1 00:00:08,760 --> 00:00:12,360 Speaker 1: Hi, and welcome back to the Carol Markowitz Show on iHeartRadio. 2 00:00:12,600 --> 00:00:14,600 Speaker 1: If you've been listening to this show for a while, 3 00:00:14,840 --> 00:00:17,680 Speaker 1: you know that I love to ask guests to provide 4 00:00:17,760 --> 00:00:21,599 Speaker 1: a life improving tip. I really enjoyed compiling these. I 5 00:00:21,640 --> 00:00:24,480 Speaker 1: think that the tip I hear about most often that 6 00:00:24,600 --> 00:00:27,360 Speaker 1: people have implemented in their own lives is from my 7 00:00:27,560 --> 00:00:32,599 Speaker 1: very first episode. My guest was my fantastic friend Buck Sexton, 8 00:00:33,000 --> 00:00:37,440 Speaker 1: and he said to read before bed. Now, obviously that's 9 00:00:37,560 --> 00:00:40,840 Speaker 1: not rocket science, right you read before bed, you feel better. 10 00:00:40,920 --> 00:00:43,199 Speaker 1: You don't stare at your phone. We all know that 11 00:00:43,280 --> 00:00:46,080 Speaker 1: staring at our devices right before trying to get RESTful 12 00:00:46,120 --> 00:00:48,600 Speaker 1: sleep is a recipe for tossing and turning all night. 13 00:00:48,920 --> 00:00:52,400 Speaker 1: But sometimes we just need to hear people give us 14 00:00:52,479 --> 00:00:57,279 Speaker 1: that obvious advice. Buck's advice is something that I've implemented myself. 15 00:00:57,640 --> 00:01:02,160 Speaker 1: I try to read fiction specific before bed, and I mean, look, 16 00:01:02,200 --> 00:01:05,480 Speaker 1: I'm not perfect. Do I find myself scrolling on Instagram 17 00:01:05,560 --> 00:01:08,760 Speaker 1: reels before bed some nights of the week, of course 18 00:01:08,800 --> 00:01:11,720 Speaker 1: I do. But the nights that I don't, the nights 19 00:01:11,720 --> 00:01:14,560 Speaker 1: that I follow the advice to unplug before bed, are 20 00:01:14,560 --> 00:01:19,120 Speaker 1: my best nights of sleep. And it's helpful. So the 21 00:01:19,200 --> 00:01:24,880 Speaker 1: advice doesn't have to be astonishing or startling or really unique. 22 00:01:25,319 --> 00:01:27,240 Speaker 1: It can just be something that you need to hear. 23 00:01:27,480 --> 00:01:31,120 Speaker 1: I asked my listeners and followers on Twitter to submit 24 00:01:31,160 --> 00:01:34,479 Speaker 1: their own tips for living a better life. I'm trying 25 00:01:34,520 --> 00:01:37,080 Speaker 1: to keep them kind of small and easy, like the 26 00:01:37,160 --> 00:01:40,760 Speaker 1: reading before bed one, and not big pieces of advice 27 00:01:40,800 --> 00:01:43,080 Speaker 1: that we all need but would be harder to implement. 28 00:01:43,400 --> 00:01:46,520 Speaker 1: These are my three favorites from this week, but keep 29 00:01:46,560 --> 00:01:50,040 Speaker 1: them coming. Email Carolmarkowitz Show at gmail dot com, or 30 00:01:50,120 --> 00:01:54,120 Speaker 1: tweet me at Carol on x New Twitter, whatever you 31 00:01:54,120 --> 00:01:56,680 Speaker 1: want to call it. I'll read some responses on the 32 00:01:56,720 --> 00:02:00,760 Speaker 1: show and future episodes, so tune in. The number one 33 00:02:00,800 --> 00:02:04,080 Speaker 1: thing that came up again and again is to get 34 00:02:04,120 --> 00:02:07,840 Speaker 1: off your phone. I've talked about this one here. I 35 00:02:07,960 --> 00:02:10,720 Speaker 1: understand it's a challenge, but we all know how much 36 00:02:10,760 --> 00:02:14,160 Speaker 1: better off we would be if we used our phones less. 37 00:02:14,440 --> 00:02:17,000 Speaker 1: I've talked about how I take breaks for vacation, but 38 00:02:17,360 --> 00:02:20,040 Speaker 1: I'm going to make a serious attempt to just be 39 00:02:20,320 --> 00:02:23,200 Speaker 1: on my phone less. I get that it's really tough, 40 00:02:23,440 --> 00:02:25,520 Speaker 1: and even right now, I'm thinking about all the things 41 00:02:25,520 --> 00:02:27,919 Speaker 1: that I need to get done on the Internet, which 42 00:02:27,919 --> 00:02:30,720 Speaker 1: would require me using my laptop or my phone. But 43 00:02:30,880 --> 00:02:33,520 Speaker 1: it's necessary to cut back, and I know it, and 44 00:02:33,560 --> 00:02:36,200 Speaker 1: I'm going to stop using it for like entertainment when 45 00:02:36,200 --> 00:02:39,200 Speaker 1: I wait on a line or I'm doing something that 46 00:02:39,240 --> 00:02:41,960 Speaker 1: I don't want to be doing. Number two is similar 47 00:02:42,240 --> 00:02:46,160 Speaker 1: but a little different. Somebody wrote, remember that social media 48 00:02:46,280 --> 00:02:48,639 Speaker 1: is not real life. Go out and see the world, 49 00:02:48,720 --> 00:02:51,399 Speaker 1: talk to people, live life in person. I talk about 50 00:02:51,440 --> 00:02:53,639 Speaker 1: this a lot on here. I think it gets very 51 00:02:53,680 --> 00:02:57,200 Speaker 1: easy to live your life online, especially if you work 52 00:02:57,200 --> 00:03:01,320 Speaker 1: from home. Challenge yourself to have one conversation in real 53 00:03:01,360 --> 00:03:03,200 Speaker 1: life this week. And I don't just mean with your 54 00:03:03,240 --> 00:03:06,960 Speaker 1: spouse or with your kids. I'll say a conversation has 55 00:03:07,000 --> 00:03:09,440 Speaker 1: to be three sentences long, so it can't just be 56 00:03:09,760 --> 00:03:12,200 Speaker 1: nice weather we're having with your neighbor and that's it. 57 00:03:12,880 --> 00:03:16,760 Speaker 1: Connect with people in real life. Number three is compliment 58 00:03:16,919 --> 00:03:19,839 Speaker 1: one person a day. Be the kind of person who 59 00:03:19,880 --> 00:03:23,040 Speaker 1: says nice things to others. It'll make you feel better 60 00:03:23,040 --> 00:03:26,640 Speaker 1: about yourself too, I promise. Coming up next and interview 61 00:03:26,680 --> 00:03:29,440 Speaker 1: with Javier David join us after the break. 62 00:03:33,200 --> 00:03:36,800 Speaker 2: Welcome back to the Carol Marcowitch Show on iHeartRadio. My 63 00:03:36,880 --> 00:03:40,560 Speaker 2: guest today is Javier David Javier is managing editor for 64 00:03:40,640 --> 00:03:44,720 Speaker 2: Business and Markets at Axios. He oversees the Markets, Macro 65 00:03:44,840 --> 00:03:48,920 Speaker 2: and Closer newsletters and is an unrepentant Brooklyn Night, which 66 00:03:48,960 --> 00:03:51,360 Speaker 2: is how we met when I was one two. Hi Javier, 67 00:03:51,520 --> 00:03:52,480 Speaker 2: so great to have you on. 68 00:03:52,880 --> 00:03:54,040 Speaker 3: Hey, good morning. 69 00:03:54,920 --> 00:03:58,680 Speaker 2: So I know very little about finance or financial markets, 70 00:03:58,760 --> 00:04:02,360 Speaker 2: but you're now actually the third financial journalists I've had on, 71 00:04:02,400 --> 00:04:04,800 Speaker 2: which just means I'm friends with a lot of financial journalists. 72 00:04:04,800 --> 00:04:07,560 Speaker 2: The other two were John Carney and Mitch Rochelle from 73 00:04:07,640 --> 00:04:11,720 Speaker 2: Breitbart and Box Business. But it's interesting finance and I 74 00:04:11,960 --> 00:04:15,560 Speaker 2: love to learn. So where do you see the economy going? 75 00:04:15,680 --> 00:04:18,480 Speaker 2: You know, in a sort of playing terms for people 76 00:04:18,520 --> 00:04:20,200 Speaker 2: who don't know a lot about what's going on. 77 00:04:21,640 --> 00:04:25,159 Speaker 3: Yeah. John Carney incidentally is one of my former colleagues 78 00:04:25,160 --> 00:04:28,520 Speaker 3: who work together at NBC. A great guy, super smart, 79 00:04:29,440 --> 00:04:32,400 Speaker 3: huge amount of respect for them. Hi John, if you're listening, 80 00:04:33,760 --> 00:04:37,800 Speaker 3: But yeah, sure he's listening. He is. I see him 81 00:04:37,800 --> 00:04:41,120 Speaker 3: all the time on Twitter, but not in person. But 82 00:04:41,200 --> 00:04:44,080 Speaker 3: all that said, yeah, the economy in twenty twenty four 83 00:04:45,880 --> 00:04:49,760 Speaker 3: kind of puzzled, you know, against all odds. And I 84 00:04:49,800 --> 00:04:51,800 Speaker 3: know this is a sort of controversial thing to say. 85 00:04:51,800 --> 00:04:54,120 Speaker 3: It shouldn't be, but you know, the economy, the US 86 00:04:54,200 --> 00:04:59,119 Speaker 3: economy is really in a lot of respects outperformed every 87 00:04:59,200 --> 00:05:02,880 Speaker 3: other major and we're in an election year, and you know, 88 00:05:02,960 --> 00:05:06,120 Speaker 3: it's sort of, uh, the economy becomes something of a 89 00:05:06,160 --> 00:05:09,320 Speaker 3: ror shark test where if you're you know, whether you're 90 00:05:09,320 --> 00:05:12,120 Speaker 3: a Democrat or Republican, and all kind of is skewed 91 00:05:12,200 --> 00:05:17,200 Speaker 3: based on kind of a or view through a partisan lens. 92 00:05:17,960 --> 00:05:21,040 Speaker 3: And that's unfortunate because you know, you have a jobs 93 00:05:21,040 --> 00:05:25,400 Speaker 3: market that is really really strong after a very long 94 00:05:25,440 --> 00:05:30,120 Speaker 3: period where workers wages were stagnant. People are earning more, 95 00:05:30,279 --> 00:05:33,320 Speaker 3: they're earning more or getting more from their employers. That's 96 00:05:33,320 --> 00:05:37,280 Speaker 3: a good thing. You know, unemployment below four percent, that 97 00:05:37,640 --> 00:05:40,640 Speaker 3: has been there's a lot of noise surrounding the state 98 00:05:40,640 --> 00:05:42,960 Speaker 3: of the jobs market because we've had a tremendous amount 99 00:05:43,000 --> 00:05:45,800 Speaker 3: of layoffs announcements since since at the start of the year. 100 00:05:46,080 --> 00:05:48,839 Speaker 3: I mean a lot of that has been concentrated in 101 00:05:48,920 --> 00:05:51,560 Speaker 3: sectors that kind of over hire during the pandemic, and 102 00:05:51,880 --> 00:05:55,520 Speaker 3: that would be technology and also in the field that 103 00:05:55,560 --> 00:05:58,560 Speaker 3: we're in, which is media. And if you remember I 104 00:05:58,560 --> 00:06:01,080 Speaker 3: think twenty one twenty one twenty twenty two, it seemed 105 00:06:01,080 --> 00:06:05,080 Speaker 3: like everybody was getting a new job somewhere right. It 106 00:06:05,160 --> 00:06:07,840 Speaker 3: was kind of the Yolo economy, and everyone was like, Hey, 107 00:06:07,839 --> 00:06:11,880 Speaker 3: I'm gonna go you know, personal news on Twitter like that. 108 00:06:13,960 --> 00:06:15,640 Speaker 3: You know, it was a really heady time to be 109 00:06:16,600 --> 00:06:19,760 Speaker 3: a journalist and you after, you know, you come into 110 00:06:19,760 --> 00:06:23,400 Speaker 3: this profession and you don't really believe that you're gonna 111 00:06:23,400 --> 00:06:26,000 Speaker 3: make a lot of money. And people started getting good money. 112 00:06:26,680 --> 00:06:29,080 Speaker 3: But now we're kind of overcorrecting for that what was 113 00:06:29,120 --> 00:06:33,760 Speaker 3: in that sort of an over hiring. But all things considered, 114 00:06:33,839 --> 00:06:37,240 Speaker 3: the inflation, I think that's what everyone is kind of 115 00:06:37,279 --> 00:06:40,080 Speaker 3: like on the phone. That's what everyone's talking about. And 116 00:06:40,480 --> 00:06:43,599 Speaker 3: why views about the economy are so to you because 117 00:06:43,640 --> 00:06:47,560 Speaker 3: we are in fact paying much more for everything, and 118 00:06:47,600 --> 00:06:50,159 Speaker 3: more than we've paid in a very long time, and 119 00:06:50,240 --> 00:06:55,159 Speaker 3: the data suggests that we are. In fact. Inflation is slowing. Now. 120 00:06:55,240 --> 00:06:58,839 Speaker 3: Slowing is a different animal altogether than falling prices, and 121 00:06:59,040 --> 00:07:02,360 Speaker 3: you have a lower rate of inflation, but prices are 122 00:07:02,360 --> 00:07:05,800 Speaker 3: still rising, so we kind of call it disinflation, which 123 00:07:05,800 --> 00:07:09,040 Speaker 3: means that, yeah, inflation is still there. It's still president, 124 00:07:09,040 --> 00:07:10,480 Speaker 3: it's still at the risk, and it's one of the 125 00:07:10,520 --> 00:07:14,560 Speaker 3: reasons why the Federal Reserve won't kind of commit to 126 00:07:14,720 --> 00:07:17,880 Speaker 3: cutting rates anytime this year because there is a real 127 00:07:17,960 --> 00:07:21,560 Speaker 3: risk that it could pick up again. And those of 128 00:07:21,640 --> 00:07:24,400 Speaker 3: us old enough to remember guys like you know, Vulgar 129 00:07:24,480 --> 00:07:27,960 Speaker 3: and green Span, These guys were Federal Reserve chairmen who 130 00:07:28,000 --> 00:07:30,280 Speaker 3: were committed inflation fighters that they weren't about this stuff 131 00:07:30,280 --> 00:07:32,240 Speaker 3: all the time, that if you allowed inflation to get 132 00:07:32,240 --> 00:07:35,160 Speaker 3: out of control, it absolutely would and it would kind 133 00:07:35,200 --> 00:07:38,880 Speaker 3: of devour everything. So we're coming out of this era, 134 00:07:39,400 --> 00:07:44,840 Speaker 3: or this particular juncture where prices were really, really high, 135 00:07:45,040 --> 00:07:48,440 Speaker 3: but now they're starting to normalize. So again, normalizing is 136 00:07:48,480 --> 00:07:51,760 Speaker 3: different than falling, which isn't a good thing either, because 137 00:07:51,760 --> 00:07:54,440 Speaker 3: you don't want deflation. It's is almost that as inflation, 138 00:07:54,520 --> 00:07:58,280 Speaker 3: but you want to stable prices. And managed to kind 139 00:07:58,320 --> 00:08:01,840 Speaker 3: of stick the landing and hyped rates. It's broad inflation 140 00:08:01,960 --> 00:08:06,320 Speaker 3: sort of under control nominally, and the growth is still there. 141 00:08:06,360 --> 00:08:10,600 Speaker 3: And more importantly, anyone that needs a job can find 142 00:08:10,600 --> 00:08:13,040 Speaker 3: a job, and that the data shows that it's a 143 00:08:13,040 --> 00:08:16,360 Speaker 3: lot tougher than it was a year ago. But certainly 144 00:08:16,960 --> 00:08:19,280 Speaker 3: people can feel confident in the fact that like this 145 00:08:19,440 --> 00:08:22,520 Speaker 3: is a place, you know, the economy. Economy is in 146 00:08:22,560 --> 00:08:25,360 Speaker 3: a place where people can find jobs, you can earn money, 147 00:08:25,480 --> 00:08:27,760 Speaker 3: and it's you know, it's not a disaster. The economy 148 00:08:27,800 --> 00:08:28,920 Speaker 3: is certainly not fallen off cliff. 149 00:08:29,440 --> 00:08:34,079 Speaker 2: Where would we first see that inflation go down? Because 150 00:08:34,160 --> 00:08:37,400 Speaker 2: I have not seen. I just I'm constantly amazed up 151 00:08:37,440 --> 00:08:40,160 Speaker 2: prices like I, you know, I've been blessed do I, 152 00:08:40,679 --> 00:08:43,160 Speaker 2: you know, really haven't had a financial downturn in the 153 00:08:43,200 --> 00:08:45,840 Speaker 2: last few years that a lot of people did during 154 00:08:45,880 --> 00:08:49,560 Speaker 2: the pandemic. And I am like horrified at a lot 155 00:08:49,559 --> 00:08:53,040 Speaker 2: of the prices, and I just think that it makes 156 00:08:53,080 --> 00:08:56,440 Speaker 2: me afraid for the future because I just don't see 157 00:08:56,440 --> 00:08:59,080 Speaker 2: them going down. But you're saying that they may, So 158 00:08:59,120 --> 00:09:01,439 Speaker 2: where would we feel that or see that first? 159 00:09:01,679 --> 00:09:03,760 Speaker 3: So we're seeing it, we're starting to see I think 160 00:09:03,800 --> 00:09:06,640 Speaker 3: people get the most triggered by grocery prices. 161 00:09:06,320 --> 00:09:08,480 Speaker 2: And grocery prices I am triggered. 162 00:09:09,000 --> 00:09:13,480 Speaker 3: And they're still very high. The data says that they're 163 00:09:13,520 --> 00:09:15,480 Speaker 3: still rising, but at a much more normal rate. Where 164 00:09:15,520 --> 00:09:18,480 Speaker 3: people are actually starting to see the sticker shop, honestly 165 00:09:18,760 --> 00:09:20,640 Speaker 3: is when they go out to You remember, at one 166 00:09:20,640 --> 00:09:24,240 Speaker 3: point last year, over the last year or so, it 167 00:09:24,400 --> 00:09:26,800 Speaker 3: was cheaper to eat out than it was to stay 168 00:09:26,800 --> 00:09:30,920 Speaker 3: at home. Any prices were so absurd. Now we're at 169 00:09:31,200 --> 00:09:35,280 Speaker 3: in this particular juncture where the grocery prices are starting 170 00:09:35,320 --> 00:09:38,000 Speaker 3: to level off. But again, leveling off isn't a different 171 00:09:38,040 --> 00:09:43,040 Speaker 3: animal than falling still high, but like moderating. A lot 172 00:09:43,040 --> 00:09:47,080 Speaker 3: of the fast food joints are have hiked prices and 173 00:09:47,160 --> 00:09:49,720 Speaker 3: they're starting to see some pushback from that because people 174 00:09:49,720 --> 00:09:52,680 Speaker 3: are not eating there as much. And as a matter 175 00:09:52,720 --> 00:09:58,080 Speaker 3: of fact, we had a couple of fast food operators 176 00:09:58,160 --> 00:10:01,920 Speaker 3: report earnings just as ye and some of them, you know, 177 00:10:01,960 --> 00:10:04,800 Speaker 3: were we then expected because it's starting to get the 178 00:10:04,880 --> 00:10:10,280 Speaker 3: data suggest the numbers suggested people are not necessarily inclined 179 00:10:10,320 --> 00:10:12,360 Speaker 3: to just keep paying or coming out of pocket. 180 00:10:12,400 --> 00:10:15,720 Speaker 2: Like my brother was telling me yesterday that McDonald's is 181 00:10:15,800 --> 00:10:16,800 Speaker 2: like in collapse. 182 00:10:17,160 --> 00:10:21,839 Speaker 3: And that's concerning McDonald's. McDonald's an interesting story because they 183 00:10:21,920 --> 00:10:25,840 Speaker 3: really thrived during the pandemic, and you know, their whole 184 00:10:25,920 --> 00:10:29,520 Speaker 3: sort of stick is the dollar menu, the cheap eats 185 00:10:29,559 --> 00:10:32,640 Speaker 3: that they've got really great value for their for their 186 00:10:32,720 --> 00:10:36,080 Speaker 3: you know, for what they offer. And if you're an 187 00:10:36,080 --> 00:10:38,400 Speaker 3: app user, like it's even better because you kind of 188 00:10:38,400 --> 00:10:42,960 Speaker 3: accumulate loyalty points, you get special deals and whatever. So 189 00:10:43,120 --> 00:10:44,840 Speaker 3: I'm a big fan of McDonald's and I love their 190 00:10:44,840 --> 00:10:48,760 Speaker 3: app and I absolutely love their coffee. But in terms 191 00:10:48,800 --> 00:10:53,880 Speaker 3: of crisis, everyone is starting to realize that this isn't 192 00:10:54,000 --> 00:10:56,000 Speaker 3: just a one way bet. You can't just sort of 193 00:10:56,320 --> 00:10:58,600 Speaker 3: pass on costs, pass on costs, and the real reason 194 00:10:58,600 --> 00:11:01,800 Speaker 3: that we have to sort of be fair. The real 195 00:11:01,880 --> 00:11:06,040 Speaker 3: reason why we're seeing such sort of price inflation is 196 00:11:06,080 --> 00:11:08,679 Speaker 3: because it costs a lot of these companies a lot 197 00:11:08,720 --> 00:11:12,080 Speaker 3: more to do business, and so their inputs like f loower, eggs, 198 00:11:12,400 --> 00:11:15,640 Speaker 3: all of the things that are used to make a meal. Yeah, 199 00:11:15,880 --> 00:11:19,920 Speaker 3: prices of skyprocketed. So at some point there's a willingness 200 00:11:19,960 --> 00:11:23,120 Speaker 3: for the company to eat some of those costs. But 201 00:11:23,160 --> 00:11:24,880 Speaker 3: at some point it's like, it's costing me a lot 202 00:11:24,920 --> 00:11:26,240 Speaker 3: to put all of this together, and I'm going to 203 00:11:26,280 --> 00:11:27,480 Speaker 3: start passing it out to consumer. 204 00:11:28,080 --> 00:11:30,679 Speaker 2: Right, will millennials ever be able to buy a house 205 00:11:30,840 --> 00:11:33,320 Speaker 2: or are they just going to be eating avocado toasts 206 00:11:33,520 --> 00:11:36,720 Speaker 2: in their in their rentals for the rest of their lives? 207 00:11:36,960 --> 00:11:42,720 Speaker 3: Yes, you know this is there's a strain of thought 208 00:11:42,800 --> 00:11:45,080 Speaker 3: that says, you know, you shouldn't deprive and I've seen 209 00:11:45,080 --> 00:11:47,760 Speaker 3: this a lot more recently, and I'm up to minds 210 00:11:47,760 --> 00:11:52,440 Speaker 3: like don't deprive yourself of things that make you feel good. 211 00:11:53,640 --> 00:11:57,040 Speaker 2: That's been my philosophy. Are my husband doesn't love that, 212 00:11:57,200 --> 00:11:58,560 Speaker 2: but yeah, that's that's how I live. 213 00:11:59,120 --> 00:12:01,840 Speaker 3: Well, here's the thing, like, I think we all sort 214 00:12:01,840 --> 00:12:04,560 Speaker 3: of grew up with this idea that you know, especially 215 00:12:04,640 --> 00:12:07,480 Speaker 3: for those of us a certain generation, like you had 216 00:12:07,520 --> 00:12:10,960 Speaker 3: to save every day, wasn't you know, you can treat 217 00:12:11,000 --> 00:12:13,560 Speaker 3: yourself and like maybe that's every week or once a 218 00:12:13,600 --> 00:12:16,920 Speaker 3: week or once every two weeks or whatever, but there 219 00:12:17,000 --> 00:12:19,240 Speaker 3: was a limit and that you kind of had to 220 00:12:19,280 --> 00:12:23,280 Speaker 3: impose the differenscipline. You had to live within a budget. Nowadays, 221 00:12:23,320 --> 00:12:25,840 Speaker 3: I think, primarily because of the proliferation of social media 222 00:12:25,920 --> 00:12:27,720 Speaker 3: and things like that, there's a lot of i don't know, 223 00:12:27,760 --> 00:12:29,880 Speaker 3: for lack of a better, certain period pressure. People feel 224 00:12:29,880 --> 00:12:34,600 Speaker 3: obligated fomo or you know that. They call it lifestyle cre. 225 00:12:34,720 --> 00:12:38,080 Speaker 2: People and hey, the US government does it, so whatever. 226 00:12:39,320 --> 00:12:40,960 Speaker 3: Well, yeah, that's a whole lot of conversation. 227 00:12:41,080 --> 00:12:43,640 Speaker 2: But hey, buy all the Starbucks treats. 228 00:12:43,760 --> 00:12:46,640 Speaker 3: Yeah, and so the idea people are making more money 229 00:12:46,679 --> 00:12:48,800 Speaker 3: in the data suggests they are. Wages were going up. 230 00:12:48,840 --> 00:12:53,200 Speaker 3: So that entails people looking and saying, hey, I'm making 231 00:12:53,200 --> 00:12:54,960 Speaker 3: a little bit more money, why don't I You know, 232 00:12:55,000 --> 00:13:00,800 Speaker 3: I couldn't afford that, you know, fifty dollars caviar lunch before, 233 00:13:00,920 --> 00:13:03,079 Speaker 3: but now I can. I can afford to go to 234 00:13:03,200 --> 00:13:05,920 Speaker 3: Vail for vacation, I can afford to do all of 235 00:13:05,960 --> 00:13:08,680 Speaker 3: these other things. And that's when it starts to catch 236 00:13:08,760 --> 00:13:10,720 Speaker 3: up with you. So there's got to be, you know, 237 00:13:11,120 --> 00:13:14,080 Speaker 3: a balance, like if you buy in Buying a house 238 00:13:14,160 --> 00:13:17,720 Speaker 3: is a real responsibility. It's a very expensive proposition, and 239 00:13:17,760 --> 00:13:21,120 Speaker 3: I think people aren't don't really fully prepare themselves for 240 00:13:21,240 --> 00:13:25,360 Speaker 3: just how much home ownership involves a lot of money, 241 00:13:25,440 --> 00:13:28,680 Speaker 3: a lot of responsibility, a lot of time. It involves 242 00:13:28,720 --> 00:13:30,440 Speaker 3: like putting down and down payment. And if you've got 243 00:13:30,480 --> 00:13:31,839 Speaker 3: to put down and down payment, I mean you don't 244 00:13:31,880 --> 00:13:35,480 Speaker 3: have a rich relative or rich parents or whatever, You're 245 00:13:35,520 --> 00:13:37,120 Speaker 3: going to have to figure out how to come up 246 00:13:37,160 --> 00:13:40,880 Speaker 3: with that money by yourself. Mortgage rates being what they are, 247 00:13:41,040 --> 00:13:43,719 Speaker 3: they've come off seven eight percent levels which we saw 248 00:13:43,880 --> 00:13:46,440 Speaker 3: just several months ago, but it's still not cheap and 249 00:13:46,480 --> 00:13:50,120 Speaker 3: housing is still very very scarce. Affordable housing is still 250 00:13:50,160 --> 00:13:52,040 Speaker 3: very very scarce. So you have to look at all 251 00:13:52,040 --> 00:13:54,000 Speaker 3: of these things and say like, yeah, I can have 252 00:13:54,080 --> 00:13:56,560 Speaker 3: my Starbucks, I can have my avocado toast, but I 253 00:13:56,600 --> 00:13:58,760 Speaker 3: actually do at some point want to own a house 254 00:13:59,320 --> 00:14:01,080 Speaker 3: and it's not going to be so I've got to 255 00:14:02,080 --> 00:14:06,800 Speaker 3: make the sorts of decisions. Now. You know, when you 256 00:14:07,080 --> 00:14:10,400 Speaker 3: spend all of these money, all this money regularly, it 257 00:14:10,440 --> 00:14:12,240 Speaker 3: starts to add up, right. 258 00:14:12,360 --> 00:14:16,360 Speaker 2: Not necessarily on avocado toast. If you're you know, spending 259 00:14:16,360 --> 00:14:20,720 Speaker 2: the money you should be using on a down payment, it's. 260 00:14:20,520 --> 00:14:23,800 Speaker 3: The new vision pro thing. Like, and if you've got 261 00:14:23,800 --> 00:14:27,320 Speaker 3: a lot of money on credit cards and you're carrying balances, 262 00:14:27,840 --> 00:14:30,440 Speaker 3: you're paying interest on it. You're paying a substantial amount 263 00:14:30,480 --> 00:14:33,240 Speaker 3: of interests. You're paying at least to twenty percent interest. 264 00:14:33,560 --> 00:14:35,920 Speaker 3: There's more or less the average APR, and that's a 265 00:14:36,120 --> 00:14:38,400 Speaker 3: record high. So all of these things add up, and 266 00:14:38,440 --> 00:14:40,480 Speaker 3: so they seem in the moment it's like, Okay, it's 267 00:14:40,560 --> 00:14:43,360 Speaker 3: just five dollars, twenty dollars whatever, a lot of money. 268 00:14:43,520 --> 00:14:46,320 Speaker 3: But if you continually do it, and you're working toward 269 00:14:46,360 --> 00:14:50,640 Speaker 3: a financial goal that involves ownership of a home or 270 00:14:50,800 --> 00:14:53,840 Speaker 3: car or whatever it might be, these are things that 271 00:14:53,880 --> 00:14:56,800 Speaker 3: you just have to really weigh in consideration to like 272 00:14:56,920 --> 00:15:00,360 Speaker 3: where you are now and what you've got available and 273 00:15:00,400 --> 00:15:01,560 Speaker 3: where you actually want to go. 274 00:15:01,920 --> 00:15:03,680 Speaker 2: Yeah, I feel like I'm going to send this video 275 00:15:03,840 --> 00:15:07,280 Speaker 2: to the US government and say, like, hey, Javier says 276 00:15:07,280 --> 00:15:09,400 Speaker 2: that maybe you shouldn't outspend what. 277 00:15:09,320 --> 00:15:11,440 Speaker 1: You're earning, just you know, all the way. 278 00:15:12,320 --> 00:15:16,800 Speaker 3: Yeah, that's that's one of my favorite topics. We're get 279 00:15:16,800 --> 00:15:16,960 Speaker 3: on that. 280 00:15:18,680 --> 00:15:20,640 Speaker 2: We're going to take a quick break and be right 281 00:15:20,680 --> 00:15:27,880 Speaker 2: back on the Carol Markowitz Show. So switching away from 282 00:15:28,280 --> 00:15:31,320 Speaker 2: the financial world. A question that I ask all of 283 00:15:31,320 --> 00:15:34,400 Speaker 2: my guests is what would you say is our largest 284 00:15:34,720 --> 00:15:38,160 Speaker 2: societal or cultural problem? And do you think it's solvable? 285 00:15:38,800 --> 00:15:46,640 Speaker 3: Wow, We've got a lot of projects. I think I 286 00:15:46,680 --> 00:15:48,600 Speaker 3: think a lot of it. I think people blame social 287 00:15:48,640 --> 00:15:50,080 Speaker 3: media for a lot of things, and I think we 288 00:15:50,320 --> 00:15:55,080 Speaker 3: do have, you know, a number of challenges and our 289 00:15:55,200 --> 00:15:57,760 Speaker 3: law our biggest is were really disconnected. And I think 290 00:15:57,800 --> 00:16:03,680 Speaker 3: that people attributed to you what's what's the best way 291 00:16:03,720 --> 00:16:06,880 Speaker 3: to phrase this? People think it's individualism, But I don't 292 00:16:06,880 --> 00:16:08,960 Speaker 3: believe it's individualism. All the people wanting to do what 293 00:16:09,000 --> 00:16:11,040 Speaker 3: they want to do and they're just looking out for themselves, 294 00:16:12,040 --> 00:16:13,840 Speaker 3: and I don't think that that's really the problem. I 295 00:16:13,880 --> 00:16:18,000 Speaker 3: just think that people are very not are thoughtless, that's 296 00:16:18,000 --> 00:16:20,280 Speaker 3: the best way to put it. Like they're doing things 297 00:16:20,400 --> 00:16:24,200 Speaker 3: or they're behaving in a way that just they're not 298 00:16:24,240 --> 00:16:26,840 Speaker 3: really considering not only themselves, but kind of like the 299 00:16:26,880 --> 00:16:29,280 Speaker 3: domino effect of what they do, like in the future, 300 00:16:29,320 --> 00:16:33,480 Speaker 3: and how that impacts you know, future decision, future availability, future, 301 00:16:33,800 --> 00:16:37,440 Speaker 3: you know, the resources. And in a lot of way, 302 00:16:37,720 --> 00:16:39,960 Speaker 3: you know, we this what we see on social media 303 00:16:40,000 --> 00:16:42,880 Speaker 3: playing out on Twitter or Instagram on any given day 304 00:16:43,640 --> 00:16:46,120 Speaker 3: is really a function of the fact that we are 305 00:16:46,320 --> 00:16:49,640 Speaker 3: very disconnected from ourselves, and I think people are trying 306 00:16:49,920 --> 00:16:54,080 Speaker 3: their best to fill a void and they're just getting 307 00:16:54,080 --> 00:16:56,200 Speaker 3: it all wrong. And a lot of it is you know, 308 00:16:56,400 --> 00:17:00,320 Speaker 3: expressed in you know, consumerism and the crazy news that 309 00:17:00,320 --> 00:17:04,080 Speaker 3: we see on Twitter and social media, and it's all 310 00:17:04,200 --> 00:17:09,160 Speaker 3: a symptom of just something that's really really deeply ingrained 311 00:17:09,840 --> 00:17:14,600 Speaker 3: and that people really are struggling to try and reconcile 312 00:17:14,640 --> 00:17:16,280 Speaker 3: themselves with or compensate for. 313 00:17:18,000 --> 00:17:20,120 Speaker 2: And do you think it's solvable? Is this something that 314 00:17:21,160 --> 00:17:21,919 Speaker 2: we can fix? 315 00:17:22,560 --> 00:17:27,080 Speaker 3: You know, I want to call myself an optimist, but 316 00:17:27,200 --> 00:17:31,840 Speaker 3: you know, I see things just jumping the rails every day, 317 00:17:32,200 --> 00:17:36,800 Speaker 3: like you you you, I'm more of a realist than 318 00:17:36,840 --> 00:17:39,479 Speaker 3: I am optimistic. And it's one of those things, as 319 00:17:39,560 --> 00:17:41,520 Speaker 3: cliches in might sound. I think it's going to get 320 00:17:41,520 --> 00:17:43,520 Speaker 3: worse before it gets better. And I think that people 321 00:17:44,640 --> 00:17:47,360 Speaker 3: we have to hit rock bottom, and apparently I don't 322 00:17:47,400 --> 00:17:49,880 Speaker 3: think we're there yet, and everything I think we are 323 00:17:50,000 --> 00:17:54,240 Speaker 3: sort of at a rock bottom. Things get a little worse, 324 00:17:55,359 --> 00:17:58,720 Speaker 3: and so all of that said, like I just I 325 00:17:58,760 --> 00:18:02,760 Speaker 3: feel like we need to stop placing so much in 326 00:18:02,880 --> 00:18:04,920 Speaker 3: order for things to get better. We need to stop 327 00:18:04,960 --> 00:18:10,560 Speaker 3: placing so much faith or emphasis in politics or the 328 00:18:10,560 --> 00:18:14,520 Speaker 3: political system. People are looking for some sort of like 329 00:18:14,800 --> 00:18:18,160 Speaker 3: you know, superman or super woman or people that were 330 00:18:18,200 --> 00:18:22,000 Speaker 3: to redeem themselves or redeem how you feel about their circumstances, 331 00:18:22,000 --> 00:18:23,639 Speaker 3: and that's the wrong way to look at it. Like, 332 00:18:23,720 --> 00:18:27,359 Speaker 3: and when we're electing government officials, we're not electing our best, 333 00:18:27,520 --> 00:18:34,879 Speaker 3: and we're certainly no, we're not electing our best, and 334 00:18:34,920 --> 00:18:38,560 Speaker 3: we're kind of like imbuing them with this power some 335 00:18:38,640 --> 00:18:40,639 Speaker 3: sort of thing. We kind of want them to govern 336 00:18:40,720 --> 00:18:42,680 Speaker 3: a certain way or govern over in US and like 337 00:18:42,800 --> 00:18:47,119 Speaker 3: we you know, we used to govern ourselves. These people 338 00:18:47,119 --> 00:18:49,680 Speaker 3: work for us. When you elect them. They're supposed to 339 00:18:49,680 --> 00:18:52,199 Speaker 3: be making decisions on our behalf, and they're supposed to 340 00:18:52,240 --> 00:18:55,480 Speaker 3: be like accountable to us, and a lot of ways 341 00:18:55,680 --> 00:18:57,439 Speaker 3: it's not working out that way. And I think that 342 00:18:57,440 --> 00:19:00,720 Speaker 3: that's part of an expression of the whole disconnect and 343 00:19:01,359 --> 00:19:03,680 Speaker 3: the fact that people are yearning for something but are 344 00:19:03,880 --> 00:19:06,480 Speaker 3: like putting it in all of putting the emphasis on 345 00:19:06,560 --> 00:19:08,000 Speaker 3: all the wrong things and all the wrong people. 346 00:19:08,200 --> 00:19:10,520 Speaker 2: I normally end with this question, but this seems like 347 00:19:10,560 --> 00:19:14,480 Speaker 2: a natural segue. Here is what's your best tip for 348 00:19:14,600 --> 00:19:17,360 Speaker 2: my listeners on how they can improve their lives? 349 00:19:19,440 --> 00:19:22,320 Speaker 3: Get off the computer once in a while, Just close 350 00:19:22,359 --> 00:19:25,679 Speaker 3: the phone, close the laptop, go out, go to a movie. 351 00:19:25,800 --> 00:19:29,080 Speaker 3: I go to the movies every week. Really, you're a 352 00:19:29,119 --> 00:19:30,959 Speaker 3: Brooklyn night and you know, you know where the night 353 00:19:31,000 --> 00:19:34,879 Speaker 3: Hawk is the night week. Every week they have great 354 00:19:34,960 --> 00:19:37,920 Speaker 3: retro movies, like I'm going to see Shafts next week. 355 00:19:39,560 --> 00:19:41,879 Speaker 3: I saw Mommy Darius there a few weeks ago, a 356 00:19:41,960 --> 00:19:44,879 Speaker 3: few months ago. I really enjoy the movies, and I 357 00:19:44,880 --> 00:19:47,400 Speaker 3: really enjoy going to the movies. It's strangers itself by myself. 358 00:19:47,440 --> 00:19:49,600 Speaker 3: I just kind of like sitting in the movie theater 359 00:19:49,840 --> 00:19:52,520 Speaker 3: and it's dark and you got your popform food. If 360 00:19:52,520 --> 00:19:54,840 Speaker 3: you go to place like the Nighthawk, they serve cocktails, 361 00:19:54,840 --> 00:19:57,360 Speaker 3: they starve for full menu. It's really cool and it's 362 00:19:57,400 --> 00:19:59,560 Speaker 3: like and I'm in walking distance, so often most of 363 00:19:59,600 --> 00:20:01,560 Speaker 3: the time I end up walking there, riding my bike, 364 00:20:02,000 --> 00:20:05,320 Speaker 3: getting fresh air and sort of unplugging from the matrix. 365 00:20:05,359 --> 00:20:10,520 Speaker 3: That well convinced ourselves we need to participate and partake 366 00:20:10,560 --> 00:20:13,919 Speaker 3: in every day and give hot takes and on the 367 00:20:14,040 --> 00:20:16,959 Speaker 3: Instagram or whatever, and give it all the rest, like 368 00:20:17,200 --> 00:20:21,280 Speaker 3: you know, give yourself, give your like, your mind a break. 369 00:20:22,600 --> 00:20:24,399 Speaker 2: What would you be doing if you were not a 370 00:20:24,400 --> 00:20:26,679 Speaker 2: financial journalist? What would the plan b for? 371 00:20:26,760 --> 00:20:30,399 Speaker 3: Javier believe or I really wanted to be a lawyer 372 00:20:30,400 --> 00:20:36,720 Speaker 3: at one point I forget that. The cliffs stillest version 373 00:20:36,760 --> 00:20:38,359 Speaker 3: of my life is like right it from high school, 374 00:20:38,359 --> 00:20:41,040 Speaker 3: went straight to the military. I was a paralegal in 375 00:20:41,119 --> 00:20:45,000 Speaker 3: the Army. I got exposed to law that way, and 376 00:20:45,040 --> 00:20:46,560 Speaker 3: I was like, Wow, this is great. I want to 377 00:20:46,560 --> 00:20:49,560 Speaker 3: do this. And I graduated Like once I got a 378 00:20:49,600 --> 00:20:52,240 Speaker 3: military I went right to college. I blasted my way 379 00:20:52,240 --> 00:20:55,480 Speaker 3: through college, double major in economics and politics and I 380 00:20:55,560 --> 00:20:58,159 Speaker 3: minored in English LID. And my whole idea was I 381 00:20:58,200 --> 00:20:59,600 Speaker 3: was going to you know, leverage that to go to 382 00:20:59,680 --> 00:21:02,719 Speaker 3: walls cool, But then as like, wow, it's a three 383 00:21:02,800 --> 00:21:05,800 Speaker 3: year commitment and it's so expensive, and so I got 384 00:21:05,840 --> 00:21:11,040 Speaker 3: a master's degree instead. I kind of stumbled into financial journalism. 385 00:21:11,040 --> 00:21:13,320 Speaker 3: But I was actually, you know, once upon a time 386 00:21:14,240 --> 00:21:16,880 Speaker 3: during myself for preparing myself for a career in law. 387 00:21:17,200 --> 00:21:20,360 Speaker 2: Wow, I really would not have guessed that. I feel 388 00:21:20,400 --> 00:21:23,160 Speaker 2: like you might have missed your calling with voiceover work. 389 00:21:23,200 --> 00:21:26,119 Speaker 2: You have this great voice and it's so soothing. I 390 00:21:26,119 --> 00:21:29,639 Speaker 2: could like listen to, you know, tell me about financial markets. 391 00:21:29,720 --> 00:21:33,520 Speaker 3: And so it's not Shakespeare, but. 392 00:21:35,320 --> 00:21:38,000 Speaker 2: I believe in you. I think you could totally do Shakespeare. 393 00:21:39,160 --> 00:21:42,480 Speaker 3: I used to love Shakespeare. I was a big Shakespeare fan. 394 00:21:42,640 --> 00:21:44,760 Speaker 2: I could see that, yeah, and I could see you, 395 00:21:44,760 --> 00:21:48,360 Speaker 2: you know, on a stage like its just something to consider, 396 00:21:48,480 --> 00:21:53,480 Speaker 2: you know, right, do you feel like you've made it? 397 00:21:54,440 --> 00:21:58,879 Speaker 3: No, I feel like made king. It is a misnomer. 398 00:21:59,080 --> 00:22:01,119 Speaker 3: It's almost like miss leading in a lot of ways. 399 00:22:01,200 --> 00:22:04,800 Speaker 3: It's like, you know, you never stop learning and you 400 00:22:04,880 --> 00:22:07,879 Speaker 3: should never stop growing. And I think that once you 401 00:22:08,000 --> 00:22:12,800 Speaker 3: have like that's a real danger. I am firmly of 402 00:22:12,840 --> 00:22:14,919 Speaker 3: the belief that, like, you know, I don't know what 403 00:22:15,000 --> 00:22:16,760 Speaker 3: make it looks like and I think that a lot 404 00:22:16,800 --> 00:22:18,720 Speaker 3: of ways, like a lot of us look to people 405 00:22:18,760 --> 00:22:20,840 Speaker 3: with a lot of money and a lot of power 406 00:22:20,880 --> 00:22:24,080 Speaker 3: and famous, and it's like, wow, like I want that, 407 00:22:24,200 --> 00:22:27,000 Speaker 3: and you don't. Necessarily. Those folks have a lot of problems. 408 00:22:27,000 --> 00:22:29,040 Speaker 3: I don't. Necessarily I wouldn't want to be Elon Musk 409 00:22:29,080 --> 00:22:31,600 Speaker 3: for all the money and the billions that he has, 410 00:22:32,400 --> 00:22:35,320 Speaker 3: I would want I probably Taylor Swift. 411 00:22:35,640 --> 00:22:38,440 Speaker 2: I just I always think, like such a tough life. 412 00:22:38,160 --> 00:22:41,199 Speaker 3: But it really is. And I feel firmly that money, 413 00:22:41,320 --> 00:22:43,359 Speaker 3: a lot of money, just turns people into animals. And 414 00:22:43,400 --> 00:22:46,359 Speaker 3: the proximity to it, people just feel like they have 415 00:22:46,440 --> 00:22:48,600 Speaker 3: to have it, or they have to ingratiate themselves with 416 00:22:48,680 --> 00:22:50,800 Speaker 3: people that have it so that they can get some 417 00:22:50,920 --> 00:22:54,920 Speaker 3: of it. It, you know, corrodes your morality, It can 418 00:22:55,119 --> 00:22:58,400 Speaker 3: corrode your sense of self, and it's not a good thing. 419 00:22:58,440 --> 00:23:00,960 Speaker 3: And I would, you know, just always said to myself, 420 00:23:00,920 --> 00:23:03,280 Speaker 3: I just want to live comfortably, and I do live comfortably, 421 00:23:03,280 --> 00:23:05,639 Speaker 3: and I'm like, I'm grateful and I'm thankful for like 422 00:23:05,720 --> 00:23:07,640 Speaker 3: the life that I have and the decisions that I've 423 00:23:07,640 --> 00:23:09,719 Speaker 3: made and the fact that you know, my bills are 424 00:23:09,720 --> 00:23:14,840 Speaker 3: paid I can come see my mom and Miami most important, 425 00:23:16,440 --> 00:23:19,000 Speaker 3: and go hang out in West Palm Beach sometimes even 426 00:23:19,760 --> 00:23:23,800 Speaker 3: But yeah, I just I have to correct you. 427 00:23:23,800 --> 00:23:26,240 Speaker 2: Though we saw each other on Palm Beach, the people 428 00:23:26,359 --> 00:23:28,680 Speaker 2: on Palm Beach do not like when you call Palm 429 00:23:28,720 --> 00:23:29,840 Speaker 2: Beach West Palm Beach. 430 00:23:30,240 --> 00:23:33,520 Speaker 3: Like as I said, my my, my knowledge of Florida 431 00:23:33,520 --> 00:23:36,840 Speaker 3: gets a little fuzzy over around Fort Laarden. I went 432 00:23:36,840 --> 00:23:39,600 Speaker 3: to high school in Miami, so I'm like South, very 433 00:23:39,640 --> 00:23:43,480 Speaker 3: South Florida oriented. But like everything, passport starts again a 434 00:23:43,520 --> 00:23:44,119 Speaker 3: little blurning. 435 00:23:44,600 --> 00:23:47,520 Speaker 2: Yeah. Well, I love that advice, you know, get off 436 00:23:47,560 --> 00:23:50,000 Speaker 2: the internet, and I you know, I talk about that 437 00:23:50,040 --> 00:23:53,160 Speaker 2: on the show a lot. Touch Grass, Live your life, 438 00:23:53,840 --> 00:23:55,879 Speaker 2: love it. Thank you so much for coming on, Javier. 439 00:23:55,960 --> 00:23:58,359 Speaker 2: I love talking to you and we'll hopefully talk to 440 00:23:58,400 --> 00:23:58,960 Speaker 2: you again soon. 441 00:23:59,440 --> 00:24:00,760 Speaker 3: Definitely. Thanks for having me. 442 00:24:01,000 --> 00:24:03,400 Speaker 1: Thanks so much for joining us on The Carol Markowitz Show. 443 00:24:03,440 --> 00:24:05,560 Speaker 1: Subscribe wherever you get your podcasts.