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Speaker 1: Broadcasting live from the Abraham Lincoln Radio Studio the George

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Speaker 1: Washington Broadcast Center, Jack Armstrong, Jetty Armstrong and Getty and

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Speaker 1: he Armstrong and Getty Strong. And while you're enjoying the

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Speaker 1: Armstrong and Getty replay, don't forget the reason for the season.

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Speaker 1: That's European exployer's colonial settlers. I don't know. I don't

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Speaker 1: know what the reason that the season is it's cool,

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Speaker 1: spices right looking for it's right? Was that, I don't know.

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Speaker 1: I feel like I have enough spices. I'm not gonna anyway.

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Speaker 2: Enjoy a carefully curated Armstrong and Getty replay.

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Speaker 3: The hotel chain Holiday in Express has unveiled a new

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Speaker 3: scent based alarm clock that will wake up guests with

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Speaker 3: a simulated smell of breakfast, because what weary traveler does

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Speaker 3: it love to wake up.

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Speaker 1: To a lie. That's funny. When I was hiking with

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Speaker 1: my son, I said something to him and he said,

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Speaker 1: don't turn this into a forest of lies, which is

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Speaker 1: a Simpsons reference. So do you want philosophical AI or

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Speaker 1: nuts and bolts factual AI. I think I'll start with

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Speaker 1: nuts and bolts factual. We do a lot of philosophical,

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Speaker 1: although I do want to get to that at some point.

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Speaker 1: So in a business section today of the Washington Post,

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Speaker 1: AI will trigger financial calamity, So that got my attention.

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Speaker 1: It's funny we were talking about this just the other day.

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Speaker 1: I texted in my own personal life. I texted Joe like, hey,

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Speaker 1: I just checked my four A one K because I

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Speaker 1: don't check it on a regular basis. Holy crap, you know,

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Speaker 1: because this stock market has been going up, setting records

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Speaker 1: every single day. I looked at my frog K and

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Speaker 1: I was like, this is incredible, and we're both discussing

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Speaker 1: how there's got to be a correction coming. I want,

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Speaker 1: you know, a smart person might think, you know, maybe

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Speaker 1: I'll put this in something kind of not volatile and

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Speaker 1: wait for the correction to come. Of course, that's how

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Speaker 1: you miss out on a lot of rises, right by

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Speaker 1: the nip. By the nip. All right. AI is going

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Speaker 1: to cause a financial calamity, is what it says. And

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Speaker 1: let me read this to you. The House of court,

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Speaker 1: and this is from one expert researcher at one of

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Speaker 1: your big AI groups. The house of cards is going

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Speaker 1: to start crumbling. The amount of money being spent is

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Speaker 1: not proportionate to the money that's coming in. These perspectives

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Speaker 1: are all about how based on the money that's been spent.

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Speaker 1: And we've talked about this a lot of times. Nvidia

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Speaker 1: agreed to invest up to a one hundred billion dollars

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Speaker 1: or that's about the size of New York City's entire

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Speaker 1: twenty twenty four budget, to give you an idea how

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Speaker 1: much money that is in open AI. So in Vidia,

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Speaker 1: the chip maker is investing in one of the AI

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Speaker 1: corporations and providing it with hard to get chips. And

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Speaker 1: the main point that I'll skip to and then I'll

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Speaker 1: get to the details, is the AI industry is now

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Speaker 1: buying its own revenue in a circular fashion. They keep

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Speaker 1: buying investing in each other in ways, and we'll invest

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Speaker 1: in your chips, and then the chip maker invests in

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Speaker 1: the AI and ANYI puts more money into the hardware

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Speaker 1: or the big giant thing that's gonna power the thing,

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Speaker 1: and then the big company that's going to power the

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Speaker 1: thing puts more money into groc or whatever. And it's

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Speaker 1: just this circular thing, which it could be highly troubling.

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Speaker 1: So much of the stock market is AI involved. The

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Speaker 1: and they everybody's using the example of the dot com

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Speaker 1: bubble that happened in the nineties, where there was this

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Speaker 1: build up, this build up, this build up, a little

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Speaker 1: bit similar in that companies were investing in other companies

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Speaker 1: and investing in each other and just kept building and building,

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Speaker 1: and then and then it just collapsed all of a sudden.

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Speaker 1: And if you don't remember, there was an untested revenue

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Speaker 1: model that they were hoping would come true. Yeah, it

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Speaker 1: similar to similar day. Ah yeah, And if you don't remember,

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Speaker 1: if you weren't alive for it or invested at the time.

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Speaker 1: The Nasdaq ultimately lost seventy five percent of its value

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Speaker 1: from the peak to the trough. It wasn't a minor correction.

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Speaker 1: The percentages on this whole thing is just really quite incredible.

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Speaker 1: In Video, for instance, has added one hundred and sixty

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Speaker 1: billion dollars. The rise the other day added one hundred

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Speaker 1: and sixty billion dollars to Video's market value, which is

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Speaker 1: increased by four trillion dollars in the last three years.

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Speaker 1: That's an unimaginable amount of money. It's increased by that, Yes,

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Speaker 1: it's increased by four trillion dollars in three years. You

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Speaker 1: can't even wrap your head around that kind of thing.

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Speaker 1: And I mentioned earlier as of today, Open Ai. That's

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Speaker 1: the chat GPT company. It's privately held, it's not a stock,

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Speaker 1: but it reached a valuation of a half a trillion dollars.

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Speaker 1: Is this most valuable privately held company in the world

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Speaker 1: right now? And they're investing in each other. For skeptics,

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Speaker 1: it's another dangerous sign of excess because such deals in

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Speaker 1: which players in the AI ecosystem are exchanging money are

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Speaker 1: simply financial tricks that are camouflaging the evidence of a

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Speaker 1: bubble that is about to burst. Says this analysis, you know,

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Speaker 1: this person's guessing to a certain point, to a certain extent,

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Speaker 1: like everybody else.

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Speaker 2: That's the annoying part about bubbles is that if you

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Speaker 2: could be sure they were bubbles, they would never happen.

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Speaker 1: The capital expenditures made by a very small number of companies,

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Speaker 1: as we've been talking about it, it's like you got Nvidia,

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Speaker 1: you got Google, you got test Leafe, you just got

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Speaker 1: a handful of companies that are driving most of your

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Speaker 1: stock market records. The capital expenditures made by this small

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Speaker 1: number of companies are now contributing more to GDP than

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Speaker 1: the spending of all of America's consumers. This person, this

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Speaker 1: financial expert set, I wonder if the black holes ultimately

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Speaker 1: consume each other as well as our economy and power

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Speaker 1: grid in the process, which is obviously a highly troubling idea.

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Speaker 1: It's a little cataclysmic there some yeah. To put it differently,

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Speaker 1: one of the most notorious calamities of the dot com

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Speaker 1: era was the collapse of pets dot com. Everybody uses

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Speaker 1: that one as the example. Its peak market value is

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Speaker 1: about three hundred million dollars. Since the release of chat

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Speaker 1: GPT in twenty twenty two, the value of America's stock

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Speaker 1: market has risen by Since the release of CHATGPT, and

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Speaker 1: it's only been out for three years, the stock market

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Speaker 1: has risen by twenty one trillion dollars. In a recent piece,

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Speaker 1: Sky from JP Morgan wrote that since that time, AI

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Speaker 1: related stocks have accounted for seventy five percent of S

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Speaker 1: and P five one hundred returns, seventy nine percent of

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Speaker 1: earnings growth, and ninety percent of capital spending growth. That

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Speaker 1: is an awful lot on just a couple of companies,

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Speaker 1: and all of those companies are growing around the idea

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Speaker 1: of AI.

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Speaker 2: Right, you know, I'm reminded of the whimsical yet dark

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Speaker 2: description of the Russian the Russian armed forces as a

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Speaker 2: midget with one giant muscled arm. It's nuclear forces. Is

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Speaker 2: the American economy slash stock market a absolute penniless pauper

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Speaker 2: walking around with the hope diamond in his hand, And

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Speaker 2: if the hope diamond goes away, it's just yay.

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Speaker 1: Yeah. Well, obviously, if AI turns out to be what

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Speaker 1: these companies think it's going to be, everything will be fine.

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Speaker 1: But if it's not, or if it's not very soon,

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Speaker 1: that's gonna be a problem. I mean, those numbers are shocking.

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Speaker 1: A twenty one trillion dollar rise in three years, and

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Speaker 1: three quarters to eighty percent of it depending on how

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Speaker 1: you count it. Is all these handful of companies investing

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Speaker 1: in AI in each other, right, Holy crap sounds a

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Speaker 1: little bubbly. God, I would say, so, unless it pans

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Speaker 1: out to be what they think it's gonna be, then

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Speaker 1: everything will be fine. Now to the philosophical thing on

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Speaker 1: AI that I wanted to mention. I don't know if

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Speaker 1: you know who Sam Harris is. He's a philosopher, podcaster

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Speaker 1: sort of person. He's on Bill Mahers show a lot

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Speaker 1: or whatever. He's got a pre popular podcast, and he's

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Speaker 1: got a series on right now called The Last Invention

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Speaker 1: where he's interviewing all of the top AI minds in

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Speaker 1: the world, and he wanted to get some different points

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Speaker 1: of view on people with a more positive view of AI,

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Speaker 1: because he's a doomer. That's what they call people who

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Speaker 1: lean toward the AI is going to ruin humanity and

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Speaker 1: the economy and the world and everything else. Why aren't

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Speaker 1: we stopping this? Those are dumers. I think I lean

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Speaker 1: more toward doomer than the it's going to cure cancer

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Speaker 1: and people won't have to work anymore optimists. And then

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Speaker 1: there's also the crowd that just thinks it won't happen,

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Speaker 1: so it won't make any difference. You probably have heard

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Speaker 1: of the Turing test when it comes to computers and

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Speaker 1: everything like that. That was one of the biggest phrases around

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Speaker 1: the growing power of computers for decades and decades and

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Speaker 1: decades and decades. Like man, whenever we finally reached the

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Speaker 1: point that something can pass the Turing test, we got

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Speaker 1: to watch out for that because that's going to be

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Speaker 1: a major moment in human history. That is when you

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Speaker 1: could believe that you're communicating with a human being on

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Speaker 1: the computer, be fooled into thinking it's a human. We

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Speaker 1: passed the Turing test like two three years ago, and

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Speaker 1: it just came and went without any commentary. I mean,

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Speaker 1: all your experts are saying this was built up and

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Speaker 1: build up, built up. Then it happened to everybody's like

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Speaker 1: huh oh, well, well let's just keep going. Nobody's slowed

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Speaker 1: down for whatever reason. And on this particular podcast getting

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Speaker 1: into that topic, and I thought this was a really

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Speaker 1: interesting way look at it. This is the idea that

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Speaker 1: people are starting to have human communication with their chatbots,

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Speaker 1: and it feels like you're talking to another human. I

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Speaker 1: did it in my tesla with groc just yesterday, asking

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Speaker 1: it kind of a banal question, but it was talking

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Speaker 1: to me like it's a passenger in the car. It's

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Speaker 1: a very, very weird. This particular philosopher who I've read

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Speaker 1: some of his books said, you know, for the very old,

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Speaker 1: you could see this as a positive. You're old, you're

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Speaker 1: alone in an old folks home. All your friends have

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Speaker 1: passed away, you got nobody, and now you're feeling like

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Speaker 1: you've got a companion. That's how can you argue with that? Right,

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Speaker 1: you know who cares. But it brings it comfort, Sure, right,

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Speaker 1: it brings comfort at the end of your life. But

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Speaker 1: for everybody younger it is going to destroy something with

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Speaker 1: the idea of that, And this philosopher behavioral philosopher said,

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Speaker 1: loneliness is a powerful signal that we get that tells

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Speaker 1: us we're doing something wrong, that we're not living our

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Speaker 1: life correctly. If you're lonely, you either aren't you know,

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Speaker 1: joining enough groups or taking advantage of invitations to go

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Speaker 1: do things, or making the bold move to ask somebody

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Speaker 1: on a date or whatever you're living your life, you know,

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Speaker 1: you got to make some corrections. If lonely people can

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Speaker 1: get that loneliness satisfied through a chatbot, there'll be no

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Speaker 1: corrective mechanism to do anything different.

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Speaker 2: Yeah, I quibble only with the word satisfied, because, as

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Speaker 2: I've been saying for years and years now, using a

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Speaker 2: food metaphor, you satiate your hunger, you do not get

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Speaker 2: any nutrition.

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Speaker 1: Well, the problem though, is it'll be enough to keep

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Speaker 1: you from feeling the corrective mechanism. I think that's been

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Speaker 1: proven with with freaking internet porn well, no, that's that's

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Speaker 1: my point exactly.

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Speaker 2: Yeah, you will no longer seek that which will keep

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Speaker 2: you alive.

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Speaker 1: Well, maybe I didn't make it. Maybe I didn't make it.

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Speaker 1: Maybe I didn't make it clear. He was pointing this

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Speaker 1: out as a negative. This is a bad thing. This

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Speaker 1: is an awful thing. Right that it will you know

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Speaker 1: that it will fool people. It will give people enough

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Speaker 1: to you know, you don't do the normal correction. You

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Speaker 1: don't think I've got to get out of my house.

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Speaker 1: I've got to do something. I got to join a

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Speaker 1: boiling league. I gotta do something. People won't right, it'll

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Speaker 1: kill their souls. And I don't see how we don't.

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Speaker 1: I don't see how we don't go down that road unless,

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Speaker 1: like Sam Harris is arguing that we outlawed, just flat

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Speaker 1: out out law AI any company trying to do it

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Speaker 1: around the world. We treat it like nuclear weapons. Out

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Speaker 1: agree and good luck with that, Jack Armstrong and Joe

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Speaker 1: Armstrong and Getty Show.

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Speaker 4: Automated pitch callers will now allow teams to challenge the

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Speaker 4: calls of human umpires. The system has been tested in

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Speaker 4: the miners. Under the new rules, teams will get two

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Speaker 4: challenges per game, so.

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Speaker 1: I've seen the videos. They look like those Boston Electronics

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Speaker 1: or whatever things. They walk out there, they do some dancing,

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Speaker 1: and then they squat down behind the plate. That is inaccurate, sir.

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Speaker 2: No, it's just a bunch of sensors and they're going

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Speaker 2: to ease in computer well, sensor umpires instead of humans

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Speaker 2: calling balls and strikes. By doing this, you get two

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Speaker 2: pitch appeals per game and you ease in. So you

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Speaker 2: think at some point the computers will take.

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Speaker 1: Over one palls and strikes. Yeah, huh really, and they'll

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Speaker 1: just eliminate umpires.

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Speaker 2: No, the umpser will still have to be there, at

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Speaker 2: least for a while to call like foul tips, catchers, interference,

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Speaker 2: tag plays, force plays at the plate.

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Speaker 1: That's sort of thing, not balls and strikes. Correct.

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Speaker 2: Yeah, they will just stand there waiting for something to happen,

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Speaker 2: as if they're the first base umpire.

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Speaker 1: And as a as a a baseball fan, do you

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Speaker 1: think that's good or bad? Oh?

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Speaker 2: Goodness, mostly bad. Kind of a mixed bag, honestly. Several

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Speaker 2: other sports have gone to you know, electronic guys, tennis notably.

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Speaker 1: Yeah, but that makes one sense because it's either in

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Speaker 1: or out on the line. And a computer can tell.

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Speaker 1: But the whole you know, where the catcher sets up

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Speaker 1: thing and all that sort of stuff, is that. Can

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Speaker 1: the computer do that?

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Speaker 2: Well, no, we're taking that away completely. There's a geometric shape.

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Speaker 2: If the ball passes through that imaginary geometric shape, which

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Speaker 2: is the width of the plate and the batter, whatever

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Speaker 2: the strike zone actually is, if it passes through that,

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Speaker 2: it's a strike period. If it doesn't, it's a ball.

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Speaker 1: Do pitchers like that or no?

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Speaker 2: Major league insiders tell me no, because it's such a

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Speaker 2: change of the game. And I know this seems strange

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Speaker 2: to people who are either not fans or minor fans.

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Speaker 2: But if the catcher that's out like outside the plate

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Speaker 2: an intentional ball, I want you to throw a ball.

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Speaker 1: Let's see if we can get him to chase it.

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Speaker 2: And the pitcher completely misfires and the catcher has to

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Speaker 2: dive across the plate to even catch the ball. But

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Speaker 2: it catches a split you know, inch of the plate.

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Speaker 2: Nobody in baseball hitter's the catchers the picture.

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Speaker 1: Nobody wants that to be a strike, but it will

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Speaker 1: be a strike. Okay, Well I don't like it, I'm

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Speaker 1: against It doesn't make it different so I'm against it's

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Speaker 1: going to happen. But yeah, are you time Ai et cetera,

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Speaker 1: Chinese robot wolves. It's all tight in also just the

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Speaker 1: human element, I don't know. It plays part of the

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Speaker 1: whole soap opera right. As we always point out, the

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Speaker 1: goal is not to find out actually which city can

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Speaker 1: create the best baseball team temporarily rent to the best player. Yes,

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Speaker 1: it's a TV show, And what's the most exciting and

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Speaker 1: the whole You know this umpire, you know he's a

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Speaker 1: favorable umpire for this pitcher, and then they get into

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Speaker 1: arguments and stuff. That's part of the excitement of the

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Speaker 1: game that makes it up from TV show right, the drama. Right,

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Speaker 1: Oh yeah, I think that's a great point. The last

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Speaker 1: time this picture in this umpire went nose to nose,

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Speaker 1: So we'll see if that carries over into this game.

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Speaker 1: Is part of the soap opera that makes me want

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Speaker 1: to watch, right, Oh, Jones wanted that pitch. You can

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Speaker 1: see the old animosity flaring already, Jim, Nope, that's gone.

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Speaker 1: It's like writing a soap opera where every character behaves

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Speaker 1: perfectly rationally great. Enjoy it. Let's all get some puff

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Speaker 1: them and watch, Or how about if you just we'll

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Speaker 1: just all craft robots to go out and with no

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Speaker 1: people involved, robots will just play each other and they'll

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Speaker 1: all be equally good, and every call will be perfect

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Speaker 1: and a yippie. You know there's an upside.

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Speaker 2: There are crappy calls that change games and change championships,

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Speaker 2: and nobody wants that either.

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Speaker 1: But be careful what you lose when you're gaining a

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Speaker 1: little more accurate. It's been around for like one hundred

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Speaker 1: and thirty years or something. I wouldn't think you'd want

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Speaker 1: to mess with it too much and make zillions and

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Speaker 1: zillions of dollars. The Armstrong Ngetty Show, Armstrong Jack and

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Speaker 1: jar Jday will be.

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Speaker 2: Just just down'll cost you that Armstrong Jetty on the Man.

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Speaker 1: That's the podcast. Subscribe right now, guys. There's no way

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Speaker 1: to sugarcoat it. Nobody likes Democrats anymore.

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Speaker 5: We have no voters left because of all of our

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Speaker 5: woke trans volt. Not even black people want to vote

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Speaker 5: for us anymore. Even Latinos hate us. So we need

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Speaker 5: new voters. And if we give all these illegal aliens

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Speaker 5: free healthcare, we might be able to get them on

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Speaker 5: our side.

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Speaker 1: So they can vote for us. That is not actually

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Speaker 1: Chuck Schumer. That is an AI voice of the Democratic

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Speaker 1: leader of the Senate. And that was not actually Donald

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Speaker 1: Trump in a sombrero behind him playing the trumpet. I

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Speaker 1: was going to praise Schumer for his candor. King Jeffreys

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Speaker 1: was not actually wearing a sombrero with a big, giant

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Speaker 1: black mustache. Also, jd Vance did not actually say this, okay,

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Speaker 1: as does Mucco.

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Speaker 6: Simply a Democrat party is mucho ricardo. Okay, mucho ritardo,

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Speaker 6: especially at Hakimo Jeffries yel Chuck O Schumer, they are

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Speaker 6: extra ritardo. So l presidente and I cannot negotiate with

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Speaker 6: these Democrat ritardos.

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Speaker 2: Oh no, no, no, no, no, no no no, I

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Speaker 2: don't like that term.

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Speaker 1: Start otherwise, that was very funny. Started earlier in the

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Speaker 1: week with that, uh, just Schumer saying this about the Democrats,

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Speaker 1: and then there's kind of the subtle ish sombrero and mustache.

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Speaker 1: And it's grown since then and this all subtlely has

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Speaker 1: been lost and it's just completely out of control.

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Speaker 2: Well, and I love that that reporter before. Is it

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Speaker 2: helpful to post sombrero pictures when you're attempting to negotia.

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Speaker 1: Oh come on, So here's Hawkeen Jeffries, a leader of

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Speaker 1: the Democrats in the House. He just reacting to the videos.

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Speaker 7: It's a disgusting video. And we're going to continue to

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Speaker 7: make clear bigotry will get you nowhere. We are fighting

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Speaker 7: to protect the healthcare of the American people in the

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Speaker 7: face of an unprecedented Republican assault on all the things.

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Speaker 1: Menif the disgusting deal. And here's the reporter thing Joe

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Speaker 1: was mentioning.

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Speaker 8: The President's been posting some images of Leader Jeffries and

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Speaker 8: Sandra Schumer. You've said that you're interested in good faith

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Speaker 8: negotiations with these leaders. But you know what message is

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Speaker 8: that's and is it helpful to post pictures of Leader

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Speaker 8: Jeffries and sombrero if you're trying.

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Speaker 1: To have big talk to you? But yeah, you know

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Speaker 1: what it shows. It shows that we're the party that's

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Speaker 1: got a sense of humor. I'm not angry all the

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Speaker 1: time mustache. Is it helpful to post pictures of mister

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Speaker 1: Jeffries and the sombrero and giant black mustache. Well, a

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Speaker 1: whole bunch of Trumps. There's only one Trump. All five

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Speaker 1: different Trumps play trumpets and giant.

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Speaker 2: Guitars, implying some might say that there are multiple Trumps

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Speaker 2: who should run for a third term.

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Speaker 1: If there were multiple Trumps, they'd be in a mariachi band.

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Speaker 1: Is that helpful? Oh my golly.

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Speaker 2: Now it's almost kind of fun to watch, not the

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Speaker 2: really silly part of it, but the effort Hakeem jeffries

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Speaker 2: to try to get his civil rights movement. I'm outraged,

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Speaker 2: we're all fighting together, voice going, and he runs it

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Speaker 2: off the flagpole and absolutely no one salutes.

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Speaker 1: Yeah, I'll say it again. I've said it multiple times.

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Speaker 1: But the fact that the Washington Post editorial board, the

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Speaker 1: people that run the Washington Post, said the Democrats walked

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Speaker 1: into a trap on this one and that they shouldn't

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Speaker 1: have shut down the government. They should have cobbled together

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Speaker 1: to votes to go with this. So I heard it explain.

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Speaker 1: It's actually pretty good explanation. These shutdowns are dumb and

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Speaker 1: don't matter. And the last one lasted a month and

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Speaker 1: you don't even remember it happened, all right, so quit

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Speaker 1: acting like it's a big deal. But several times this happened.

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Speaker 1: Last couple of times with Republicans where like the Tea

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Speaker 1: Party did this like, we're going to show how hard

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Speaker 1: we're gonna fight. And I was on board with the

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Speaker 1: fighting and everything like that, but you just don't have

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Speaker 1: the leverage of the votes to actually make anything happen.

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Speaker 1: And Ted Cruz did it around Obamacare. He did the

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Speaker 1: law the really long what do you call it? A

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Speaker 1: filibuster And then they also wouldn't go along because they

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Speaker 1: needed his vote to avoid a shut down, and he

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Speaker 1: had no leverage to actually get anything accomplished. And that's

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Speaker 1: what the the woke progressive end of Democrats are doing. Now,

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Speaker 1: we're gonna force a shut down. Show much we fight,

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Speaker 1: but we don't actually have the leverage to do anything.

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Speaker 1: And so this has happened a couple of times, and

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Speaker 1: again nobody nobody, nobody dies, Nobody even notices it happens.

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Speaker 1: It disappears into the history books. Man, if you ever

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Speaker 1: read that history book, you are bored to death. But

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Speaker 1: speaking of jokes, here's an AI or no, this is

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Speaker 1: a comedian. This is not AI. This is a comedian

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Speaker 1: who does a good Trump voice.

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Speaker 9: Hold on me, fellow americanos cee biendonitos al Sierre de Schumer.

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Speaker 9: That means welcome to the Schumer shutown U. We call

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Speaker 9: it the Schumer Siesta, right, it's the Schumer Siesta. He

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Speaker 9: put the government on ciesta, crying Chuck and el Jakimo,

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Speaker 9: hefe Jeffreys. We used to call him Dallas store Obama

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Speaker 9: until we realize he's worth far less than a dollar.

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Speaker 9: But they put the government on siesta to give illegal

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Speaker 9: aliens your healthcare. We're not gonna let it happen. I

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Speaker 9: looked at both of them. I said, We're not gonna

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Speaker 9: let it happen. There's no boy now. I said, it's

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Speaker 9: no Boyno.

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Speaker 1: They begged me.

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Speaker 9: They said, but signor or for more, please give illegal

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Speaker 9: aliens death care. So we're not gonna do it. We're

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Speaker 9: never gonna do it. It's not gonna happen. We're going

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Speaker 9: to end the siesta. We're going to reopen the government,

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Speaker 9: and we will not give in to the demands of

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Speaker 9: Chuck and LFE. We're not going to do that. Thank you,

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Speaker 9: God bless you, Diolo Bendiga, and God bless America.

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Speaker 1: Thank you for your attention to this matter. That last

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Speaker 1: part was probably funny, but I don't speak enough Spanish

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Speaker 1: to know what he said. Yeah, I missed that one too.

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Speaker 1: Uh the uh, but please, Senor, it's pretty funny. The

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Speaker 1: funny thing is that that's only like one tick off

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Speaker 1: actual Trump. Yes, I mean, it's just barely even comedy

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Speaker 1: as opposed to the President actually saying what he was saying.

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Speaker 1: And so Trump said, I got it home word. I

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Speaker 1: grabbed it somewhere. I lost it. Trump said something funny,

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Speaker 1: but I can't remember what it was about the Democrats

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Speaker 1: hanging in this the he can't believe that they same

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Speaker 1: thing the Washington Post editorial board basically said is he

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Speaker 1: can't believe that the Democrats are allowing him to do this.

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Speaker 1: And well, in.

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Speaker 2: Trump's Russell vote, the budget chief is taking advantage of

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Speaker 2: it to try to shrink the government as fast as

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Speaker 2: he possibly can. Whether it holds up or not, nobody's

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Speaker 2: quite sure. But it's exactly what Trump and Elon Musk

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Speaker 2: and company and a lot of conservatives have been wanting

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Speaker 2: to happen.

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Speaker 1: So let it continue. That's fine. I saw. So there

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Speaker 1: was some thing in the New York Times yesterday. I

430
00:24:24,960 --> 00:24:29,160
Speaker 1: got the bulletin during the day. You're nervous. Our experts

431
00:24:29,160 --> 00:24:32,439
Speaker 1: are here to answer your questions about the shutdown. I

432
00:24:32,440 --> 00:24:35,400
Speaker 1: thought I'm not nervous. I don't have any questions. I'm

433
00:24:35,440 --> 00:24:39,320
Speaker 1: perfectly fine. It'll end like I keep saying, this afternoon

434
00:24:39,600 --> 00:24:42,320
Speaker 1: or Friday night or next Tuesday, and nobody will ever

435
00:24:42,320 --> 00:24:43,240
Speaker 1: think about it ever again.

436
00:24:43,440 --> 00:24:46,760
Speaker 2: So that was to their sizeable percentage of their listenership

437
00:24:46,800 --> 00:24:52,359
Speaker 2: that still wears COVID masks alone outdoors. Those people are scared.

438
00:24:52,359 --> 00:24:54,640
Speaker 2: They wake up scared. It makes them feel important. Wow,

439
00:24:54,680 --> 00:24:55,760
Speaker 2: I hadn't seen this.

440
00:24:56,040 --> 00:25:01,160
Speaker 1: Israel struck overnight in the Gaz strip, killed at least

441
00:25:01,200 --> 00:25:05,120
Speaker 1: thirteen Palestinians according to whoever, according to hospitals. Of course,

442
00:25:05,160 --> 00:25:07,080
Speaker 1: a lot of hospitals are just Hamas holdouts and they

443
00:25:07,080 --> 00:25:10,720
Speaker 1: call them a hospital. But anyway, Israel's continuing to blast

444
00:25:10,880 --> 00:25:14,960
Speaker 1: that area Gaza while Hamas is waiting to decide thumbs

445
00:25:15,040 --> 00:25:18,600
Speaker 1: up or thumbs down on the peace proposal, which the

446
00:25:18,680 --> 00:25:21,919
Speaker 1: deadline is this weekend. It's Thursday, now, running out of time.

447
00:25:22,400 --> 00:25:24,000
Speaker 2: Yeah, well, maybe they ought to take a hard look

448
00:25:24,040 --> 00:25:25,320
Speaker 2: at it and figure it out quick.

449
00:25:25,480 --> 00:25:30,960
Speaker 1: What do you think is gonna happen? I still think

450
00:25:32,240 --> 00:25:33,280
Speaker 1: there are only two choices.

451
00:25:33,280 --> 00:25:35,840
Speaker 2: One Hamas says, all right, we'll go along with it,

452
00:25:35,880 --> 00:25:38,600
Speaker 2: and pretends to go along with it and seeks to

453
00:25:38,640 --> 00:25:39,280
Speaker 2: do what they've.

454
00:25:39,080 --> 00:25:40,520
Speaker 1: Always thought to do as hard as they can.

455
00:25:42,320 --> 00:25:45,760
Speaker 2: Secondly, they just reject it and say we'll fight to

456
00:25:45,800 --> 00:25:47,080
Speaker 2: the deaths because they've.

457
00:25:47,280 --> 00:25:50,280
Speaker 1: Vowed martyred them over and over again. So the critics

458
00:25:50,359 --> 00:25:53,399
Speaker 1: are saying, like I saw this Peter Baker of the

459
00:25:53,440 --> 00:25:58,159
Speaker 1: New York Times, that this was basically, uh, you know,

460
00:25:58,240 --> 00:26:02,280
Speaker 1: and all or nothing for Hama proposal from the war. Yeah.

461
00:26:02,520 --> 00:26:05,080
Speaker 1: You see, one side is winning the war, and they're

462
00:26:05,080 --> 00:26:08,920
Speaker 1: gonna win the war no matter what. So they offered

463
00:26:08,960 --> 00:26:12,440
Speaker 1: to the people that they're about to completely decimate, here's

464
00:26:12,480 --> 00:26:14,280
Speaker 1: a way out if you want it. If you don't,

465
00:26:14,359 --> 00:26:16,960
Speaker 1: we're just gonna continue to do what we're doing. That's

466
00:26:17,000 --> 00:26:21,680
Speaker 1: the way most wars end. Yeah, so what like all

467
00:26:21,720 --> 00:26:23,760
Speaker 1: of them. Yeah, so they can decide to do it,

468
00:26:23,840 --> 00:26:28,399
Speaker 1: Joe said, And you know, they're uh dead enders, so

469
00:26:28,440 --> 00:26:29,960
Speaker 1: they might say, you know, we're gonna go ahead and

470
00:26:30,000 --> 00:26:31,520
Speaker 1: fight to the death because they don't care if they

471
00:26:31,600 --> 00:26:33,520
Speaker 1: take all the Palestinians with them, doesn't matter to them.

472
00:26:33,520 --> 00:26:35,520
Speaker 1: In fact, they think that would be great. Oh yeah.

473
00:26:35,640 --> 00:26:38,000
Speaker 2: In fact, they're gonna fight as long as they can

474
00:26:38,040 --> 00:26:40,400
Speaker 2: and have as many civilians die as possible to hope

475
00:26:40,400 --> 00:26:44,199
Speaker 2: that the world opinion turns against Israel, because it already

476
00:26:44,200 --> 00:26:46,480
Speaker 2: has to some extent. So yeah, that's probably the most

477
00:26:46,560 --> 00:26:48,960
Speaker 2: likely scenario. But the idea that you know, the Peter

478
00:26:49,040 --> 00:26:50,720
Speaker 2: Baker's of the world, and he's a bright enough guy,

479
00:26:50,720 --> 00:26:52,760
Speaker 2: but my god, you're holding Israel to a standard that

480
00:26:52,800 --> 00:26:56,159
Speaker 2: has never existed in warfare in the history of the world.

481
00:26:56,920 --> 00:27:01,879
Speaker 2: You've just invented this special new one for his The Armstrong.

482
00:27:01,359 --> 00:27:04,719
Speaker 1: And Getty Show. Yeah, more Jack, your show, podcasts and

483
00:27:04,840 --> 00:27:09,760
Speaker 1: our hot links Armstrong and Yetty Show.

484
00:27:12,920 --> 00:27:17,040
Speaker 2: From the Department of Why does nobody recognize we're driving

485
00:27:17,040 --> 00:27:18,640
Speaker 2: toward a cliff at one hundred miles per hour?

486
00:27:18,800 --> 00:27:19,560
Speaker 1: Yeah.

487
00:27:19,640 --> 00:27:22,720
Speaker 2: Alicia Finley of The Wall Street Journal pointing out that

488
00:27:23,080 --> 00:27:27,960
Speaker 2: America's buy now, pay later economy is showing signs of

489
00:27:27,960 --> 00:27:29,919
Speaker 2: an emerging debt crisis everywhere.

490
00:27:29,960 --> 00:27:32,520
Speaker 1: I don't like this story. I'm not doing that. I'm

491
00:27:32,560 --> 00:27:34,639
Speaker 1: a I don't buy it until like an afford it

492
00:27:34,640 --> 00:27:38,679
Speaker 1: sort of guy. But we all get brought down by

493
00:27:38,720 --> 00:27:41,600
Speaker 1: a financial collapse. We all realize that, right right. The

494
00:27:41,600 --> 00:27:44,000
Speaker 1: word inclusive is very hot these days. There certainly was

495
00:27:44,040 --> 00:27:46,240
Speaker 1: a couple of years ago. That's the brilliant thing about

496
00:27:46,280 --> 00:27:51,280
Speaker 1: a financial crash. It includes virtually everybody. Yeah, misery. So anyway,

497
00:27:51,359 --> 00:27:51,760
Speaker 1: so she.

498
00:27:51,800 --> 00:27:55,280
Speaker 2: Points out that a serious credit card and auto loan

499
00:27:55,320 --> 00:27:58,600
Speaker 2: delinquencies have climbed to the level of the twenty eighth

500
00:27:58,680 --> 00:27:59,560
Speaker 2: nine recession.

501
00:28:00,320 --> 00:28:05,000
Speaker 1: Okay, so rousing right after that giant crashes. Not surprising

502
00:28:05,960 --> 00:28:08,520
Speaker 1: that lots of people all of a sudden were in

503
00:28:08,560 --> 00:28:10,679
Speaker 1: trouble and not quite making their payments on time and

504
00:28:10,720 --> 00:28:11,439
Speaker 1: that sort of stuff.

505
00:28:11,440 --> 00:28:18,480
Speaker 2: What is the reason now? Nobody's sure we like spending money,

506
00:28:19,440 --> 00:28:22,320
Speaker 2: she says. The housing market shows cracks. Well, the labor

507
00:28:22,359 --> 00:28:24,679
Speaker 2: market is weakening, but you wouldn't know it from the

508
00:28:24,720 --> 00:28:29,000
Speaker 2: point stock market and consumer spending. America is buy now,

509
00:28:29,119 --> 00:28:35,520
Speaker 2: pay later economy and at increasingly fueled by leverage. As consumers, investors, businesses,

510
00:28:35,640 --> 00:28:39,320
Speaker 2: and the government are all taking on more debt, which

511
00:28:39,360 --> 00:28:42,640
Speaker 2: she points out, and there's always one person like this

512
00:28:42,760 --> 00:28:45,040
Speaker 2: at the party, she points out, you have to pay

513
00:28:45,080 --> 00:28:46,960
Speaker 2: for debt later with interest.

514
00:28:47,120 --> 00:28:51,840
Speaker 1: Thank you for that. What a drag man. As Americans

515
00:28:51,880 --> 00:28:54,320
Speaker 1: max out their credit cards after years of inflation, buy now,

516
00:28:54,400 --> 00:28:58,480
Speaker 1: pay later offers are popping up everywhere, from concert tickets

517
00:28:59,080 --> 00:29:03,800
Speaker 1: to vacations to grocery stores. Boy oh, boil boil Boy.

518
00:29:03,920 --> 00:29:07,120
Speaker 1: I could see how it'd be appealing if I'm twenty

519
00:29:07,120 --> 00:29:10,800
Speaker 1: one year old Jack and they'll never tour again or whatever.

520
00:29:11,200 --> 00:29:15,280
Speaker 1: It's their farewell tour man to not buy your concert

521
00:29:15,320 --> 00:29:18,480
Speaker 1: tickets on I can't afford it now, but I'll magically

522
00:29:18,560 --> 00:29:22,120
Speaker 1: have more money six months from now. No, don't do that,

523
00:29:23,000 --> 00:29:23,360
Speaker 1: I guess.

524
00:29:23,360 --> 00:29:25,800
Speaker 2: There are now apps where you can split the cost

525
00:29:25,840 --> 00:29:29,200
Speaker 2: of your purchases into installment payments over weeks or months.

526
00:29:29,200 --> 00:29:34,640
Speaker 2: Some are currently interest free for now. Just to include fees.

527
00:29:34,680 --> 00:29:37,200
Speaker 1: Here's what you do. You borrow against your used car.

528
00:29:37,400 --> 00:29:39,360
Speaker 1: Is that still a thing that people are doing where

529
00:29:39,400 --> 00:29:42,600
Speaker 1: you take out equity from your used car? Yees? Right?

530
00:29:43,840 --> 00:29:46,600
Speaker 2: Yeah, And unlike credit cards, a lot of these services

531
00:29:46,640 --> 00:29:50,000
Speaker 2: don't report the loans to the credit bureaus. So folks

532
00:29:50,080 --> 00:29:53,720
Speaker 2: are in much more debt than their credit rating might indicate.

533
00:29:53,880 --> 00:29:58,400
Speaker 2: But so these all these different entities that are giving

534
00:29:58,440 --> 00:30:00,840
Speaker 2: people these deals must feel like they're going to get

535
00:30:00,840 --> 00:30:01,400
Speaker 2: paid back.

536
00:30:02,560 --> 00:30:05,280
Speaker 1: Oh yeah, yeah, certainly in the short term.

537
00:30:06,400 --> 00:30:10,560
Speaker 2: And they have carefully calculated their default rates and you know,

538
00:30:10,680 --> 00:30:14,760
Speaker 2: price their services excuse me accordingly. And you know, if

539
00:30:14,760 --> 00:30:16,920
Speaker 2: somebody ends up not being able to pay, they just

540
00:30:16,960 --> 00:30:18,520
Speaker 2: put them their name on the blacklist.

541
00:30:18,960 --> 00:30:23,520
Speaker 1: Boy, my oldest son has got a life lesson coming on.

542
00:30:24,720 --> 00:30:26,520
Speaker 1: I don't even remember what it was now, it's been

543
00:30:26,560 --> 00:30:28,840
Speaker 1: so long, and something he really really wanted and kind

544
00:30:28,880 --> 00:30:31,040
Speaker 1: of fronted him, the monk kind of fronted him the

545
00:30:31,040 --> 00:30:33,320
Speaker 1: money on that, with the idea that you will owe

546
00:30:33,320 --> 00:30:34,880
Speaker 1: me and I will be keeping track of it, and

547
00:30:35,200 --> 00:30:37,040
Speaker 1: I have been keeping track of it, and he still

548
00:30:37,080 --> 00:30:40,360
Speaker 1: owes me. And Christmas might just be here. I've wiped

549
00:30:40,400 --> 00:30:44,600
Speaker 1: off hot half your debt. Merry Christmas. That would be

550
00:30:44,640 --> 00:30:47,280
Speaker 1: a lesson how that old thing works. That would be

551
00:30:47,440 --> 00:30:50,680
Speaker 1: a great gift in a way. Yeah, sure, not to

552
00:30:50,720 --> 00:30:52,480
Speaker 1: be appreciated at the time.

553
00:30:54,160 --> 00:30:57,280
Speaker 2: According to recent survey, about half of consumers have used

554
00:30:57,280 --> 00:31:00,719
Speaker 2: a buy now, pay later service niche.

555
00:31:00,760 --> 00:31:05,400
Speaker 1: This is half I've reskewed toward the young concert tickets,

556
00:31:05,440 --> 00:31:10,080
Speaker 1: your vacation. I mean, everybody kind of does that a vacation, right,

557
00:31:10,120 --> 00:31:12,000
Speaker 1: because you put everything on your credit card, whether you

558
00:31:12,040 --> 00:31:14,640
Speaker 1: pay it off that month or over a couple of months.

559
00:31:14,640 --> 00:31:16,920
Speaker 1: Good point. Yeah, let's see.

560
00:31:16,960 --> 00:31:20,040
Speaker 2: Federal Reserve paper last December found such users are more

561
00:31:20,160 --> 00:31:22,080
Speaker 2: likely to have low credit scores, carry of balance on

562
00:31:22,120 --> 00:31:26,880
Speaker 2: credit cards have incurred, checking overdraft fees and have more

563
00:31:26,920 --> 00:31:33,960
Speaker 2: delinquent credit accounts, financially vulnerable consumers maybe over extending themselves.

564
00:31:35,160 --> 00:31:40,320
Speaker 2: And let's see the one of the bigger buy now,

565
00:31:40,360 --> 00:31:43,640
Speaker 2: pay later services announced an IPO, which is expected to

566
00:31:43,640 --> 00:31:46,840
Speaker 2: be one of the biggest of the year. Such services

567
00:31:46,880 --> 00:31:50,280
Speaker 2: make money by capitalizing on financially stretched consumers, especially young

568
00:31:50,360 --> 00:31:54,480
Speaker 2: people who don't want to tighten their belts.

569
00:31:55,880 --> 00:32:01,160
Speaker 1: Wow. According to the Babylon b As we told you,

570
00:32:01,200 --> 00:32:03,880
Speaker 1: the Social Security Administration is going to be renamed the

571
00:32:04,000 --> 00:32:08,440
Speaker 1: Charles Ponzi Memorial Retirement Plan, which I like. That is great.

572
00:32:09,120 --> 00:32:12,800
Speaker 1: The Department of Justice will be changed to the Department

573
00:32:12,840 --> 00:32:15,240
Speaker 1: of Revenge and all losers and haters. I don't think

574
00:32:15,280 --> 00:32:20,920
Speaker 1: that's appropriate, ah, and yet somewhat accurate in these days

575
00:32:20,920 --> 00:32:22,680
Speaker 1: of law. Fair this is the one that hurts. The

576
00:32:22,680 --> 00:32:26,240
Speaker 1: Department of the Treasury will be changed to the Chinese

577
00:32:26,280 --> 00:32:35,200
Speaker 1: Loan Office. Oooh oh. One more that I liked, how

578
00:32:35,920 --> 00:32:39,200
Speaker 1: Housing and Urban Development will retitle is Department of the Pores,

579
00:32:41,360 --> 00:32:46,440
Speaker 1: the the coorse. Wow. By the way, we got a

580
00:32:46,480 --> 00:32:48,560
Speaker 1: text from somebody who said they always appreciate when I

581
00:32:48,600 --> 00:32:51,280
Speaker 1: do my porky pig routine. Not being able to pronounce

582
00:32:51,320 --> 00:32:51,760
Speaker 1: a work.

583
00:32:54,040 --> 00:32:56,400
Speaker 2: Hey, I got another statistic for you. That's enough fun.

584
00:32:56,480 --> 00:32:57,360
Speaker 2: Back to the misery.

585
00:32:57,640 --> 00:33:05,000
Speaker 1: So in twenty twelve, mortgage you know holders had debt

586
00:33:05,040 --> 00:33:09,400
Speaker 1: to income ratios considered risky. Right, twenty eight percent of

587
00:33:09,480 --> 00:33:14,080
Speaker 1: people had a debt to income ratio that was pretty risky.

588
00:33:14,120 --> 00:33:22,239
Speaker 1: Twenty eight percent. Last year sixty nine percent. Oh my god, man,

589
00:33:22,320 --> 00:33:25,200
Speaker 1: Freddy mckew was thirty eight percent, up from sixteen percent

590
00:33:25,240 --> 00:33:29,360
Speaker 1: in twenty twelve. Seven out of ten of yea, yeah,

591
00:33:29,400 --> 00:33:31,840
Speaker 1: I don't think I do have a risky debt to

592
00:33:33,720 --> 00:33:34,560
Speaker 1: income ratio.

593
00:33:35,080 --> 00:33:37,360
Speaker 2: And if I haven't driven you to buy gold and

594
00:33:37,400 --> 00:33:39,800
Speaker 2: bury it in your backyards yet, how much? How about

595
00:33:39,840 --> 00:33:45,560
Speaker 2: one more? The FAHA Federal Housing Association. We have a

596
00:33:45,600 --> 00:33:48,280
Speaker 2: fancy new name for them from the Babylon by too Bad.

597
00:33:48,760 --> 00:33:51,520
Speaker 2: They've waived or reduced monthly payments on one point two

598
00:33:51,640 --> 00:33:54,520
Speaker 2: million mortgages over the past two years. It's about fifteen

599
00:33:54,560 --> 00:33:57,600
Speaker 2: percent of the total that they hold, and without that

600
00:33:57,800 --> 00:34:02,040
Speaker 2: forgiveness passed during the Biden administry, delinquencies would be near

601
00:34:02,120 --> 00:34:06,440
Speaker 2: the level of the twenty eight to nine meltdown. Fanny

602
00:34:06,480 --> 00:34:08,759
Speaker 2: and Freddie have also been slashing in deferring payments on

603
00:34:08,880 --> 00:34:10,920
Speaker 2: hundreds of thousands of mortgages.

604
00:34:11,760 --> 00:34:15,319
Speaker 1: So I go into my son's room last night to

605
00:34:15,480 --> 00:34:19,000
Speaker 1: talk to him, which is one of the groovyest high

606
00:34:19,040 --> 00:34:21,319
Speaker 1: schooler bedrooms I've ever seen in my life. He's put

607
00:34:21,360 --> 00:34:23,719
Speaker 1: a lot of effort into it, and it's very cool

608
00:34:24,040 --> 00:34:26,000
Speaker 1: and dark. It's always very dark in there. But anyway,

609
00:34:26,040 --> 00:34:28,319
Speaker 1: I go into my high schooler's room last night and

610
00:34:28,520 --> 00:34:30,680
Speaker 1: did not smell pleasant. I said, what is the deal

611
00:34:30,719 --> 00:34:34,480
Speaker 1: in here? As sex? And he must have taken that

612
00:34:34,520 --> 00:34:38,359
Speaker 1: to heart, because now the entire house smells like high

613
00:34:38,400 --> 00:34:42,120
Speaker 1: school boy cologne. And I said, what did you do?

614
00:34:42,200 --> 00:34:43,719
Speaker 1: And he said, well, used to sit at smell bed

615
00:34:43,800 --> 00:34:45,919
Speaker 1: So I sprayed around some of my cologne. I thought

616
00:34:45,960 --> 00:34:51,120
Speaker 1: that would help some of your colone. Oh, it smells

617
00:34:51,200 --> 00:34:54,520
Speaker 1: like you're on a date with four high school sophomore

618
00:34:54,560 --> 00:34:58,240
Speaker 1: boys right now in my house. Wow, way too much,

619
00:34:58,880 --> 00:35:03,200
Speaker 1: way too much. Hortant to ascertain the source of the funk. First,

620
00:35:04,080 --> 00:35:05,680
Speaker 1: it's not funny, I don't I don't know what it

621
00:35:05,760 --> 00:35:08,200
Speaker 1: is about the scent, but it just it smells like

622
00:35:08,480 --> 00:35:10,520
Speaker 1: if you had to name the smell, you'd say, I'm

623
00:35:10,600 --> 00:35:13,440
Speaker 1: on a date with a boy who's about old enough

624
00:35:13,440 --> 00:35:16,320
Speaker 1: to get his driver's license. That's what it smells like,

625
00:35:16,920 --> 00:35:23,200
Speaker 1: its own scent. You wow, acts bedroom spray or something

626
00:35:23,280 --> 00:35:26,120
Speaker 1: like that. Yikes. Among the story, I hope you bought

627
00:35:26,120 --> 00:35:27,880
Speaker 1: it for cash and didn't borrow them on here, you know,

628
00:35:27,920 --> 00:35:31,600
Speaker 1: break up the pace. It's the arm Strong and Getty Show.

629
00:35:32,040 --> 00:35:40,840
Speaker 1: Arm Strong, Armstrong,