Speaker 1: So how bad is the economy, how much of it
Speaker 1: is government driven? How much of it is Biden driven.
Speaker 1: You've got people like Elon Musk who are reportedly cutting
Speaker 1: ten percent of salaried workforce, and in a message to
Speaker 1: executives that I have a super bad feeling about the economy,
Speaker 1: got people like JP Morgan's Jamie Diamond who said that
Speaker 1: there's a hurricane coming and people should brace themselves. So
Speaker 1: what is coming? And how do you at home prepare?
Speaker 1: We're going to get into all of these questions and
Speaker 1: get answers from my friend Carol Roth. She's awesome. She's
Speaker 1: a good friend, such a smart woman as well. She's
Speaker 1: the author of New York Times best selling book The
Speaker 1: Entrepreneur Equation. She also just most recently wrote The War
Speaker 1: on Small Business, just really smartly looking at what happened
Speaker 1: during COVID, how small businesses were just crushed. The average
Speaker 1: American was crushed in favor of the big right, like
Speaker 1: the walmarts, the targets, they all got to stay open, right.
Speaker 1: Every one who's you know, tied to the you know,
Speaker 1: the government, tied to you know, powerful politicians, whatever, they
Speaker 1: gotta stay afloat recovering investment bank. Or's got a whole
Speaker 1: lot going on, including currently as it an outsourced c CEO.
Speaker 1: She's also just got a great sense of humor as well,
Speaker 1: which I feel like it is needed in this day
Speaker 1: and age. Right, everything so depressing, so we have to
Speaker 1: laugh a little bit, we have to enjoy life. My
Speaker 1: favorite thing from her website and her bio, it says
Speaker 1: she advocates for small businesses, small government, and big hair.
Speaker 1: So she's got a sense of humor. So we're going
Speaker 1: to get into all these things with Carol Roth. You know,
Speaker 1: hopefully she clears some things up for us, so stay tuned.
Speaker 1: So I hate most people at home. I mean, we're
Speaker 1: all paying more, right, we're all saying that the economy
Speaker 1: is a total mess. So how bad is it? You know,
Speaker 1: what do we need to know? So I brought my
Speaker 1: friend Carol Roth to the show. If you guys don't
Speaker 1: follow her on Twitter, you should. Not only is she brilliant,
Speaker 1: but she also has a sense of humor, which is
Speaker 1: needed in this day and age. So Carol, thanks so
Speaker 1: much for coming on the show. Thanks for having me,
Speaker 1: And I'm going to bitterly cling to anything that's even
Speaker 1: somewhat humorous. So I know this the overall the macro
Speaker 1: environment isn't funny, but we're going to do our best
Speaker 1: to keep our wits about as Lisa well. And if
Speaker 1: you don't follow Carol for financial advice, which you should
Speaker 1: on Twitter, you should also follow her for where would
Speaker 1: you wear this? The post so Carol Carol hash tag
Speaker 1: on what occasion? On what occasion? Rather Yeah, So basically
Speaker 1: Carol posts these pictures of people distressing insane, but it's
Speaker 1: mostly like runway, and I think people actually think it
Speaker 1: looks good, but it's just very, very funny, and then
Speaker 1: the comments are funny. I try to chime in every
Speaker 1: once in a while if I appreciate you. The funniest
Speaker 1: thing is that the one that I started it with
Speaker 1: actually was something that wasn't from a runway, was something
Speaker 1: that I had just kind of seen and I didn't
Speaker 1: mean to make it a thing. I was just like,
Speaker 1: what occasion would you wear this? But I've conditioned people
Speaker 1: to respond and to engage everything, and I got so
Speaker 1: many funny responses that like, I had to do it again.
Speaker 1: And then when I got funny response, I was like, Okay,
Speaker 1: this is now officially a thing, and now the thing.
Speaker 1: But but you know, to the point, people do need
Speaker 1: some humor because you know, we're looking at the economy.
Speaker 1: Everyone's paying more for essentially everything. I mean, order uber eats,
Speaker 1: there's like search charges, taxed attached, you know, attached to everything.
Speaker 1: Everything is just more expensive. But how bad is the
Speaker 1: economy truly right now? So it's always interesting when we
Speaker 1: talk about the economy because the economy is based and
Speaker 1: measured on sort of these aggregate things. It's based on
Speaker 1: government spending in part which we don't necessarily want that
Speaker 1: to be high and adding to our GDP. It's based
Speaker 1: on net exports, which obviously, given the current strength of
Speaker 1: the dollar globally and just some of the things, um
Speaker 1: that have happened around the world. Um, you know, sometimes
Speaker 1: it's hard to gauge. And then it's based on business
Speaker 1: investment and the consumer. And so you know, we like
Speaker 1: it when businesses are investing and hiring and letting people participates,
Speaker 1: and we like it when the consumer is feeling great
Speaker 1: about things and it's spending to the extent that their
Speaker 1: expenditures aren't putting them in a bad financial position. And
Speaker 1: that's a part that I'm the most focused on and
Speaker 1: frankly the most furious. You know, we've we've gone from
Speaker 1: funny to furious in like two seconds. But but this
Speaker 1: really is the part that I'm furious about because we've
Speaker 1: had all of these very bad policy decisions, monetary policy
Speaker 1: from the federal Reserve, fiscal policy from Congress and this
Speaker 1: administration and frankly the previous this administration, um and other
Speaker 1: government policies, and they have created the situation, like you said,
Speaker 1: that we that we are all feeling. But now they're
Speaker 1: looking to the consumer, the strength of the consumer to
Speaker 1: spend and to bail us out. And what that means
Speaker 1: is as individuals people are going in, they are saving less,
Speaker 1: they are incurring more debts, and they're putting themselves in
Speaker 1: a bad financial position in order to quote unquote to
Speaker 1: quote endquote save the economy. So to the extent that
Speaker 1: the economy is doing well, it's somewhat on the back
Speaker 1: of people making sacrifices of their financial position. And so,
Speaker 1: you know, there is this sort of push pull that's
Speaker 1: going on that I don't think enough people are talking
Speaker 1: about well. And there's also this shaming of people to
Speaker 1: your point, and we've got the media basically telling us
Speaker 1: that breadline are good, that scarcity is good, that like living,
Speaker 1: having a normal life is bad now, you know, So
Speaker 1: it's it's quite a time to be alive, it is.
Speaker 1: It's it's really a slap in the face because the
Speaker 1: media have been these sort of cheerleaders and useful idiots
Speaker 1: to point out everything that is completely untrue, and then
Speaker 1: once it's proved true, to tell you why it's not
Speaker 1: a bad thing. And we saw that whip inflation, that
Speaker 1: that entire litany of you know, it's not going to happen.
Speaker 1: It'll run a little bit hot, it'll be transitory. And
Speaker 1: then it was, oh, it's the consumer's fault. No, actually,
Speaker 1: it's good for you. It's only bad for rich people.
Speaker 1: It's greedy corporation's fault. Now it's Putin's fault. And like
Speaker 1: you said, breadlines are a great way to meet your neighbor.
Speaker 1: You know, it's like we're one step away from that
Speaker 1: um but there, you know, just wear a mask, you know. Yeah,
Speaker 1: I mean the people are not stupid. They're going to
Speaker 1: wherever it is, the growthery store, the gas station, trying
Speaker 1: to book a trip, you know, whatever it is that
Speaker 1: they're doing in their lives. And they're seeing these you know,
Speaker 1: percentage increases, which by the way, are far higher than
Speaker 1: the reported percentage increases. Things like the CPI, which is
Speaker 1: the official measure of inflation, which has been changed a
Speaker 1: couple of times since the nineties to depress it because
Speaker 1: it's tied to adjustments and cost of living adjustments and
Speaker 1: things like Social Security. If they told you the actual
Speaker 1: amount um, you know, that that things were really increased,
Speaker 1: they'd have to pay out a lot more in terms
Speaker 1: of a number of these different programs. So people know
Speaker 1: that that they're getting screwed over um. But at the
Speaker 1: same time, the powers that be want to tell you
Speaker 1: what a fantastic economy it is, all of this you know, amazing,
Speaker 1: amazing stuff that they've done, And the part that's the
Speaker 1: most frustrating is sort of the out of context um comparisons,
Speaker 1: things like, oh, you know, well in the fourth quarter,
Speaker 1: was this you know huge as g d P. Well, yeah,
Speaker 1: like you shut the economy up and then they opened
Speaker 1: it back up on a comparison level like you would
Speaker 1: expect it to be higher. It's nowhere near as high
Speaker 1: as it should have been. You know, by the way,
Speaker 1: in the first quarter this year, we had negative GDP,
Speaker 1: So like, you know, stop cherry picking this information and
Speaker 1: putting it out of context, because we're not stupid, even
Speaker 1: though you seem to think that we are. Well and
Speaker 1: to that point, so how do we you know, obviously
Speaker 1: I trust you, which is you know why you're or
Speaker 1: you're on the show, and we try to get to
Speaker 1: the truth on this show. That's the whole point of it,
Speaker 1: Like who can we trust and who are the experts?
Speaker 1: Because well we you know, I made a mask or
Speaker 1: joke about masks. You know, masks don't work. But COVID
Speaker 1: was eye opening because we realized that the experts, the
Speaker 1: quote unquote experts are actually idiots. They lack any common
Speaker 1: sense whatsoever, and they lie to us. So you know,
Speaker 1: you look at the same logic applied to the economic experts.
Speaker 1: Who do we trust? How do we get to the
Speaker 1: truth in this environment? Trust nobody, Lisa, trust no, don't
Speaker 1: even trust me. You know that you can't trust people.
Speaker 1: You have to look at information. You have to look
Speaker 1: at principles and so look at a wide variety of information,
Speaker 1: do your own research and then come to your own conclusions,
Speaker 1: and you know, keep track of people's track records as well. Uh,
Speaker 1: the economy is very difficult to predict because there are
Speaker 1: things that happen along the way that change the course
Speaker 1: in the trajectory. But generally, look, you know, when you're
Speaker 1: listening to people and say, you are they repeating talking points?
Speaker 1: Is this something that makes sense in the context of
Speaker 1: all the other information that I'm seeing? Does this sit
Speaker 1: right in my gut? I mean, there there are a
Speaker 1: bunch of things out there where I'm hearing a stuff
Speaker 1: and I'm just in my gut, I'm like, you know,
Speaker 1: that just doesn't sit right with me. You trust, trust yourself,
Speaker 1: trust your guts over you know, any one specific person.
Speaker 1: I think that this is the time we have to do, unfortunately,
Speaker 1: a lot of research UM independently and look at a
Speaker 1: bunch of different sources, and no, you're never going to
Speaker 1: have the right answer, but at least you'll have enough
Speaker 1: context and information to make us somewhat educated and informed
Speaker 1: set of choices. And I think it's also why you
Speaker 1: need to as you approach UM, you know, your own
Speaker 1: personal finance and economic well being, why you have to
Speaker 1: remain optimistic but also be realistic and you know, set
Speaker 1: up that preparation because even if the worst case scenario
Speaker 1: doesn't come true. No one's ever say, well, you know,
Speaker 1: I'm really bumms that I you know, over prepared or whatnot.
Speaker 1: That that's never something that that any boy, scout, girl scout,
Speaker 1: or anybody else would ever say to you. You've touched
Speaker 1: on it. But how much what we're face seeing is
Speaker 1: government driven? And well, obviously we saw the experts thinking
Speaker 1: we could essentially shut down the economy and then just
Speaker 1: reopen it, or even looking at the baby formula shortage.
Speaker 1: So I was reading about the WIG program, which kind
Speaker 1: of helped create this crisis, even dating back to think
Speaker 1: it was like the eighties or whatever. But basically because
Speaker 1: of this government program, we've sort of allowed some of
Speaker 1: these manufacturers to have a monopoly in the market. I
Speaker 1: think there's really basically four main manufacturers a baby formula
Speaker 1: in the United States. And so you know, even with that, right, So,
Speaker 1: how much of our issues or our self inflicted or
Speaker 1: our government driven, I mean almost all of them? Um,
Speaker 1: the government all it does is create barriers to opportunities
Speaker 1: and wealth creation. I mean I can't really think of
Speaker 1: anything that they've done where it's like, oh yeah, no,
Speaker 1: that's really helped foster growth and widespread individual wealth opportunities.
Speaker 1: UM So, I think they bear a lot of the blame,
Speaker 1: and it's you know, it's a reality that we have
Speaker 1: to be aware of. Um. As you know, my previous book,
Speaker 1: The War on Small Business, UM I talked about, you know,
Speaker 1: sort of that great consolidation and the fact that the
Speaker 1: government works very closely with the big businesses to put
Speaker 1: up these barriers and to put up these regulations that
Speaker 1: do end up in scenarios like if something goes wrong
Speaker 1: with one of those companies, we have a systemic failure
Speaker 1: and a baby food shortage. You know that that is insanity,
Speaker 1: and that is because you know, there isn't the widespread competition,
Speaker 1: whether it's you know, internal to the US or externally.
Speaker 1: Um you know, to to avoid that from happening. And
Speaker 1: you know, in the greater economic front, you know, all
Speaker 1: of the inflation was entirely driven by policy. You know,
Speaker 1: people say, well, the Federal Reserve isn't really the government,
Speaker 1: but really they get their mandate from Congress and they
Speaker 1: give their profits back to the treasury. That sounds pretty
Speaker 1: government e to me. So you know, you can keep
Speaker 1: pretending that they're this independent agency, UM. But you know
Speaker 1: they're printing of trillions of dollars, the administrations UM printing
Speaker 1: of trillions of dollars, and especially the American Rescue Plan,
Speaker 1: which came after the economy was opened back up and
Speaker 1: the vaccines were rolling out, we were already seeing percolating inflation.
Speaker 1: The decisions that they've made UM in terms of canceling
Speaker 1: oil and gas leases, the cozying up to the E
Speaker 1: s G lobby and having them direct capital away from
Speaker 1: energy resource. I mean, all of these things are tied together,
Speaker 1: and all of these are central planning bad decisions, you know,
Speaker 1: outside the scope of the free market, and in every
Speaker 1: SCEAREO throughout history during all of time, those decisions don't
Speaker 1: do as well as your free market, open decisions being
Speaker 1: made by millions of people over and over again on
Speaker 1: a daily basis. Quick commercial break more of the economy
Speaker 1: with Carol Roth. Can we ever have a free market too?
Speaker 1: When you're a point, you know, essentially everything is manipulated.
Speaker 1: So there's a spectrum, right, This is the way that
Speaker 1: I view it. So, so the free market, freedom, choice
Speaker 1: opportunity of many people that has a lot of transparency happening,
Speaker 1: versus that central planning, which is a handful of people
Speaker 1: making decisions on behalf of everyone, which is very opaque.
Speaker 1: And I just see it as sort of like a
Speaker 1: pendulum or a movement along the spectrum. You either move
Speaker 1: closer to that free market scenario, or you move further
Speaker 1: away from it. And we had a time when we
Speaker 1: were much closer to that, and we have been, you know,
Speaker 1: kind of marching steadily in the other directions. Will we
Speaker 1: ever have at scale a hundred percent everything free market,
Speaker 1: It's highly highly unlikely and not you know, not at scale.
Speaker 1: Maybe in like little little areas or nuggets or unclaves,
Speaker 1: but not at scale. But we can move you much
Speaker 1: further in that direction. But given the behemoth that the
Speaker 1: government has become at every level, in particularly the federal government, um,
Speaker 1: you know, it's going to take some serious fortitude, you know,
Speaker 1: whether it's getting a whole bunch of people into Congress,
Speaker 1: you know, willing to do the things to tear it apart,
Speaker 1: to tear it down to its foundational studs, whether it's
Speaker 1: some sort of convention of the States or whatnot. But
Speaker 1: it's going to take a really concerted effort, um and
Speaker 1: it's going to take the fortitude of people to give
Speaker 1: up that little crom and morsel that you're getting and
Speaker 1: understand that you will do much better in the grand
Speaker 1: scheme of things by giving that up. I mean, that
Speaker 1: was the whole thing with you know, these COVID relief
Speaker 1: dollars that so many of us tried to warrant about. Okay,
Speaker 1: you got your twelve hundred dollar check, but next year
Speaker 1: it's going to cost you an extra six thousand dollars
Speaker 1: to get that twelve check. Don't do it. And people said, no,
Speaker 1: I want my twelve hundred dollar check. I want my
Speaker 1: free money from the government. It wasn't free, it was
Speaker 1: really expensive. Um. So the more people who can learn
Speaker 1: those lessons and eventually go okay, yeah, I'm willing to
Speaker 1: make that, you know, kind of short term benefit trade
Speaker 1: off for the long term wealth creation and freedom opportunities
Speaker 1: for ourselves. You know, if we can get more people
Speaker 1: on board with that, we will be in a much
Speaker 1: better position. So basically, it's going to take some people
Speaker 1: with some big cahunas. That's another way to say it. Yes,
Speaker 1: wait to wait to get right to the points on
Speaker 1: that one. Sorry I had asked you earlier. You know
Speaker 1: how much of this is government driven, but how much
Speaker 1: of it is Biden driven? Um? So I like to
Speaker 1: be fair about this. I mean, the reality is that
Speaker 1: I hate the Yeah, yes, I mean there's not lots
Speaker 1: Like I'm not even sure that he's in charger he
Speaker 1: knows what's going on. You know, this was set in
Speaker 1: motion before he came on board. The stupid decisions that
Speaker 1: the fifteen days to slow the spread was, you know,
Speaker 1: an architecture of the Trump administration, and then it went
Speaker 1: down to the States, and the States took it and
Speaker 1: abused it and made it a whole big thing. The
Speaker 1: Federal Reserve started intervening in the market in March of two,
Speaker 1: you know, on an emergency basis, support them by June
Speaker 1: of the NASDAC June five, in an intra day, all
Speaker 1: time high, all time high. We don't need emergency port
Speaker 1: or support when you have one of the industries hitting
Speaker 1: an all time high. They could have just stopped it then.
Speaker 1: But again, you know, the former administration like the booming
Speaker 1: stock market, so certainly you know they weren't going to go, hey, guys,
Speaker 1: maybe you should pull back. So all of this was
Speaker 1: set in motion, and it would have been bad However,
Speaker 1: when Biden got in it put in place, he exacerbated
Speaker 1: all of those things. So you know, as I said that,
Speaker 1: you know, the cancelation of the oil and gas leasas
Speaker 1: the changing of the energy Polly policy and embracing um,
Speaker 1: you know, this kind of e s g uh fringe
Speaker 1: group that's now become quite mainstream in terms of the
Speaker 1: direction of of what they're doing for capital allocation, the
Speaker 1: American Rescue Plan, you know, throwing one point nine trillion
Speaker 1: dollars onto this kindling fire. They took something that wasn't
Speaker 1: going to be great and just fully exacerbated it. He
Speaker 1: you know, he reappointed Powell, he brought back Janet Yellen,
Speaker 1: who has Secretary of the Treasury who's been wrong about everything.
Speaker 1: So um, you know, he what he should be doing, frankly,
Speaker 1: is spending more time going yeah, I know it's tough,
Speaker 1: but you know I inherited all of these things instead
Speaker 1: of trying to sell how wonderful it is, because he
Speaker 1: doesn't want to have to admit to you know, his
Speaker 1: peace um of contribution, which was substantial. But there is
Speaker 1: there's a two part issue. Part of this is systemic
Speaker 1: and it doesn't matter, you know, who isn't in in
Speaker 1: the White House or who's in Congress unless something shifts,
Speaker 1: and then part of it, you know, lay squarely at
Speaker 1: the feet of this particular administration, who, by the way,
Speaker 1: have not done one positive thing since they start. There's
Speaker 1: there's not one thing that I can look at and go,
Speaker 1: you know, that was a decision that makes people lives better,
Speaker 1: not one thing since he started. See, I don't think
Speaker 1: they want to make people's lives better, Like I believe
Speaker 1: this is with intention. It's by design to push people
Speaker 1: to the policies that they want. I mean, they're essentially
Speaker 1: giving people, the American people middle finger when it comes
Speaker 1: to gas prices because they want everything to shift towards
Speaker 1: their green climate agenda, right, So like they want people
Speaker 1: to suffer. I mean, he made those choices regarding fossil fuels,
Speaker 1: like nuking the Keystone pipeline with intention, and then they
Speaker 1: laugh at us, like his energy secretary being like, oh,
Speaker 1: we'll just get an electric card. You wouldn't be strong,
Speaker 1: you know what I mean. So it's like they don't care,
Speaker 1: like they want us to hurt. And like I was
Speaker 1: even reading about, you know, with the war on fossil fuels.
Speaker 1: I mean obviously having an impact on gas prices and
Speaker 1: energy and all that, but even like chemical fertilizers increasing
Speaker 1: the cost of food because chemical fertilizers are made largely
Speaker 1: from natural gas, and so like the suffering is by design.
Speaker 1: Have I opinion, Yeah, that's a huge point, because it's
Speaker 1: not just the cost of those fertilizers, it's the fact
Speaker 1: that we don't have enough of them at any cost.
Speaker 1: And it's not just here in the US, but it's
Speaker 1: a global issue. And some of the decisions that they
Speaker 1: have made are going to lead if a few things
Speaker 1: don't fall into place here over the next couple of weeks,
Speaker 1: going to lead to mass starvation of potentially hundreds of
Speaker 1: millions of people around the globe, and that is going
Speaker 1: to lead to social unrest, which potentially could lead to
Speaker 1: large scale war, like much larger than just Russia Ukraine.
Speaker 1: And again, these are all decisions that could be even
Speaker 1: if he went in in one direction, like he could stop,
Speaker 1: he could right now change things, and it wouldn't solve
Speaker 1: all of the issues, but at least it would kind
Speaker 1: of move things in the right direction. And they fundamentally,
Speaker 1: like you said, don't care and you can't tell me
Speaker 1: any differently, because if I was looking at all the
Speaker 1: things that you potentially could do, and many people have
Speaker 1: brought them up, they are unwilling to do any of
Speaker 1: those and completely screwt the issues with stupid pr stunts,
Speaker 1: you know, laying the blame somewhere else, um, you know,
Speaker 1: or are just like trying to go local squirrel over
Speaker 1: here and deflect. But these are real issues. See. I
Speaker 1: feel like I need to give like affirmations throughout these
Speaker 1: episodes because it's like everything so like you know, like
Speaker 1: like from the Help, like you are kind, you are pretty,
Speaker 1: you're important or whatever. It is, Like it's gonna be okay, guys,
Speaker 1: we're gonna get through this together, you know. Well here,
Speaker 1: so let's let's talk about the optimistic stuff, because the
Speaker 1: optimistic stuff, you know, at the end of the day,
Speaker 1: you know, what makes America great is not the government.
Speaker 1: It's the people. And you know, the foundational principles and
Speaker 1: you know the companies and industry and you know all
Speaker 1: of those kinds of things. And even though we have
Speaker 1: things that are moving in a bad direction, we still
Speaker 1: have a lot of that. Right. We have a lot
Speaker 1: of fantastic people. We have a lot of people willing
Speaker 1: to stand up for freedoms. We have a lot of
Speaker 1: great company companies, We have a lot of great innovation. Um. So,
Speaker 1: as I said, like, you know, this isn't the most
Speaker 1: like completely uplifting thing, but we are the skinniest kid
Speaker 1: at fat Camp. Like there is no other place around
Speaker 1: the world where you're like, oh well, we really better
Speaker 1: watch out because that country, you know, they're really focused
Speaker 1: on individual rights and capitalism, and they're going to come
Speaker 1: and they're going to eat our lunch because you know,
Speaker 1: they're doing the things that we did a couple of
Speaker 1: hundred years ago. Um. You know, there there's there is
Speaker 1: There is no one else, Tina, There is no alternative.
Speaker 1: So you know, that's the one thing that we have
Speaker 1: going for us, you know, in addition to just the
Speaker 1: solid foundation of what is America. But we the government
Speaker 1: is doing everything they can to mess this thing up. Um,
Speaker 1: and we we really really do need to start taking
Speaker 1: some serious actions. Quick break more about what you need
Speaker 1: to know about the current economy with Carol Ross. But
Speaker 1: you talk about being the skinnies at fat Camp, but
Speaker 1: they're even attacking that is they're telling us that Lizzo
Speaker 1: is the epitome of health, So we can't even have that.
Speaker 1: I guess up and down down is up loved his rights?
Speaker 1: I mean it's um, you know it is. You joke
Speaker 1: about four analogies and people keep going, oh, you know,
Speaker 1: it's so lazy, but it isn't. It's like literally makes
Speaker 1: you feel on many days like you're living in a
Speaker 1: dystopian novel. And it has gotten to the point where
Speaker 1: it's somewhat indistinguishable between parody and reality. Like I will
Speaker 1: often read a headline and go, is this a serious thing?
Speaker 1: Is this the Babylon be like is this somebody? Like?
Speaker 1: I can't I fundamentally, and I'm you know, I'm pretty insightful,
Speaker 1: Like I fundamentally can't tell any more Lisa and it.
Speaker 1: You know, we do need to keep our our sense
Speaker 1: of humor about that. I think, well, you really do.
Speaker 1: I wish I was trying to pull it up on Twitter,
Speaker 1: but I can't pull it up fast enough. There's like
Speaker 1: something with Lena Dunham recently and a bathing suit and
Speaker 1: they're like, oh, she's so hot, like the media, and
Speaker 1: I'm like, no, that's not true. Don't we have eyes? People?
Speaker 1: You know, it's so frustrating. It's like a normal person too,
Speaker 1: because like unlike you who's like, you know, like super
Speaker 1: thin and gorgeous or whatever, Like I'm just like normal,
Speaker 1: So I kind of feel like you have to be
Speaker 1: on one end of the spectrum. Like if you're like
Speaker 1: super huge and like you know, just ridiculous, they're like, oh,
Speaker 1: she's so beautiful and brave and stunning whatever. And then obviously,
Speaker 1: you know, if you're sinning beautiful, you're sending pautful. But
Speaker 1: like if you're starting is like, you know, an extra
Speaker 1: ten pounds, like forget about it. Like everyone in the
Speaker 1: middle like just it's it's like a barbelt. Like everything else.
Speaker 1: They're wiping out the people in the middle. They don't
Speaker 1: care about the middle class. They don't care about the
Speaker 1: middle weight. Anyone who's in the middle is just you know, completely.
Speaker 1: I try to go the gym like every day, though,
Speaker 1: so it's probably not like the easiest one the best
Speaker 1: way to fast. I do too, but you're you're younger
Speaker 1: than me. Once you hit a certain age, it doesn't
Speaker 1: matter how many Like I've I've worked out probably five
Speaker 1: to six times a week, but I also like food,
Speaker 1: so that's I'm not feeling that I'm thirty seven, all
Speaker 1: like two glasses of wine, I'm hung over the next day,
Speaker 1: so my body's but I want you back to the
Speaker 1: But you'd previously uh, you know, talked about E s G.
Speaker 1: Talk a little bit about that for the audience. The
Speaker 1: Environmental Social and governance, you know what that is, Why
Speaker 1: it's impacting companies across the country, and just a overall culture.
Speaker 1: So just to touch on that a little bit, if
Speaker 1: you don't mind. S G is wild because it is
Speaker 1: something that has created such dislocation and capital markets, yet
Speaker 1: so few people, I mean even people at like high
Speaker 1: levels of finance, I haven't even heard of it. I
Speaker 1: gotta I gotta teach ben Stein, the amazing ben Stein, Bueller, Bueler,
Speaker 1: voodoo economics, all of that. What it is um And
Speaker 1: basically part of the reason I think people don't know
Speaker 1: what it is is because it's intentionally opaque and difficult
Speaker 1: to define. So there are these quote unquote standards environmental
Speaker 1: social and governance created by lord knows who, you know,
Speaker 1: the the important elite people, and this is just basically
Speaker 1: a centrally planned set of objectives. There people in the
Speaker 1: World Economic Forum, there are you know, leaders of the
Speaker 1: Green New Deal, all those kinds of people who come
Speaker 1: together and say, these are the agendas we want to push,
Speaker 1: and we need to put a wrapper around them to
Speaker 1: to make it palatable and to get people to comply.
Speaker 1: So we're gonna make this something that companies need to
Speaker 1: comply with. And so then you get a class of people,
Speaker 1: you know that the sort of Peter Thiel calls them
Speaker 1: the rackets. Here's the consultants, the accountants, the lawyers, who
Speaker 1: all go, oh, there's a way to make a fee here.
Speaker 1: Same thing with people on Wall Street. Oh well, my
Speaker 1: E t F doesn't charge up any that much in
Speaker 1: terms of fees, but if I make a special E
Speaker 1: S G t F, you know, maybe then I can
Speaker 1: charge more. And so they start ramming this down the
Speaker 1: throat of corporations. And if you're a corporation, you just
Speaker 1: want to mitigate risk. You don't want to not have
Speaker 1: access to capital, you don't want to know cause major disturbances.
Speaker 1: You're just like, Okay, that's fine, pay the consultants. And
Speaker 1: that's how it sort of gets entrenched. And you know,
Speaker 1: there's two pieces of this which are somewhat in conflict.
Speaker 1: There's a piece, that's just an entire scam about it.
Speaker 1: The former CIO of the kind of sustainable investing at
Speaker 1: black Rock quit over this and basically said it does
Speaker 1: nothing for the environment. You know, it's it's a complete scam.
Speaker 1: It's a way to make fees. But at the same time,
Speaker 1: despite that, uh, you do have all of these people
Speaker 1: pushing it, and it has impacted the way that lenders
Speaker 1: and investors invest because if a company is targeted because
Speaker 1: it doesn't have a good E. S G score, you know,
Speaker 1: kind of social credit if you will, for companies, um,
Speaker 1: they can't raise capital. And that's what we're seeing happen
Speaker 1: with a lot of these energy companies though, well you're
Speaker 1: not you know, green enough, and you're not doing the
Speaker 1: things that we told you you need to do, and
Speaker 1: so you know, we're not allowed to make investments in
Speaker 1: your company. And if you don't have the investment capital,
Speaker 1: then the companies don't make the investments. You know, oil gas,
Speaker 1: all that kind of stuff doesn't just like fall from
Speaker 1: the sky. The process that's involved there and there's a
Speaker 1: long lead time, and so that's part of the problem
Speaker 1: why we're having the supply issues. UM. You here in
Speaker 1: the US you know, in addition to the cancelation of
Speaker 1: some of the oil and gas. So this E s
Speaker 1: G movement is you know, both nefarious from a hey
Speaker 1: it's a grift, but also from you know, kind of
Speaker 1: these people with bad intentions who are pushing it to
Speaker 1: try to cram different agendas down corporations throats because they
Speaker 1: know that companies won't comply with their idiocy. You know
Speaker 1: that they're trying to do what's best for the shareholders
Speaker 1: based on market dynamics UM, and this is a way
Speaker 1: for central planners, you know, by holding capital allocation and
Speaker 1: other ratings hostage, UM can try to to manipulate companies
Speaker 1: and then you know, that comes back to you because
Speaker 1: it means that you're not getting the same level of innovation.
Speaker 1: It means companies aren't doing things based on the benefits
Speaker 1: to their customers and shareholders. And if you're invested in
Speaker 1: these companies, it means that that somebody's messing with the
Speaker 1: internal capital allocation decisions and you're not going to get
Speaker 1: the best returns. So, you know, those are some of
Speaker 1: the high level things to keep in mind. Can we
Speaker 1: put the genie back in the bottle when it comes
Speaker 1: to central planning. I mean, even looking at COVID and
Speaker 1: in the premise of your your book and the fact
Speaker 1: that you know, small businesses got crushed the big gut bigger.
Speaker 1: Can we put the genie back in the bottle? At
Speaker 1: this point I think we can. I mean COVID stopped
Speaker 1: because we said no, right Like eventually we're like, I'm
Speaker 1: not wearing a mask on an airplane. This is stupid.
Speaker 1: You got a judge to go, yep, that's kind of stupid,
Speaker 1: and it stopped. If that didn't happen, we would all
Speaker 1: still be wearing masks on a plane. We just need
Speaker 1: to continue to stand up and go no, yep, this
Speaker 1: isn't We're not doing this. This is not happening. Um.
Speaker 1: And you know, especially you know with these of these corporations,
Speaker 1: there's a unique opportunity that we have in the economic
Speaker 1: environment that we're in and that we are going to
Speaker 1: endure for probably the next fault to eighteen months. UM.
Speaker 1: Companies who were kind of woke or off doing s
Speaker 1: G things or whatever it was, you had the luxury
Speaker 1: of doing that because they had all kinds of access
Speaker 1: to capital. Things were going well. Uh, we were in
Speaker 1: a bull market. Now they don't have that luxury anymore,
Speaker 1: and so they're going to be very focused on making
Speaker 1: money and not making a ruckus. So if there was
Speaker 1: ever a time to influence, it is now. And how
Speaker 1: much of an impact you know, You've seen Elon Musk
Speaker 1: recently step up. I don't know if he's actually gonna
Speaker 1: buy Twitter or not, but at least say he's going
Speaker 1: to you know, embark on some sort of you know deal,
Speaker 1: which they're obviously both both sides are trying to get
Speaker 1: the best deal possible or get out. I don't know,
Speaker 1: but you know, but we then we also saw governor
Speaker 1: to Santa stand up to Disney as well. How much
Speaker 1: is there a new trend on the horizon of you know,
Speaker 1: people stepping up and pushing back against these comp s,
Speaker 1: G companies going woke all of that. So, first of all,
Speaker 1: I'm gonna fall back on something I told you, you know,
Speaker 1: not not that long ago in our discussion is trust
Speaker 1: nobody focused on the principles of what people are doing,
Speaker 1: but not on the people because they're going to ultimately
Speaker 1: do things to disappoint you. I don't think that either
Speaker 1: of those people are our saviors, but I do appreciate
Speaker 1: when people are stepping up in context, UM, I think
Speaker 1: there is an opportunity to have this kind of pushback
Speaker 1: if it's done appropriately. Um. There are people obviously on
Speaker 1: the very progressive left that are super great at organizing
Speaker 1: and have influenced the companies to do these kinds of things.
Speaker 1: I do think that they're they're the pendulum can swing
Speaker 1: the other way, but it is going to take action. UM.
Speaker 1: So the runway is there, the opportunity is there, but
Speaker 1: we need more people to step up and seize that opportunity.
Speaker 1: And you can't just rely on Elon Musk around the santis,
Speaker 1: you know, and what do you think is coming? I mean,
Speaker 1: we've got you know, Elon Musk reportedly plans to cut
Speaker 1: ten percent of tesla salary salaried workforce. He said he
Speaker 1: had a super bad feeling allegedly in an email to executives,
Speaker 1: you've got GP Morgan's Jamie Diamond saying there's a hurricane coming.
Speaker 1: You know what is coming and how do people prepare for?
Speaker 1: So again, as I said, you know, it's it's very
Speaker 1: difficult to fully predict these things because some of it
Speaker 1: is predicated on actions that haven't happened yet. And you know,
Speaker 1: a whole series of different actions can set off a
Speaker 1: different chain of events. So let's assume that we don't
Speaker 1: end up in World War three, you know, because of
Speaker 1: the mass starvation that leads to social unwrestle. Let's leave
Speaker 1: that case as a you know, an outlier blacks well,
Speaker 1: well not black songs, as I can see it, just
Speaker 1: an outlier situation. If things just kind of keep going
Speaker 1: the way they're going. We have two issues which are
Speaker 1: in conflict with each other. As I said, you have
Speaker 1: a push for the consumer to keep us from a recession.
Speaker 1: We have you know, if the consumer is strong and
Speaker 1: they go out and they continue to spend, and they
Speaker 1: continue to deplete their savings and go into debt, and
Speaker 1: then we're going to save the economy from the recession.
Speaker 1: So that's one side. On the other that do you
Speaker 1: have the federal reserve that is trying to fight inflation
Speaker 1: and how do they try to fight inflation by raising
Speaker 1: interest rates and creating tighter credit conditions to cool demand?
Speaker 1: And cool demand is a fancy way of saying, hey,
Speaker 1: the consumer can't spend as much because if they do,
Speaker 1: then it will continue to stoke inflation. So do you
Speaker 1: see The problem there is that you've got on one
Speaker 1: side they're trying to cool the consumer demand, and on
Speaker 1: the other side they're trying to stayble. The consumer has
Speaker 1: to spend otherwise we end up in a recession. So
Speaker 1: that's not that's like like circular logic, right, that's like
Speaker 1: you get you try that on your excelf breadsheet, you
Speaker 1: get a big circular reference. This does not compute. So
Speaker 1: that means that we have probably one or two scenarios
Speaker 1: ahead of us. We it could be a recession. We
Speaker 1: could actually you know, recessions are always backwards looking. We
Speaker 1: had a negative quarter of GDP in the first quarter,
Speaker 1: we could be in one now or by the end
Speaker 1: of the year. We could end up in one or
Speaker 1: sometime next year. So so we could have a recession
Speaker 1: this sort of retraction of the economy, or we could
Speaker 1: end up with a prolonged period of stag inflation where
Speaker 1: we do see kind of like a little bit of growth,
Speaker 1: but we just can't get inflation under control. I don't
Speaker 1: think inflation goes substantially higher than it is now on
Speaker 1: a percentage growth basis. But remember everything is cumulative. So
Speaker 1: even if you know we end up with four or
Speaker 1: five or six percent inflation for the next couple of years,
Speaker 1: Like that's not good. That's probably going to outcase wage growth,
Speaker 1: and that means people are going to be losing money
Speaker 1: on top of the money that they've already lost from
Speaker 1: the inflation that's already here. So it is going to
Speaker 1: be a challenging situation. Um, I think we're going to
Speaker 1: see a lot of halves and have not And unfortunately,
Speaker 1: I think the halves, as we've been kind of alluding to,
Speaker 1: are those those bigger entities, you know, the people who
Speaker 1: are already wealthy, the big corporations that have really strong
Speaker 1: balance sheets that can wait this out. You know, if
Speaker 1: you are a small business or you're somebody who is
Speaker 1: you know, scraping nd doesn't have that financial wherewithal, it's
Speaker 1: going to be a very difficult position. And so I
Speaker 1: think we're going to have just this further polarization, and
Speaker 1: they're gonna mix it because they're just gonna go look
Speaker 1: at the average. We're gonna throw this all in the
Speaker 1: pot and look at the average instead of going you know,
Speaker 1: we have a big portion of people and of businesses
Speaker 1: who are struggling based on our stupid decisions and you
Speaker 1: know this is a bad, bad scenario. So you know,
Speaker 1: I think those are probably the two places. But this
Speaker 1: whole idea that we're going to have the economy come
Speaker 1: in with a soft landing, that they're gonna thread the
Speaker 1: needle just perfectly, and all of a sudden, you know,
Speaker 1: by the end of the year everything is going to
Speaker 1: be fantastic. Um, there are a lot of weird things
Speaker 1: that all have to line up for that, too beat
Speaker 1: to happen. It's certainly not impossible. But like if I
Speaker 1: was a betting person and going to Vegas, like I
Speaker 1: wouldn't pick that horse. But like if you're listening and
Speaker 1: you're saying to yourself, I want to be a have
Speaker 1: not have not? Are there safe steps? Like what can
Speaker 1: people do at home to prepare or just to be
Speaker 1: on the safe start? What are just the safe smart moves?
Speaker 1: So there are a couple of things there. There's and
Speaker 1: again it depends on your current financial situation. If you're
Speaker 1: somebody who's you know, living kind of paycheck to paycheck
Speaker 1: or doesn't have a lot in savings, you want to
Speaker 1: make sure that you're calling back your expenses, you're paying
Speaker 1: down any sort of debt that is variable. Um. If
Speaker 1: you have something that you locked in, you know, like
Speaker 1: a mortgage at a fixed rate that's low, that's great,
Speaker 1: keep that. But these variable rates things credit cards or
Speaker 1: anything that has an adjustable rate that's going to continue
Speaker 1: to go up with rises and interest rates. You want
Speaker 1: to pay that down because it's just gonna cost you
Speaker 1: more and more and it's going to eat away more
Speaker 1: of your spending power. If you're gonna really want to
Speaker 1: look at your expenses. And I know it's it's not pleasant,
Speaker 1: but personal austerity is a really good plan right now
Speaker 1: to just kind of call back, um and to see
Speaker 1: what it is you can get rid of. I know
Speaker 1: it's a terrible time everyone's itching to do more things,
Speaker 1: um after you know, having everything disrupted for the last
Speaker 1: couple of years, But you would be wise to wait
Speaker 1: that out if you can. If you can prepay for things, um,
Speaker 1: you know, stock up on things like you know, meets,
Speaker 1: if you have a freezer and and freeze them to
Speaker 1: lock in pricing today. UM. You know, those are the
Speaker 1: kinds of things that you want to do now. If
Speaker 1: you are somebody who fortunate is fortunate to be able
Speaker 1: to make investments, there are a couple of things that
Speaker 1: you can look at. UM. Someone is something called an
Speaker 1: I bond. It is a Treasury savings bond. You have
Speaker 1: to go to the Treasury website I think it's called
Speaker 1: Treasury direct dot gov or the I r S has
Speaker 1: a program as well, and you can get an I bond,
Speaker 1: which is basically a savings bond that changes interest based
Speaker 1: on inflation and they change it up every six months,
Speaker 1: but again it is tied to you know, changes in inflation.
Speaker 1: Right now, the rate is something like nine point six
Speaker 1: two or nine point six three per cent. That's locked
Speaker 1: in for at least six months. And so if you
Speaker 1: can put some money away I think the max is
Speaker 1: ten thousand dollars per Social Security number in your household, UM,
Speaker 1: and you can hold it for at least a few
Speaker 1: years because that's when sort of all the penalties go away.
Speaker 1: That's a good way to to UM protect some of
Speaker 1: what you have from inflation. And then you know, just
Speaker 1: in terms of you know, investments, you know the market
Speaker 1: is going to have a wild ride here. But if
Speaker 1: you go back to old school valuation and looking at
Speaker 1: the companies with strong balance sheets and you know, big
Speaker 1: moats in their business, UM you know, the ability to survive,
Speaker 1: the ability to pass on price increases. You know, those
Speaker 1: are the kinds of companies that you know are worth
Speaker 1: investing in over long periods of time. Well, you know,
Speaker 1: and I know there's a lot of people like I,
Speaker 1: you know, my lease is up in December, and I'm
Speaker 1: like should I buy? You know, like everything is so
Speaker 1: freaking expensive, like home prices and stuff. You know, I
Speaker 1: think a lot of people are wondering, is there a correction,
Speaker 1: commenting like what's you know, what's so economy? Like the
Speaker 1: housing markets? Like everything we have right now is so
Speaker 1: messed up. It's so it's like this is the most
Speaker 1: complicated I've ever seen anything in my entire career. Um
Speaker 1: So here the sort of the issues on the housing market.
Speaker 1: So the issue is obviously you have rates going up,
Speaker 1: which impact mortgage rates, which means those go higher. And
Speaker 1: as those go higher, that puts pressure on people who
Speaker 1: you take out mortgages to say wow, this is too
Speaker 1: expensive and they drop out. So you have that and
Speaker 1: that should put some pressure, you know, some cooling pressure
Speaker 1: on the market on one hand. On the other hand,
Speaker 1: we are underbuilt in this country by between four and
Speaker 1: five plus million units. We went through a whole decade
Speaker 1: after the Great Recession financial crisis where there was just
Speaker 1: substantial under building, so the demand and supply are completely
Speaker 1: out of whack. And even with some cooling, you know,
Speaker 1: you have a lot of all cash buyers, you're starting
Speaker 1: to have more corporate buyers. Um. You know, there are
Speaker 1: a lot of forces that you know, when it cools,
Speaker 1: it probably at some point bounces back up again. I
Speaker 1: don't think that the resident school real estate market is
Speaker 1: in a place like we were in oh seven or
Speaker 1: oh eight, where people over levered and you know, there's
Speaker 1: a lot of issue with you know, all of a
Speaker 1: sudden all of the supply becoming available because of foreclosures.
Speaker 1: Very different in the residents or in the corporate real
Speaker 1: estate market. But on the residential side, I think that
Speaker 1: long term, you know, under building issue, um even you're
Speaker 1: probably going to get it come down a little bits,
Speaker 1: but then I think it passed back up again because
Speaker 1: you just cannot get around the fact that we don't
Speaker 1: have enough homes in this country. You know, we look
Speaker 1: at that there's still labor shortage and you know, how
Speaker 1: much is that is, What's what's the root cause of that?
Speaker 1: Oh how much time do you have? Okay, so right
Speaker 1: now we have about two jobs open for every job seeker.
Speaker 1: There are few things that are all happening that you know,
Speaker 1: some some are related and some are unrelated. So first
Speaker 1: we have the like dippy pandemic related policy that impacted
Speaker 1: the labor market. So you had three million people baby
Speaker 1: boomers who retired early, probably because their four o one
Speaker 1: caves were up in their houses. You know, housing prices
Speaker 1: were up, and they're just like, i don't need to
Speaker 1: deal with us anymore. I'm just gonna piece out and
Speaker 1: go enjoy my life. So that pulled three million people
Speaker 1: out of the labor force. We had a halt on
Speaker 1: legal immigration, people both college educated and uneducated, who typically
Speaker 1: come into the workforce. The trajectory that we were on,
Speaker 1: if things that just kind of kept pace with the
Speaker 1: way that they were before COVID. It's estimated that there
Speaker 1: were more than two million legal immigrants who are not
Speaker 1: in the workforce to day that should be in About
Speaker 1: a million of those are college educated. So that's been
Speaker 1: a peace. Then you have a piece where there are
Speaker 1: people who just kind of decided a I'm day trading,
Speaker 1: I'm doing a hobby business. You know, I don't know
Speaker 1: if they're gonna shut my kids school back down again,
Speaker 1: So I can't really re engage in the workforce in
Speaker 1: the way that I previously had. So you have all
Speaker 1: those things that are pandemic related, and you can add
Speaker 1: onto that the skills mismatch that we had before any
Speaker 1: of this came about. So even before we had a
Speaker 1: situation where you know, we had a lot of jobs
Speaker 1: that we didn't necessarily have the right people for the
Speaker 1: for certain jobs. Like we have a serious issue in
Speaker 1: terms of the airline industry in this country. Like if
Speaker 1: if you are somebody who's looking at a new career,
Speaker 1: or you have a kid or a grandkid, who is
Speaker 1: you know, thinking about what to do with their life,
Speaker 1: Like we need pilots, we need flight attendants like badly,
Speaker 1: and it pays really well, um, you know, and those
Speaker 1: are things where you can't just go, oh, we have
Speaker 1: all these people looking for jobs, like let's make them
Speaker 1: a pilot. You know, that just doesn't happen. So there
Speaker 1: there's a lot of skills gap issues that's going to
Speaker 1: take some time to solve. And I know that you know,
Speaker 1: a lot of major airlines are proactively trying to do things,
Speaker 1: but that doesn't happen overnight, and then when you get
Speaker 1: you know, all this insanity that I just talked about,
Speaker 1: you know, it just exacerbates the issue. Um. You know,
Speaker 1: now that being said, that could help us in terms
Speaker 1: of having a more shallow recession, because usually when you
Speaker 1: have a recession, you have all these people who lose jobs,
Speaker 1: and it's this this massive issue because they have so
Speaker 1: many companies who are looking, they may just stop looking,
Speaker 1: or you know, you may have some that have layoff
Speaker 1: for other people who can absorb that. So again, on
Speaker 1: an individual basis, it's not a great thing. But on
Speaker 1: a macro basis, you know, that's sort of our silver
Speaker 1: lining other side of what's going on in the labor market, Carol,
Speaker 1: anything else you want to leave us with before we go,
Speaker 1: So I know this was a highly depressing discussion. Um.
Speaker 1: I think that you know, as Americans, as people who
Speaker 1: want to create wealth for ourselves and for future generations,
Speaker 1: we have to remain optimistic. I don't know any pessimists
Speaker 1: who you are able to do those kinds of things.
Speaker 1: So I think it's it's about being realistic and being
Speaker 1: prepared and taking action, but also you know, not getting
Speaker 1: yourself worked up in such a frenzy to say, you know,
Speaker 1: this is the end. We always go through cycles. Um,
Speaker 1: we're definitely you know, running out of cycles. But I
Speaker 1: don't believe you know, borrowing again as I said, you know,
Speaker 1: some kind of crazy World War three scenario that this
Speaker 1: is the end of the road. But we're getting pretty close,
Speaker 1: so we need we need to take action. But keep
Speaker 1: that optimism that you know your actions can impact what's
Speaker 1: going on on both sort of a general level as
Speaker 1: well as a personal level, and take those steps, you
Speaker 1: know to build your personal wealth and your personal economic
Speaker 1: freedom and support the people around you. Carol, always informative
Speaker 1: and funny. I appreciate you joined the show. Thank you,
Speaker 1: and I will look forward to your hashtag on what
Speaker 1: occasion next? Insightly yes, and everyone followed Carol on Twitter Carol,
Speaker 1: what's your I'm looking it up right now, what's your
Speaker 1: It's at Carol j f Yes for both smart advice
Speaker 1: like what we just discussed, and also for the fashions.
Speaker 1: Take care, Carol, thanks so much. I appreciate it. Thank you,
Speaker 1: thanks so much for listening. I hope you learned a
Speaker 1: lot from that. I know thanks. Could be a little
Speaker 1: bit depressed in right now, but where the United States
Speaker 1: of America. We will get through this together. You gotta
Speaker 1: stay in the forum, we gotta stay on top of things,
Speaker 1: and I'm going to continue to bring you the Truth
Speaker 1: on the Truth with Lisa Booth. Listen to us every Monday,
Speaker 1: every Thursday, every single week. Interesting guests like Carol and
Speaker 1: many others, just trying to get to the truth of
Speaker 1: what you need to know and what's actually going on
Speaker 1: right now in the country. If you can go to Apple,
Speaker 1: leave us five stars, leave us a review, share the
Speaker 1: podcast with your friends and family if you don't mind.
Speaker 1: And I also wanted to thank my producer, John Cassio
Speaker 1: for always working hard to bring this show to you,
Speaker 1: so thanks so much, guys,