PBD - Patrick Bet-David - PBD Podcast | Guest: Danielle DiMartino Booth

June 24, 2021 - PBD - Patrick Bet-David

01:49:42

PBD Podcast | Guest: Danielle DiMartino Booth | EP 70

FaceTime or Ask Patrick any questions on https://minnect.com/ PBD Podcast Episode 70 with guests Danielle DiMartino-Booth and Adam Sosnick. Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Text: PODCAST to 310.340.1132 to get added to the distribution list The Bet-David Podcast discusses current events, trending topics, and politics as they relate to life and business. Stay tuned for new episodes and guest appearances. Connect with Patrick on social media: Instagram: https://www.instagram.com/patrickbetdavid/ Twitter: http://www.twitter.com/patrickbetdavid Facebook: https://www.facebook.com/PatrickBetDavid.Valuetainment To reach or find out more about PBD go to http://www.patrickbetdavid.com About the host: Patrick is a successful startup entrepreneur, CEO of PHP Agency, Inc., emerging author, and Creator of Valuetainment on Youtube. As a natural critical thinker, Patrick takes complex leadership, management, and entrepreneurial ideas and converts them into simple life lessons for today's and tomorrow’s entrepreneurs. Patrick is passionate about shaping the next generation of leaders by teaching thought-provoking perspectives on entrepreneurship and disrupting the traditional approach to a career. Follow the guests in this episode: Danielle DiMartino-Booth: https://bit.ly/36nGzLn Adam Sosnick: https://bit.ly/2PqllTj To reach the Valuetainment team you can email: info@valuetainment.com Want Patrick on your podcast? - http://bit.ly/329MMGB 00:00 - start 03:07 - Inflation 12:09 – John McAfee passed away 21:50 – Conspiracy theories 36:47 - Janet Yellen 36:56 – Federal debt 56:57 – California will pay off unpaid rent accrued during the pandemic 1:05:00 - 3 in 10 parents are supporting their children during the pandemic 1:24:10 – Nassim Taleb says Bitcoin is worth zero 1:33:47 – NY restaurant owner experiences chicken shortage 1:37:36 – Victoria's Secret abandons scantily dressed Angels

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	Milk, no.
	Not regular milk.
	There's too much sugar.
	You know, there's options these days.
	We're learning a lot.
	I actually have a question for Danielle.
	Did you actually make your kids eat off the floor?
	Of course.
	What do you mean?
	Of course.
	It builds up their immune system.
	How often does Dilly Boy eat off the floor?
	First two years, you don't have a choice.
	They're going to do it anyway.
	I'm learning lessons here because you're so tough.
	How do you think your parents raised?
	They just throw meat on the floor.
	Adam, go ahead.
	Eat it like a dog.
	Hold on.
	So, your kids, you have two twins.
	You've got four kids in total.
	I got four kids.
	Pat's about to have a fourth any minute now.
	Literally.
	Dude, three days ago.
	She was due on the 21st.
	Guys, if you want to raise great kids, give them food and throw it on the floor.
	They do the throwing for you.
	You don't need to worry about that, buddy.
	That's going to happen no matter what.
	All right.
	Well, Danielle's back.
	I cannot wait for the day where you are having your first just to see how you react.
	Because, you know, everybody reacts to their first in a different way.
	Some are so overprotective.
	It's like it's crystal.
	Some are just panicking.
	They're worried about touching them and changing diapers.
	All I know is.
	And some of them haven't, you know, lost sleep in decades.
	Oh, wow.
	Okay.
	When's the last time you got less than eight hours of sleep?
	Sleepless night.
	The last time I got less than eight hours?
	Last time we got eight hours of sleep.
	Yeah, this morning because we're starting an hour and a half early.
	Oh, my goodness.
	Can you imagine this?
	Last time this guy got less than eight hours of sleep was tonight.
	Last night.
	Last night.
	Well, I was up watching Trey Young do his thing.
	40, 47 points.
	48 points.
	48 points.
	Ridiculous.
	You've got about 500 Trey Young rookie cards.
	I believe in the guy.
	I've got 70 PSA 10 rookie cards.
	I believe in that guy.
	So when you've got that many, this is basketball.
	I know you're more of a football gal.
	But Dallas, Cowboys, go Cowboys.
	Maybe.
	No, I grew up an Oilers fan.
	Oilers.
	Houston, now Houston.
	Warren Moon.
	But Pat is a big, obviously believer in cards and non-duplicatable assets.
	Tremendous.
	And he's got a lot of cards.
	And he's got this one card from his guy, Trey Young.
	You know who that is?
	Well, yes, I've heard of him.
	Okay.
	He's a guy.
	He's number 11 point guard Atlanta.
	He's so exciting to watch.
	I mean, talk about.
	I mean, when was the last time you had a Cinderella story in the NBA?
	We got a lot of it right now.
	I mean, Atlanta's just Atlanta is just, I mean, I just got goosebumps.
	You realize anybody that wins this year is a Cinderella story.
	Anybody that wins, any of the four that wins, it's a Cinderella story.
	Any of them that win, it's a Cinderella.
	I agree.
	This is probably the best playoffs I've ever seen.
	And there is no like ridiculous, you know, like the face of the league type of person in the four.
	What do you call the final four?
	You don't call a final four.
	Eastern, what's a conference?
	Eastern conference.
	Exactly.
	Yeah.
	So anyways, we got a lot of stuff going on.
	Janet Dellen is pissed off.
	We have to say she's a little bit worried about what's going to happen with the debt.
	Matter of fact, why don't we get into it?
	Why don't we get into it with that?
	So inflation.
	We can have some stories on inflation here, but I want to tell you what happened this week when I spoke to Arthur Laffer.
	I had Arthur Laffer on, and I asked him, I said, what concerns you the most, right?
	I said, tell me what you think about all this talk about inflation.
	You know, how prices are up, you know, lumber went up, it's backed down a little bit, you know, all these things that we're caring about, you know, gas, all this other stuff.
	You know, home prices for the first time.
	The median home prices just reached $350,000, paid seven.
	That hasn't happened.
	This is a new record that we have.
	So inflation is in place.
	I said, Arthur, how concerned are you about inflation?
	He says, not at all.
	I said, why not?
	He says, because the leading indicator of inflation is gold, and gold hasn't moved.
	Gold's the same that it's been.
	So I don't think inflation is an issue.
	What do you think about the severity or the real issue of inflation?
	Is it real or is it just something that's going to come and go?
	So, you know, one of the worst areas has been freight shipping costs, what have you.
	We've seen that begin to turn.
	That's huge.
	That's going to be huge for companies to have their supply delivery time start to come down.
	So that's one of your sources.
	We've obviously seen commodities turn.
	I mean, copper's down today.
	Every company's biggest cost item is labor.
	60, 65% of any company in this country is labor.
	If you have wage inflation, you've got a problem.
	And if you have true wage inflation, then you're going to see it in gold, just like he said.
	And we don't know what true wage inflation is or is not until we refill the labor pool.
	And we're not there yet.
	You know, we've got 10 states coming off.
	over the weekend, ending their federal unemployment benefits early.
	We had two blue states join in the band these last few days, Louisiana, Maryland, two Democratic states who crossed the line.
	I'm talking about their governors.
	Oh, God, gotcha.
	Governors.
	Because the governor's got to sign it.
	I mean, the governor's got to agree.
	Your governor doesn't agree.
	You're dead in the world.
	Got it.
	Okay.
	Blue states are starting to come on board saying, uh-uh, you're not just going to sit at home and collect checks anymore, get your ass back to work.
	Well, I mean, the chambers of commerce, the small business coalitions, everybody's like, we need these workers.
	We absolutely need these workers.
	And so I think to Laffer's point, talk to me after Labor Day.
	Talk to me after September the 6th when these unemployment benefits finally exhaust themselves.
	President Biden himself has miracle of all miracles said he's not going to re-extend them.
	There are too many people who are like, this was a huge fiscal backfire.
	We didn't need to do this.
	The unemployment checks and all the marketing.
	As long as we have, yes.
	I mean, people are making double what they would have made.
	And I'm not talking, look, I understand that everybody needs a workable living wage.
	I mean, I get skewered for this on Twitter.
	But I actually had somebody on my Twitter feed yesterday say, if we have to sacrifice U.S. small businesses, so be it.
	And I was like, who said that?
	I was like, what?
	Well, I'm like, look, if we put, because 39.8% of U.S. small businesses are still not open post-pandemic.
	Wait, say that again.
	38% are not open.
	38.9% of U.S. small businesses remain closed post-pandemic era.
	Oh, gosh.
	In the beginning, a lot of them, you're telling a restaurant you can only open up 25% capacity or 50% capacity, but you're also telling them out of the other side of your mouth, if you want to get government loans through the PPP program, you've got to use 75% of the funds for employees.
	And you're like, as a small business owner, you're like, well, which is it?
	I'm not allowed to increase my employment beyond 50% capacity if I'm Joe Q restaurant owner, but 75% of the loans have to be earmarked for labor.
	No, no, go.
	So as a result, we've got the biggest companies getting bigger and bigger and bigger because Chipotle or Bank of America or Amazon, God help us.
	They can all afford to pay up, but they know they're paying up for a finite period of time.
	Meanwhile, back at the ranch, you're sticking it to small business owners who cannot compete.
	So, you know, how much common sense does it take to know that?
	That's not a good strategy.
	I just looked at it.
	Now, I'm going to send you this story.
	47.3% of companies in a new article from a couple days ago.
	Our small businesses.
	47.3%.
	And do we really want to wake up tomorrow and be like big box retailer Monopoly America with no culture, no soul?
	So that's the thing.
	Look, I started off.
	Now, hold your horses.
	I started off at Little Caesar's Pizza Pizza.
	Ah, pizza pizza.
	But there was a starting job.
	And I was a teenager.
	Right now, teenagers are having the best summer since 2008 because they're paying teenagers 18 bucks an hour.
	They're like, I can do this for three months asleep.
	Are you kidding me?
	So they're taking these entry-level jobs, teenagers.
	And we're seeing, and that's fantastic because you know what?
	We need a new generation of kids who understands that they need to work and not dictate the terms of employment to their employers, which we're seeing a lot of right now because employees have negotiating power because there are still so many people who are on the sidelines.
	So talk to me after Labor Day when all of this goes away.
	Is there anything you're speculating on?
	Will you foresee happening?
	Or is it all like, I don't know until I see what happens?
	Well, there is a flip side to the bottom.
	Can you go back to that, please?
	Go back to the article he's right there, 38.9.
	The data from the Opportunity Insight.
	Thank you.
	Small business shutdown pandemic, nearly 40% of the channels.
	The data from Opportunity Insight shows that 38.9 small businesses were closed as of June 2nd.
	That's insane to me to be thinking about that.
	How, okay, you're Joe Q small business.
	How are you competing with Amazon?
	You don't have a $1,000 signing bonus.
	You don't.
	The data compiled by Small Business Marketing Service Womply is based on credit and debit card transactions.
	A business was marked as closed if there was no transactions for three consecutive days beginning March 1st businesses that conducted all their transactions.
	I mean, that's a good way of doing it.
	I mean, if you're not getting any credit cards.
	You're not getting any revenue, then you're not open.
	So here's my question.
	If this is 40%, 38.9%, whatever, across the board, across the U.S.
	That is the United States.
	Okay, so in Florida, we've been open the whole time.
	You have to realize that the last year and a half, you've lived in two states where you're right, Texas and Florida.
	So you don't know any other.
	So my point is this.
	And our schools were open, so our labor pools were not as depleted because we didn't force the moms onto the sidelines.
	Like the teacher union cities, Chicago and LA and New York.
	So you've got a couple million women out of the workforce as well who are also going to feed back into the labor pool after schools reopen in the fall.
	They're finally going to be able to go back to work because they're not going to be controlled effectively by teachers unions who do not advocate, by the way, for kids.
	They advocate for themselves.
	Well, it's not safe in the, get a vaccination.
	Shut up and get in the classroom and teach.
	Or find a different profession.
	But don't hold the moms of this country hostage.
	By the way, just a crazy thing on what happened the last podcast.
	So the last podcast, two days ago, whatever it was, was it Tuesday or was it Monday?
	Monday.
	Monday that we did.
	We showed Cole Beasley's tweet, okay, on why his opinions on vaccine.
	I won't even get into it.
	So Cole Beasley's tweet we read.
	Cole Beasley.
	Cole Beasley, the football player.
	He said what he said about vaccine.
	We put his tweet up on short clips, valutamin short clips.
	Within a few hours, it was taken down and the channel got a strike and our value temporarily short clips channel suspended for one week.
	Just because we read his tweet.
	We read his tweet.
	We read his tweet and I said, my dad got the shot.
	My auntie got, my nanny got the shot, Melva Pops.
	We talk about the tweet.
	It was taken down.
	What's the lesson there?
	Well, this should not be censorship, USA.
	Come on.
	This is disappointing.
	But it is.
	But the point is, that's a little too much, buddy.
	You can't even have an opinion to say, we're talking to Phil Heath, bodybuilder.
	Tell me what you think about this.
	We're talking with Gerard.
	talking with tom basic conversation so uh oh it's i mean we're allowed to be a self-directed nation But by the same token, if you're an employer, you're also allowed to dictate the terms of employment.
	So there are two huge sides to this argument right now.
	But we have liberty.
	We can do whatever we want.
	If we don't want to get vaccinated, fine.
	We're not vaccinated.
	If our employer says we have to get vaccinated and you want to keep working for them, get vaccinated.
	It's a pretty black and white decision.
	It is a pretty black and white decision, but it doesn't seem like it's a decision that you can have an opposing argument to.
	That's what's a challenge right now.
	It seems like it's a decision that you either agree with us or you don't, or else.
	It's not like, hey, you got a second opinion.
	Do you want to get a, you know, first doctor is right and this is what you better do or else.
	It's a little, by the way, you know, to be honest with you, if you think about it long term, think about the ramifications of that long term.
	That is a pretty annoying place to live.
	If you can't have an opposing idea, what a place to live.
	Look, look, my second master's is in journalism.
	There's something called the fourth estate.
	There is something called the obligation to show both sides of the story.
	Or you're not journalism.
	Then it's just editorializing.
	It's just opinions.
	Who's doing that today, though?
	Who's shown both sides of the story today?
	Very few.
	Yeah, I mean, so.
	I mean, when Bloomberg's not on, when Bloomberg TV is off the air and there's some gold-silver infomercial, I've got the BBC on.
	Did you hear about what happened with McAfee, John McAfee?
	Yeah, that was, I saw it come out live last night on Bloomberg.
	Can you put up his tweet?
	So I interviewed the guy.
	I don't know.
	Do we have a video of what happened when I interviewed the guy or no?
	Not readily available.
	If you can find it.
	So I interviewed John in 2016.
	I go to his place when I'm interviewing the guy.
	You know that you've heard the story.
	You've heard the story, but yeah, that's real.
	Yeah, I mean, he is like, you know, your cell phone is built to spy on you.
	The cell phone is built to spy on everything you're doing.
	That's why I don't use the regular cell phone that everybody else uses.
	While I'm doing the interview, in the middle of the interview, a guy knocks on the door.
	Kai, if you just kind of go through it, is it?
	Just click on it, see where it is.
	I mean, somebody just fast-forward a little bit to see.
	You should see what happens.
	I think it's 43 minutes.
	I think you're ahead of it.
	Go back, Okay, so can you do me a favor?
	Put your finger on the, put the mouse on that and go.
	There you go.
	Go back a little bit right there.
	Click on it and get the audio.
	Audio.
	And I know the routes that people take.
	If I were to get to Ecuador from Hong Kong, the last country in the world I'd go through is Russia.
	You've got 50 different options.
	By the way, look at the gun on it.
	He's ready.
	He's got a drain.
	Where's he going?
	He's smoking cigarettes.
	Russia.
	So, you know, it's hard for me to say, is it good?
	Is it bad?
	I don't have all the facts, and neither do you.
	So extremely paranoid, God, obviously.
	That happens in every interview.
	Daniel always takes a gun out.
	You know, somebody knocks on the door.
	But the guy was so paranoid.
	You know, us Texans.
	First time ever I went to an interview where the guy who greets me, he says, hey, Patrick, thank you for coming.
	I just saw you know, we got five prostitutes upstairs if you want to go before you start the interview.
	I'm like, you know what?
	Thank you for the offer.
	I appreciate that.
	Mighty generous of you.
	Yeah, you know, hey, you know, I'm like, if you want to ask the guy, Mario and Luis were over there.
	I'm like, you know, maybe you asked Mario and Luis.
	And they're like, no, no, we're okay.
	Thank you for your hospitality.
	And there's like M16s, AK-47s, guns literally sitting everywhere.
	Like, something's up with this.
	He's like a scarface type of antivirus software guru.
	Extremely paranoid.
	So inside the weeds and find out how, to the extent to which we're being spied on, it's going to freak you out.
	I mean, look, I won't even get in a Volvo anymore.
	I'm like, oh, no, Not because it's like, the Chinese own it.
	I don't want to be like, I don't want to know that I'm being spied on.
	You have to realize who this guy worked for.
	I mean, McAfee, before starting McAfee, he was like a genius working at what is it, Kleiner Perkins?
	Which one was it he was working at?
	Kai, do you remember where he was working at?
	He was working at some, McAfee was an employee as a programmer by NASA's Institute for Space Studies from 68 to 70 for the Apollo program.
	And then from there, he went to UNIVAC as a software designer and later to XROX as an operating system architect.
	In 78, he joined Computer Science Corporation as a software consultant.
	He worked for consulting for Booz Alan Hamilton, which you know who worked for Booz Allen Hamilton, from 80 to 82.
	And then from 80, while employed at Lockheed, McAfee received a copy of Brain, the first computer virus for the PC, and began developing software to combat viruses.
	And then it becomes what it is.
	He sells it for $100 million.
	It's now worth $10, $20 billion.
	He sold only $400 million.
	And then he sends this tweet.
	Put this tweet up.
	Put this tweet up.
	He sends this tweet.
	In the tweet, he says this.
	This is November 30th, 2019.
	He says, getting subtle messages from U.S. officials saying, in effect, we're coming for you, McAfee.
	We're going to kill yourself, obviously kill you.
	I got a tattoo today just in case.
	If I suicide myself, I didn't.
	I was wagged.
	Check my right arm.
	Boom.
	I mean, this is just a little bit weird when you see some of this stuff.
	This is not a conspiracy theory.
	You know, this is just, here's a guy that's saying, I would never take my life.
	He sends a tweet right before, go back to his last recent tweets.
	He sends a tweet prior to that.
	Go up a little bit, go up a little bit.
	June 16th.
	Let me see what's his June 16th.
	The U.S. believes I have a hidden crypto.
	I wish I did, but it has dissolved through the hands of many.
	Team McAfee.
	Your blue is not required.
	My remaining assets are all seized.
	My friends evaporated through fear of association.
	I have nothing.
	Yet I regret nothing.
	Keep going up.
	Happy Father's Day.
	Great.
	What does he say?
	Nothing.
	In a democracy, power is given, not taken, but it is still power.
	Love, compassion, caring care.
	Have no use for it, but it is fuel for greed, hostility, jealousy.
	All power corrupts.
	Take care which powers you allow democracy to wield.
	Look, it's a little strange.
	It's a little strange for him to along the lines of the subject of censorship.
	I mean, he could be right here with us talking about it if he wasn't not with us anymore.
	Exactly.
	So I don't know.
	Look, I get the idea of trying to, like, when you're a parent and you're raising kids, you want to have the right influence on your kids.
	And sometimes you will, as a parent, try to keep a kid away from your, what do you call it?
	Your kid, because God forbid, maybe a bad habit's going to be a cousin who's an addict, and you're like, listen, we don't want to go party and hang out with that kid because I don't want my kid to pick up bad habits.
	But there is that, and then there is, you can't watch that.
	You can't watch this.
	You can't read this.
	You can't do that.
	I mean, it's like, come on, buddy.
	It's getting a little too much right into you and giving a positive argument.
	And then you wonder why you wake up 10 years later and you're like, why is my kid so rebellious?
	Yeah.
	You know who I love to interview?
	I love to interview people who completely disagree with me.
	I love interviewing people who completely disagree.
	Well, did he agree or disagree?
	He was all over the place.
	By the way, a lot of the stuff that he said in the interview came true.
	A lot of the stuff on what he said about Facebook, and that was in 16th.
	Oh, yeah.
	A lot of the stuff that he said came true.
	At the time, people would have called him cuckoo, conspiracy theorists, but a lot of the stuff that he said came true.
	Such as what?
	I mean, you know, the fact that keep your eyes, this whole model of ads and what Facebook, what they're doing, they're reading you, they're studying you.
	All they're trying to do is all the analytics, take the systems they're giving to the government.
	That's how they're doing.
	Have you ever seen that commercial?
	It is so powerful, that Apple commercial, where the guy ends up, you know, in his apartment with a zillion.
	And then people say disappear.
	And then he hits the privacy app.
	He's like, you can't follow me anymore.
	That is a powerful commercial.
	You're right.
	Yeah, I've like, I've started to take the extra few seconds to say, you know, I'm on a website looking for information.
	I'm always doing data research, always writing.
	Do you accept all cookies?
	And I've started taking the time to go, no, I don't.
	Well, let me ask you, Pat, since you've literally sat down with this guy, McAfee, and he's, let's just say, had some ups and downs in his life.
	But over the last few years.
	By the way, let's qualify him.
	He's a very weird guy.
	Totally.
	That has to be qualified.
	This is not a, he's a very, very weird guy.
	Yeah, but he's obviously a genius.
	He's a genius, but extremely weird.
	Many geniuses are eccentric.
	Do you know why he married his wife?
	Have you heard him tell the story of why he married his wife?
	No, but was that with or without the prostitutes?
	The prostitute.
	The wife was a prostitute.
	We know why he married his wife.
	No.
	He said he gave the best.
	Oh.
	Yeah.
	So he's like, okay, because of that, I decided, and that's what he says in the documentary.
	So we have to know that this is a very, very strange guy.
	But go ahead.
	No, here's my question to you.
	Over the last, I'm not talking about all the great things he did in his 30s and 40s in the genius.
	I'm talking about when there's smoke, there's fire.
	Just look at his resume over the last five years or so, since you've done this interview, right?
	So, number one, he died in a Spanish jail in Spain, year-old stomping grounds, where he was extradited to face federal charges.
	So, number one, he wasn't even in America.
	I think when you interviewed him, where was he even living at that point?
	Nashville, Tennessee.
	Two hours outside of Nashville.
	But wasn't he living in South America?
	He was all over the place.
	He was all over the place.
	He skipped paying taxes.
	Apparently, from 2014 to 2018, so seven years ago, he was involved in this pump and dump scheme with crypto that only made him a couple million dollars.
	When you're worth over $100 million and now you're trying to do a pump and dump scheme to make a couple million bucks.
	$100 million.
	Exactly.
	When you were there, worth $100 million, if not more, and now you're scheming and plotting to make a couple million.
	That's a telltale sign.
	Things aren't working out.
	He's not good for it.
	No, financially, he's not.
	Paranoid is not cheap.
	Paranoid is not a cheap lifestyle.
	If you're everywhere and if you've got bodyguards around you and all this ammunition.
	To the point of schizo, he's a little bit on that side.
	So my question is, are you surprised by this?
	It's obviously unfortunate.
	I'm surprised that he tweets, I would never wax.
	I'm surprised that he's at age 75 found dead of suicide.
	I'm surprised by that.
	I'm surprised by that because, you know, if you were ever going to take your life, you've done so much drugs that at any point you could have.
	When you're on drugs, you don't think reasonably.
	You're like, okay, it's not worth it.
	So he's had plenty of chances to take his own life.
	And now he's in jail.
	Has he ever been in jail before?
	He got arrested one time because he was accused of killing his neighbor for feeding his dogs with poison and his dog died and he found his dog dead in the back because a dog would bark and a neighbor who retired was a millionaire.
	So dude, I just want to retire.
	And he throws the meat over his dog, eats it, dies.
	He comes and kills the guy.
	So McAfee ends up running.
	They're chasing him.
	So he's done something.
	That's when he was in South America.
	He's at some.
	Here, look.
	Rest in peace, John McAfee.
	I think whether you want to take the good, the bad, the ugly, he was an eccentric character that definitely influenced a lot of people.
	And it's just a sad ending to a pretty, you know, inspiring entrepreneur type story, just with a very sad end.
	What percentage of conspiracy theories end up being true?
	Oh, gosh.
	That's an interesting question.
	You have to realize, all this alien stuff we're talking about right now, like it's normal, try doing that 20 years ago.
	Try doing that 10 years ago.
	All this stuff that we're talking about, aliens today, try doing that 10 years ago.
	All this stuff about JFK, everybody was, you know.
	Okay, okay.
	Wait.
	Hold on.
	I have an opinion on that.
	The conspiracy theory in this country, the conspiracy theorists in this country are toxic.
	I mean, I just, I got to lay that out there.
	But part of the reason conspiracies are so hot and prevalent is because of what we were talking about, censorship.
	If you don't get both sides of the story, you're going to start making stuff up.
	And you're going to believe whatever you're told about the other side of the story.
	And that's what a conspiracy theory is.
	So what is the sense of that?
	You believe what you're told.
	So what's a conspiracy theory to you?
	Defined conspiracy theory.
	It is a mistruth that populates.
	So what's the difference between a conspiracy theory and an opinion?
	The difference, well, a conspiracy theory is meant to influence your thinking.
	Your opinion is just meant to reflect.
	Pull up the definition.
	One is meant to influence other people's thinking, and the other is a reflection of your own thinking, your opinion.
	That's a personal thing.
	Yeah, but your opinion you share with others, that's a form of trying to influence another person, right?
	So go definition of conspiracy theory.
	Prior to social media.
	You just put conspiracy.
	Conspiracy theory.
	And then go pull up opinion.
	Let's see what it is.
	A belief that some secret but influential organization is responsible for an event or phenomenon.
	That's QAnon.
	That's QAnon in a hospital.
	But I don't think that's QAnon.
	But you can't say that.
	I don't even know what QAnon is.
	You can't say that.
	Somebody could say that if you say that's Fox News, that's CNN.
	CNN said Russia was a real thing for three years, and then you come out of dossiers on the other side.
	Would you qualify that as a conspiracy theory?
	No, but I don't think most people think CNN or Fox are news channels.
	Oh, you'd be surprised.
	What are you talking about?
	We may not.
	We may not.
	Do you look at CNN and Fox as a propaganda machine?
	I look at CNN and Fox as having agendas, and that's not news.
	Okay, I do too.
	So what is news to you?
	Truly both sides of the story.
	Telling both sides of the story.
	It's what the New York Times used to be.
	It's what the Wall Street Journal used to be.
	So you still don't put WSJ as news today.
	WSJ has become a little bit more left-leaning than you would think.
	But again, my gauge is pure and simple.
	If you're going to put Joe Q out there in his opinion, you're going to say, but this person maintains that, dot, dot, dot.
	You have to give both sides, or it's not news, then it's opinion.
	A belief that some covert but influential organization is responsible for a circumstance or event.
	How do you not believe that?
	I mean, that's a very realistic thing that has been happening for centuries.
	That's nothing new.
	I know.
	Type in opinion definition, Kai.
	Opinion definition.
	Definition of opinion.
	No, no, no.
	Keep this.
	Keep this.
	Go to a new link.
	No, go to a completely different.
	But conspiracy theories are why John McAfee went nuts.
	I totally agree with you.
	I totally agree with you.
	Because you start believing it.
	When I sat down with Alex Jones and we talked about him, like, what are you doing?
	I said, you're just, you know, feeding some stuff that's a little too much, and you're doing it over and over and over again.
	So a view or judgment formed about something not necessarily based on fact or knowledge, which all of us have them, right?
	We all have opinions, right?
	But so now what we categorically figured out based on what our friends at Google say is a conspiracy theory is when somebody believes that a powerful organization or institution is covering something up.
	Yep.
	Which is obviously.
	That is the ultimate conspiracy theory.
	I mean, I have friends who have been.
	Meaning it's not real.
	Meaning QNON doesn't exist.
	But I have friends who have gone round.
	You're saying QNO doesn't exist.
	That's correct.
	Okay, yeah.
	Well, I hope it doesn't exist.
	I mean, aren't they?
	No, I hope it doesn't exist.
	Well, me and all my Democrat friends, we all just, you know, eat baby blood and that's the thing.
	If you frame a conspiracy theory as being me and all my Democratic friends, then you give credence to it.
	You can't be that naive, buddy.
	You cannot be that naive.
	You give credence to it.
	Well, you know that was a joke.
	You know what I'm saying?
	Hello, what are we talking about?
	Of course, no, you're making a joke.
	But it's also that undermines the fact that there may be some credence to a story that's being told.
	I'm not saying it is or not.
	That's not what I'm saying.
	By the way, that whole story, it's a crazy story.
	But guess what?
	There's a group of people that believe some powerful people may be doing something like that.
	So what are you going to do?
	So do you just sit there and you say, I don't know about that?
	I don't know.
	We shouldn't look into it.
	So what is journalism?
	So let's just say I'm a journalist.
	I work at CNN, Fox, NBC, ABC, CBS, whatever it is.
	And a story pops on my table.
	I say, hey, here's a note.
	I just want you to look into this.
	Here's what's potentially taking place at this Catholic church.
	Should I look into it or no?
	It's a conspiracy theory because Catholic Church is a very powerful institution and organization that's been hiding something for a while.
	I shouldn't look into it.
	Did you not see the movie with what was the guy's name?
	The Da Vinci Code.
	Not the Da Vinci Code.
	The other guy that was recently done a couple of years ago.
	What is the guy's name that was played the founder?
	He was the, what is the guy's name that played founder Ray Croc's guy?
	Oh, Michael Keaton.
	Michael Keaton played for the news, news magazine.
	Yes, yes, yes, I saw it.
	What was it called?
	It was a great movie, by the way, with Rachel McAdams himself, and they're trying to kind of figure out the cover-up.
	And then they found all these trips.
	Should we not look it up?
	Should we not hold the government over?
	Should we not look up some of the things that you're doing?
	So this goes back to your initial question.
	What percentage of conspiracy theories are actually true?
	Did you have a number that you had in mind?
	That's probably a very small percentage.
	Less than 10%.
	That's why we look back and we go, wow, Woodward and Bernstein, all the president's men, Aaron Brockovich.
	That's investigative journalism because they got both sides of the story and they didn't stop digging until they got to the truth.
	They're getting both sides of the story.
	They're not.
	Okay, that's the problem.
	So what happens if we're not getting both sides of the story?
	What that makes it is everything becomes conspiracy theory, unless if both sides are willing to do some digging.
	But we're not willing to do the digging because, God forbid, it's true.
	Look at Hollywood.
	Who were they afraid of digging for the longest time?
	Who was Hollywood afraid of digging for the longest time?
	Who were they?
	Who were they afraid of?
	Oh my gosh, we all know what's going on with guys.
	We can't say that.
	Harvey Weinstein.
	Yeah, you couldn't say anything.
	You couldn't say anything.
	There's still another guy that's up to this.
	It's a pandemic.
	And people are afraid of saying things.
	I had a guy who was an extremely good-looking guy, okay, who worked at Bally's with me.
	Extremely good-looking guy.
	He had the green eyes.
	He was 6'3.
	He had that little rough around the edges personality.
	He was doing movies.
	We did a couple things together.
	No, not like Adam.
	No, he had a different personality.
	That guy, Adam's not rough around the edges.
	Adam's actually sweet.
	This guy was like a tough surprise, right?
	No, no, he's got the look, but he's not a digital.
	Thank you, guys.
	Yeah, appreciate it.
	So, Sean, Sean, this guy, let's call him Sean.
	His name is Sean.
	Just pretend his name is Sean.
	His name is Sean.
	He says to me, he says to me, I said, so how come you didn't pursue Hollywood?
	He said, I don't want to talk about it.
	I said, tell me, how come you didn't pursue Hollywood?
	He says, because you're in Hollywood at the time.
	You're saying I'm trying, you know.
	Anyway, so he says, let me tell you what happened to me.
	He said, this is when I said no.
	He says, one day I'm invited to a party with David, what is the David something?
	What is the big producer, big Hollywood name?
	Is it Giffin?
	Is it David Something?
	Oh, David Giffin.
	Anyway, something like that.
	He says, I'm invited to this party.
	Now, he tells me the story.
	He says, I'm at the party.
	I get invited upstairs with a friend of mine.
	Oh, boy.
	And he says, come upstairs.
	And they go upstairs.
	And when they go upstairs, he says, I've been watching you.
	He goes, great, awesome.
	I'm thinking about putting you guys in a movie.
	He's like, great.
	I'm finally being found.
	He says, I'm at my prime.
	I'm like 22, 23.
	He says, but before we do anything, I want to see you guys kiss each other.
	Oh, okay.
	And two dudes?
	Two dudes.
	He said, I want to see you kiss each other.
	So the other guy is his best friend.
	He's like, listen, bro, I'm willing to do the view.
	The best friends here, bro.
	Blood brothers.
	We'll take it to our grave.
	And my friend, who's a tough guy, says, hell no, you're out of your mind.
	What are you talking about?
	He says, bro, we're going to make you.
	He says, come on.
	He says, no, I'm out of here.
	He says, from that, he says, my friend stayed in the room.
	I left the party.
	My friend ended up having a career in Hollywood.
	Nothing ever happened to me.
	Okay.
	What happened with the friend?
	I have no idea what happened to the friend.
	I'm not going to say names for them.
	I'm just giving first name on one of them.
	But this took off.
	So here's the story.
	Okay.
	Now, let's put everything there.
	Was I there?
	No.
	Could that be an absolute lie?
	Yes.
	Could it be a story made up?
	100%.
	But if that story is told by 200 other men, I think we ought to give a little credibility to something that's going on there.
	So all I'm saying is, you know, to categorize, there are certain words that are being thrown around right now.
	Hey, Bitcoin is a scam.
	No, it's not.
	It is a tool, right?
	Hey, such and such is a scam.
	I used to sell, you sell life insurance, right?
	Hey, insurance is scam.
	They never pay up.
	Who says they never pay up?
	Well, you have to go read up to see if they never paid up.
	The truth is, yes, many insurance companies, PNC, didn't pay up.
	They will spend so much money to not pay what?
	The claim.
	There's a business to not paying a claim.
	On the PNC side.
	Do you know on the life insurance side?
	No, not on the life insurance side.
	Exactly.
	However, check this out.
	I had a friend of mine that had a quarter million dollar policy.
	He died.
	When he died, they investigated.
	They never paid him the policy.
	When it came back, they said the autopsy, the testing that they did, they spent six months investigating this.
	They found out that the urine was used was his brother's.
	He was a smoker.
	He used his brother's urine.
	They never paid on the policy because he used somebody else's urine to come out preferred versus a smoker.
	On the origination of the policy.
	On the origination of the policy?
	Because that's fraud.
	So, in contestability clause, they never paid it.
	I get it.
	Do you know how much?
	Did he die within two years?
	He died within two years.
	Oh, so the two-year contested, I get it.
	I totally get it.
	Check this out.
	Do you know how much insurance is right now claims that have not been taken and not have been called to insurance carriers?
	Meaning, someone died, they had coverage, but no one knew about it, and that money is still with the insurance policy.
	Do you know what's going to be in the bill?
	22 billion?
	22 billion hasn't been sitting there.
	Sitting there.
	They just need a death certificate to get a half a million, to get a million, to get a quarter million.
	So, look, so somebody says, Well, insurance companies, this.
	No, there is the part that they fight claims.
	But, you know, the conspiracy side, everything today, if you say something, somebody disagrees with you, it's this.
	That's what I mean by the conspiracy.
	I'm not talking about the guys that spout stuff over and over and over again.
	It's like, dude, chill out.
	Relax a little bit, right?
	Don't just take everything as 100%.
	The way I see it is, you give me a claim, I say, you know what?
	I don't know.
	Let's look it up.
	What do you think?
	And we kind of go through it.
	So I don't know what happened here with our friend John.
	It just sounds a little too fishy, man.
	That's all it is.
	Oh, God.
	This is like Epstein.
	Yeah, that's exactly what I'm thinking.
	This is a little too much.
	Let me bring you a different perspective here.
	You know, we talk about the pros and cons of social media.
	You know, what social media?
	I mean, we're in the digital social media business.
	It's good.
	Like the fact that we're all just able to sit here on a podcast and give our opinions.
	And obviously, there's some credence and credibility.
	We're not talking about how to do with this footage right now.
	Well, touche, yes.
	But the reverse ended, speaking of conspiracy theories, is and you talked about opinions.
	Is now everyone can just get on their phone and give you their opinion.
	And, you know, the cat's out the bag.
	Like, anyone can say anything, and anything can go down any rabbit hole at this point.
	You know, you could be a person with one follower and just start tweeting stuff, and someone else sees it.
	Next thing you know, I heard a guy say, it's a slippery slope out there for the consumer.
	By the way, you're hiding behind everyone's power.
	By the way, you're not yourself.
	You're hiding behind the veil of anonymity and keyboard warriors.
	You start some stuff.
	I agree.
	And you would never say these things to people to their faces.
	Oh, my God.
	And by the way, you know what's a scary thing about going down the rabbit hole of conspiracy?
	So I have family members who will tell me, no, this is happening.
	Look at, no, this is happening.
	No, this is happening.
	I am naturally so flippant skeptical.
	Okay.
	I'm so skeptical with everything that that's why I'm a technically, I want to find out.
	I want to do research.
	Tell me, did that really happen?
	I don't know about that.
	I don't believe that.
	I want to verify, right?
	Yeah.
	There are people who want to believe 100% of things that agree with their base meaning.
	So if you're an enemy and she tells me a bad thing about you, whether it's true or not, I want to believe it because it makes me say that you are really a bad person.
	It's affirming Patrick's bias.
	That's a problem, and we have a lot of that in America on both sides.
	We posted something on Value Tainment Instagram the other day.
	It was a picture.
	It was basically everyone getting in line, and you had two options.
	And one was the line for the uncomfortable truth.
	Yeah.
	And the other line was for fantasy land.
	And like 100 people were in line for confirmation.
	And nobody wanted the uncomfortable truth.
	Yeah, you probably could pull that up on our Instagram.
	Is that the one they was just a picture of an image?
	It told a big story.
	Huh?
	Albert Einstein.
	He posted a picture of Albert Einstein on Instagram.
	They took it down.
	They said this is not good.
	What was the post?
	They said it wasn't true.
	They said it wasn't true.
	You know how they would censor, especially like false COVID claims and stuff like that?
	They did that for the Albert Einstein quote that said, like, if you judge a fish based on how he can climb a tree, that was the post where they were kind of giving.
	So what's untrue about that?
	I guess either it wasn't his quote or somebody said it.
	So Einstein didn't say it.
	That's what the quote police.
	So now they're on the literacy, literary.
	Lincoln once said, don't believe everything you read on the internet.
	I don't know if you guys know that.
	That's a very factual question.
	It's true.
	It's true.
	By the way, YouTube, we're joking.
	We're joking.
	This is a joke.
	We're just joking.
	There was no Twitter when Lincoln was alive.
	It's not serious.
	Lincoln did not tweet.
	Whoever's sitting there just watching what we're doing, we're seriously joking.
	So I'm a clinically hyperactive person, okay?
	And this is decaf.
	Just put that out there.
	No, you do not want to see me on caffeine.
	I took two and a half years out of my life to write a book because the conspiracy theories about the Federal Reserve were so wrong, but at the same time, it was an even worse organization than the conspiracy theorists made it out to be.
	I'm like, no, You got this all wrong.
	So that's how deeply I feel fed up.
	That's how deeply I feel about debunking conspiracies, is that you get a clinically hyperactive person to spend two and a half years documenting mainly mainly how dangerous.
	Pull up the Amazon so people can't see the picture.
	We're talking about Janet Yellen being a dangerous person.
	Tell me why.
	And well, she would go up in front of Congress and she would say, I really didn't understand all that off-balance sheet.
	I didn't understand what led up to the financial crisis.
	I didn't understand what was happening on bank balance sheets.
	And I'm like, this is the woman that's our new Treasury Secretary?
	Seriously?
	When we're at $28.5 trillion in debt?
	By the way, I saw Sam yesterday and Sam's like, what is it, $24,250?
	I said, Sam, where have you been for the last $5 trillion in national debt?
	He's like, oh, I missed it.
	And I'm like, Sam.
	Oh, I pulled up the national debt clock and he's like, you're right.
	It's almost $28.5 trillion.
	And I'm like, yeah.
	So what's going on with July 31st?
	So we have a debt ceiling coming up.
	So the nation has an agreed upon limit in terms of as much as we can borrow, as many Treasury bills, notes, bonds as we can sell.
	And once you hit the debt ceiling, and they negotiated this July of 2019.
	That's the picture I sent you.
	Once they hit the debt ceiling, which is July 31st, 2021, the Treasury can't sell anything else.
	No more issuing debt.
	So you have to live off of what you have in your checking account, basically, plus what's coming into the government revenues, until the Democrats and the Republicans get together and agree upon what Republicans are saying right now is big spending cuts.
	Now, Adam, are Democrats going to agree to big spending cuts?
	That doesn't seem to be their agenda.
	Here's your friend Janet Yellen right here.
	Treasury Secretary Janet Yellen warns of absolutely catastrophic hit to the economic recovery this summer if U.S. can't pay its bills on time.
	I mean, in 2011.
	That's a good picture of Janet Yellen.
	She looks good.
	See the picture?
	She looks like Mrs. Magoo who's scared.
	Anyways, good pick.
	Somebody understood that.
	Kudos to somebody.
	Come here, Adam.
	Yeah.
	Finish your cereal.
	I put it on the floor for you.
	Eat up.
	Worse comes to worst.
	In 2011, the debt of the country was downgraded.
	Stock market went down 17%.
	Can you tell me what it would feel like today if the stock market went down 17%?
	The 10-year bond yield fell 100 bases, a full percentage point.
	Can you imagine waking up tomorrow and being like, the 10-year yield is 0.47?
	What?
	Excuse me?
	But that's what happened in 2011 because the debt fight was so contentious.
	The Republicans were so pissed off about Obamacare.
	So, so mad.
	They had just won the midterms.
	And right now, McConnell's like, I got my eye on the prize.
	Get out of here.
	Let me tell you, it's going to get very ugly.
	It's going to get very ugly.
	Very ugly because they're not going to agree.
	So it's 731.
	How long do you think it's going to take till they come up with a.
	So I did the math because we published on this yesterday.
	It looks like the government has enough money to run probably through September 20th.
	Congress, the House of Representatives, after it leaves for the July 4th break, it's in session nine days after that, in the month of July, before it leaves for August, the whole month, the first day after, the first day after July 31st, that there can be elevation.
	You just have to chill the chills?
	I just got the chills.
	The first time that there can be a vote after July 31st, which is when the debt limits is hit, is September the 20th after 6:30 p.m.
	Wait, Do me a favor.
	Go back for a second.
	So break that down.
	If I'm a small business, give it to me as if I'm a small business.
	July 31st, I no longer have money.
	I no longer can issue debt.
	I can no longer get any more debt.
	Okay?
	I can't do it.
	So now if I'm a small business.
	Uncle Sam goes to the bank and they're like, sorry, you're cut off.
	That's it.
	And I have only enough cash and reserves to last two months?
	Well, by then, the Treasury, the Treasury checking account by then should be down to about $400 billion, $400, $450 billion.
	Well, we're running at about $50 billion a week right now is our burn rate.
	Yeah, that's nothing.
	Well, it does not last long.
	And then, if you go back and go back to 2011, go back to 2013.
	I loved it.
	Then you start to close non-essential government agencies.
	I mean, we forget this, Missonians.
	It was closed.
	And then you start furloughing government employees.
	I love this.
	Well, this happened in 2017 when the infamous Chuck Schumer and Nancy Pelosi meeting with Trump in the office.
	And they're like, they're going to blame it on you.
	He's like, I don't care.
	Blame it on me.
	They shut it down.
	Let me ask you guys a question.
	I'm going to ask you a question, by the way.
	66% of senators in this country are over the age of 60.
	Yeah, they're 10.
	And they're 15% of the population.
	66% over 60?
	Over the age of 60 in the Senate.
	As a nation, demographically speaking, our young are not represented.
	You know why I love this?
	Let me qualify why I love this, and I want to hear your thoughts and questions.
	You know why I love this?
	Let me tell you why I love this.
	Because it's forcing the two sides to get into a room and chop it up.
	You're forced to negotiate.
	You don't have a choice.
	McConnell said of 2011, because they've all been around forever, right?
	You've got to dust these people off.
	They're so old.
	But McConnell said of 2007, some of my colleagues in the GOP thought that the debt ceiling standoff, that they should have shot the hostage.
	He said, no, no, no.
	What we learned is that it's best to collect the ransom.
	This is the man who's going to be negotiating with the Democrats.
	He's not a guy you want to negotiate with.
	All he wants to do is use this as a platform for the midterms.
	Okay, guess.
	Anybody, either of you guess, how many houses, how many seats in the House of Representatives are needed to flip the Senate back red?
	How many seats?
	How many seats?
	Say the question again.
	Senate.
	What is the House of Representatives?
	What is the Democratic majority?
	Oh, it's less than 12, I want to say at this point.
	Wait, you're saying one?
	I thought it's like seven or nine.
	What is it?
	Five?
	Okay.
	Five.
	Well, it was a big number just a while back.
	So it's now five.
	That's not a big number, though.
	No.
	No.
	This is the most razor-thin majority in the past century.
	Wow.
	That's how little work McConnell has to do.
	They just need one.
	What?
	That's crazy.
	Kai.
	This is like, you know, this is impressive.
	But, I mean, and they need one, obviously.
	And Joe Manchin is like a faux Republican at this point.
	By the way, who wrote the $1.2 trillion infrastructure bill wrote it.
	Why doesn't he run, though?
	Joe Manchin.
	Joe Manchin runs.
	Why doesn't he run?
	What?
	For president?
	Why doesn't a guy like that run?
	And see, that's the thing.
	That's the thing.
	For all these conspiracy theories, the fact that Joe Manchin is the most powerful politician.
	Man, percent of you, your Time Magazine.
	In the bigger biggest super economy in the world until China catches up.
	He's the most powerful person in the country.
	And what does that say to you?
	It says that the country is not full of conspiracy theorists.
	It's that the moderates don't have a voice.
	But Joe Manchin is the poster child for Democrats and Republicans because he's straight down the middle.
	Ooh, down the middle.
	I've heard that somewhere.
	Ooh.
	So there's a show on YouTube with the Martino Booth.
	There it is.
	I don't know if you guys have heard about it.
	It's a great show.
	But that's why he's so powerful, but he wrote the infrastructure bill.
	I love it.
	He wrote it personally.
	And by the way, back in 2011, another little parallel: the spending cuts that they finally agreed upon, that was just clawing back money from funds that had not been spent.
	That's what this infrastructure bill is.
	It's like $589 billion plus, in order to get to $1.2 trillion, they're clawing back funds that were COVID relief programs that weren't spent.
	So that's why the Democrats are losing their minds.
	They're like, no, no, no, we want fresh debt.
	And Jay Powell's sitting over at the Eccles building and the Federal Reserve going, wait a minute, I need to buy, I need stuff to buy here.
	I need treasury.
	Is there any law that can amend the 731?
	Is there anybody that can come up all of a sudden?
	There's this one law and rule that we have that they can come out and say, no, we can extend it for another three months or six months or nine months?
	It actually already has been.
	Okay, guys, just bear with me for two seconds.
	I'm getting in the weeds here.
	Go for it.
	The law dictates.
	By the way, if you're watching this, you're enjoying this.
	Smash the thumbs up if you're enjoying what Danielle has to do to help us with the algorithms and subscribe to the channel as well.
	Go ahead, continue.
	And take notes.
	So the law says that the Uncle Sam's checking account, which is held at the Federal Reserve, needs to be back to the balance that it was in July of 2019 when the agreement was made.
	So you've got to run the money down because you're not allowed to go into the fight with extra padding in your checking account.
	You have to bring it back down to $120, $130 billion, which is where it was July of 2019.
	Mnuchin, Steve, thinking that there would be all of this funding to spend, ran up the balance to $1.8 trillion.
	So it's just now, it's $600 billion today.
	So it's been run down.
	But Janet Yellen is technically going into this fight with three and a half times the ammunition of what the law allows.
	But it's because of Trump overspending that she's got this cushion.
	Oh, the irony.
	Wow.
	So Trump helped Yellen out.
	Yes, absolutely.
	That's hilarious.
	But that's okay.
	McConnell, he's like, I'm fine.
	50 bill a week is what our burn rate is.
	That's our average since the 1st of May.
	$400 billion, which is what we have.
	Tax payments and all that.
	So $400 billion.
	So that means, so let's just say if McConnell's going to negotiate, McConnell doesn't want to negotiate first week of August, not the second week of August, not the fourth week of August.
	McConnell wants to negotiate.
	No, Congress is not in session in August.
	Congress is closed.
	They're all September.
	September the 20th at 6:30 p.m. is the first time that a vote can come to the floor of the House of Representatives.
	That is the congressional calendar.
	It's not going to be pretty.
	And that was why the summer of 2011 was a shit show.
	So give us my friends.
	Sorry.
	Give us the good, bad, ugly.
	Give us, here's what ugly looks like.
	This is what could happen.
	Here's what's the good that can look like.
	They can come in, they can agree, they can get out.
	Give us the good, bad, ugly.
	The Democrats can agree to all these spending cuts.
	Okay.
	Cut out the fat.
	Which is not something that's not your social program.
	Somebody said $6 trillion in social spending.
	Get that.
	Everything.
	Bye-bye.
	Your entire agenda, goodbye.
	So that way they kissed goodbye at the midterms, or the Republicans can hold their ground.
	And Democrats still kiss goodbye the midterms.
	But they're not losing.
	So best case scenario, they're losing midterms.
	Best case.
	Let's put it this way.
	I always look at, there's a website, Media Something, where you actually can put the source that you're looking at, and they put it on a spectrum of left-leaning, right-leaning, whether it's an organization, a publication, a newspaper, CNN, whatever.
	So you put CNN up there, and it's going to go way left.
	You put Newsmax up there, it's going to go way right.
	So I checked out the publication, and it was smack dab in the middle.
	Kai, pull it up.
	And it's like media bias, something, something.
	But so the publications, right, smack in the middle, moderate, and it was like the Republicans have this midterm to lose.
	It is theirs to lose because of the razor-thin majority of the Democrats.
	I mean, a monkey could swing five, a monkey could swing five seats in the House.
	And Mitch McConnell might be that monkey.
	Again, he's already said, I'm not going to.
	Or a turtle.
	He's already said that the debt ceiling fight's not a hostage.
	You're not going to shoot the hostage.
	Is that the website, allsides.com?
	Or?
	No, it's like media bias fact check.
	Google Media Bias Fact Check.
	Bias, fact.
	Okay.
	Now go put CNN on it, just for fun.
	So you put search.
	Yep, CNN.
	Left by us.
	Where do you see it?
	Left bias.
	These media sources are moderately to strongly biased towards liberal causes through story selection, and they tell you how good their fact-checking is.
	Oh, whether or not you have to do it.
	Media bias, fact-check.
	And then you can put Newsmax up there.
	On the complete opposite side.
	Newsmax.
	Questionable source.
	Questionable source.
	That's one of the more following.
	Extreme bias.
	Extreme bias.
	Consistent promotion.
	Put Fox News up there.
	See, Fox is going to be right.
	Newsmax was too extreme.
	Right bias.
	Right bias, moderate to strongly biased towards conservative.
	How about media matters?
	Type in media matters.
	Never heard of it.
	Media, not media.
	Media.
	Yeah, media matters.
	Oh, Kai from Norway.
	Left bias.
	Okay.
	All right, guys.
	Can I get a drudge report?
	Type in drudge report.
	Oh, my gosh.
	It's going to be like off the Richter scale.
	But I'm curious to know what it says.
	Right center.
	Center bias.
	There you go.
	Right center.
	So they are considered to be more moderate, a more moderate source than Fox News.
	Kai, put up this little channel called Value Tainment.
	Let's see where they're at on this.
	Maybe they got a.
	That's going to be like off the right.
	No way.
	We're in the middle, baby.
	No, we have you here as balance.
	Exactly.
	We're fair and bad.
	Look at that.
	There's a million different facts and truths.
	I got to say yet.
	Facts and truth.
	Let me circle back here.
	We're getting a little.
	But all I'm saying is this is something to bookmark.
	Put the link below in the comment section.
	Chat house.
	This is good.
	Media bias.
	Daniel, let me ask you a question.
	When you read something or you see something, go check the source.
	Go see what their agenda is.
	Let's get back to.
	Anyways.
	Let's get back to helping our fellow man and woman out there.
	Okay, we got a little wonky here with the dates and the times and the debates and what might happen.
	A little too much for you.
	No, no, no.
	I'm just saying.
	We hear this every time.
	I don't want to stress this guy out.
	This is supposed to be fun for this.
	Yeah, it should be fun.
	It should be.
	A news flash.
	This makes this fun.
	This is supposed to be a little bit different.
	We do have Tainman in our net.
	Adam has one interest.
	It's just Tainman.
	Yes.
	That's what he has.
	But tell us.
	The cat's out the back.
	I'm all about that tame.
	So the numbers are.
	Here's the damn deal, guys.
	Here's the deal.
	Damn the cat.
	Tell us what you're worried about.
	We hear about this every year.
	The debt ceiling.
	And we're going to talk about it.
	I don't know if this guy you're worried about.
	And we're now.
	Go ahead.
	The debt ceiling, and we're running out of money.
	And every year it's like this hostage situation.
	The government's going to take over.
	I'm halfway through.
	Okay.
	But every year it's the same.
	Yeah, they figured it out.
	You know, it's kind of like a superhero movie.
	It's like, oh, is the world going to?
	Oh, no, they saved the world.
	Oh my god, is this gonna happen?
	Uh, they figured it out.
	So, like, what's gonna be different this time?
	Even when the government shut down in 2017, the only people that were affected were the government employees that basically didn't get two paychecks.
	Who said, and then they got caught up in the world?
	Stop stocking.
	What are we gonna do?
	This is great.
	We're gonna figure it out.
	Hey, hey, buddy, this is great news.
	You know why?
	Here's, let me simplify it for you.
	Please do.
	It's as if you got a credit card that's 10 grand and you're at $9,600.
	Okay.
	And you got $400 left.
	That's phenomenal.
	Stop overspending.
	I agree.
	I love the fact that we have a credit limit.
	What that does is it doesn't say it's the end of the world.
	You know what it says?
	No, you know what it says?
	It doesn't say it's the end of the world.
	It says change your habits.
	Change your spending habits.
	That's all it is to me.
	This is you, Sawstock's money.
	You do your principles that you talk about.
	Okay.
	That's helped you go from zero in cash, sleeping on your friend's bed in Colorado.
	How much money did you have at the time?
	I was broke as a joke.
	You were broke.
	Did you have a cat?
	You're a cash millionaire.
	You couldn't afford a kiddo.
	Why are you a cash millionaire today?
	Because what did you change?
	What did you change?
	Well, income and cash flow, but also expenditures and saving and everything else.
	Go tell the folks in Democratic Party spots to stop spending money.
	I will.
	That's the point.
	This is all this is.
	It's not the end of the world.
	Now we're talking about it.
	The whole point with this is what I love.
	I love that there's a credit limit.
	I love that there's a limit.
	That's the best thing about the real world.
	That's freaking sick.
	Now we're talking.
	Yeah, that's the part.
	Next to get a little worse.
	Next time we call you and say your credit limit is infinity.
	That's not how MasterCard and Visa operate.
	No.
	Infinity.
	You can spend whatever.
	You don't have to have it all.
	Hey, you're all.
	Never make a payment.
	So this is what I want.
	Last week, I'm buying a bunch of art.
	I'm buying stuff at the new house, right?
	I'm conservative, but we're two dog people and one cat.
	Yeah, so we're semi-cat.
	I like my cat's cat.
	I can't deny that.
	Don't try to label him a dog.
	I forgive you.
	I forgive you, Daddy.
	But the point, last week.
	So we're buying all this art, right?
	So Jennifer's sick art, by the way.
	Dude, I can't wait to show up today.
	The main one showed up this morning.
	I can't know.
	Mr. Brainwatch.
	I can't wait to.
	By the way, to everybody that sent the request to the different people from a street artist, graffiti artists, I took all your recommendations.
	I looked them up.
	I'm following a lot of those guys and I got some cool stuff going on.
	Oh, I mean, I might have a fifth kid if my husband would allow me to nest and buy art.
	Wow.
	This is nesting.
	Jennifer's like, listen, the art's on you.
	I just need to make sure every Jennifer's more the systematic one.
	So anyway, Mr. Booth, Danielle's husband, he's not having a fifth kid.
	Okay, I was going to say, you just admitted you might have a fifth.
	Well, we know where that kid's getting fed.
	Food on the floor, buddy.
	Get that.
	Discipline.
	You got to be tough.
	But here's the point.
	Yes, sir.
	One of the credit cards we're spending.
	The guy says, Your card didn't go through.
	I'm laughing.
	It's so funny when a guy's like, you sure yeah?
	I'm like, guess what?
	All right.
	The credit card limit has a limit.
	So me as a buyer have to pay it off and come back and say, let me spend some more.
	That's how the real world works.
	Our government has to pay off their flipping debt.
	That's freaking great.
	While we've been sitting here, it's like a couple billion.
	But you know what's crazy?
	Here's what's great.
	Here's what it should give the American people a stroke because we're paying the damn bill.
	It's kind of like this.
	Let me put it to you this way.
	Debt per capita, debt per taxpayer, $226,000, debt per taxpayer.
	I'm going to give you the best example here.
	Here's the best analogy.
	Rate this analogy zero out of 10, okay?
	Imagine you have a credit card.
	Imagine you, as the parent, are working hard to make the money.
	You are busting your ass.
	Except the credit card is in the hands of your kids.
	That's what's happening with us government.
	We're the ones working to pay off the debt, and the credit card is in the hands of our politicians.
	There's a kid.
	It's a kid.
	These people out there are like, ah, let's buy another $1.8 trillion.
	You know, spend another cut on doing it, bro.
	That's the point.
	Let's cut these kids off.
	I agree.
	It's enough.
	Cut off.
	Come on.
	Oh, my God.
	Two-thirds are over the age of 60.
	So they're kids that have been spending bad spending.
	This is too much.
	50 years some of these people have been in Congress.
	And they're still.
	This bad behavior's got to end.
	By the way, just so you know, our audience loves when the technical side of Danielle comes out.
	As crazy as it sounds, our audience eats it up.
	They actually like data.
	They like hearing it.
	They're like, uh-oh.
	Yes, let me get that pen out.
	Put their glasses on.
	Right now, they're taking notes.
	Yes, they're like, you want to know why?
	Because facts are powerful.
	Facts are much more persuasive than opinion.
	I am with you.
	But there is a percentage of the audience that's like, we're with Adam.
	Just break it down so basic people can understand.
	There is a lot of people.
	If you're with Adam, please leave your email address.
	Some people like soy.
	Especially if you're a female.
	Some people like, you know, just like the bottom line, baby.
	Give me the bottom line here.
	That's what it is, buddy.
	I like the analogy that you just used.
	It's going to be awesome.
	We're making all the money.
	We're working.
	And the kids, aka the 65-year-old politicians, got the credit cards.
	They're going out to the club, spending the last 500 bucks on bottles.
	When do you got a limit, baby?
	This is like Nancy Pelosi.
	She's like, I'm going to do a bottle.
	Well, why don't we go into our stories of California?
	Go to the California store, which is on the last page, I believe.
	Newsom says California will pay off unpaid rent occurred, accrued during the coronavirus pandemic.
	Fox News story.
	California pulled off all the past due rent accumulated by residents during the coronavirus pandemic.
	The move would fulfill a promise to help landlords break even while giving renters a clean slate.
	According to reports this week, the state has about $5.2 billion from federal aid packages approved by Congress to pay off people's rents, which could be enough to cover said Jason Elliott, senior counselor, to Newsom on housing and homelessness.
	What's unclear is whether California will continue to ban evictions for unpaid rent beyond June 30th, the date California's evictions moratorium is set to expire.
	Well, nationally, actually, it looks like the Biden administration is going to push it to July the 31st because our nationally.
	Which means they're going to probably extend as well.
	Yes.
	Okay.
	So, and why are they extending it?
	Because our bureaucrats that spend all this money on their credit card.
	They couldn't distribute the $47 billion in rent relief quickly enough.
	So they need another month to get the money to the people.
	These are our bureaucrats.
	Any chance you're moving to California?
	Hell no.
	But wait, wait, wait.
	Kai, wasn't there a recall?
	Wasn't it?
	California?
	Google Newsome recall.
	Well, that went down.
	This is chair.
	To face recall.
	Well, yeah, we had Major Williams on here.
	We know what's going on.
	When is it going to be a little bit better?
	That's in November.
	No, no.
	This was yesterday.
	Keep that.
	This is California.
	Governor Newsome will face recall election, just making his second time in state history that special election will be held.
	Recall, state governor.
	State officials confirmed Wednesday that a recall election will proceed after just 43 people withdrew their signatures from petitions to recall only 43 during the 30-day window required by state law.
	As a result, California Department of Finance will now begin estimating the cost of recall, including cost of holding, as it as a special election as part of its next regularly scheduled election, which will then be submitted to the governor, the lieutenant governor, secretary of state, and the chairperson of the joint legislative budget committee by August 5th, according to a letter outlining the process.
	Okay, wow, interesting.
	That's what happened.
	The recall will cost $215.2 million a date that has not yet been set.
	Huh.
	But this is actually happening.
	This is what happens in states that close outdoor dining.
	This is what happens.
	But he has to be able to go to a French laundry, though.
	He's got to be able to go to the restaurant.
	You can't stop him from going there.
	Yeah.
	So bring it back to this.
	And that's a fact.
	Unpaid rent.
	So all these people.
	That's all the conspiracy theory.
	That's a fact.
	That's a fact.
	So all these people are essentially who have not been paying rent.
	They have not the opportunity to work.
	Their business has been closed.
	Small businesses have been closed.
	48% of U.S. landlords are small businesses.
	They're not all big companies.
	48% of landlords, mom and pop, I own a few rental properties.
	They're not Blackstone.
	They're not BlackRock.
	It's my retirement income, blah, blah, blah.
	And they've been just so they haven't been paying their rent for a year.
	They're off the hook.
	Free lunch.
	All these renters.
	And then the government's going to reimburse these small businesses, the landlords.
	Well, I mean, all the landlords.
	So some of them will be big.
	Yeah.
	Don't push the Blackstone button, though.
	So who's the big winner in this?
	The people that just got free rent for the last year and a half?
	Of course.
	They're the big winners.
	And I mean, stories are proliferating about people gaming the system.
	Huge surprise.
	Who getting free rent?
	The non-workers?
	The people that are not working.
	Maybe they were working, maybe they were not working.
	I don't know.
	No, that's not how this thing works.
	Oh, wait, wait, wait.
	Okay, there's a little bit of math here, right?
	$300 a week in supplemental unemployment benefits, right?
	So $1,200.
	Supplemental.
	That's on top of what your state was giving you.
	Yes.
	But $1,200 a month, give or take.
	The average rent in America is $1,600.
	So your stimulus, your benefit from the government was way bigger than what you were getting for sitting on your ass and not working.
	Way bigger.
	Think about that.
	Say those numbers again.
	Your stimulus was bigger.
	Average rent nationwide, $1,600.
	That extra $300 a week, $1,200.
	The rental thing was a bigger stimulus package.
	Do you understand what that means?
	Yeah, 100% because your rent is.
	$1,600.
	So the other one is $1,200.
	So $1,600, you're not paying the rent.
	So you got another $100.
	Times 18 months is 180.
	It was $2,800, right?
	Every month.
	And by the way, the lifts are coming quicker.
	Because the gig workers are pouring back into the business.
	Let me ask you a question.
	Let me ask you a question.
	You said who paid the price.
	Let me take a different angle on this.
	And I want to hear your thoughts on this.
	So check this out.
	So during bad times, desperation, okay, when a person's desperate, you got two different types of people.
	The guy that's a worker who's always wanting to work and improve, is he going to work during bad times?
	Let me ask the question one more time.
	Hear me out, Kai.
	Adam, pay attention to what I'm saying.
	Hear me out what I'm saying.
	During great, good times, during bad times, good times, great times.
	The guy that's constantly a worker, a hustler, creative, innovative, wants to constantly improve whatever his situation is.
	Does he do that during bad times?
	Yes.
	Does he do it during good times?
	Yes.
	Does he do it during great times?
	I would assume he's not going to be a good person.
	Yes.
	Now, watch this.
	The guy that's always trying to find a way, a shortcut to avoid work, doesn't want to watch.
	If you give him the easy way out, he's always going to take it.
	Does he work during bad times?
	Hell no.
	No, he'll take the bad.
	Does he work during good times?
	Maybe.
	Does he work during great times?
	It's all one big question.
	The point is, if you allow him to not work and take a shortcut to kick back, he will always take it.
	And if you allow the worker, the innovative, the creative guy to work, he will always take that option.
	What percentage of America is the rich person versus, aren't we?
	Which is why, during the pandemic, the rich got so much richer and the poor got poorer.
	Very simple.
	Not because of the shutdown or any of that stuff.
	It's because during COVID, when we did a, I did a video a year ago.
	I said, let me put it to you.
	This is what's going to happen right now.
	There's going to be those during COVID that are going to get destroyed, and it's the majority.
	They're going to get destroyed.
	Okay.
	Because they're going to be like, oh, it's not my fault.
	Oh, I can't believe what happened.
	Oh, I can't believe this.
	Then there's going to be the people in the middle that nothing changes, which means they stay the same.
	They just survive.
	They're like, I'm a survivor.
	I'm a survivor.
	It's just surviving for the rest of their life.
	All they do is as long as they survive, they're good.
	Then there's the folks that are going to be like, dude, are you flipping kidding me?
	I'm going to go light it up right now.
	And they did.
	Not a little bit, a lot of it.
	Look what happened.
	Microsoft is officially a $2 trillion company now, right?
	A lot of wealth was made the last 12 months.
	So when you ask the question, who paid the price?
	Who won here?
	And we say, oh, the people that got the stimulus and the rent and all that stuff, they didn't win.
	They lost because their habits just officially got even worse.
	And it's officially in the next 12 months, their habits are going to be, what is that one thing you put that magnified.
	It's going to be magnified in ways that we've never seen before.
	We will see.
	We're up to.
	Unfortunately.
	We're back up to 580,000 homeless in America.
	It's a tragedy.
	It's been rising since 2017.
	So we're going to see homelessness rise.
	And we're going to see people who lose everything, who don't want to work, get really mad.
	Remember, three in nine kids have been helped by their parents.
	Adult children have been helped by their parents during this pandemic.
	Record numbers of adults are living with their parents.
	I mean, these people, Patrick, to your point, when you know in your bones the dignity and reward from working, you can never not work.
	You'll always do something.
	But if you don't know that in your bones, you've just destroyed a member of society.
	You've just taken a chink out of the economy.
	You've just destroyed future economic output by taking away the dignity and the reward from work.
	That just drives me insane to think about the fact that a simple common sense principle like that is not understood by a complete side.
	It's like, oh, it's unfair.
	Let me give the statistic that she just gave.
	This is a Fox business story as well.
	Three out of 10 parents, 33%, 3 out of 10, 3 out of 9 parents are supporting their children financially during the pandemic.
	31% say they think they're supporting their children more now than they did before COVID, according to a new study of Bank of America.
	While nearly one-third of parents told Bank of America that they've been supporting their children monetarily, many also said they're willing to pay for major expenses of life events.
	75% of current or future parents who responded to the survey said they'd be willing to pay for the child's college education.
	74% said they'd be willing to pay for the child's wedding.
	49% said they'd be willing to pay for child's cell phone bill.
	44% said they'd pay for their child's rent.
	These are stats.
	27% believe children will be financially cut off after they've secured their first job.
	27%.
	So one in four parents says, I'm no longer going to support them, but the other want to support them.
	Pretty intense, by the way.
	Oh, my God.
	On the standards, how low it is.
	According to the Bank of America study, affluent respondents between the ages of 18 to 24 reportedly had investable assets that were between $50,000 to a million dollars, while respondents above the age of 25 had investable assets between $100,000 to $1 million.
	The three money topics that were most taught to the respondents were bargain shopping, 65%, saving money, 64%, writing checks or balancing checkbooks, 60%.
	I'll read this last one here for those of you guys that like stats like some of us do.
	I'm sorry, Adam.
	But some popular money management skill parents said they want to teach their children include handling credit cards and credit card debt, 92%, saving money for retirement and investing, 90%, strategizing payments and money habits when funds are low, 89%, and setting a budget, 88%.
	Well, yeah, I mean, because there's the other story that these millennials are living paycheck to paycheck, making $100,000.
	I mean, hello.
	That's insane to think about.
	Yeah, and they're saying, I'm making, yeah, the whole 60% of millennials earning over $100,000 right now saying they're living paycheck to paycheck, a business insider story.
	Yeah.
	How many of them are their parents paying their rent on top of it all or their cell phone bill?
	Give me a let me ask you.
	When we were growing, I'm just curious, you know, like, you know, yesterday, I'm talking to, we had the greatest dinner last night with our team.
	We were at this steakhouse place and had our board meeting.
	I had everybody read the book, Blue Ocean Strategy.
	This is my home office exec.
	It's the best executive team we've ever had.
	This is had all my C-suite executives in, had all my directors in.
	Everybody was required to read the book and give their.
	We went through the whole SWOT analysis, and then at the end, you had to give blue ocean.
	How can we be a blue ocean?
	And it was 10 hours of purely ideation.
	Last night we went to dinner, and we learned our controller, who is absolutely a ridiculous guy.
	His grandparents owned GNC, owned GNC.
	So one day his dad's about to buy him a Ram, Dodge Ram.
	His dad was 50 when he was born.
	Very interesting story.
	And he used to be the president of Steel Company, U.S. Steel Company in New York.
	So he tells his dad, Dad, if you don't buy me the brand new Ram, I'm going to join the Marines.
	He was 17 years old.
	He threatens his dad, okay?
	So his dad says, okay, son, no problem.
	His dad goes to the Marine recruiting station, gets it signed as a father because he's there.
	He says, here you go, son.
	You're off to the Marines in a month.
	Go do your thing.
	Never call me back.
	Because dad tells him that he was so pissed off at the kid.
	Never call me back.
	He goes to the Marines.
	Chris goes to the Marines.
	He serves.
	He crushes it.
	He comes back.
	Him and his wife, they meet in AM University.
	They both go to school to become accountants.
	They're both accountants.
	They decide to, eight years ago, he learns how to go and deal with horses.
	So they own 40 horses.
	They have like, I don't know how many cows.
	They have 500 acres of land in Texas.
	And they make a boatload of money.
	So he says, Pat, just so you know, I'm your director of flying.
	I'm your controller just for a hobby because my main money I make, I make a lot of money doing what I do with horses.
	But last night, my CIO, David Hayes, he says, just so you know, this is the picture I had.
	This is the car I had when I was in college, 19 years old.
	I said, what is it?
	Brand new Porsche 9-11.
	Oh.
	I said, David, get out.
	He says, yeah.
	I said, were you spoiled?
	Yeah.
	I said, you're being sarcastic.
	He said, no, I was spoiled.
	I said, your parents bought you a Porsche.
	He says, yeah, they bought me a brand new bus.
	What the hell is going on here, right?
	So how was it for you growing up?
	And what did your parents take care and handle financially for you once you became an adult, 18 years old?
	What was yours?
	What was?
	I'm curious.
	What did they help you with financially at ATC?
	After 18?
	After 18 years?
	Oh, no, I was cut off at 16.
	Seriously.
	Yeah.
	What does cutoff mean?
	Explain cut off.
	Like they give me no money whatsoever.
	So my mom handed me down.
	And so I got a scholarship in high school after 10th grade, so 10th, 11, 12, to go to like the ritziest private school in Miami, Miami Country Day.
	There's country days all over the country.
	I was a public school kid, and I was pretty good at sports.
	I got a sports scholarship to this high school, and I went there.
	And imagine me pulling up in the rust-colored Honda Accord, a 1984 Honda Accord, like the poorest kid in school.
	I want to say that.
	Yeah, the color of rust.
	My mom got in a car accident.
	She gave me that car.
	And then, and then basically I had this car.
	And it basically was one of those cars where the lights can open up.
	Oh, that's good.
	But one of the lights didn't open.
	So one was like, it was kind of kind of like that.
	So they card the call blinker on a date.
	So imagine if that's his car.
	That's his car right there.
	It was the color of rust.
	Some kind of rust car.
	I drive my car.
	So I had one eye open, one eye shut, like Tom Cruise.
	And that's what it.
	That's how I would pull into school with Range Rovers, BMWs.
	You know, the nicest school in Miami.
	At 16, did you have a job or no?
	Like, how'd you make your money?
	I would outside of, like, were you slanging or not?
	Yeah, I was not selling drugs at that point.
	That was in college.
	But I would, yeah, if you pull up that, that was my car.
	But basically, I was umpire baseball.
	I would do little side hustles to make money.
	Love to see me.
	Yeah, I was.
	That's a track three.
	Like, yeah, there's my car right there.
	But I'll tell you what this did do.
	I'll tell you what they're doing.
	I don't know why you cannot procreate.
	So, my parents did not teach me about money.
	My parents didn't give me any money.
	I had to, you know, learn the value of a dollar.
	But imagine being this new kid in school who shows up with this piece of shit car to the richest school in Miami.
	And by the time I leave high school, I'm the captain of the football team.
	I'm the captain of the basketball team.
	I'm voted most humorous.
	I'm voted most athletic.
	I basically said, you can make fun of me as much as you want, but I'm willing to laugh with you guys.
	I'm going to kick some ass in life no matter what.
	I want all the ladies out there to have taken notes, write all that down.
	Adam's procreation resumes very, it's stout.
	It's good.
	But let me, let me, before I turn it over to Danielle, who's very pro-Adam procreating, I appreciate that.
	Yes, I am.
	The problem with school, and sort of back to everything that this article summarizes, is that we all go to school.
	We all take the same useless classes: algebra, biology, chemistry, trigonometry, wood shop, even.
	But they don't teach you money classes.
	Like, they don't teach you, again, here, how to balance a budget, how to, you know, deal with debt, credit cards, 92%.
	They don't teach you these skills.
	They teach you how to work.
	They teach you how to get a job, but they don't teach you what to do with the money when you get the damn job.
	And that's the problem.
	That's essentially what this article is about.
	There is a financial illiteracy crisis in this country.
	Absolutely.
	Tell us about yours.
	What was yours like?
	What was yours like?
	When did your parents cut you off, or did they?
	So my first job out of, first of all, I had my first job when I was 15, which Adam knows it.
	I lied on my job application, my first technical job.
	I said I was 16, even though I was.
	This is Queen Little Caesars, right here.
	And by the way, no car.
	I had no car.
	But when I got out of business school, it was the first and last time I ever had debt ever.
	I had my student loans from getting my MBA.
	So I go off to Wall Street.
	I turned down a job with Arthur Anderson to become an accountant.
	And it was for more money.
	And they were going to put me up in corporate housing.
	They were going to pay for my last nine hours to sit for my CPA.
	And I'm like, you know what?
	I'm just not a bean counter.
	I'm going off to Wall Street.
	I'm going to go in sales.
	So I get there.
	I'm making so little money that it covers my student loan payment and my rent.
	And that's it.
	So my mom is sending me $100 a month to get my dry cleaning out of Hawk.
	But the minute, I mean, when I was probably nine months in.
	What does that sound, by the way?
	You hear that sound?
	No.
	Okay.
	Probably when I'm nine months in.
	Nine, whatever.
	I paid off my student loans.
	I got a huge commission commission check, and I, well, I was a rock star on Wall Street, anyway.
	Hey, so, I mean, but I wasn't captain of the football team.
	But you could have been.
	I feel like you could be captain of whatever you want to do in life.
	Captain of your own shit.
	So she pays off her debt nine months in.
	She's kicking ass on Wall Street.
	That was it.
	So the minute my mom turned 50, I paid it forward.
	I flew her up to New York, took her to a day at Vidal Sassoon.
	We had a blast.
	It was the total.
	How old were you at that time when that happened?
	27.
	27.
	How sick is that, by the way?
	The man asked you, Pat.
	Yeah.
	And then I bought her a ranch outside of AM.
	You bought it.
	No joke.
	You like ranch dressing.
	Tried.
	Iola, Texas.
	Google that.
	You can't even find it on a map.
	So I know when I helped you.
	I didn't buy ranch, just so you know.
	When you were in high school and you were before the military, I know that you had a 3.8 GPA.
	You were $40,000 in debt.
	Your dad paid it off.
	You were a privileged child.
	Extremely privileged.
	Tell us your story.
	No, you know, you have to realize, I don't even know what allowance is.
	Like, you know, when people talk about allowance, I don't know what allowance is.
	My mom's never given me an allowance.
	Like, I'm telling you, never.
	When I tell you, never, I'm not kidding with you.
	I've never gotten an allowance.
	I've had to make my own money.
	When we went to Germany, I learned how to make my own money at 10 years old.
	From that moment on, I was going to find a way to get my hands on money.
	Minus selling drugs.
	Never sold drugs, never sold anything illegal, although I come from a lineage of bootlegger, of prohibition.
	What do you call it?
	Bootleggers.
	Selling out.
	My uncle was one of the best.
	One of the best.
	He was one of the best.
	He was the best.
	He was one of the best.
	He was the greatest bootlegger we've ever seen.
	JFK's father was a bootlegger.
	That's right, the Kennedy family established itself.
	So I found a way to make money.
	And the first car I got was a 1979 Honda Cord.
	Same as you, except five years Honda Cord that would only go drive.
	It wouldn't go reverse.
	So we would have to park my buddies.
	That's the one.
	That's the one right there.
	Yellow.
	No, no, no, right there.
	No, no, go right there.
	You had it.
	Go back.
	79.
	You had it.
	Go right there.
	Top left.
	That's the one.
	That's the one I had.
	Yellow, just like that.
	That was my.
	You're killing it.
	You're right.
	Yeah, I mean, that's exactly the car I had.
	And it got to a point where it wouldn't drive past 35 miles.
	And my dad and I had to go drop it off to, we sold it for 500 bucks.
	We're driving out to a place to sell it.
	I went from Glendale all the way to Upland on 118 and 210 Freeway, going 35 miles an hour in the furthest lane to the right.
	I just visualized that.
	I was so hard.
	I'm like, just don't see me.
	But the point is, say that again.
	It's like Adam driving the go-kart.
	It's like Adam driving a go-kart.
	That's a great visual.
	Have you ever gotten a ticket for going too slow?
	I know you get tickets for going too fast all day.
	Apparently.
	Yeah, my Honda Cord could only drive for a certain period of time.
	You know how you put the car in drive?
	Yeah.
	And you don't, like, I would step on the gas pedal, the car would shut off.
	So I drove home 30 miles.
	Why is it so easy to believe that story?
	I actually believe.
	Yeah, it was just.
	I believe you.
	So the point is, here's the point.
	I don't know the concept of supporting at the levels of people being supported today, right?
	But also, let me flip it.
	And they're destroying their kids.
	I also don't know what it is to be raised by parents who have access to the resources that others don't.
	Like, I don't know what it is to be.
	So say your last name is Obama.
	Say your last name is Trump.
	Say your last name is Kennedy.
	Say your last name is Vanderbilt.
	Say your last name is Gates or any of that.
	I don't know what it is to have that last name either.
	So to be fair for both sides, what do you do if you're a billion dollars?
	What do you do with the kids?
	There's also that challenge.
	What do you do with your kids?
	I mean, you're well off.
	You're going to send your kids to nice schools.
	What do you do with your kids?
	There's an answer for this because I've got a 17-year-old and a 15-year-old who are at boarding school.
	So you put money on their debit card, and it's a once-a-month thing.
	And when they run out of the money and they call you for extra before the first of the month, you say, I love you, but I am sorry.
	But you're putting money on their cards.
	You're giving them money or an allowance.
	To what age?
	To what age are you going to do that?
	Probably through college.
	Probably through college, you'll do that.
	And how much do they get a month, if you don't mind?
	They get $150 a month.
	Just so you guys know.
	You're not hearing anything.
	Okay, come.
	Can you come listen to this?
	Come listen to this.
	Come listen to this.
	I want to speak.
	I can hear you.
	You guys continue.
	Just listen to what my, I hear like there's like three birds chirping in the background.
	If it's just mine, I'll work with it.
	But go ahead.
	So you have a debit.
	You have a debit card that.
	We need a padded room here.
	So you have a tears off.
	You guys don't hear anything I'm good.
	It's a conspiracy theory guys.
	So debit, you give it to them.
	The moment it runs out, they get nothing.
	So the 17-year-old, the 17-year-old goes through it like water first few weeks.
	I mean, consistently.
	He's starting to learn.
	The 15-year-old, I mean, this kid is frugal.
	And the rule is anything that's left over at the end of the month gets swept into a savings account.
	I love that system.
	You know what other system I think about I would do?
	So it's still making that noise?
	Okay, so here, I'm not going cuckoo here.
	The sounds of birds.
	I like to cheat.
	Patrick is hearing Tweety Bird.
	So what I would do, what I would, I'm going to put it on and I'll just act as if there's two birds right behind me.
	So What I would do is, I would do a system of matching, meaning at a certain age, I'm going to do a match.
	Per dollar you make, I'll give you $4 and gradually it'll go down.
	So if you make $500 a month, guess what?
	I'll give you $1,500.
	If you make $1,000 a month, I'm going to give you $4,000, $3,000.
	Same in college.
	In college, it's going to be a match match, like a 401k.
	You know how does that match?
	Yeah, I'm going to do it like that.
	So do you bring money home?
	Buddy, no problem.
	Here you go.
	You bring $2,000, I'll match you $2,000.
	You bring $1,000, I'll match you $1,000, but you got to bring yours in as well.
	Positive reinforcement.
	And then eventually there's going to be a certain level of money set aside in an account.
	They have a choice on what they want to do with it.
	And if you want to use that money to buy a house, great.
	If you want to use that money to run a business, great.
	If you want to use that money to go to college, great.
	You have a certain set of money that you're dealing with.
	But it's an involved situation.
	Not a, I'm just, you got to do your part as well.
	Here's what I'm thinking.
	What I'm understanding here is because you got no money, like you said, no allowance.
	I didn't get anything.
	Adam is planning for procreation.
	Yeah, I am.
	But you're using, you're using, like, clearly you're giving your kids money, $150 a month.
	Clearly, you're willing to do something for your kids.
	But with the with the understanding that this is a lesson.
	There's some learning going on here.
	You're going to learn how to save.
	You're going to learn how to budget.
	You're going to get money because you did things the right way.
	You're not just going to be gifted money.
	You're on my team.
	Are my kids silver spoon-fed with me?
	No.
	How are they with me?
	Even though these guys have a father that can probably buy them a lot of things.
	Is it a pretty low standard kickback job?
	So they have to read.
	They have to do their shots.
	It's two ends of the spectrum here.
	Set up standards on what they got to do.
	Exactly.
	If you do that, we're going to have a good time together.
	We'll have a great relationship together.
	If you don't, the bank is closed.
	It's that simple.
	There is no bank.
	I mean, you sat with the TV, a broken TV for six months because Senna threw something at the TV.
	Intentionally.
	Intentionally.
	You go to the Ben David house.
	I'm thinking this guy can't even afford a TV.
	On a broken TV with a hole inside of it.
	I want you to watch those cards.
	Daddy, I don't like that hole.
	Next time don't break your TV.
	Right?
	Frickin'.
	So basically, you're willing to.
	Bam, bam, bam, bam.
	You taught them discipline and self-control.
	I love these guys, man.
	They're like my world.
	This morning, I was late because I went downstairs and Senna's like, she goes, she says, Daddy, homie, homie, homie, daddy.
	She doesn't say hold me.
	She says, homie, homie.
	So I pick her up.
	I'm like, homie.
	So I said, how was your day in school?
	Daddy, school wasn't good.
	Why wasn't school good?
	I don't like the swimming pool because I don't like to swim in that pool.
	Why don't you like to swim in that pool?
	Chlorine hurts my eyes.
	It hurts my eyes.
	I'm like, you freaking, you know, she knows how to do it.
	And I'm talking to Tico.
	We're trying to figure out where to put Tico.
	You're like, so, Tico, what sport do you want to take?
	I want to take a comic book sport class.
	What?
	I don't even know what the hell that is.
	He says listening to Joe Biden to buy infrastructure.
	It's a sport.
	He says, I want to take a coding class where I can make movies.
	I'm like, interesting.
	So do you want to take any like baseball, football, basketball?
	No.
	But you know what?
	I wouldn't mind taking a reading class where we all sit together and read.
	I'm like, freaking love this science.
	He's going to be a scientist.
	And then Vylon's like, I want to take track to beat everybody.
	Yeah.
	Awesome.
	Go ahead.
	I've played football, basketball, soccer.
	It's so interesting.
	By the way, one of the best experiences we've ever had is what our kids are elementary school, public school, was we were assigned once a year a book to read as a family.
	You sit down and read a book out loud.
	How much school is that?
	Give a shout out to that school.
	That's a great school.
	Armstrong Elementary Eagles.
	Frickin' them, private or public?
	Public.
	Get out of here.
	This is Texas?
	Yeah.
	Fantastic.
	Like, that's props.
	Family reading.
	Oh, that is props, man.
	I mean, you put that on Twitter.
	I'll retweet it.
	Those are the stories that we...
	I've got to get you on Twitter more, by the way.
	I'm not that active on Twitter.
	I try to do it.
	I'll tell you all the time you got to get it all the time.
	I'm like, Pat, enough's enough.
	Adam tweets once a month.
	Adam tweets once a month.
	That's Adam.
	Our friend Phil Heath is like, oh, so what's up, bro?
	We're going to hang out all day.
	Then you're going to pretend you don't follow me back on Twitter.
	I go, hold on, what?
	Phil Heath, you know who we're talking about?
	Seven-time Mr. Olympia.
	We hang out all day.
	We have a great time though.
	We go to lunch.
	I don't want to, you know, but he goes, so we're going to hang out all day.
	You're going to act like I didn't follow you on Twitter, not going to follow me back.
	I'm like, dude, I swear to God.
	You're not a guy you want to piss off.
	I know, I go, Mr. Heath sitting in a 2020.
	With the respect, I didn't see you.
	I didn't check Twitter.
	I don't know if you want to piss that guy off.
	I don't know if you want to piss that guy off.
	Okay, so Nassim Taleb, I don't know if you like him or not.
	Have you read his Black Swan, anti-fragile, you know, skin in the game?
	He says, if you want to go to page eight, Adam, page eight, he says, Bitcoin is worth zero, and there's no evidence that blockchain is a useful technology.
	Black Swan author Nassim Talep says this is a business insider story.
	He also said there's no evidence that blockchain is useful technology.
	A new paper Talib laid out four key arguments against cryptocurrency.
	Bitcoin failed to satisfy the notion of currency without government.
	In fact, he said Bitcoin proved to not even be a currency at all.
	Number two, Bitcoin can neither be a short nor long-term store of value.
	He used the famous juxtaposition of gold versus Bitcoin, which he said was poor comparison to illustrate his point.
	And last final two points, argued that Bitcoin is not a reliable inflation hedge, contrary to some analysts' views, and is not a safe haven for investments, whether meant to protect against government tyranny or other catastrophes.
	Thoughts.
	Do you agree or no?
	Are you more yes, I agree with him, or are you more no, I don't agree with them?
	I'm more the market agrees with him.
	The market agrees with them.
	Well, last I checked, it was not exactly $65,000 anymore.
	Look, somebody who was here in the office today, working with me earlier this morning, said, Danielle, I want to thank you.
	I said, why?
	She said, last time you were here in Florida, you said, I understand everybody likes to own cryptocurrencies, but take your cost basis off the table and just let your profits run.
	That way, if anybody ever asks you, you can always say, I never lost a penny.
	She's like, you saved me $3,000, and $3,000 is a lot in my world.
	And I just want to thank you because I just, I let the profits run, but I took my cost basis off the table.
	Thank you, Danielle.
	And I said, anything.
	Good for them for doing that, by the way.
	Good for self-discipline is very critical.
	Can you explain what cost basis means for somebody that's listening?
	You put $500 into, you bought, you spent $500 on Bitcoin.
	Yep.
	And now it's worth $3,000.
	Do you take the $500 off?
	That's right.
	And that way you say, I never lost a dollar.
	That's right.
	Yeah.
	If it was volatile, fine.
	If it was speculative, fine.
	Whatever.
	I'm good to go.
	I didn't lose a penny.
	Call it a day.
	And you wake up, you look at your state.
	She's not an investor.
	She's not going to follow Bitcoin.
	She's not going to be able to do it.
	Now they do the opposing side.
	One day I woke up and it was like, damn, it went from $65 to $30.
	A lot of smart people are saying it's going to get to a quarter million dollars.
	It's going to get to a million dollars.
	So what is more likely, Bitcoin to go to $1,000 or Bitcoin to go to $1 million?
	I would say $1,000.
	What are you going to say?
	I think it's up.
	Up.
	You think it's $100?
	I don't know.
	You asked the question to Danielle.
	Am I more likely to agree or disagree with Nassim Talib right here?
	Yeah.
	I'm taking the disagree side.
	Okay.
	So I actually, you interviewed Pomp.
	Yep.
	Anthony Pompliano.
	I had the opportunity to go down to the Bitcoin conference and interview him a couple weeks ago.
	Smart guy, sharp guy, similar age.
	We kind of vibed.
	And this is the type of thing that I think we need our value attainment.
	Someone like a pomp, Pompliano, debating this Nassib Talib character.
	And let's find out what the actual truth is right here, because this is just simply his opinion.
	Because based on what he's saying here, there's hundreds of thousands of people and maybe even dozens of experts, let's say, willing to debate every single point he made and why he's wrong.
	Like the fact that you can say that blockchain technology, quote unquote, has not proven to, what does he say exactly?
	There's no evidence that blockchain is useful technology.
	Here's the debate that I'm basically bringing up.
	You constantly hear some of these cryptos, the Dogecoins of the world, or the Shimu Inus or whatever.
	Maybe they're not here for the long stay, but you only hear that Bitcoin's not going anywhere and blockchain technology is certainly not going anywhere.
	And these smart contractors.
	Nassim Taleb is a genius guy.
	I'm sure he is.
	His assessment's been very accurate over the years.
	So for a guy like that to make a comment, you have to give him credence.
	This doesn't mean you have to agree with him, but you have to give him credence on the argument he's making.
	I agree.
	That's why we're talking about him.
	I want to pose a question to both of you.
	Let's look at the chart.
	Is Bitcoin a store of value the way you would think of a currency as being someplace you can store value?
	Well, I'll use like the trending internet joke about Bitcoin to prove your point.
	Yeah, I bought Bitcoin.
	I got it at 35,000.
	Yeah, well, now it's 31,000.
	No, it's 48,000.
	No, it's 22,000.
	And the definition of store of value is something that stores value and stays around the same rate.
	Stable.
	Stability is stable.
	Stable.
	So to be specific, no, it is not a store of value.
	However, let me just bring up one point and then go back to you, Danielle.
	If you said a year ago, Bitcoin went from 35 down to 33.
	Oh, my God, it went from 60,000.
	It's like it was at less than 10,000.
	$10,000.
	So what are we talking about here?
	It's skyrocketed over the last year.
	And the fact that it's having a bad few months, all right, and I'm sure it'll have a good few months in a few months.
	That's why they say it's so volatile.
	So Larry Fink is basically BlackRock.
	I'm listening to him on Bloomberg TV this morning.
	And he's basically reiterating what Nassim said.
	Saying the same thing as well.
	And BlackRock, I think they have like $8 trillion in AUM.
	They're ridiculous.
	BlackRock is cream of the crop.
	Yes.
	Yeah.
	They're at the top.
	So Blackstone.
	Yeah.
	But here's the thing that we have to also realize as well and put some weight behind it.
	I own probably the best Zion Williamson rookie card.
	And it's probably a card that's got legs to be a $5 million card in the next 24 months.
	It's that good of a card.
	Zion jumps 46 inches.
	He's 285 pounds.
	He's 6'8.
	He's a beast.
	He's a monster.
	He doesn't want to be a pelican anymore.
	He's not happy with the team.
	He just announced it a couple of days ago, which means he probably wants to be traded to the Knicks sooner rather than later.
	He wants to go out and run with Randall.
	Let's just say he wants to be a Nikki Setter before.
	He goes there, say he does something special.
	That's a $5 million card.
	I want to believe this guy's going to dominate because I have vested interest in him having an incredible career, right?
	But I also know that his body and his style of play could get him hurt to the point where that card goes from whatever I paid for $350,000, that card could go down to $150,000, $100,000, and I take a big hit, right?
	Okay.
	So a lot of people who are saying, yes, Bitcoin is this.
	Of course, I have no clue what they're talking about.
	They generally own Bitcoin.
	And a lot of people that are saying, there's no way in the world Bitcoin's, there's no value that it has.
	They also probably don't own Bitcoin, right?
	So you have to kind of know the people's opinions is also based on the game.
	Exactly.
	So the whole skin and again touche, you know, with him writing a book, skin the game.
	So you have to also realize where people are coming from.
	I want to hear it from the people that are in the middle who are not in that say, I think it's going places, or who are in, you know, who are not in, that are saying, you know, who are in and are saying, I don't know if it's going to go anywhere.
	I'm just in there hoping that if it does, I'll make some money on it.
	But I'm not 100% sold on the outside.
	What's going to happen with this?
	But that's portfolio management 101.
	If it's speculative, if it's volatile, then you limit it to 5%.
	Leave it a day.
	Yeah.
	Let it ride.
	So you put it on red.
	There's a lot of smart people that are doing 5%.
	Oh, I know.
	Yeah.
	So there's a lot of people.
	So for the people that are Bitcoin pro-Bitcoin and people that are anti-Bitcoin, a lot of smart people that are saying, look, I don't know what's going to happen with this.
	Quite honestly, I'm not smart enough to figure it out.
	And none of us are.
	We're going to keep a little bit of money in there, but not a lot.
	And we'll see what happens.
	I mean, I did a whole Bitcoin episode on value tame and economics.
	And basically, I said, here's my two cents.
	Here's the bottom line.
	The big boys and the big girls in Wall Street, and they're putting somewhere between 3% and 8% into the crypto world.
	Okay, so let that be your guide.
	If you're going to put 5% of your investment strategy into Bitcoin or into crypto, cool.
	Don't put in more than you can lose.
	When I go down to these Bitcoin conferences a couple weeks ago, I asked the question: what percentage of your portfolio, of all your money, is in crypto?
	And you get these answers where 95% of all my money is in crypto.
	Oh, yeah.
	Even our friend Gerard here, he says I'm over-leveraged to the T on crypto.
	And I know.
	I'm going to get people where it's 100 plus, where they've taken on debt to buy Bitcoin.
	Well, that's an aggressive situation.
	I mean, you're talking about believers.
	They think that cryptocurrency is the future and you cannot tell them otherwise.
	And if they're right, they're the big winner.
	If they lose, they're out.
	I mean, I think it has.
	I don't think it's been stress tested.
	I mean, the only regulators that have clamped down really are the Chinese.
	It's not stress tested, is what you're saying?
	Not by regulation in the United States.
	Well, we'll see what's going to happen.
	Regulations, if you're watching this.
	Oh, regulation is coming.
	I mean, if Gary Gensler can ever actually get employees at the SEC, because there's so many unfilled positions, then we'll have more portfolios.
	If you're watching this, what do you think?
	Smash thumbs up.
	It's at 5.15 and 8 right now.
	If you think we're going to see who the audience is, 5.15, if you think Bitcoin is going to get to a million first, smash thumbs up.
	If you think Bitcoin's more likely to get to 1,000 first, smash thumbs down.
	I want to know the rates of what our audience thinks.
	So we're at 5.15 to 8 right now.
	Let's see what you think.
	If you think it's a million, thumbs up.
	If you think 1,000, thumbs down.
	Just curious.
	Okay, while we're doing that, we'll go to the next story here with New York State restaurant owner, upstate New York restaurant owner on chicken shortages.
	Wing costs skyrocketed nearly 100%.
	Fox business story.
	Wing shortage, our latest problem to plague poultry producers who have struggled to keep up with the demand that have skyrocketed with the reopening of the economy and due to a number of fast food chains have recently introduced chicken sandwiches.
	The lower Mississippi-based Sanderson Farms Inc., the country's third largest poultry producer, said it does not have enough supply to keep up with demand despite recently picking up 40 million pounds per year.
	Last month, Joe Anderson, CEO of Sanderson Farms, said at a Goldman Sachs Global Staples Forum that his company each week ends up short 15 loads of wings for both retail and food services.
	The company plans to allocate wings to make sure everybody gets them.
	He said, noting that the combination of strong demand and limited supplies will cause prices to climb even higher from current levels.
	Danielle?
	And Sanderson put itself up for sale.
	Is that what it is?
	They did.
	Yeah.
	I mean, they're striking while the iron's hot.
	Look, my respect, my hat's off to the guy who started a whole, and you will love this, Patrick.
	There's a guy who started a whole company based on thighs.
	Thighs?
	Thighs.
	He was interviewed yesterday.
	He was like, look, wings used to be unloved.
	We export all of our thighs to the rest of the world.
	Damn it, let's make thighs.
	Bring thighs back.
	We know that dark meat tastes good.
	So He's starting a whole company based on the business.
	Make thighs great again.
	Is it thighs or breasts?
	I'm a thigh guy.
	I knew we were going there.
	You set us up, though.
	I mean, it was unfair.
	That was just too easy of a setup right there.
	So you're an equal opportunity.
	Leg man.
	Daniel, as an economist, as an economist, we all respect.
	Is this just another case example of supply and demand?
	What is this?
	It is an example of supply and demand.
	I mean, look, you had like, you had orange juice prices going through the roof, and then all of a sudden the weather forecast change, and then they come down.
	Supply will meet demand.
	Look at what's happened in Louisiana, in Georgia.
	You've got all these sawmills up and running that hadn't been up and running for a generation.
	So all of a sudden, you've got lumber prices coming down because supply is coming on to meet the demand.
	By the way, on the ratio of the Bitcoin, it's 54 to 18.
	Two-thirds, 66% believe 1 million, 33% believe 1,000.
	We have a Bitcoin business.
	We have a Bitcoin audience there.
	Bitcoin is also crypto.
	Bitcoin is also perceived to be by a lot of people who don't understand it, a simple refutation of fiat money.
	They're like, they're driving the dollar into the ground.
	They're printing money.
	I've been told that Bitcoin's a hedge.
	That's why I own it.
	And so for people who don't appreciate the national debt clock, for a lot of them, that's reason enough.
	With this wing thing, just to give a little recap.
	I don't think that this wing thing and this thigh thing and you're a breast man and you're a leg man.
	I think it's not that big of a deal right now because we're not in football season.
	If it's football season and there's no wings at your local sports bar, now you're going to have a problem.
	Adam, it doesn't take that long to get a chicken.
	And if there's no hot dogs during baseball season, we got a problem.
	If there's no wings during football season, we got a problem.
	Your analysis is amazing.
	I'm just letting you know.
	Supply and demand, baby.
	You can tell he went to like the University of Michigan.
	This is Harvard right here.
	This is Harvard.
	Wherever you are in whatever little meat factory, whatever's falling on the floor, they pick it back up and they put it in a casing and they call it a hot dog.
	Why don't we bring some tame into it?
	Why don't we bring some tame into it?
	Talk about Victoria's Secrets.
	You know, I know this is an Adam story.
	I mean, I was in New York when that was like the hottest ticket in New York.
	No, the runway show.
	The fashion show.
	Oh, yeah.
	The fashion show.
	This is an interesting, interesting.
	I'm curious.
	I want to hear what you think about.
	So page three.
	Victoria's Secret abandons its scantily dressed angels, saying they're no longer culturally relevant.
	Activists and entrepreneurs will be the new faces of the brand that says Business Insider.
	So the lingerie giant said on Wednesday that it was partnering with a group of inspirational women, including activists and entrepreneurs, to promote a new brand image and shape it surround these women who include the Indian actor and entrepreneur Priyanka Chopra Jonas and the pro-soccer player and gender equality activist Megan Rapineau will become the face.
	Rapino will become the face and voice of the brand Victoria's Secret says in an interview with New York Times Victoria Secretary CEO Martin Waters said the angels were not culturally relevant in the late 90s and 2000s.
	Victoria Secrets runway show had a powerful role in the defined sexy.
	Most recently, it's been criticized as outdated.
	Thoughts?
	Kai coming to you as well.
	I want to hear what Kai's going to say about this as well.
	So go ahead.
	Kai is not a lady.
	No, I said you first, but I'm going to go to Kai as well as a 22-year-old seeing how upset he is.
	So look, you're selling an image.
	You're selling a dream.
	This is an act of desperation.
	Fantasy.
	You are.
	You're selling a fantasy.
	This is an act by a company whose finances have pulled up our angels.
	They're a victim of mall traffic going down.
	They don't have a viable online.
	It's very hard to sell this stuff online.
	You kind of need to be in the store to try it on.
	But malls are dying, except for your nicest malls.
	So to me, this is an act of desperation.
	Adam, is this catastrophic for you?
	This is a big deal, guys.
	This is probably the biggest story in the world right now.
	Victoria's Secrets is not, they're going unsexy here.
	Now, be careful with what you say, right?
	Neur the gold.
	This is a big deal.
	I mean, look at these lovely ladies right here.
	Kai, get ready.
	Use your fingertips here.
	And now type in Megan Rapino.
	Okay?
	This is where we're going, ladies and gentlemen.
	We are now going from the sexiest ladies on earth to this lady.
	I get it.
	She's an athlete.
	Respect.
	She does some good stuff on the field.
	I do not want to see her on the runway.
	Not even a little bit.
	Okay?
	She can do her thing on the field.
	Keep your ass off the runway, Megan.
	So I will say that I think Brianka Chopra-Jonas is pretty damn hot.
	Wow.
	I will say that.
	This is sort of the unsexification of America.
	This will mess up.
	I think we might need some Justin Timberlake to get infused to bring sexy back because we're losing the angels for soccer players.
	This is the equivalent of Nike.
	Victoria's Secrets are a pretty powerful brand.
	They're a sexy brand.
	You know, women want to aspire to be sexy.
	I get it.
	Guys want to get their women nice outfits for them to look sexy.
	You know, we're bringing them sexy back, JT.
	This is like Nike saying, you know what?
	We're not really going to use LeBron anymore.
	We're not going to use MJ.
	We're not going to use fantastic athletes anyway out there.
	You see that fat guy over there?
	You see that John Candy looking dude over there?
	We're going to bring his ass over and he's going to be the new face of Nike.
	Let's keep it sexy.
	Let's keep it sporty.
	And let's keep the women who deserve to be on the runway on the run.
	Who the hell thought this was a good idea?
	Like, honestly, the woke.
	The woke.
	So let me ask you a question.
	Let me ask you a question.
	So let's just say.
	Let's flip it.
	Let's flip it and say, moving forward, Calvin Klein models are offending many men.
	You just said that.
	And moving forward, we need to bring these guys with big bellies, beer bellies, beer guts.
	Votes for Rodolfo.
	Moving forward, that's Ronaldo, you mean.
	Ronaldo.
	Yeah, not Rodolfo.
	Ronaldo.
	Ironically, we do have a Rodolpho who'll read it later.
	It is too much.
	I'm not trying to see it.
	Rodolpho's like running out of the building right after that.
	It's too offensive.
	We shouldn't be doing that.
	So the current CEO, by the way, go pull up to Victoria's Secrets founder.
	Look what he's, just put Victoria's Secret and go to their Wikipedia.
	Go to their Wikipedia.
	Okay, go to left, go to Wikipedia.
	Papa Pa-Papa.
	Go lower, until you find it.
	Should be coming up here, guys.
	Type in Wiki.
	Where the hell is the Wikipedia?
	Okay, anyways, go find it because you have to see who the founder is.
	We're going to eventually get to it.
	Okay, so look at the founder, Roy Raymond.
	Click on Roy Raymond.
	That's him.
	He looks like the founder of Victoria's Secret.
	Credit.
	He looks like a guy that would come out with something like that.
	Okay.
	So now, here's what I want you to do next.
	I want you to now go to the current CEO of Victoria's Secret.
	Okay, go to the same Wikipedia and then type in that name right there, Stewart.
	Yeah, him right there.
	Okay.
	Copy paste, go somewhere.
	This is what he looks like.
	Okay.
	So, you know, extremely conservative.
	He was a former Home Depot executive.
	Okay.
	He was a senior vice president of finance for Home Depot.
	He was a senior director at Pizza Hut before.
	He was an auditor and a manager and a CPA at Deloitte for six years.
	So this guy was an accountant.
	He's a bean counter.
	You have a bean counter.
	He can counter become the CEO of a brand like freaking Victoria's Secret makes no sense to me.
	It's as if Playboy's CEO all of a sudden becomes a former CFO of, you know, pick a company there.
	You know, New York Times, I'm going to go be the Playboy magazine.
	Moving forward, what we're going to be doing is it's not fun to be a bunny because a bunny is offensive.
	The animal we're going to use is a donkey.
	It's ridiculous because that is some ass.
	Instead, we're going to use this, right?
	And the company that owns Victoria's Secrets is a company called L-Brands.
	Who is L-Brands?
	That's what I'm saying.
	L-Brands, their finances are in a shambles.
	Yeah, well, they own a ton of retail clothes.
	Yeah, they do.
	What else do they got, Kai?
	L-Brand.
	Type in L-Brands Brands.
	Bath and Body Works.
	Bed Bath and Beyond.
	Pull up L-Brand's stock price.
	Public.
	By the way, Kai was supposed to give his opinion on Victoria's Secret.
	Let's get Kai involved here.
	He's been in a bad mood the last couple weeks, by the way.
	Yeah, because they're taking away the sexy.
	That's what it is.
	Victoria's Secret Bunnies.
	So there used to be angels out there.
	Now there's fat devils.
	I'm serious.
	This is just a catastrophe.
	It's very, very good.
	What do you guys think?
	What do you guys think?
	David, you're going to be diplomatic here?
	What's up?
	We hear the audio in the background.
	You're listening to it.
	So you might want to take the mic off.
	Yeah.
	Vanessa, you go.
	By the way, shout out to Vanezo.
	It was just her birthday.
	Our extraordinary production.
	What's your opinion?
	Kai, did you have one or no?
	Go ahead.
	Honestly, there's like different likes for everyone.
	I don't really care.
	You don't really care.
	David, what do you think?
	I think Victoria's Secret was that brand.
	It was that sexy, you know?
	That's what it was.
	And so now to have it change, it's interesting.
	I think it might just be for attention, maybe a little bit.
	And then it'll be.
	And then they're going to go back to the same thing.
	Yeah, like what was it?
	IHOB?
	iHOG from IHOP?
	International Hausher Burgers.
	What do you think?
	Joke's on us.
	So I think it's interesting.
	By the way, both of them should run for office.
	Very diplomatic.
	I got zero answer out of that.
	You got no answer.
	They're using the words.
	They should coach some of the people that run for office.
	Adjectives that have no meaning.
	Interesting.
	Never go to them again.
	Safest answer.
	This is pretty interesting.
	Go ahead, Kai.
	Let's see what happens.
	Give me a break.
	Interesting.
	I'm going to hit that.
	Go ahead, Kai.
	All right.
	So for sure.
	Where's the nobody?
	I think it was the Democrats.
	No, that's not the best.
	So for me, I think what's an interesting aspect of it is they've always been one extreme where it's been skinnier, the skinnier, the better.
	The more unrealistic looking, the better.
	That's kind of how things have gone, which now to what Adam was saying with the woke culture, it's kind of bouncing back.
	But I think it's going the other opposite extreme.
	Like there's some dove and stuff, stuff like that in terms of their like the Bosch soap and stuff like that.
	They've landed a little bit more in the middle where you have some neutral ground where it's like you're more, it's more realistic.
	It's not as extreme, but you're also not now going the complete other opposite.
	I don't see why an entrepreneur in sexy lingerie is the new, like the news.
	So I got to tell you a story.
	I got to tell you a story.
	Maybe I've told the story before, but I got to tell you this.
	It's so appropriate right now.
	I'm at Harvard OBM.
	What's it?
	The owner-president management program, the OPM program.
	It's like three weeks you stay in Harvard, right?
	And one of my classmates is the founder of this Victoria Secret lingerie company of New Zealand, Europe, and Australia.
	And he's killing it.
	Billionaire, 7,000 employees, kicking ass.
	He's sitting right next to me.
	And he looks like the guy that would start a Victoria's Secret-esque type of a company.
	So at the end of it, out of 164 students, eight of us are presenting our ideas.
	I'm one of them.
	He's one of them.
	So he comes up and he said, so here's what I need.
	I'm trying to raise a half a billion dollars.
	And here's what my products are.
	He shows the products.
	He says, here's this product.
	Here's that product.
	Here's what we said.
	This is our best-selling product.
	The whole strings going down.
	He just got some legit stuff.
	He says, and by the way, very monotone guy says, but to be honest with you, this doesn't do a service.
	I think it's important for all you guys to visually see what all this work looks like on somebody.
	Can I please have my helpers show up?
	Eight girls walk up at Harvard.
	What are you talking about?
	Half naked.
	Linetta, who was running the whole show, she panicked.
	She runs.
	This is market research here.
	She runs around, takes her jack.
	You guys can't do this.
	This is going to be all over the news.
	You guys can't do this.
	Trying to cover these girls up.
	This is Harvard.
	And you see, students are like, we want to see the product.
	Product placement.
	We want to see the product.
	Dutch and field.
	And then he says, so if you like the product, that's why I need a half a billion.
	Invest with me.
	He went off the stage.
	She ended up winning just because she fooled everybody.
	But I tell you, Harvard was so flipping nervous because of this whole thing.
	Like, oh my gosh, God forbid.
	So, anyways, I don't know what direction they're going.
	I don't know what's going to happen.
	All I know is when you dramatically change the philosophy of your business and you dramatically change your customer, like, you know, what's rule number one of business?
	No your customer.
	You officially change your customer.
	When Jerry Springer went from his show, Jerry Springer says, I don't want to be this guy that's going around talking about fights and people jumping on top of each other.
	I'm a smart guy.
	I was a former mayor of Cincinnati.
	I have opinions.
	I want to be like more Oprah Winfrey.
	They went that direction.
	Ratings dropped catastrophically.
	His producer says, dude, you're not Oprah.
	You are Jerry Springer.
	You know, he's the daddy.
	He's not the daddy.
	That's who you are.
	Because they knew their customer.
	These guys are screwing up, not knowing who the customer is.
	I don't know.
	I just don't think it's smart in a business sense.
	Let me say, from a business perspective, we all have certain principles.
	There's certain truths in business.
	And number one is sex sells.
	Don't be scared of that.
	Sex sells.
	Number two, stay in your lane.
	You're the sexy company of Victoria's Secrets.
	Sex sells.
	Stay sexy, baby.
	Don't bring sexy back.
	Keep staying sexy.
	Man, you're not hitting it today.
	Stay sexy.
	And last but not least, the riches are in the niches.
	If you're in the sexy niche, stay sexy, baby.
	That's all I'm trying to say.
	All right, we know one thing.
	We like the good comparison for this.
	You know how, like, with food, when they advertise what a burger looks like for McDonald's versus what it really looks like?
	Yeah.
	And you have like hot wings or whatever, it's kind of like instead of taking the picture of what their commercials are, they should just take it like when you open up a frozen bag of wings and dump it on the, in whatever, a bowl or something, they should just start advertising that.
	That's kind of like a bunch of things.
	But I'm running out of wings, Kai.
	By the way, pull up the logos real quick.
	A lot of you guys send the logos.
	I want to tell you, we have it here.
	We're looking at it.
	And if you can pull it up, Kai, what I want you to do next time, these are a bunch.
	We need a logo for this podcast.
	What we need, Kai, is for you to put a number behind it because, like this, no one can say top right, top left, whatever.
	So next time, put a number and we'll come back to it.
	And if anybody else has a logo they want to post, share with us.
	Go on my Twitter account.
	Put hashtag PBD Podcast PBD Podcast.
	We're taking logos for the podcast.
	And the winner, we're going to give you $500.
	We are still accepting it.
	So Kai, let's make sure we put some numbers behind this here.
	Are we doing podcasts next week or no?
	Are we on next Tuesday, 9 o'clock?
	Tuesday, 9 a.m.
	Back to the same schedule as well.
	Folks, if you enjoyed Danielle being here, you want to see her back.
	Click that subscribe button and the thumbs up.
	Take care, everybody.
	Bye-bye.

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