1 00:00:11,720 --> 00:00:15,360 Speaker 1: Okay, so let's have what may be a little bit 2 00:00:15,400 --> 00:00:17,960 Speaker 1: of a sober talk, but I think it's an important 3 00:00:18,000 --> 00:00:24,040 Speaker 1: talk about politics, nations in general. Standard of living is 4 00:00:24,040 --> 00:00:26,880 Speaker 1: a real thing that you're well aware of, obviously, but 5 00:00:27,200 --> 00:00:29,520 Speaker 1: standard of living is a real thing. What does that mean? 6 00:00:29,600 --> 00:00:33,400 Speaker 1: Standard of living? Well? How much food can you afford? 7 00:00:33,440 --> 00:00:36,280 Speaker 1: Can you feed yourself? Can you house yourself? Can you 8 00:00:36,400 --> 00:00:39,000 Speaker 1: clothe yourself? These are things that These are obviously the 9 00:00:39,040 --> 00:00:41,159 Speaker 1: basics that matter to people, But it's more than that. 10 00:00:41,800 --> 00:00:47,760 Speaker 1: Human beings. We're not just set economic pieces. We have thoughts, feelings, desires. 11 00:00:48,280 --> 00:00:50,320 Speaker 1: We want to do fun things too, And you know what, 12 00:00:50,320 --> 00:00:52,640 Speaker 1: there's nothing wrong with that. You want to be able 13 00:00:52,680 --> 00:00:54,800 Speaker 1: to throw your family in the car and drive down 14 00:00:54,840 --> 00:00:57,400 Speaker 1: to the movies. If Hollywood actually puts out something that's 15 00:00:57,480 --> 00:01:01,240 Speaker 1: not weird and gay, of course you do perfectly natural. 16 00:01:02,440 --> 00:01:07,840 Speaker 1: The problem we have right now is we remember better days. 17 00:01:08,400 --> 00:01:12,480 Speaker 1: We remember the year twenty nineteen, because it's not ancient history. 18 00:01:13,160 --> 00:01:16,080 Speaker 1: We remember the days when you could afford to go 19 00:01:16,120 --> 00:01:18,280 Speaker 1: to Red Lobster on a Friday night and maybe a 20 00:01:18,319 --> 00:01:22,240 Speaker 1: movie afterwards, when that wasn't a three hundred dollars affair. 21 00:01:23,000 --> 00:01:25,720 Speaker 1: And the truth is that most people out there, the 22 00:01:25,720 --> 00:01:30,240 Speaker 1: people we share a society with, they're not political animals 23 00:01:30,280 --> 00:01:33,399 Speaker 1: like we are. They don't know all the things we 24 00:01:33,560 --> 00:01:37,400 Speaker 1: know about inflation and money printing and taxes and regulations 25 00:01:37,440 --> 00:01:41,240 Speaker 1: that don't most people don't know that most people know. 26 00:01:41,520 --> 00:01:43,760 Speaker 1: Oh my goodness, I just tried to buy a plane 27 00:01:43,800 --> 00:01:46,280 Speaker 1: ticket to go see my mom. I go every year 28 00:01:46,280 --> 00:01:50,640 Speaker 1: for Christmas, and that's three times what we were paying before. 29 00:01:51,400 --> 00:01:54,760 Speaker 1: Right now, the American people are watching their standard of 30 00:01:54,840 --> 00:02:00,360 Speaker 1: living go down because they can't afford anything. It certainly 31 00:02:00,400 --> 00:02:03,440 Speaker 1: not what they used to be able to afford. President 32 00:02:03,480 --> 00:02:05,840 Speaker 1: Trump gave a national address it was a little bit 33 00:02:05,880 --> 00:02:06,160 Speaker 1: of it. 34 00:02:06,840 --> 00:02:10,680 Speaker 2: I inherited a mess, and I'm fixing it. When I 35 00:02:10,720 --> 00:02:13,840 Speaker 2: took office, inflation was the worst in forty eight years, 36 00:02:14,400 --> 00:02:17,079 Speaker 2: and some would say in the history of our country, 37 00:02:17,520 --> 00:02:20,919 Speaker 2: which caused prices to be higher than ever before, making 38 00:02:21,040 --> 00:02:26,480 Speaker 2: life unaffordable for millions and millions of Americans. This happened 39 00:02:26,560 --> 00:02:30,600 Speaker 2: during a Democrat administration, and it's when we first began 40 00:02:30,720 --> 00:02:33,000 Speaker 2: hearing the word affordability. 41 00:02:35,360 --> 00:02:40,040 Speaker 1: Okay, it is true that Democrats, because they're communists who 42 00:02:40,080 --> 00:02:43,639 Speaker 1: don't care about you, made everything worse. They certainly made 43 00:02:43,720 --> 00:02:47,320 Speaker 1: inflation so much worse. But if we're going to be 44 00:02:47,400 --> 00:02:50,400 Speaker 1: honest here, if we're going to be adults, that's not 45 00:02:50,720 --> 00:02:54,880 Speaker 1: the moment inflation got out of control. The moment inflation 46 00:02:55,080 --> 00:02:58,079 Speaker 1: got completely out of control was this moment. 47 00:02:59,120 --> 00:03:02,919 Speaker 3: We were announcing guidelines for every American to follow over 48 00:03:02,960 --> 00:03:06,560 Speaker 3: the next fifteen days as we combat the virus seats 49 00:03:06,560 --> 00:03:09,520 Speaker 3: and every one of us has a critical role to 50 00:03:09,560 --> 00:03:13,320 Speaker 3: play in stopping the spread and transmission of the virus. 51 00:03:13,400 --> 00:03:17,000 Speaker 3: We did this today, and this was done by a 52 00:03:17,080 --> 00:03:20,200 Speaker 3: lot of very talented people, some of whom are standing 53 00:03:20,880 --> 00:03:21,200 Speaker 3: with me. 54 00:03:26,240 --> 00:03:29,040 Speaker 1: I hate to be the dead horse, but if we're 55 00:03:29,040 --> 00:03:31,400 Speaker 1: gonna be honest, let's be honest, and we're gonna have 56 00:03:31,440 --> 00:03:33,760 Speaker 1: this talk so we don't ever make this mistake again. 57 00:03:35,240 --> 00:03:39,280 Speaker 1: You don't ever force your economy to stop. Yet there 58 00:03:39,320 --> 00:03:42,680 Speaker 1: may be things that force parts of your economy to stop. 59 00:03:42,720 --> 00:03:46,360 Speaker 1: There's no question about it. If there is a huge plague, 60 00:03:46,440 --> 00:03:49,560 Speaker 1: parts of your economy are gonna stop. If there's a 61 00:03:49,680 --> 00:03:53,360 Speaker 1: huge war, there are things that are going to cause 62 00:03:53,440 --> 00:03:58,560 Speaker 1: parts of your economy to stop. But that's drastically different 63 00:03:59,120 --> 00:04:03,480 Speaker 1: than governments, federal, state, and local, pointing a finger at 64 00:04:03,520 --> 00:04:08,240 Speaker 1: their economy and saying stop nobody go to work, close 65 00:04:08,240 --> 00:04:11,920 Speaker 1: your doors, lock yourself in your home. Uh, but you 66 00:04:11,920 --> 00:04:15,920 Speaker 1: can go get liquor, but stay at home. Watch Netflix. Stop. 67 00:04:16,400 --> 00:04:19,560 Speaker 1: But what about money? Don't worry, We're just going to 68 00:04:19,640 --> 00:04:23,520 Speaker 1: print seven trillion dollars, eight trillion dollars. Oh you' worried 69 00:04:23,520 --> 00:04:27,280 Speaker 1: about your finances, Well, we'll pass a trillion to other 70 00:04:27,360 --> 00:04:31,160 Speaker 1: spending bill and send you a check. That was the 71 00:04:31,200 --> 00:04:35,080 Speaker 1: moment life became unaffordable for so many people. Why are 72 00:04:35,120 --> 00:04:38,280 Speaker 1: we sitting here right now and we're looking at record 73 00:04:38,520 --> 00:04:41,960 Speaker 1: credit card debt, record credit card debt across the country 74 00:04:42,680 --> 00:04:46,560 Speaker 1: because people are trying, understandably trying, maybe this is you 75 00:04:47,279 --> 00:04:50,680 Speaker 1: to maintain some semblance of the standard of living they 76 00:04:50,720 --> 00:04:56,320 Speaker 1: had like yesterday. But the truth is, the hard truth 77 00:04:56,400 --> 00:05:00,679 Speaker 1: is that's not coming back, and they're not even trying 78 00:05:00,720 --> 00:05:04,080 Speaker 1: to bring it back. Wrap your mind around this. The 79 00:05:04,120 --> 00:05:08,839 Speaker 1: Federal Reserve, it's kind of there. This inflation deflation thing 80 00:05:09,000 --> 00:05:12,520 Speaker 1: is kind of their baby, right. The Federal Reserve has 81 00:05:12,720 --> 00:05:17,640 Speaker 1: openly stated that their goal for inflation is two percent. 82 00:05:19,680 --> 00:05:23,039 Speaker 1: Wait a minute, what that's not zero, that's not negative one. 83 00:05:24,400 --> 00:05:29,839 Speaker 1: They're not even attempting to bring prices back down. They're 84 00:05:29,880 --> 00:05:32,960 Speaker 1: never coming back down. And this is going to plague 85 00:05:33,040 --> 00:05:37,600 Speaker 1: politicians and their popularity for years to come, because people 86 00:05:37,720 --> 00:05:41,000 Speaker 1: remember when it didn't cost one hundred and twenty five 87 00:05:41,080 --> 00:05:43,479 Speaker 1: dollars to go to the movies with a popcorn and 88 00:05:43,480 --> 00:05:47,239 Speaker 1: a coke for the kids. People remember. I'm sure you remember. 89 00:05:47,320 --> 00:05:50,840 Speaker 1: I remember. I'm angry about it. I am angry that 90 00:05:50,880 --> 00:05:53,600 Speaker 1: you've watched your standard of living go down. I'm angry 91 00:05:53,640 --> 00:05:56,640 Speaker 1: that politicians did that to us. Let's talk a bit 92 00:05:56,640 --> 00:05:58,760 Speaker 1: about the reasons. We're going to talk to Jeffrey Tucker, 93 00:05:58,960 --> 00:06:02,800 Speaker 1: Tiana Lo. Sure, we have a pack show tonight. We'll 94 00:06:02,800 --> 00:06:14,520 Speaker 1: be back. I like companies that hire Americans. It's become 95 00:06:15,720 --> 00:06:19,160 Speaker 1: almost an obsession of mine. I'll get on the website, 96 00:06:19,279 --> 00:06:20,960 Speaker 1: but I'm thinking about buying something, and I want to 97 00:06:20,960 --> 00:06:25,200 Speaker 1: see you. Do you hire Americans? You know all these 98 00:06:25,200 --> 00:06:28,360 Speaker 1: call centers. You know why they put them overseas, right, 99 00:06:29,360 --> 00:06:32,560 Speaker 1: it's cheaper. I don't care about Americans or American jobs. 100 00:06:32,920 --> 00:06:35,680 Speaker 1: You go hire click click at some dump where they 101 00:06:35,680 --> 00:06:38,240 Speaker 1: don't even have toilets, and you pay them nothing. And 102 00:06:38,279 --> 00:06:40,520 Speaker 1: that's the reason you're on the phone. What I don't 103 00:06:40,560 --> 00:06:44,080 Speaker 1: and he can't understand you. It's the nightmare at Puretalk, 104 00:06:44,240 --> 00:06:48,039 Speaker 1: the American cell phone company. They hire Americans who speak English, 105 00:06:48,080 --> 00:06:51,719 Speaker 1: and they're actually pleasant. Switch from Verizon, switch from AT 106 00:06:51,839 --> 00:06:54,200 Speaker 1: and T, switch from T Mobile. Switch to the company 107 00:06:54,200 --> 00:06:57,680 Speaker 1: that cares enough about this country to hire Americans. They'll 108 00:06:57,760 --> 00:07:02,080 Speaker 1: charge you less. They're on the same tower. Be pro American, 109 00:07:02,279 --> 00:07:16,000 Speaker 1: all right, Puretalk dot Com, Slash Jesse TV. The far 110 00:07:16,200 --> 00:07:19,560 Speaker 1: reaching consequences of what we're doing to try to stop 111 00:07:19,600 --> 00:07:22,360 Speaker 1: the spread of this virus, maybe they're necessary, maybe they're not. 112 00:07:22,720 --> 00:07:27,400 Speaker 1: But we are talking about massive, massive economic losses coming. 113 00:07:27,440 --> 00:07:31,040 Speaker 1: And that's just that's just the truth. We are going 114 00:07:31,080 --> 00:07:33,440 Speaker 1: to be feeling this for not just you know, the 115 00:07:33,520 --> 00:07:36,400 Speaker 1: coming months, for years. No, we're not going to be 116 00:07:36,480 --> 00:07:39,760 Speaker 1: in lockdown for years, but the economic impact of this 117 00:07:39,960 --> 00:07:45,640 Speaker 1: is going to be. It's going to be something I 118 00:07:45,720 --> 00:07:49,760 Speaker 1: had so much hair back then. Also, there weren't enough 119 00:07:49,800 --> 00:07:51,960 Speaker 1: of us screaming that. But one of the people who 120 00:07:52,160 --> 00:07:55,800 Speaker 1: most definitely was was Jeffrey Tucker, of course, founder of 121 00:07:55,880 --> 00:07:59,840 Speaker 1: Brownstone Institute, author of the new wonderful book Spirits of America. 122 00:08:00,080 --> 00:08:05,040 Speaker 1: But he knows, Jeffrey, Jeffrey. I mean, obviously it's evident 123 00:08:05,160 --> 00:08:08,800 Speaker 1: all around us. Still, the impacts of that lockdown. It's 124 00:08:09,000 --> 00:08:11,560 Speaker 1: it's awful. It hasn't gone away. No one wants to 125 00:08:11,600 --> 00:08:13,720 Speaker 1: own up to the fact that the reason everything's twenty 126 00:08:13,800 --> 00:08:15,960 Speaker 1: five percent more expensive is because we shut down the 127 00:08:16,000 --> 00:08:17,920 Speaker 1: country for a chess cool. No one wants to just 128 00:08:17,960 --> 00:08:18,800 Speaker 1: address that back. 129 00:08:21,360 --> 00:08:24,800 Speaker 4: Yeah, and inflation is still ongoing. The President said inflation 130 00:08:24,960 --> 00:08:29,840 Speaker 4: is gone or it's over or something like that, but 131 00:08:29,960 --> 00:08:33,079 Speaker 4: it's not true. Inflation just once again clocked in a 132 00:08:33,160 --> 00:08:38,520 Speaker 4: two point seven, which is still above even the historical average, 133 00:08:38,520 --> 00:08:40,480 Speaker 4: and it still means prices are going up. Prices they 134 00:08:40,440 --> 00:08:42,079 Speaker 4: are not going back to where they were. You say 135 00:08:42,120 --> 00:08:45,320 Speaker 4: twenty five percent, maybe thirty percent. For some goods, it's 136 00:08:45,360 --> 00:08:48,360 Speaker 4: one hundred percent. You know, the trauma is hitting us 137 00:08:48,480 --> 00:08:52,559 Speaker 4: now in twenty twenty five because people weren't out shopping 138 00:08:52,800 --> 00:08:56,000 Speaker 4: for all the things they've been buying this year, and 139 00:08:56,040 --> 00:08:58,319 Speaker 4: they get sticker shock every time they leave their house 140 00:08:58,360 --> 00:09:02,480 Speaker 4: and then try into any kind of retail outlet and 141 00:09:02,520 --> 00:09:05,680 Speaker 4: look at the price of anything. It's just shocking, whether 142 00:09:05,679 --> 00:09:09,800 Speaker 4: it's clothing or household appliances or cars or food or whatever. 143 00:09:10,520 --> 00:09:13,520 Speaker 4: And people are mad about it, and it does no good. 144 00:09:13,679 --> 00:09:17,400 Speaker 4: Just pretend like this is not going on or it's 145 00:09:17,720 --> 00:09:21,800 Speaker 4: the problem is going away. I'm worried actually that we're 146 00:09:21,840 --> 00:09:24,480 Speaker 4: on an upswing. Yes it was down from last month 147 00:09:24,559 --> 00:09:28,360 Speaker 4: figure of three percent, but we look at it since February, 148 00:09:28,679 --> 00:09:33,200 Speaker 4: we've seen an upward march pretty unrelentingly. And now with 149 00:09:33,320 --> 00:09:36,360 Speaker 4: the urge for the Fed to lower rates even more, 150 00:09:37,800 --> 00:09:40,920 Speaker 4: you get another push of upward momentum. And then you've 151 00:09:40,920 --> 00:09:45,320 Speaker 4: got the trade issues, which means fewer dollars leaving this 152 00:09:45,400 --> 00:09:48,360 Speaker 4: country to buy goods and services from abroad and more 153 00:09:48,400 --> 00:09:52,240 Speaker 4: dollars stayed at home. That increases the velocity of money, 154 00:09:52,240 --> 00:09:55,640 Speaker 4: which drives up inflation further. So, you know, are we 155 00:09:55,720 --> 00:09:59,440 Speaker 4: headed to a second wave? I sure hope not, but 156 00:09:59,600 --> 00:10:03,040 Speaker 4: there's a lot of things baked into this that look 157 00:10:03,160 --> 00:10:05,760 Speaker 4: like we might be. And as I've been screaming now 158 00:10:05,800 --> 00:10:10,320 Speaker 4: for five years, it's all a consequence of the COVID response. 159 00:10:10,360 --> 00:10:14,280 Speaker 4: Somebody had to print the money to make it look 160 00:10:14,559 --> 00:10:17,240 Speaker 4: as if you can shut down an economy and still survive. 161 00:10:17,559 --> 00:10:20,240 Speaker 4: And that's what they did. They printed you know, whatever 162 00:10:20,240 --> 00:10:23,080 Speaker 4: it is. You know, five six, seven, eight trillion dollars. 163 00:10:23,440 --> 00:10:27,000 Speaker 4: Congress spent about the same amount of money. We pretended 164 00:10:27,000 --> 00:10:29,920 Speaker 4: to be prosperous for a year, until two years later 165 00:10:31,040 --> 00:10:35,680 Speaker 4: that prosperity is wiped out by a devalued dollar. It's 166 00:10:35,760 --> 00:10:41,720 Speaker 4: the stupidest, you know, the most ridiculous monetary policy in 167 00:10:41,760 --> 00:10:44,160 Speaker 4: the history of humanity, and we did it right here, 168 00:10:44,280 --> 00:10:46,280 Speaker 4: and even today nobody talks about it. 169 00:10:48,559 --> 00:10:52,000 Speaker 1: Jeffrey, it's kind of a long question. I don't generally 170 00:10:52,080 --> 00:10:54,600 Speaker 1: like doing this, but here's what I see a potential 171 00:10:54,679 --> 00:10:58,160 Speaker 1: issue being for not just Trump, for every future president. 172 00:10:58,720 --> 00:11:01,719 Speaker 1: COVID wasn't that long ag go. Therefore, people remember when 173 00:11:01,720 --> 00:11:05,000 Speaker 1: they were paying twenty five percent less one hundred percent less. 174 00:11:05,320 --> 00:11:09,040 Speaker 1: It's still fresh in their minds. And now doesn't matter 175 00:11:09,080 --> 00:11:12,280 Speaker 1: who you are, Republican, Democrat, what you pass, people are 176 00:11:12,280 --> 00:11:15,160 Speaker 1: going to remember for a while that prices used to 177 00:11:15,200 --> 00:11:17,040 Speaker 1: be this, and you said you were going to get 178 00:11:17,080 --> 00:11:19,440 Speaker 1: them back to this. But they're not going back to this. 179 00:11:19,800 --> 00:11:22,600 Speaker 1: So every president, every political party is going to have 180 00:11:22,640 --> 00:11:25,439 Speaker 1: to face the anger of the public who wants prices 181 00:11:25,520 --> 00:11:27,199 Speaker 1: to go back down. But they won't. 182 00:11:27,920 --> 00:11:30,200 Speaker 4: They will not go back down. And part of the 183 00:11:30,240 --> 00:11:33,160 Speaker 4: reason for that is that all the ruling class benefits 184 00:11:33,160 --> 00:11:38,360 Speaker 4: from inflation. There's also an irrational fear of lower prices. 185 00:11:38,440 --> 00:11:40,480 Speaker 4: If you can believe it. Like even Trump said this, 186 00:11:40,559 --> 00:11:45,040 Speaker 4: he said, the deflation is even worse than inflation. Oh really, Well, 187 00:11:45,080 --> 00:11:49,240 Speaker 4: we had thirty years of twenty five years of deflation 188 00:11:49,960 --> 00:11:53,240 Speaker 4: in the Gilded Age period, and it was gentle deflation, 189 00:11:53,679 --> 00:11:57,200 Speaker 4: and it was the most prosperous, biggest increase in American 190 00:11:57,240 --> 00:11:59,960 Speaker 4: prosperity or of any country in the history of the planet. 191 00:12:00,280 --> 00:12:03,360 Speaker 4: And it was a deflationary regime, meaning that the prices 192 00:12:03,400 --> 00:12:07,080 Speaker 4: were gradually declining. There's nothing wrong with declining prices, but 193 00:12:07,640 --> 00:12:11,720 Speaker 4: the ruling class has an irrational fear of it. So 194 00:12:11,840 --> 00:12:14,760 Speaker 4: I don't know. I'm worried that we are headed to 195 00:12:14,800 --> 00:12:18,280 Speaker 4: the second wave. It's a great concern. I don't know 196 00:12:19,360 --> 00:12:23,400 Speaker 4: how America would survive such a thing. I mean, even now, 197 00:12:24,760 --> 00:12:28,320 Speaker 4: what the Democrats are calling the affordability crisis is very 198 00:12:28,960 --> 00:12:33,320 Speaker 4: much real, and all all of it traces to the 199 00:12:33,360 --> 00:12:34,200 Speaker 4: COVID response. 200 00:12:35,080 --> 00:12:35,320 Speaker 1: Jesse. 201 00:12:35,440 --> 00:12:37,680 Speaker 4: The other thing I wanted to mention to you in 202 00:12:37,760 --> 00:12:40,559 Speaker 4: this respect is the jobs report that came out a 203 00:12:40,559 --> 00:12:43,880 Speaker 4: couple of days ago. There was and I've not seen 204 00:12:43,880 --> 00:12:46,280 Speaker 4: any mention of this. I have an article coming out 205 00:12:46,320 --> 00:12:50,760 Speaker 4: about it today in the Epoch Times. But still even now, 206 00:12:51,400 --> 00:12:58,960 Speaker 4: the labor participation rate and the worker population ratios are 207 00:13:00,600 --> 00:13:04,960 Speaker 4: still much lower than they were in twenty nineteen. There's 208 00:13:05,040 --> 00:13:07,400 Speaker 4: a little bit of a recovery, but they're sinking now 209 00:13:07,480 --> 00:13:11,280 Speaker 4: even more so. You can see the COVID period just 210 00:13:11,280 --> 00:13:15,080 Speaker 4: just broke the labor markets entirely broke the spirit of 211 00:13:15,120 --> 00:13:18,400 Speaker 4: so many workers who just never went back to work. 212 00:13:18,559 --> 00:13:22,960 Speaker 4: And we're at a significantly lower level of participation even 213 00:13:23,520 --> 00:13:27,600 Speaker 4: in job markets than we were six years ago, and 214 00:13:27,840 --> 00:13:30,040 Speaker 4: there doesn't seem to be any fix for it. And 215 00:13:30,080 --> 00:13:35,000 Speaker 4: this effects. It's revelatory of the American work ethic which 216 00:13:35,120 --> 00:13:40,320 Speaker 4: was destroyed, the difficulty that businesses have in rehiring employees 217 00:13:40,360 --> 00:13:44,440 Speaker 4: because it's so expensive to provide all the benefits that 218 00:13:44,480 --> 00:13:48,800 Speaker 4: everybody's demanding to provide a high salary, and then the 219 00:13:49,040 --> 00:13:52,120 Speaker 4: ridiculously priced healthcare. So we're not even going to go 220 00:13:52,280 --> 00:13:57,320 Speaker 4: back to labor participation level of twenty nineteen anytime soon, 221 00:13:57,480 --> 00:13:59,360 Speaker 4: if ever, that's how bad it. 222 00:13:59,280 --> 00:14:04,720 Speaker 1: Is, Jeffrey, Can you expand we're actually going to come 223 00:14:04,720 --> 00:14:06,800 Speaker 1: back to that. Can you expand a little bit on 224 00:14:07,640 --> 00:14:11,960 Speaker 1: why the elites like inflation, because that can get confusing 225 00:14:12,040 --> 00:14:15,000 Speaker 1: to people who don't have private jets in a billion dollars. 226 00:14:15,160 --> 00:14:16,439 Speaker 1: What did they get out of inflation? 227 00:14:17,880 --> 00:14:20,680 Speaker 4: Well, especially in our time, elites are very much a 228 00:14:20,720 --> 00:14:24,160 Speaker 4: live off leverage. It's a very strange thing. Ever since 229 00:14:24,240 --> 00:14:26,880 Speaker 4: zero interest rate policies began more or less quasi in 230 00:14:27,000 --> 00:14:32,720 Speaker 4: two thousand, so twenty five years ago, every high end 231 00:14:32,800 --> 00:14:36,800 Speaker 4: business and individual is leveraged up to the hilt. So 232 00:14:36,840 --> 00:14:42,400 Speaker 4: they're borrowing money on the cheap and spending it and 233 00:14:42,480 --> 00:14:44,360 Speaker 4: living high, right, I mean, that's just sort of the 234 00:14:44,360 --> 00:14:48,760 Speaker 4: way it works. Well, Inflation reduces the value of the 235 00:14:48,800 --> 00:14:53,240 Speaker 4: dollars and therefore reduces the burden of the deaths that 236 00:14:53,280 --> 00:14:56,720 Speaker 4: they owe, so you kind of flate away a debt gradually. 237 00:14:57,280 --> 00:15:00,280 Speaker 4: And you know, if you're looking at one hundreds of millions dollars, 238 00:15:00,360 --> 00:15:03,840 Speaker 4: billions of dollars, that's a lot of money. So inflation 239 00:15:04,000 --> 00:15:10,360 Speaker 4: is actually beneficial, financially beneficial for any indebted class of people. 240 00:15:11,400 --> 00:15:14,440 Speaker 4: And that's that's one way. And the biggest debtor of 241 00:15:14,480 --> 00:15:17,480 Speaker 4: all is guess what, the US government, And who's behind 242 00:15:17,480 --> 00:15:21,360 Speaker 4: the inflation, the US government. So it's a way of 243 00:15:21,440 --> 00:15:25,440 Speaker 4: pay off the debt without having to tax people, essentially, 244 00:15:25,520 --> 00:15:27,360 Speaker 4: is what it is. That's why it's such a scam 245 00:15:27,400 --> 00:15:31,920 Speaker 4: and why it's been practiced for thousands of years. 246 00:15:32,400 --> 00:15:35,640 Speaker 1: And the opposite of that. That's why I'm assuming they 247 00:15:35,640 --> 00:15:38,920 Speaker 1: don't want deflation. Why they fear deflation? So I've never 248 00:15:38,960 --> 00:15:42,200 Speaker 1: had somebody explain this to me properly. Why I shouldn't 249 00:15:42,200 --> 00:15:45,280 Speaker 1: want prices to go down. I would like my dollar 250 00:15:45,360 --> 00:15:47,720 Speaker 1: to go further. Why is that bad? 251 00:15:48,280 --> 00:15:52,440 Speaker 4: Wouldn't that be great if you could save money and 252 00:15:52,560 --> 00:15:55,880 Speaker 4: actually make money by saving it, even without interest. I mean, 253 00:15:55,920 --> 00:15:59,640 Speaker 4: so that if you soked away money in your matches whatever, 254 00:15:59,680 --> 00:16:02,240 Speaker 4: and dug it out ten years later, it would be 255 00:16:02,320 --> 00:16:07,080 Speaker 4: more valuable. I mean, that's just inconceivable. So that would 256 00:16:07,120 --> 00:16:14,040 Speaker 4: promote frugality, right, and savings and long term thinking and investment, 257 00:16:14,120 --> 00:16:18,640 Speaker 4: in other words, all the values that built this country. 258 00:16:19,160 --> 00:16:21,520 Speaker 4: You know, that would just be that would be the 259 00:16:21,560 --> 00:16:25,280 Speaker 4: best thing ever for the American work ethic and frugality. 260 00:16:26,160 --> 00:16:28,360 Speaker 4: Would that be something if you knew for sure that 261 00:16:28,440 --> 00:16:31,960 Speaker 4: if you spend your money today you are basically losing 262 00:16:32,000 --> 00:16:35,640 Speaker 4: the money, you would otherwise sort of earn by holding 263 00:16:35,720 --> 00:16:38,440 Speaker 4: it for five years, because it would be more valuable 264 00:16:38,440 --> 00:16:39,200 Speaker 4: in five years. 265 00:16:39,000 --> 00:16:39,760 Speaker 1: Than it is today. 266 00:16:40,080 --> 00:16:43,560 Speaker 4: That's an ideal world. I mean, that's how you reinforce 267 00:16:43,600 --> 00:16:47,600 Speaker 4: the bourgeois ethic. I mean, deflation is really really good 268 00:16:47,600 --> 00:16:51,440 Speaker 4: for the human spirit and reseats everything on the right kilter. 269 00:16:51,600 --> 00:16:55,240 Speaker 4: So people start saving, start being frugal, start thinking about 270 00:16:55,280 --> 00:16:58,960 Speaker 4: the future for the first time. Inflation reverses all that 271 00:16:59,040 --> 00:17:06,480 Speaker 4: It rewards present thinking, rewards indebtedness, punishes frugality, and rewards 272 00:17:06,520 --> 00:17:13,120 Speaker 4: spendthriftness and short term thinking. So there's a value an 273 00:17:14,560 --> 00:17:15,240 Speaker 4: issue here. 274 00:17:16,080 --> 00:17:16,280 Speaker 5: Now. 275 00:17:16,400 --> 00:17:20,359 Speaker 4: A lot of the fear of deflation traces to you 276 00:17:20,440 --> 00:17:23,280 Speaker 4: guessed it, the Great Depression, right, So an experience of 277 00:17:23,760 --> 00:17:27,320 Speaker 4: almost one hundred years ago, people are still spooked. Well, 278 00:17:27,400 --> 00:17:30,240 Speaker 4: a lot of economists during the Great Depression just basically 279 00:17:30,320 --> 00:17:34,639 Speaker 4: made a mistake. They thought the problem was falling prices, 280 00:17:34,800 --> 00:17:38,439 Speaker 4: whereas in fact the falling prices were probably while they 281 00:17:38,440 --> 00:17:43,040 Speaker 4: were in fact the solution to a more fundamental dislocation 282 00:17:43,720 --> 00:17:47,520 Speaker 4: and capital allocations that happened throughout this structural production. So 283 00:17:47,600 --> 00:17:50,719 Speaker 4: they misdiagnosed the problem. They said, oh, look, these prices 284 00:17:50,720 --> 00:17:51,240 Speaker 4: are falling. 285 00:17:51,480 --> 00:17:52,119 Speaker 1: This is terrible. 286 00:17:52,160 --> 00:17:53,920 Speaker 4: We have to get them back up again. This is 287 00:17:53,960 --> 00:17:57,080 Speaker 4: not a solution to the Great Depression. And so we've 288 00:17:57,080 --> 00:18:00,879 Speaker 4: misunderstood this for the better part of ninety years, and 289 00:18:00,920 --> 00:18:05,280 Speaker 4: it's still imposed the sort of deflation phobia that you 290 00:18:05,320 --> 00:18:09,159 Speaker 4: see among almost all economists and the government itself, so 291 00:18:09,160 --> 00:18:12,120 Speaker 4: they always figure you're better off with inflation than deflation. 292 00:18:12,320 --> 00:18:14,600 Speaker 4: I can tell you, from the average point of view 293 00:18:14,600 --> 00:18:18,360 Speaker 4: of the regular consumer, you're way better off with deflation 294 00:18:18,440 --> 00:18:19,080 Speaker 4: than inflation. 295 00:18:21,960 --> 00:18:26,240 Speaker 1: Jeffery, you mentioned obviously labor participation and why it's down, 296 00:18:26,320 --> 00:18:27,840 Speaker 1: and I guess this is one of those things that 297 00:18:27,880 --> 00:18:31,280 Speaker 1: confuses me. Granted, I understand I'm from a different generation 298 00:18:31,320 --> 00:18:33,720 Speaker 1: where I just always wanted a job. Everyone got a job. 299 00:18:34,320 --> 00:18:37,320 Speaker 1: You say, COVID broke people in this way that they 300 00:18:37,400 --> 00:18:40,000 Speaker 1: just decided, Okay, I lost my job. They took away 301 00:18:40,040 --> 00:18:42,960 Speaker 1: my job, and now I'm not going back. But how 302 00:18:42,960 --> 00:18:46,560 Speaker 1: do people live when they don't have a job. I'm 303 00:18:46,560 --> 00:18:48,440 Speaker 1: just so confused as how it's possible. 304 00:18:49,200 --> 00:18:51,720 Speaker 4: Well, I think the conventional answer here is living off 305 00:18:51,760 --> 00:18:54,480 Speaker 4: parents and living off welfare, right, I mean, I think 306 00:18:54,480 --> 00:18:57,760 Speaker 4: that's basically the sum of it. People can't be bothered. 307 00:18:58,000 --> 00:18:58,159 Speaker 1: You know. 308 00:18:58,240 --> 00:19:01,359 Speaker 4: What happened over the course of a year or more 309 00:19:02,040 --> 00:19:05,480 Speaker 4: is that the US government, combined with media and big 310 00:19:05,520 --> 00:19:09,679 Speaker 4: tech and all the other institutions that revolved, encouraged a 311 00:19:09,720 --> 00:19:15,000 Speaker 4: whole generation to stay home and stream movies and do 312 00:19:15,119 --> 00:19:18,880 Speaker 4: nothing while money poured into their bank accounts. That even 313 00:19:18,920 --> 00:19:22,200 Speaker 4: told people you don't have to pay your rent. If 314 00:19:22,200 --> 00:19:25,600 Speaker 4: anybody tries to kick you out of your apartment, they're 315 00:19:25,640 --> 00:19:28,880 Speaker 4: doing something bad. So it was a weird year long 316 00:19:29,359 --> 00:19:33,760 Speaker 4: experiment in telling people there's no relationship between the work 317 00:19:33,840 --> 00:19:37,480 Speaker 4: you do and the money you make. It's all a fake. 318 00:19:37,960 --> 00:19:40,640 Speaker 4: If the government wants you to have money, you will 319 00:19:40,680 --> 00:19:43,880 Speaker 4: make even more money, especially for the essential workers. Right, 320 00:19:43,880 --> 00:19:48,240 Speaker 4: they pretended to work at home, and then they're still 321 00:19:48,240 --> 00:19:51,480 Speaker 4: getting stimulus payments from the government. They're richer than ever 322 00:19:52,040 --> 00:19:56,679 Speaker 4: while doing absolutely nothing. So an experience like that you 323 00:19:57,119 --> 00:19:59,760 Speaker 4: just don't forget. I think that's what broke the American 324 00:19:59,800 --> 00:20:02,639 Speaker 4: work ethic. Not at all places that I was just 325 00:20:02,680 --> 00:20:05,840 Speaker 4: in Texas, everything seems to be more or less functioning 326 00:20:05,880 --> 00:20:07,560 Speaker 4: as far as I can tell, at least compared to 327 00:20:07,680 --> 00:20:11,520 Speaker 4: New England, where you hire somebody for a job and 328 00:20:11,560 --> 00:20:15,480 Speaker 4: you're lucky if they show up at all. I mean, 329 00:20:15,480 --> 00:20:18,600 Speaker 4: I'm serious, that's how bad it is that business people 330 00:20:18,640 --> 00:20:21,159 Speaker 4: that I know who keep trying to hire employees. I 331 00:20:21,200 --> 00:20:22,760 Speaker 4: was talking to somebody the other day. He said, well, 332 00:20:23,000 --> 00:20:27,840 Speaker 4: my new employee only shows up half the time. But hey, 333 00:20:28,119 --> 00:20:31,080 Speaker 4: that's better than the last two employees I heard who 334 00:20:31,200 --> 00:20:37,520 Speaker 4: never showed up at all. So that's kind of where 335 00:20:37,560 --> 00:20:37,920 Speaker 4: we are. 336 00:20:38,200 --> 00:20:38,679 Speaker 2: I don't know. 337 00:20:39,320 --> 00:20:43,600 Speaker 4: Yeah, no, it's really really bad. Fake job applications a 338 00:20:43,600 --> 00:20:46,679 Speaker 4: lot of times, and this is still going on. People 339 00:20:46,760 --> 00:20:48,520 Speaker 4: apply for jobs and go all the way through the 340 00:20:48,560 --> 00:20:52,840 Speaker 4: process so they can prove to the unemployment insurance agency 341 00:20:53,080 --> 00:20:55,200 Speaker 4: that they're indeed on the job market, and just case 342 00:20:55,240 --> 00:20:58,919 Speaker 4: you can't seem to find anything, you know, this is 343 00:20:59,040 --> 00:21:02,680 Speaker 4: still going on. We become a country of scammers and racketeers. 344 00:21:03,040 --> 00:21:07,439 Speaker 4: And again, I think there's corruption placed before, but the 345 00:21:07,440 --> 00:21:12,159 Speaker 4: COVID response just rewarded the worst aspects of human nature 346 00:21:12,600 --> 00:21:15,920 Speaker 4: and embedded that deeply in the culture, and everybody's still 347 00:21:15,960 --> 00:21:18,600 Speaker 4: broken as a result. I want to mention one other 348 00:21:18,640 --> 00:21:20,520 Speaker 4: piece of data that came out from their Job Support 349 00:21:20,560 --> 00:21:26,840 Speaker 4: the other day about which nobody's talking. Disability self reported 350 00:21:27,040 --> 00:21:30,439 Speaker 4: A household survey of disability is soaring. This is a 351 00:21:30,480 --> 00:21:33,119 Speaker 4: stable measure that's been used for I don't know, like 352 00:21:33,160 --> 00:21:37,760 Speaker 4: twenty years, and it's absolutely going through the roof. We 353 00:21:37,920 --> 00:21:43,400 Speaker 4: sell the largest monthly increase in the number of disabled 354 00:21:43,440 --> 00:21:48,760 Speaker 4: people we're looking at. I think thirty six million six 355 00:21:49,280 --> 00:21:52,840 Speaker 4: is what it comes down to, and that's about six 356 00:21:52,960 --> 00:21:57,680 Speaker 4: million more than existed in twenty nineteen. Now, are these 357 00:21:57,880 --> 00:22:02,560 Speaker 4: real disabilities tending to think they might be? And so 358 00:22:02,640 --> 00:22:05,440 Speaker 4: what would be the source of that? Well, there's ill 359 00:22:05,480 --> 00:22:09,040 Speaker 4: health that people put on twenty pounds on average during 360 00:22:09,119 --> 00:22:14,359 Speaker 4: the COVID lockdowns. There's substance abuse, people turn to the bottle, 361 00:22:14,480 --> 00:22:22,640 Speaker 4: to narcotics, to weed. But very crucially, a disability went 362 00:22:22,720 --> 00:22:27,399 Speaker 4: down in the six months before the release of the shot, 363 00:22:27,840 --> 00:22:31,199 Speaker 4: and then in February twenty twenty one it started soaring 364 00:22:31,359 --> 00:22:35,879 Speaker 4: and it's not stopped going up. So your guess is 365 00:22:35,880 --> 00:22:39,360 Speaker 4: as good as mine. But everything we know about the shots, 366 00:22:39,400 --> 00:22:42,040 Speaker 4: it doesn't look good from a safety profile, and it 367 00:22:42,080 --> 00:22:47,920 Speaker 4: turned out to be utterly inefficacious, not to mention wholly unnecessary. 368 00:22:48,640 --> 00:22:51,199 Speaker 4: So you've got a lot of disability. At least some 369 00:22:51,320 --> 00:22:53,800 Speaker 4: portion of that, if not the dominant share of those 370 00:22:53,800 --> 00:22:58,159 Speaker 4: disabilities are probably traceable to the great inoculation that was 371 00:22:58,200 --> 00:23:00,720 Speaker 4: going to get us out of COVID already just gets 372 00:23:00,720 --> 00:23:03,080 Speaker 4: worse and worse and worse. The ware you look into it. 373 00:23:04,840 --> 00:23:08,800 Speaker 1: Gosh it friggin does Jeffrey before we get to healthcare. 374 00:23:08,800 --> 00:23:10,600 Speaker 1: I actually want to touch on something you just brought 375 00:23:10,680 --> 00:23:14,000 Speaker 1: up about the difference between New England and Texas. You're 376 00:23:14,000 --> 00:23:18,000 Speaker 1: starting to see this, the disparity between your quality of 377 00:23:18,040 --> 00:23:20,679 Speaker 1: life in a blue state, a blue area versus a 378 00:23:20,720 --> 00:23:23,800 Speaker 1: red one. You have Californians putting up pictures paying four 379 00:23:23,840 --> 00:23:26,600 Speaker 1: or five six dollars a gallon for gas. I filled 380 00:23:26,640 --> 00:23:29,000 Speaker 1: up last night at two dollars and nineteen cents a 381 00:23:29,040 --> 00:23:32,760 Speaker 1: gallon on my way home from work. The truth is 382 00:23:32,800 --> 00:23:36,280 Speaker 1: that blue states appear like they're going to keep circling 383 00:23:36,320 --> 00:23:39,840 Speaker 1: the drain quickly, and you've almost got to get to 384 00:23:39,880 --> 00:23:41,320 Speaker 1: a red place to afford life. 385 00:23:42,520 --> 00:23:49,040 Speaker 4: Yeah. I have an article called It's All Smiles in Texas. 386 00:23:49,880 --> 00:23:51,639 Speaker 4: That's the name of the article, and it says by 387 00:23:51,720 --> 00:23:54,560 Speaker 4: Jeffrey Tecker. But I haven't read the article yet. Part 388 00:23:54,560 --> 00:23:56,760 Speaker 4: of the problem is we're always reluctant to make these 389 00:23:56,800 --> 00:23:59,680 Speaker 4: regional comparisons. But I don't know. I spent three days 390 00:23:59,680 --> 00:24:03,200 Speaker 4: in Tech. I spent three days of being absolutely startled. 391 00:24:04,119 --> 00:24:08,600 Speaker 4: Why it's not just that the prices were lower, but 392 00:24:08,640 --> 00:24:10,880 Speaker 4: the ethic is different. I was in a drug store 393 00:24:10,920 --> 00:24:13,280 Speaker 4: and buying some nasal spear or something like that, and 394 00:24:13,320 --> 00:24:17,280 Speaker 4: the guy says at the counter says, well, sir, I 395 00:24:17,359 --> 00:24:21,600 Speaker 4: want to point out to you that this generic product 396 00:24:21,760 --> 00:24:25,520 Speaker 4: is much cheaper for more quantity. Would you like me 397 00:24:25,560 --> 00:24:28,320 Speaker 4: to use put that in your bag instead. I stood 398 00:24:28,320 --> 00:24:34,240 Speaker 4: there thinking, wait a minute, you just declined to sell 399 00:24:34,240 --> 00:24:36,800 Speaker 4: me a more expensive product in favor of a trooper products. 400 00:24:36,800 --> 00:24:38,840 Speaker 4: That's the most amazing thing has happened to me in years. 401 00:24:40,320 --> 00:24:43,879 Speaker 1: I couldn't believe it. Well, yeah, what's the catch? You 402 00:24:43,920 --> 00:24:45,000 Speaker 1: know that kind of thing. 403 00:24:45,720 --> 00:24:47,880 Speaker 4: The other thing I couldn't get used to in Texas 404 00:24:48,000 --> 00:24:51,920 Speaker 4: is that the drivers are still polite and when people 405 00:24:51,960 --> 00:24:56,920 Speaker 4: would talk to they would actually smile. I know from it. 406 00:24:57,000 --> 00:24:58,960 Speaker 4: At any text and listen to this is going yeah, 407 00:24:58,960 --> 00:25:03,240 Speaker 4: that's the way human beings are. Not so much in 408 00:25:03,960 --> 00:25:07,520 Speaker 4: Blue state New England. I mean, you know, the drivers 409 00:25:07,560 --> 00:25:11,040 Speaker 4: are rude, there's no smiles, and the idea that a 410 00:25:11,119 --> 00:25:13,280 Speaker 4: merchant would want to save you money on anything is 411 00:25:13,840 --> 00:25:18,520 Speaker 4: utterly crazy. We have two completely different cultures rising up 412 00:25:18,600 --> 00:25:21,359 Speaker 4: in Red states versus Blue states, and I don't know 413 00:25:21,400 --> 00:25:25,680 Speaker 4: how that's sustainable. It's so weird. We know the idea 414 00:25:25,680 --> 00:25:30,000 Speaker 4: of one nation, it's just it seems to be gradually vanishing. 415 00:25:30,240 --> 00:25:34,640 Speaker 4: And now We've got these secession of states in New 416 00:25:34,640 --> 00:25:37,840 Speaker 4: England and the coastal states that are that are have 417 00:25:38,000 --> 00:25:43,960 Speaker 4: cobbled together their own uh CDC vaccination schedule to secede 418 00:25:44,600 --> 00:25:50,800 Speaker 4: from the CDC's UH now trimmed childhood vaccination schedule. They're 419 00:25:50,840 --> 00:25:54,440 Speaker 4: imposing their own mandates for their own schedule. So that's 420 00:25:54,480 --> 00:25:57,159 Speaker 4: how bad it's gotten. And some states in New England 421 00:25:57,280 --> 00:26:00,360 Speaker 4: are considering even taking away the exis is this ting 422 00:26:00,440 --> 00:26:03,000 Speaker 4: religious exemptions. So it's getting worse, not better. 423 00:26:06,680 --> 00:26:09,480 Speaker 1: Speaking of health care, I got an email last night. 424 00:26:09,520 --> 00:26:11,560 Speaker 1: I can't stop thinking about it because my wife and 425 00:26:11,600 --> 00:26:13,960 Speaker 1: I we just had to read our family's health insurance 426 00:26:14,040 --> 00:26:15,879 Speaker 1: and we were a little sticker shocked. And I got 427 00:26:15,920 --> 00:26:21,320 Speaker 1: an email from a guy twenty seven thousand dollars a year. 428 00:26:21,440 --> 00:26:24,800 Speaker 1: He is paying for health insurance for him, his wife, 429 00:26:25,280 --> 00:26:28,760 Speaker 1: two kids. That is, Look, whatever the solutions are, and 430 00:26:28,800 --> 00:26:31,520 Speaker 1: there have to be good solutions. Someone has to come 431 00:26:31,600 --> 00:26:33,560 Speaker 1: up with one, because that's a full time job for 432 00:26:33,600 --> 00:26:36,520 Speaker 1: most people just to afford health insurance. Where is this going. 433 00:26:37,240 --> 00:26:40,040 Speaker 4: It's unbelievable what's happening. And of course this is all 434 00:26:40,080 --> 00:26:43,720 Speaker 4: a consequence of Obamacare. What Obamacare tried to do who's 435 00:26:43,760 --> 00:26:47,080 Speaker 4: created a single pair of system through the private health 436 00:26:47,080 --> 00:26:51,879 Speaker 4: insurance markets. So they put together these defined benefits packages. 437 00:26:52,400 --> 00:26:54,680 Speaker 4: So all the packages, you know, have all sorts of 438 00:26:54,720 --> 00:26:56,440 Speaker 4: things you don't need, but as long as you have them, 439 00:26:56,520 --> 00:26:59,359 Speaker 4: might as well use them, right, And so people have 440 00:26:59,520 --> 00:27:04,280 Speaker 4: over used, overutilize the resource because the actuaries have not 441 00:27:04,440 --> 00:27:08,440 Speaker 4: been pricing the healthcare according to existing risk. So everybody's 442 00:27:08,440 --> 00:27:11,680 Speaker 4: pillaging everybody else and devarying as much healthcare service as 443 00:27:11,680 --> 00:27:14,520 Speaker 4: they as they can't the actuarys are looking at the 444 00:27:14,600 --> 00:27:17,000 Speaker 4: consumption of healthcare and going, well, we've got to raise premiums. 445 00:27:17,000 --> 00:27:19,160 Speaker 4: We've got to raise Premiums' got to raise the premiums 446 00:27:19,200 --> 00:27:22,040 Speaker 4: to the point at which, yeah, the family of four 447 00:27:22,359 --> 00:27:26,119 Speaker 4: twenty seven thousand dollars, that's pretty much where we're going 448 00:27:26,160 --> 00:27:29,840 Speaker 4: to be here or where we are within the next month, 449 00:27:30,320 --> 00:27:33,359 Speaker 4: completely unsustainable. And the other thing to mention to us 450 00:27:33,560 --> 00:27:37,760 Speaker 4: is this this is before you you actually use it. 451 00:27:38,040 --> 00:27:38,280 Speaker 1: Right. 452 00:27:38,600 --> 00:27:43,200 Speaker 4: The deductibles on these plans can be ten, twenty, even 453 00:27:43,400 --> 00:27:46,760 Speaker 4: fifty thousand dollars, So you're still so you think you 454 00:27:46,800 --> 00:27:50,240 Speaker 4: have health insurance, that's what you pay to have the insurance, right, 455 00:27:50,520 --> 00:27:54,600 Speaker 4: that's not what you pay to use the insurance, so 456 00:27:54,640 --> 00:27:58,920 Speaker 4: it's actually much much worse. So yeah, there's no way 457 00:27:59,359 --> 00:28:03,160 Speaker 4: this system. And last now, Trump had this really good 458 00:28:03,200 --> 00:28:07,359 Speaker 4: idea and he said it in his Nation as National 459 00:28:07,359 --> 00:28:11,880 Speaker 4: address that instead of giving the Obamacare subsidies, it's got 460 00:28:11,920 --> 00:28:14,919 Speaker 4: what happened, just go back. Obamacare of course, blew up 461 00:28:14,920 --> 00:28:17,760 Speaker 4: all health insurance premium so Congress decided to cover that 462 00:28:17,960 --> 00:28:24,040 Speaker 4: up by sobsidizing the insurance companies and keeping the premiums. Though, 463 00:28:24,320 --> 00:28:26,760 Speaker 4: well that is now expiring and people seeing the reality 464 00:28:27,040 --> 00:28:31,800 Speaker 4: on the ground, which is these astronomical increases, Trump says, well, look, 465 00:28:32,200 --> 00:28:35,879 Speaker 4: why don't we give them money directly to citizens instead 466 00:28:36,119 --> 00:28:39,840 Speaker 4: of to the insurance company's. Okay, this is a brilliant suggestion, 467 00:28:40,800 --> 00:28:44,920 Speaker 4: but there's a hang up on it once you get 468 00:28:44,960 --> 00:28:48,480 Speaker 4: the cash, even if it is in a health savings account, 469 00:28:48,800 --> 00:28:52,560 Speaker 4: which right now you can't even get an HSA unless 470 00:28:52,600 --> 00:28:56,680 Speaker 4: you have insurance, with some exceptions, but generally that's true. 471 00:28:58,400 --> 00:29:01,640 Speaker 4: So if you get that money from the government for 472 00:29:01,720 --> 00:29:03,760 Speaker 4: your health care, you still have to go out and 473 00:29:03,920 --> 00:29:08,040 Speaker 4: buy health care. So it actually doesn't solve the problem. 474 00:29:08,080 --> 00:29:11,400 Speaker 4: It actually just creates a complication. So instead of government 475 00:29:11,480 --> 00:29:13,920 Speaker 4: sending money to the health insurans, they're sending it to you, 476 00:29:14,080 --> 00:29:16,440 Speaker 4: and then you send it to the health insurans. So 477 00:29:16,480 --> 00:29:18,960 Speaker 4: in other words, there's got to be other structural reforms. 478 00:29:19,000 --> 00:29:22,720 Speaker 4: We need catastrophic plans. We need to have a freer market. 479 00:29:23,080 --> 00:29:25,520 Speaker 4: Any insurance should be allowed to get into the market 480 00:29:25,560 --> 00:29:29,360 Speaker 4: or operate across state lines and offer any benefit package 481 00:29:29,720 --> 00:29:33,640 Speaker 4: at any price that consumers want. I'm guessing that if 482 00:29:33,680 --> 00:29:38,880 Speaker 4: you can test really healthy and that you're not going 483 00:29:38,920 --> 00:29:41,720 Speaker 4: to overtax and trim it out, get rid of dental, 484 00:29:41,760 --> 00:29:43,360 Speaker 4: get rid of mental, get up rid of all this 485 00:29:43,520 --> 00:29:47,760 Speaker 4: nonsense you don't need, and just get catastrophic you want. 486 00:29:48,000 --> 00:29:50,040 Speaker 4: You might be able to get down to a premium 487 00:29:50,040 --> 00:29:52,880 Speaker 4: that's low enough that actual human beings could afford. But 488 00:29:52,920 --> 00:29:57,280 Speaker 4: that's going to require dramatic structural change, and the Republicans 489 00:29:57,360 --> 00:30:00,400 Speaker 4: don't seem to be up for this. They're not seriousviously 490 00:30:01,560 --> 00:30:06,120 Speaker 4: considering cutting the insurers off. Another thing that absolutely must happen, 491 00:30:06,800 --> 00:30:08,920 Speaker 4: and I think the Republicans are getting hip to this. 492 00:30:09,280 --> 00:30:13,840 Speaker 4: We've got to untie health insurance from employment. They never 493 00:30:13,880 --> 00:30:17,080 Speaker 4: should have been there tied together at all, and only 494 00:30:17,080 --> 00:30:21,040 Speaker 4: came about because of the exigencies of price controls during 495 00:30:21,080 --> 00:30:24,680 Speaker 4: World War Two and we got stuck with it. But 496 00:30:25,280 --> 00:30:27,960 Speaker 4: it needs to go away completely. Like we need to 497 00:30:28,000 --> 00:30:33,560 Speaker 4: allow the employees to leave health insurance from the employer. 498 00:30:33,760 --> 00:30:39,520 Speaker 4: Employers should be allowed to drop their employees from health 499 00:30:39,520 --> 00:30:42,360 Speaker 4: insurance in exchange which they get, say an increase in 500 00:30:42,480 --> 00:30:44,480 Speaker 4: salary or wages. I think a lot of people would 501 00:30:44,520 --> 00:30:47,840 Speaker 4: take it. And we need to expand the availability of 502 00:30:47,880 --> 00:30:52,560 Speaker 4: health savings accounts for people who are not insured. We're 503 00:30:53,000 --> 00:30:58,360 Speaker 4: taking inches towards such solutions. For example, you can now 504 00:30:58,640 --> 00:31:05,480 Speaker 4: I think, get a health insurance health SAVIS account if 505 00:31:05,520 --> 00:31:08,720 Speaker 4: you have a direct crime primary care provider. Right, So 506 00:31:08,760 --> 00:31:13,160 Speaker 4: that's a slight step is not enough. We need hsas 507 00:31:13,640 --> 00:31:16,640 Speaker 4: as for every citizen, no matter what. So you can 508 00:31:16,760 --> 00:31:20,000 Speaker 4: just save money to provide your health care. Maybe you 509 00:31:20,000 --> 00:31:22,600 Speaker 4: can go out into a free marketplace and buy whatever 510 00:31:22,680 --> 00:31:25,480 Speaker 4: kind of insurance you want at any level, and it 511 00:31:25,480 --> 00:31:32,040 Speaker 4: should be priced according to your individual risk, the same 512 00:31:32,360 --> 00:31:36,360 Speaker 4: as your auto insurance. Right now, it's not really insurance 513 00:31:36,360 --> 00:31:38,680 Speaker 4: because that's not the way the system works. So here's 514 00:31:38,680 --> 00:31:41,920 Speaker 4: the thing, Jesse. We know the solutions. The problem is 515 00:31:41,920 --> 00:31:45,360 Speaker 4: that most in this inclusive Republicans politicians that are a 516 00:31:45,400 --> 00:31:48,960 Speaker 4: positioned to make the kind of dramatic reforms we need 517 00:31:49,360 --> 00:31:53,719 Speaker 4: are in the pay of the health insurance themselves and 518 00:31:53,800 --> 00:31:58,480 Speaker 4: the pharmaceutical companies that are backing this beastly hedgemond that 519 00:31:58,600 --> 00:32:01,120 Speaker 4: is pillaging about his families today. 520 00:32:04,600 --> 00:32:06,960 Speaker 1: Jeffrey, thank you for schooling us again, Sir. 521 00:32:06,960 --> 00:32:17,600 Speaker 6: I appreciate you very much. I'm a chip man. Everybody knows. 522 00:32:18,640 --> 00:32:21,720 Speaker 1: My wife would describe me as a chip man watching 523 00:32:21,800 --> 00:32:24,640 Speaker 1: something hanging out. I've just got a bag of chips. 524 00:32:24,640 --> 00:32:26,479 Speaker 1: I've always been this way. It's terrible. I just have 525 00:32:26,520 --> 00:32:28,560 Speaker 1: to snack on chips. But I'm forty four. I'm not 526 00:32:28,600 --> 00:32:31,880 Speaker 1: twenty four. The days of being able to drink toxic 527 00:32:31,960 --> 00:32:35,080 Speaker 1: waste and be fine are gone for me. Start to 528 00:32:35,080 --> 00:32:37,320 Speaker 1: field around the mid section. You start to feel fat 529 00:32:37,440 --> 00:32:42,320 Speaker 1: and bloated. Bandy Crisps that's your new potato chip. It's fresh, 530 00:32:42,880 --> 00:32:48,200 Speaker 1: three ingredients, that's it, no more seat o, garbage, potatoes, salt, tallow, 531 00:32:48,800 --> 00:32:53,240 Speaker 1: and they're fantastic. I would highly recommend the Smokehouse. My 532 00:32:53,400 --> 00:32:56,600 Speaker 1: son loves the ones that taste like Italian dressing. They 533 00:32:56,640 --> 00:33:00,720 Speaker 1: have just playing potato chips. Bandy crisps are your way. 534 00:33:00,840 --> 00:33:05,080 Speaker 1: You can eat chips guilt free. Go to vandycrisps dot 535 00:33:05,120 --> 00:33:09,680 Speaker 1: com slash jessetv. That saves you twenty five percent off 536 00:33:09,720 --> 00:33:12,880 Speaker 1: your first order. It's the Christmas season. Each your chips, 537 00:33:13,000 --> 00:33:14,800 Speaker 1: Enjoy your chips without being fat. 538 00:33:23,440 --> 00:33:27,880 Speaker 2: The Democrat inflation disaster, again the worst in the history 539 00:33:27,920 --> 00:33:31,560 Speaker 2: of our country, also robbed millions of Americans of home 540 00:33:31,600 --> 00:33:35,600 Speaker 2: ownership and indeed the American dream. The yearly cost of 541 00:33:35,640 --> 00:33:40,240 Speaker 2: a typical new mortgage increased by fifteen thousand dollars under 542 00:33:40,480 --> 00:33:44,800 Speaker 2: Democrat rule. In eleven months, we've already gotten that annual 543 00:33:44,880 --> 00:33:48,320 Speaker 2: cost down by three thousand dollars and it's coming down 544 00:33:48,520 --> 00:33:51,200 Speaker 2: a lot lower. Wait, do you see The numbers are 545 00:33:51,200 --> 00:33:54,280 Speaker 2: going to be shocking, and mortgage payments will be coming 546 00:33:54,360 --> 00:33:57,960 Speaker 2: down even further early the new year. And you will 547 00:33:57,960 --> 00:34:00,320 Speaker 2: see this. In the new year, I will announce some 548 00:34:00,400 --> 00:34:04,640 Speaker 2: of the most aggressive housing reform plans in American history. 549 00:34:06,560 --> 00:34:11,279 Speaker 1: Okay, good, but I hope, I hope these prices come down. 550 00:34:11,360 --> 00:34:13,400 Speaker 1: Joining me now, someone who will give it to us straight, 551 00:34:13,480 --> 00:34:18,319 Speaker 1: my friend Tianna low Deshert, Columbus with the Washington Examiner. Tiana, Okay, 552 00:34:18,440 --> 00:34:21,440 Speaker 1: let's let's begin at the beginning. There's a lot of 553 00:34:21,480 --> 00:34:25,040 Speaker 1: Internet fodder out there about why housing is so expensive 554 00:34:25,080 --> 00:34:28,719 Speaker 1: and frankly unobtainable now for so many people. And I 555 00:34:28,760 --> 00:34:31,000 Speaker 1: know it's a long complicated answer, but the good news 556 00:34:31,040 --> 00:34:34,480 Speaker 1: is we're not restrained by time. Why is housing so 557 00:34:34,520 --> 00:34:35,160 Speaker 1: expensive now? 558 00:34:35,880 --> 00:34:38,719 Speaker 5: Okay, Well, the thing is it's really not as complicated 559 00:34:38,760 --> 00:34:41,360 Speaker 5: as people would like to make it. It's just supply 560 00:34:42,200 --> 00:34:46,439 Speaker 5: at the margins. Yes, you know, we did have too 561 00:34:46,440 --> 00:34:49,960 Speaker 5: many illegal aliens and there are places that spend way 562 00:34:49,960 --> 00:34:52,359 Speaker 5: more money on welfare, so section he does take up 563 00:34:52,360 --> 00:34:55,239 Speaker 5: some of the supply. But on net, it is not 564 00:34:55,440 --> 00:34:58,720 Speaker 5: a demand side issue. It is a supply side issue. 565 00:34:58,719 --> 00:35:02,920 Speaker 5: So what happened after the Great Recession? After the housing 566 00:35:02,960 --> 00:35:07,359 Speaker 5: bubble collapsed, the boomers stopped building housing for ten years. 567 00:35:07,640 --> 00:35:11,480 Speaker 5: For all the twenty tens, we were building housing at 568 00:35:11,520 --> 00:35:14,200 Speaker 5: half the rate than we were in the stagflation of 569 00:35:14,239 --> 00:35:17,880 Speaker 5: the seventies. And that's despite a population that was much larger. 570 00:35:18,239 --> 00:35:20,560 Speaker 5: Why because you had a bunch of boomers that treated 571 00:35:20,600 --> 00:35:24,480 Speaker 5: their homes like ascid bubbles. So, especially in blue cities 572 00:35:24,560 --> 00:35:28,480 Speaker 5: and blue areas, they made it illegal, not just you know, 573 00:35:28,640 --> 00:35:32,440 Speaker 5: for you can't come onto my property and build new housing, 574 00:35:32,680 --> 00:35:35,759 Speaker 5: but you can't build new housing on your own property right. 575 00:35:35,800 --> 00:35:38,640 Speaker 5: And it's why Texas is not having the same affordability 576 00:35:38,640 --> 00:35:41,680 Speaker 5: crisis that you're having in California, where you know, homes 577 00:35:41,680 --> 00:35:45,719 Speaker 5: are basically passed down like medieval fiefdoms. Now the mortgage 578 00:35:45,719 --> 00:35:48,480 Speaker 5: thing is real, and the mortgage thing is a consequence 579 00:35:48,880 --> 00:35:52,680 Speaker 5: of Bidenomics. That is a consequence of Joe Biden lighting 580 00:35:52,760 --> 00:35:56,280 Speaker 5: the US dollar on fire, inflation almost hitting the double digits. 581 00:35:56,440 --> 00:35:59,800 Speaker 5: The Federal Reserve had to respond by increasing interest rates, 582 00:36:00,120 --> 00:36:02,319 Speaker 5: and it took a long time of those of those 583 00:36:02,360 --> 00:36:04,960 Speaker 5: interest rates staying up pretty high, and now finally the 584 00:36:04,960 --> 00:36:07,920 Speaker 5: Fed's bringing them down a little bit. But it takes 585 00:36:08,000 --> 00:36:10,440 Speaker 5: time because the fact is we're basically dealing with a 586 00:36:10,480 --> 00:36:13,840 Speaker 5: backlog of about seven million new units. You know, just 587 00:36:13,840 --> 00:36:16,000 Speaker 5: that you have kids. The idea is that the kids 588 00:36:16,040 --> 00:36:19,240 Speaker 5: one day grow up, leave the house, hopefully, get married, 589 00:36:19,280 --> 00:36:22,480 Speaker 5: hopefully if kids are their own. So like theoretically we 590 00:36:22,480 --> 00:36:25,440 Speaker 5: should be needing more housing units, we didn't build them 591 00:36:25,440 --> 00:36:28,360 Speaker 5: for ten years. And so this is why President Trump 592 00:36:28,440 --> 00:36:31,759 Speaker 5: is previewing a lot of these housing initiatives because I 593 00:36:31,880 --> 00:36:34,800 Speaker 5: know that yesterday French Hill and House Republicans and the 594 00:36:34,840 --> 00:36:38,480 Speaker 5: House Financial Services Committee, they are pushing through like the 595 00:36:38,520 --> 00:36:42,400 Speaker 5: biggest housing markup in twenty years because they understand, you know, 596 00:36:42,440 --> 00:36:45,120 Speaker 5: a lot of the inflation. Trump has done a pretty 597 00:36:45,160 --> 00:36:47,919 Speaker 5: good job working on bringing back down to that two 598 00:36:47,920 --> 00:36:51,640 Speaker 5: percent benchmark. But that's not how housing's working. Housing, it's 599 00:36:51,760 --> 00:36:55,560 Speaker 5: just you know, the median home price was about four 600 00:36:55,560 --> 00:36:58,200 Speaker 5: to ten when Trump took office, and it stayed four ten, 601 00:36:58,680 --> 00:37:01,040 Speaker 5: and that is forty five percent higher than it was 602 00:37:01,120 --> 00:37:04,160 Speaker 5: before COVID. 603 00:37:03,760 --> 00:37:07,520 Speaker 1: Four hundred and ten grand good freaking grief, Okay, Sihanna, 604 00:37:07,920 --> 00:37:10,680 Speaker 1: I know you probably share this with me. I WinCE 605 00:37:10,719 --> 00:37:13,200 Speaker 1: a little when I think about the federal government getting 606 00:37:13,239 --> 00:37:17,040 Speaker 1: involved to fix anything at all, let alone the housing market. 607 00:37:17,400 --> 00:37:20,480 Speaker 1: But what are some things they could do? What are 608 00:37:20,480 --> 00:37:24,360 Speaker 1: they going to do? Is there anything? What's coming? And 609 00:37:24,400 --> 00:37:25,280 Speaker 1: should I be afraid? 610 00:37:26,360 --> 00:37:28,480 Speaker 5: No? I mean, for the most part, this is actually 611 00:37:28,600 --> 00:37:32,040 Speaker 5: pretty good action because it's using the federal bully pulpit 612 00:37:32,120 --> 00:37:36,759 Speaker 5: to force local government out of the way. So, Houston, Florida, 613 00:37:37,120 --> 00:37:40,880 Speaker 5: these should be the national models, right, Austin and Miami 614 00:37:41,120 --> 00:37:44,160 Speaker 5: and Palm Beach, these are the national models for housing 615 00:37:44,200 --> 00:37:47,440 Speaker 5: where basically, if it's your property, you get to build 616 00:37:47,480 --> 00:37:50,160 Speaker 5: on it. And guess what in Austin, you have like 617 00:37:50,320 --> 00:37:53,440 Speaker 5: people who live in big rental towers and they've been 618 00:37:53,480 --> 00:37:56,200 Speaker 5: posting their notices for the year saying, oh, my rent's 619 00:37:56,200 --> 00:37:59,160 Speaker 5: going down ten percent next year. Don't need to move, 620 00:37:59,520 --> 00:38:02,480 Speaker 5: just getting a decrease. So what a lot of these 621 00:38:02,520 --> 00:38:04,520 Speaker 5: housing bills are going to do is make it so 622 00:38:04,560 --> 00:38:08,239 Speaker 5: you can have more manufactured homes. So, for instance, if 623 00:38:08,280 --> 00:38:10,920 Speaker 5: you have a lot, you have a two bedroom home, 624 00:38:11,120 --> 00:38:14,120 Speaker 5: but you want to buy an addition, it's way cheaper 625 00:38:14,440 --> 00:38:17,120 Speaker 5: to be able to buy sort of a premid manufactured 626 00:38:17,280 --> 00:38:19,680 Speaker 5: edition for an extra bedroom because you're having a third 627 00:38:19,760 --> 00:38:22,279 Speaker 5: kid than it is to hire a contractor to have 628 00:38:22,320 --> 00:38:25,680 Speaker 5: to do it manually. Secondarily, it's getting rid of these 629 00:38:25,800 --> 00:38:29,719 Speaker 5: bogus environmental reviews. So again I'm from California, and the 630 00:38:29,760 --> 00:38:34,200 Speaker 5: Coastal Commission just it's an excuse to not build anything. 631 00:38:34,680 --> 00:38:36,880 Speaker 5: And so the idea with some of the federal housing 632 00:38:36,960 --> 00:38:41,000 Speaker 5: legislation is to try and use all the money that 633 00:38:41,040 --> 00:38:44,480 Speaker 5: we're giving to these states anyway and say hey, as 634 00:38:44,520 --> 00:38:47,640 Speaker 5: a condition of getting it, you need to get rid 635 00:38:47,640 --> 00:38:51,160 Speaker 5: of some of these environmental regulations. So look, anytime the 636 00:38:51,200 --> 00:38:55,520 Speaker 5: federal government is trying to induce demand hard no if 637 00:38:55,520 --> 00:38:58,760 Speaker 5: they're trying to spend money on increasing supply. That's also 638 00:38:58,880 --> 00:39:02,399 Speaker 5: not good. The idea is to use if Trump wants 639 00:39:02,400 --> 00:39:06,080 Speaker 5: to use the federal government to force local Nanni state 640 00:39:06,160 --> 00:39:08,160 Speaker 5: to get out of the way. That is where we 641 00:39:08,200 --> 00:39:08,759 Speaker 5: should be on. 642 00:39:08,719 --> 00:39:14,920 Speaker 1: Board, Tianna. We are now, sadly an economy that runs 643 00:39:14,960 --> 00:39:17,279 Speaker 1: on consumer spending. You know, we're not based on hard 644 00:39:17,320 --> 00:39:20,319 Speaker 1: things like manufacturing, which are more reliable. I believe last 645 00:39:20,360 --> 00:39:22,800 Speaker 1: time I saw you'll know better than me, seventy percent 646 00:39:22,800 --> 00:39:26,160 Speaker 1: of our economy now is people spending money. People are 647 00:39:26,200 --> 00:39:29,120 Speaker 1: still spending money. That doesn't make sense because everyone tells 648 00:39:29,120 --> 00:39:32,720 Speaker 1: me credit card debts through the roof and everyone's poorer. 649 00:39:32,880 --> 00:39:33,560 Speaker 1: What's happening? 650 00:39:34,800 --> 00:39:37,600 Speaker 5: Yeah, I mean we're still not seeing the real evidence 651 00:39:37,640 --> 00:39:41,520 Speaker 5: of that. Right, the Black Friday shopping was through the roof, 652 00:39:41,680 --> 00:39:44,240 Speaker 5: and that is not That is where you would expect 653 00:39:44,280 --> 00:39:48,279 Speaker 5: to see it lagging. Right, Like grocery, retail sales aren't 654 00:39:48,320 --> 00:39:51,359 Speaker 5: going to go down. People always need groceries. People aren't 655 00:39:51,360 --> 00:39:53,800 Speaker 5: going to spend less on housing because they literally can't, 656 00:39:53,840 --> 00:39:56,479 Speaker 5: as reasons we've discussed before. But if people are still 657 00:39:56,520 --> 00:39:58,680 Speaker 5: getting into the reason of the season and you have 658 00:39:58,719 --> 00:40:03,080 Speaker 5: the busiest holiday t travel weekends which we had. It 659 00:40:03,160 --> 00:40:07,000 Speaker 5: means that clearly things aren't slowing down quite so much. 660 00:40:07,040 --> 00:40:09,880 Speaker 5: And that's why, Jess, Really it's not all about consumer spending. 661 00:40:10,280 --> 00:40:14,200 Speaker 5: The whole reason why why markets globally are obsessed with 662 00:40:14,239 --> 00:40:17,960 Speaker 5: the concept of AI is because they understand our future 663 00:40:18,239 --> 00:40:23,880 Speaker 5: labor force is smaller, it's dumber, it's fatter. The only 664 00:40:24,000 --> 00:40:26,440 Speaker 5: input you can have if you don't want to just 665 00:40:26,520 --> 00:40:29,919 Speaker 5: do open borders, which don't work anyway because you don't 666 00:40:29,920 --> 00:40:31,279 Speaker 5: want to have a bunch of people who come in 667 00:40:31,320 --> 00:40:35,400 Speaker 5: and use welfare, is AI. Because it's all about productivity. 668 00:40:35,840 --> 00:40:38,960 Speaker 5: So if you know, if the Magnificent Seven, if they 669 00:40:39,080 --> 00:40:43,840 Speaker 5: can revolutionize our worker productivity, that's great. If it doesn't work, 670 00:40:44,080 --> 00:40:48,160 Speaker 5: the bubble burst oring for will be hillacious. 671 00:40:49,560 --> 00:40:53,879 Speaker 1: You wrote about people buying now and paying later. If 672 00:40:53,920 --> 00:40:55,759 Speaker 1: my father was alive today, I could just see his 673 00:40:55,800 --> 00:40:58,480 Speaker 1: blood pressure going through the roof at the thought of that. 674 00:40:58,640 --> 00:41:01,520 Speaker 1: But apparently this is an I've seen people do this 675 00:41:01,640 --> 00:41:02,960 Speaker 1: on things like door Dash. 676 00:41:05,000 --> 00:41:07,279 Speaker 5: Yeah, no, you know, I'm not Dave Ramsey. I'm not 677 00:41:07,320 --> 00:41:09,480 Speaker 5: gonna say don't use a credit card, because guess what. 678 00:41:09,520 --> 00:41:11,800 Speaker 5: Credit cards are great because they help you build credit 679 00:41:12,080 --> 00:41:15,279 Speaker 5: and credit is how unless you are unless the last 680 00:41:15,360 --> 00:41:17,560 Speaker 5: name is Trump Credits, probably how you're gonna have to 681 00:41:17,600 --> 00:41:19,799 Speaker 5: buy a home. Right, most of us try and save 682 00:41:19,880 --> 00:41:22,399 Speaker 5: up to do the twenty percent down payment, you get 683 00:41:22,440 --> 00:41:24,440 Speaker 5: a good mortgage rate, you want to get better than 684 00:41:24,440 --> 00:41:27,600 Speaker 5: they're offering now, and then you buy a home. Right this, 685 00:41:27,760 --> 00:41:34,080 Speaker 5: buy now, pay later. It's essentially commoditized paid a loans, 686 00:41:34,280 --> 00:41:37,680 Speaker 5: you know, loan sharking. And so this is we will 687 00:41:37,719 --> 00:41:41,960 Speaker 5: see more of this jesse if Republicans follow, you know, 688 00:41:42,640 --> 00:41:46,080 Speaker 5: this dangerous path where they want to ally with Dick 689 00:41:46,200 --> 00:41:49,200 Speaker 5: Durbin and the Democrats in order to do credit card 690 00:41:49,280 --> 00:41:53,160 Speaker 5: control caps. No, the whole point of a credit card 691 00:41:53,280 --> 00:41:56,040 Speaker 5: as a as a line of credit of last resort 692 00:41:56,440 --> 00:41:59,480 Speaker 5: is that it's fixed. The credit card company knows that 693 00:41:59,600 --> 00:42:01,880 Speaker 5: not every one will pay. Everyone should pay off the 694 00:42:01,880 --> 00:42:04,319 Speaker 5: balance at the end of every single month. But if 695 00:42:04,320 --> 00:42:06,200 Speaker 5: you don't pay off the end of the balance in 696 00:42:06,320 --> 00:42:09,880 Speaker 5: one month because you know, your spouse is out of 697 00:42:09,960 --> 00:42:12,759 Speaker 5: work for one month because they're out sick, and you 698 00:42:12,920 --> 00:42:15,040 Speaker 5: know it's a fixed amount of debt you have to 699 00:42:15,080 --> 00:42:19,239 Speaker 5: take in order to you know, pay childcare, whatever, you 700 00:42:19,320 --> 00:42:22,319 Speaker 5: aren't cut off at the knees. The buy now pay 701 00:42:22,400 --> 00:42:26,520 Speaker 5: later thing. It's it really is a house of cards, 702 00:42:26,560 --> 00:42:31,239 Speaker 5: and it's kind of this gambling economy that that it's 703 00:42:31,400 --> 00:42:33,880 Speaker 5: it's the people young. It makes me feel rather old 704 00:42:33,960 --> 00:42:37,319 Speaker 5: because gen Z seems to love sort of treating the 705 00:42:37,360 --> 00:42:39,759 Speaker 5: economy a little bit like it's a slot machine in 706 00:42:39,800 --> 00:42:42,600 Speaker 5: some ways quite literally. They spend a lot of money 707 00:42:42,680 --> 00:42:45,759 Speaker 5: on sports gambling. They do day trading, which defies a 708 00:42:45,760 --> 00:42:48,799 Speaker 5: lot of the rules of classic investment, which is put 709 00:42:48,840 --> 00:42:50,839 Speaker 5: in a said amount of savings and don't touch it 710 00:42:50,920 --> 00:42:52,960 Speaker 5: and then look at it maybe when you're sixty five 711 00:42:53,040 --> 00:42:56,160 Speaker 5: or older and actually want to retire, but you know, 712 00:42:56,239 --> 00:42:58,480 Speaker 5: buy now, pay later. As a part of it, it's 713 00:42:58,560 --> 00:43:02,120 Speaker 5: people living for the now. And this is you know again, 714 00:43:02,239 --> 00:43:04,520 Speaker 5: why housing needs to become a bigger part of the 715 00:43:04,560 --> 00:43:07,759 Speaker 5: conversation is because it's part of the American dream. For 716 00:43:07,800 --> 00:43:10,160 Speaker 5: good reason. People know they have to save up to 717 00:43:10,160 --> 00:43:12,600 Speaker 5: get that twenty percent, so it has to feel somewhat 718 00:43:12,600 --> 00:43:15,080 Speaker 5: in reach. If it doesn't feel in reach, and people 719 00:43:15,080 --> 00:43:18,280 Speaker 5: have nothing to say for why wouldn't you finance a pizza? 720 00:43:20,880 --> 00:43:25,000 Speaker 1: Gool finance a pizza. I'm not gonna go full Deady 721 00:43:25,080 --> 00:43:26,959 Speaker 1: Jesse at this point in time and lose my mind. 722 00:43:27,000 --> 00:43:29,720 Speaker 1: It's just the thought of Please don't ever finance a pizza. 723 00:43:29,760 --> 00:43:39,640 Speaker 1: That's all I'm gonna say. Please don't finance the pizza. Anybody. 724 00:43:40,000 --> 00:43:43,680 Speaker 1: Your gut starts to matter more to you as you 725 00:43:43,719 --> 00:43:47,000 Speaker 1: get older and when you're young. At least when I 726 00:43:47,040 --> 00:43:50,759 Speaker 1: was young, I could eat anything. I could eat a 727 00:43:50,800 --> 00:43:54,640 Speaker 1: pizza with extra halopanios on it at eleven o'clock at night, 728 00:43:54,719 --> 00:43:58,520 Speaker 1: right before bed, sleep like a baby. Wake up, Feel fine? 729 00:43:58,560 --> 00:44:00,959 Speaker 1: You remember what those days were like? Those days are gone, 730 00:44:01,000 --> 00:44:04,160 Speaker 1: aren't they? It's gone. Now we have to be more 731 00:44:04,200 --> 00:44:07,839 Speaker 1: conscious about our gut health. My sister's the one who 732 00:44:07,880 --> 00:44:10,560 Speaker 1: told me about cowboy colostrum. So she said, ah man, 733 00:44:10,960 --> 00:44:13,880 Speaker 1: my god's it's been feeling so good. I just I 734 00:44:13,920 --> 00:44:17,279 Speaker 1: feel like I'm twenty again. So I decided, Okay, I 735 00:44:17,360 --> 00:44:18,840 Speaker 1: try it. I pour a couple of scoops in my 736 00:44:18,840 --> 00:44:21,000 Speaker 1: coffee in the morning, I have the chocolate one. I 737 00:44:21,080 --> 00:44:24,879 Speaker 1: essentially have a chocolate cup of coffee. No gut problems ever, 738 00:44:25,200 --> 00:44:28,200 Speaker 1: No matter what stuff is frigging miraculous. Do you want 739 00:44:28,239 --> 00:44:32,280 Speaker 1: to try some Cowboy colostrum? They have vanilla chocolate strawberry delicious. 740 00:44:32,280 --> 00:44:34,200 Speaker 1: Put it in some milk, put it a cup of coffee, 741 00:44:34,760 --> 00:44:39,680 Speaker 1: go to cowboycolostrum dot com, just use the code Jesse TV. 742 00:44:48,320 --> 00:44:51,239 Speaker 1: It's not that we can bring prices back to where 743 00:44:51,239 --> 00:44:52,960 Speaker 1: they were. We talked about that in the opening of 744 00:44:52,960 --> 00:44:57,600 Speaker 1: the show. We can't go back toothpaste isn't going back 745 00:44:57,600 --> 00:45:00,840 Speaker 1: in the tube. But what we most did, definitely should 746 00:45:00,840 --> 00:45:04,600 Speaker 1: be doing, is ensuring they don't keep going up, up, 747 00:45:04,719 --> 00:45:08,600 Speaker 1: up up up and spinning out of control. And what 748 00:45:08,640 --> 00:45:10,480 Speaker 1: we have to do is we have to stop this 749 00:45:10,680 --> 00:45:15,320 Speaker 1: idea that the federal government should should claim more control 750 00:45:15,480 --> 00:45:18,800 Speaker 1: over the various parts of the economy that are going 751 00:45:18,920 --> 00:45:22,319 Speaker 1: crazy right now. That's the exact opposite of what we 752 00:45:22,360 --> 00:45:26,000 Speaker 1: should be doing. Get these idiots out of the economy. 753 00:45:26,120 --> 00:45:28,799 Speaker 1: So maybe we can afford red lobster again. All right, 754 00:45:30,200 --> 00:45:31,520 Speaker 1: all right, we'll do it again.