In this episode - Hillary Clinton is in no position to critique Trump voters. http://www.thegatewaypundit.com/2017/09/former-secret-service-agent-worked-hillary-clinton-savages-viral-tweet/ Are public schools producing more "tolerant" children? https://www.cato.org/blog/more-competition-better-citizens?utm_source=Cato+Institute+Emails&utm_campaign=6f09db4da0-Cato_at_Liberty_RSS&utm_medium=email&utm_term=0_395878584c-6f09db4da0-143016961&goal=0_395878584c-6f09db4da0-143016961&mc_cid=6f09db4da0&mc_eid=3fd7404a34 Are police using more lethal force against black subjects? http://m.washingtontimes.com/news/2016/jul/11/no-racial-bias-police-shootings-study-harvard-prof/ The Obamacare death spiral continues. http://www.miamiherald.com/news/health-care/article175550671.html
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All the Sanders supporters love throwing bombs at me and I throw them right back.
I'm not here to pull any punches, right?
The Dan Bongino Show.
This is the great irony of conservatism.
Even liberals win under conservatism.
Get ready to hear the truth about America.
Are you suggesting you're that stupid that other people can run your lives better than you can even though the cost and quality of what they buy, quote, for you doesn't even matter to them?
On a show that's not immune to the facts with your host, Dan Bongino.
All right, welcome to The Renegade Republican with Dan Bongino.
Producer Joe, how are you today?
Hanging in there, babe.
Yeah, busy day for me today.
Got a box of friends, got a whole boatload of stuff going on.
So, hey folks, before we get started, I got an email, a really troubling email that's bothering me.
I can't verify the authenticity of it, but I have no reason to believe it is...
Not genuine.
From a woman named Anna S. She listens to my show and the situation in Puerto Rico is horrendous.
The email is really troubling.
Apparently some of the remote areas in Puerto Rico, up in the mountains, are not getting any of the aid coming in.
They have no water, they have no supplies, they have no food.
This is a really devastating situation and I know Contrary to the stupid media narrative, Joe, that they're trying to make this into another Hurricane Katrina because the media, of course, doesn't want to help.
They want to hurt the situation and leverage everything for politics because you're a bunch of nasty frauds.
I know the Trump administration is doing what they can.
The problem is the infrastructure in Puerto Rico was not very good before the hurricane.
It's not up to the standards of a lot of places in the United States.
They're in a lot of trouble.
But keep them on your mind.
The woman's story is pretty terrifying.
They're stuck up in the mountains.
They can't even get calls out.
They have no food.
They have no water.
It's really a terrifying situation.
So, you know, prayer matters.
I'm a devout Christian.
I'm a sinner like everyone else, folks.
But prayer does matter.
God listens.
So keep them in your prayers.
The email is pretty disturbing.
I'm not going to read the whole thing.
Um, and if you're managing to listen somehow, uh, we're, you know, gosh, I, I, I hope, uh, I hope you get help soon.
It's really disturbing.
All right.
Um, moving on.
So yesterday's show, I covered again, this Jesse Ben article, he's a writer at the Huffington post.
He's a loony tune.
He's a liberal.
And he wrote that the athletes who don't stand for the national anthem now the white athletes who
stand excuse me and don't kneel for the national anthem a white supremacist
vote I'm not gonna hammer that again but one thing I forgot to mention and I
just wanted to cover yesterday and I glossed over it because there was so much
stuff yeah you know it's funny I congratulated myself for doing such a good job
but I missed one of the big points I wanted to make. Folks when it comes to
liberalism you have to remember they gauge the United States by a different
standard and it was It's evidenced by a tweet I saw yesterday.
It's jumping off the NFL topic into something else.
It was a guy who sent out a tweet yesterday.
My phone was working again, thankfully.
What a mess that was.
I was, like, terrified.
What is this tweet?
I didn't want to get into this too deep, but a guy sent out a tweet yesterday about Saudi Arabia, which just allowed, and I'm using that term allowed because it's so disturbing we're even talking in this kind of language, allowed women to drive.
And this guy, who was apparently a liberal, where is this guy?
Man, you know, my phone is always, it's just like killing me.
I do everything on my phone.
All right.
I want to share this with you.
So bear with me for a second.
Oh, here we go.
Oh, he deleted it.
He did.
Oh, oh, he deleted.
Damn.
Okay.
The tweet was from a guy, a fundamentalism, like fundamentalism with a P.
He deleted it.
Oh, damn, am I pissed.
The gist of the tweet was that, look, the Saudis have done more for women than Trump has.
They let women drive.
Like, yay!
All right.
Thank you, Saudi Arabia.
This is great.
Women can drive now?
So I tweeted out with the...
Pointy finger downwards, that this wins the internet for the dumbest tweet of the 21st century.
I mean this is like, of any century, of any universe, if you believe in string theory of multiple universes, it is the dumbest tweet in the history of the interweb.
The point I want to make, and how this relates to liberalism and the Jesse Benz story yesterday about white athletes who stand for the national anthem who are now, in Jesse Benz's view, white supremacists, which is, again, is probably maybe the second dumbest thing in the history of the internet.
There's a difference between relative and absolute standards.
I don't want to get too wonky on this, but this is where liberals confuse everyone.
They do this on purpose, especially people like Ben and the guy who has Pundimentalism on the Twitter account.
He deleted the tweet.
I told you they're freaking out over this, right?
They hold the United States to an absolute standard while they hold everyone else to a relative standard.
Now, Joe, here's what I mean by this.
This is the shell game, magic act, the technical, you know, magical ledger domain with the hands they engage in that gets all the college kids confused who are liberals.
They will hold us to a black or white standard.
In other words, Joe, slavery, United States, United States bad.
Remember, there's no further thinking on this required.
Because that's an absolute standard.
They are correct about slavery being an absolute standard.
There's no justifying slavery.
There's no relative component to that.
You enslave another human being, you're a moral vacuum.
You're a zero.
We get that.
But they don't hold that absolute stand.
In other words, slavery makes you a terrible country to anywhere because every other country on earth had slavery too.
Matter of fact, we were a country that forfeited hundreds of thousands of lives in the civil war to wipe the stain of slavery free from the United States of America.
But that's a relative standard.
In other words, well, okay, the United States had slavery.
Relative to what?
How bad was the problem here relative to other nations on earth?
And when you start to use in relative rather than a not a yes or no black or white standard, I mean, no pun intended on that at all.
I mean that.
When you use a black and white standard, the United States seems like the worst country on earth until you realize that relative to other countries on earth, we are one of the better countries.
But they don't do this in other places.
They don't do this in Saudi Arabia, where women still couldn't drive legally up until now.
Saudi Arabia is a fine country because Saudi Arabia is based on relative standards.
In other words, well, what they did is okay because relative to where they were yesterday, this is a big advancement.
Yeah.
But if the absolute standard, they reply to the United States, in other words, the United States does anything wrong, it's an awful country.
Slavery.
Jim Crow.
Women couldn't vote.
They're horrible.
The United States is horrible.
But when you hold that standard to Saudi Arabia, Saudi Arabia looks geometrically worse.
So the trick they use all the time is to hold the United States to black and white.
Yes and no.
Absolute standards.
You are bad, we are good.
While holding everybody else around the world, Joe, to relative standards.
Of course.
Those standards, in other words, how are they doing relative to where they were yesterday?
But nobody holds the United States to that standard on the liberal side.
And I'm really sorry for not bringing that up yesterday.
That's the trick with Jesse Benn, again.
The trick there with the relative standard is not about the racial progress the United States has made, not about the leaps and bounds black athletes have made, not about the leaps and bounds black middle-class America's made through school choice programs.
None of that stuff's to be discussed.
We're to talk about an absolute standard.
The United States had slavery and Jim Crow.
The United States sucks.
End of story.
You don't agree?
You're a white supremacist.
That standard applies nowhere else.
Everything else all over the world is relative to where they were yesterday.
It's a strategic trick they use to get you to believe we really suck.
Hey, here's just a quick thing yesterday, because my phone died in the middle of the show.
I do everything on my phone, by the way.
I put the Jason Reilly piece in the show notes from the Wall Street Journal, but just a quick note on the use of force against Black America, how this thing whole started.
This thing started with Colin Kaepernick, this idea that, you know, police use of force, they were hunting down Black men.
This is absurd.
From the Jason Reilly piece.
And again, liberals, don't let these facts get in the way of your silly arguments, okay?
I understand I'm making no difference with you at all.
This is for moderate people who are reasonable, who care about what's actually going on.
Reilly writes, a Justice Department report published in 2001 noted that between 1976 and 1998, the teen and adult population grew by 47 million people, and the number of police officers, Joe, increased by more than 200,000.
Yet the number of people killed by police did not generally rise over this period.
Moreover, a growing percentage of felons killed by police are white!
No!
And a declining percentage are black.
A separate justice study released in 2011 also reported a decline in killings by police between 1980 and 2008.
1980 and 2008. Guys, ladies, you know, don't let this get in the way again of
your really, really stupid, silly arguments.
You want to have a conversation, a real one.
I mean, because everything's about a national conversation.
You want to have a conversation about what's going on in the Black community.
Are we going to talk about school choice?
By the way, there's a piece I have in Cato, which I'll put in the show, and I'll say it's a really good one, about how public schools They did 10 studies, Joe, on public schools.
10 really robust studies.
Studying student tolerance and civic engagement.
In other words, student tolerance, how they tolerated other people.
Basically, were they teaching kids values.
10 out of 10 studies on public schools showed that private schools did a better job of doing this.
But again, LeBron and everyone else and Colin Kaepernick, don't let the fight over school choice and something that would actually change the status of inner city kids and minority kids that would maybe have a positive impact, a positive ramification on their life, right?
Don't let any of that get in the way of your argument that police are killing people when they're not!
Because again, it's a fringe nut position and they have to distract you, this is all they have.
Okay.
Something that's really been on my mind, I wanted to get to this yesterday.
LeBron James, earlier in the week, who is a basketball player, for those of you who don't know, plays for the Cleveland Cavaliers, very talented guy, one of the best, if not the best, player of his generation.
I think Jordan was a little better, personally, but LeBron James just seems to mouth off all the time now.
Now, LeBron James' platform is substantially larger than mine, I don't care, I don't I'm not afraid of LeBron James or anything else.
I really couldn't care any less.
You know, I'm not afraid of him coming after me on social media or anybody else.
But LeBron James came out with a statement.
Let me quote him directly to not get this wrong.
Folks, by the way, this is a direct quote.
So if it sounds like I'm making a rhetorical, grammatical mistake here, I'm not.
This is an exact quote.
When talking about Trump and people who voted for Trump, LeBron James said, At the end of the day, I don't think a lot of people was educated, he said, and I think that's one of the biggest problems that we have.
When it becomes vote time, I'm not making this up, People are just not educated on either the individual or what's going on in the state of the world right now.
I don't think a lot of people are educated and they make choices and say things that are uneducated.
Let me just read the opening sentence again because this is LeBron James.
What?
Criticizing, Joe and I voted for Trump.
This is him criticizing people like us.
By the way, I'm not even gonna tell you my, I've said it before in the show, I'm not gonna, because I hate talking about it.
I'm not going to tell you my academic bona fides.
I don't feel I need to, but I know where I went to school, how many times I went to school, and where I graduated from.
But according to LeBron James, people like me, at the end of the day, I don't think a lot of people was educated.
Maybe we should learn how to conjugate before we start insulting the education of other people abroad.
Just an idea.
Just an idea.
Now, why do I bring this up?
Yeah.
Folks, because one of the things that, again, the Iron Triangle of Hollywood media and academia do is, again, they live in insulated liberal bubbles.
And in that liberal bubble, it's acceptable to say things like this, that Trump voters are stupid, that we're really dumb, despite the fact that we have probably an expansive data set and knowledge set on policies that would actually help the minority community.
But LeBron doesn't want to talk about that.
So when you say things to LeBron, you say, hey LeBron, how do you feel about things like school choice, where struggling black children in minority communities in terrible schools would get to pick better schools that, by the way, teach more social tolerance, civic engagement, and they would do better academically according to a large number of studies.
LeBron James will look at you like you have 52 heads, like you're 56 heads, like you're the Hydra times eight.
He doesn't know how to respond to that.
Because LeBron lives in the insulated liberal bubble and in that liberal bubble discussing policy is verboten.
Only throwing insults and lobbying insults at other people for being cretins and being dopey and what I said during yesterday's show that conservatives are just evil people, not people with bad policies.
That's what really matters on the left.
Folks, This is never gonna stop until we fight back.
The reason they can't stand Trump is because Trump gives them the double-barreled middle finger, and he just refuses to accept the premise that liberalism is a benevolent force in society, and he fights back, and it absolutely drives him crazy.
All right, I didn't want to spend a ton of time on that, but I felt the need to address it.
And by the way, I'll put in the show notes today as well, that Washington Times article.
It's from earlier last year, but it's a Washington Times piece about that Harvard study about how police officers are actually less likely to engage non-whites than whites after factoring in, excuse me, they're no more likely to shoot non-whites than whites after factoring in extenuating circumstances in police use of force incidents.
But again, liberals, don't let that get in the way of your argument.
Just keep spouting off things like, they're hunting black people!
You're uneducated if you vote for Trump.
That's all they have.
They don't want to engage in any kind of rigorous policy debate to actually fix the problems because they can't fix the problems because it'll expose who caused the problems.
I'm glad you took the time to educate us because we was educated.
You was.
Now you was educated.
Now I mean this is unbelievable.
The guy can't even like speak in a sentence that makes sense in the proper tense and we're he's insulting and we're supposed to accept it because it's LeBron James.
Thank you.
Now remember LeBron James by the way again he doesn't want to engage in this substantive policy uh talk because once you do that you the liberals what do they do again they show their ass.
Oh school choice?
LeBron that would actually help uh kids who are black and struggling schools.
No, no, no.
A Democrat told me I'm not supposed to support that.
Have you read anything on it?
Well, not really.
Okay.
Well, maybe you should pipe down a little bit and play basketball.
That's what you do great.
You're terrific at it.
I enjoy watching it.
But clearly you don't know what you're talking about.
You're actually hurting young black kids who are trying to get an education.
Yes, you're doing that.
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Hey, one quick note on Puerto Rico.
I got that email and what's going on there is really disturbing, but the media right now, Joe, because again, media, Hollywood and academia is never looking for a reason to help.
They're always looking for a reason to leverage political advantage.
The narrative, folks, mark my words, do not doubt me on this.
A footnote, steal that from Rush Limbaugh.
Don't doubt me for a minute.
The media wants the continued chaos.
Not all of them, but a lot of them want the continued chaos in Puerto Rico to continue.
Why do they want the chaos to continue?
Because they want to paint this as another Katrina, despite the fact that they are two completely different incidents with two completely different surrounding set of circumstances.
Puerto Rico is very difficult.
It is obviously not on the mainland of the United States.
It is difficult to get supplies in.
They haven't waived the Jones Act yet, so it's tough to get into the ports.
Some of the ports are damaged.
This is a completely different situation than Katrina.
It is very chaotic over there.
What's going on is catastrophic, but what's interesting Is the governor, what is his name, Rossello over there, who's been interviewed many times in the media, has been crystal clear that Trump has been all over this.
Now, if this thing breaks bad, and in a few weeks, based on the devastation and the level of, I mean really, it's almost apocalyptic in certain areas over there, if it doesn't get cleaned up and we don't do our best effort to help the American citizens in Puerto Rico, then yes, I mean obviously we'll have some critiques.
But Rosello's been crystal clear, Joe, that Trump has been all over this.
He's been on the phone with him, he's monitoring the situation, and it's really grossly unfair for the media to try to paint Katrina analysis.
You wonder why I'm so disgusted with liberals and the media?
You know what?
I'm going to lose my mind on this.
Sorry, but I'm going to cut this off right now.
Because I'm really, I... You know, you have people dying, you have people running out of food, you have people lining up all day to get to an ATM, and you think the media would help?
No.
No, they sit around in rooms like, how can we create an analogy here and paint Trump with this George Bush, Michael Brown, you know, great job, brownie analogy, and make him look bad in Katrina.
It's just sick.
It's just sick stuff.
Alright, a little bit of attention came my way yesterday.
I guess, I don't know if I wanted it, but the Gateway Pundit who does a really good job over there and some of his stories, I'd like to read his stuff, Jim Hoft.
He wrote a story about a tweet I sent out that has now been retweeted like 11,000 times or something like that.
It keeps going up.
That's a lot of retweets.
I think that for me, that's a record.
And I retweeted out that basically Hillary Clinton is a fraud and a bad person.
Folks, I didn't do that to be vindictive or to be unnecessarily personal with Hillary Clinton.
I did that because one of the things that really bothers me is that these people get a pass.
Hillary Clinton, Joe, is out there right now and the reason I'm talking about this is because of the LeBron James story and again is insulting Americans.
She's insinuated that women who vote for Trump are just not smart enough to get away from their male overseers or whatever it may be.
I mean a ridiculously misogynistic statement.
She's again doubling down on the deplorable type comments and out there on that book tour basically again saying that we're all morons for voting for Trump and that we should have voted for her because she's you know this Beacon of light and we clearly missed an opportunity.
Yeah.
I don't do a lot of this like Jackie Collins type stuff in my books or on the show because I don't think it's particularly productive.
But in this case, I'm going to make an exception.
Folks, Hillary Clinton is not a good person.
Now again, that's not groundbreaking news to many of you listening.
But I saw Hillary Clinton up close and personal for a very long time.
And I feel it's appropriate right now if she's going to indict the entire country and try to basically overthrow an election through propaganda by insinuating again that the Russians did it, we should reevaluate the election results.
I feel like it's responsible for me to tell you who she really is.
She treated people terribly.
She was a liar.
How do I know she was a liar?
Because she would say something at a speech and then get in the car and say something completely different.
She treated people around her terribly.
There were people on her staff that only stayed there because they thought they would get a political position, but when you got them behind the scenes, Joe, on an advance and got to talking to them, they would tell you how miserable she really is.
She fosters a sense of loyalty through fear.
She's not a genuine person.
She relies more on focus groups and advisors to tell her where she should stand on any position on any given day, and she treated people terribly.
You know, I cover in my book how bad she was with the cops.
She was awful with the cops.
She didn't want the cops around.
Her staff would tell the cops to hide on Long Island because she wanted to seem approachable.
I guess she was afraid that the liberals at the rally she was trying to rally to go out and vote wouldn't like the presence of police officers.
Well, you know what?
That's too damn bad.
These people have a job to do.
I'm telling you, I was there.
I saw it.
What you choose to do with it, what you will.
Some of you may not like this line of You know, what we're talking about now, and that's fine, but I feel a responsibility to put it out.
This is not a good human being, folks.
Barack Obama, I disagreed with him a lot.
I think that's obvious on most of the positions he put out there.
He was an ideological opponent of mine, but Barack Obama was never rude to me.
And his family was never rude to me either.
I know that may, you know, ugh, really?
But the media painted them to be so elitist.
They weren't with us.
I can only tell you the truth.
What you do with it is up to you.
Bill Clinton was never rude or obnoxious to the agents either.
I'm telling you, Hillary Clinton is an evil person.
She is not a good person.
Take her word on anything about an election at your own peril, because she's lying to you because she has a Hillary-focused agenda.
She cares about one thing and one thing only, and I assure you it's not the truth.
It's Hillary Clinton.
And I debated talking about this.
I've never mentioned this stuff in any kind of specific detail before.
But she is a really, really bad person, and that's why I sent out that tweet.
Because she's running around, Joe, telling us we're all evil for not having worked for her.
Yeah, I've been hearing it.
Yeah, it's really awful.
All right, this is important.
So the tax bill is out there floating around.
It looks like they're going to try to cut the corporate tax rate from 35% to 20% and the pass-through to 25%.
Now, this is an important story, folks.
It's an important story because the data, the liberals are losing their minds on class warfare stuff.
Just to be clear about what we're talking about, the corporate tax is a tax levied on businesses, obviously, in the country, on corporations.
The tax in the country right now, the United States, is 35%.
Now, that is not the effective rate. It's clear you have to understand the difference.
That's the actual rate. The effective rate when you factor in deductions, in other words tax breaks companies get,
is anywhere from 16 to 22 percent depending on the - it's very hard to calculate a hard number.
Meaning that's not the actual rate, 35 percent.
Now, a very, you know, a thinking person listening to the show would say, well, why the hell would we have a 35% corporate tax rate if on average companies are only paying 16 to 22%?
Why not wipe out the deductions and just make it 16 to 22%?
Well, that's what they're trying to do!
Now, a lot of, sadly, a lot of American corporations are losing their minds over this because, Joe, they don't mind a high corporate tax rate as long as they're not the ones paying it.
So again, you got Joe and his production business.
Joe's paying 35% corporate taxes on Joe's radio productions LLC.
But Joe's partners managed to lobby Congress on some business carve-out for his company.
He's only paying 20%.
Joe has an advantage.
Joe is at a disadvantage to the competitor because they get a tax break and you don't.
So there are companies out there lobbying to keep their tax breaks.
A 20% rate would be a 15 percentage point reduction.
In conjunction with wiping out the deductions, you would save yourself a lot of headaches because you would, again, you would have economic decisions, Joe, being made on the basis of value added, not on who's got the bigger tax break.
So when I'm out shopping for radio podcast production services, Joe, and I get a price from you and a price from your competitor, the prices aren't a real signal to me.
Well, why is that?
Because your competitor is paying less, because they're paying less in tax, they can offer me a better price.
Got it.
And it's not based on the value they're adding, it's based strictly on the tax code.
Now, the 25% rate they're looking to institute on pass-throughs, pass-throughs are basically people who run businesses and they collect the income as personal income, not corporate income.
You get what I'm saying?
Not incorporated income.
So let's say Joe doesn't have an LLC, Joe just literally works for Joe Armacost, and Conservative Review and me, we pay Joe directly, that would be pass-through income.
So they're looking to get that kind of business income taxed at a 25% rate.
Why am I bringing any of this up?
Not to bore you to death with economic wonkery, but one of the comebacks the liberals are making right now, which is pretty common for them because this is what they do all the time, is they're saying oh well this is this is just going to benefit the rich it's going to benefit corporations everybody's supposed to go oh my god corporations tax them fair share fair share pay more folks in the show notes today
Actually, I think I put it in yesterday's show notes.
I'm sorry, with me traveling and stuff, it's in the show notes for yesterday or today, forgive me.
That's why we didn't send out last night a thing either.
Excuse me, the day before last night.
It's just been a crazy week with the book and me all over the place.
But there's an article from the Daily Signal which points to, folks, again, liberals, close your ears.
Facts and data, Joe, on who actually pays the corporate tax.
The corporate tax, and it links to a Heritage Foundation study.
I get it, Libs, it's the Heritage Foundation.
You're gonna say, oh, they're a right-wing think tank, as if a fact has a right or a left component to it.
Like, two plus two doesn't equal four if you're a conservative.
But the Daily Signal piece links to data showing pretty conclusively, in my opinion, having read the report, that up to 75 to 100% of that corporate tax is paid for by customers and, in fact, in wages.
Now folks, this is not complicated.
In decreased wages.
Think about it, right?
I've said to you before on the show, what does a business do with its money, right?
It can consume it, it can invest it, or it can spend it.
This is important.
A business that earns revenue, Joe, LLC, radio productions, whatever it may be, it can consume it.
It can spend it on itself.
So Joe can take the money he earns from customers, right?
And he can spend it on growing his business.
Now you may say, we just say consume, invest, or spend.
Well, what does invest mean then?
Invest, when I say invest, I mean he can invest it somewhere else.
Joe can take the revenue if he earns a hundred thousand dollars, excuse me, and he doesn't want to consume it.
In other words, spend it on his own business, growing his own business.
He can invest it somewhere else.
He can invest in Apple and Facebook.
He can invest it in Snapchat, whatever it may be.
There's only three things you could do with the money.
Or you can spend it.
Now, what do I mean by spend it?
You can spend it on, let's say, dividends.
So let's say Joe has stockholders and Joe's radio, whatever, LLC.
Joe can say, you know what, we're going to spend some of this money on our stockholders.
Now, consume-invest-spend is the way I remember it.
You can choose to divvy those three ways up any way you choose.
I'm certainly not suggesting that my labels make the most sense, but that's the way I remember it.
Consume, invest, and spend.
Or you can spend it on dividends and disperse it out to your shareholders, right?
When you understand that, it's pretty obvious why 75% to 100% of an increase in corporate taxes does in fact go into lower wages and higher prices.
Because folks, businesses are just tax collectors for the government!
That's all they are.
When you increase a tax to a business, the money has to come from somewhere.
It doesn't come from individual managers' pockets.
It comes from wages in the form of lower wages for the workers or higher prices.
There's no other way.
Or, put it in the consume model.
They get to spend less on their own business.
You may say, well, how does that lead to lower wages?
Because it doesn't lead to increased productivity, which doesn't lead to increased revenue, which doesn't lead to increased wages.
The investment.
Well, you're not going to invest in other companies then because you have less money to spend.
Or spend it on the dividends.
They're going to spend less on dividends, which by the way, dividends pay a lot of pension holders.
Folks, I don't mean to get too complicated with the economics.
The takeaway from this report, and please, please read the article in the Daily Signal, it's very good, is that the stupid liberal talking point about the tax cut plan that was just launched is that the businesses aren't paying their fair share and we shouldn't cut business taxes.
Business taxes are paid by you!
They are not paid for by the businesses.
They are just tax collectors.
When you understand how businesses spend money, how taxes impact the way businesses spend money, makes all the sense in the world.
They are paid for by lower wages and higher prices.
This is not complicated.
Read the report yourself.
Your liberal friends just, again, it's another stupid liberal talking point in a fringe position, held by liberals that they want you to believe is held for, is held by the majority of the population.
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All right.
I mentioned this Bitcoin.
Yes, I have two quick things I want to just fire through here.
I put this in the show notes from yesterday's show about Bitcoin.
Folks, Bitcoin, I think, is a very, is a good idea.
Blockchains, I'm not going to, you know, I've already went into it on a prior show.
If you listen to my library, what it is, it's basically an algorithm and miners figure out how to generate new coins and has these miners who mine the coins through the use of super powerful computers.
At this point, they're rewarded with Bitcoin.
So it's kind of like gold mining, but doing it through technology, right?
The harder you're willing to work, the more gold you'll get.
The harder you're willing to work on computers to mine and verify a lot of these exchanges, then you'll be rewarded in Bitcoin.
The problem I have with Bitcoin right now is the valuations are really high.
It's gone up six-fold this year alone, and there's a Bloomberg piece I put in yesterday's show notes.
I encourage you to give it a look.
I think this is a solid technology.
I think it'll stick with us, but I'd be very cautious, and this is what I didn't get to in yesterday's show and why I left it for today.
People are starting to trade in derivatives on Bitcoin, folks.
And that always worries me a little bit.
Not that derivatives are a bad thing.
They're not.
Derivative markets can stabilize markets.
And what are derivatives?
Derivatives are financial products that are based on the value of another product.
So a good way to say it is, say a derivative on the price of gold.
You short gold.
A derivative would be a product that is based on the value of gold without owning the actual gold itself.
So let's say Maybe a quick example, like you're betting on the price of gold will be a certain price in six months.
And you think that price is going to go up.
So if you think that price is going to go up, in order to make money on the derivative, you want to be able to buy the gold in six months at a lower price.
You get what I'm saying, Joe?
If you think the price of gold in six months is going to be $140 an ounce, you buy a derivative product.
The product allows you, maybe later on, to buy gold at a later date or trades.
The value of this derivative is based on the gold being at a lower price.
So it would allow you to buy it, say, at $120, which would save you a lot of money, obviously, and you could make a fortune.
But derivatives are not the product itself.
You're not actually buying the gold.
You get what I'm saying?
Yeah.
It's a contract based on the value of something else.
Now, people are shorting right now.
Bitcoin!
Now, some people are going long, but shorting means you think the value of it's going to go down.
Folks, this worries me when people start making money on shorting products, especially Bitcoin and new technology like this where people generally, a lot of people just don't understand what it is.
I would just be very cautious.
A guy in the gym asked me about it the other day.
I think it's terrific.
I get nasty emails every time I mention Bitcoin.
I mean that.
I think it's a terrific technology.
Blockchain is fantastic.
I'm just saying as an investment, just be cautious like you would anywhere else.
Something jumps six-fold in a year, anything, you should be asking yourself, what's the value behind that?
If I invest in Apple, Joe, and it jumps six-fold in a year, you would be looking to see a six-fold increase in potential future revenues or a productivity increase that led to revenue increases today.
Yeah.
Right?
I mean, that's what you're investing in, the value of the company, which is invested in the value of their products.
But if the value of their products aren't going up, You should be a little skeptical.
So read the Bloomberg piece, a pretty good one.
Some people are making money.
Some people are losing, but derivatives, you can lose a whole lot because remember, you're not, you're, you're leveraged.
You're not buying a product.
You're buying a product.
That's valued based on the price of the products.
You can get more of the instrument than you would.
If you actually bought the products, you can lose a whole boatload of money.
All right.
One last story for the day.
Folks, the Obamacare death spiral continues, and I have a suggestion, and I hope you take me up on this.
I don't think we should call this Obamacare anymore, I think we should call this McCaincare.
John McCain is obsessed, the senator from Arizona, is absolutely obsessed with the idea of hurting Donald Trump.
I get it, his feelings were hurt, Trump said some inappropriate things about him during the election season.
It's time to move on and it's time for everybody to grow up.
John McCain sunk Obamacare.
I know, I get it, people are going to tell me about Rand Paul and Ted Cruz.
I think they objected to Graham Cassidy, the Obamacare replacement, based on principle.
I think McCain is genuinely doing this because he just can't stand Donald Trump.
So I think this should be called McCaincare from this point on.
There's an article in the Miami Herald out today, folks.
Premiums in Florida, where I live, are going to go up 45%.
45% in Florida!
All due to Obamacare, because the death spiral continues, folks.
What is happening with Obamacare is due to the large number of regulations, things they have to provide and pay for.
What's happening?
What's happening is the demands to provide all these products are creating a product people can't afford.
So who are the only people buying the product?
Really sick people.
Right!
Who can use the insurance at no matter what price.
Because if they don't have insurance it would cost them $100,000 to pay out of pocket.
So if they have insurance that costs them $90,000 they're still up $10,000.
Sicker and sicker people are joining as the product gets more and more expensive, which is causing insurance companies to raise their prices more and more to pay for these sick people.
Folks, it's never going to stop.
And John McCain, clearly at this point, just is not interested in any kind of reform at all.
So I'm really disappointed.
This is not going to end.
I'm warning you folks, this is not going to stop.
These premiums are going to go up and up and up and the death spiral will continue.
There is no way out of this other than getting rid of Obamacare.
I'm sorry to give you the bad news on that, but there is no way out.
I wish John McCain understood that.
All right, folks, thanks again for tuning in.
I really appreciate it.
Please go to Bongino.com, subscribe to my email list.
I'll send you all the show notes right to your email box every day, and I appreciate all the feedback on the show.
See you all tomorrow.
You just heard the Dan Bongino Show.
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