WEBVTT - The A&G Replay Tuesday Hour Three

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<v Speaker 1>Not live.

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<v Speaker 2>It's from Studio C Armstrong in Getty and.

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<v Speaker 1>We're off for a couple of weeks. We're taking a break.

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<v Speaker 1>Come on, you get a break, We get a break.

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<v Speaker 1>We'll be back live for twenty five. Enjoy this carefully

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<v Speaker 1>curated Armstrong and Getty replayed and as long as we're

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<v Speaker 1>off traps you'd like to catch up on podcasts, subscribe

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<v Speaker 1>to Armstrong in Getty on demand or one more thing.

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<v Speaker 2>We think you'll enjoy it. Certain it's essentially a buzzer

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<v Speaker 2>that they're employing.

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<v Speaker 3>This is especially important at American Airlines because it's the

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<v Speaker 3>biggest airline in the US. They have nine different boarding groups,

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<v Speaker 3>which makes it sort of especially confusing for folks. The

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<v Speaker 3>problem is people who are jumping the line. It's known

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<v Speaker 3>as gate lice. That is there called gate lines, and

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<v Speaker 3>that is the term that the airline uses in some cases.

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<v Speaker 3>It's primarily something that bloggers have come up with, people

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<v Speaker 3>who hang around the front of the human eye. It

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<v Speaker 3>is kind of yes, I don't want to be allowed

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<v Speaker 3>to either. But the big thing here is that if

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<v Speaker 3>you scan your boarding pass that American is trying this

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<v Speaker 3>new technology on, it'll sound an alarm and make it

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<v Speaker 3>so that you go to the back of the line

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<v Speaker 3>and they can come back in when.

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<v Speaker 2>Your group is called.

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<v Speaker 1>Okay, this is you're already through security, you're you're up

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<v Speaker 1>there at your plane and they say it's time to board,

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<v Speaker 1>but you're group three and you try to get up

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<v Speaker 1>there with group one and they call you gate lice,

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<v Speaker 1>and Jake Tapper ridiculously says, sort of dehumanizing whatever, Jake

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<v Speaker 1>who worries about crap like that, that's just whatever, Okay,

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<v Speaker 1>I just call you jerks or a holes.

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<v Speaker 2>It's the same thing. Get in when your group is.

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<v Speaker 1>If you want a better group, buy your tickets earlier

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<v Speaker 1>or pay more or whatever. The way it works on

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<v Speaker 1>gate lices, I'm referred to them as airport apes chairs.

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<v Speaker 1>It's it's bored annoyed employees who deal with the public

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<v Speaker 1>all day long. Came up with a semi amusing nickname

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<v Speaker 1>to help, you know, cut into the drudgery of their

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<v Speaker 1>day a little bit.

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<v Speaker 2>Jake, It'll be okay, right, you know, it's the people.

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<v Speaker 1>There's you know, the amount of jyvness in media has

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<v Speaker 1>has changed a little bit.

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<v Speaker 2>Uh.

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<v Speaker 1>You know, back in the day, you were utter dignified

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<v Speaker 1>and besuited and and and you know, obviously very clean

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<v Speaker 1>language and stuff like that like that, but it's besuited.

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<v Speaker 2>It's it's fine.

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<v Speaker 1>But like a Jake Tapper, what is it in him

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<v Speaker 1>that makes him think, Well, because of the nature of

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<v Speaker 1>my job and the people looking in the dignity of

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<v Speaker 1>the profession, I need to say, well, that's somewhat just

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<v Speaker 1>do humanizing.

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<v Speaker 2>Who's worried about that? Seriously?

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<v Speaker 1>Anyway, back to the lousy, lousy gait, who's worried about

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<v Speaker 1>this is another question? With Thanksgiving coming up, That's why

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<v Speaker 1>we're talking about all the travel. Hey, let me let

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<v Speaker 1>me just make a say a word in support of

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<v Speaker 1>the American Airlines. We who are in group two don't

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<v Speaker 1>wish to rub elbows with you Group three paupers, all right, know.

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<v Speaker 2>Your place Group three, four and five? All right?

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<v Speaker 1>And I've said, oh boy, comfort plus doesn't refer to plus.

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<v Speaker 2>You stay back in your group.

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<v Speaker 1>So I'm flying on Tuesday now, lok Port. But the

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<v Speaker 1>point is we're going to Grandma and Grandpa's for Thanksgiving

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<v Speaker 1>and going to have turkey. Well, maybe you think that

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<v Speaker 1>is a horror or notes essay opinion piece in the

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<v Speaker 1>New York Times today what a lame duck president could

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<v Speaker 1>do for lame turkeys.

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<v Speaker 2>Good start.

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<v Speaker 1>We've wondered about the presidential partning of the turkey for years.

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<v Speaker 2>Boy, how's Biden going to pull that off? All right?

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<v Speaker 1>Anyway, he writes somewhat at the National Turkey Federation once

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<v Speaker 1>had an idea, let's send a live turkey to Harry

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<v Speaker 1>Truman for a presidential holiday feast. They thought, we'll promote

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<v Speaker 1>the turkey. Yeah, but was he stunt? We'll send a

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<v Speaker 1>live turkey to President Truman. Previously, some individual turkey producers

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<v Speaker 1>had sent their products to the president to promote them,

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<v Speaker 1>but the greater resources at the National Turkey Federation meant

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<v Speaker 1>that the story could be promoted more effectively.

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<v Speaker 2>The turkey that was sent to Truman was killed and eaten.

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<v Speaker 1>Uda, Go Harry, give him hell, Harry, huh make America

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<v Speaker 1>great again? Back when presidents would get a life turkey

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<v Speaker 1>and just say cool and kill it and need it

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<v Speaker 1>barbaric and then turkeys were subsequently sent to President Dwight D. Eisenhower,

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<v Speaker 1>who also killed and ate them. But in nineteen sixty three,

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<v Speaker 1>in one of us A last official acts before his assassination,

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<v Speaker 1>all right, god it would have been days before he

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<v Speaker 1>got his head blown apart.

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<v Speaker 2>Right ooh.

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<v Speaker 1>November sixty three, President John F. Kennedy, when face to

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<v Speaker 1>face with his live turkey, disregarded the sign hung around

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<v Speaker 1>the bird's neck that read good eating. Mister President, How

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<v Speaker 1>different is the country now than then? That they would

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<v Speaker 1>send a live turkey that was gonna get killed and eating,

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<v Speaker 1>and they put signor his neck, you know, happy eating?

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<v Speaker 2>There more realistic people, Yes, we were.

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<v Speaker 1>Now you have essays in the New York Times decrying

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<v Speaker 1>the horror that people eat turkeys at all.

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<v Speaker 2>Anyway, John F.

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<v Speaker 1>Kennedy, and face to face with a live turkey, disregarded

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<v Speaker 1>the sign hung around his neck and said, let's keep

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<v Speaker 1>him going. Kennedy didn't say anything about pardoning the turkey.

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<v Speaker 1>If you excuse me, I'm gonna go stuffing intown. Right.

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<v Speaker 1>He didn't say anything about pardoning the turkey, but the

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<v Speaker 1>media referred to his act as a pardon or reprieve.

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<v Speaker 2>President George H. W.

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<v Speaker 1>Bush was the first to pretend that a turkey was

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<v Speaker 1>receiving an official part.

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<v Speaker 2>And we've been doing it for the last forty years.

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<v Speaker 2>Where the president comes out and.

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<v Speaker 1>Bestows it really is pretty gruesome if you think about it,

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<v Speaker 1>cause it's I don't mean gruesome from a Turkey standpoint,

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<v Speaker 1>but just the idea of a pardon of something being

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<v Speaker 1>put to death. There are people on death throw. There

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<v Speaker 1>is a big one this week where they appeal to

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<v Speaker 1>the governors or the president to try not to be

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<v Speaker 1>executed as a human being, and the governor or president

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<v Speaker 1>makes a decision whether or not to do that to

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<v Speaker 1>kind of enjoy they don't get the partner right to

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<v Speaker 1>kind of joke about that activity. I officially pardon you Turkey,

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<v Speaker 1>not that other guy earlier in the week, which they

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<v Speaker 1>probably didn't deserve a pardon.

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<v Speaker 2>But you're not wrong.

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<v Speaker 1>But to me, the pardoning the Turkey shows weakness. This

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<v Speaker 1>is why Putin invaded Ukraine, because we're not even tough

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<v Speaker 1>enough to execute our guilty. Turkey is guilty of delicious.

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<v Speaker 2>I agree.

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<v Speaker 1>This is where the essay in the New York Times

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<v Speaker 1>turns really stupid. We pardon people for crimes they have committed.

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<v Speaker 1>Modern law has long abandoned the view that animals can

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<v Speaker 1>commit crimes. That makes it impossible to take seriously the

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<v Speaker 1>idea that turkeys need to be pardoned no matter what

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<v Speaker 1>they have done. But the annual is it just me?

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<v Speaker 1>Or are you waiting for a punchline too? This can't

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<v Speaker 1>possibly be serious. Yeah me, I'm waiting for it. But

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<v Speaker 1>the annual presidential pardon is doubly absurd because no one

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<v Speaker 1>has ever claimed the turkeys said to the president have

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<v Speaker 1>done anything wrong, not even in the sense that your

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<v Speaker 1>cat does something wrong when she punishes you for going

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<v Speaker 1>on vacation by using your bed as her litter box. Now,

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<v Speaker 1>this is very dry humor, very very dry. How to

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<v Speaker 1>avoid dry turkey breasts at the table coming up next?

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<v Speaker 2>Stay with us?

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<v Speaker 1>And then it goes into how about these turkey producers

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<v Speaker 1>have received millions of dollars as a subsidy for something

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<v Speaker 1>or other after sending the turkeys to It's.

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<v Speaker 2>Just it's all connonvoluted. I guess I'm supposed to be

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<v Speaker 2>upset about this in some way.

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<v Speaker 1>Oh boy, let me pencil that in in my list

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<v Speaker 1>of things to be worried about.

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<v Speaker 2>Right after I don't even know.

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<v Speaker 1>And then it gets into the good reasons some people

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<v Speaker 1>choose not to eat turkeys. Turkeys eaten by Americans today

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<v Speaker 1>are nothing like wild turkeys eaten by the early European settlers.

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<v Speaker 1>And how turkeys are not treated well, and there are

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<v Speaker 1>other things you could eat. Remember our old newsman Marshall

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<v Speaker 1>used to go to a tofur tofu turkey thing. That's

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<v Speaker 1>some toe turkey tofurky. That's some vegetarian friend of is

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<v Speaker 1>put together. I don't doubt that the turkeys are not

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<v Speaker 1>treated in the best way.

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<v Speaker 2>It doesn't surprise me.

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<v Speaker 1>Okay, I've penciled in concern about this right below. The

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<v Speaker 1>laces in my golf shoes get dirty and I have

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<v Speaker 1>to take them out to launder them. Well, I'll read

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<v Speaker 1>you the last paragraph of this serious thing. If we

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<v Speaker 1>insist on sticking with the idea of pardoning someone for Thanksgiving,

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<v Speaker 1>it's the heads of the giant corporations profiting from the

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<v Speaker 1>industrial production of turkeys who are in need of a pardon.

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<v Speaker 1>But to deserve it, they would first have to show

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<v Speaker 1>remorse for what they have done. Okay, well, you're fun

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<v Speaker 1>at a party. How hilarious is that they're bothered by

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<v Speaker 1>the pardoning of the turkeys fun at a gathering? I

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<v Speaker 1>was reading this piece. It's actually a decent piece about

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<v Speaker 1>how more and more people seem to be a semi sober.

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<v Speaker 1>They're like drinking more mindfully or less frequently, as the

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<v Speaker 1>medical establishment has said, you know, even one glass of wine,

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<v Speaker 1>it's not good for you. Alcohol is just not good

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<v Speaker 1>for you. And people are being more mindful. And this

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<v Speaker 1>woman is talking about you know, I've actually enjoyed it

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<v Speaker 1>more and blah blah blah.

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<v Speaker 2>And I was thinking of the person who's just a

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<v Speaker 2>drag at a party, like, if that guy shows up,

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<v Speaker 2>I'm leaving. Sorry, Grandma.

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<v Speaker 1>I know you've only got a week to live, but

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<v Speaker 1>I'm not hanging out with that idiot.

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<v Speaker 2>Sorry. Wow, if you're an.

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<v Speaker 1>Introvert, a little nip or two, that's how I get

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<v Speaker 1>through it.

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<v Speaker 2>So is the Is it like sweeping the nation that

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<v Speaker 2>being concerned about drinking or is it just a no?

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<v Speaker 1>I think it's absolutely on the increase. Young people are

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<v Speaker 1>drinking less than all the generations before them, partly because

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<v Speaker 1>they're giving themselves psychosist with the pot. Not universally. But

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<v Speaker 1>I think attitudes on alcohol evolving.

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<v Speaker 2>No doubt. Interesting.

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<v Speaker 1>Well, it is after what a couple decades, certainly a

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<v Speaker 1>decade of being told oh wow, by if you aren't

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<v Speaker 1>drinking red wine, you're being awful to your children because

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<v Speaker 1>it's gonna make your heart so much healthier than they

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<v Speaker 1>decided what a couple of years ago.

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<v Speaker 2>Ah, we were wrong about all that. Sorry, sorry, we're

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<v Speaker 2>not gonna not gonna hurt you the red wine, but

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<v Speaker 2>any alcohol is bad.

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<v Speaker 1>Yeah, that's that was yet another reason why I ignore

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<v Speaker 1>most studies about any sort of.

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<v Speaker 2>Hell thing anything. They changed their mind so many times

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<v Speaker 2>in my life.

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<v Speaker 1>How do you not roll your eyes at any study

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<v Speaker 1>about this food or diet or drink or whatever based

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<v Speaker 1>on wait and see, wait a long time and see.

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<v Speaker 1>Speaking of which fruit loops are going to be the

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<v Speaker 1>center of the great controversy of next year, the humble

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<v Speaker 1>fruit loop, No damn fruit anywhere near him, by the way,

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<v Speaker 1>as RFK Junior is really hammering on processed foods and

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<v Speaker 1>artificial die and that sort of thing.

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<v Speaker 2>Got some details on that.

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<v Speaker 1>Plus the armstrung and getty Court of Justice, we'll swing

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<v Speaker 1>into action and rejudge. Juicy smolet hey Anson CBS has

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<v Speaker 1>an interview with the first transgender congresswoman. Uh be kind

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<v Speaker 1>of interested to hear what she's talking about. If they

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<v Speaker 1>get into that whole bathroom. Her fluffel that you can't

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<v Speaker 1>become a woman by taking hormones and getting surgeries. That's

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<v Speaker 1>a medical impossibility. Well, she's got long hair and female

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<v Speaker 1>clothes on. I'm looking at her up there. I've not

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<v Speaker 1>personally looked under her skirt. Again, you can do anything

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<v Speaker 1>you want under the skirt. It does not change the

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<v Speaker 1>sex of the person involved. How recently did she transition?

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<v Speaker 2>Do we know this? Uh?

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<v Speaker 1>No, she didn't like run as a dude and is

0:11:52.400 --> 0:11:54.960
<v Speaker 1>now a chick or anything like that, right, isn't that reason?

0:11:55.040 --> 0:11:56.680
<v Speaker 2>Well? No, if she was ever a dude, she's not

0:11:56.760 --> 0:11:57.120
<v Speaker 2>a chick.

0:11:57.160 --> 0:11:57.319
<v Speaker 3>Now.

0:11:57.360 --> 0:11:58.560
<v Speaker 2>I think you're missing the point.

0:11:59.200 --> 0:12:04.160
<v Speaker 1>I think I get your the journalist writing about their

0:12:04.800 --> 0:12:07.440
<v Speaker 1>little kid playing with chat GPT, and I wonder if

0:12:07.440 --> 0:12:09.400
<v Speaker 1>this is going to be the future of parenting for

0:12:09.559 --> 0:12:12.880
<v Speaker 1>some people. Just watched my five year old son chat

0:12:12.880 --> 0:12:16.640
<v Speaker 1>with chat GPT advanced voice mode for over forty five minutes.

0:12:17.120 --> 0:12:19.360
<v Speaker 1>It started with a question about how cars were made.

0:12:19.679 --> 0:12:21.960
<v Speaker 1>It explained it in a way that he could understand.

0:12:22.400 --> 0:12:24.560
<v Speaker 1>He started peppering it with questions, and he told it

0:12:24.600 --> 0:12:26.840
<v Speaker 1>about his teacher and that he was learning to count.

0:12:27.360 --> 0:12:30.080
<v Speaker 1>Chat GPT started quizzing him on counting and egging on

0:12:30.160 --> 0:12:32.240
<v Speaker 1>and making it into a game. He was laughing and

0:12:32.280 --> 0:12:36.000
<v Speaker 1>having a blast and obviously never lost patience with him.

0:12:36.360 --> 0:12:39.760
<v Speaker 1>I think this is going to be revolutionary, the essentially free,

0:12:39.920 --> 0:12:45.320
<v Speaker 1>infinitely patient, super genius teacher slash parent that calibrates itself

0:12:45.320 --> 0:12:48.160
<v Speaker 1>perfectly to your kids learning style and pace. I'm excited

0:12:48.200 --> 0:12:51.400
<v Speaker 1>about the future. The slash parent part bothered me.

0:12:51.840 --> 0:12:52.960
<v Speaker 2>I don't know what to thing about that.

0:12:53.640 --> 0:12:58.079
<v Speaker 1>It's an interactive book, like a really really good interactive book.

0:12:58.160 --> 0:12:59.760
<v Speaker 1>If you look at it that way, it's not as

0:12:59.760 --> 0:13:03.599
<v Speaker 1>dis disturbing. If you look at it as a substitute

0:13:03.640 --> 0:13:09.120
<v Speaker 1>for a human that makes us all weird, then it

0:13:09.160 --> 0:13:13.360
<v Speaker 1>bothers me. If it's a substitute for all a human relationship,

0:13:14.760 --> 0:13:16.960
<v Speaker 1>that's the feeling it takes on. Yet, if there's no

0:13:17.080 --> 0:13:19.240
<v Speaker 1>human involved, that weirds me out. But if you look

0:13:19.280 --> 0:13:22.200
<v Speaker 1>at it as an interactive book, then it's fine. Teacher

0:13:22.280 --> 0:13:24.959
<v Speaker 1>student is a human relationship. I'm just sure trying to

0:13:24.960 --> 0:13:27.440
<v Speaker 1>figure out where exactly I stand on this. I'm not

0:13:27.480 --> 0:13:29.160
<v Speaker 1>exactly sure where I was. That's why I brought it.

0:13:29.200 --> 0:13:31.480
<v Speaker 1>I thought this might be cool, this might be awful,

0:13:31.559 --> 0:13:33.040
<v Speaker 1>this might be the end of society. It might be

0:13:33.040 --> 0:13:35.280
<v Speaker 1>great for kids. I have no idea which well, if

0:13:35.280 --> 0:13:37.439
<v Speaker 1>the kid who likes to count, grows up, puts this

0:13:37.600 --> 0:13:40.440
<v Speaker 1>thing's voice in a sex doll, and marries it. And

0:13:40.440 --> 0:13:45.440
<v Speaker 1>then then it's disturbing if it's just an interactive learning tool,

0:13:45.559 --> 0:13:54.680
<v Speaker 1>for instance. Yeah, yeah, you know, I've got this. You know,

0:13:55.040 --> 0:13:57.320
<v Speaker 1>I love being alive, and I'm having a lot of fun,

0:13:57.360 --> 0:13:58.319
<v Speaker 1>even on my bad days.

0:13:58.360 --> 0:14:03.959
<v Speaker 2>But I kind of I picture like my last day

0:14:04.000 --> 0:14:08.360
<v Speaker 2>on Earth, looking around and thinking, good luck, y'all you kidding, Yeah,

0:14:08.400 --> 0:14:11.280
<v Speaker 2>you know, no country for old men, man, Yeah, good luck.

0:14:11.840 --> 0:14:13.480
<v Speaker 1>Although I'd sure like to see how some of this

0:14:13.520 --> 0:14:15.720
<v Speaker 1>plays out, just purely out of curiosity.

0:14:15.800 --> 0:14:16.720
<v Speaker 2>Yes, I think that a lot.

0:14:16.760 --> 0:14:18.200
<v Speaker 1>I hope I live long enough to see how this

0:14:18.240 --> 0:14:19.920
<v Speaker 1>turns out or that turns out, or this turns out,

0:14:20.320 --> 0:14:21.160
<v Speaker 1>no doubt about it.

0:14:22.120 --> 0:14:24.760
<v Speaker 2>Huh. Okay, we'll see what happens.

0:14:26.680 --> 0:14:29.440
<v Speaker 1>I think you'll have I think as many kids will

0:14:29.480 --> 0:14:33.360
<v Speaker 1>have this interactive book. That's fantastic. There might be more.

0:14:34.840 --> 0:14:36.600
<v Speaker 1>See that was a five year old. There might be

0:14:36.720 --> 0:14:41.400
<v Speaker 1>more twenty five year olds that have a GPT girlfriend

0:14:41.720 --> 0:14:43.359
<v Speaker 1>rather than a real relationship.

0:14:43.920 --> 0:14:47.760
<v Speaker 2>And uh and then that, yeah, the other end of it.

0:14:47.840 --> 0:14:49.960
<v Speaker 1>Maybe then there'll be no more humans except in the

0:14:50.000 --> 0:14:52.400
<v Speaker 1>Third world, and they'll overrun the Western world. That's just

0:14:52.440 --> 0:14:53.520
<v Speaker 1>the way things go. Yah.

0:14:54.720 --> 0:14:56.600
<v Speaker 2>Do you want to hear a really disturbing note on

0:14:56.640 --> 0:14:57.920
<v Speaker 2>that topic? Who doesn't?

0:14:58.400 --> 0:15:01.960
<v Speaker 1>And this is uh? And this I think is undeniable

0:15:02.000 --> 0:15:06.800
<v Speaker 1>as I look at the Internet and all given well,

0:15:07.640 --> 0:15:10.000
<v Speaker 1>assuming that there are evil people and will always be

0:15:10.040 --> 0:15:16.880
<v Speaker 1>evil people, the more effective and advanced modes of communication get,

0:15:17.200 --> 0:15:22.160
<v Speaker 1>the more effective evildoers are and indoctrinating people into evil.

0:15:22.640 --> 0:15:25.080
<v Speaker 1>Now you would the obvious counter to that as well,

0:15:25.280 --> 0:15:28.040
<v Speaker 1>what about good people helping people understand what is good?

0:15:28.840 --> 0:15:30.800
<v Speaker 2>Yeah? True?

0:15:31.800 --> 0:15:36.200
<v Speaker 1>Maybe it's just that we the reasonable insane if I'm

0:15:37.160 --> 0:15:42.520
<v Speaker 1>and sane or insane and sane, And also saying denunciation

0:15:42.680 --> 0:15:46.720
<v Speaker 1>is so important, Jack, we both agree on that that

0:15:46.800 --> 0:15:53.600
<v Speaker 1>we let the educational complex become radical and radicalize the students,

0:15:54.480 --> 0:15:56.080
<v Speaker 1>and the internet's a big part of that. I just

0:15:56.360 --> 0:16:00.960
<v Speaker 1>I think the more advanced communication gets, the more the

0:16:01.080 --> 0:16:05.280
<v Speaker 1>evil doers will use those advances to indoctrinate, like.

0:16:05.240 --> 0:16:06.640
<v Speaker 2>That little kid who likes to count.

0:16:07.280 --> 0:16:10.840
<v Speaker 1>I mean, when he's in high school and and he's

0:16:11.040 --> 0:16:15.240
<v Speaker 1>now he's into physics. Actually, will the teachers are involved

0:16:15.320 --> 0:16:18.280
<v Speaker 1>programming that stuff? Slip them a little intersectionality and a

0:16:18.320 --> 0:16:20.840
<v Speaker 1>little you know, Johnny, do you ever feel like a girl.

0:16:20.960 --> 0:16:24.960
<v Speaker 1>You know, I just Trump had thirty seven felonies. Let's

0:16:24.960 --> 0:16:28.640
<v Speaker 1>count to thirty seven, that sort of thing. Yeah, it's

0:16:28.760 --> 0:16:31.200
<v Speaker 1>it goes back to my hole. The tree of knowledge

0:16:31.400 --> 0:16:38.040
<v Speaker 1>is technology, no truth, the Internet or AI or something. Yeah,

0:16:38.120 --> 0:16:40.840
<v Speaker 1>I don't know the fruit of the tree of knowledge,

0:16:40.840 --> 0:16:44.720
<v Speaker 1>I should say from the from Genesis, the Carmaker, the

0:16:44.920 --> 0:16:45.680
<v Speaker 1>Biblical book.

0:16:46.200 --> 0:16:55.880
<v Speaker 2>I'm done now, I think, do you have so much

0:16:55.960 --> 0:16:58.240
<v Speaker 2>to squeeze in this hour and the whole show? Hoping

0:16:58.320 --> 0:17:02.360
<v Speaker 2>stay tuned. But we ran this clip once and.

0:17:02.280 --> 0:17:04.600
<v Speaker 1>Got so much reactions, so many requests to hear it again,

0:17:04.640 --> 0:17:07.800
<v Speaker 1>we thought, all right, why not. Jared Bernstein is the

0:17:07.920 --> 0:17:11.119
<v Speaker 1>voice you're going to hear responding to question. He is

0:17:11.240 --> 0:17:15.959
<v Speaker 1>the chairman of the of the President's Economic Advisory Council.

0:17:16.200 --> 0:17:19.399
<v Speaker 1>He is the Chief Economic Advisor to the President of

0:17:19.440 --> 0:17:20.720
<v Speaker 1>the United States, Joseph R.

0:17:20.760 --> 0:17:22.159
<v Speaker 2>Biden, d Delaware.

0:17:24.040 --> 0:17:27.280
<v Speaker 1>And it's amazing, Michael, like you said, they print the dollars,

0:17:27.320 --> 0:17:29.520
<v Speaker 1>so why does the government even.

0:17:29.480 --> 0:17:31.160
<v Speaker 2>Borrow well.

0:17:33.400 --> 0:17:38.320
<v Speaker 4>The so the I mean again, some of this stuff

0:17:38.359 --> 0:17:42.480
<v Speaker 4>gets some of the language that the some of the

0:17:42.560 --> 0:17:44.880
<v Speaker 4>language and concepts are just confusing. I mean, the government

0:17:45.359 --> 0:17:48.920
<v Speaker 4>definitely prints money and it definitely lends that money, which

0:17:48.920 --> 0:17:52.040
<v Speaker 4>is why the government definitely prints money, and then it

0:17:52.320 --> 0:17:55.320
<v Speaker 4>lends that money by selling bonds.

0:17:56.000 --> 0:17:56.560
<v Speaker 2>Is that what they do?

0:17:57.920 --> 0:18:05.360
<v Speaker 4>They they Yeah, they they sell bonds. Yeah, they sell bonds, right,

0:18:05.440 --> 0:18:07.359
<v Speaker 4>since they sell bonds and people buy the bonds and

0:18:07.400 --> 0:18:08.119
<v Speaker 4>lend them the money.

0:18:08.280 --> 0:18:08.720
<v Speaker 2>Yeah.

0:18:08.760 --> 0:18:12.240
<v Speaker 4>So a lot of times, a lot of times, at

0:18:12.320 --> 0:18:14.760
<v Speaker 4>least to my year with MMT, the language and the

0:18:14.760 --> 0:18:18.680
<v Speaker 4>concepts can be unnecessarily confusing, But there is no question

0:18:18.800 --> 0:18:21.639
<v Speaker 4>that the government prints money and then it uses that

0:18:21.800 --> 0:18:30.960
<v Speaker 4>money to So yeah, I guess I'm just I don't

0:18:30.960 --> 0:18:32.879
<v Speaker 4>I can't really talk it, don't. I don't get it.

0:18:32.960 --> 0:18:35.560
<v Speaker 4>I don't know what they're talking about, like, because it's like,

0:18:37.440 --> 0:18:40.320
<v Speaker 4>the government clearly prints money, it does it all the time,

0:18:40.480 --> 0:18:43.520
<v Speaker 4>and it clearly borrows. Otherwise we wouldn't be having this

0:18:43.600 --> 0:18:46.800
<v Speaker 4>debt and deafist conversation. So I don't think there's anything

0:18:46.840 --> 0:18:47.520
<v Speaker 4>confusing there.

0:18:47.600 --> 0:18:50.640
<v Speaker 1>And what's this position again, he's the chairman of the

0:18:50.680 --> 0:18:52.199
<v Speaker 1>Council of Economic Advisors.

0:18:52.600 --> 0:18:53.840
<v Speaker 2>Does anybody have any questions?

0:18:54.480 --> 0:18:57.320
<v Speaker 1>So when we first played that, and when I first

0:18:57.359 --> 0:18:59.000
<v Speaker 1>heard the first part of it, I thought, Okay, this

0:18:59.040 --> 0:18:59.600
<v Speaker 1>is a guy.

0:18:59.440 --> 0:19:02.280
<v Speaker 2>That's just so in the weeds and so knowledgeable. He's

0:19:02.280 --> 0:19:03.360
<v Speaker 2>trying to figure out how to.

0:19:05.080 --> 0:19:07.480
<v Speaker 1>Dumb it down is to coarse, but you know, just

0:19:07.720 --> 0:19:09.359
<v Speaker 1>to present it in a way that a layman can

0:19:09.440 --> 0:19:11.800
<v Speaker 1>understand it. But then it becomes completely clear when he

0:19:11.800 --> 0:19:12.560
<v Speaker 1>starts saying.

0:19:12.359 --> 0:19:12.840
<v Speaker 2>Is that right?

0:19:13.119 --> 0:19:15.760
<v Speaker 1>I don't know that's a good That he actually doesn't know?

0:19:16.280 --> 0:19:19.800
<v Speaker 1>That was just bizarre. He makes reference to MMT, which,

0:19:19.840 --> 0:19:23.840
<v Speaker 1>if you're not familiar with it, it's a modern monetary theory.

0:19:23.880 --> 0:19:29.399
<v Speaker 1>It is a fringe left AOC theory that governments can

0:19:30.119 --> 0:19:31.720
<v Speaker 1>go into as much debt as they want to just

0:19:31.800 --> 0:19:34.679
<v Speaker 1>keep spending and spending because you can always grow the

0:19:34.720 --> 0:19:39.120
<v Speaker 1>economy faster than your interest payments, and that gets everybody employed.

0:19:39.160 --> 0:19:41.560
<v Speaker 1>It's super popular with green new dealers. But man, it

0:19:41.640 --> 0:19:43.440
<v Speaker 1>is a fringe way of looking at But how is

0:19:43.480 --> 0:19:48.359
<v Speaker 1>that going? An economic advisor of any kind who answers

0:19:48.359 --> 0:19:52.000
<v Speaker 1>a question like that. The only answer I can come

0:19:52.080 --> 0:19:53.520
<v Speaker 1>up with, and I'm not sure it's a great one,

0:19:53.560 --> 0:19:58.440
<v Speaker 1>but is that he didn't want to say, plainly, we

0:19:58.520 --> 0:20:02.480
<v Speaker 1>spend more than we take and borrow the balance because

0:20:02.520 --> 0:20:06.840
<v Speaker 1>that's how we buy votes. We're just we're just spending

0:20:06.880 --> 0:20:09.320
<v Speaker 1>money to stay in power and we'll have.

0:20:09.240 --> 0:20:10.240
<v Speaker 2>To pay it back eventually.

0:20:10.280 --> 0:20:11.920
<v Speaker 1>But as long as it doesn't happen on our watch,

0:20:11.920 --> 0:20:15.320
<v Speaker 1>as long as the disaster, the foreclosure doesn't happen on

0:20:15.359 --> 0:20:17.920
<v Speaker 1>our watch, we don't care. I don't know if you're

0:20:18.000 --> 0:20:20.440
<v Speaker 1>right or if you're giving him too much credit. It's

0:20:20.520 --> 0:20:23.960
<v Speaker 1>possible that he just had the right politics and so

0:20:24.000 --> 0:20:26.359
<v Speaker 1>they put him in that position and he's actually not

0:20:26.480 --> 0:20:28.520
<v Speaker 1>good at his job, like he's a major donor or

0:20:28.560 --> 0:20:30.639
<v Speaker 1>something I don't know, or tied to the right people.

0:20:30.680 --> 0:20:32.840
<v Speaker 2>I don't know. Yeah, that was that was crazy. It is.

0:20:32.880 --> 0:20:34.960
<v Speaker 1>It's amazing. That's the second time I heard it, and

0:20:35.000 --> 0:20:35.920
<v Speaker 1>it's just as amazing.

0:20:37.200 --> 0:20:44.840
<v Speaker 2>Yeah, are an expert in this? That's your answer? Where

0:20:44.840 --> 0:20:46.919
<v Speaker 2>are the adults? All right?

0:20:47.080 --> 0:20:48.600
<v Speaker 1>I gotta move on. I don't say about that. I

0:20:48.640 --> 0:20:50.280
<v Speaker 1>got I want to tease this because I'm gonna get

0:20:50.280 --> 0:20:50.600
<v Speaker 1>to it later.

0:20:50.800 --> 0:20:55.080
<v Speaker 2>Elections matter, folks, Elections matter. This is the most election

0:20:55.119 --> 0:20:59.040
<v Speaker 2>of our lifetime. This is the most election of our lifetime.

0:20:59.160 --> 0:21:01.880
<v Speaker 2>You can't argue with that. She knows me, literally, you can't.

0:21:02.080 --> 0:21:05.600
<v Speaker 2>She might be the future president.

0:21:06.960 --> 0:21:09.919
<v Speaker 1>Don't you threaten me like that. I'm gonna get to

0:21:09.960 --> 0:21:12.080
<v Speaker 1>this later. I heard I heard this on NPR, so

0:21:12.119 --> 0:21:13.760
<v Speaker 1>I had to look up the details. I just heard

0:21:13.760 --> 0:21:16.359
<v Speaker 1>the t's on NPR. I didn't hear them do the story.

0:21:16.920 --> 0:21:21.920
<v Speaker 1>What's the cash value of being white? A nobel economist

0:21:21.960 --> 0:21:22.760
<v Speaker 1>has come up with.

0:21:22.760 --> 0:21:26.800
<v Speaker 2>It, and you're gonna find it annoying.

0:21:28.040 --> 0:21:33.680
<v Speaker 1>I'm already annoyed. Boy, that's great. It gets too because

0:21:33.800 --> 0:21:35.920
<v Speaker 1>we talked about this the other day. It's similar to

0:21:36.040 --> 0:21:40.719
<v Speaker 1>the I remember the name of the term, the tax,

0:21:41.760 --> 0:21:44.639
<v Speaker 1>the uh the passion passion tax, which I also heard

0:21:44.640 --> 0:21:46.760
<v Speaker 1>about on NPR, which I've never heard of before, but

0:21:46.880 --> 0:21:48.560
<v Speaker 1>I looked it up, and it's a thing. It's the

0:21:48.640 --> 0:21:54.280
<v Speaker 1>idea that the Marxists or people who don't believe in

0:21:54.280 --> 0:21:58.000
<v Speaker 1>capitalism or whatever, believe that if you like your job,

0:21:58.040 --> 0:21:59.879
<v Speaker 1>you're paying a passion tax and you don't even know

0:22:00.119 --> 0:22:02.760
<v Speaker 1>because you're probably working for less than you would work

0:22:02.800 --> 0:22:04.200
<v Speaker 1>for if you didn't like your job.

0:22:04.320 --> 0:22:06.040
<v Speaker 2>Right, that's the passion tax.

0:22:06.160 --> 0:22:09.440
<v Speaker 1>The difference between we're going a job you hate where

0:22:09.440 --> 0:22:10.960
<v Speaker 1>they'd have to pay you more and working a job

0:22:11.000 --> 0:22:13.080
<v Speaker 1>you love where you probably put in more hours and

0:22:13.119 --> 0:22:13.800
<v Speaker 1>are willing.

0:22:13.560 --> 0:22:15.720
<v Speaker 2>To take less pay. That's the passion tax.

0:22:15.760 --> 0:22:18.520
<v Speaker 1>And you are being stolen from by your employer through

0:22:18.520 --> 0:22:21.679
<v Speaker 1>the passion tax and you don't even know it. Oh No,

0:22:23.320 --> 0:22:27.560
<v Speaker 1>somehow taking liking a job and turning it into a

0:22:27.600 --> 0:22:31.960
<v Speaker 1>negative right really quite an amazing feat. The thing about

0:22:31.960 --> 0:22:34.960
<v Speaker 1>that philosophy, and it I think it's more popular than mine,

0:22:35.520 --> 0:22:38.560
<v Speaker 1>is that it assumes life just happens to you, that

0:22:38.640 --> 0:22:43.040
<v Speaker 1>you're a you're of always a victim, that just life

0:22:43.320 --> 0:22:45.960
<v Speaker 1>drains on you like well rain not one of my

0:22:46.000 --> 0:22:51.520
<v Speaker 1>better metaphors, and there's nothing you can do about it

0:22:51.600 --> 0:22:55.400
<v Speaker 1>except to enact millions and millions and millions of rules

0:22:55.440 --> 0:22:59.560
<v Speaker 1>to prevent anything bad from ever happening. Whereas our philosophy,

0:22:59.720 --> 0:23:02.240
<v Speaker 1>I'm sure sure you share mine is is that no, no, no,

0:23:02.720 --> 0:23:05.720
<v Speaker 1>take hold of your life and live it. Accept the

0:23:05.720 --> 0:23:08.040
<v Speaker 1>bad hops except that some people are bastards and they're

0:23:08.040 --> 0:23:10.000
<v Speaker 1>gonna cheat it and the rest of it. But you

0:23:10.040 --> 0:23:12.640
<v Speaker 1>are the captain of your ship. Life doesn't happen to you.

0:23:12.640 --> 0:23:16.320
<v Speaker 1>You happen a life, Go get it. There'll be set backs,

0:23:16.359 --> 0:23:19.600
<v Speaker 1>there'll be you'll be screwed. We've been screwed. Uh, but

0:23:19.920 --> 0:23:22.800
<v Speaker 1>just you know, leave that behind you and figure out. Ah,

0:23:22.880 --> 0:23:25.280
<v Speaker 1>I'm gonna move on, Satdur. But why is our next

0:23:25.280 --> 0:23:27.480
<v Speaker 1>guy comes along trying to screw me like that, he's

0:23:27.520 --> 0:23:29.240
<v Speaker 1>gonna f what.

0:23:29.080 --> 0:23:33.360
<v Speaker 2>Do they say, f A f O? Yes, exactly it.

0:23:33.359 --> 0:23:37.920
<v Speaker 2>It's of course in philosophy, fart around and find out right?

0:23:38.480 --> 0:23:41.439
<v Speaker 1>Come on, isn't that a much more exciting way to

0:23:41.480 --> 0:23:43.320
<v Speaker 1>live your life than? Oh?

0:23:43.400 --> 0:23:45.400
<v Speaker 2>I really like what I do, So I think I'm

0:23:45.480 --> 0:23:48.200
<v Speaker 2>being cheated. My passion so pathetic.

0:23:48.440 --> 0:23:50.320
<v Speaker 1>Well, there's that aspect of it, and then there's just

0:23:50.440 --> 0:23:53.400
<v Speaker 1>that's factually true. Yeah, I mean if you if if

0:23:53.440 --> 0:23:56.480
<v Speaker 1>my job was gonna be digging holes all day long

0:23:57.640 --> 0:23:59.080
<v Speaker 1>instead of this, you'd have to.

0:23:59.000 --> 0:24:00.320
<v Speaker 2>Pay me a hell of a lot.

0:24:00.640 --> 0:24:03.360
<v Speaker 1>Yeah, I mean a lot a lot before I quit

0:24:03.400 --> 0:24:05.359
<v Speaker 1>this job and start digging holes for a living.

0:24:05.480 --> 0:24:08.200
<v Speaker 2>Boy, and with my back, you're not gonna like my productivity.

0:24:08.280 --> 0:24:10.480
<v Speaker 2>But so I'm better off with that.

0:24:11.680 --> 0:24:14.880
<v Speaker 1>Then I'm paying the passion tax because I like this job,

0:24:14.920 --> 0:24:17.320
<v Speaker 1>so I do it for less. But then NPR would

0:24:17.320 --> 0:24:22.440
<v Speaker 1>have a featurette on how you're getting the abuse bonus

0:24:23.320 --> 0:24:28.200
<v Speaker 1>and that you are the victim of the abuse bonus, because.

0:24:27.800 --> 0:24:32.879
<v Speaker 2>The whole point is to portray everybody as a victim. Yeah.

0:24:32.960 --> 0:24:34.960
<v Speaker 1>I mean, you got to really work hard when you

0:24:35.080 --> 0:24:37.160
<v Speaker 1>start going with the passion tax, and what I again

0:24:37.240 --> 0:24:39.720
<v Speaker 1>google it. There's a lot of writing about it, a

0:24:39.720 --> 0:24:43.720
<v Speaker 1>lot of people talking about it. That Reddit thread of

0:24:43.760 --> 0:24:46.280
<v Speaker 1>anti work. I'm sure it comes up on that regularly.

0:24:46.359 --> 0:24:51.000
<v Speaker 1>This this this world where you're being screwed and every

0:24:51.000 --> 0:24:54.040
<v Speaker 1>which way, including if you like your job is weird,

0:24:54.400 --> 0:24:55.919
<v Speaker 1>and if.

0:24:55.800 --> 0:24:58.439
<v Speaker 2>You like your job kind of but don't like it

0:24:58.480 --> 0:25:00.080
<v Speaker 2>a ton and you're getting paid more than you what

0:25:00.280 --> 0:25:03.600
<v Speaker 2>if you love it? But let's you're getting the neutrality kneecap.

0:25:06.440 --> 0:25:08.520
<v Speaker 2>That's how it works. You're just always a victim no

0:25:08.560 --> 0:25:12.080
<v Speaker 2>matter what happens, and so you've got to give them.

0:25:11.960 --> 0:25:16.560
<v Speaker 1>Power to fix it for you. It's the meh man handling.

0:25:18.400 --> 0:25:20.160
<v Speaker 1>I'm kind of meh about my job.

0:25:19.960 --> 0:25:25.639
<v Speaker 2>But oh you're the victim of the man handling. That

0:25:25.800 --> 0:25:27.840
<v Speaker 2>is hilarious. Oh my goodness.

0:25:27.920 --> 0:25:31.960
<v Speaker 1>Hope you're not paying the passion tax by liking your job, right,

0:25:32.000 --> 0:25:33.479
<v Speaker 1>and you go in on the weekend and work more

0:25:33.520 --> 0:25:36.440
<v Speaker 1>because you know you'd actually do this in your free time.

0:25:36.480 --> 0:25:39.159
<v Speaker 2>You like your job so much. That's the passion tax,

0:25:39.680 --> 0:25:39.840
<v Speaker 2>you know.

0:25:39.880 --> 0:25:42.560
<v Speaker 1>I was just gonna say, the number of people who

0:25:42.560 --> 0:25:44.720
<v Speaker 1>see life the way you do, my friends and we do,

0:25:45.320 --> 0:25:48.120
<v Speaker 1>is way, way, way, way, way more than you would think,

0:25:48.520 --> 0:25:52.840
<v Speaker 1>given media and education and entertainment, which are the three

0:25:53.960 --> 0:25:59.680
<v Speaker 1>headed monster of passivism and progressivism, You're right your way

0:25:59.720 --> 0:26:01.800
<v Speaker 1>of look the world is right, be proud of it,

0:26:01.880 --> 0:26:03.920
<v Speaker 1>be an advocate for it at strongly.

0:26:04.520 --> 0:26:05.080
<v Speaker 2>It was funny.

0:26:05.160 --> 0:26:08.120
<v Speaker 1>I was taking in some lefty media just to figure

0:26:08.119 --> 0:26:10.959
<v Speaker 1>out what arguments I'm going up against today, and I

0:26:11.040 --> 0:26:17.800
<v Speaker 1>heard back to back NPR portraying the college anti Israel

0:26:17.880 --> 0:26:21.480
<v Speaker 1>protests as a groundswell of the true feeling of millions

0:26:21.480 --> 0:26:24.000
<v Speaker 1>of Americans. I got pulling on that. That would show

0:26:24.040 --> 0:26:27.040
<v Speaker 1>that's not true. Oh, it's utterly false. It's fiction. The

0:26:27.200 --> 0:26:31.320
<v Speaker 1>Armstrong and Getty Show, Yeah, your show, podcasts, and our

0:26:31.359 --> 0:26:37.840
<v Speaker 1>hot Lakes. So, speaking of money changing hands, a couple

0:26:37.960 --> 0:26:41.480
<v Speaker 1>of really interesting economic notes for you. First of all,

0:26:41.640 --> 0:26:46.240
<v Speaker 1>two main reasons inflation is still high. One rents and

0:26:46.320 --> 0:26:52.199
<v Speaker 1>two hospital costs. Hospital prices jump seven point seven percent

0:26:52.280 --> 0:26:54.879
<v Speaker 1>last month from a year ago, the highest increase in

0:26:54.920 --> 0:26:57.000
<v Speaker 1>any months since October of twenty ten, according to the

0:26:57.040 --> 0:27:00.000
<v Speaker 1>Labor Department. They go into a bunch of different persons

0:27:00.440 --> 0:27:03.440
<v Speaker 1>that are significantly more expensive than they were a year ago.

0:27:04.240 --> 0:27:08.439
<v Speaker 1>And then, like anything any topic discussing the US healthcare system,

0:27:08.720 --> 0:27:11.919
<v Speaker 1>they're like three or four sub conversations. You have to

0:27:11.960 --> 0:27:15.119
<v Speaker 1>bring enlightenment to the topic. Our healthcare system could not

0:27:15.200 --> 0:27:15.720
<v Speaker 1>be any.

0:27:15.520 --> 0:27:16.600
<v Speaker 2>More screwed up than it is.

0:27:16.640 --> 0:27:19.320
<v Speaker 1>I don't think, of course, having said that, they'll reach

0:27:19.400 --> 0:27:24.399
<v Speaker 1>new heights of being screwed up between artificial and fictional

0:27:24.600 --> 0:27:30.800
<v Speaker 1>government compensation rates for Medicare and Medicaid, hospital monopolies in

0:27:30.880 --> 0:27:34.199
<v Speaker 1>a lot of cities, a lot of regions, and then

0:27:34.240 --> 0:27:37.119
<v Speaker 1>the way insurance companies work, which I've never understood and

0:27:37.160 --> 0:27:40.560
<v Speaker 1>I understand less now. Like I was in the emergency

0:27:40.640 --> 0:27:43.800
<v Speaker 1>room when we could go today for my motorcycle wreck a.

0:27:43.880 --> 0:27:46.400
<v Speaker 1>I got a bill for two thousand dollars and it's

0:27:46.400 --> 0:27:51.800
<v Speaker 1>set on there. The insurance company hasn't I forget the

0:27:51.840 --> 0:27:54.080
<v Speaker 1>word they use, but hasn't looked at all of this yet.

0:27:55.640 --> 0:27:56.040
<v Speaker 2>I don't know.

0:27:56.080 --> 0:27:58.800
<v Speaker 1>You're threatening me with collections if I don't pay by

0:27:58.800 --> 0:28:01.359
<v Speaker 1>this date. When's the insurance company take it? What do

0:28:01.400 --> 0:28:03.280
<v Speaker 1>they cover? What do they not cover? Are they just

0:28:03.359 --> 0:28:05.720
<v Speaker 1>doing that thing where they hope you'll pay for it

0:28:07.640 --> 0:28:10.399
<v Speaker 1>before they cover it? Do I have to hire a

0:28:10.480 --> 0:28:12.639
<v Speaker 1>lawyer to figure out what is actually supposed to be

0:28:12.640 --> 0:28:13.159
<v Speaker 1>covered or not?

0:28:13.359 --> 0:28:14.320
<v Speaker 2>What are you supposed to do.

0:28:14.960 --> 0:28:17.080
<v Speaker 1>Right, and keep in mind, if you have insurance, you

0:28:17.080 --> 0:28:21.640
<v Speaker 1>are paying artificially inflated rates to pay for the government

0:28:21.680 --> 0:28:24.439
<v Speaker 1>composition folks and people without insurance at all. And then

0:28:24.600 --> 0:28:26.880
<v Speaker 1>everybody kept asking me why I didn't take an ambulance

0:28:26.920 --> 0:28:30.440
<v Speaker 1>as opposed to limping into a guy's uber and bleeding

0:28:30.480 --> 0:28:34.280
<v Speaker 1>all over his seat in his poor Toyota Camry, which

0:28:34.280 --> 0:28:36.440
<v Speaker 1>it was nice of him to do, because the last

0:28:36.440 --> 0:28:39.760
<v Speaker 1>time I took an ambulance an eighth of a mile

0:28:39.840 --> 0:28:43.640
<v Speaker 1>for my gallbladder, it cost me three thousand dollars cash

0:28:43.760 --> 0:28:45.440
<v Speaker 1>because that's not covered by insurance.

0:28:45.680 --> 0:28:49.040
<v Speaker 2>Three thousand dollars. Wow, I don't know what this would

0:28:49.080 --> 0:28:50.400
<v Speaker 2>have been. It was a lot further away.

0:28:50.640 --> 0:28:54.040
<v Speaker 1>That's so I'll never take an ambulance again unless I

0:28:54.040 --> 0:28:57.000
<v Speaker 1>think I'm gonna die. You can take a private jet

0:28:57.000 --> 0:29:00.239
<v Speaker 1>from your house to the hospital for about that. So

0:29:00.280 --> 0:29:04.000
<v Speaker 1>they do mention that health insurers are paying for soaring

0:29:04.080 --> 0:29:07.520
<v Speaker 1>wages for workers and other nurses rather than other workers.

0:29:08.000 --> 0:29:10.840
<v Speaker 1>Hiring and openings in healthcare remain strong even as unemployment

0:29:10.840 --> 0:29:12.040
<v Speaker 1>in other industries is slowed down.

0:29:12.080 --> 0:29:13.040
<v Speaker 2>I thought that was interesting.

0:29:13.600 --> 0:29:17.680
<v Speaker 1>Also this we mentioned earlier that The New York Times

0:29:17.680 --> 0:29:20.920
<v Speaker 1>had an article about inflation, and the number one comment,

0:29:21.040 --> 0:29:24.160
<v Speaker 1>which was liked by eleven and forty out of the

0:29:24.200 --> 0:29:28.360
<v Speaker 1>eleven hundred and eighty people who didn't commented, was that

0:29:28.400 --> 0:29:30.239
<v Speaker 1>The New York Times really needs to get off it's

0:29:30.280 --> 0:29:33.440
<v Speaker 1>button do some journalism about how companies are gouging us

0:29:33.680 --> 0:29:37.120
<v Speaker 1>and how there are artificially raising prices. Well, the Wall

0:29:37.160 --> 0:29:40.920
<v Speaker 1>Street Journal has a great piece on the title is

0:29:41.520 --> 0:29:44.760
<v Speaker 1>why is inflation so stubborn? Ask your local small business?

0:29:45.760 --> 0:29:49.160
<v Speaker 1>The number of small business businesses in America that are

0:29:49.200 --> 0:29:53.280
<v Speaker 1>contemplating raising prices is the highest they have ever observed.

0:29:53.760 --> 0:29:56.400
<v Speaker 1>And they go into a bonje of small businesses whose

0:29:56.520 --> 0:30:01.240
<v Speaker 1>costs from corrugated paper, from a box business, to all

0:30:01.280 --> 0:30:04.320
<v Speaker 1>sorts of people are talking about labor costs, a bunch

0:30:04.400 --> 0:30:07.240
<v Speaker 1>of different inputs. Here's a roofer who hasn't raised prices

0:30:07.240 --> 0:30:08.880
<v Speaker 1>in a decade and now is going to have to

0:30:08.960 --> 0:30:13.600
<v Speaker 1>raise them twenty percent just their costs are killing them.

0:30:14.880 --> 0:30:19.520
<v Speaker 1>Aluminum used for curtain tracks now costs a buck thirty

0:30:19.520 --> 0:30:23.040
<v Speaker 1>one a foot. That's up about twenty percent from a

0:30:23.120 --> 0:30:23.560
<v Speaker 1>year ago.

0:30:23.640 --> 0:30:24.000
<v Speaker 2>Today.

0:30:24.320 --> 0:30:26.360
<v Speaker 1>They just have a bunch of different examples of it.

0:30:28.120 --> 0:30:31.440
<v Speaker 1>And then this I thought, on a semi similar topic,

0:30:32.560 --> 0:30:35.280
<v Speaker 1>Jack and I have relationships with a couple of fairly

0:30:35.360 --> 0:30:39.720
<v Speaker 1>large companies and a couple of little LLCs that are,

0:30:39.920 --> 0:30:43.840
<v Speaker 1>you know, have roughly the revenue of your local baseball

0:30:43.840 --> 0:30:47.680
<v Speaker 1>card shop. But so the idea that we're some sort

0:30:47.720 --> 0:30:51.080
<v Speaker 1>of corporate titans is just not true. I look like

0:30:51.880 --> 0:30:55.520
<v Speaker 1>you don't, frankly, but I thought this is great. Phil Graham,

0:30:55.520 --> 0:30:58.680
<v Speaker 1>the old Senator, and Mike Solon, whose name I don't recognize,

0:30:58.680 --> 0:31:00.479
<v Speaker 1>but they wrote this piece for the Wall Street Journal

0:31:01.160 --> 0:31:05.640
<v Speaker 1>about how Biden and company are going to hammer hard

0:31:05.680 --> 0:31:09.400
<v Speaker 1>the idea of we've got to raise taxes on corporations.

0:31:10.280 --> 0:31:12.560
<v Speaker 1>And they quote a bunch of different speeches where they've

0:31:12.560 --> 0:31:15.120
<v Speaker 1>said that sort of thing. Obama was big on it too,

0:31:16.800 --> 0:31:20.560
<v Speaker 1>and how during the Trump tax cuts, the permanent part

0:31:20.560 --> 0:31:24.320
<v Speaker 1>there were some temporary stuff, some permanent part was it

0:31:24.480 --> 0:31:26.440
<v Speaker 1>was a corporate tax rates, which get a lot less

0:31:26.440 --> 0:31:30.120
<v Speaker 1>attention than individual income tax rates because only because and

0:31:30.200 --> 0:31:33.680
<v Speaker 1>I quote, Americans don't understand that corporations don't pay taxes.

0:31:34.480 --> 0:31:35.800
<v Speaker 2>What wa wait?

0:31:35.880 --> 0:31:38.720
<v Speaker 1>What It's one of the main campaign names of the

0:31:38.720 --> 0:31:40.880
<v Speaker 1>Democrats that corporations have to pay higher taxes.

0:31:40.920 --> 0:31:43.360
<v Speaker 2>You're trying to tell me they don't pay taxes. All.

0:31:43.440 --> 0:31:46.280
<v Speaker 1>A corporate entity is a pass through legal structure, a

0:31:46.280 --> 0:31:50.360
<v Speaker 1>piece of paper in some Delaware filing cabinet, as Mitt

0:31:50.440 --> 0:31:53.640
<v Speaker 1>Romney tried to tell people, corporations are people, and he

0:31:53.720 --> 0:31:54.080
<v Speaker 1>was mocked.

0:31:54.080 --> 0:31:58.000
<v Speaker 2>Of course, proper people, my friend, And that was endlessly mocked.

0:31:59.280 --> 0:32:02.040
<v Speaker 1>So when the corporate tax rate increases, corporations try to

0:32:02.080 --> 0:32:05.000
<v Speaker 1>pass the cost on to consumers. To the degree that

0:32:05.040 --> 0:32:07.800
<v Speaker 1>the entire cost of the tax increase can't be passed

0:32:07.840 --> 0:32:09.600
<v Speaker 1>on to consumers, those costs are.

0:32:09.520 --> 0:32:11.760
<v Speaker 2>Born by employees and investors.

0:32:12.160 --> 0:32:15.520
<v Speaker 1>Most economic studies can see that fifty or concluded that

0:32:15.640 --> 0:32:18.800
<v Speaker 1>fifty to seventy percent of a corporate tax increase not

0:32:19.040 --> 0:32:22.000
<v Speaker 1>passed on in higher prices is born by workers, while

0:32:22.080 --> 0:32:26.480
<v Speaker 1>thirty to fifty percent is born by investors. If you consume,

0:32:27.080 --> 0:32:29.720
<v Speaker 1>and we all do, you pay the corporate tax. If

0:32:29.720 --> 0:32:31.840
<v Speaker 1>you consume and your work for a corporation, you pay

0:32:31.840 --> 0:32:35.880
<v Speaker 1>the corporate tax twice. If you consume work and invest

0:32:35.960 --> 0:32:39.680
<v Speaker 1>your retirement funds in stocks.

0:32:39.400 --> 0:32:40.120
<v Speaker 2>All good point.

0:32:40.760 --> 0:32:44.000
<v Speaker 1>The corporate tax hits you three times. Wow, I've never

0:32:44.040 --> 0:32:46.680
<v Speaker 1>thought about that third one. Yeah, here's where it really

0:32:46.760 --> 0:32:49.280
<v Speaker 1>hits home. Democrats call up the image of the greedy

0:32:49.360 --> 0:32:52.320
<v Speaker 1>robber Baron as a personification of big corporations. But when

0:32:52.360 --> 0:32:54.960
<v Speaker 1>you pull back the curtain, it isn't the Wizard or

0:32:55.000 --> 0:32:59.080
<v Speaker 1>Robber Baron you see, but yourself as consumer, worker, and pensioner.

0:32:59.720 --> 0:33:03.480
<v Speaker 1>Many Americans don't pay individual income taxes, but all Americans

0:33:03.520 --> 0:33:07.120
<v Speaker 1>pay corporate taxes. In fact, a recent Treasury study confirmed

0:33:07.400 --> 0:33:10.960
<v Speaker 1>that about ninety three million families, about forty nine percent

0:33:11.000 --> 0:33:13.200
<v Speaker 1>of all American families, pay more in corporate taxes than

0:33:13.240 --> 0:33:17.160
<v Speaker 1>they do in individual income taxes. And they go into

0:33:17.200 --> 0:33:20.960
<v Speaker 1>a little detail on how that's true. But here's the

0:33:20.960 --> 0:33:23.000
<v Speaker 1>part I wanted to hit. That's not hard to believe

0:33:23.040 --> 0:33:25.400
<v Speaker 1>given the fact that half the country pays no federal

0:33:25.440 --> 0:33:30.280
<v Speaker 1>income taxes. So the stockhack market certainly has never looked

0:33:30.280 --> 0:33:33.000
<v Speaker 1>at it that way, and that's very interesting. The stock

0:33:33.040 --> 0:33:36.320
<v Speaker 1>market surged in twenty seventeen in anticipation of the tax cuts,

0:33:36.320 --> 0:33:38.840
<v Speaker 1>and in twenty eighteen twenty nineteen in response to them.

0:33:39.040 --> 0:33:43.120
<v Speaker 1>Who owns American corporations? According to Tax tax Notes, which

0:33:43.160 --> 0:33:46.600
<v Speaker 1>is a nonprofit, nonpartisan blah blah blah, seventy two percent

0:33:46.840 --> 0:33:50.720
<v Speaker 1>of all domestically held stocks are owned by pension plans.

0:33:51.280 --> 0:33:55.480
<v Speaker 1>Four oh one k's individual retirement accounts and charitable organizations

0:33:55.720 --> 0:33:58.040
<v Speaker 1>are held by life insurance companies to fund anuities and

0:33:58.080 --> 0:33:58.600
<v Speaker 1>death benefits.

0:33:58.720 --> 0:33:59.520
<v Speaker 2>What's that percentage?

0:34:01.240 --> 0:34:08.319
<v Speaker 1>Wow, of all domestically healthstocks are retirement funds essentially. So

0:34:08.480 --> 0:34:13.160
<v Speaker 1>when the Democrats draw this cartoon of the fat cat

0:34:13.200 --> 0:34:14.280
<v Speaker 1>who's going to be taxed?

0:34:14.600 --> 0:34:16.320
<v Speaker 2>That's you man, look in the mirror.

0:34:17.360 --> 0:34:19.359
<v Speaker 1>And as I mentioned a week or so ago, this

0:34:19.400 --> 0:34:24.040
<v Speaker 1>is an underreported story. The Trump tax cuts of twenty

0:34:24.080 --> 0:34:29.480
<v Speaker 1>seventeen expire in twenty five. So whoever gets elected, you

0:34:29.520 --> 0:34:32.040
<v Speaker 1>know what day one is actually going to be. Day

0:34:32.080 --> 0:34:36.440
<v Speaker 1>one is going to be the battle begins over renewing

0:34:36.560 --> 0:34:37.560
<v Speaker 1>or not or how.

0:34:37.520 --> 0:34:39.480
<v Speaker 2>Much the Trump tax cut package.

0:34:40.040 --> 0:34:42.520
<v Speaker 1>And that is going to be the biggest political story

0:34:42.640 --> 0:34:45.719
<v Speaker 1>of the year after the election, no doubt about it,

0:34:45.719 --> 0:34:48.560
<v Speaker 1>and the good old fashioned demagoguing of it. Oh yeah,

0:34:48.600 --> 0:34:51.600
<v Speaker 1>oh yeah, we're rich benefited the most. Well, the quote

0:34:51.640 --> 0:34:54.440
<v Speaker 1>unquote rich pay the vast majority of income taxes, so

0:34:54.440 --> 0:34:56.560
<v Speaker 1>it would be hard to design the system where they didn't.

0:34:56.640 --> 0:34:59.680
<v Speaker 2>But anyway,