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Speaker 1: Not live.

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Speaker 2: It's from Studio C Armstrong in Getty and.

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Speaker 1: We're off for a couple of weeks. We're taking a break.

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Speaker 1: Come on, you get a break, We get a break.

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Speaker 1: We'll be back live for twenty five. Enjoy this carefully

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Speaker 1: curated Armstrong and Getty replayed and as long as we're

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Speaker 1: off traps you'd like to catch up on podcasts, subscribe

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Speaker 1: to Armstrong in Getty on demand or one more thing.

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Speaker 2: We think you'll enjoy it. Certain it's essentially a buzzer

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Speaker 2: that they're employing.

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Speaker 3: This is especially important at American Airlines because it's the

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Speaker 3: biggest airline in the US. They have nine different boarding groups,

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Speaker 3: which makes it sort of especially confusing for folks. The

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Speaker 3: problem is people who are jumping the line. It's known

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Speaker 3: as gate lice. That is there called gate lines, and

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Speaker 3: that is the term that the airline uses in some cases.

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Speaker 3: It's primarily something that bloggers have come up with, people

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Speaker 3: who hang around the front of the human eye. It

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Speaker 3: is kind of yes, I don't want to be allowed

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Speaker 3: to either. But the big thing here is that if

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Speaker 3: you scan your boarding pass that American is trying this

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Speaker 3: new technology on, it'll sound an alarm and make it

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Speaker 3: so that you go to the back of the line

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Speaker 3: and they can come back in when.

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Speaker 2: Your group is called.

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Speaker 1: Okay, this is you're already through security, you're you're up

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Speaker 1: there at your plane and they say it's time to board,

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Speaker 1: but you're group three and you try to get up

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Speaker 1: there with group one and they call you gate lice,

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Speaker 1: and Jake Tapper ridiculously says, sort of dehumanizing whatever, Jake

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Speaker 1: who worries about crap like that, that's just whatever, Okay,

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Speaker 1: I just call you jerks or a holes.

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Speaker 2: It's the same thing. Get in when your group is.

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Speaker 1: If you want a better group, buy your tickets earlier

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Speaker 1: or pay more or whatever. The way it works on

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Speaker 1: gate lices, I'm referred to them as airport apes chairs.

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Speaker 1: It's it's bored annoyed employees who deal with the public

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Speaker 1: all day long. Came up with a semi amusing nickname

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Speaker 1: to help, you know, cut into the drudgery of their

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Speaker 1: day a little bit.

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Speaker 2: Jake, It'll be okay, right, you know, it's the people.

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Speaker 1: There's you know, the amount of jyvness in media has

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Speaker 1: has changed a little bit.

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Speaker 2: Uh.

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Speaker 1: You know, back in the day, you were utter dignified

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Speaker 1: and besuited and and and you know, obviously very clean

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Speaker 1: language and stuff like that like that, but it's besuited.

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Speaker 2: It's it's fine.

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Speaker 1: But like a Jake Tapper, what is it in him

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Speaker 1: that makes him think, Well, because of the nature of

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Speaker 1: my job and the people looking in the dignity of

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Speaker 1: the profession, I need to say, well, that's somewhat just

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Speaker 1: do humanizing.

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Speaker 2: Who's worried about that? Seriously?

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Speaker 1: Anyway, back to the lousy, lousy gait, who's worried about

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Speaker 1: this is another question? With Thanksgiving coming up, That's why

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Speaker 1: we're talking about all the travel. Hey, let me let

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Speaker 1: me just make a say a word in support of

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Speaker 1: the American Airlines. We who are in group two don't

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Speaker 1: wish to rub elbows with you Group three paupers, all right, know.

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Speaker 2: Your place Group three, four and five? All right?

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Speaker 1: And I've said, oh boy, comfort plus doesn't refer to plus.

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Speaker 2: You stay back in your group.

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Speaker 1: So I'm flying on Tuesday now, lok Port. But the

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Speaker 1: point is we're going to Grandma and Grandpa's for Thanksgiving

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Speaker 1: and going to have turkey. Well, maybe you think that

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Speaker 1: is a horror or notes essay opinion piece in the

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Speaker 1: New York Times today what a lame duck president could

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Speaker 1: do for lame turkeys.

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Speaker 2: Good start.

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Speaker 1: We've wondered about the presidential partning of the turkey for years.

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Speaker 2: Boy, how's Biden going to pull that off? All right?

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Speaker 1: Anyway, he writes somewhat at the National Turkey Federation once

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Speaker 1: had an idea, let's send a live turkey to Harry

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Speaker 1: Truman for a presidential holiday feast. They thought, we'll promote

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Speaker 1: the turkey. Yeah, but was he stunt? We'll send a

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Speaker 1: live turkey to President Truman. Previously, some individual turkey producers

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Speaker 1: had sent their products to the president to promote them,

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Speaker 1: but the greater resources at the National Turkey Federation meant

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Speaker 1: that the story could be promoted more effectively.

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Speaker 2: The turkey that was sent to Truman was killed and eaten.

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Speaker 1: Uda, Go Harry, give him hell, Harry, huh make America

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Speaker 1: great again? Back when presidents would get a life turkey

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Speaker 1: and just say cool and kill it and need it

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Speaker 1: barbaric and then turkeys were subsequently sent to President Dwight D. Eisenhower,

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Speaker 1: who also killed and ate them. But in nineteen sixty three,

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Speaker 1: in one of us A last official acts before his assassination,

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Speaker 1: all right, god it would have been days before he

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Speaker 1: got his head blown apart.

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Speaker 2: Right ooh.

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Speaker 1: November sixty three, President John F. Kennedy, when face to

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Speaker 1: face with his live turkey, disregarded the sign hung around

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Speaker 1: the bird's neck that read good eating. Mister President, How

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Speaker 1: different is the country now than then? That they would

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Speaker 1: send a live turkey that was gonna get killed and eating,

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Speaker 1: and they put signor his neck, you know, happy eating?

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Speaker 2: There more realistic people, Yes, we were.

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Speaker 1: Now you have essays in the New York Times decrying

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Speaker 1: the horror that people eat turkeys at all.

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Speaker 2: Anyway, John F.

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Speaker 1: Kennedy, and face to face with a live turkey, disregarded

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Speaker 1: the sign hung around his neck and said, let's keep

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Speaker 1: him going. Kennedy didn't say anything about pardoning the turkey.

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Speaker 1: If you excuse me, I'm gonna go stuffing intown. Right.

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Speaker 1: He didn't say anything about pardoning the turkey, but the

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Speaker 1: media referred to his act as a pardon or reprieve.

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Speaker 2: President George H. W.

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Speaker 1: Bush was the first to pretend that a turkey was

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Speaker 1: receiving an official part.

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Speaker 2: And we've been doing it for the last forty years.

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Speaker 2: Where the president comes out and.

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Speaker 1: Bestows it really is pretty gruesome if you think about it,

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Speaker 1: cause it's I don't mean gruesome from a Turkey standpoint,

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Speaker 1: but just the idea of a pardon of something being

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Speaker 1: put to death. There are people on death throw. There

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Speaker 1: is a big one this week where they appeal to

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Speaker 1: the governors or the president to try not to be

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Speaker 1: executed as a human being, and the governor or president

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Speaker 1: makes a decision whether or not to do that to

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Speaker 1: kind of enjoy they don't get the partner right to

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Speaker 1: kind of joke about that activity. I officially pardon you Turkey,

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Speaker 1: not that other guy earlier in the week, which they

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Speaker 1: probably didn't deserve a pardon.

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Speaker 2: But you're not wrong.

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Speaker 1: But to me, the pardoning the Turkey shows weakness. This

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Speaker 1: is why Putin invaded Ukraine, because we're not even tough

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Speaker 1: enough to execute our guilty. Turkey is guilty of delicious.

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Speaker 2: I agree.

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Speaker 1: This is where the essay in the New York Times

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Speaker 1: turns really stupid. We pardon people for crimes they have committed.

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Speaker 1: Modern law has long abandoned the view that animals can

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Speaker 1: commit crimes. That makes it impossible to take seriously the

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Speaker 1: idea that turkeys need to be pardoned no matter what

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Speaker 1: they have done. But the annual is it just me?

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Speaker 1: Or are you waiting for a punchline too? This can't

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Speaker 1: possibly be serious. Yeah me, I'm waiting for it. But

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Speaker 1: the annual presidential pardon is doubly absurd because no one

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Speaker 1: has ever claimed the turkeys said to the president have

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Speaker 1: done anything wrong, not even in the sense that your

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Speaker 1: cat does something wrong when she punishes you for going

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Speaker 1: on vacation by using your bed as her litter box. Now,

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Speaker 1: this is very dry humor, very very dry. How to

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Speaker 1: avoid dry turkey breasts at the table coming up next?

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Speaker 2: Stay with us?

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Speaker 1: And then it goes into how about these turkey producers

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Speaker 1: have received millions of dollars as a subsidy for something

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Speaker 1: or other after sending the turkeys to It's.

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Speaker 2: Just it's all connonvoluted. I guess I'm supposed to be

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Speaker 2: upset about this in some way.

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Speaker 1: Oh boy, let me pencil that in in my list

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Speaker 1: of things to be worried about.

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Speaker 2: Right after I don't even know.

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Speaker 1: And then it gets into the good reasons some people

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Speaker 1: choose not to eat turkeys. Turkeys eaten by Americans today

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Speaker 1: are nothing like wild turkeys eaten by the early European settlers.

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Speaker 1: And how turkeys are not treated well, and there are

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Speaker 1: other things you could eat. Remember our old newsman Marshall

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Speaker 1: used to go to a tofur tofu turkey thing. That's

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Speaker 1: some toe turkey tofurky. That's some vegetarian friend of is

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Speaker 1: put together. I don't doubt that the turkeys are not

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Speaker 1: treated in the best way.

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Speaker 2: It doesn't surprise me.

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Speaker 1: Okay, I've penciled in concern about this right below. The

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Speaker 1: laces in my golf shoes get dirty and I have

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Speaker 1: to take them out to launder them. Well, I'll read

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Speaker 1: you the last paragraph of this serious thing. If we

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Speaker 1: insist on sticking with the idea of pardoning someone for Thanksgiving,

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Speaker 1: it's the heads of the giant corporations profiting from the

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Speaker 1: industrial production of turkeys who are in need of a pardon.

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Speaker 1: But to deserve it, they would first have to show

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Speaker 1: remorse for what they have done. Okay, well, you're fun

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Speaker 1: at a party. How hilarious is that they're bothered by

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Speaker 1: the pardoning of the turkeys fun at a gathering? I

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Speaker 1: was reading this piece. It's actually a decent piece about

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Speaker 1: how more and more people seem to be a semi sober.

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Speaker 1: They're like drinking more mindfully or less frequently, as the

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Speaker 1: medical establishment has said, you know, even one glass of wine,

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Speaker 1: it's not good for you. Alcohol is just not good

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Speaker 1: for you. And people are being more mindful. And this

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Speaker 1: woman is talking about you know, I've actually enjoyed it

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Speaker 1: more and blah blah blah.

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Speaker 2: And I was thinking of the person who's just a

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Speaker 2: drag at a party, like, if that guy shows up,

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Speaker 2: I'm leaving. Sorry, Grandma.

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Speaker 1: I know you've only got a week to live, but

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Speaker 1: I'm not hanging out with that idiot.

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Speaker 2: Sorry. Wow, if you're an.

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Speaker 1: Introvert, a little nip or two, that's how I get

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Speaker 1: through it.

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Speaker 2: So is the Is it like sweeping the nation that

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Speaker 2: being concerned about drinking or is it just a no?

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Speaker 1: I think it's absolutely on the increase. Young people are

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Speaker 1: drinking less than all the generations before them, partly because

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Speaker 1: they're giving themselves psychosist with the pot. Not universally. But

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Speaker 1: I think attitudes on alcohol evolving.

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Speaker 2: No doubt. Interesting.

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Speaker 1: Well, it is after what a couple decades, certainly a

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Speaker 1: decade of being told oh wow, by if you aren't

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Speaker 1: drinking red wine, you're being awful to your children because

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Speaker 1: it's gonna make your heart so much healthier than they

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Speaker 1: decided what a couple of years ago.

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Speaker 2: Ah, we were wrong about all that. Sorry, sorry, we're

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Speaker 2: not gonna not gonna hurt you the red wine, but

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Speaker 2: any alcohol is bad.

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Speaker 1: Yeah, that's that was yet another reason why I ignore

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Speaker 1: most studies about any sort of.

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Speaker 2: Hell thing anything. They changed their mind so many times

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Speaker 2: in my life.

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Speaker 1: How do you not roll your eyes at any study

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Speaker 1: about this food or diet or drink or whatever based

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Speaker 1: on wait and see, wait a long time and see.

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Speaker 1: Speaking of which fruit loops are going to be the

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Speaker 1: center of the great controversy of next year, the humble

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Speaker 1: fruit loop, No damn fruit anywhere near him, by the way,

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Speaker 1: as RFK Junior is really hammering on processed foods and

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Speaker 1: artificial die and that sort of thing.

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Speaker 2: Got some details on that.

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Speaker 1: Plus the armstrung and getty Court of Justice, we'll swing

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Speaker 1: into action and rejudge. Juicy smolet hey Anson CBS has

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Speaker 1: an interview with the first transgender congresswoman. Uh be kind

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Speaker 1: of interested to hear what she's talking about. If they

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Speaker 1: get into that whole bathroom. Her fluffel that you can't

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Speaker 1: become a woman by taking hormones and getting surgeries. That's

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Speaker 1: a medical impossibility. Well, she's got long hair and female

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Speaker 1: clothes on. I'm looking at her up there. I've not

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Speaker 1: personally looked under her skirt. Again, you can do anything

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Speaker 1: you want under the skirt. It does not change the

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Speaker 1: sex of the person involved. How recently did she transition?

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Speaker 2: Do we know this? Uh?

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Speaker 1: No, she didn't like run as a dude and is

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Speaker 1: now a chick or anything like that, right, isn't that reason?

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Speaker 2: Well? No, if she was ever a dude, she's not

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Speaker 2: a chick.

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Speaker 3: Now.

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Speaker 2: I think you're missing the point.

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Speaker 1: I think I get your the journalist writing about their

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Speaker 1: little kid playing with chat GPT, and I wonder if

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Speaker 1: this is going to be the future of parenting for

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Speaker 1: some people. Just watched my five year old son chat

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Speaker 1: with chat GPT advanced voice mode for over forty five minutes.

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Speaker 1: It started with a question about how cars were made.

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Speaker 1: It explained it in a way that he could understand.

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Speaker 1: He started peppering it with questions, and he told it

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Speaker 1: about his teacher and that he was learning to count.

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Speaker 1: Chat GPT started quizzing him on counting and egging on

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Speaker 1: and making it into a game. He was laughing and

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Speaker 1: having a blast and obviously never lost patience with him.

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Speaker 1: I think this is going to be revolutionary, the essentially free,

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Speaker 1: infinitely patient, super genius teacher slash parent that calibrates itself

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Speaker 1: perfectly to your kids learning style and pace. I'm excited

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Speaker 1: about the future. The slash parent part bothered me.

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Speaker 2: I don't know what to thing about that.

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Speaker 1: It's an interactive book, like a really really good interactive book.

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Speaker 1: If you look at it that way, it's not as

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Speaker 1: dis disturbing. If you look at it as a substitute

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Speaker 1: for a human that makes us all weird, then it

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Speaker 1: bothers me. If it's a substitute for all a human relationship,

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Speaker 1: that's the feeling it takes on. Yet, if there's no

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Speaker 1: human involved, that weirds me out. But if you look

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Speaker 1: at it as an interactive book, then it's fine. Teacher

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Speaker 1: student is a human relationship. I'm just sure trying to

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Speaker 1: figure out where exactly I stand on this. I'm not

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Speaker 1: exactly sure where I was. That's why I brought it.

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Speaker 1: I thought this might be cool, this might be awful,

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Speaker 1: this might be the end of society. It might be

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Speaker 1: great for kids. I have no idea which well, if

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Speaker 1: the kid who likes to count, grows up, puts this

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Speaker 1: thing's voice in a sex doll, and marries it. And

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Speaker 1: then then it's disturbing if it's just an interactive learning tool,

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Speaker 1: for instance. Yeah, yeah, you know, I've got this. You know,

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Speaker 1: I love being alive, and I'm having a lot of fun,

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Speaker 1: even on my bad days.

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Speaker 2: But I kind of I picture like my last day

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Speaker 2: on Earth, looking around and thinking, good luck, y'all you kidding, Yeah,

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Speaker 2: you know, no country for old men, man, Yeah, good luck.

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Speaker 1: Although I'd sure like to see how some of this

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Speaker 1: plays out, just purely out of curiosity.

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Speaker 2: Yes, I think that a lot.

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Speaker 1: I hope I live long enough to see how this

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Speaker 1: turns out or that turns out, or this turns out,

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Speaker 1: no doubt about it.

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Speaker 2: Huh. Okay, we'll see what happens.

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Speaker 1: I think you'll have I think as many kids will

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Speaker 1: have this interactive book. That's fantastic. There might be more.

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Speaker 1: See that was a five year old. There might be

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Speaker 1: more twenty five year olds that have a GPT girlfriend

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Speaker 1: rather than a real relationship.

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Speaker 2: And uh and then that, yeah, the other end of it.

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Speaker 1: Maybe then there'll be no more humans except in the

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Speaker 1: Third world, and they'll overrun the Western world. That's just

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Speaker 1: the way things go. Yah.

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Speaker 2: Do you want to hear a really disturbing note on

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Speaker 2: that topic? Who doesn't?

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Speaker 1: And this is uh? And this I think is undeniable

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Speaker 1: as I look at the Internet and all given well,

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Speaker 1: assuming that there are evil people and will always be

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Speaker 1: evil people, the more effective and advanced modes of communication get,

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Speaker 1: the more effective evildoers are and indoctrinating people into evil.

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Speaker 1: Now you would the obvious counter to that as well,

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Speaker 1: what about good people helping people understand what is good?

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Speaker 2: Yeah? True?

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Speaker 1: Maybe it's just that we the reasonable insane if I'm

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Speaker 1: and sane or insane and sane, And also saying denunciation

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Speaker 1: is so important, Jack, we both agree on that that

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Speaker 1: we let the educational complex become radical and radicalize the students,

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Speaker 1: and the internet's a big part of that. I just

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Speaker 1: I think the more advanced communication gets, the more the

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Speaker 1: evil doers will use those advances to indoctrinate, like.

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Speaker 2: That little kid who likes to count.

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Speaker 1: I mean, when he's in high school and and he's

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Speaker 1: now he's into physics. Actually, will the teachers are involved

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Speaker 1: programming that stuff? Slip them a little intersectionality and a

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Speaker 1: little you know, Johnny, do you ever feel like a girl.

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Speaker 1: You know, I just Trump had thirty seven felonies. Let's

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Speaker 1: count to thirty seven, that sort of thing. Yeah, it's

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Speaker 1: it goes back to my hole. The tree of knowledge

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Speaker 1: is technology, no truth, the Internet or AI or something. Yeah,

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Speaker 1: I don't know the fruit of the tree of knowledge,

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Speaker 1: I should say from the from Genesis, the Carmaker, the

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Speaker 1: Biblical book.

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Speaker 2: I'm done now, I think, do you have so much

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Speaker 2: to squeeze in this hour and the whole show? Hoping

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Speaker 2: stay tuned. But we ran this clip once and.

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Speaker 1: Got so much reactions, so many requests to hear it again,

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Speaker 1: we thought, all right, why not. Jared Bernstein is the

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Speaker 1: voice you're going to hear responding to question. He is

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Speaker 1: the chairman of the of the President's Economic Advisory Council.

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Speaker 1: He is the Chief Economic Advisor to the President of

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Speaker 1: the United States, Joseph R.

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Speaker 2: Biden, d Delaware.

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Speaker 1: And it's amazing, Michael, like you said, they print the dollars,

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Speaker 1: so why does the government even.

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Speaker 2: Borrow well.

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Speaker 4: The so the I mean again, some of this stuff

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Speaker 4: gets some of the language that the some of the

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Speaker 4: language and concepts are just confusing. I mean, the government

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Speaker 4: definitely prints money and it definitely lends that money, which

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Speaker 4: is why the government definitely prints money, and then it

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Speaker 4: lends that money by selling bonds.

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Speaker 2: Is that what they do?

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Speaker 4: They they Yeah, they they sell bonds. Yeah, they sell bonds, right,

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Speaker 4: since they sell bonds and people buy the bonds and

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Speaker 4: lend them the money.

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Speaker 2: Yeah.

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Speaker 4: So a lot of times, a lot of times, at

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Speaker 4: least to my year with MMT, the language and the

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Speaker 4: concepts can be unnecessarily confusing, But there is no question

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Speaker 4: that the government prints money and then it uses that

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Speaker 4: money to So yeah, I guess I'm just I don't

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Speaker 4: I can't really talk it, don't. I don't get it.

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Speaker 4: I don't know what they're talking about, like, because it's like,

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Speaker 4: the government clearly prints money, it does it all the time,

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Speaker 4: and it clearly borrows. Otherwise we wouldn't be having this

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Speaker 4: debt and deafist conversation. So I don't think there's anything

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Speaker 4: confusing there.

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Speaker 1: And what's this position again, he's the chairman of the

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Speaker 1: Council of Economic Advisors.

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Speaker 2: Does anybody have any questions?

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Speaker 1: So when we first played that, and when I first

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Speaker 1: heard the first part of it, I thought, Okay, this

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Speaker 1: is a guy.

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Speaker 2: That's just so in the weeds and so knowledgeable. He's

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Speaker 2: trying to figure out how to.

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Speaker 1: Dumb it down is to coarse, but you know, just

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Speaker 1: to present it in a way that a layman can

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Speaker 1: understand it. But then it becomes completely clear when he

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Speaker 1: starts saying.

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Speaker 2: Is that right?

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Speaker 1: I don't know that's a good That he actually doesn't know?

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Speaker 1: That was just bizarre. He makes reference to MMT, which,

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Speaker 1: if you're not familiar with it, it's a modern monetary theory.

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Speaker 1: It is a fringe left AOC theory that governments can

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Speaker 1: go into as much debt as they want to just

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Speaker 1: keep spending and spending because you can always grow the

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Speaker 1: economy faster than your interest payments, and that gets everybody employed.

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Speaker 1: It's super popular with green new dealers. But man, it

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Speaker 1: is a fringe way of looking at But how is

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Speaker 1: that going? An economic advisor of any kind who answers

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Speaker 1: a question like that. The only answer I can come

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Speaker 1: up with, and I'm not sure it's a great one,

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Speaker 1: but is that he didn't want to say, plainly, we

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Speaker 1: spend more than we take and borrow the balance because

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Speaker 1: that's how we buy votes. We're just we're just spending

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Speaker 1: money to stay in power and we'll have.

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Speaker 2: To pay it back eventually.

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Speaker 1: But as long as it doesn't happen on our watch,

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Speaker 1: as long as the disaster, the foreclosure doesn't happen on

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Speaker 1: our watch, we don't care. I don't know if you're

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Speaker 1: right or if you're giving him too much credit. It's

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Speaker 1: possible that he just had the right politics and so

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Speaker 1: they put him in that position and he's actually not

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Speaker 1: good at his job, like he's a major donor or

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Speaker 1: something I don't know, or tied to the right people.

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Speaker 2: I don't know. Yeah, that was that was crazy. It is.

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Speaker 1: It's amazing. That's the second time I heard it, and

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Speaker 1: it's just as amazing.

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Speaker 2: Yeah, are an expert in this? That's your answer? Where

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Speaker 2: are the adults? All right?

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Speaker 1: I gotta move on. I don't say about that. I

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Speaker 1: got I want to tease this because I'm gonna get

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Speaker 1: to it later.

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Speaker 2: Elections matter, folks, Elections matter. This is the most election

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Speaker 2: of our lifetime. This is the most election of our lifetime.

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Speaker 2: You can't argue with that. She knows me, literally, you can't.

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Speaker 2: She might be the future president.

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Speaker 1: Don't you threaten me like that. I'm gonna get to

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Speaker 1: this later. I heard I heard this on NPR, so

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Speaker 1: I had to look up the details. I just heard

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Speaker 1: the t's on NPR. I didn't hear them do the story.

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Speaker 1: What's the cash value of being white? A nobel economist

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Speaker 1: has come up with.

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Speaker 2: It, and you're gonna find it annoying.

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Speaker 1: I'm already annoyed. Boy, that's great. It gets too because

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Speaker 1: we talked about this the other day. It's similar to

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Speaker 1: the I remember the name of the term, the tax,

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Speaker 1: the uh the passion passion tax, which I also heard

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Speaker 1: about on NPR, which I've never heard of before, but

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Speaker 1: I looked it up, and it's a thing. It's the

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Speaker 1: idea that the Marxists or people who don't believe in

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Speaker 1: capitalism or whatever, believe that if you like your job,

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Speaker 1: you're paying a passion tax and you don't even know

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Speaker 1: because you're probably working for less than you would work

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Speaker 1: for if you didn't like your job.

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Speaker 2: Right, that's the passion tax.

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Speaker 1: The difference between we're going a job you hate where

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Speaker 1: they'd have to pay you more and working a job

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Speaker 1: you love where you probably put in more hours and

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Speaker 1: are willing.

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Speaker 2: To take less pay. That's the passion tax.

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Speaker 1: And you are being stolen from by your employer through

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Speaker 1: the passion tax and you don't even know it. Oh No,

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Speaker 1: somehow taking liking a job and turning it into a

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Speaker 1: negative right really quite an amazing feat. The thing about

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Speaker 1: that philosophy, and it I think it's more popular than mine,

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Speaker 1: is that it assumes life just happens to you, that

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Speaker 1: you're a you're of always a victim, that just life

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Speaker 1: drains on you like well rain not one of my

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Speaker 1: better metaphors, and there's nothing you can do about it

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Speaker 1: except to enact millions and millions and millions of rules

440
00:22:55,440 --> 00:22:59,560
Speaker 1: to prevent anything bad from ever happening. Whereas our philosophy,

441
00:22:59,720 --> 00:23:02,240
Speaker 1: I'm sure sure you share mine is is that no, no, no,

442
00:23:02,720 --> 00:23:05,720
Speaker 1: take hold of your life and live it. Accept the

443
00:23:05,720 --> 00:23:08,040
Speaker 1: bad hops except that some people are bastards and they're

444
00:23:08,040 --> 00:23:10,000
Speaker 1: gonna cheat it and the rest of it. But you

445
00:23:10,040 --> 00:23:12,640
Speaker 1: are the captain of your ship. Life doesn't happen to you.

446
00:23:12,640 --> 00:23:16,320
Speaker 1: You happen a life, Go get it. There'll be set backs,

447
00:23:16,359 --> 00:23:19,600
Speaker 1: there'll be you'll be screwed. We've been screwed. Uh, but

448
00:23:19,920 --> 00:23:22,800
Speaker 1: just you know, leave that behind you and figure out. Ah,

449
00:23:22,880 --> 00:23:25,280
Speaker 1: I'm gonna move on, Satdur. But why is our next

450
00:23:25,280 --> 00:23:27,480
Speaker 1: guy comes along trying to screw me like that, he's

451
00:23:27,520 --> 00:23:29,240
Speaker 1: gonna f what.

452
00:23:29,080 --> 00:23:33,360
Speaker 2: Do they say, f A f O? Yes, exactly it.

453
00:23:33,359 --> 00:23:37,920
Speaker 2: It's of course in philosophy, fart around and find out right?

454
00:23:38,480 --> 00:23:41,439
Speaker 1: Come on, isn't that a much more exciting way to

455
00:23:41,480 --> 00:23:43,320
Speaker 1: live your life than? Oh?

456
00:23:43,400 --> 00:23:45,400
Speaker 2: I really like what I do, So I think I'm

457
00:23:45,480 --> 00:23:48,200
Speaker 2: being cheated. My passion so pathetic.

458
00:23:48,440 --> 00:23:50,320
Speaker 1: Well, there's that aspect of it, and then there's just

459
00:23:50,440 --> 00:23:53,400
Speaker 1: that's factually true. Yeah, I mean if you if if

460
00:23:53,440 --> 00:23:56,480
Speaker 1: my job was gonna be digging holes all day long

461
00:23:57,640 --> 00:23:59,080
Speaker 1: instead of this, you'd have to.

462
00:23:59,000 --> 00:24:00,320
Speaker 2: Pay me a hell of a lot.

463
00:24:00,640 --> 00:24:03,360
Speaker 1: Yeah, I mean a lot a lot before I quit

464
00:24:03,400 --> 00:24:05,359
Speaker 1: this job and start digging holes for a living.

465
00:24:05,480 --> 00:24:08,200
Speaker 2: Boy, and with my back, you're not gonna like my productivity.

466
00:24:08,280 --> 00:24:10,480
Speaker 2: But so I'm better off with that.

467
00:24:11,680 --> 00:24:14,880
Speaker 1: Then I'm paying the passion tax because I like this job,

468
00:24:14,920 --> 00:24:17,320
Speaker 1: so I do it for less. But then NPR would

469
00:24:17,320 --> 00:24:22,440
Speaker 1: have a featurette on how you're getting the abuse bonus

470
00:24:23,320 --> 00:24:28,200
Speaker 1: and that you are the victim of the abuse bonus, because.

471
00:24:27,800 --> 00:24:32,879
Speaker 2: The whole point is to portray everybody as a victim. Yeah.

472
00:24:32,960 --> 00:24:34,960
Speaker 1: I mean, you got to really work hard when you

473
00:24:35,080 --> 00:24:37,160
Speaker 1: start going with the passion tax, and what I again

474
00:24:37,240 --> 00:24:39,720
Speaker 1: google it. There's a lot of writing about it, a

475
00:24:39,720 --> 00:24:43,720
Speaker 1: lot of people talking about it. That Reddit thread of

476
00:24:43,760 --> 00:24:46,280
Speaker 1: anti work. I'm sure it comes up on that regularly.

477
00:24:46,359 --> 00:24:51,000
Speaker 1: This this this world where you're being screwed and every

478
00:24:51,000 --> 00:24:54,040
Speaker 1: which way, including if you like your job is weird,

479
00:24:54,400 --> 00:24:55,919
Speaker 1: and if.

480
00:24:55,800 --> 00:24:58,439
Speaker 2: You like your job kind of but don't like it

481
00:24:58,480 --> 00:25:00,080
Speaker 2: a ton and you're getting paid more than you what

482
00:25:00,280 --> 00:25:03,600
Speaker 2: if you love it? But let's you're getting the neutrality kneecap.

483
00:25:06,440 --> 00:25:08,520
Speaker 2: That's how it works. You're just always a victim no

484
00:25:08,560 --> 00:25:12,080
Speaker 2: matter what happens, and so you've got to give them.

485
00:25:11,960 --> 00:25:16,560
Speaker 1: Power to fix it for you. It's the meh man handling.

486
00:25:18,400 --> 00:25:20,160
Speaker 1: I'm kind of meh about my job.

487
00:25:19,960 --> 00:25:25,639
Speaker 2: But oh you're the victim of the man handling. That

488
00:25:25,800 --> 00:25:27,840
Speaker 2: is hilarious. Oh my goodness.

489
00:25:27,920 --> 00:25:31,960
Speaker 1: Hope you're not paying the passion tax by liking your job, right,

490
00:25:32,000 --> 00:25:33,479
Speaker 1: and you go in on the weekend and work more

491
00:25:33,520 --> 00:25:36,440
Speaker 1: because you know you'd actually do this in your free time.

492
00:25:36,480 --> 00:25:39,159
Speaker 2: You like your job so much. That's the passion tax,

493
00:25:39,680 --> 00:25:39,840
Speaker 2: you know.

494
00:25:39,880 --> 00:25:42,560
Speaker 1: I was just gonna say, the number of people who

495
00:25:42,560 --> 00:25:44,720
Speaker 1: see life the way you do, my friends and we do,

496
00:25:45,320 --> 00:25:48,120
Speaker 1: is way, way, way, way, way more than you would think,

497
00:25:48,520 --> 00:25:52,840
Speaker 1: given media and education and entertainment, which are the three

498
00:25:53,960 --> 00:25:59,680
Speaker 1: headed monster of passivism and progressivism, You're right your way

499
00:25:59,720 --> 00:26:01,800
Speaker 1: of look the world is right, be proud of it,

500
00:26:01,880 --> 00:26:03,920
Speaker 1: be an advocate for it at strongly.

501
00:26:04,520 --> 00:26:05,080
Speaker 2: It was funny.

502
00:26:05,160 --> 00:26:08,120
Speaker 1: I was taking in some lefty media just to figure

503
00:26:08,119 --> 00:26:10,959
Speaker 1: out what arguments I'm going up against today, and I

504
00:26:11,040 --> 00:26:17,800
Speaker 1: heard back to back NPR portraying the college anti Israel

505
00:26:17,880 --> 00:26:21,480
Speaker 1: protests as a groundswell of the true feeling of millions

506
00:26:21,480 --> 00:26:24,000
Speaker 1: of Americans. I got pulling on that. That would show

507
00:26:24,040 --> 00:26:27,040
Speaker 1: that's not true. Oh, it's utterly false. It's fiction. The

508
00:26:27,200 --> 00:26:31,320
Speaker 1: Armstrong and Getty Show, Yeah, your show, podcasts, and our

509
00:26:31,359 --> 00:26:37,840
Speaker 1: hot Lakes. So, speaking of money changing hands, a couple

510
00:26:37,960 --> 00:26:41,480
Speaker 1: of really interesting economic notes for you. First of all,

511
00:26:41,640 --> 00:26:46,240
Speaker 1: two main reasons inflation is still high. One rents and

512
00:26:46,320 --> 00:26:52,199
Speaker 1: two hospital costs. Hospital prices jump seven point seven percent

513
00:26:52,280 --> 00:26:54,879
Speaker 1: last month from a year ago, the highest increase in

514
00:26:54,920 --> 00:26:57,000
Speaker 1: any months since October of twenty ten, according to the

515
00:26:57,040 --> 00:27:00,000
Speaker 1: Labor Department. They go into a bunch of different persons

516
00:27:00,440 --> 00:27:03,440
Speaker 1: that are significantly more expensive than they were a year ago.

517
00:27:04,240 --> 00:27:08,439
Speaker 1: And then, like anything any topic discussing the US healthcare system,

518
00:27:08,720 --> 00:27:11,919
Speaker 1: they're like three or four sub conversations. You have to

519
00:27:11,960 --> 00:27:15,119
Speaker 1: bring enlightenment to the topic. Our healthcare system could not

520
00:27:15,200 --> 00:27:15,720
Speaker 1: be any.

521
00:27:15,520 --> 00:27:16,600
Speaker 2: More screwed up than it is.

522
00:27:16,640 --> 00:27:19,320
Speaker 1: I don't think, of course, having said that, they'll reach

523
00:27:19,400 --> 00:27:24,399
Speaker 1: new heights of being screwed up between artificial and fictional

524
00:27:24,600 --> 00:27:30,800
Speaker 1: government compensation rates for Medicare and Medicaid, hospital monopolies in

525
00:27:30,880 --> 00:27:34,199
Speaker 1: a lot of cities, a lot of regions, and then

526
00:27:34,240 --> 00:27:37,119
Speaker 1: the way insurance companies work, which I've never understood and

527
00:27:37,160 --> 00:27:40,560
Speaker 1: I understand less now. Like I was in the emergency

528
00:27:40,640 --> 00:27:43,800
Speaker 1: room when we could go today for my motorcycle wreck a.

529
00:27:43,880 --> 00:27:46,400
Speaker 1: I got a bill for two thousand dollars and it's

530
00:27:46,400 --> 00:27:51,800
Speaker 1: set on there. The insurance company hasn't I forget the

531
00:27:51,840 --> 00:27:54,080
Speaker 1: word they use, but hasn't looked at all of this yet.

532
00:27:55,640 --> 00:27:56,040
Speaker 2: I don't know.

533
00:27:56,080 --> 00:27:58,800
Speaker 1: You're threatening me with collections if I don't pay by

534
00:27:58,800 --> 00:28:01,359
Speaker 1: this date. When's the insurance company take it? What do

535
00:28:01,400 --> 00:28:03,280
Speaker 1: they cover? What do they not cover? Are they just

536
00:28:03,359 --> 00:28:05,720
Speaker 1: doing that thing where they hope you'll pay for it

537
00:28:07,640 --> 00:28:10,399
Speaker 1: before they cover it? Do I have to hire a

538
00:28:10,480 --> 00:28:12,639
Speaker 1: lawyer to figure out what is actually supposed to be

539
00:28:12,640 --> 00:28:13,159
Speaker 1: covered or not?

540
00:28:13,359 --> 00:28:14,320
Speaker 2: What are you supposed to do.

541
00:28:14,960 --> 00:28:17,080
Speaker 1: Right, and keep in mind, if you have insurance, you

542
00:28:17,080 --> 00:28:21,640
Speaker 1: are paying artificially inflated rates to pay for the government

543
00:28:21,680 --> 00:28:24,439
Speaker 1: composition folks and people without insurance at all. And then

544
00:28:24,600 --> 00:28:26,880
Speaker 1: everybody kept asking me why I didn't take an ambulance

545
00:28:26,920 --> 00:28:30,440
Speaker 1: as opposed to limping into a guy's uber and bleeding

546
00:28:30,480 --> 00:28:34,280
Speaker 1: all over his seat in his poor Toyota Camry, which

547
00:28:34,280 --> 00:28:36,440
Speaker 1: it was nice of him to do, because the last

548
00:28:36,440 --> 00:28:39,760
Speaker 1: time I took an ambulance an eighth of a mile

549
00:28:39,840 --> 00:28:43,640
Speaker 1: for my gallbladder, it cost me three thousand dollars cash

550
00:28:43,760 --> 00:28:45,440
Speaker 1: because that's not covered by insurance.

551
00:28:45,680 --> 00:28:49,040
Speaker 2: Three thousand dollars. Wow, I don't know what this would

552
00:28:49,080 --> 00:28:50,400
Speaker 2: have been. It was a lot further away.

553
00:28:50,640 --> 00:28:54,040
Speaker 1: That's so I'll never take an ambulance again unless I

554
00:28:54,040 --> 00:28:57,000
Speaker 1: think I'm gonna die. You can take a private jet

555
00:28:57,000 --> 00:29:00,239
Speaker 1: from your house to the hospital for about that. So

556
00:29:00,280 --> 00:29:04,000
Speaker 1: they do mention that health insurers are paying for soaring

557
00:29:04,080 --> 00:29:07,520
Speaker 1: wages for workers and other nurses rather than other workers.

558
00:29:08,000 --> 00:29:10,840
Speaker 1: Hiring and openings in healthcare remain strong even as unemployment

559
00:29:10,840 --> 00:29:12,040
Speaker 1: in other industries is slowed down.

560
00:29:12,080 --> 00:29:13,040
Speaker 2: I thought that was interesting.

561
00:29:13,600 --> 00:29:17,680
Speaker 1: Also this we mentioned earlier that The New York Times

562
00:29:17,680 --> 00:29:20,920
Speaker 1: had an article about inflation, and the number one comment,

563
00:29:21,040 --> 00:29:24,160
Speaker 1: which was liked by eleven and forty out of the

564
00:29:24,200 --> 00:29:28,360
Speaker 1: eleven hundred and eighty people who didn't commented, was that

565
00:29:28,400 --> 00:29:30,239
Speaker 1: The New York Times really needs to get off it's

566
00:29:30,280 --> 00:29:33,440
Speaker 1: button do some journalism about how companies are gouging us

567
00:29:33,680 --> 00:29:37,120
Speaker 1: and how there are artificially raising prices. Well, the Wall

568
00:29:37,160 --> 00:29:40,920
Speaker 1: Street Journal has a great piece on the title is

569
00:29:41,520 --> 00:29:44,760
Speaker 1: why is inflation so stubborn? Ask your local small business?

570
00:29:45,760 --> 00:29:49,160
Speaker 1: The number of small business businesses in America that are

571
00:29:49,200 --> 00:29:53,280
Speaker 1: contemplating raising prices is the highest they have ever observed.

572
00:29:53,760 --> 00:29:56,400
Speaker 1: And they go into a bonje of small businesses whose

573
00:29:56,520 --> 00:30:01,240
Speaker 1: costs from corrugated paper, from a box business, to all

574
00:30:01,280 --> 00:30:04,320
Speaker 1: sorts of people are talking about labor costs, a bunch

575
00:30:04,400 --> 00:30:07,240
Speaker 1: of different inputs. Here's a roofer who hasn't raised prices

576
00:30:07,240 --> 00:30:08,880
Speaker 1: in a decade and now is going to have to

577
00:30:08,960 --> 00:30:13,600
Speaker 1: raise them twenty percent just their costs are killing them.

578
00:30:14,880 --> 00:30:19,520
Speaker 1: Aluminum used for curtain tracks now costs a buck thirty

579
00:30:19,520 --> 00:30:23,040
Speaker 1: one a foot. That's up about twenty percent from a

580
00:30:23,120 --> 00:30:23,560
Speaker 1: year ago.

581
00:30:23,640 --> 00:30:24,000
Speaker 2: Today.

582
00:30:24,320 --> 00:30:26,360
Speaker 1: They just have a bunch of different examples of it.

583
00:30:28,120 --> 00:30:31,440
Speaker 1: And then this I thought, on a semi similar topic,

584
00:30:32,560 --> 00:30:35,280
Speaker 1: Jack and I have relationships with a couple of fairly

585
00:30:35,360 --> 00:30:39,720
Speaker 1: large companies and a couple of little LLCs that are,

586
00:30:39,920 --> 00:30:43,840
Speaker 1: you know, have roughly the revenue of your local baseball

587
00:30:43,840 --> 00:30:47,680
Speaker 1: card shop. But so the idea that we're some sort

588
00:30:47,720 --> 00:30:51,080
Speaker 1: of corporate titans is just not true. I look like

589
00:30:51,880 --> 00:30:55,520
Speaker 1: you don't, frankly, but I thought this is great. Phil Graham,

590
00:30:55,520 --> 00:30:58,680
Speaker 1: the old Senator, and Mike Solon, whose name I don't recognize,

591
00:30:58,680 --> 00:31:00,479
Speaker 1: but they wrote this piece for the Wall Street Journal

592
00:31:01,160 --> 00:31:05,640
Speaker 1: about how Biden and company are going to hammer hard

593
00:31:05,680 --> 00:31:09,400
Speaker 1: the idea of we've got to raise taxes on corporations.

594
00:31:10,280 --> 00:31:12,560
Speaker 1: And they quote a bunch of different speeches where they've

595
00:31:12,560 --> 00:31:15,120
Speaker 1: said that sort of thing. Obama was big on it too,

596
00:31:16,800 --> 00:31:20,560
Speaker 1: and how during the Trump tax cuts, the permanent part

597
00:31:20,560 --> 00:31:24,320
Speaker 1: there were some temporary stuff, some permanent part was it

598
00:31:24,480 --> 00:31:26,440
Speaker 1: was a corporate tax rates, which get a lot less

599
00:31:26,440 --> 00:31:30,120
Speaker 1: attention than individual income tax rates because only because and

600
00:31:30,200 --> 00:31:33,680
Speaker 1: I quote, Americans don't understand that corporations don't pay taxes.

601
00:31:34,480 --> 00:31:35,800
Speaker 2: What wa wait?

602
00:31:35,880 --> 00:31:38,720
Speaker 1: What It's one of the main campaign names of the

603
00:31:38,720 --> 00:31:40,880
Speaker 1: Democrats that corporations have to pay higher taxes.

604
00:31:40,920 --> 00:31:43,360
Speaker 2: You're trying to tell me they don't pay taxes. All.

605
00:31:43,440 --> 00:31:46,280
Speaker 1: A corporate entity is a pass through legal structure, a

606
00:31:46,280 --> 00:31:50,360
Speaker 1: piece of paper in some Delaware filing cabinet, as Mitt

607
00:31:50,440 --> 00:31:53,640
Speaker 1: Romney tried to tell people, corporations are people, and he

608
00:31:53,720 --> 00:31:54,080
Speaker 1: was mocked.

609
00:31:54,080 --> 00:31:58,000
Speaker 2: Of course, proper people, my friend, And that was endlessly mocked.

610
00:31:59,280 --> 00:32:02,040
Speaker 1: So when the corporate tax rate increases, corporations try to

611
00:32:02,080 --> 00:32:05,000
Speaker 1: pass the cost on to consumers. To the degree that

612
00:32:05,040 --> 00:32:07,800
Speaker 1: the entire cost of the tax increase can't be passed

613
00:32:07,840 --> 00:32:09,600
Speaker 1: on to consumers, those costs are.

614
00:32:09,520 --> 00:32:11,760
Speaker 2: Born by employees and investors.

615
00:32:12,160 --> 00:32:15,520
Speaker 1: Most economic studies can see that fifty or concluded that

616
00:32:15,640 --> 00:32:18,800
Speaker 1: fifty to seventy percent of a corporate tax increase not

617
00:32:19,040 --> 00:32:22,000
Speaker 1: passed on in higher prices is born by workers, while

618
00:32:22,080 --> 00:32:26,480
Speaker 1: thirty to fifty percent is born by investors. If you consume,

619
00:32:27,080 --> 00:32:29,720
Speaker 1: and we all do, you pay the corporate tax. If

620
00:32:29,720 --> 00:32:31,840
Speaker 1: you consume and your work for a corporation, you pay

621
00:32:31,840 --> 00:32:35,880
Speaker 1: the corporate tax twice. If you consume work and invest

622
00:32:35,960 --> 00:32:39,680
Speaker 1: your retirement funds in stocks.

623
00:32:39,400 --> 00:32:40,120
Speaker 2: All good point.

624
00:32:40,760 --> 00:32:44,000
Speaker 1: The corporate tax hits you three times. Wow, I've never

625
00:32:44,040 --> 00:32:46,680
Speaker 1: thought about that third one. Yeah, here's where it really

626
00:32:46,760 --> 00:32:49,280
Speaker 1: hits home. Democrats call up the image of the greedy

627
00:32:49,360 --> 00:32:52,320
Speaker 1: robber Baron as a personification of big corporations. But when

628
00:32:52,360 --> 00:32:54,960
Speaker 1: you pull back the curtain, it isn't the Wizard or

629
00:32:55,000 --> 00:32:59,080
Speaker 1: Robber Baron you see, but yourself as consumer, worker, and pensioner.

630
00:32:59,720 --> 00:33:03,480
Speaker 1: Many Americans don't pay individual income taxes, but all Americans

631
00:33:03,520 --> 00:33:07,120
Speaker 1: pay corporate taxes. In fact, a recent Treasury study confirmed

632
00:33:07,400 --> 00:33:10,960
Speaker 1: that about ninety three million families, about forty nine percent

633
00:33:11,000 --> 00:33:13,200
Speaker 1: of all American families, pay more in corporate taxes than

634
00:33:13,240 --> 00:33:17,160
Speaker 1: they do in individual income taxes. And they go into

635
00:33:17,200 --> 00:33:20,960
Speaker 1: a little detail on how that's true. But here's the

636
00:33:20,960 --> 00:33:23,000
Speaker 1: part I wanted to hit. That's not hard to believe

637
00:33:23,040 --> 00:33:25,400
Speaker 1: given the fact that half the country pays no federal

638
00:33:25,440 --> 00:33:30,280
Speaker 1: income taxes. So the stockhack market certainly has never looked

639
00:33:30,280 --> 00:33:33,000
Speaker 1: at it that way, and that's very interesting. The stock

640
00:33:33,040 --> 00:33:36,320
Speaker 1: market surged in twenty seventeen in anticipation of the tax cuts,

641
00:33:36,320 --> 00:33:38,840
Speaker 1: and in twenty eighteen twenty nineteen in response to them.

642
00:33:39,040 --> 00:33:43,120
Speaker 1: Who owns American corporations? According to Tax tax Notes, which

643
00:33:43,160 --> 00:33:46,600
Speaker 1: is a nonprofit, nonpartisan blah blah blah, seventy two percent

644
00:33:46,840 --> 00:33:50,720
Speaker 1: of all domestically held stocks are owned by pension plans.

645
00:33:51,280 --> 00:33:55,480
Speaker 1: Four oh one k's individual retirement accounts and charitable organizations

646
00:33:55,720 --> 00:33:58,040
Speaker 1: are held by life insurance companies to fund anuities and

647
00:33:58,080 --> 00:33:58,600
Speaker 1: death benefits.

648
00:33:58,720 --> 00:33:59,520
Speaker 2: What's that percentage?

649
00:34:01,240 --> 00:34:08,319
Speaker 1: Wow, of all domestically healthstocks are retirement funds essentially. So

650
00:34:08,480 --> 00:34:13,160
Speaker 1: when the Democrats draw this cartoon of the fat cat

651
00:34:13,200 --> 00:34:14,280
Speaker 1: who's going to be taxed?

652
00:34:14,600 --> 00:34:16,320
Speaker 2: That's you man, look in the mirror.

653
00:34:17,360 --> 00:34:19,359
Speaker 1: And as I mentioned a week or so ago, this

654
00:34:19,400 --> 00:34:24,040
Speaker 1: is an underreported story. The Trump tax cuts of twenty

655
00:34:24,080 --> 00:34:29,480
Speaker 1: seventeen expire in twenty five. So whoever gets elected, you

656
00:34:29,520 --> 00:34:32,040
Speaker 1: know what day one is actually going to be. Day

657
00:34:32,080 --> 00:34:36,440
Speaker 1: one is going to be the battle begins over renewing

658
00:34:36,560 --> 00:34:37,560
Speaker 1: or not or how.

659
00:34:37,520 --> 00:34:39,480
Speaker 2: Much the Trump tax cut package.

660
00:34:40,040 --> 00:34:42,520
Speaker 1: And that is going to be the biggest political story

661
00:34:42,640 --> 00:34:45,719
Speaker 1: of the year after the election, no doubt about it,

662
00:34:45,719 --> 00:34:48,560
Speaker 1: and the good old fashioned demagoguing of it. Oh yeah,

663
00:34:48,600 --> 00:34:51,600
Speaker 1: oh yeah, we're rich benefited the most. Well, the quote

664
00:34:51,640 --> 00:34:54,440
Speaker 1: unquote rich pay the vast majority of income taxes, so

665
00:34:54,440 --> 00:34:56,560
Speaker 1: it would be hard to design the system where they didn't.

666
00:34:56,640 --> 00:34:59,680
Speaker 2: But anyway,