable, and they have their biggest competitor, which
Speaker 5: is Facebook. Right, so Facebook, Facebook is interested in the
Speaker 5: social media game because we've seen them take over and
Speaker 5: like we talked last episode about Amazon, Facebook might be
Speaker 5: the Amazon of social media, right, So in twenty and thirteen,
Speaker 5: they they offer Snapchat three billion dollars to buy them out.
Speaker 4: I think it was like four billion, alright, three to four.
Speaker 5: They offered them that amount to buy them out, and
Speaker 5: they didn't take the deal. Now, the reason why I
Speaker 5: was interested is that the year before that, they paid
Speaker 5: one billion for Instagram exact right, and and interesting at
Speaker 5: the time they brought Instagram for one billion because I
Speaker 5: remember the guy CEO of Instagram at the time, he
Speaker 5: was on the cover of Forbes and they was like,
Speaker 5: Instagram gets brought and this is the early stages of Instagram.
Speaker 5: So obviously they had the vision to offer them one
Speaker 5: billion because it's actually a good deal looking at it now.
Speaker 5: But everybody was saying, why would you pay one billion
Speaker 5: for a company that never made any money? They asked
Speaker 5: the CEO, They said, Instagram has never made any money,
Speaker 5: and he said, that's not true. We just made a billion.
Speaker 4: Dollars, right, So you.
Speaker 5: Know, if you look at it from that standpoint, So
Speaker 5: they buy Instagram for one billion in twenty twelve, then
Speaker 5: they buy WhatsApp for nineteen billion, which is gonna buy
Speaker 5: it for the petitors in twenty fourteen. Now, people especially
Speaker 5: in the America, I don't think peop will fully understand
Speaker 5: the power of WhatsApp. But overseas WhatsApp is huge. Like overseas,
Speaker 5: everybody use WhatsApp, not.
Speaker 4: Just overseas, like people who have family.
Speaker 5: But what I'm saying, if you have, if you're trying to,
Speaker 5: because it's free and you know you can. You can
Speaker 5: do facetimes, you can do calls, you can do texts.
Speaker 5: Pretty much everything you do with a cell phone you
Speaker 5: can do through the WhatsApp. So they paid nineteen billion
Speaker 5: for WhatsApp. So when they offer Snap three billion, a
Speaker 5: lot of people were surprised that Snap turned it down.
Speaker 4: Said no, man, say, it's kind of.
Speaker 5: Hard to turn down three billion dollars. That's an interesting decision.
Speaker 5: But the risk that they run in that is to say, okay,
Speaker 5: either get down or lay down, right like mber Vine
Speaker 5: another moment of silence, so Vine people don't even remember
Speaker 5: Vine anymore.
Speaker 4: Yeah, they had the eight second clips.
Speaker 5: They had the eight second video clips. That was it.
Speaker 3: That was it day Yeah, and so like so like
Speaker 3: what happens is like Instagram and Facebook. Really they look
Speaker 3: at these features, they said, oh that's really cool.
Speaker 4: All right, the next update we're putting it.
Speaker 5: On they so, now that was so crazy. Vine Vine
Speaker 5: was all over the place. Within two months, Instagram took
Speaker 5: them out of business because they had eight second video clips.
Speaker 5: Instagram released ten second video I think fifteen first, I
Speaker 5: think it was ten. At first they took their It
Speaker 5: was disrespectful. It was like for one second more.
Speaker 4: Then they took the Snapchat filter.
Speaker 5: So no, no, no, I know, but I'm I'm saying that
Speaker 5: Vine thing happened within three months and there were no
Speaker 5: more Vine great. So then they took Snapchats filters and
Speaker 5: the stories and the thing pretty much everything. No apology. Yeah,
Speaker 5: and Snapchat has struggled since, right.
Speaker 4: You know. But there's an interesting thing also in Snapchat.
Speaker 3: In twenty sixteen, they get off with another deal from
Speaker 3: this company named Google thirty billion. You know what, they say, no,
Speaker 3: say no again, wow, thirty billion. This time Google was like, listen, face,
Speaker 3: look is all competitive. They have Instagram. What's that We're
Speaker 3: gonna try to We're gonna throw more money at them
Speaker 3: and offer them this and again they say no.
Speaker 5: Wow, Well there you have it. I mean. The interesting
Speaker 5: thing is that the stock ip old a few years
Speaker 5: ago at twenty seven dollars. Now it's at nine dollars.
Speaker 4: Yeah, I mean a couple of things work again.
Speaker 3: So like when it started, it was like cool to
Speaker 3: have your content disappear, right, But what's happening is that
Speaker 3: social media influences, like on Instagram, it actually works for
Speaker 3: your benefit now because people can go back in time
Speaker 3: and look.
Speaker 5: I don't know how you market it on I don't
Speaker 5: know how you market yourself on Snapchat because it's it's
Speaker 5: such it's so disposable, right, it doesn't stay.
Speaker 3: Like, how could somebody look back at what you were
Speaker 3: trying to say?
Speaker 5: If it's gone, they have challenges. But the stock from
Speaker 5: the stocks that go to twenty seven to nine, it's
Speaker 5: pretty disturbing. And actually last year they was actually contemplating
Speaker 5: taking it off the stock market and making private again,
Speaker 5: which hardy ever happened when that happen, Yeah, that hardly
Speaker 5: ever happened. So I don't know, man. Sometimes you know,
Speaker 5: it's we always talk about not selling and keeping your independence,
Speaker 5: and I respect that, but it's a thin line. Sometimes
Speaker 5: you have to know when to sell and reinvent yourself, right,
Speaker 5: Like it's a couple like Elon Musk is a perfect
Speaker 5: example of that, right, So he starts with PayPal. He
Speaker 5: sells PayPal I think for like two hundred million dollars.
Speaker 5: He flips that into SpaceX in Tesla. Now he's one
Speaker 5: of the richest people in the world. He could have
Speaker 5: just stayed with PayPal, but who knows if he would
Speaker 5: have reached the status that he's at now. Same thing
Speaker 5: with Mark Cuban, right, Mark Cuban has I forgot what
Speaker 5: his company was called, but it was a sports streaming type.
Speaker 4: Of h He was like one of the first guys who.
Speaker 5: Video for sports. Yeah, who buys it for a billion
Speaker 5: a couple billion. He flips that and he buys the
Speaker 5: Mavericks and a lot of other companies, and now he's Mark.
Speaker 4: Cuban, So buy more company.
Speaker 5: In business, sometimes you have to know. It's like fighting, right,
Speaker 5: you gotta know when to walk away. You gotta know
Speaker 5: when the fall.
Speaker 4: It's like poker, you should what's your analogy on the parties?
Speaker 5: You gotta leave nothing. So I used to go clubing
Speaker 5: a lot in my younger days. So I mastered the
Speaker 5: club scene, and I realized that nothing good happens after
Speaker 5: three am. That's when all the fights happened.
Speaker 4: When everything settled.
Speaker 5: Yeah, nothing happens at three four am. Right. You might
Speaker 5: leave a party at two and it might have a
Speaker 5: half an hour left of good partying, But you had
Speaker 5: two and a half hours, right, So the risk of
Speaker 5: having a half an hour left is not worth the Well,
Speaker 5: the reward of having a half an hour of a
Speaker 5: good party is not worth the tremendously bad things have
Speaker 5: to happen for that extra half an hour at your stay,
Speaker 5: so you have to leave. You have to leave the
Speaker 5: party at two am. So this is similar is sometimes
Speaker 5: you can stay at the party for too long and
Speaker 5: you know, you wake up next day and like, what
Speaker 5: did I do? So Snapchat, I don't know. What's an
Speaker 5: interesting story. We'll see, we'll follow it. But thirty billion,
Speaker 5: I don't know. That's tough. That's tough to turn down. Man,
Speaker 5: for a company that's never made any money and it's
Speaker 5: not projected to make any money anytime soon. Somebody offers
Speaker 5: you thirty billion you've never made a profit.
Speaker 4: Yeah, difficult.
Speaker 3: If somebody's gonna learn from this, hopefully them and then
Speaker 3: other companies will learn from it.
Speaker 5: Or it'll be a case study hard All right, Well, Snapchat,
Speaker 5: we'll see, we'll see what happens with snapchat.
Speaker 4: Okay, all right, we're gonna move to a new segment.
Speaker 5: Here's a little story that must be toold.
Speaker 1: Listen up, gangsters and honeys with your head done.
Speaker 3: The best story tell us stuff now right up myself.
Speaker 3: Gray out, its gray down, its gray out, it's gree douts. Right,
Speaker 3: we're gonna do this new segment is like you said,
Speaker 3: we'd like to go into some case study in some
Speaker 3: behind the scenes of sports entertainment that people don't really
Speaker 3: know about but probably should, and sometimes it gets swept
Speaker 3: under and overlooked. And today we want to talk about
Speaker 3: a gentleman named Junior Bridgeman.
Speaker 5: Yes, Junior Bridgeman. So, Junior Bridgeman is interesting for a
Speaker 5: few different reasons. Right, you probably never heard of him before,
Speaker 5: but he was an ex NBA player. He played from
Speaker 5: nineteen seventy five to nineteen eighty seven, so he had
Speaker 5: a pretty decent career. He played twelve years in the league. Journeyman.
Speaker 5: You know, he wasn't a star player, but six men
Speaker 5: at best, I think. Yeah. So at that point in time,
Speaker 5: NBA players, you know, they weren't making tremendous amounts of
Speaker 5: money and good income for that time frame, but nothing.
Speaker 5: How we know now one hundred million dollar contract stuff
Speaker 5: like that. It wasn't making that. So he actually reached
Speaker 5: his peak salary of three hundred and fifty thousand in
Speaker 5: nineteen eighty five. Right, So he's an interested person because
Speaker 5: a lot of times we talk about athletes and entertainers
Speaker 5: and how they make bad decisions with their money and
Speaker 5: they make a lot of money and then when they retire,
Speaker 5: they broke, they have to file for bankruptcy. So he
Speaker 5: as I said, you know, mid level player. He made
Speaker 5: decent money, but not a tremendous amount of money. So
Speaker 5: towards the tail end of his career, he starts planning
Speaker 5: for his future outside of basketball, right, because he knows
Speaker 5: that basketball is only going to last so long and
Speaker 5: it's going to run up eventually.
Speaker 3: He started starting not schedule in nineteen eighty five, so
Speaker 3: he was making three hundred and fifty thousand, but in
Speaker 3: the off seasons, he started a job like he was
Speaker 3: selling life insurance.
Speaker 4: Like most people think, like NBA player, like, what is
Speaker 4: he doing? Like he had to earn more income.
Speaker 5: Yeah, so he starts, so he gets introduced to the
Speaker 5: franchise game, right, fast through franchises, and he starts to
Speaker 5: study franchises in the off season, and he actually starts
Speaker 5: to work at a local Windy's. And this is interesting, right,
Speaker 5: So he starts to work at a local Windy's in
Speaker 5: the offseason. So at the time, it's kind of a
Speaker 5: weird situation because you have an NBA basketball player who's
Speaker 5: working in Windy's, right. But he didn't work in Windy's
Speaker 5: obviously because he needed the money. He worked in Wendy's
Speaker 5: because his plan was to buy a Windy's franchise and
Speaker 5: he wanted to learn that in the workings and the
Speaker 5: culture of the actual business. So he's figured what better
Speaker 5: way to learn about it than to actually work in
Speaker 5: the franchise, I think, or something like that. So he
Speaker 5: starts to work in Windy's. By Tommy retires, he has
Speaker 5: three Windys franchises. Right. In the next fifteen years, he
Speaker 5: turns those three Windy's franchises into one hundred and sixty
Speaker 5: Windys franchises and also one hundred and twenty Chiles franchises,
Speaker 5: So he had one hundred and sixty Windy's franchises, which
Speaker 5: made him the second largest franchisee holder for Wendy's in
Speaker 5: the world, No. In America, in the world. He owned
Speaker 5: the second amount, the second largest amount of Windy's in
Speaker 5: the world out of anybody. He also brought in another legend, well,
Speaker 5: an NBA legend, Chauncey billups to twenty thirteen, two thouand thirteen.
Speaker 3: Chauncey's at the tail end of his career but wants
Speaker 3: to go into the entrepreneur world and knows about bridgement,
Speaker 3: and he says, can you help me?
Speaker 5: Yeah, So him and Chauncey by thirty Wendy's.
Speaker 4: But not just thirty.
Speaker 3: So like they buy thirty Wendy's in the Saint Louis area,
Speaker 3: which pretty much is every Wendy's in Saint Louis. They
Speaker 3: buy in every restaurant in the city of Saint Louis.
Speaker 3: That's pretty remarkable.
Speaker 5: Yeah, So he ends up his last his biggest salary
Speaker 5: was still on your fifty thousand, right. He ends up
Speaker 5: owning one hundred and sixty Windy's, He one hundred and
Speaker 5: twenty Chilis, and he amasses a network for four hundred
Speaker 5: million in the process. But that's not the end of
Speaker 5: the story.
Speaker 3: No story gets better. So we're gonna go from city
Speaker 3: Saint Louis. In twenty sixteen, he wants to go bigger,
Speaker 3: bigger vision, so you know, he decides that he's gonna
Speaker 3: look into Coca Cola, and twenty sixteen he buys a company.
Speaker 3: He starts with a company Heartland Coca Cola Bottling, and
Speaker 3: that takes over the region of the midwest of Missouri, Kansas, Nebraska,
Speaker 3: and he becomes a distributor for Coca Cola in that region, right,
Speaker 3: and that gross is even more money.
Speaker 4: Okay, story doesn't that in there though.
Speaker 3: After that, he partners with a gentleman in Canada to
Speaker 3: take over Coca Cola Canada. So he went from Saint
Speaker 3: Louis to city to taking over Midwest region of distributing
Speaker 3: to taking over the country of Canada's bottling and distributing
Speaker 3: for Coca Cola.
Speaker 5: So he sells his win these franchises, right and buys
Speaker 5: Coca Cola distribution centers right in Canada, well in the Midwest.
Speaker 4: I think he has eighteen in Missouri, Kansas, Nebraska.
Speaker 3: And then from there he takes over the entire distribution
Speaker 3: facilities for Canada, which is crazy. And then right now
Speaker 3: like present day, I think he's in talk he might
Speaker 3: be the front runner to buy Sports Illustrated, Like it's
Speaker 3: off his heal. I think he him and Dan Gilbert,
Speaker 3: who is the owner of the Cleveland Paths, are like
Speaker 3: the finalists to buy the company. And he's leading Canada
Speaker 3: to buy Sports Illustrated, a magazine he probably hasn't been
Speaker 3: in but since maybe the eighties.
Speaker 5: So okay. So I heard Dane Dadd say something a
Speaker 5: few weeks ago. He said, y'all, y'all sell records. I
Speaker 5: sell companies, right, And that's kind of what we spoke
Speaker 5: about even with Snapchat as far as a lot of
Speaker 5: times in business, part of business is building a legacy,
Speaker 5: building a company and keeping it. But another part of
Speaker 5: it is building it and selling it and then moving
Speaker 5: on to the next thing. Right. So that's pretty much
Speaker 5: what he did. What he's doing, right, He's constantly moving
Speaker 5: up the ladder by leveraging his businesses. He's building businesses
Speaker 5: and then he's selling businesses. And another thing, it's interesting
Speaker 5: a boy his stories. A lot of time people, you know,
Speaker 5: they ask how do you become an entrepreneur? How do
Speaker 5: you start a business? You don't always necessarily have to
Speaker 5: start a business to be a business owner or to
Speaker 5: be an entrepreneur. Right, So he's an entrepreneur, he's a
Speaker 5: business owner, but it's not he doesn't own Wendy's, but
Speaker 5: he owns He owned a lot of them. He owns,
Speaker 5: you know, Coca Cola in a sense by owning different
Speaker 5: centers and distribution. It's not his company, but that's another
Speaker 5: way to go about it as well. Franchise's owning franchises.
Speaker 5: You know, lebron owns some Blaze pizzas. So we've seen
Speaker 5: this play before and that's one of the good things
Speaker 5: with you know, buying into an established business already is
Speaker 5: that you're not reinventing the wheel, right. They have a
Speaker 5: set formula in place, So that's another avenue, you know,
Speaker 5: if somebody is looking to get into business but they
Speaker 5: don't necessarily want to start everything from the ground up.
Speaker 5: It's good exactly and like he's.
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,
Speaker 3: Like he owns a bunch of franchises and sells them.
Speaker 3: But like in our world, in sports world, franchise player
Speaker 3: is the most dominant and the best player on the team.
Speaker 4: But like this guy has another player on it, Like
Speaker 4: he is.
Speaker 5: A franchise and he's somebody that you probably I'm almost
Speaker 5: sure that nobody's heard of him.
Speaker 3: I mean, but even that franchise you remember, like early
Speaker 3: maybe mid two thousands, like we sat down and we
Speaker 3: were trying to like get money together to get a franchise,
Speaker 3: and it was like this ice cream company that no
Speaker 3: one quite heard of, and then like.
Speaker 4: Two years later that becomes Coldstone.
Speaker 3: Like so we had that vision and yeah, sometimes it
Speaker 3: doesn't work, but that doesn't mean you stop, Like let's
Speaker 3: start a new vision.
Speaker 5: And even Rick Ross, right, we look at we look
Speaker 5: at somebody like Rick Ross, who and I made a
Speaker 5: post about that as far as like the importance of
Speaker 5: family business where he owns I don't know how many,
Speaker 5: but he owns a lot of wing stops and he
Speaker 5: also owns checkers now and his family, his sister and
Speaker 5: his mom, they helped run a lot of the locations.
Speaker 5: So that's somebody else.
Speaker 4: Who's just not saying it themeing Lemon Pepper for no reason.
Speaker 5: Right. That was Wings in his cillar, right, and he's
Speaker 5: not you know, he could have opened his own restaurant,
Speaker 5: but he chose to go with an established line that
Speaker 5: he believed in that he already was eating on a
Speaker 5: regular fasis and it's not wrong with that. A lot
Speaker 5: of times, you know, we look at it like if
Speaker 5: it's not one hundred percent something that we started ourselves,
Speaker 5: we have to get out of that mindset, because collaboration
Speaker 5: works in a lot of different ways, right, So you
Speaker 5: can collaborate with somebody you know, or you can collaborate
Speaker 5: with somebody that you don't know, But if it's mutually beneficial,
Speaker 5: that's what business comes down to. So you don't have
Speaker 5: to do everything yourself. And we could break that down
Speaker 5: on a micro level as far as just you know,
Speaker 5: having business partners or you know, a lot of times
Speaker 5: you feel like you have to do every single thing yourself,
Speaker 5: or you have to have a complete control of the situation,
Speaker 5: and that's not always beneficial. You know, you can learn
Speaker 5: from other people's success and you can duplicate their success.
Speaker 5: There's nothing new under the sun. So it's important not
Speaker 5: to feel ashamed or embarrassed if you're not actually starting
Speaker 5: the idea yourself, because it can still be successful. You
Speaker 5: can still make a lot of money, you can still
Speaker 5: employ people, you can still be beneficial and do good things.
Speaker 3: And there's valuable lessons like when he originally started doing
Speaker 3: the Windy's and working and their customers were coming in
Speaker 3: and laughing like this is an NBA player, this is
Speaker 3: what hes succumbed to, but not realizing like his vision
Speaker 3: is long term, like I'm gonna turn.
Speaker 4: This and now you're in the store that I own.
Speaker 5: How many of his people that he was playing with
Speaker 5: on the off season was going out partying, blowing their
Speaker 5: money and probably laughing at him as well, right and
Speaker 5: now looking so the league gratification is another another thing
Speaker 5: as well.
Speaker 3: They're probably drinking the products that he's bowing, which is
Speaker 3: that's kind of crazy man.
Speaker 5: All right, Okay, so yeah, that's that's that's interesting. That's
Speaker 5: an interesting examined nation of an entrepreneur. So we want
Speaker 5: to jump into the political realm a little bit.
Speaker 3: Yeah, we had an interest in a few weeks and
Speaker 3: one in particular, Cory Booker has announced that he's running
Speaker 3: for president.
Speaker 4: For those who are not familiar, Correy Booker was the
Speaker 4: mayor of the city of Newark.
Speaker 3: He is now a senator in New Jersey and he
Speaker 3: has fought for criminal justice reform, he's fought for housing reform,
Speaker 3: and he's had some some pretty interesting ideas, and we're
Speaker 3: gonna touch on one of those ideas.
Speaker 5: Corey Brooker is interesting for a few different reasons. But
Speaker 5: you know, he used to live in the projects when
Speaker 5: he was the mayor of Newark by choice for like
Speaker 5: a year.
Speaker 4: Yeah, by choice, Yeah.
Speaker 3: Yeah, if anybody like he has an interesting story on
Speaker 3: If anybody's ever watched Netflix Explain the Racial Wealth Gap,
Speaker 3: I think it is the last episode of season one,
Speaker 3: and he tells a story about how his family came
Speaker 3: into wealth and.
Speaker 4: The importance of owning homes, which is why he fights
Speaker 4: for it. But by choice, he.
Speaker 5: And one of the worst projects, yeah Newark, in Newark,
Speaker 5: and he lived there for a year, so some people
Speaker 5: called it a gimmick, but he still live.
Speaker 3: There, like right now, he said he lives in a
Speaker 3: basement in d C. Like, yeah, he owns a home
Speaker 3: in Newark, but he's humbled themselfing like listen, man, I
Speaker 3: have a landlord in DC.
Speaker 4: Like that's just how I'm living right now. I'm a
Speaker 4: single man.
Speaker 5: Remember when Mark Zuckerberg gave Newark one hundred million dollars
Speaker 5: for the school district? Whatever? What happened with that?
Speaker 4: Who's the man?
Speaker 5: Baraka? Now?
Speaker 3: I think that you know what they they they did invested,
Speaker 3: they had new it was for education, right, yeah, yeah,
Speaker 3: they built some some some some pretty decent academies in Newark,
Speaker 3: and he was on the Breads Club speaking about some
Speaker 3: of the growth they've seen, okay with these students, So we.
Speaker 4: Can't just dismiss I was just wondering what happened. But
Speaker 4: it was Devin and Christie at the time. Yeah, Chris, okay, Yeah, but.
Speaker 5: No, I wasn't dismissing it. I was just I just
Speaker 5: I didn't hear anything since that had happened. I think
Speaker 5: it happened on Oprah. But yeah, So Corey buckets into
Speaker 5: for a few different reasons. But one of the things
Speaker 5: that so okay, he announced that he's running for president, right,
Speaker 5: so you know, when you announce your running for president anything,
Speaker 5: you start to say different things that you want to do,
Speaker 5: you want to implement stuff like that which you're running
Speaker 5: on your platform. So we talked about the racial wealth
Speaker 5: gap in this country and how disturbing it is, right
Speaker 5: I think, on episode two. So now it's interesting to
Speaker 5: see because some of the candidates are proposing different ways
Speaker 5: to kind of bridge that right into to lesson that
Speaker 5: the racial wealth gap. So he has an interesting idea,
Speaker 5: and his idea is for baby bonds, so he wants
Speaker 5: every baby so right now, right now, we talked about
Speaker 5: the racial wealth gap for adult families, right and all
Speaker 5: the top of my head, I think it was like
Speaker 5: the average black family has a net worth of seventeen
Speaker 5: hundred and the average white family has a networth of
Speaker 5: one hundred in sixteen thousand.
Speaker 3: Well, he was on the Breakfast Club, I think maybe
Speaker 3: like this week, and he went further on to that
Speaker 3: Bostonian article we were talking about where the average white
Speaker 3: family in Boston is a network the worth is two
Speaker 3: undred and fifty thousand.
Speaker 4: And the average black family is eight.
Speaker 5: Dollars in Boston in Boston, eight dollars, eight dollars yep, yes,
Speaker 5: eight dollars, ladies and gentlemen.
Speaker 4: Yeah, let that sit in for two seconds.
Speaker 5: So all right, so he had even So now was
Speaker 5: even interesting when I was reading an article that he's
Speaker 5: proposing the baby bonds. That so the wealth the networth
Speaker 5: for young people. So eighteen to twenty five, the average
Speaker 5: white person's networth is forty six thousand dollars, and the
Speaker 5: networth for young people eighteen to twenty five, average black
Speaker 5: person's networth is twenty nine hundred dollars.
Speaker 4: Yeah, we spoke about networth.
Speaker 5: No, we did speak about it, but we spoke about
Speaker 5: it for families, but not. So it's actually that's actually
Speaker 5: shocking to me because I don't I knew very few
Speaker 5: people twenty five and under that had networths of forty
Speaker 5: six thousand dollars.
Speaker 4: No, I didn't either.
Speaker 5: So but this and that's the average network for a
Speaker 5: white person eighteen to twenty five. So what happens is
Speaker 5: that the white person's networth families, it actually increases right
Speaker 5: as they get older. But the black if you notice,
Speaker 5: the black network actually decreases because the black family's networth
Speaker 5: is seventeen hundred. But the average black young person's networth
Speaker 5: is twenty nine hundred, so it actually goes down, so
Speaker 5: it gets worse as you get older.
Speaker 3: This is one thing that we know about wealth, that
Speaker 3: is it's going to be true. Wealth grows and grows
Speaker 3: and grows. Right, being rich, you could make some mistakes
Speaker 3: and that they'll take you out of that carriage, but
Speaker 3: wealth will continue to grow.
Speaker 4: Right.
Speaker 5: So what he wants to do is have a thousand
Speaker 5: dollars baby bonds, So every baby that's born into America,
Speaker 5: every single baby, gets one thousand dollars on the born right,
Speaker 5: and then it's depending on your income. So if your
Speaker 5: family makes under one hundred, if your family makes under
Speaker 5: one hundred and twenty six thousand dollars a year, you
Speaker 5: will get up to two thousand dollars added to that
Speaker 5: bond every year until the child turns eighteen.
Speaker 3: It's so the account is a savings account that's going
Speaker 3: to be managed by the treasury.
Speaker 5: Right treasures earning three percent?
Speaker 3: Yeah, so you're right, so like they project if it
Speaker 3: does three percent, but it's so if at that rate,
Speaker 3: if somebody's family income up is over one hundred and
Speaker 3: twenty five, they don't get anything.
Speaker 5: No, that's what saying, Yeah, no, you get a thousand
Speaker 5: dollars and you're born. When you're born, right after that,
Speaker 5: you don't get anything, right exactly, And even the two
Speaker 5: thousand dollars is the most that you can get. Yeah,
Speaker 5: So it's like a sliding scale. So if you make
Speaker 5: one hundred thousand, then you might get five hundred dollars, right,
Speaker 5: but if you're below the poverty line, then the most
Speaker 5: you can get is two thousand. The child's the.
Speaker 3: Federal poverty line, I believe it's twenty five thousand. It's
Speaker 3: like that family, that family afford that they stay at
Speaker 3: that rate. By the time the child has gotten to eighteen,
Speaker 3: then I think it's like forty.
Speaker 5: So what happens is that? So right? So, right now,
Speaker 5: the wealth gap between young people whites and blacks, it's
Speaker 5: sixteen times. So young people have sixteen times the net
Speaker 5: worth of black young people. So what this new proposal
Speaker 5: will do will actually lessen that to one to four.
Speaker 5: So it's still not equal, but it'll have the average
Speaker 5: white person's networth will be seventy niney eighteen to twenty five,
Speaker 5: and the average black person's network eighteen to twenty five
Speaker 5: will be fifty seven thousand. So what they're saying is
Speaker 5: that this can actually change the course of the wealth
Speaker 5: gap and almost erase it within a generation. Right. The
Speaker 5: thing about it too is that so people actually talk
Speaker 5: about reparations, So this it plays in line with reparations,
Speaker 5: because it's been proven that the easiest way to do
Speaker 5: it would be through reparation. Right, reparations is to give
Speaker 5: Black people, give Spanish people, just give them money, right,
Speaker 5: But obviously politically that's very hard to get through.
Speaker 4: Right.
Speaker 5: So this is a way of reparations. But it's not
Speaker 5: race based, right, because everybody is for everybody, But since
Speaker 5: proportionally Black and Latino families are more impovished than white families,
Speaker 5: even though it's for everybody, it will proportionally affect Black
Speaker 5: and Latino families at a higher rate.
Speaker 3: It's like when he did prison reform, right, Like he
Speaker 3: changes laws for imprisonment, right, and it's for everybody, but
Speaker 3: it proportionally helps people of color because they're the ones
Speaker 3: who suffer more.
Speaker 5: Right. So this is an interesting take on the reparations
Speaker 5: argument because, as I said, it's not something that you're
Speaker 5: just giving to one group of people. You're actually giving
Speaker 5: it to everybody. But it's going to affect one or
Speaker 5: two groups of people a lot more. Now, the thing
Speaker 5: about it is that it's only going to be for
Speaker 5: young people, for people that.
Speaker 4: Are born right now, they're still trying to right now.
Speaker 5: Yeah, so it won't affect like adults or even you know,
Speaker 5: teenagers or whatever. It'll be. So you'll have to wait
Speaker 5: a generation before they actually see the effects of it.
Speaker 5: And another interesting thing is to see, you know, education.
Speaker 5: That thing has to be tied into it as well,
Speaker 5: because okay, it's great to have I think the idea
Speaker 5: is a good idea. But if somebody turns eighteen and
Speaker 5: they have forty thousand dollars and now they have access
Speaker 5: to that, right, we don't want them just to spend it.
Speaker 4: So that's one of the things. So, like we's explained,
Speaker 4: it's a four step program.
Speaker 3: So we pretty much explained the first three steps or
Speaker 3: step one was you get there thousand dollars.
Speaker 4: The Treasury takes it into your account.
Speaker 3: Step two is through the tax code, children will receive
Speaker 3: two thousand based on the income of the family. Third
Speaker 3: one is the fund sits there in account three percent
Speaker 3: hopefully annually. And that fourth step is that the account
Speaker 3: holder can't access it until they're eighteen, and it has.
Speaker 4: To be for a usable reason.
Speaker 3: It has to be for education, or it has to
Speaker 3: be for the purchase of a home, or if they
Speaker 3: keep it there, it could be for retirement later on.
Speaker 4: So they have to have specific reasons why they're taking off.
Speaker 5: They just they just can't take it off take it out.
Speaker 3: Yeah, So I think, I mean, I think it's a
Speaker 3: great idea, But this is this is not the first
Speaker 3: time we've seen an idea like this.
Speaker 4: No. Hillary Clinton, she tried it and then like as
Speaker 4: soon as her campaign got.
Speaker 5: No, it was like, let's little known fact, Hillary Clint
Speaker 5: in two thousand and five, I think two thousand seven,
Speaker 5: I think when she was running the first time.
Speaker 4: Yeah, she that was proposal.
Speaker 5: No, it was and they quickly scrapped it quickly.
Speaker 4: Tony Blair tried this and.
Speaker 5: Tony Blair actually implemented.
Speaker 4: It, and yes, as soon as he left office, scrapped done.
Speaker 5: With Conservative Party. Okay, so the UK. Tony Blair was
Speaker 5: the Prime Minister of the UK. So reparate. When we
Speaker 5: talk about reparations, this isn't something that a lot of
Speaker 5: times people don't fully understand the concept of reparations, right,
Speaker 5: other people have been given reparations, right, We've seen We've
Speaker 5: seen Japanese Americans get reparations from Ronald Reagan. We've seen
Speaker 5: Jewish people get reparations from the Holocaust. It's something that
Speaker 5: politically is not as far fetched as it's made out
Speaker 5: to be. Right, and people realize that, as I said before,
Speaker 5: the racial wealth gap is something that if anybody's intelligent,
Speaker 5: they understand that that is it's a problem, and it's
Speaker 5: not something that just affects only black people. It spills over.
Speaker 5: So it's in everybody's interest to try to fix the problem.
Speaker 5: And this is a worldwide problem. So when Tony Blair
Speaker 5: implements it in Britain and then the Conservative Party comes
Speaker 5: and they just eliminate it because they say, now it's
Speaker 5: like welfare and you're giving you know, poor people just
Speaker 5: you know that that's something that is done out of ignorance, right,
Speaker 5: Because if the goal is to actually make up for
Speaker 5: things that were done in the past that have systematically
Speaker 5: hold people that, then the only way to really reverse
Speaker 5: that is to have a systematic thing put in place
Speaker 5: to help those people. It's not out of charity, it's
Speaker 5: just the right thing to do, right, So Yeah, so
Speaker 5: we have seen this before and it's not as far
Speaker 5: af fetched as people think because it was put in
Speaker 5: place in the UK even though it was reversed, and
Speaker 5: Hillary Clinton, who had a very good chance of actually
Speaker 5: becoming president, had it as one of her campaign points,
Speaker 5: even though she quickly scratched it. So we'll see where
Speaker 5: this reparation argument goes. Because there's another candidate. I believe
Speaker 5: that she wants to actually do reparations different So everybody
Speaker 5: has different ways about it how they want to do it.
Speaker 5: But I think the baby by ideas interesting at least
Speaker 5: it is interesting.
Speaker 3: Because it it really is about equity, right, So everybody
Speaker 3: starts at the playing field, and as you'll see it,
Speaker 3: like the people who needed more will.
Speaker 5: Be so that the argument will be like who, how
Speaker 5: do you pay for it? Where's the money coming from?
Speaker 5: The right, that would be the argument, because I mean,
Speaker 5: I don't think anybody would be opposed to people, you know,
Speaker 5: babies getting money, But where's this money coming. That's a
Speaker 5: lot of money. You get every baby a thousand dollars.
Speaker 4: And then it'll come into it.
Speaker 3: Well, if their parents aren't citizens, is that how do
Speaker 3: they get to There's a lot of issues there.
Speaker 5: It's a lot of issues that can be raised.
Speaker 4: But the idea, I think it's great.
Speaker 5: No, it's a great idea on surface. So we'll see.
Speaker 5: Like I said, the political environment is very interesting right now.
Speaker 5: You know a lot of people are running for president
Speaker 5: that are announcing that they're running for president. We have
Speaker 5: a black female and announced. We have Corey Bookers, black
Speaker 5: male that announced, and you know, I'm sure as the
Speaker 5: weeks some fall, we'll be having more and more people
Speaker 5: from the Democratic Party and Independent Party that will announced
Speaker 5: that their run for president. Then of course you have
Speaker 5: the current president, Donald Trump, who I'm pretty sure he
Speaker 5: will be seeking re election, so we'll be it'll be
Speaker 5: interesting to see. But economic definitely plays a major part
Speaker 5: in the political game. So that's the thing too. We
Speaker 5: can't separate the two right. A lot of times people
Speaker 5: you know, we say, okay, well I'm not voting. If
Speaker 5: you decide to vote or not, that's your personal decision.
Speaker 5: But we can't just say I just want to focus
Speaker 5: on economics and not politics, or I want to focus
Speaker 5: on politics and not economics. They go hand in hand
Speaker 5: economic empowerment, it is political empowerment. You can't you can't
Speaker 5: separate the too. All right, okay, final words.
Speaker 3: Yeah, so we spoke about Corey Booker and what he's
Speaker 3: done for obviously the school to prison pipeline system, racism
Speaker 3: when it comes to terms of imprisonment, and in immigration,
Speaker 3: and what we've seen in the past couple of weeks,
Speaker 3: maybe last week, we saw Meek Mill and Michael Rubin
Speaker 3: and Robert Craft and Jay Z create reform, which is
Speaker 3: great for criminal justice, and within that week we also
Speaker 3: see a young black male be picked up by Ice
Speaker 3: for immigration, and it'll be interesting to see how this
Speaker 3: plays out. But I know that, you know, they're putting
Speaker 3: some support behind him, twenty one Savage, so we'll see
Speaker 3: that maybe you know, this case may spark some immigration reform,
Speaker 3: so they'll be interesting to see. So, I mean, it's
Speaker 3: unfortunate that this happened. I know, he has a family
Speaker 3: three about three kids, and he's I think he filed.
Speaker 4: For citizenship and saying like four years. So I'm it's
Speaker 4: just unfortunate.
Speaker 3: So hopefully, you know, reform started the criminal justice and
Speaker 3: hopefully we'll see something that happens to immigration as well.
Speaker 5: Yeah, yeah, we'll see, we'll see. All right, all right, guys,
Speaker 5: So once again, thank you for rocking with us. We
Speaker 5: will see you guys next week. Yeah man peace.
Speaker 4: Yeah, we give you the game.
Speaker 3: Now you gotta go out to your neighborhood and give
Speaker 3: it right back. Psychondric said, that's a fact.
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