1 00:00:00,280 --> 00:00:02,840 Speaker 1: Brought to you by the reinvented two thousand twelve camera. 2 00:00:03,160 --> 00:00:07,560 Speaker 1: It's ready. Are you welcome to Stuff you should know? 3 00:00:08,200 --> 00:00:16,439 Speaker 1: From house Stuff Works dot com? Hey, and welcome to 4 00:00:16,480 --> 00:00:20,840 Speaker 1: the podcast. I'm Josh Clark. Chuck say Hi, Hi, welcome people. 5 00:00:21,040 --> 00:00:23,919 Speaker 1: This is stuff you should know. Indeed, Chuck's got his 6 00:00:24,400 --> 00:00:27,040 Speaker 1: little jug of vodka. I got my Fresca and we 7 00:00:27,040 --> 00:00:31,280 Speaker 1: were ready to go. All right, Chuck, No, I don't wire, Chuck, Chuck, 8 00:00:31,320 --> 00:00:34,440 Speaker 1: do you know how we have these weblogs? Now, there's 9 00:00:34,479 --> 00:00:38,680 Speaker 1: like a stuff you should know? Weblog, a k a blog. Yeah, sure, yeah, 10 00:00:38,720 --> 00:00:40,640 Speaker 1: if you wouldn't be all hit or whatever. I do 11 00:00:40,720 --> 00:00:42,360 Speaker 1: know how we have that because I write on it 12 00:00:42,440 --> 00:00:44,880 Speaker 1: every day. I know. I was just starting a conversation, 13 00:00:45,000 --> 00:00:47,400 Speaker 1: Chuck lay off. Well, yes, sorry, Um remember that post 14 00:00:47,440 --> 00:00:49,280 Speaker 1: I put up yesterday that you said, like you read 15 00:00:49,320 --> 00:00:51,840 Speaker 1: three times and still couldn't make heads or tails of that? Yeah, 16 00:00:51,880 --> 00:00:53,840 Speaker 1: I didn't get it. Well, there's a there's a part 17 00:00:53,840 --> 00:00:56,400 Speaker 1: of it, uh, kind of the crux of the whole thing. 18 00:00:57,000 --> 00:00:59,040 Speaker 1: I don't know if that's the case or not, but anyway, 19 00:00:59,080 --> 00:01:01,360 Speaker 1: there's an aspect of it. And it was about these, um, 20 00:01:01,400 --> 00:01:05,000 Speaker 1: these two artists and um well, one of them just 21 00:01:05,040 --> 00:01:09,800 Speaker 1: goes by the name Arakawa, right, and his partner, and 22 00:01:09,840 --> 00:01:12,040 Speaker 1: I don't think just artistic partner. I think I think 23 00:01:12,040 --> 00:01:17,600 Speaker 1: that their life partners. Maybe her name is Madeline Gins, right, 24 00:01:18,600 --> 00:01:23,000 Speaker 1: And they have been quite successful at creating this architecture 25 00:01:23,560 --> 00:01:28,200 Speaker 1: UM that's intended to achieve immortality. Right. Well, the way 26 00:01:28,240 --> 00:01:31,520 Speaker 1: these two have done it is um by through surprising, 27 00:01:31,720 --> 00:01:38,120 Speaker 1: disturbing architectural choices. Right. Basically, their theory is that if 28 00:01:38,160 --> 00:01:41,280 Speaker 1: you create or if you live in an uncomfortable dwelling, 29 00:01:42,080 --> 00:01:47,560 Speaker 1: UM discomfort or comfort least the laziness and sedentariness, and 30 00:01:47,560 --> 00:01:52,080 Speaker 1: then that's ultimately what kills you. Holly unproven, but they 31 00:01:52,120 --> 00:01:54,880 Speaker 1: designed their architecture based on that theory, so they keep 32 00:01:54,920 --> 00:01:59,280 Speaker 1: you uncomfortable. And uh, it's unfamiliar. I think I know this. 33 00:01:59,400 --> 00:02:01,400 Speaker 1: I think we actually have an article on this. Like 34 00:02:01,440 --> 00:02:05,480 Speaker 1: the floors are undulating, undulating floors and uh yeah, I've 35 00:02:05,480 --> 00:02:09,160 Speaker 1: heard of that. They also like um kind of moonscape floors, 36 00:02:10,040 --> 00:02:13,639 Speaker 1: um angled like ceilings that just it doesn't sound like 37 00:02:13,680 --> 00:02:16,560 Speaker 1: a very pleasant place to live. Pretty interesting, this one 38 00:02:16,600 --> 00:02:18,520 Speaker 1: guy and these things go for there there. Just to 39 00:02:18,600 --> 00:02:21,239 Speaker 1: build them, they cost millions of dollars, but they have 40 00:02:21,360 --> 00:02:24,320 Speaker 1: built several most of them are lost in in Tokyo. 41 00:02:24,919 --> 00:02:26,840 Speaker 1: And this one guy who lives in one with his 42 00:02:26,880 --> 00:02:29,680 Speaker 1: family so that he's lost like twenty pounds and doesn't 43 00:02:29,680 --> 00:02:33,560 Speaker 1: have hay fever any longer since he moved in there. Yeah. Um, 44 00:02:33,720 --> 00:02:38,359 Speaker 1: but there their their whole firm is basically in jeopardy 45 00:02:38,400 --> 00:02:41,800 Speaker 1: because they were heavily invested with one Bernard made Off, 46 00:02:41,880 --> 00:02:45,880 Speaker 1: who you may may have heard. This guy's reach extends everywhere. 47 00:02:45,919 --> 00:02:49,720 Speaker 1: We're talking Kevin Bacon, right, and there's a six degrees 48 00:02:49,800 --> 00:02:53,680 Speaker 1: joke in there somewhere. Um, I imagine Kiras Sedgewick, since 49 00:02:53,760 --> 00:02:58,240 Speaker 1: Kevin Bacon is in there, Jaja Gabor Spielberg, Spielberg, And 50 00:02:58,280 --> 00:03:00,520 Speaker 1: that's just like the tip of the iceberg, right. I mean, 51 00:03:00,600 --> 00:03:03,840 Speaker 1: thousands and thousands of people were invested with this guy 52 00:03:03,960 --> 00:03:07,600 Speaker 1: and it turned out he was a Ponzi schemer. That's right. 53 00:03:07,960 --> 00:03:10,480 Speaker 1: It's a Ponzi scheme. Yeah, Chuck likes to say it 54 00:03:10,600 --> 00:03:14,119 Speaker 1: like that in a tribute to the Italian immigrant Mr 55 00:03:14,200 --> 00:03:19,760 Speaker 1: Charles Ponzi, who was running around in the twenties. And actually, yeah, 56 00:03:20,080 --> 00:03:23,280 Speaker 1: you want to talk a little bit about Mr Ponzi, Yeah, 57 00:03:23,320 --> 00:03:24,799 Speaker 1: I didn't know this until I read the article. Is 58 00:03:24,840 --> 00:03:26,919 Speaker 1: pretty interesting, and you know, Ponce's all over the news, 59 00:03:26,960 --> 00:03:28,960 Speaker 1: so it's kind of cool to get some background. Yeah. Oh, 60 00:03:29,000 --> 00:03:30,720 Speaker 1: and also we should probably say thanks to all the 61 00:03:30,720 --> 00:03:33,280 Speaker 1: people who wrote in and requested that we do this podcast. 62 00:03:33,680 --> 00:03:36,240 Speaker 1: This one's for you. Right. Bernie Madoff made off excuse 63 00:03:36,280 --> 00:03:38,520 Speaker 1: me himself, wrote in Yeah he did. He's like, hey, 64 00:03:38,520 --> 00:03:41,680 Speaker 1: can you tell everybody what I did? So, Yeah, in 65 00:03:41,680 --> 00:03:45,880 Speaker 1: the nineties, Charles Poncey. What he did was at the 66 00:03:45,920 --> 00:03:48,360 Speaker 1: time there was if you want to send mail overseas, 67 00:03:49,000 --> 00:03:52,200 Speaker 1: you would include what was called an international reply cupon 68 00:03:52,360 --> 00:03:55,080 Speaker 1: well if you wanted to reply, right. But it's basically 69 00:03:55,080 --> 00:03:57,880 Speaker 1: sort of like, uh, when you get something from you know, 70 00:03:57,960 --> 00:04:00,800 Speaker 1: magazine and the postage is prepaid to short in the card, 71 00:04:00,880 --> 00:04:03,800 Speaker 1: you know, right, it's it's prepaid so that you get 72 00:04:03,840 --> 00:04:06,560 Speaker 1: that back to say, hey, these people got that exactly right, 73 00:04:06,960 --> 00:04:09,480 Speaker 1: So this is what you did back then. Uh. He 74 00:04:09,560 --> 00:04:11,760 Speaker 1: had an idea. He said, Hey, if I go over 75 00:04:12,280 --> 00:04:15,040 Speaker 1: and buy these in a different country where they're cheaper, 76 00:04:15,400 --> 00:04:17,920 Speaker 1: I can come back and sell them in the United States, right, 77 00:04:17,960 --> 00:04:20,800 Speaker 1: And he could do this because these things were internationally recognized. 78 00:04:20,839 --> 00:04:23,360 Speaker 1: There was same in any country. But apparently they went 79 00:04:23,400 --> 00:04:25,640 Speaker 1: for different prices in different countries, so it's not a 80 00:04:25,640 --> 00:04:28,760 Speaker 1: bad business model, right right, I would say so. Uh, 81 00:04:28,800 --> 00:04:30,520 Speaker 1: And things went pretty well at first. He got a 82 00:04:30,520 --> 00:04:33,400 Speaker 1: lot of investors and made some pretty good money. But 83 00:04:33,560 --> 00:04:35,600 Speaker 1: the return that he promised, which what was it again, 84 00:04:36,000 --> 00:04:39,119 Speaker 1: it was a ridiculous promise. It was I think return 85 00:04:39,200 --> 00:04:42,919 Speaker 1: in forty to ninety days. So yeah, that should have 86 00:04:42,920 --> 00:04:44,880 Speaker 1: been a red flag right then we'll talk about that later. 87 00:04:45,160 --> 00:04:48,279 Speaker 1: But yeah, that didn't go as well as he thought. Um, 88 00:04:48,320 --> 00:04:50,360 Speaker 1: but he kept getting investors and he just kind of 89 00:04:50,440 --> 00:04:52,599 Speaker 1: kept this all quiet. So what he would do is 90 00:04:52,680 --> 00:04:55,840 Speaker 1: he would payback some to the initial investors based on 91 00:04:55,880 --> 00:04:59,080 Speaker 1: the money that the current investors were giving him, and 92 00:04:59,160 --> 00:05:01,880 Speaker 1: just kind of kept going in a cyclical way until 93 00:05:02,520 --> 00:05:04,200 Speaker 1: he had a lot of He started, you know, taking 94 00:05:04,200 --> 00:05:07,320 Speaker 1: a little money for himself and uh ended up having 95 00:05:07,360 --> 00:05:09,679 Speaker 1: you know, millions of bucks office in the nineteen twenties 96 00:05:09,720 --> 00:05:13,120 Speaker 1: before it finally crumbled. Um as a big scan. Well, 97 00:05:13,160 --> 00:05:17,040 Speaker 1: the reason he was found out was because somebody apparently 98 00:05:17,080 --> 00:05:20,520 Speaker 1: calculated that um, there would have had to have been 99 00:05:20,560 --> 00:05:23,720 Speaker 1: about a hundred and sixty million of these things extant 100 00:05:23,880 --> 00:05:25,640 Speaker 1: for him to be making the money he was making, 101 00:05:26,000 --> 00:05:28,239 Speaker 1: and the problem is that there was only twenty seven thousand. 102 00:05:29,160 --> 00:05:31,080 Speaker 1: That's that's kind of what found him out. But what 103 00:05:31,200 --> 00:05:32,960 Speaker 1: I got from this, what I got from reading about 104 00:05:32,960 --> 00:05:37,039 Speaker 1: Ponzi schemes, is that, Um, Charles Ponzi didn't appear to 105 00:05:37,040 --> 00:05:41,000 Speaker 1: be a huckster from the outset like he This is 106 00:05:41,000 --> 00:05:45,599 Speaker 1: actually a legitimate business that he was trying to run. Sure, 107 00:05:45,640 --> 00:05:49,279 Speaker 1: I think it was an act of desperation. Um, And well, 108 00:05:49,640 --> 00:05:52,880 Speaker 1: we should probably talk about exactly how Ponzi schemes work. Right, 109 00:05:53,080 --> 00:05:56,040 Speaker 1: they're pretty straightforward and simple. But I can't imagine that 110 00:05:56,080 --> 00:05:58,280 Speaker 1: as they just get bigger and bigger, you start to 111 00:05:58,640 --> 00:06:01,320 Speaker 1: eat a lot of rolaids. Right. I bet that that 112 00:06:01,400 --> 00:06:03,880 Speaker 1: was the original Ponzi scheme, and I'm sure he was 113 00:06:03,960 --> 00:06:07,960 Speaker 1: nervous as that was going if scheme scheme very nice. 114 00:06:08,880 --> 00:06:11,320 Speaker 1: So do you want to give some detailed explanation on 115 00:06:11,400 --> 00:06:15,640 Speaker 1: how Ponzi schemes work? Yeah, it's actually pretty simple. What 116 00:06:15,680 --> 00:06:19,520 Speaker 1: you do is you, um, you come up with an 117 00:06:20,000 --> 00:06:23,880 Speaker 1: investment a shell sort of, and you get people to 118 00:06:24,000 --> 00:06:28,120 Speaker 1: invest in You're in whatever you're saying you're gonna invest in. 119 00:06:28,120 --> 00:06:30,800 Speaker 1: In this case and in the original Ponzi scheme, it 120 00:06:30,920 --> 00:06:34,159 Speaker 1: was these reply coupons, but nowadays it's usually like a 121 00:06:34,240 --> 00:06:37,320 Speaker 1: stock thing. So you get these folks to invest, and 122 00:06:37,360 --> 00:06:41,839 Speaker 1: you take their money and essentially, uh use that first 123 00:06:41,960 --> 00:06:45,039 Speaker 1: rung of people to attract other people to invest. And 124 00:06:45,040 --> 00:06:47,120 Speaker 1: once you start getting other investors, you can pay back 125 00:06:47,360 --> 00:06:50,400 Speaker 1: those initial folks and they can go on record and say, oh, yeah, 126 00:06:50,440 --> 00:06:52,800 Speaker 1: you know I made a great return. That's right. And 127 00:06:52,839 --> 00:06:56,640 Speaker 1: then that more investors right and more wrongs, and you 128 00:06:56,760 --> 00:06:58,640 Speaker 1: just kind of it's sort of like robbing Peter to 129 00:06:58,680 --> 00:07:02,320 Speaker 1: pay Paul the entire your time, right, but you're pocketing 130 00:07:02,440 --> 00:07:05,080 Speaker 1: like Ponzi did some for himself. Right. At a certain point, 131 00:07:05,080 --> 00:07:07,160 Speaker 1: you can start skimming off the top, right. And but 132 00:07:07,200 --> 00:07:09,360 Speaker 1: it's not like it take the money and run proposition. 133 00:07:09,400 --> 00:07:11,800 Speaker 1: It's to take the money, stick around and pay people 134 00:07:11,800 --> 00:07:14,200 Speaker 1: off as much as you can. The problem is is 135 00:07:14,280 --> 00:07:18,120 Speaker 1: to like, people don't divest very easily. When they get 136 00:07:18,160 --> 00:07:21,640 Speaker 1: a better and unbelievable return on something, they want to 137 00:07:21,680 --> 00:07:23,320 Speaker 1: keep investing. Sure, So if you're like, no, no, you 138 00:07:23,320 --> 00:07:26,360 Speaker 1: can't invest anymore, Uh, the people are gonna start to 139 00:07:26,360 --> 00:07:28,880 Speaker 1: get suspicious. So you've got your first wrong, You've got 140 00:07:28,920 --> 00:07:30,600 Speaker 1: your second wrong. And then so on and so on 141 00:07:30,680 --> 00:07:32,840 Speaker 1: and so on. But to sustain it, you have to 142 00:07:32,920 --> 00:07:35,000 Speaker 1: keep adding more and more wrongs. But the more wrongs 143 00:07:35,040 --> 00:07:37,960 Speaker 1: you add, more difficult it is to pay everybody back. 144 00:07:38,560 --> 00:07:42,760 Speaker 1: So it's inevitable. But as some people will know they're 145 00:07:42,800 --> 00:07:45,880 Speaker 1: investing in a Ponzi scheme, some of those first wrong people. Yeah, 146 00:07:45,880 --> 00:07:49,680 Speaker 1: and yeah, from what I understand, people can actually make 147 00:07:49,720 --> 00:07:51,880 Speaker 1: money off Ponzi schemes. You get in early enough, and 148 00:07:51,880 --> 00:07:53,760 Speaker 1: you're smart enough to get out while they getting is 149 00:07:53,760 --> 00:07:56,040 Speaker 1: good because those are the people are gonna get paid first, 150 00:07:56,120 --> 00:07:58,280 Speaker 1: so they can vouch and say this is a really 151 00:07:58,280 --> 00:08:01,520 Speaker 1: great deal, right exactly. So yeah, so the whole that 152 00:08:01,640 --> 00:08:03,480 Speaker 1: that's pretty much a Ponzi scheme. And if it sounds 153 00:08:03,480 --> 00:08:05,560 Speaker 1: a lot like a pyramid scheme, do you you would 154 00:08:05,600 --> 00:08:09,200 Speaker 1: be right. Uh, it's virtually the same structure. The one 155 00:08:09,240 --> 00:08:11,920 Speaker 1: big difference is is that in a Ponzi scheme, you're 156 00:08:11,960 --> 00:08:14,640 Speaker 1: not asked to do anything. You're just an investor. They 157 00:08:14,720 --> 00:08:17,760 Speaker 1: just want your money. Uh. In a pyramid scheme, generally 158 00:08:17,800 --> 00:08:20,160 Speaker 1: you have to do something like you are buying in 159 00:08:20,760 --> 00:08:24,560 Speaker 1: uh to sell something? Sorry, well no, actually, um on 160 00:08:24,720 --> 00:08:27,920 Speaker 1: Amway site, they have uh like on an f a 161 00:08:28,000 --> 00:08:30,600 Speaker 1: Q section. It's like, is am Way a pyramid scheme? 162 00:08:31,080 --> 00:08:34,920 Speaker 1: And they're like, we're a pyramid model. Schemes the wrong 163 00:08:34,960 --> 00:08:38,440 Speaker 1: word to use, And actually the pyramid model has worked 164 00:08:38,480 --> 00:08:44,880 Speaker 1: for legitimate businesses Amway, Mary kay Avon, Um pamper Chef. 165 00:08:45,640 --> 00:08:48,160 Speaker 1: So yeah, so I mean it can work and it 166 00:08:48,240 --> 00:08:51,320 Speaker 1: doesn't necessarily have to be illegal. That that that's the 167 00:08:51,320 --> 00:08:56,760 Speaker 1: other distinction between Ponzi schemes and um pyramids models is 168 00:08:56,800 --> 00:09:00,839 Speaker 1: that Ponzi schemes are always fraud completely faults because it's 169 00:09:00,840 --> 00:09:04,800 Speaker 1: an investment, but the money's never invested. So it's so simple. 170 00:09:04,840 --> 00:09:07,400 Speaker 1: When I read this, I was just like, it's the 171 00:09:07,400 --> 00:09:09,600 Speaker 1: beauty is in its simplicity, Just like, give me a 172 00:09:09,600 --> 00:09:12,880 Speaker 1: bunch of money and I will keep it and get 173 00:09:12,920 --> 00:09:14,439 Speaker 1: more people to give me money. I'll give you a 174 00:09:14,520 --> 00:09:16,760 Speaker 1: little bit, and it's just amazing how that works. Can 175 00:09:16,800 --> 00:09:19,880 Speaker 1: you imagine being such an edgy, savvy investor that you 176 00:09:19,960 --> 00:09:24,160 Speaker 1: actually knowingly invest in ponzi schemes? Who does that? I 177 00:09:24,160 --> 00:09:26,640 Speaker 1: don't know. I bet there's some names on the on 178 00:09:26,679 --> 00:09:29,840 Speaker 1: the Maid off list. Yeah, I bet, I bet um, 179 00:09:29,880 --> 00:09:31,800 Speaker 1: But no, he did everything alone. We'll get to him 180 00:09:31,840 --> 00:09:35,280 Speaker 1: in a minute. Allegedly, not more, he confessed, buddy, Well, 181 00:09:35,320 --> 00:09:37,800 Speaker 1: we're certain things are still alleged at this point. All right, 182 00:09:37,840 --> 00:09:39,680 Speaker 1: well let's go with it. You're such a c o 183 00:09:39,800 --> 00:09:43,600 Speaker 1: a dude. But I appreciate the oh because that includes me. Um. 184 00:09:44,480 --> 00:09:46,560 Speaker 1: So Ponzi wasn't the guy who came up with a scheme. 185 00:09:47,360 --> 00:09:50,720 Speaker 1: He he did it so well that they named it 186 00:09:50,720 --> 00:09:53,760 Speaker 1: after him. But the earliest one we know about goes 187 00:09:53,800 --> 00:09:57,640 Speaker 1: back to UH eighteen eighty early eighteen eighties in Boston 188 00:09:58,040 --> 00:10:00,880 Speaker 1: with a woman named Sarah Howe. I don't think I 189 00:10:00,920 --> 00:10:04,480 Speaker 1: know about this one, okay, So she actually actively and 190 00:10:04,559 --> 00:10:09,200 Speaker 1: purposefully built a Ponzi scheme, although you know what, with 191 00:10:09,280 --> 00:10:11,520 Speaker 1: it being forty years before Charles Ponzi showed up, she 192 00:10:11,559 --> 00:10:13,560 Speaker 1: probably didn't call it that to herself. What was her name, 193 00:10:14,120 --> 00:10:18,160 Speaker 1: Sarah how scheme? Yes, if she were, if she did 194 00:10:18,160 --> 00:10:20,760 Speaker 1: have enough foresight to know that it would eventually be 195 00:10:20,840 --> 00:10:22,960 Speaker 1: called a Ponzi scheme, how would it sound in her 196 00:10:23,000 --> 00:10:25,200 Speaker 1: head when she said, this is the kind of scheme 197 00:10:25,200 --> 00:10:31,880 Speaker 1: that I'm carrying out. It's a um Anyway, Miss Howe 198 00:10:32,240 --> 00:10:36,240 Speaker 1: basically put together a m a group of thousands of 199 00:10:36,240 --> 00:10:42,760 Speaker 1: women investors, and UH invested in women's um women's liberty bonds, 200 00:10:42,800 --> 00:10:46,079 Speaker 1: I think is what they were called. Uh, that's supposedly 201 00:10:46,160 --> 00:10:49,000 Speaker 1: what the investment was for, but no, it wasn't. She 202 00:10:49,160 --> 00:10:52,320 Speaker 1: just basically carried out a Ponzi scheme UM and she 203 00:10:52,440 --> 00:10:54,960 Speaker 1: managed to rake in about half a million bucks before 204 00:10:55,040 --> 00:10:59,720 Speaker 1: she was caught. Uh. And then another guy shortly after 205 00:11:00,200 --> 00:11:03,520 Speaker 1: the turn of the century. His name was William Franklin Miller, 206 00:11:03,960 --> 00:11:07,520 Speaker 1: and he also builked investors for about another half a million. 207 00:11:08,200 --> 00:11:10,800 Speaker 1: And this is, you know, substantial enough to be remembered 208 00:11:10,800 --> 00:11:15,360 Speaker 1: a hundred years plus later. But Ponzi was the first one, right, 209 00:11:15,880 --> 00:11:18,319 Speaker 1: Ponsi was the first big one, I should say. Uh. 210 00:11:18,320 --> 00:11:20,440 Speaker 1: And then you don't really hear about anybody in in 211 00:11:20,480 --> 00:11:22,680 Speaker 1: the world of Ponzi schemes. I mean, I'm sure you can, 212 00:11:22,800 --> 00:11:28,520 Speaker 1: but nobody huge doing it right now. Well until Lou Pearlman. 213 00:11:28,600 --> 00:11:30,040 Speaker 1: Is that where you're going? I was going to go 214 00:11:30,080 --> 00:11:32,679 Speaker 1: to the Balkans first bolicity, Mr Pearlman. Okay, Yeah, this 215 00:11:32,720 --> 00:11:35,160 Speaker 1: is one of my favorites because his associations are kind 216 00:11:35,160 --> 00:11:37,680 Speaker 1: of funny. H Lou Pearlman, who I think you have 217 00:11:37,760 --> 00:11:40,360 Speaker 1: to say his name like Lou Pearlman. That's how I 218 00:11:40,440 --> 00:11:42,080 Speaker 1: got that impression as well. And he kind of looks 219 00:11:42,120 --> 00:11:45,600 Speaker 1: like that kind of guy too. He was. He kind 220 00:11:45,600 --> 00:11:47,640 Speaker 1: of funded the boy band craze in the nineties. And 221 00:11:47,640 --> 00:11:50,640 Speaker 1: I remember the Backstreet Boys because of the tattoo you 222 00:11:50,679 --> 00:11:53,520 Speaker 1: have on your neck, and uh, in Sync was the 223 00:11:53,520 --> 00:11:55,560 Speaker 1: other one. I don't know if you have a tattoo 224 00:11:55,600 --> 00:11:58,320 Speaker 1: of instinctly, okay, I was covering all my bases. Uh. 225 00:11:58,679 --> 00:12:01,040 Speaker 1: So he funded these bands. Uh, And it turned out 226 00:12:01,160 --> 00:12:04,840 Speaker 1: in two thousand six that he was running a big 227 00:12:04,880 --> 00:12:07,560 Speaker 1: Ponzi scheme. He had been for like twenty years and 228 00:12:07,600 --> 00:12:09,560 Speaker 1: a lot, you know, in Sync and the Backstreet Boys 229 00:12:09,559 --> 00:12:11,560 Speaker 1: were kind of funded on this Ponzi schemes. I don't 230 00:12:11,559 --> 00:12:13,440 Speaker 1: think funded kind of at all. I think they were 231 00:12:13,440 --> 00:12:16,480 Speaker 1: fully fully funded. Yeah, and this this guy created the 232 00:12:16,480 --> 00:12:19,000 Speaker 1: back Street Boys and in Sync and funded him with 233 00:12:19,040 --> 00:12:22,959 Speaker 1: illegal money. So those yahoo's kind of oh Ponzi with 234 00:12:23,000 --> 00:12:27,680 Speaker 1: their careers, yes they do. Yeah, well, their careers past tense, 235 00:12:28,000 --> 00:12:31,000 Speaker 1: right sure? Um timber Lakes done well for himself? Was 236 00:12:31,000 --> 00:12:33,840 Speaker 1: he in one of us? H J T I don't 237 00:12:33,840 --> 00:12:37,520 Speaker 1: know who that is. Um. Right back to Albania, Yes, 238 00:12:37,679 --> 00:12:41,760 Speaker 1: Albania basically a whole bunch of people were working this 239 00:12:41,800 --> 00:12:44,720 Speaker 1: big ponzi scheme, which from what I understand also uh 240 00:12:45,120 --> 00:12:47,800 Speaker 1: can extend the life of a ponzi scheme. Uh. Lou 241 00:12:47,920 --> 00:12:51,800 Speaker 1: Perlman is an unusual animal, uh, and that he could 242 00:12:51,840 --> 00:12:55,439 Speaker 1: carry it out single handedly for twenty years. Um. But 243 00:12:55,520 --> 00:12:59,079 Speaker 1: in Albania, for a while a group of ponzi schemers 244 00:12:59,400 --> 00:13:04,240 Speaker 1: UM had had one set up that builked these investors 245 00:13:04,240 --> 00:13:08,600 Speaker 1: out of two billion dollars before it collapsed, which is 246 00:13:08,800 --> 00:13:12,120 Speaker 1: in Albania, that is thirty of their gross domestic product. 247 00:13:12,600 --> 00:13:16,200 Speaker 1: That's huge, Like how to cripple a country? Yeah yeah, 248 00:13:16,240 --> 00:13:21,280 Speaker 1: and yeah, so yeah, I think Albania is probably second world. Um. So, 249 00:13:21,320 --> 00:13:23,880 Speaker 1: I think a hit like that is just ginormous. And 250 00:13:23,920 --> 00:13:25,760 Speaker 1: that was a big problem when it happened. It was 251 00:13:25,840 --> 00:13:28,040 Speaker 1: because when people found out, they started riding in the 252 00:13:28,080 --> 00:13:31,600 Speaker 1: streets and fires broke out and people died. Yeah yeah, 253 00:13:31,640 --> 00:13:35,240 Speaker 1: So that's the Albania, the old Albania ponzi scheme. And 254 00:13:35,280 --> 00:13:38,480 Speaker 1: we should note that Lou Pearlman he went to jail 255 00:13:38,640 --> 00:13:42,280 Speaker 1: or received a sentence of twenty five years for conning 256 00:13:42,320 --> 00:13:46,520 Speaker 1: three hundred million dollars, and apparently every million he paid back, 257 00:13:46,640 --> 00:13:49,319 Speaker 1: they cut a month off of sentence, which seems really fair. 258 00:13:49,600 --> 00:13:53,079 Speaker 1: I think so. But Pearlman million dollars sounds like a lot. 259 00:13:53,200 --> 00:13:55,719 Speaker 1: It ain't it was. And then two thousand and eight 260 00:13:55,760 --> 00:14:00,640 Speaker 1: came along the big daddy dude, this guy Bernard made Off, 261 00:14:01,000 --> 00:14:04,560 Speaker 1: one of the founders of Nastak. Yeah, which is one 262 00:14:04,640 --> 00:14:07,080 Speaker 1: reason why it works so well, because he was beyond 263 00:14:07,160 --> 00:14:13,439 Speaker 1: legit He was beyond legit um. Although he his One 264 00:14:13,440 --> 00:14:15,800 Speaker 1: of the other reasons he was so successful was that 265 00:14:15,840 --> 00:14:19,360 Speaker 1: he was smart. First of all, like Sarah, how he 266 00:14:19,480 --> 00:14:23,720 Speaker 1: used affinity fraud. An affinity fraud is where you are bilking. 267 00:14:24,720 --> 00:14:28,160 Speaker 1: You're you're using the inclusiveness of a of a group 268 00:14:28,720 --> 00:14:33,200 Speaker 1: to um against themselves, right, So he uh used his 269 00:14:33,280 --> 00:14:37,280 Speaker 1: membership in a a uber wealthy, very exclusive Jewish country 270 00:14:37,280 --> 00:14:41,680 Speaker 1: club down in Florida to prey on investors at first um. 271 00:14:41,800 --> 00:14:44,320 Speaker 1: And you know, the affinity fraud happens a lot like 272 00:14:44,480 --> 00:14:47,400 Speaker 1: and usually it happens with religious groups. Somebody comes in, 273 00:14:47,440 --> 00:14:49,120 Speaker 1: it's like, hey, I'm a Lutheran two and I've got 274 00:14:49,120 --> 00:14:52,040 Speaker 1: this great investment. Since he's a Lutheran, you know, he 275 00:14:52,080 --> 00:14:54,600 Speaker 1: seems up standing, you trust him, and then that's that. 276 00:14:55,360 --> 00:14:59,040 Speaker 1: But made Off very much used affinity fraud, at least 277 00:14:59,040 --> 00:15:02,440 Speaker 1: at first, and then news of his amazing returns got out. 278 00:15:02,800 --> 00:15:04,400 Speaker 1: But as I was saying, the reason he was so 279 00:15:04,440 --> 00:15:07,160 Speaker 1: successful is he he didn't pull a Ponzi and say 280 00:15:07,320 --> 00:15:10,000 Speaker 1: I'll get you fifty percent return in forty five days. 281 00:15:10,160 --> 00:15:15,200 Speaker 1: You know, Uh, he offered reasonable. I think eleven percent 282 00:15:15,440 --> 00:15:18,560 Speaker 1: was the average returns over the long haul, right, That 283 00:15:18,600 --> 00:15:20,840 Speaker 1: was the key. It was very believable, well to an extent. 284 00:15:20,960 --> 00:15:23,480 Speaker 1: Have you ever looked at our prospectus, the t RO 285 00:15:23,640 --> 00:15:28,240 Speaker 1: price prospectus or prospectus. Yeah, have you ever noticed, like 286 00:15:28,280 --> 00:15:30,080 Speaker 1: if you look at it like one year, three years, 287 00:15:30,120 --> 00:15:33,280 Speaker 1: five years, ten years, and it'll be up at one 288 00:15:33,360 --> 00:15:36,640 Speaker 1: year down, three years down, five years up. He was 289 00:15:36,680 --> 00:15:40,840 Speaker 1: offering like a straight even kill eleven percent return. You 290 00:15:40,880 --> 00:15:43,400 Speaker 1: couldn't lose, right, So that actually should have been a 291 00:15:43,440 --> 00:15:47,880 Speaker 1: red flag, but it wasn't. Um And in two thousand one, Barons, 292 00:15:47,920 --> 00:15:53,040 Speaker 1: the Financial rag they published a an article on him, 293 00:15:53,360 --> 00:15:59,840 Speaker 1: specifically saying made Off can't be offering these returns. Mathematically speaking, 294 00:16:00,360 --> 00:16:04,160 Speaker 1: this isn't possible. No one listened, But chief among the 295 00:16:04,160 --> 00:16:07,360 Speaker 1: people who weren't listening was the SEC. Yeah, and they've 296 00:16:07,400 --> 00:16:09,560 Speaker 1: been under a lot of fire lately. Because they did 297 00:16:09,600 --> 00:16:12,200 Speaker 1: not listen. They did not investigate, even when it was 298 00:16:12,280 --> 00:16:15,200 Speaker 1: kind of handed to them, like hey, several times, actually 299 00:16:15,960 --> 00:16:18,480 Speaker 1: here there were like two or three formal complaints h 300 00:16:18,560 --> 00:16:21,000 Speaker 1: to them and they never followed up. Well. One reason why, 301 00:16:21,080 --> 00:16:23,400 Speaker 1: and this is even another reason why he was successful, 302 00:16:23,440 --> 00:16:26,720 Speaker 1: is he was also running a legit business alongside it, 303 00:16:27,400 --> 00:16:29,920 Speaker 1: so he could sort of defer, you know, when he 304 00:16:29,960 --> 00:16:31,640 Speaker 1: needed to pay people back and things were getting tight, 305 00:16:31,640 --> 00:16:33,160 Speaker 1: he could pull a little money out of his legit 306 00:16:33,200 --> 00:16:36,160 Speaker 1: business and do that, and apparently did so promptly if 307 00:16:36,200 --> 00:16:39,960 Speaker 1: somebody wanted to um withdrawal. Yeah, they got to check 308 00:16:40,040 --> 00:16:42,760 Speaker 1: like that, no questions asked, Like when Kevin Bacon was like, 309 00:16:43,280 --> 00:16:45,720 Speaker 1: we're heading to Barbados and I need a million dollars 310 00:16:45,760 --> 00:16:48,160 Speaker 1: because I'm gonna buy a hut on the beach. Right, 311 00:16:48,360 --> 00:16:50,600 Speaker 1: I'm trying to hide my wife from her shame for 312 00:16:50,640 --> 00:16:55,160 Speaker 1: being in the closer right. Yeah. Um so yeah, made 313 00:16:55,160 --> 00:16:57,120 Speaker 1: Off was very, very successful, to the tune of what 314 00:16:57,160 --> 00:17:00,840 Speaker 1: twenty to fifty billion dollars he made off. I know 315 00:17:00,920 --> 00:17:02,800 Speaker 1: he's got the perfect name for it. I should have 316 00:17:02,840 --> 00:17:04,439 Speaker 1: been like, wait, what's your last name? Though I'm not 317 00:17:04,520 --> 00:17:07,040 Speaker 1: investing that. Every headline has already used that, so that's 318 00:17:07,040 --> 00:17:09,600 Speaker 1: probably stale by now. Yeah, thanks for that, Chuck. So 319 00:17:09,640 --> 00:17:11,320 Speaker 1: what what can you do? Chuck? How do you stay 320 00:17:11,359 --> 00:17:13,560 Speaker 1: out of a Ponzi scheme unless you're a very savvy 321 00:17:13,600 --> 00:17:17,920 Speaker 1: investor who's totally unconscionable. Well, uh, there's a few things 322 00:17:17,920 --> 00:17:20,840 Speaker 1: you can look for, um. And and it also should 323 00:17:20,880 --> 00:17:23,199 Speaker 1: be noted that a ponzi scheme is pretty much a 324 00:17:23,280 --> 00:17:27,040 Speaker 1: one way street to collapse. There's really no way to 325 00:17:27,080 --> 00:17:29,359 Speaker 1: pull it off in the long run sustainable unless I 326 00:17:29,359 --> 00:17:31,120 Speaker 1: think a lot of people might start these and think, well, 327 00:17:31,119 --> 00:17:33,159 Speaker 1: I can get out at a certain point, pay everyone 328 00:17:33,200 --> 00:17:35,840 Speaker 1: back and make a lot of money. Um. But yeah, 329 00:17:35,880 --> 00:17:38,159 Speaker 1: it's it's not a good working model in the end. Well, 330 00:17:38,200 --> 00:17:40,480 Speaker 1: apparently the point to a ponzi schemers to keep it 331 00:17:40,480 --> 00:17:43,440 Speaker 1: going until they die. Yeah, which is considered a big 332 00:17:43,520 --> 00:17:46,960 Speaker 1: success because you live like a billionaire and then uh, 333 00:17:47,040 --> 00:17:49,159 Speaker 1: at the end, you know you die or you know, 334 00:17:49,200 --> 00:17:53,320 Speaker 1: you off yourself. Speaking of that, did you know that 335 00:17:53,480 --> 00:17:56,919 Speaker 1: um after he was found out made off with spending 336 00:17:56,920 --> 00:18:03,720 Speaker 1: a hundred and sixty grand a month on personal security? Ah? Yeah, 337 00:18:04,040 --> 00:18:06,000 Speaker 1: do you know how many in Manhattan? Do you know 338 00:18:06,000 --> 00:18:09,760 Speaker 1: how many bodyguards that buys you. That's like delta force money. 339 00:18:09,920 --> 00:18:14,160 Speaker 1: Yeah yeah, uh so, yeah, some things you can look for. Um. 340 00:18:14,200 --> 00:18:17,240 Speaker 1: The obvious, of course is if it sounds too good 341 00:18:17,280 --> 00:18:19,520 Speaker 1: to be true, it is. That's the oldest adage in 342 00:18:19,520 --> 00:18:22,359 Speaker 1: the book, and it's true across the board. Uh So, 343 00:18:22,480 --> 00:18:26,840 Speaker 1: someone's making you promises on big returns, then you should 344 00:18:26,840 --> 00:18:29,840 Speaker 1: probably turn around and walk away. Don't let anyone pressure 345 00:18:29,840 --> 00:18:32,240 Speaker 1: you into doing well. Pressure that's another point too, is 346 00:18:32,280 --> 00:18:34,600 Speaker 1: I mean, it's usually going to be a high pressure pitch, 347 00:18:34,720 --> 00:18:37,240 Speaker 1: like you have a very limited time window maybe for 348 00:18:37,280 --> 00:18:39,960 Speaker 1: as long as the person standing there, um, and you're 349 00:18:39,960 --> 00:18:42,040 Speaker 1: made to feel like a jackass if you don't take 350 00:18:42,080 --> 00:18:45,879 Speaker 1: them up on it. Um. But yeah, yeah, pressure is 351 00:18:45,920 --> 00:18:49,240 Speaker 1: definitely one one of the factors. And even one like 352 00:18:49,280 --> 00:18:53,600 Speaker 1: you said that uh like made off scam where he 353 00:18:53,640 --> 00:18:56,359 Speaker 1: would not promise huge returns, that might make it a 354 00:18:56,359 --> 00:19:00,040 Speaker 1: little more believable. But everything, like you said, fluctuates, So 355 00:19:00,480 --> 00:19:02,879 Speaker 1: if it's a consistent even if it's a consistent like 356 00:19:03,000 --> 00:19:07,000 Speaker 1: five growth for years, then that should be a red 357 00:19:07,000 --> 00:19:10,200 Speaker 1: flag right there. And also you should um ask questions 358 00:19:10,480 --> 00:19:13,359 Speaker 1: and and demand answers as well, because I mean, if 359 00:19:13,359 --> 00:19:15,800 Speaker 1: you're just if you have a friend who has a 360 00:19:15,840 --> 00:19:18,439 Speaker 1: friend that has this great investment and you cut him 361 00:19:18,440 --> 00:19:20,480 Speaker 1: a check and it turns out to be a Ponzi scheme. Well, 362 00:19:20,960 --> 00:19:23,040 Speaker 1: t s for you. That was a stupid thing to do. 363 00:19:23,600 --> 00:19:25,959 Speaker 1: You should know what your money is being invested in. 364 00:19:26,040 --> 00:19:28,960 Speaker 1: You should know who's investing it. You should and even 365 00:19:29,000 --> 00:19:31,440 Speaker 1: if it's legitimate, you should be asking these questions if 366 00:19:31,440 --> 00:19:34,320 Speaker 1: it's through any of the major brokerages, by out how 367 00:19:34,359 --> 00:19:36,960 Speaker 1: many fees there are. Just just that's a good habit 368 00:19:37,000 --> 00:19:40,600 Speaker 1: no matter what. Uh. And the other thing is um 369 00:19:40,680 --> 00:19:43,880 Speaker 1: even if you're involved in a Ponzi scheme, even if 370 00:19:43,880 --> 00:19:46,800 Speaker 1: you get sucked in, uh, you should never it should 371 00:19:46,800 --> 00:19:49,840 Speaker 1: never break you and leave you bankrupt. Excellent point, Chuck, 372 00:19:49,920 --> 00:19:52,560 Speaker 1: because this is probably the most impotant important point. Well, now, 373 00:19:52,600 --> 00:19:54,919 Speaker 1: I say diversification is a key to a good portfolio, 374 00:19:55,000 --> 00:19:57,879 Speaker 1: and this is definitely true here. You should not invest 375 00:19:57,920 --> 00:20:00,760 Speaker 1: all your money in one thing. You just setting yourself 376 00:20:00,840 --> 00:20:03,480 Speaker 1: up for bankruptcy. And whether it's a Ponzi scheme or not. 377 00:20:03,880 --> 00:20:06,320 Speaker 1: Because you do all real estate and you're just totally 378 00:20:06,320 --> 00:20:09,280 Speaker 1: invested in real estate in two thousand and seven, you're 379 00:20:09,280 --> 00:20:13,000 Speaker 1: in big trouble. I mean, even Donald Trump, Uh, hit 380 00:20:13,040 --> 00:20:15,000 Speaker 1: the lowest of the lows at one point we all forget. 381 00:20:15,040 --> 00:20:17,240 Speaker 1: I think he's lost a lot of his old edge 382 00:20:17,280 --> 00:20:20,000 Speaker 1: that he used to have. He's made some bad decisions 383 00:20:20,240 --> 00:20:22,800 Speaker 1: like the TV show. Sure no one needs to see that, 384 00:20:22,840 --> 00:20:25,639 Speaker 1: you know. And if you if you do find yourself 385 00:20:25,640 --> 00:20:27,960 Speaker 1: in a Ponzi scheme and you're not the type to 386 00:20:28,119 --> 00:20:29,919 Speaker 1: take the law into your own hands with like a 387 00:20:29,960 --> 00:20:32,760 Speaker 1: tire iron or anything like that, you could always contact 388 00:20:32,800 --> 00:20:34,919 Speaker 1: the SEC. I don't know that they'll do anything, and 389 00:20:34,960 --> 00:20:38,080 Speaker 1: they probably won't, but it's worth a shot anyway, right right, Oh, 390 00:20:38,080 --> 00:20:40,480 Speaker 1: and we should just as a sidebar here, I know 391 00:20:40,600 --> 00:20:45,080 Speaker 1: that Madeoff did confess, but they are. There's a SEC 392 00:20:45,240 --> 00:20:47,280 Speaker 1: is still coming under fire because he's claiming that he 393 00:20:47,320 --> 00:20:50,840 Speaker 1: acted alone and didn't have any help with this, which 394 00:20:50,880 --> 00:20:54,000 Speaker 1: is really really hard to believe, just because paperwork alone 395 00:20:54,080 --> 00:20:59,120 Speaker 1: for scheme this size would be huge. And uh, some 396 00:20:59,160 --> 00:21:01,359 Speaker 1: people think out there that he probably had his family 397 00:21:01,400 --> 00:21:04,080 Speaker 1: involved and then did everything he could to cover for 398 00:21:04,119 --> 00:21:06,760 Speaker 1: them and take the hits right yet to come out. Well. Also, 399 00:21:06,840 --> 00:21:09,439 Speaker 1: even if they weren't involved, their salary came directly from 400 00:21:09,480 --> 00:21:12,480 Speaker 1: the bilking of other people, even if they somehow we're 401 00:21:12,560 --> 00:21:14,959 Speaker 1: just totally unaware of it. You know, it makes it 402 00:21:15,040 --> 00:21:18,040 Speaker 1: kind of I don't know, it puts it puts their 403 00:21:18,080 --> 00:21:20,920 Speaker 1: own wealth in question, right, So yeah, so that's a 404 00:21:21,000 --> 00:21:23,560 Speaker 1: Ponzi schemes. That was very good, Chuck, Thank you, Chuck. 405 00:21:23,680 --> 00:21:25,760 Speaker 1: Last time I'll say that. Are we are we going 406 00:21:25,800 --> 00:21:29,240 Speaker 1: to talk about our spoken word album? Yes? Yeah, and 407 00:21:29,240 --> 00:21:31,680 Speaker 1: then maybe we'll talk about blogs and then listener mail 408 00:21:32,200 --> 00:21:35,439 Speaker 1: stick around. All right, So we do have a spoken 409 00:21:35,480 --> 00:21:38,359 Speaker 1: word album, our first one, and it is about the 410 00:21:38,400 --> 00:21:42,639 Speaker 1: economy and economics. Everyone knows that we are in the 411 00:21:42,720 --> 00:21:47,600 Speaker 1: second Great Depression, and um, we just kind of decided 412 00:21:47,640 --> 00:21:51,840 Speaker 1: to make a spoken word album about that. That that's 413 00:21:51,880 --> 00:21:57,560 Speaker 1: such a an off a slightly off kilter description. It's 414 00:21:57,560 --> 00:22:01,480 Speaker 1: more like a guide, right right, possibly a guide to 415 00:22:01,520 --> 00:22:04,560 Speaker 1: the economy, that's what it's called. But it's very big, right, 416 00:22:04,600 --> 00:22:07,120 Speaker 1: Like there's a lot of stuff in it, right. Yes, 417 00:22:07,240 --> 00:22:09,400 Speaker 1: it's called the Stuff you should Know, super Stuffed Guy 418 00:22:09,480 --> 00:22:13,000 Speaker 1: to the Economy, and it's got expert interviews. Josh and 419 00:22:13,040 --> 00:22:15,639 Speaker 1: I get out of studio, we go in uh around 420 00:22:15,680 --> 00:22:19,959 Speaker 1: the working Farm, chicken Farm, don't spoil it. And Jerry 421 00:22:19,960 --> 00:22:23,320 Speaker 1: are awesome producer. She did excellent sound design and it's 422 00:22:23,320 --> 00:22:26,119 Speaker 1: got more bells and whistles, and it's it's definitely a 423 00:22:26,160 --> 00:22:29,120 Speaker 1: cut above the silliness we do here each week. Yeah. Yeah, 424 00:22:29,160 --> 00:22:32,919 Speaker 1: And you can find it by typing a super stuffed 425 00:22:33,280 --> 00:22:37,480 Speaker 1: in the search bar iTunes. It's frankly chuck and I 426 00:22:37,520 --> 00:22:39,240 Speaker 1: think it's worth it. I think so. So if you 427 00:22:39,280 --> 00:22:41,520 Speaker 1: want to get it, knock yourself out, get it a 428 00:22:41,560 --> 00:22:44,160 Speaker 1: couple of times if you like support us, Yeah, because 429 00:22:44,200 --> 00:22:46,760 Speaker 1: it blows up your computer after four to eight hours, 430 00:22:46,760 --> 00:22:49,960 Speaker 1: So unless you keep downloading it fresh each time, and 431 00:22:50,000 --> 00:22:51,880 Speaker 1: I'm paying for it over and over again, not sure 432 00:22:51,920 --> 00:22:54,240 Speaker 1: at all. All right, So there was that plug that 433 00:22:54,359 --> 00:22:56,720 Speaker 1: was plugged the blog. Yes, we've been plugging the blog now. 434 00:22:56,760 --> 00:22:58,480 Speaker 1: I hope you guys aren't sick of it yet. Um. 435 00:22:58,520 --> 00:23:01,080 Speaker 1: But Josh and I blog a couple of times a day. 436 00:23:01,119 --> 00:23:04,280 Speaker 1: He post once, I post once, and it's called stuff 437 00:23:04,280 --> 00:23:06,480 Speaker 1: you should know. You can find it on the right 438 00:23:06,520 --> 00:23:09,400 Speaker 1: hand side of our homepage at House of Works dot com. 439 00:23:09,440 --> 00:23:12,880 Speaker 1: And we just cherry pick interesting news items and kind 440 00:23:12,880 --> 00:23:15,119 Speaker 1: of like what we do here, except it may not 441 00:23:15,160 --> 00:23:17,240 Speaker 1: be enough to flesh out of full show. So yeah, 442 00:23:17,280 --> 00:23:20,720 Speaker 1: and a couple of times we've we've posted on listeners 443 00:23:20,760 --> 00:23:24,080 Speaker 1: suggestions like why don't you guys do this? Actually? Um, 444 00:23:24,119 --> 00:23:26,480 Speaker 1: so yeah, keep keep the ideas coming. We love them. 445 00:23:26,520 --> 00:23:28,360 Speaker 1: We do it keeps us from having to do any 446 00:23:28,400 --> 00:23:31,359 Speaker 1: real research. Just true, and you know what that leads 447 00:23:31,400 --> 00:23:37,160 Speaker 1: us to listener mail time. That's right, Okay, Josh, this 448 00:23:37,320 --> 00:23:40,280 Speaker 1: is an installment of stuff we should know, stuff we 449 00:23:40,320 --> 00:23:45,320 Speaker 1: should have known. No, it's not, because sometimes it's additional things. 450 00:23:45,480 --> 00:23:48,679 Speaker 1: Qu's saying that. This one is from Sarah, and Sarah 451 00:23:48,720 --> 00:23:54,720 Speaker 1: wrote in UM about the word theory versus hypotheses. Sarah 452 00:23:54,800 --> 00:23:58,440 Speaker 1: is a teacher, and we say all the time, someone's theory, 453 00:23:58,520 --> 00:24:01,919 Speaker 1: someone's theory, and he says, we've been misusing it. She 454 00:24:02,000 --> 00:24:05,320 Speaker 1: says in the thinking cap podcast you repleted, you repeatedly 455 00:24:05,359 --> 00:24:10,600 Speaker 1: referenced theories about savantis um and left hemisphere damage, and 456 00:24:10,760 --> 00:24:14,359 Speaker 1: scientifically speaking, these are not theories, their hypotheses. So her 457 00:24:14,359 --> 00:24:16,479 Speaker 1: basic point is that a theory is not just an 458 00:24:16,560 --> 00:24:20,720 Speaker 1: educated guest. It's h something that a lot of detail 459 00:24:20,880 --> 00:24:22,760 Speaker 1: and research has gone into to get to the point 460 00:24:22,760 --> 00:24:24,960 Speaker 1: where you can call it a theory, like the theory 461 00:24:25,000 --> 00:24:27,840 Speaker 1: of evolution, which is often dismissed as oh, it's just 462 00:24:27,920 --> 00:24:30,680 Speaker 1: a theory, but a theory is actually got a lot 463 00:24:30,720 --> 00:24:34,080 Speaker 1: to it. So Sarah wanted us to set the record straight, 464 00:24:34,160 --> 00:24:38,600 Speaker 1: so we did that. Another little minor correction here, josh 465 00:24:38,680 --> 00:24:40,879 Speaker 1: said at one point we were the only country that 466 00:24:41,119 --> 00:24:44,560 Speaker 1: uses uh, the imperial system. I thought we got this 467 00:24:44,600 --> 00:24:47,520 Speaker 1: out of the way with the bodies on ever supodect, 468 00:24:47,560 --> 00:24:52,280 Speaker 1: we did not officially U s Burma, Liberia and Myanmar. 469 00:24:52,520 --> 00:24:55,760 Speaker 1: Myanmar and Burma are the same place, Okay, have it 470 00:24:55,840 --> 00:24:59,280 Speaker 1: ever since the junta? It's now Myanmar? Look at you? 471 00:24:59,800 --> 00:25:04,159 Speaker 1: So Rich from Omaha, Joshua from You, Claire Wisconsin, Stephen 472 00:25:04,200 --> 00:25:09,560 Speaker 1: from Newark, Delaware, and Jeanne or Gene Gene. They all 473 00:25:09,560 --> 00:25:12,120 Speaker 1: wrote in and told us that, and I have one 474 00:25:12,160 --> 00:25:14,080 Speaker 1: more and I like this one. Stephanie wrote in and 475 00:25:14,119 --> 00:25:16,680 Speaker 1: told us that on our afrods X podcast, we're talking 476 00:25:16,680 --> 00:25:20,440 Speaker 1: about phallic symbol and fallacies, and we were talking about 477 00:25:20,440 --> 00:25:24,320 Speaker 1: an oyster. Apparently there is a word for something that 478 00:25:24,400 --> 00:25:26,960 Speaker 1: resembles the female genitalia. Yeah. I was interested to hear 479 00:25:26,960 --> 00:25:29,080 Speaker 1: this because we kept saying female genitali. And I wish 480 00:25:29,200 --> 00:25:31,600 Speaker 1: that she had written in before then. And we knew 481 00:25:31,640 --> 00:25:34,560 Speaker 1: that phallus only represented the male genitalia, but I did 482 00:25:34,640 --> 00:25:38,520 Speaker 1: not realize there was one for female. Yannick y o 483 00:25:38,760 --> 00:25:41,800 Speaker 1: n I see and she said, Yannick or Yanni is 484 00:25:41,960 --> 00:25:45,520 Speaker 1: Sanskrit for the word womb vulva in place of origin. 485 00:25:46,160 --> 00:25:47,760 Speaker 1: And she said she just wanted to tell us this 486 00:25:47,840 --> 00:25:49,400 Speaker 1: because for one of the first times in her life 487 00:25:49,400 --> 00:25:52,000 Speaker 1: she actually knew something Yonnick. So thank you Stephanie for 488 00:25:52,000 --> 00:25:55,960 Speaker 1: the Yeah, thanks Stephanie getting it. I'm processing it right now. 489 00:25:56,000 --> 00:25:59,240 Speaker 1: So Yanni, canoa remember the famous tennis player? Yeah, I 490 00:25:59,320 --> 00:26:02,600 Speaker 1: knew that there's any reference to female, genn tell you Odd. 491 00:26:02,640 --> 00:26:04,560 Speaker 1: I don't wonder if he knows that. I'm sure sort 492 00:26:04,600 --> 00:26:07,320 Speaker 1: of surely. But now, so, if you want to point 493 00:26:07,320 --> 00:26:09,119 Speaker 1: out that there are other words Chuck and I are 494 00:26:09,200 --> 00:26:13,560 Speaker 1: unfamiliar with, basically, let me know that I shouldn't call 495 00:26:13,600 --> 00:26:18,120 Speaker 1: my crackpot theories theories but hypotheses instead, or just say hi. 496 00:26:18,720 --> 00:26:22,200 Speaker 1: You can send us an email to Stuff podcast at 497 00:26:22,200 --> 00:26:28,520 Speaker 1: how stuff works dot com for moralness and thousands of 498 00:26:28,560 --> 00:26:31,920 Speaker 1: other topics. Is it how stuff works dot com m 499 00:26:33,920 --> 00:26:36,480 Speaker 1: brought to you by the reinvented two thousand twelve camera. 500 00:26:36,800 --> 00:26:38,000 Speaker 1: It's ready, are you