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Patrick Bet-David Podcast Episode 103. In this episode Patrick Bet-David is joined by Danielle DiMartino Booth, Tom Ellsworth and Adam Sosnick.
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00:00 Start
4:25 Thanksgiving essentials
13:21 Adam Says Thanksgiving Food Is Overrated
17:30 Wealth Inequality/Standards of Saving 27:58 Bad Policies Are ComingVideo 5: 41:11 Trump vs. Biden on China
51:05 Rising Covid Cases
1:02:11 Psaki On Inflation
1:15:14 Amazon Cashierless stores
1:22:41 Fox News Beats MSNBC by 29 Spots In Key Demographic
1:36:19 America Is Already an Authoritarian Regime
1:56:35 Mitch McConnell Says Budget Fight Could Stretch into 2022
2:01:53 2021 VT Holiday Giveaway
China becomes the richest country in the world, overtaking the U.S., by the way.
Texas Church under fire for screaming, let's go Brandon Chance.
Caught on video.
Sackey confronted claims no economist is predicting higher inflation from massive spending bills.
Joe Biden gets terrible news after court has chosen to adjudicate his vaccine mandate.
U.S. COVID cases are starting to rise again during holiday season.
Report Biden to order diplomatic boycott of 2022 Beijing Olympics.
McConnell's got some stuff that's going on that he can really be opinionated about for the Biden administration.
Clint, former Crimpton advisor, talks about most Democrats will be wiped out after 2022 elections.
Then we have a certain interview I saw on Chinese dissident.
Former political prisoner in China warns Americans you're already in the authoritarian state.
You just don't know about it.
So we'll go into that as well.
But first things first, let's get into the Thanksgiving essentials since it's around a corner a couple weeks from now.
So if you want to go to page three, Thanksgiving essentials.
Let's take a look at this here with Thanksgiving.
What we got going on on page three.
Thanksgiving essentials are out of stock, CNN story.
During the first week of November, whole bird frozen fix-weight turkey were in stock at a rate of 64% on average across national retailers.
This time last year, that figure was around 86%.
Availability of packaged pie was roughly 68% last week compared to 78% in 2020.
Liquid gravy with an in-stock rate of 73% is down 12% compared to last year.
And cranberry sauce with availability of 79% is down from 89% same time last year.
Retailers typically like to have around 95% in-stock rate overall.
This year, stores aren't anywhere close to that.
A number of factors are contributing to Thanksgiving staples disappearing from store shelves, including supply chain ruptures and an unexpected spike in demand.
Danielle, why is this happening?
Well, people, look, the media has been going nuts with this.
So you can't stock the way you did in prior Thanksgivings if you're a big supermarket chain if people are not going to buy all the way into next week, if they're freaking out and buying and hoarding in advance.
I mean, I'm going to have to make my own gravy this year, which is fabulous.
But I was amazed at the grocery store a few nights ago at the sheer number of empty shelves that I saw around the store.
But I did see one area of the store where it was fully stocked.
What's that?
That was bacon.
Really?
Well, the bacon's on the shelf.
It's not flying off the shelves.
Do we have a chart to show what's going on with bacon?
We have a chart.
We have a bacon chart.
Let's pull that up and take a look at it.
It's a big deal.
Okay, look at the 2020 price of bacon, which is $5.83 a pound on average in 2020.
So you've had a little bit of inflation in pork bellies here the last few years, blah, blah, blah.
It's a flat decade for bacon, mostly.
You know what?
You're right.
From 554 to 583.
Yeah.
So when I was at the grocery store a few nights ago, Oscar Meyer bacon, one pound, $9.99.
Be quiet.
$9.99.
From £5.83 to $9.99.
$9.99.
But don't tell Saki because, you know, inflation doesn't exist.
So let me ask you a question.
No economists.
I just misunderstood.
What she said is that you're going to be able to do that.
No economist can go from 583 to 999 and call it no inflation.
Here's a question for you.
How much of this has to do with what's going on at Long Beach, LA?
How much of this is that?
Is any of this imported or is this in the States?
Most of this is in the States.
Okay, so this has nothing to do with what's going on in the Chinese country.
I mean, we're not exactly cranberry sauce.
That's right.
No.
So that's hope not.
I will tell you that one of the largest pork producers in America is owned by the Chinese.
So they're probably enjoying sticking it to us.
So I guess the question becomes, is somebody could say, well, you know, the reason why this is happening is because so many things are sitting on the containers where a year ago was $2,000.
Now it's $25,030,000, $40,000 that China's charging.
But this is not that.
So if it isn't that, then what is it?
Then what is it, though?
No, it's panic buying.
It's people who are.
It's people who are, I mean, the media is all over this.
And actually, you know what?
Refreshingly, because I will say right here now publicly, I am a former Bloomberg columnist as of this week, because I'd been hired by Bloomberg to be a contrarian.
And after Biden was elected, if I wrote anything about the economy that was even perceived as being remotely negative, even though I'm not writing negative, positive, or in between, I'm just reporting what's going on, it was rejected by editorials.
Get out of here.
So for a long time, it was, you know, for a long time, we've seen a lot of individuals in the media try and kind of cover up what's going wrong with this economy.
All you have to do is look at Biden's approval rating to see what, if you put Biden's approval rating against the rate of inflation, it's pretty damn apparent what's going on.
So even Bloomberg is now letting stories against Biden go up.
They weren't against Biden.
They could be.
I submitted a story that said that because the state of Texas froze solid, that we were going to see plastic prices increase more.
And that was going to put more pressure on producers because they had to shut down so much capacity and it took them so long to bring it back online after the Ice Mageddon.
And they're like, well, that's a little iffy.
And I'm like, I'm just saying that there's going to be price.
So what's actually happening?
Give us, you know, she's saying panic buying.
I'm saying what shifted is, but between now and then is there is an undeniability.
You cannot deny bacon going from 583 last year to 999.
The media can no longer ignore this story.
That's probably why MSNBC is ranked at the very bottom of the barrel because they're doing everything that they can to not report the real news.
You know, there's something big that's here.
I mean, right now, this is Thanksgiving, and America does a good job of being charitable.
I mean, you look around America, we do a pretty good job when your local food bank says, we need some help, we need some support.
Americans will feel that.
And the BizDoc Babe, my wife, this is the time of year where we'll buy, like we'll do a car load at Costco, and we'll go to the food bank and we drop it off the food bank, the kind of things that they need that are long shelf-life things.
And she was at Costco and she said, you know, it says, I'm not buying the 6.2%, Tom.
I said, why?
She said, I know what I buy, and I buy large, you know, shrink packs and everything of the foodstuffs.
And I just paid $440 for this food bank run, and it was normally, you know, $360, $365.
She said, that's not 6.5%.
And says, and I'm buying the staples that are necessary, not just a bunch of high sodium canned foods.
Who's saying this by the way?
That's exactly what I'm saying.
It's the BizDoc Babe, my wife, because the lady shall remain nameless.
No, this has no name.
This is Thanksgiving trying to do nice things, buy a carload of groceries and take it to the food.
That's it.
It's very sweet of her.
And noticing that it's not 6.2%.
It's like you're talking bacon from 5% to $9.99.
What you just said is the person that's feeling the most is the person that's going and buying the market regularly.
And when you get in a routine of what you buy, you know what you're buying.
It's not like you're buying routine changes dramatically week to week to week, year to year to year, unless if you're having a new baby or newborn, which you guys haven't had that.
So it's been a very steady same lifestyle.
That's interesting from 360 to 440.
So Bank of America came out this morning with fresh data that shows that if you adjust for inflation, that grocery shopping in America over the past year has gone, has turned negative.
The amount of groceries that Americans are buying.
Consumption, you mean?
Consumption itself, when you adjust it for inflation, has turned negative year over year.
What does that mean exactly?
That means that they're buying less.
That's just people buying.
But here's the thing.
You know, the whole thought about the other day I sent something on Twitter about the fact that gas prices are going higher.
Inflation is this.
Inflation is that.
I retweeted that.
Yeah, I know you did, but somebody from Canada commented and said, well, that's because you guys consume too much.
You need to consume less.
Here in Canada, we don't consume as much as you guys consume.
You guys need to be more minimalist, right?
So that's what he's saying.
But you hear a lot of politicians today also going behind that message, that rhetoric saying that Americans need to consume less.
It's not healthy to do this.
It's not healthy to do that.
So my question would be, how much of this is planned?
How much of this is a side effect of something they did?
And how much of it is accidental?
A lot of it is too much stimulus.
Look, I was at Highland Park Village.
So, would you say intentional or would you say just the side effect of something we did not know that's going to end up?
It was a side effect of fiscal spending on steroids.
Steroids.
So it wasn't intentional.
We did not know.
It was a band Fed policy that's gone straight to the 1%.
So I was at Highland Park Village last week, the Hoity Toity's little place to shop.
I was going there because I was going to get one thing on sale at my little store that still actually remains there, even though it's not Chanel.
Sprinkles cupcakes?
I think Sprinkles is gone.
Sorry.
A lot of the lowest end stores have gone because the rich have gotten so much richer.
There were lines around Fendi.
There were lines around Dior.
There were lines around Chanel.
There were lines around Hermes.
The Rolex store opened the day before, sold out in one day.
Lines around the Rolex store, even though they had no merchandise, they were just going in there to try and order Rolex.
So, I mean, if you think about there's a chart that we've got that talks about wealth disparity.
Can you pull up that chart, please?
And what the top 1% has, and they're conspicuously consuming.
And then you've got some Canadians saying that we should drive less.
When if you're the average working Joe, you have to live out in the exurbs and commute way in if you're going to be a bus boy in the middle of the city.
No, of course.
You can't afford rent unless you're way the hell out there.
So you have to consume more gas just to get to work.
And use car prices are up, by the way, 30%, more than that year over year.
Because you have working.
Before we move on from Thanksgiving, because I think that's the most essential topic.
I'm sure we'll talk on this.
Question roundtable.
Then I have a point here.
I know that's ironic.
What are you doing for Thanksgiving?
We're here.
Christmas we're out of here.
Okay.
Christmas ratio.
What are you guys doing for Thanksgiving?
We're staying in the home.
You're spending it with your family, with your kids.
All four kids have the whole week off or BizDog, the BizDoc babe, the BizDoc kids.
Well, BizDoc mom is still around, 83.
So we got the whole thing.
Babs?
Yep.
Babs.
My sister's coming to Dallas.
We're getting everybody together around Babs.
Okay, so there's a common theme here.
You're going to spend it with your family.
Well, we're having a lot of time.
No, no, no.
No, nothing.
Last year we were going to be at a party of 11.
Last year, many of us weren't able to spend Thanksgiving with our families.
Yeah?
True.
Many of us.
Here's my opinion here.
This might be controversial.
Thanksgiving food, the dried cranberry, the salty ass turkey, and the gravy, overrated.
The most overrated food on the market.
So food's a little more expensive, and you need to shift your philosophy on what you're eating.
I'm sorry.
Like the fried turkey, what's it called?
When you fry the turkey, what's it called?
It's called the fried turkey.
Okay, but there's something like a chicken, goose, hen, whatever.
That's different.
You're whatever that's called.
Mixing the fried turkey.
Here's my point.
Point number one.
Wait a minute, wait a minute.
Point number one.
Thanksgiving.
I'm talking about turkey.
Food overrated.
Number two, what's not overrated is the fact that we're going to be spending time with our families.
That's it.
That's the most important.
That's very important.
It didn't happen.
So I don't care if we have steak on Thanksgiving.
I don't care if we have chicken on Thanksgiving.
You need a hug.
Bacon.
I'm happy.
I feel good.
So you want the families.
We need to get together, but you want to determine what we eat.
Eat whatever you want.
I don't give a shit if you have turkey.
It's hundred of you.
I don't care.
But I want you to spend it with your family.
All right, baby.
So I'm just saying all these prices are overrated.
Cranberry's too much.
I don't know.
Crimea River.
Don't have cranberry this year.
What the hell are you talking about?
I'm just saying.
Adam.
Everybody at this table can afford probably the company to buy a case of cranberry fruit.
Exactly.
That's why I don't feel bad for anyone.
This isn't about you, buddy.
I'm not saying it's about me.
This is saying it's about America.
This is about $10.
This is about the husband and wife making, there's certain things called rituals.
One of the things I appreciate about your religion, Judaism, Jewish, you guys have a lot of rituals.
Very symbolic.
America also has a lot of rituals.
Thanksgiving is a ritualistic type of a holiday where we get together and do certain things.
Those things include turkey.
Those things include gravy.
Those things include great conversations.
Those things include football games.
Those things include people coming together.
She loves turkey.
Turkey rocks.
Turducken is what I'm talking about.
No, you're talking about a dirt.
Duck and chicken.
That's what I was saying.
I mean, there's nothing better than eating too much turkey and then going on the couch and watching the Cowboys game.
But you see what you're doing.
And like going to food coma.
It's sort of the tradition.
Before the cowboys lose, eating too much turkey might not be a good thing.
Full-on disclaimer for everybody listening.
If Adam invites you to a Thanksgiving party, do not do that.
There's not going to be food.
There won't be two.
He'll have like turkey, you know, sushi.
It'll be like, canter bears, hot dogs.
All good.
American Thanksgiving.
I'll have hot dogs.
I don't care.
No, no, no.
You're going to go.
I'm going to have to tweak this.
Family overskirts.
Turkey rocks.
Oh, my gosh.
Family overscrucks.
Are you done with your?
Someone needed to say that Thanksgiving food is overrated.
I'm sorry.
Or the only person needed to say it because nobody agrees with you.
Jupole.
They can't pull food.
This like is gone.
I'm looking at it.
What do you mean?
The dislike button is officially overrated.
No, no, no.
Boom.
One dislike.
I got you.
You see it.
I don't see it on my end.
Dislike is fully gone.
Look at this.
I don't have dislike anymore.
Okay, can you show us the picture?
Can we get in the DeLorean and go back to the future five minutes to the tourist?
Yeah, go ahead.
Because I think we had charts and analysis and it upset Adam and so he went on that rant.
No, Adam is, I think, listen.
He's confused about that.
I'm going to say the things that people don't want to hear.
Okay?
I'm sorry.
No, no, no.
It's confusing.
He can't think.
There's too much.
I see a cat lady over here.
I'm getting my hashtag cancel turkey.
That's Adam's hashtag today.
Danielle, you show us what people really don't want to hear.
Right, so this is Federal Reserve data.
Those cute little green bars show who owns stocks in America.
So the top 1% owns the majority, more than 15% of the stock market.
Yep.
And the bottom 50%, you can barely see the green bar.
What does that tell you?
I have my own thoughts.
And by the way, the bottom green bar is the 401k they're supposed to sell.
Bottom 50% they have.
They're living paycheck to paycheck and on.
The only thing they're relying on is their house.
Okay, the 50 to 90%, there's your middle income.
That's middle income America right there.
They only have 10% of their holdings in stocks, but the vast majority of their wealth is in their home, that blue bar.
And you've had the Federal Reserve jacking up speculation.
This morning I was talking to a gal whose homeowner's insurance is going up 40% this year here in Florida.
I'm like, what did you say?
Yeah.
What did you say?
How much is your insurance going to go up?
So what is the average retired couple living on a fixed income supposed to do?
Even if they did the 30-year mortgage and paid it off before they retired, which that's kind of retirement 101, what are they going to do if on their fixed income, their property tax goes, excuse me, their insurance goes up 40%?
I mean, people are going to lose their homes.
This is insanity.
So, but Danielle, when we look at this, so the top 1% today makes what?
Is it $465,000?
Is that the number today?
Can you pull up the top 1% income?
I think it's like $465,000 to $500,000.
But they own the majority of stocks.
They do.
Just, yeah, go to top 1% earners.
Top 1% earners.
Danielle, there's one thing that this chart is not telling us.
What percentage of Americans do you think actually own style?
That's not right.
That's not right.
The top 1%.
I thought that that's too low.
You're thinking the top 10%.
No, no.
No, I'm thinking.
So the 1%, the number I remember was 465.
So the top 1% represents about 1.3 million households who roughly make more than 500K a year.
That's about right.
Okay, 500K a year.
What does the top 10% make today?
Put top 10% just at a zero.
I want to say it's quarter million because top 10%.
I'm going to say less than that.
So top 10% of the world.
Only 15% of America makes over $100,000.
15%.
Top 10% makes, top 10% makes, this is 2018, so 158, and 20% makes six figures.
Now, when you roll the top 10%, which was not on that chart, when you're talking about the top 10% of Americans, they own 89% of the stock market.
The top 10% owns 89%.
Go back to that.
I believe that.
No, it's not in the chart.
That particular.
I just don't want to see the chart.
I believe that.
I believe the fact that the top 10% owns.
Go back one more.
There you go.
Okay.
So the top 10%.
Okay.
So this whole concept, this whole concept, let me ask the question and see what you're going to say about this.
So this whole concept where they say the rich is getting richer and the poor is getting poor.
Okay.
The rich keeps getting richer.
The poor keeps getting poor.
The Rolex store sold out the first day it was opened.
Fully get it.
Fully get it.
But what I'm asking you is, how much of that has to do because the rich invest into the market, the rich gets higher returns on their money, and the poor spends habitually, meaning there are more spenders on the bottom than their investors at the top.
They have to spend.
I mean, if you look at, okay, look at the flip side of it.
The top 1%, their net worth is 10% in real estate.
They don't care what's happening with real estate prices.
They don't care what the price is.
Of course they're a gallon of gases.
All of this is irrelevant to their budgets.
Completely irrelevant to their budget.
Wealth shouldn't be tied to the house you live in.
You're correct.
You're correct.
But the bottom people, all they're doing is paying the rent and getting by.
That's it.
They're living paycheck to paycheck.
And we're watching credit card spending.
I don't know if I buy that.
So yesterday Robert Kiyosaki was interviewing me and I said, so he's doing a show.
There was like 30,000 people that are going to be on this.
Stop.
The lowest income earners in America are going to spend 21% less than holiday season.
Here's my point to you.
So he goes and he says, he goes and he says, when he was a kid, he was working for the rich dad, who the rich dad would say, I want you to go and collect rent from all my renters, from all these properties that I own.
So Robert's job was to go knock on the doors and collect checks.
So he'd go in, say, you know, I'm collecting rent.
Oh, we don't have the money.
You got to give us another 15 days.
He says, well, you got a big screen TV, but you got everything over here.
So it goes to the next place and the next place and the next place and the next place and the next place.
This is the part where I'm in the Army.
I'm 18 years old.
This guy named Jeff, who's a good friend of mine.
Jeff says to me, Pat, save 10% of your money.
I don't save 10% of my money.
I buy Jose Coevo, Jack Daniels, and I go straight to a club called Connections and I spent every dime.
I was broke every two weeks.
I was fully broke.
Two and a half years later, when we ETS, the guy's got $20,000 in the bank.
He's the same rank as me.
We live in the same place.
He's got a nicer car.
Everything was nicer.
The guy had $20,000, $25,000 in the bank.
This is how much I came out of the Army with a Mitsubishi Eclipse, twin turbo, nice car, but broke like you wouldn't believe.
So for me, I think if we constantly just say, you know, the poor and middle income, they have to spend their money.
They have to spend their money.
They have to spend their money.
I don't know if I agree with that.
What you're describing is the middle.
What you're describing are millennials.
What you're describing is why one in four millennials still lives with their parents because they're spending every single dime on experientials.
You're not describing the lowest income earners.
The lowest income earners are being eaten alive by rental inflation.
Oh, I don't disagree with that.
When you say lowest income, you're talking, what, less than $25,000 a year?
What are you saying?
No, it's closer less than $50,000.
$40,000 a year.
$50,000?
This particular cohort spends 40% to 50% of their after-tax income on housing.
And the max number you should spend is 30%.
40% to 50% of their after-tax income on renting.
That's insane.
That should be 25 to 30% million.
30% million.
But again, the Fed's been out there jacking up home prices with all that speculation.
I'm not disagreeing with you there.
I'm not disagreeing with you there.
But here's what he looks.
If we constantly, okay, there's two sides to the coin here, right?
One side of it is what?
One side of it is, you're right.
We keep printing money.
Shit keeps going up.
We're not affected to buy by this table, but maybe Kim is when she goes shopping.
Instead of spending $360, she's spending $440.
$80 on $360 is what, around 22%.
She's feeling the hike.
It's not 6.2%.
It's more like 22%.
But we keep making the difference.
But this is the part.
This is the part.
This is the part.
This is the part I got for you.
So for me, okay, so when is the last time anybody got up and talked about the fact that, hey, let's start saving a little bit better money.
Let's change some of our habits.
Let's actually start thinking long term.
Let's actually start thinking about financial education.
Wait, there's a story in here about how it's $27 for a big leader.
I don't know.
Like, I don't know.
I'm kind of with you because I think there's a little bit of consumption in there that you don't need $27 for a big thing.
I was at In-N-Out Burger with my friend.
I'm at In-N Out Burger with my friend, and we typically would order lemonade, and lemonade was $2.29 medium, right?
And we sat there.
We said, listen, we sat down with this one guy.
He says, why are you guys even ordering lemonade?
First of all, when you put that ice in there, the whole thing is ice.
The lemonade is really 40% of it.
You're going to pay $2.29 for it.
That's a waste of money.
How many times do you order this every day?
You go to lunch?
We're like every day.
So twice a day.
That's $5 a day.
You're wasting your damn money.
So here's what we started doing.
He said, this is the trick of what you do.
He said, and you can save $200 a month.
This is when I'm making $36,000 a year.
I'm broke.
He says, go in, take a cup, ask for a cup.
The plastic is typically the see-through because it's differentiation because they're taking inventory, the real cups.
He says, take the cup, go get water.
It's free.
Put ice.
Take sweetener.
Take lemon.
Squeeze a lemon in there.
That's free lemonade.
You just saved yourself $229.
Hell yeah, yeah.
You don't even have money.
We did that for two years.
So we agree.
We're on the same page when it comes to the financial illiteracy that often hurts the lowest income earners.
But right now, if you add up what rent and gas and essentials cost, they're negative.
They're net negative because of what's happened to inflation.
But you're also, like I said, you're also describing millennials who are still living at home with their parents because they still get up every day and go buy a $7 latte and think that that's a normal way to budget.
And it's asinine.
And they wonder why they're in their parents' basement still.
Well, to Pat's credit, the story you said that you were broke, you were spending it on Cuervo, but your buddy saved up 20 grand.
You guys are making the exact same amount of money.
Exact same money.
This is what I say about it.
A nicer car.
Okay.
A nicer car that he took your F-150.
He had a nice thing going on for himself.
And how much money were you making at this time?
It's all for inflation.
$1,200, $1,100.
Okay, so you're making working 80 hours a week.
I'm in the Army.
I'm broke.
Okay, I got you.
But you're making $20,000 a year in the Army, whatever.
You don't have to pay for it.
You can take.
So listen, some people that don't understand is there's actually formulas to this.
There's a reason that your buddy who's making the exact same amount of you was, you know, had money and you were broke is because there's something called a budget or a game plan for your money.
This is something called the 50-30-20 rule.
American workforce, blah, blah, blah.
You don't have enough insanity.
So the 50-30-20 rule is 50% of your income should go to your needs.
30% should go to your wants.
20% should go to your financials.
Savings are paying off debt.
The problem was even if rent is a little more expensive, sure.
A little 15%.
Okay, but even if it is more expensive, the wants start taking the place of your savings or paying off debt.
Because if you don't have a lot of money coming in or a lot of money left over, you sure as hell want to get some new clothes or you want to look good or you want to drive a nice car.
Deloitte and Touch did a survey just a few weeks ago.
They surveyed all Americans and said, what are you going to spend this holiday season?
The highest income earners said, you know, we're going to take some really nice vacations.
We're going to head out of town.
The average higher income earner is going to spend 15, 1, 5, 15% more this holiday season.
The lowest income earners in America are going to spend 22% less this holiday season because their essentials cost so much they can't buy what they want.
Okay, so if inflation is here, that's a byproduct of bad policies.
It's a bipartisan, really bad policy that the Biden administration is.
It's 1 million percent together.
Delusional about we're 1 million percent together.
But let me ask you a question.
Let's go fast for the next 10, 20 years.
Sure.
Okay.
How many more presidents or Congress or Senate or governor or whatever we're going to have that's going to come up with bad policies?
What is the likelihood of more shitty policies over the next two decades?
105%.
Yeah, I mean, both parties, when they're in power, spend like drunken savages.
So this is not a Republican-Democratic.
No.
There is bad policies coming near future, even more.
And that's why you're seeing the rise of the middle.
And the more AOC gets power, the more likelihood is in the next 20 years a socialist is going to become a president.
I think that the middle is going to rise.
I think that Virginia taught the country something about the silent majority that lives in the middle of this country.
No problem.
But walking on eggshells and being afraid to voice your opinion about what you feel and being concerned about defending some of Trump's policies, not necessarily Trump saying that Trump policy was actually good policy.
You're so nervous that around your friends and peers, you end up giving them more of an argument.
But this is the point I'm trying to make.
I think the midterms are going to be a biblical blood back.
I think Obama's record is going to be broken, 63 seats, whatever.
It's going to be.
I think Americans are up to here with AOC and Protection.
Here's my point to you.
Here's my point to you.
This is where I'm going with this.
I come from a place of I think bad policies are coming.
It's a bipolar relationship, meaning one side of it is winter is coming.
The other side of it is future looks bright.
This is what's in my brain, okay?
Winter is coming, future is bright.
But here's the point I'm trying to make to you.
So what is that one saying that says, you know, save for a rainy day?
No, you got to prepare for a rainy day.
Okay, is this a rainy day today?
It's a rainy day today.
It's been a rainy season, right?
It's been a pretty rainy season for the low and middle income, not the rich, for the low and middle income.
It's a rainy season.
Okay.
What did you do the last five, 10 years?
What did you do the last five, 10 years, 15 years?
So how about Buffett right now that's sitting on $140 billion of cash and everybody's calling him an idiot and he's sitting there for $140?
Why do you think he's sitting on cash?
What do you think he's expecting to happen?
You think he's a dummy?
Like you think he's lost it?
So the point I'm trying to make is fully agree this whole printing stuff they keep doing.
I keep making more money, Daniel.
I'm the richest I've ever been in my life.
The more money they print, the more money I make.
But the principles, values and principles are evergreen principles.
We can't get away from that.
Look, coming into the pandemic, coming into the pandemic, the vast majority of Americans who made $75,000 or more had no savings.
No cushion.
I'm going to tell you.
What is it?
No cushion.
No rainy day.
That they're living like you were living when you were making $36,000.
That's scary to me, though.
It is scary.
$75,000 of income, and you can't find 20% of it to set aside for debt and savings.
Let me ask you a question, Danielle.
If you were in charge of banking, if you were in charge of banking, if you're in charge of banking, let's talk about this.
I'm actually curious to know what you say.
What would you not do?
Meaning, I want to buy a house.
I make $75,000.
I make $100,000.
I make $150,000, I make $200,000.
Pick the number.
I'm not a millionaire, but I'm making anywhere between $80,000 to $250,000 a year.
You qualify to buy a house.
I qualify to buy a house.
No matter how much income I make, if you were in charge of banking, what would you expect my minimum down payment to be on a house?
20%.
20%.
What do you think?
Well, you can qualify for 3% these days.
3.5% is FHA.
Adam, for once, listen to my question.
How much should you are in charge, not you could qualify for 3%?
If you ran banking, what would you want the minimum to be across the board?
For whatever reason, 20% is the de facto answer.
Well, because 20% typically exemplifies a loan that's not going to go bad.
Okay.
And if you and it's loan to value.
What's the bank doing today?
What's the bank doing today?
What are they financing a $720,000 loan for today?
Is it 20% down payment?
Is it 10%?
Is it 5%?
You are actually.
You have a lot of options.
Right now in America, we have record levels of home equity that's been built up.
Which means what?
Which means what is a down payment?
If I want to buy a house today, what is the expected down payment from me?
We expect it to be 20%.
I think that's low.
You think that's low?
I think that's low.
Yes.
I think that's low.
Let me explain why that's low.
Let me explain why that's low.
Listen, when I bought my first house, I did a story on Denver Post, and this was like a cover story type of thing.
Remember that story?
And why you rent?
I'm like, here's how much money I make.
Here's how much money I got.
And I'm renting, and here's why, okay?
What are you talking about, real estate people, my friends who were realtors?
What kind of an article is that?
You're hurting our business.
That's what I believe in.
I don't think you should buy a house if you can only afford to put 10 or 20% down payment.
I think you should buy a house if you can put 50% down, but you only put 25%.
I think this whole idea of trying to do financing of 5%, 10%.
So what does that do to you?
Here's what it does.
So here's what the conversation happens with your son, with your daughter.
You say, son, when you get married and you want to buy a house, down payments 25%, if you do XYZ, I'll come help you out with 12.5%.
You come up with the other 12.5%.
Fine.
So now there is some kind of a what? Involvement.
That's how it worked in the 70s and 80s, by the way.
It's supposed to be when it comes down to those disciplines.
I completely agree.
So for me, I think if I'm in charge of banking, so if you think about families, I can only imagine being raised in your house with you and your husband.
I would expect your sons were probably raised with high standards, right?
Where if you adopted me at 12 years old and I came into your family, and I'm coming from a divorced family where, you know, my mom couldn't control me anymore because I'm like, you know, can do whatever the hell I want to do.
If I came into your house, probably not going to like it.
Probably going to be like, I can't stand this lady.
Who the hell do you guys think you are talking to me like that?
What do you mean I need to make my bill?
What do you mean I need to do this?
Perfect.
I think we need to raise the standards in America.
Very simple.
Expectations of standards.
So if we do that, that $72,000 a year person won't be broke.
He'll have some savings.
Agreed.
Yeah, but when the pandemic hit and the engineer shut down, they don't have to do that.
The realtors do not want to hear that.
They don't care if you don't want to get it.
I know.
I don't care if you don't want to share it.
But they want someone who can pay the minimum entry fee, 3%.
Get them in.
And then when that mortgage defaults, hey, sorry, we tried to help you out.
I think Pat's right.
There's two things that are going on in America, and I'm going to talk really, really fast to get this out.
The first thing, starting in 1990, the United States increasingly became a payment-driven lifestyle culture.
In other words, if you could have the payment, you could have the nicer car.
Car leases showed up and allowed consumers to get even nicer cars at lower markets.
How much do you want to pay a month?
How much do you want to pay a month?
So this payment culture came up there.
Then you had 2008 when the real estate crash.
Isn't it interesting that Texas required 20%?
There's three of us that lived in Texas.
Remember that?
Yes.
It saved the state.
That simple.
The fact that Texas did not have home equity that you could pull all this cash out of your house.
Bingo.
They could not do it in Texas.
No.
And guess what happened?
2008.
I love that.
That was his responsibility.
That's right.
It was not the nanny state saying what you could and couldn't do.
It's a simple regulation that says we will not allow houses to be over-leveraged.
So 20% equity always has to be there.
In other words, if you put 30% down on your house and you want to put 10% that you want to get a home equity loan to put the pool in, the bank says, oh, that's okay.
You'll still have 20% equity.
There you go.
There's your pool.
But California, they let you jack all the way up to 5%.
So guess what happened, Tom?
So taking out HELOCs and all this fun stuff?
When you and I were in California, 2007, 2008, what happened to Riverside County?
Riverside County became Poland after World War II.
Do you know what happened?
It was horrifying.
60% of the homes were done.
They're all overleveraged.
Talking about what happened.
Dude, property value dropped 60%.
54% of the people.
Tell them never deserted.
Oh, even Phoenix.
Those two were very close.
Pat, tell them about the brand new neighborhoods that were deserted.
The lawns were dead because people have been evicted.
These are 200,000, $250,000 houses.
They were sold to people that should have been renting at a more sensible thing.
And these are all repossessed.
So now the bank owns this neighborhood that looks like Poland after World War II.
Complete desolation.
No grass.
Scary.
Terrible.
So who's the fault on that?
The banks?
The people?
Standards.
The realtors.
The standards.
No, no, no.
Let's talk about it.
Everybody was involved.
California allowed the financing regulations, Nina, and other things to go on in its state.
States like Texas did not.
What did California end up with?
That.
And where were the vasts?
That's Nina.
That's right.
Where were the vast majority of subprime lenders based?
Countrywide?
New Century?
Tony, right?
Anthony Mozilla.
What was his name?
Anyone.
Anthony Mozilla.
And Ditek?
He always scared me because he was an orange.
Well-spoken guy.
Hey, listen.
People around here love scary orange trees.
Remember Ditek, the great big billboard?
Dite 405?
You know, 0.005.
New Century was another one.
Exactly.
Yeah, so, but here's the point.
During that time, while he's saying this, and they're talking about Texas, which the point they made, I'm talking to a realtor in Plano.
You know what the guy says?
He says, oh, during 2007, 2008, Plano, worst area, took a 10% hit, maybe 15% hit.
We didn't feel it.
So that's the benefit of the center.
That's the question.
That's the cushion.
That's the benefit of that.
And now who implemented those rules?
Do no income, no assets?
No, Why Plano didn't fall?
Every statement, every state can make credit card and credit and lending laws.
Okay.
Texas said 20% buffer.
Period.
20% buffer.
I'm going to drop a big, big housing buy.
Here we go.
So, Danielle, if Barry Habib was in the room, he would backslap me.
It would hurt.
As of yesterday's data.
Or the girl that was here with Barry would backflap me.
There are more homes, if you count, multi-unit and single-family under construction since 1974.
New homes under construction.
Under construction right now.
Since 1974, we haven't been building this many houses and apartments.
Okay?
One in four homes today, according to CoreLogic.
One in four homes today are being bought all cash by investors.
Good.
How is this going to end?
Anyone heard of Zillow?
How is this going to end?
One in four new houses.
And that's why home promises.
Homes being built are being purchased cash.
One in four home sales in America today are being purchased by investors who are levered.
They're buying all cash, but the cash is levered because they're taking advantage of the zero interest rate policy at the Federal Reserve.
You give me free money and jacking up home prices.
These are conglomerates.
If you're Joe Q who's trying to buy your first home, even if you've saved up the down payment, you're still going to lose because the investors come in with all cash.
They're playing with somebody else's money and they're levered to the hilt.
And they're like, this is not the same thing as the subprime crisis.
And I'm like, yeah, you're right.
There's more debt involved.
That's right.
There's no question there's more debt involved.
But there's also institutional money.
Yeah.
Hey, Pat, what percent?
And how quickly do you think they're going to hold on to these homes if the peanut butter hits the fan?
Well, we know what's going to happen.
The investors?
Hey, real question here.
Instapoll.
What percent of the total housing in America is owned by the top 10%?
What percent of the total housing in America is owned by the top 10%?
I'm going to have to write this down.
Total housing wealth?
No, no, no.
What percent of all the homes of total housing in America is owned by the top 10%?
I'm going to say 70%.
45%.
Okay.
And it's moving like 7% a year.
So guess what?
In the last two years?
Yes.
Okay.
Also now.
The highest FICO scores are highest FICO scores.
If she's right and the bubble pops, these people have got leverage problems.
If the bubble doesn't pop, she's still right.
But if the bubble doesn't pop, who's the new landlords?
Who's the serfs and lords here?
You're going to have 10% of America owning over 50% of the housing in America in 14 months.
Because Airbnb is hot, PRBO is hot.
I'm not surprised by that.
Good way to make that.
And then guess what?
Top 10% are now.
Because what was the number on top 10% of stock market?
What was the top 10% of the stock market?
80, 89%.
It's not on that, but it's 89%.
Okay.
I mean, you know, so I'm not surprised by that.
Matter of fact, it's lower than I thought it would be.
I thought it'd be around 60%.
And this takes us back to why there will be bad policies in the future.
Because if something goes wrong with this, which it will, when you have wealth inequality, you haven't seen wealth inequality like this since prior to the fall of the Roman Empire.
When you have wealth inequality like this, even Republicans will vote policies in that you would consider to be socialist.
You're saying what?
More stimulus?
No, I'm saying 78.
Jimmy Carter.
Wage and price controls.
No, price controls.
I think Biden is this close to gasoline price controls.
I really do.
You know what I'm talking about?
Carter, 1978, controlled everything.
Let me ask you a question about what's going on right now at the ports.
Okay, Long Beach, LA, that gets 40% of all imports in America comes through Long Beach and LA, right?
And the prices have gone off from 2,000 to 25,000, 30,000.
One guy was talking about in 60 Minutes this Sunday, I don't know if he saw the 60 Minutes, about the whole what's going on with the ports.
He says, I have a million dollars that I have to spend on the containers.
He says, I can't take it out, but they're forcing me to pay the rent, even though I have no way of taking it out right now, right?
Okay.
Here's a question for you.
What percentage of the tariffs on China are still on?
What percent of tariffs?
We have not removed any tariffs on China.
All the tariffs are still there, right?
Correct.
Okay, fantastic.
Which sticks it to American companies.
I want to ask you guys a crazy question.
And you tell me, I'm actually going to be curious to know what you guys are going to say about this.
This port situation is worse than we think it is.
Christmas is going to be a weird Christmas while you're buying gifts.
You ain't going to get the stuff that you want to get.
If you haven't started Christmas shopping, folks, you're probably not going to get the gift you want to give for your friends.
You're probably going to be Christmas shopping at CVS and getting some shitty gift for your family and whatever's left over for you because that's what ends up happening.
It's going to be a gift card season.
Yeah.
Hey.
Never mind Christmas.
We can't get building supplies.
But we couldn't do it with our building.
That's why we just bought a different building.
So we got two buildings we're buying instead of one because we can't get glass.
It's all there.
It's just on a boat anchored off of Long Beach.
Anyways, this is the point I'm trying to make to you.
Here's a question I got for you.
I'm so curious to know what you guys are going to say.
I am so curious to know what you guys are going to say.
So if this massive crisis we have at the ports that's taking place, what has Biden done about it?
I'm curious.
What's Biden done about it?
What phone call has Biden made to China?
What phone call has Kamala made to China?
Schumer, Pelosi?
She's not allowed to make calls.
But I'm asking a serious question.
I'm not being sarcastic.
I'm not being condescending.
I'm asking a very serious question.
It's not a policy.
This is a catastrophic event that's taking place in America today.
This is not a small issue.
They're just not set.
If this was the other administration, every second would be hearing about what's going on at the port, right?
But it's not every second, right?
If Biden could, what could Biden do right now to make the phone call?
He's done nothing.
So here's my trick question for you.
Let's see what you're going to say.
And see if you already know where this question is going.
If your friend, DJT, was president today, if your buddy, you guys are from the same area, Florida, whatever.
If your buddy was the president today, do you think he makes a phone call to China?
Are you saying that Biden hasn't spoken to Xi?
If he has spoken to Xi, has anything changed?
No, they actually did find a call the other day.
What's changed?
Nothing.
I think the call was like last week.
Bro, you and I can talk for three hours and we can shoot the shit and nothing gets done.
I don't think Biden are shooting the shit.
Oh, so what are they doing?
But here's what I'm asking you here.
If Trump was president and you find that this is going on at the ports and they're raising prices from $2,000 to $25,000, from $2,000 to $25,000, hurting the small business owner where that price of $2,000 to $25,000 gets passed down to middle America because the guy said, I have to raise my prices.
If DJT, the most hated president of the last 40 years, most controversial president of the last 40 years, like him or hate him, if he was president today, would he make that phone call and what would have happened?
The answer is yes or no.
Would he have made the phone call?
Would he have called China and done something to expedite the process and cheapen the cost of the future?
The dialogue is good.
Do you think more progress would have been made where we're...
I don't know.
I don't know.
You really saying you don't know?
Are you telling me to say that?
You want me to say yes?
No, no, no, no, it's not about yes.
Let me just ask this question.
She would have made the call.
Let me just ask this question.
What don't we understand?
Biden spoke to Xi for three hours, Tom.
He made the call.
Tom, what are we talking about?
Adam, let me go to the question for you here.
Let me ask the question in a different way.
Say Clinton's the president.
The guy you like, this isn't like to say Bush is the president.
Say Reagan's the president.
Say JFK's the president.
Say any of these guys are the president.
Do you not think a phone call would be made right now to figure something out?
FYI.
You can't say the answer.
You don't know what Trump would have done.
You have four years of track record to say what he would have done.
Do you think he would have called China and said, hey, if you raise these container prices one more time, 25% tariff, 35% tariff.
You think he would have done that?
You think he would have done that?
You think now that China is the richest country in the world, richer than the U.S., you think he would be okay that happening during his administration?
Wouldn't be happening.
He'd be making a phone call.
China's sitting there saying, freaking awesome, give us more money.
These guys are idiots.
They're letting us do it.
China is, they're really, they're taking advantage of the absolute, it doesn't matter what subject you're talking about.
The Biden administration is paralyzed.
It doesn't, fill in the blank.
They're paralyzed.
Paralyzed, paralyzed, paralyzed.
They can't get anything done.
This is frightening.
I mean, you had, in 2019, you had more than 1,000 trucking companies go out of business.
In 2020, you had like 3,200 trucking companies go out of business, mostly small mom and pops.
Why haven't regulations been ripped back immediately to make life on truckers easier?
Why?
We're talking about executive order stuff here.
Just get out your damn pain and sign it.
Why haven't we seen more executive orders, period, out of Biden to do that?
That was the whole complaint with Biden that he did too many executive orders at the beginning of his presidency.
When was the last time he got out of – how long did it take him to sign the infrastructure bill so that he could have this huge ceremony on Monday and then go to some bridge that's falling down and try and, quote, unquote, sell the legislation after it had passed?
What the hell's up with that?
Buddy, I don't need you to go do some ribbon-cutting ceremony.
I need you to be president of the country when it's being eaten alive by inflation.
Do something.
So what do you think he is actually doing?
No, no, wait, wait.
Adam, I don't think we're going to be able to do it.
Guys, no one's given my answer.
I asked the question.
Here's my question to you.
If Trump's president today, if DeSantis is president today, if Mansion is president today, pick any of these guys, but specifically to Trump because we got four years of track record.
That's what I'm specifically asking about.
If he was president today, how would he handle what's going on with China?
I'm curious.
What do you think?
You're saying, I don't know.
Very naive answer.
You're a smart guy.
I'm not saying that.
What do you think he would say?
You framed the question.
What do you think?
What should have Biden have done?
He made a phone call.
They spoke to Xi for three hours.
You're framing as if he didn't speak.
I'm asking you.
There's no economic.
What would Trump have done if he was president today in regards to China and the shit show we have at the ports?
I'm sure he would do something about it.
Like whether it was good, I'm sure it'd be something bombastic.
I'm sure he would have threatened gee, whatever.
Do you think China would be a little bit more careful to bump up prices?
60 minutes, the guy says.
He says, the 60 minutes guys, what's their name?
Not Lester Holt.
What is the guy's name?
Anyway, the 60-minute guy, he speaks very calm.
He says, do you think China is taking advantage of the crisis and raising up prices on containers because they can't?
Here's a guy's answer.
He says, it certainly feels like it.
Adam, from $2,000 to $25,000, from $2 to $25,000.
Adam, who produces 90% of the containers in the world?
Who?
China?
China.
China manufactures 90% of the containers in the world.
Okay, so what should be done?
No, it's not.
What should be done?
I'll answer the question.
Let me ask Patrick's question a different way.
By now, would there have been multiple delegations of advisors on airplanes to Beijing, sitting down, ripping doors open, multiple meetings, saying, we're going to get to the bottom of this because you're not going to rape our country.
There would have been multiple delegations, and if there was no response, as there has not been a response, all they do is continue to raise prices.
If there was no response, then there would have been retaliation.
And I'm speaking for a Joe Manchin.
I'm speaking for a Bill Clinton.
You don't watch what's happening to Americans happen to Americans and have your press secretary stand up in front of a podium and say, most economists don't see inflation.
Denial is not, it's not a strategy.
No, it was no economists.
No economists that live on my floor say there's I thought that was attached to the infrastructure bill.
That's a separate question.
Look, saying no economists see inflation.
Attached to the infrastructure.
Or the infrastructure bill.
Everyone sees the 6% inflation.
That's a different point.
I agree with her.
The infrastructure bill is not, because you know what?
Joe Biden got up and said, this infrastructure spending bill is going to create tons of union jobs.
It's like saying, we're officially formally announcing to you that we're going to piss away taxpayer money by having unionized positions.
That's what the entire Obamacare $600 billion, whatever the hell it was.
Obama said after he got out of office that it accomplished nothing for the economy.
Zero Zippo.
If you're going to do this the way that it's always been done, pork spending, Zach is right.
It's not going to create inflation.
It's not going to create economic output.
It's not going to create shit.
I'm going to answer your question directly.
Please, because this guy is not going to answer.
I don't know what...
He would have threatened him.
He would have done something.
I don't have the answer here.
What Trump is not, Mr. Sasnink.
That's a question.
You said, what do you guys do for Thanksgiving?
We answered.
We went through.
You answered it as well.
I know, but you haven't answered it.
Your answer is Trump would have made some threats to nuke them.
I don't know.
What would he have done?
Come on, I was angry.
Sarcasm, which is fantastic.
You know, it's great.
So that means you're not answering.
You're copping out with patients.
I've answered it since I'm sorry.
Stop, stop, stop.
Axel.
I was quiet.
I was quiet while you were not answering.
So let me be quiet while I'm answering.
Give a case study.
So Q4 of last year, we started to see an abating of COVID stats.
Not as much as we wanted, but they started to move.
Q1 of this year, we saw a little bit more abating of COVID stats.
And what happened in Q1 of this year, Pat?
All the economic stats started coming out.
We started realizing what was going on with employment.
And I believe in Q1 of this year, DJT would have called China and said, hey, you know, COVID's turning the corner.
We're getting good visibility and line of sight on a lot of these economic stats.
WTF.
And he would have had an economic summit in Q1 of this year when we had the stats and we looked like we were moving on COVID.
And at that point, we also had unemployment.
We had labor stats.
We had a lot of other things going on.
And at that point, he would have said, holy crap, we're being gamed.
And he would have made the phone call and had an economic summit.
That's what he wanted.
There would have been multiple delegations flying over there.
There's my direct.
Yes.
Yes.
He would have had a delegation.
Import-export balancing act, threatening of the tariffs, coming back with specifications.
Think about how many times Mnuchin was on an airplane.
Think about how many times Jenny Yellen has not.
Jenny Yellen hadn't gotten.
She couldn't find an airplane.
This is ridiculous.
And by the way, winter's coming.
Winter's coming.
Tell us what this chart is.
To Tom's point, there was a window of opportunity.
To Tom's point.
A month ago, four of those states, a month ago, four of the states had rising COVID cases.
Yeah, I'm not rewriting history.
I'm just going back to the point.
Where were we, Q4, Q1, and what sort of status?
There were you talking about it.
There was an opportunity then.
The opportunity window is closing because now you have the vast majority of U.S. states with rising COVID cases.
The vast majority.
Yeah, we're back looking internal and we're talking about the colours.
Yeah, all the cold states where you have to be able to get to the state.
Is Texas cold?
Is Oklahoma cold?
Is Arizona cold?
Is New Mexico cold?
Read the map, Danielle.
Those parts are steady.
It's starting.
The reds are growing.
All the cold states.
And Texas.
All the Northeast.
Texas is red.
Oklahoma is red.
Texas is not red, Danielle.
It's gray.
What?
Texas is red, buddy.
Texas is red.
I'm not blind.
Texas is red.
You okay?
I'm looking at the actual map here.
The cat's really confusing you, isn't it?
No, it's okay.
So, what's going on there with the gray?
New cases are steady.
There is no steady.
So why the hell does it have a gray box there?
Because sometimes cases hold steady.
So where's the gray?
Why show it?
Adam, you okay?
Because there is no gray.
It's either growing or shrinking.
There is no gray.
So what the F is the point of showing a gray box there, right?
Call the editors at USA Today and tell them to go to the state.
That's a stupid map then.
Well, then I'll send a memo.
I'll tweet out to USA Today if it's showing you at Texas.
That's gray.
Well, I'm going to tweet it out right now.
You're showing me Texas is not gray when it's fucking gray.
Okay, I'm going to tweet out.
Unbelievable.
Editors at USA Today.
The state of Texas is gray.
You're like, no, it's not gray.
It's red.
Okay.
I love this.
It's red.
So they don't see it as they see it coming up.
That's the way they have it.
The designer.
That's the design.
Absolutely.
I agree.
The design is horrible.
Please remove.
Nancy, can you please help these guys out and create a better design than these guys have?
So if you don't have a design, why not just have the states?
So let me read that, though, because what she is talking about is what's going on right now with COVID cases.
What page is that, by the way?
What page is that?
We had it as something we wanted to talk about.
Because Daniel.
Okay, there's page number seven.
Let me go to page number seven.
So U.S. COVID cases start to rise again as a holiday approaches.
This is an NPR story.
It's a worrying sign for the U.S. ahead of the holiday season.
Coronavirus infection are rising.
More than half of the state's experts warned this could be a start of an extended winter surge.
The rise is a turnaround after cases had steadily declined from mid-September to late October.
The country is now averaging around 83,000 cases a day, about a 14% increase compared to a week ago.
That's a pretty solid increase in a week, by the way, and 12% more than two weeks ago.
Growth in cases isn't unexpected given the patchwork of COVID-19 immunity across the U.S., where about 60% of the population is fully vaccinated.
As we head into the holidays, COVID risk increases with more people traveling and socializing indoors.
But we also have some things that are helping, like more vaccines and kids getting vaccinated, says Dr. Ashish Jah, Dean of Brown University School of Public Health.
You know, the other day I saw a video of health and services going to houses, knocking on doors on apartments saying, Do you need COVID shots?
Do you need vaccine shots?
Do you need vaccine shots?
This is in Houston.
This ain't in California.
This is in Houston.
And then Disney just announced that they're doing their cruises.
Did you hear about Disney's cruises?
So they just announced they're doing cruise.
Disney cruise is back.
Vaccination only.
But kids five years and above have to be vaccinated to get on these cruise ships.
Here's what's crazy about it.
90% of Disney cruises leave Florida.
What are you going to do with Florida?
These kids aren't.
You're leaving a state like this.
You should be doing it more from California than from here.
Or Seattle.
What's your Twitter handle again?
Do you need to Google that?
Sauce talks money.
So is this something that concerns you with COVID cases going up?
Honestly, I had one sign this week that we are officially moving past COVID.
There was one sign.
The country concert you went to?
I was at that country concert.
We could talk about that too.
Uber is now back to doing Uber pool.
Did you hear what I said?
Uber pool is back.
Uber pool is back.
I let USA and I copy the honor and the best.
You also just launched.
I said they're bothering Adam.
What's my point?
That's a dumb design.
What is your point?
What's my point?
Uber has eliminated Uber pool.
Lyft used to have Lyft share all throughout COVID.
You cannot do Uber pool.
None of that.
Hey, it is officially and now I landed in Fort Lauderdale.
They're like, you don't have to wear a mask anymore in Uber.
Well, welcome to Florida.
No, no, no, no.
This is nationwide.
Okay.
So that told me Uber, big tech, Silicon Valley, California, they said, all right, we're back to business as usual.
That's a big deal to put two random people in a car together, in a rideshare, the fact that that is now a thing, that's a telltale sign that we're moving past this pandemic.
Got it.
So Uber pool tells you we're moving past pandemic.
It doesn't tell you.
It's an indicator.
Is that Uber pool only for Florida or across the country?
I don't know.
I haven't done it.
It's probably only Florida.
Okay, maybe.
And Florida, if you look at it, is what color?
Apparently gray slash blue.
Yeah.
Okay.
So Florida.
Are we all right here?
Do we need to get an optometrist immediately?
I just think it's a dumb map.
Can somebody come line one more time?
Just make the map.
You put the boxes on top.
Adam, USA Today, they will get back to me shortly, I promise.
Let's do that.
So the benefit, the benefit is you live in Florida and you have no idea what it's like in California.
Because I told you I was in California this week, last week, for a wedding.
And at the wedding, I went to Cross Stations.
I told the story last week, what happened?
So California.
You tried to use the bathroom.
Yeah, he's like, everything is a mask.
You can't eat inside.
You can only eat outside.
As of November 4th, the only people that can eat inside are the ones that are fully vaccinated.
They have their passport.
And I don't carry my vaccination passport card.
I don't like to do that because I know because it's very heavy.
I don't like to carry my passport when I'm traveling domestic.
I don't like to carry it.
You just have to take a photograph of it on your phone.
It needs to get into a restaurant in New York.
Peeing on the side of the building.
What did they say to you?
Nothing.
They said, thank you for not using a bathroom inside.
So I'm like, anytime.
You know, California standards have changed.
But no, they let me use a bathroom.
But the challenge was, you know, it is still mass counting.
Did you actually have to use the bathroom or are you thinking, all right, let's see what they say about this?
Actually, Jennifer had to use a bathroom and I was asking on her behalf, but I also wanted to have some fun with myself.
I figured that.
I know.
I know you have to.
Because my bladders are once a day, twice a day type of deal, but it is.
That was way too much information.
Yeah.
Well, the people that know me, they know what that airline.
It had nothing to do with four Arnold Palmers.
Yeah.
No, nothing to do with Four Arnold Palmers.
Minimum.
Okay.
So were you going to say something about these COVID cases?
Like, you're saying this was their opportunity.
They had their opportunity to dot dot dot.
Like, how bad can this look be if this thing goes?
Oh, look.
Okay, there are two sets of individuals in America who are upset by inflation the most.
I mean, a lot of people are.
Like the $9.99 Oscar Mario Bacon.
I'm still upset because we eat like a pound a week in the house and I'm like, no bacon for you.
So I didn't buy it.
I'm like, sorry.
No, no.
Whoa, no bacon.
I didn't buy the bacon.
Okay.
No, no, I'm sorry.
You didn't buy the bacon just out of principle?
You know what?
On Wednesday, they put a coupon in my little Tom Thumb flyer, and you can get two, limit two with my electronic coupon for $3.99 each.
Danielle DiMartino Booth is using coupons to go grocery shopping.
I always use coupons, don't you?
Wow, completely.
No, I don't know.
Coupons.
It's pretty easy.
Even for you, like to have something called an app.
Do you know what an app is?
They have an app, and you just download the digital.
We will understand all of that stuff when he gets married.
So keep going, keep going.
You were talking about 43.
You were talking about bacon-wrapped bacon.
Stefano Rucci suit.
So there was an opportunity.
But who's upset by inflation the most?
The lowest income earners, we get that.
We get that, right?
And people over the age of 65.
Because they're on fixed income.
Fixed incomes.
And who holds the vast majority of savings in America?
People over 65.
And what happens when their state turns red if they're over 65?
A lot of them.
They have to stay home, they get mandated, and da-da-da-da-da.
Well, in the case of my mother or my aunt who are in their 70s, they feel like they're kind of compelled to stay home until they get to the, you know, until their little state turns blue again.
So you've got all of these savings in the hands of older individuals who are freaking out about inflation.
Didn't they just get a Social Security budget?
It gives a whole new meaning to winter is coming.
They just got more money, though.
If you look in the aggregate, if you look in the aggregate, U.S. household savings in absolute numbers are where they were prior to the pandemic.
All of that stimulus money that was pissed into the wind is gone.
No, it's not.
It's in the EBITDA of companies and trillionaires.
You really think that's $5 trillion richer.
Kelly Bluebook came out a few days ago and said.
How do that is Pat?
Kelly Bluebook came out a few days ago and said that the average car in America is $46,000.
$46,300.
New car prices have gone up eight months in a row.
They've taken incentives away.
Nobody can convince me.
Nobody can provide a convincing case that because there's a semiconductor shortage, by the way, inventory, car inventories are rebuilding and they're rebuilding rapidly.
Nobody can tell me that all of these car makers didn't raise the prices of cars more than they needed to because they could stick it to them.
What are you going to say?
You're going to say, no, you don't have a choice.
You've got to do it because inventory is down.
So here we go.
I can increase it.
Yeah, but their inventories are rising again.
So again, winter's coming.
Yeah.
By the way, let's go back to the SACI story because we never fully read that article about what she said, her comments.
So SACI Confronted claims no economist is predicting higher inflation for massive spending bill, the political insider.
NBC Peter Alexander, Americans are seeing their dollars, their paychecks, stretched right now.
Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?
SACI answers, because no economist out there is projecting that this will have a negative impact on inflation.
SACI said on Monday suggested the spending spree would actually help combat inflation.
She said, oh my God.
Economists across the board will say this will actually help reduce inflation, address inflation over the long term.
She said, if SACI can find no economist who thinks inflation is a growing problem, she needs only contact former Obama economic advisor Larry Summers, who said we are going to see inflation of a kind we haven't seen in 30 years, which is already happening since 1991.
We've been screaming a lot today, but let's give a quick summary for our wonderful audience, and thank you for being out there.
And if you like it, you know, hit the subscriber there.
There's three things, and you can help me here.
Three things that will help inflation.
Increasing the value of the money, which means increasing the interest rates.
Second, is causing the government's current deficit to be shrunk, so the government's borrowing less.
And lastly, is to shrink the money supply.
Those are not Republican or Democrat things.
These are just the, aren't these just the sliders that moderate inflation?
Okay, so let's.
And so we just printed how much money, and we increased our budget deficit in the current year by the spending.
So we ran two out of the three really up to red line, did we not?
We did.
What's important to realize, though, is that the growth of the money supply is what matters, not the absolute level of the money supply.
So in June of 2020, the money supply in the United States was growing by 30%.
That's collapsed to 3.8% because Congress is paralyzed.
This is M1.
This is M4.
This is all.
This is the biggest aggregate you can have.
So that's gone from 30%.
The whole enchilada.
The whole enchilada.
30% growth rate down to a 3.8% growth rate as of September.
So we're not injecting more money into the economy.
I'm actually going to do something that I'm going to reiterate what I said earlier, Patrick.
What's that?
Saki's right that this particular infrastructure spending bill is not.
In fact, Tyler, can you pull up the quill again and go to the last page?
There you go.
No, no, no, the very last page.
That right there.
That's when all this starts to kick in.
It's like it peaks out in 2026.
Can you explain to us what that is?
That is a ten-year infrastructure program doesn't hold a candle to STEMI checks.
And the money is going to trickle out into the economy.
And as Biden has told us, it's going to create lots of union jobs.
Yay!
And this is why this will not in and of itself ignite inflation because you're not actually going to get out there tomorrow with private companies to make sure that you don't waste taxpayer money and get these damn projects underway immediately.
It takes a long time.
Permitting.
Again, you're working through unions.
And so it's, by definition, going to be inefficient.
But that does not change the dynamics at the ports.
That does not change the dynamics about rental inflation.
It doesn't change the dynamics about the damn bacon.
All of that inflation is very real right now.
But this is going to be like the Obama infrastructure plan was.
It's going to be a significant thing.
That's a scary side by looking at.
2026 is when we're going to see the highest impact on GDP, which peaks out at just over 0.5%.
Woohoo!
But you give people money directly.
You direct deposit $5 trillion into people's checking accounts.
Yeah, it's going to get spent.
Hey, Tyler, can you do me a favor and pull up the Bloomberg article about Powell's five benchmarks for inflation?
If you have that with you, and then I just sent you a picture as well.
We'll cover that here in a minute on what Fauci just said, which is pretty crazy.
Yeah, Bloomberg-Powell five inflation benchmark, and it'll come up.
This is a story from yesterday.
There you go.
So check this out.
Check this out, Tom.
So Powell's five, okay, go to, see if you can get rid of the.
Okay, there you go.
Number one, are inflation pressures broad-based?
In August, Powell said in the spike in inflation up until that point was largely the result of price rises in a narrow group of goods and services directly affected by the pandemic.
That's no longer the case, right?
So he was talking about across the board beyond the usual suspects, gasoline.
Okay, fantastic.
Go to the next one.
Number two, are price rises moderating in those goods and services that have experienced the biggest run-ups?
So while there were some signs that was happening a few months ago, it's no longer so clear-cut.
Yes, used car price inflation has come down a lot from its 45.2% in June, though it's still running in excess of 25%.
And Mannheim just released new data that shows that through the middle of November, used car prices have accelerated.
It just takes a little while to show up in the CPI data.
So that 25%, it's going up.
Okay, so that price is going up.
And he says annual prices rise for durable goods in general, though, clocked in at 7.3% in September, biggest increase since 1981.
Okay, fine.
Let's go to the third one, third one, third one.
What is happening to wages?
Powell told the Jackson Hole Conference that he saw little evidence of wage increases that might threaten excess inflation.
Worker pay has picked up since then as employees have taken advantage of plentiful job openings to quit in record numbers in search of better opportunities.
I know you got data on that, which we'll get to that here in a second, right after this.
So we believe the U.S. is entering the tightest labor market conditions since the 1950s.
Holy moly.
Number four, what is happening to a long-term inflation expectations?
Fed policymakers pay a lot of attention to what Americans are thinking about prices because officials believe that goes a long way to determine how long it goes.
If workers and companies are fearful of prices spiraling onward, they'll act in ways that will help bring that about.
Okay, go to the fifth one.
Let's see what the fifth one is.
Number five is: are longer-term global forces still pushing down inflation over the past quarter century?
Inflation has generally been low in the U.S. and across the modern North Zone.
Powers are going to come together.
There are signs, though, that some of the forces may be coming less powerful.
China's sticking it to us.
No question about it because they can't, and no one's fighting back and saying anything about it.
So, okay, so you were talking about labor forces of people quitting.
Okay.
You want to get into that?
There are two, and I think this is the last chart that we're going to pull up from my weekly.
Go back a page.
Focus in on the bottom right hand of page nine.
All right.
So you pay people a ton of money to not work, right?
So we have a deficit compared to the prior and they don't, right on queue.
And prior to COVID, this is the trend line, the yellow dotted line.
We're 7.8 million jobs below that line.
Some of it's because people have retired early.
A lot of it's because people have gotten used to not working.
And a lot of it is also because if you're an employer, if you're an employer and you see this 20-month gap on somebody's resume, is that an attractive potential employee?
Or do you want the guy who's one of the 4.4 million who's like, I haven't quit working.
My skill set's hot.
None of my workers have atrophy.
I want to hire that person.
So there's the haves and the have-nots in the labor force.
And the have-nots have been taught to behave like socialists.
We're going to pay you to not work, and then you're going to get used to it, so you're not going to work.
And by the way, you're not just going to not work and we're going to pay you for it.
You're going to be unemployable at the other end.
While companies have accelerated automation, you've seen investment in RD and artificial intelligence, any form of software.
You've seen companies automate out of existence millions of jobs.
But if you have the skills, you can name your price.
So there is a great big divide going right down the middle.
Skills always win, man.
It's so great.
This is such a great.
Skills do always win, but we took skills away from people by paying them to not work.
And now they're unemployable.
Yeah, of course.
Well, of course.
But if that's good policy.
Why do you say that they're unemployable when there's a work shortage and people can't hire an employee?
I'll ask you a question.
If you've demonstrated that you're going to run out on me, why take a risk on you versus her?
Or do you have the basic skill set?
The question is whether she's going to be okay.
What's the whole thing that we say at Dunkin' Donuts?
If you don't like the long line, apply for a job.
There's a lot of people that.
They don't want those jobs.
Exactly.
And there's something that we're not talking about that we can.
Because how many people are not going back to their shitty ass jobs because they made a billion dollars from crypto?
There's a lot of young people that are 20 years old that started investing in Dogecoin or in Bitcoin or in Ethereum, and they were worth negative money prior to 2020.
And now they're only going to be able to get a lot of money.
$100,000.
I don't think there's anything.
There's a lot of young people out there that are not going to go back in the workforce because they've made money from crypto.
And I'm happy for them, but I don't think they probably comprise nearly 8 million people.
I'm just saying young people.
Okay.
A lot of young people.
So look, there's a few things you can take into account with that.
One is that community.
But what percentage does that 7.9 do you think that is?
Yeah, maybe 10%.
I don't know.
Okay, let's say a big number like that.
It's probably not that big of a percentage.
It's probably 3% or 5%.
But let's just say that's what it is.
Sure.
Out of the 7.9, let's take some that are 65 and up, 63 and up, 62 and up.
They're like, I want my Social Security now.
Yeah.
And they're just kind of like, listen, man, I'm out.
Oh, I'm really good.
And by the way, Tom, you're going to have the answer to this question.
What is the difference in income if you collect Social Security at the youngest age versus starting at the oldest age to collect?
62 versus 70, you're saying.
How much does that have?
My monthly check is when I'm 65 is big.
Right.
But if you wait until 2020.
It's way bigger.
If you wait until you're 70, the differential between the two is 30%.
If you can't.
Waiting five years.
The longer you can wait, the bigger your check is going to be a lot of people.
About 59 and a half to 70?
Yes.
I'm saying if you cover that, so a lot of people who left the workforce early and started to collect Social Security early have left a ton of money on the table because they're getting all these stimulus checks.
Their house is worth more than it's ever been worth.
And they're like, screw it.
I'm quitting.
You know, this is really cool.
I'm going to start collecting my Social Security early.
But how's that going to feel in a few years?
Those people are going to go back to work.
We are going to see seniors come back into the workforce.
And you know what?
They're going to be more employable than the younger people who have been replaced by the people.
I don't think so at all.
Why would older people be more employable?
They're going to be more employable than the person who was replaced by kiosk.
And companies have companies have lamented the fact that people who are 55 plus have better work ethics than younger workers.
55 plus maybe, who want flexible hours and they don't want to come into the office and they want to make sure that they can.
I mean okay, here's a little anecdote, talk about the 4.4 million who are quitting their jobs.
A buddy of mine runs a huge logistics company, for I don't know the biggest telecommunications company in the country, but he runs a logistics division.
So he has a new employee.
After two days the guy quits.
Why?
Because he doesn't like the color of the safety vest.
It's orange, and he didn't like the, even though it was required to be worn on the floor of the factory.
Everybody, it's just, you don't get hit by every forklift.
Everybody's got to wear the orange vest.
And the guy, after two days, he's like, I can get a better job, I don't like the orange vest.
Bye, I don't think it has to do with the job, he can go get a better job.
He probably just wanted a better job.
No no no, orange vest wasn't the.
Then why did he take the job in the first place?
I don't know, I don't know who the kid is, but you're not going to leave a job to hold the color of the vest.
No, this person no, Lgbt anti, what this person was in there's a vest thing.
No, it's on an orange vest.
It's not about that.
I think the cat's really confusing you today.
So what it is?
They're colorblind I, it's just so, all right.
What's the point of the orange vest?
Tell the story then.
He didn't like the way it looked.
Oh, stop it.
I'm not sure you think that's the reason he left the job, because the color of the vest.
That is what he told his boss after working the job for 38 hours.
That's what he said.
I don't i'm, I refuse to wear The orange vest.
And the guy's like, it's on your organization.
But this is where I'm going.
This is where I'm going.
You know where this leads me to?
Here's where this leads me to.
On what she just said, that's $7.8 million on what he just said.
And you look at that number.
And if I'm Amazon, if I'm Walmart, if I'm any of these companies, I'm sitting there saying, we kind of got to figure out a way to not rely on workers because they complain too much.
They constantly want more.
They want to do this.
They want to do that.
And sometimes they automate.
So Amazon just did this.
This is what Amazon just did.
And here's what their numbers are looking like, right?
Amazon has slashed the cost of its gold cashier less store technology by 96% since 2017.
This is an insider story.
Let me tell you what this means.
This means if the cost was a million dollars to run this store, now it's only $40,000.
That's what this means.
It doesn't mean prices went down.
It means the overhead of running this place went from a million bucks to $40,000.
So Amazon has radically reduced the cost of its just walk-out cashier less store technology, a testament to the company's ability to turn long-term experimental projects into more affordable business offerings.
Amazon estimates the operating cost for technology behind a thousand square foot gold cashier less store has dropped $159,000 a store this year.
That's a 96.4% decline from $4 million a year in 2017.
A month before it opened the first location, even more savings are forecasted by the end of 2023.
The cost includes payments for using Amazon Web Services, cloud technology, and hiring remote employees who manually verify the accuracy of checkouts and stores, amongst other tasks.
Amazon debuted its go cashier less store in 2016, creating a convenience store where customers could purchase items through an app without having to go through a checkout aisle.
So the consequences of you sitting on the sideline is companies who are innovative who don't sit around and say, I kind of got to figure this part out.
So this is where this takes me.
This is where it takes me.
It takes me to a couple different places.
I want to share my thoughts on this and I want to hear your thoughts and rebuttal on this.
This is where this takes me.
Number one.
So the first part is where, you know, the whole orange stuff, you know, the guy doesn't want to wear the vest.
Yeah, that's probably 1% of the population.
Whatever.
4.4 million.
I get that.
But the same way this guy's talking about 10% of it is crypto.
Only America's investors are 7% as crypto community.
So out of that 7% of crypto community, what percentage of them made a lot of money?
Maybe some of them got in late.
So that's like 2%, 3% that vest, let's just say 1% or 2%.
Fine.
Here's the part I think about.
Here's the part I think about.
Okay, this is going to sound a little weird, but what the hell is the purpose of us being alive and living?
Like, what are we supposed to do?
Are we just supposed to sit around, collect a check from the government, and play video games and smoke weed?
Are we just supposed to stay home, assume the government's going to send me a check, and I'm going to have kids with my wife and we stay home and watch Netflix all day long while they pay me five grand a month?
And that is my life.
Like, do you really not think eventually at some point when you're watching these inspirational, aspirational movies like Pursuit of Happiness, like Gladiator, like any of these movies you can lean on me?
You sit there and say, what the hell is my purpose?
Is my purpose to have somebody give me free money on a monthly basis so it can steal my dreams away?
Or do I want to do something big with my life?
So maybe my legacy is not going to be worldwide, like an Elon Musk or a president or a billionaire or an athlete or a Hollywood celebrity.
But maybe my legacy is going to be regional.
Maybe it's going to be statewide.
Maybe it's going to be a local community.
I was a star that came out of my city and I started a business and we have 200 employees.
Or maybe I'm just going to be that cousin that did something special in our family and I inspired my nephews and niece to want to do something big as well.
I'm proud of that.
It doesn't matter what it is.
Maybe you're the first kid out of your family that got a degree.
Maybe you're the first kid out of your family that became a doctor.
Maybe you're the first kid out of your family that came out and started a business, raised healthy kids.
They did good.
They became good citizens.
At the end of the day, this whole thing about UBI to me is, listen, the technology, innovative, creative people, they're not going to wait on you to complain.
You can complain all you want.
They will gradually sit there and say, you know what?
Machines don't complain.
They produce.
And why am I not going to just keep producing machines?
So then, if I'm a 22, 28-year-old, 32-year-old person right now sitting there listening to this, I'm kind of like, yesterday, Robert asked me a question about what would you do in today's economy.
I said, everything I'm looking at is finding a way to be irreplaceable.
What does irreplaceable mean?
What can I do to be irreplaceable?
What kind of value do I bring to the marketplace?
What kind of context do I bring to the marketplace?
What skill sets do I need today that's going to be valuable 18 months from now, 36 months from now, five years from now?
Am I a good leader?
Am I good at working with people?
Am I good at solving issues?
Am I compatible?
Do I get along with people?
Am I a good negotiator?
Do I build good leaders?
What is my value?
So if you ain't thinking about producing your own type of value today in the marketplace, you're probably going to be replaced by a machine and a robot.
And this whole UBI concept that people think it's a good idea, all it's doing is stealing your purpose away from life.
And what a waste of a life.
Ain't nobody want that.
And there's no dignity.
There's no integrity.
None.
You have no values you can pass down to your children.
Why have kids?
Why do we watch inspirational movies, though?
Why do we watch great movies?
What happens at the end of the movie when you and I watch a movie that just what do you why do you watch Rocky for?
Why do you watch these movies?
You want to be the underdog who comes back and wins.
That's it.
That's like in our DNA is to be somebody.
We all want to be somebody.
And this free money steals that away from people.
I mean, George Washington crossed.
Look, our founding fathers are spinning in their graves.
They fought for freedom.
They fought for liberty.
They fought for a population that could have a purpose.
There have been countless American boys who've paid with their lives and women who've paid with their lives for this.
Yeah, I don't know.
And, you know, listen, here's the part.
You know how they say the more things change, the more they don't.
Like everybody.
Yeah, the whole thing where it's like, hey, well, let me tell you, this is the end of the world.
No, listen, 50 years ago, there was freeloaders.
50 years ago, there was low-income, middle-income.
50 years ago, there was guys that capitalized.
50 years ago, there was criminals.
50 years ago, there was dividers.
50 years ago, there was guys that wanted free money.
50 years ago, there were communists.
50 years ago, there were guys that hated rich people.
50 years, I mean, this ain't changing.
The only thing that's changing is the following.
Here's the only thing that's changing today.
50 years ago, if my wife and I got into a fight while I'm at work and I have a 30-minute drive when I'm coming home, 50 years ago, I probably didn't have a cell phone to call her and get into a biggest fight and say a word that I regret because ends up leading to our marriage eventually leading into a divorce.
50 years ago, I had 30 minutes to calm down by the time I came home and I'm like, listen, I'm so sorry.
Let's just figure this out.
We're good?
Okay, we're good.
We move on, right?
50 years ago, when shit hit the fan, you didn't hear about it till 14 hours later.
50 years ago, maybe you heard it at news, 8 o'clock at night, but maybe you didn't hear about it on the paper the next day.
It took a while.
So the reaction was we were more calm when we reacted.
Today's like, what happened?
Let me post it.
Oh my gosh.
So the exaggeration of issues today is so much bigger that we are reacting and it's making every major reaction.
Yes, that's the only thing.
So that's the only part that people have to be very careful with.
You can't even process it.
I agree.
By the way, let's go into that story about the media, what's going on on page six with Fox, some of these things that came out with MSNBC.
Tyler, can you see if you can pull up a date on this?
If there's some kind of a thing for us to look at.
Fox News ruled basic cable last week, finishing as the most watched network for the 39 weeks straight.
Fox News was the only basic cable network to average 1 million viewers, finishing the week of November 8th through the 14th with an average of average audience of 1.5 million while runner-up ESPN settled for 893.
Interesting.
Then Hallmark channel, MSNBC, and HGTV rounded up in the top five, and CNN continued to struggle with a dismal average audience of 483.
Wow.
The advertisers coveted demographics of adults aged 25 to 54 indicated that MSNBC also has significant problems.
Fox News averaged 245,000 demo viewers to double CNN's turnout of 107.
MSNBC averaged 77,000 viewers amongst a crucial demo, finishing behind 29 other cable news networks, including BET, FXX, Bravo, MTV Freedom, Lifetime, Sci-Fi, Discovery, and TLC.
By the way, the 25 to 54, okay, that audience.
Isn't the 25 to 54 supposed to be watching more MSNBC and CNN than Fox?
Do you understand what I'm saying to you?
Isn't the younger audience supposed to be watching more liberal news than the 25 to 44?
Which is the most important audience because that's the voting audience.
Again, I'm going back to Virginia.
I'm going back to Virginia.
And also, you have to pull ESPN to the moderate.
Pull it up a little bit Tyler to see if there's anything there.
And by the way, runner-up ESPN, that's seasonal because they're in the middle of college football and NFL.
And so ESPN always pops up right now.
But the whole point here is that you've got MSNBC that's ranked 29th.
It's not who's leading.
It said NBC without DJT has nothing to say.
Bingo.
And America is not watching a hard left network.
That's awesome.
Adam, what are your thoughts?
Does this mean anything to you in this story?
MSNBC's ratings were record level when Trump was in office.
So BizDoc hit it on the head.
The whole ratings bonanza that they had at MSNBC is because they were just rating against Trump, railing against Trump, railing against Trump.
Their ratings are off the charts.
Now that he's no longer there, they're going to need to pivot, and they haven't pivoted yet.
They're not going to cover all the great things Biden's doing because there's not a ton of it, right?
Also, something that Fox News has done well is they've embraced some sort of pop culture.
Like, what's the one guy?
He's got his own late night show, Greg Gutfeld.
He's good.
He's got a late night show on Fox News.
MSNBC is politics, politics, politics, politics.
I happen to like Joe Scarborough and the show in the morning, Morning Joe.
They've got a lot of smart people on there.
It's the one thing I watch on MSNBC.
But when you turn it on at night and you get the Rachel Maddow show and you get the Chris Hayes, I actually like Brian Williams, but you know that you're getting politics and you know that you're going to get just basically the same old, same old without all the Trump.
And they're still covering all the nonsense that Trump's doing.
The problem is he's not the president anymore.
So they're going to have to pivot.
They're going to have to maybe infuse some pop culture, maybe less politics.
But it's not looking good for these liberal-leaning outlines.
Brian quit.
He didn't renew his contract.
Brian Williams quit.
Yeah, in the middle of negotiating his contract, he said, I'm not doing it.
I've got too many cats at home to take care of.
I'm not.
That's my kind of guy.
No, but seriously, he didn't say the part about cats.
I know, BizDoc.
That was leaked later by a neighbor.
But he did say in the middle of his negotiation that I'm done, right?
Wow, that's unfortunate because he was actually a moderate.
Well, because he was a balanced evolutionary.
Yeah, he's a moderate voice.
He was my favorite guy at night.
So, look, and we can talk about Democrats potentially going to get shellacked.
So, he said he was nearly shot down in a helicopter as he left the executive.
Oh, that's messed up, man.
You're trying, Brian Williams.
Yeah.
But the country has basically everything that's happening right now, getting Trump out of there, and now the Democrats probably getting shellacked in the midterms is an embrace of the middle.
That's the problem in our country, is that the middle is being.
We haven't pulled up the independent chart.
Yes, okay.
Which this is a good segue to go to, you know.
Yeah, that's right.
Pull up the independent chart that she's the 11th.
Hey, Danielle, I got a question.
Why aren't there more people that want to watch a hard left?
Where are they?
Where are these people politically?
Do you have a chart?
They're offended.
They're finished with this progressive bullshit.
They're done.
But there must be a whole bunch of them that are thinking other ways.
Do you have a chart?
Can you zoom in, please?
There you go.
Go for it.
All right.
So here we've got the yellow line.
It's independent.
So they've risen up.
They're pushing.
Looks like they're pushing 20% of the people surveyed by The Economist.
Adam, are the colors okay?
Yeah.
Can you see the colors, Adam?
Because we're just a little worried.
By the way, Adam, just so you know, in that chart on the yellow, she's shown, you need to look at the left that shows 20%, not the fact that it's closer to 10%.
Keep going.
Go ahead, Daniel.
I feel like I'm back in high school again with all these bar graphs, charts.
Among the independents, 1.8 GPAs.
That's fine for us.
Yeah, math really sucks.
Okay.
The moderate is in the middle.
I agree.
In January of 2021, maybe 20, 24% or so described themselves as being moderate.
That has increased in the last nine months by a sizable amount.
Great.
This is good news.
So the middle is rising.
Yes.
And that's why MSNBC's ratings are crashing.
So what news outlet identifies to moderates?
I think.
Because it ain't MSNBC and it ain't CNN and it ain't Fox News.
What news outlet?
I'm there for moderates.
I'm going to have to push back because people like Chris Wallace, people like Neil Cavuto, they're extremely balanced.
Neil Cavuto on Fox Business.
I love that guy, but he's not on Fox News.
Varney's not exactly not right.
Varney's pretty right.
Varney has his head such up to Donald Trump's ass that he can't be held proud of.
Brett Bear.
I mean, Brett Baer is.
Brett Baer, very credible.
Brett Baer is an extremely balanced, true fourth estate journalist.
You say the same for Wolf Blitzer, though?
I don't think he's super liberal.
Wolf Blitzer?
No, I mean.
And I actually like Jake Tapper, too.
Seems pretty moderate.
CNN's lead anchor.
All I'm saying is if you're talking about prime time television, you start off.
I'm on Neil's show all the time.
Tell him what's up.
Thank you.
I'll tell him what's up.
He doesn't really talk that way, per se.
No, but that's why I said it that way.
Because I want you to say more articulate.
What's up?
Oh, okay.
You got me.
Note to self.
Thank you.
Keep going.
Neil is not a little bit while Adam is trying to get on Fox News.
But I actually think that Fox News has garnered a broader audience of moderate watchers because business, you're talking about it.
And where is Brett Barrett at prime time?
But you're talking about Neil Cavuto.
He's on Fox Business.
Neil Cavuto has a Fox News show every single day at 4 p.m. Eastern, FYI.
On Fox News.
I'm on it often.
Fox Business.
On Fox News.
You're on it.
Fox News?
By the way, a lot of people here are saying, a lot of the people here are saying that if you want to hear moderate or independents, you find them on YouTube.
You don't find them on media, which is actually very good point.
That's fine.
That's a fair point.
That's a fair point as well.
I'm saying Wall Street Journal is also pretty independent.
A little left, but I would say they're independent.
Wall Street Journal is a little left?
Center.
I would put them center is what I would put them.
I wouldn't put them far right.
I'm putting them center-right.
Wall Street Journal.
Yeah, center-right.
Little left for your taste, maybe.
For me, taxes is certainly the editorial team leans right, but that's okay.
And they're a voice of reason, and whatever.
I've been a Wall Street Journal subscriber since I've been talking about this.
Tom, somebody give you a cool shout out.
They said, love BizDoc's dad jokes.
Listen, the fact that Cole J4C said that, you just made Tom's day, maybe his month, the fact that you like his dad jokes.
You don't even know how important that is to him, the fact that his dad jokes are, they catch the right kind of attention.
Okay, so let's talk about China.
What happened with China here?
Go to page six, page six, page six.
China becomes richest country in the world, overtakes U.S. to grab the top spot.
This is an MSN story.
China is now the world's richest nation as global wealth tripled over the last two decades, and China leading the way and overtaking the United States for the top spot.
The world's net worth rose an unprecedented $514 trillion in 2020 from an earlier net worth of $156 trillion in 2000, with China taking the largest single share, nearly one-third of the world's income.
China's wealth launched to $120 trillion from its previous $7 trillion in 2000, from $7 trillion in $2,000 to $120 trillion, an unspeakably colossal growth from its days before joining the World Trade Organization, which accelerated its rise to power.
The U.S., meanwhile, has experienced muted increases in property prices, nearly doubled its net worth over the same period to $90 trillion, $30 trillion less.
So what does this really mean that China is now worth $30 trillion more than U.S. Daniel?
Damn it, we got to print money.
We got to print more money.
We're going to catch up.
Is that what we got to do?
Daniel, what do you think about this?
That was a dad joke.
I think that everything that we're seeing with Evergrande is emblematic of the fact that there's been a wee bit of speculation in the property sector in China that is backfiring, to use your word.
Because we've seen the Chinese stock markets come down quite a bit.
But the speculation, the government has been trying to rein it in.
This is their fourth major attempt to rein in the property, to rein in speculation in the property market.
And the Chinese are so uncertain about where they can park their money that's safe that the Chinese government can't convince them to stop putting their wealth into real estate.
Otherwise, they're just trying to get it out of the country.
Yeah, a lot of investors right now, what I saw was reading this.
What happened after the Jack Ma thing?
Oh.
Exactly.
Exactly.
And how much wealth he's losing and how scary it is to be a billionaire in China today.
Exactly.
Xi is coming after you.
He's not even playing around.
We're in the center of the bullseye.
And not only that, the other part that's starting to scare a lot of people is outside investors who were investing in China are worried if they can get their money out of China.
So that's scaring others to say, listen, we were going to put a couple hundred million dollars.
We were going to put $100 billion.
We were going to put this much money.
We're just going to kind of pump the brakes and go elsewhere, maybe to a place called India, which is getting the investments today.
And India is hot.
Over China.
It's not hot.
India is so hot.
It's not even funny.
India has no infrastructure to speak of.
So the opportunities are insane.
And the demographics in India compared to China are.
26.4 years old.
The younger age, you're saying that.
Yeah, 26.
China's 38.
India's 26.
A lot of it has to do with the one baby policy that backfired on them, right?
If you can rein in the political corruption in India, which they're working on, then India is going to garner a lot more foreign direct investment in coming years.
How long is Modi going to be in power for in India?
I'm not sure.
I don't know.
We can Google it.
You think about running against them?
I don't know if I'm going to compete with Modi, but India is the superpower.
But don't they have fearless cats over there, like ones that aren't fluffy?
So let me show you this story of this guy that was a former political prisoner.
What he had to say when he was being interviewed by PBS.
If you want to put that Twitter clip up there, I want to get your thoughts on this, folks.
Pay very close attention to what he says here and tell me if you agree with what his notion is about U.S. becoming an authoritative regime.
Play the clip.
It's too loud.
Lower the audio a little bit.
Can you help him out, David or Kai or George or Dinkin or Robert or Mario, Mickey?
I don't know, Tais.
show up and see if we can figure out a way how do we increase the audio here not happening Are we going to hear this or no?
On behalf of Tyler, this is not a Tyler mistake.
Oh, that's fantastic.
Good for you, Tyler.
Blame it on Jorge.
Containment Tyler.
Okay, do we have it or no?
To hear it.
Okay, go for it.
No.
Do we know why we don't have audio?
It's a basic video, guys.
You know, he is speaking.
He's saying words.
Are we supposed to be lip reading?
At this point, it's not a problem.
Actually, with the current state of Adam's eyes today, that's not going to happen.
That map was really.
I've let USA Today know.
Okay, they're working on it.
Not a good map.
If you can't do it, I'm just going to play it off my phone.
I don't know if you guys can pull it up because all that background noise.
Adam is the color of the shirt, okay?
Not happening.
Okay, so let me.
What's this guy's story?
I really want you to hear what he has to say.
PBS, what's his name?
Weiwei?
Okay.
PBS Wei Wei.
So folks, I want you to hear this story of this man who just did an interview.
He's a former, I want to say a political prisoner in China.
And during the interview, he tells the interviewer that U.S. is an authoritative.
This story is on.
Is this on what Cernovich?
Okay, it's on Cernovich's account.
Let me see if I can pull this off.
Or you just go to Twitter.
It'll be right there.
No.
Vidge.
If you don't have it, I'll try to get it from here.
I'll go to his media.
Here we go.
All right.
You were describing the directives of Mao Zedong during the cultural that would be distributed publicly every night.
And then you write, this is your quote.
They served a function similar to Donald Trump's late-night tweets while in office.
They were the direct communication of a leader's thoughts to his devoted followers, enhancing the sanctity of his authority.
So do you see Donald Trump as an authoritarian?
I well, I don't, you know, he, if you're authoritarian, you have to have a system here supporting you.
Crazy.
You cannot just be an authoritarian by yourself.
But certainly in the United States, with today's condition, you can easily have an authoritarian.
In many ways, you're already in the authoritarian state.
You just don't know it.
How so?
Many things happens today in U.S. is can be compared to cultural revolution in China.
Like what?
Like people trying to be unified in certain political correctness.
That is very dangerous.
Interesting how he says Trump is not an authoritative because you need a supportive system like meeting the media to support you what you have to say other political people Maybe you can go out there and do what Gia is doing Do you agree with his sentiment the fact that U.S. is an authoritative state?
I think we're on the cusp of it.
I think we see a lot of things going on vaccine mandates and other things.
I think in many ways we're on the cusp.
And Daniela, Danielle, what do you think?
I think that this entire post-pandemic era has made a lot of people who we were talking about, the 7.8 million gap that's not in the labor force anymore.
I think that this whole experience has made a lot of Americans sheep to where they're not thinking for themselves.
And that in those types of environments, it's very easy for an authoritarian state to come in and move in because people have been thought to not think for themselves.
And if people aren't thinking for themselves, then by definition, you're on a very slippery slope to being able to control their thinking, control their actions.
Yeah.
Let me think, let me think.
Confirmation.
I think you call it brainwashing.
Brainwashing.
Phrase is coming to mind decades ago.
Useful idiots.
Do you know what Trump just said?
Trump just said earlier today.
He says, hospitalizations rising among fully vaccinated in the U.S. Would you agree with him saying that?
He's saying hospitalization rising amongst fully vaccinated in the U.S. Do you think he's just saying that because it's a marketing thing or no?
I think there's statistics.
Hey, I'm going to jump in here.
I was sitting by a doctor in the plane yesterday.
I don't normally talk to people on planes, but there I was talking to this doctor, and he has seen a rise in breakthrough cases, but they're in or not in a few days.
Okay, so you want to pull that up on who really said that?
Because it wasn't Trump that said that.
You know who said that?
Here's who said that yesterday.
His name is Dr. Anthony Fauci is who said hospitalization is increasing for people who have taken the vaccine.
Yeah, because now we're on the booster thing, right?
No, not that one.
This was November 17th.
So whatever, November 17th.
It's the one I texted to you.
This is right there three days ago, CNBC.
No, no, it's the one from yesterday.
Okay, there you go, 16 hours ago.
Hospitalization rising amongst fully vaccinated in U.S., Fauci says.
What we're starting to see now is an uptick in hospitalizations amongst people who've been vaccinated, but not boosted.
So what is this now?
Now this next phase is, got to get you boosted.
See, I know you got the vaccine, but we got to get you boosted.
And another one.
And another one.
As cases of COVID-19 rise throughout the U.S., health officials warned that an increasing number of fully vaccinated people are being hospitalized or going into emergency rooms.
The concern about the wanting immunity against COVID infection comes from the FDA is expected to authorize a Pfizer bio-NTEC vaccine booster shot for all adults 18 and older.
What we're starting to see now is an uptick in hospitalizations amongst people who are fully vaccinated but not boosted.
And it's a significant proportion, but not the majority by any means.
So look, the part that I think frustrates people the most is gaslighting at the highest level, propagandas at the highest level, force at the highest level.
We used to be able to choose.
Today you are forced to do things you don't want to do.
You know, you sit with somebody and somebody tells you, makes a case on why you ought to get vaccinated, you go get vaccinated.
Somebody makes a case to you why maybe you don't need to get vaccinated, you get canceled.
You know, it's people are starting to get a little worried about whether they can speak up or not.
Now, so this guy, when he's talking about authoritative and what to do, the only side that can probably pull off an authoritative type of an environment is not the right.
And the reason why I say this, I'm going to explain why I said, so when you hear Rogan talk about, I think Rogan was with who yesterday or two days ago was himself, Alex Jones, Tyler.
Who were they with?
Were they with Tim Cast, or I don't know who they were with, they were with somebody's podcast two days ago.
Were you aware of who it was or you weren't following it?
Yeah, I didn't catch you.
And he was making a point, the fact that you just can't have an opposing idea today.
When you can't have an opposing idea, but on one side, whatever you say, the media is going to come and back you up and you can't get canceled.
That's a form of authoritative.
The media, mainstream media essentially becomes the authoritative's tool to say whatever they want to say and get away with it.
Fauci foresees full vaccination, including booster shots.
This is September 3rd.
Yeah, we're seeing that all over the place.
Anyways, there's a reason why people are concerned today, and this guy's making a point.
Do you agree with what he had to say about booster shots or about authoritative?
Look, about the Chinese guys.
So look, I don't think so, and I'll tell you why.
There's something that we've come to find out in America is something called the pendulum effect.
Every four to eight years, the country swings a little bit to the left or it swings a little bit to the right.
The reason that we went from George W. Bush to the right to Obama eight years later, Obama to Trump, is because they thought that he went too far left.
The reason that we went to Trump, to Biden, is we thought that Trump went too far right.
So the reason that I think the Democrats are going to get shellacked in the midterms is because they think that the country under Biden, under a House and under a split Senate where Kamala has the deciding vote, that the country is going too far left, as Danielle so poignantly explained in her beautiful bar graph that was an amazing bar graph.
So our country figures it out every four to eight years.
The hyperbolic talk doesn't get us anywhere.
Follow the facts.
You're a numbers guy.
Every four to eight years, the country says, hmm, I don't like the way the direction we're going with Trump.
Let's give Biden a shot.
Biden's kind of falling asleep at the wheel.
Let's give someone else a shot.
It's the same old story that we've come to learn.
All right, all right, all right.
Answer.
Here's where you say I agree with you, Adam.
Go ahead.
Because that's going to happen.
Answer this question.
Answer this question.
As the pendulum has swung back and forth, as you so eloquently describe, has wealth inequality in this country gotten wider or gotten narrower?
Wealth inequality has gotten wider.
You're correct.
Okay.
So that's going on in the background.
Does wealth inequality create the situation for social unrest?
It always does.
Okay.
So it's continued to build in the background, regardless of where your pendulum is.
Yes.
That's problematic.
What's your point?
When people are desperate and increasing numbers of Americans are desperate like they would be in a third world, there's no developed country in the world that has a wealth inequality like we do.
You've got to go to like Pakistan.
I mean, there's no developed country in the world.
So if people are desperate, they'll do something.
And it doesn't matter what side they're on or not.
The wealth inequality in and of itself makes the country vulnerable to becoming authoritarian.
People will be willing to listen to somebody who says, rise up against the elite.
Why do you think Donald Trump won?
Because he was going to drain the swamp.
And why do you think that resonated with so many hardworking Americans?
Because they feel like they've been left behind.
And why do you think he did not get elected the second time around?
It's because he got on swamp.
He was the biggest swamp monster of them all.
Right.
So he didn't drain the swamp, but he hit a nerve.
And that nerve is still that nerve is still raw.
No, it's called COVID.
Nothing's been.
If anything, the nerve is even raw because the really hardworking Americans who tended to be part of Trump's base are really pissed off now that there's been this attempt at socialism in America and they have to wait longer at a restaurant than they've ever had to wait.
They have to pay more for a gallon of gas.
So the vestiges of socialism have left a ton of America, just 70 million or so, it's left their nerves even more raw than they were before.
That's problematic.
They're vulnerable.
They're vulnerable to being led right into an authoritarian trap.
I'll give you a great quote.
Give you a great quote.
Rise up against the unrest.
I'll make the trains run on time.
We'll start there.
Who said that?
Mussolini.
Correct.
Why?
Because things were so bad that the people were willing to go along with it.
And they walked right into the authoritarian trap.
I have a question.
So you're basically saying that Mussolini, we're ripe for a Mussolini here.
I have a question for all of you.
Is it ironic that Trump always gets compared to Mussolini with this job?
I didn't compare Trump to Mussolini.
I'm pointing out that what she just said is absolutely correct.
When there's unrest and there's people that have these stifled frustrations and it's broad-based, they are ripe to follow the wrong guy.
Now, who do you think is frustrated?
Hold on.
Hello?
We were just talking about wealth and inequality.
You pay attention to the people.
So who's frustrated?
You're saying that it's only on the right?
I'm saying people who are working hard and seems to have been paid to not work are really pissing off the hard workers.
I have a question.
Thank you.
We've got a military background here sitting across from me, right?
Yes, ma'am.
What happens to countries when states eventually fail to lead?
I'm talking about entire states.
What happens to a country?
What happens?
Are you talking about individual states like Texas or nations or no?
Nations.
What happens to nations where the politicians fail?
Who rises?
People.
No?
What type of leaders rise?
Tell me.
The generals.
The military.
Okay.
That's where this country could be headed.
You're saying like militia?
military ruling the country.
If we keep having, remember, we talked about it an hour and a half ago.
The Republicans and the Democrats are both, whenever they're in office, whenever they're both in leadership, spending like drunken sailors.
We've talked about this.
So what happens one day when, and if possibly, Americans feel like they're not represented at all?
I mean, right now, I've never seen an administration as vulnerable as the Biden administration is today because, again, they're paralyzed.
They can't do anything.
But the people who run our military, they're doers.
They're not sayers.
So is that a concern of yours, or are you excited about that?
I think that would be fairly concerning for the United States.
Tell me why.
To be a military state?
What happens?
What are we like?
Brazil, 1981, I mean, so why do you think that would even happen here, though?
Because Americans are losing faith in the reason that independent voters are growing as a proportion of the electorate is because there's an increasing proportion who feel like they're not represented by anybody at all.
And you make yourself vulnerable to becoming an authoritarian state, which is what started this whole discussion.
But what do authoritarian states look like?
The leaders tend to be militaristic dictators types.
Not wishy-washy Joe Biden, who can't get anything done.
That's how Chavez got power in Venezuela.
That's exactly how Chavez.
I lived in Venezuela, and I saw it right before, and that's exactly how Hugo Chavez rose to power.
Oh, make the train trying to get away from it.
Are you basically saying that a general is going to run for the presidency and win?
Or are you saying that the military is going to take over authoritarian wise?
I'm saying that.
Do you actually believe that or vulnerable?
If we don't legislate for the people, you mentioned three things, right?
The deficit needs to come down, right?
Interest rates need to come up.
Right.
What was your third?
And that third is money supply.
You got to control the money supply.
Okay, all these things.
Are we going in the right direction on any of it?
Okay, money supply is coming down because we can't legislate until after the midterms when the Republicans are going to start spending money.
The supply has had a temporary moderation.
If you extend that back 18 months, it's grown, grown, grown.
So we are redlining with certain moments of moderation.
We're redlining.
The growth of the money supply has come way off.
You have to wait until after the midterms, and then the Republicans will spend on what they want to grow.
Daniel, I'm agreeing to you.
It's come off.
It's moderated in the most recent.
But I'm asking somebody who served in the military.
You pay attention to your leaders if they're strong leaders.
If our country can't find any strong leaders, they're going to pay attention to the people who are strong and running our military.
I'm just talking about the possible endgame.
You brought up the word Patrick authoritarian.
You played the video.
The guy from China says that we're vulnerable.
Yeah, but the point he made that stuck with me is the reason why Trump couldn't be an authoritative guy is because you need the system to support it, right?
So let's what he what I wish you would have asked.
The question I would ask him, tell me what's the system.
What is the system?
Is the media part of the system?
Is it educational systems part of the system?
I want to know why.
Okay, fine.
And then what I'm saying to you is that'll never happen on the right.
Here's why.
Let me explain.
So yesterday we're having this conversation together.
Yes, we have to do it.
By the way, we agree on that.
Okay, so let me explain to you why.
Here's how this works.
So here's how this works.
You know how two kids are playing and they're using the toys.
Okay, they got their favorite toys sitting there and they like a lot of the same toys.
So Adam says, Adam, you go first.
Pick your first toy.
So knowing Adam, he takes a little doll, the cat doll, whatever.
He takes that doll.
I said, okay, that's right.
Then it's my turn.
I take that little car, whatever the car is.
Then he takes his own thousand, and then we're going to go right.
Okay.
So the left and the right are sitting in a room together right across from each other.
They're going to say, okay, left, you go first.
Okay.
Left goes first.
You know what?
We're going to take the educational system and we're going to influence that.
Shit, that's big.
Okay, we'll take the church.
Okay, cool.
More of the church is conservative.
Fine.
What are you going to take next?
We're going to take mainstream media.
Damn, I should have taken that first.
Damn, that's powerful.
Okay.
We'll take the military.
Okay, cool.
You got military.
We're going to take, you know, virtual government, social media, all in Silicon Valley, and they're going to be on the left.
We're going to control that.
Frickin' A, I should have thought of that.
Let me see what I'm.
Okay, we'll take a lot of the crypto community because a lot of the crypto community, they're libertarian.
So it's center right, but it's on the right.
Fine, we'll take crypto.
Yeah, we'll give you that.
It's only 7%.
It's not a big deal.
They're going back and forth, back and forth, back and forth.
Now you look at the left, what they got.
They're stacked with things that they got.
Stacked.
Union, left, stacked with what things they got there.
So now the right is sitting there saying, we kind of screwed up.
What are we going to do now?
Okay.
So in this instance, the reason why I say the right cannot be authoritative is because the system doesn't back up the right.
The only person that can be authoritative is somebody from the left because they have a majority of the system.
And if somebody strategically from their left truly wants to be authoritative in America, what do you got to do?
Here's what you got to do.
Strategically.
You got to make people sheeple.
First thing you got to do is change the tax code for churches.
That's what you got to do.
So if a pastor from stage says something that is out of line, you got to remove their tax code.
You can no longer take money.
And that becomes, okay, if you're going to go that direction, that's how you got to do them.
Number two, the system on how military is being indoctrinated, you need more people like Millie, who had CRT, who add all this other stuff, and soften up the military.
That's the strategic move you got to do.
That's what you got to do.
Number three, what do you do with crypto?
What you do with crypto is regulate the shit out of it, so making those people disappear because they're starting to become a pain in the ass because some of these guys actually have money.
We don't like libertarians being rich because they already don't give a shit and they want to be left alone.
And now they're the type of people that are going to say, screw you, you can't tell me what to do because I'm a damn libertarian and these crypto people are libertarian.
If the left wants to truly be an authoritative state, those three organizations, you got to go take out.
Now, if the right wants to create that freedom for everybody to choose, you got to kind of start producing some universities.
You got to kind of start educating people.
You got to kind of start talking about how great capitalism is.
You got to start selling the dream.
You got to be attracted.
You got to get that younger audience.
You got to get the people that are telling the story the right way.
And then some people are going to sit there and say, you know what?
This kind of starting to make sense to me.
So I do.
Yeah, I mean, who on the left is coming out and saying teachers' unions destroyed jobs.
Teachers' unions destroyed families.
Teachers' unions prevented mothers from being able to rejoin the workforce.
Who's going to come out and say that?
Yeah, of course they're not going to say that.
And to me, the other day I made a comment about teachers, people flipped out.
I said, look, there's about 40% of teachers should be fired because they flat out suck.
There's a lot of teachers.
They're not accountable.
Not only are they not accountable, they don't like their jobs.
They don't care.
Listen, let me tell you.
They don't like kids.
Let me put it to you this way.
If I ever was a front desk clerk, you should fire me because I'm probably not going to be a good front desk clerk if I was a front desk clerk.
You're a bit ADHD.
Yeah, I'm not going to be a good front desk clerk, right?
If I was a waiter, you should fire me because I'd probably be asking you to learn a lot more about you.
And I'm going to forget the fact that you wanted drinks and your burger is going to come with onions even though you said no onions.
I'm going to forget about it on the way back.
And you're going to be like, freaking a hypothesis.
How many times you remember the onion thing?
Yeah.
Yeah.
That's not.
Matter of fact, if you're at that extreme, ask for onions.
I wouldn't get onions, buddy.
Our restaurant would have been.
1860 onions.
The whole restaurant.
The point is there's a lot of bad teachers out there that should get fired.
Completely further.
They should not be teaching today.
And that's what we learned during COVID.
Well, at least they got a good shot of the bizdale.
Yeah, we just lost.
And the babe.
Frozen, frozen, frozen.
Are we back or no?
Are we frozen?
Okay, folks, if we're back, just say we're back.
So I'm going to read this Mitch McConnell story.
We're back.
The last one.
And then we're going to wrap up.
Page eight, if you want to go to it.
Here's a Mitch McConnell story.
Tom, here's a Mitch McConnell story.
McConnell, government funding fight could drag into 2022.
This is a Washington Examiner story.
Senator Minority Leader Mitch McConnell warned Congress could be embroiled in a protected fight over 2022 government funding legislation due to major differences with Democrats over spending levels and policy provisions.
McConnell dismissed the possibility that lawmakers could come to an agreement on a year-long spending measure by December 3rd deadline and said he instead anticipates a stopgap measure known as continuing resolution lasting into 2022 will be necessary to keep the government open.
The democratic measures increase domestic spending by 14%.
The measure also cut core border security funding despite the current illegal immigration crisis along the southern border.
So what do you think McConnell's going to do?
I think McConnell's going to hold his ground.
I think McConnell wants for the Democrats to own the increase in the debt ceiling so that the midterms can be as ugly as humanly possible.
Will he be successful?
So far, he's held the line.
How ugly do you think midterms are going to be?
The record for Obama is 61 or 63.
You think it's going to be worse than that?
It could very, very possibly be.
You can't have anybody say that inflation is good for the economy.
I mean, this is a bad situation right now.
It really is.
And by the way, inflation might start to come down later in 2022.
But by then, too many families will have been hurt by this.
Too many families will have been completely ignored, dismissed.
Lack of leadership.
And they're aware that there's a lack of leadership.
Biden's approval ratings, Congress's approval ratings have never been lower than they are.
By the way, let me ask you: in a situation like this, you know how sometimes you hire somebody and the guy comes and he's just not doing a good job.
Who's the first person that goes on a sports team when the team starts losing?
Who's the first person that gets fired when the sports team starts losing?
The coach.
The coach.
Okay.
It's the GM that got the players, the coach.
The coach gets the first person that gets fired.
GM typically stays.
I went to the University of Texas.
Okay, we fire the coach often.
Okay, so check this out.
Today, who gets fired?
Kamala Harris gets fired.
They bring people to chitch in.
That conversation is creating a lot of momentum, by the way.
It's not like it's just hearsay and some bloggers writing about it.
You know, Democratsuck.com.
Some real, like NBC, CNBC, people are writing about the fact that Pete may be the new VP.
Do you think that's a good strategy for them to make to change Kamala?
Because she, based on the stories we hear, is not getting a lot done.
And they have two Supreme Court justices that they're scared to death that if the midterms go, that they'll never get them replaced if they die after that.
And so therefore, those two justices will go to the next president, which will probably be conservative.
And so they're thinking, maybe we just put Kamala in one of those places.
I saw that.
Which, by the way, Supreme Court, she has to work.
As a VP, you don't have to work.
You can hide.
You can't hide as a Supreme Court.
You have to actually work.
VP fly around the globe giving out wreaths when somebody is.
She doesn't even cut ribbons.
I mean, she's or deliver funeral wreaths.
In effect, she wants to go to the Olympics.
No, and they're trying to help her out without having to go to the Olympics.
The whole boycotting of the Olympic.
Boycotting at the Olympics, yeah.
So do you think it's better if they do bring, like, think about it from purely a marketing?
They hire you as a marketing firm.
Is it a better look to go get Pete instead of Kamala?
He's getting a lot of airtime.
If I'm a Democratic strategist, I say, look, what I just said, you can follow what I just said about the Supreme Court and everything like that.
Listen, let's make the swap now.
Let's figure out a way to do this.
Because not only, because midterms are midterms, and we're in trouble.
My over and under midterms is 70, by the way.
And so following that, now you've got it solved.
Let's put her on the Supreme Court.
Let's get one of our retirements done.
When's the last time my vice president was actually replaced?
We're talking about replacing her during Biden's term.
Is that what we're talking about?
When's the last time that happened?
Spiro Agnew under Richard Nixon was replaced by the President.
Well, I'm not talking about without getting.
No, no, Spiro Agnew was replaced by Nelson Rockefeller.
Okay.
That's the last time that we intentionally replaced the vice president.
Gotcha.
What was the reason for that?
Because there's precedent.
There's an economic scandal that Spiro Agno got in regarding.
There was a scandal.
So this has nothing to do with the scandal.
It just has to do with the Neptitude.
Why are they looking to replace Kamala?
By the way, not a Kamala fan.
Why are they looking to replace her?
Why are they polarizing figures in the country?
And she's made a bad situation.
The Middle Ages.
I know that up front before they nominated her.
And I actually don't think they knew that because the moment they nominated her, she showed up the first two, three, four days.
I don't know if you remember.
After the first three, four days, people got pissed.
They made sure she wasn't anywhere.
She disappeared before the election.
I don't think they knew that.
We got to go.
Okay, we got to go.
Anyways, all right, listen, gang, this was blast.
If you enjoyed it, give it a thumbs up because you can give us a thumbs down.
And then subscribe to the channel.
It's actually real now.
Apparently, I missed the thumbs down button.
What's the schedule for next week?
It's Thanksgiving.
Are we doing podcasts twice next week or once?
Do we know?
We're doing just once.
Why not Thursday?
Because what?
It is Thanksgiving.
Well, we may do something.
I don't know.
Because I am in town.
We're not out of town.
What happened?
You want me to check my schedule?
Oh, FYI, gang.
Here's the other thing that we're doing.
I don't want to forget to do this.
We want to make a lot of people's day during Christmas.
So here's what I'm thinking about.
Can you put up the site so people can see it?
If you can pull up the site, please go to the website.
I want any story you know, family, friend, cousin, co-worker, who, due to COVID, they're working their tails off, they're doing their best, they're really trying to go out of their way to be good parents, good workers, good small business owners, but maybe they just need a break and they need somebody to make their day.
I want you to go to the link that we're going to put below here: 2021 holiday giveaway.
Nominee goes a little lower.
Don't play the video on who you want to nominate.
This could be anybody you know that's working hard, a parent, a single mother that's got two jobs.
Maybe we pay her bills for the month of Christmas, you know, for the month of December.
Maybe we get a car and SUV for husband and wife and fit it up with groceries.
Maybe we take them to Disney World.
Maybe we just do them on FaceTime.
Maybe we bring them on the podcast.
I don't know.
We want to make a bunch of people's days.
And you, as the person nominating someone, will also get love.
So if you do have somebody, please go through the criteria.
Let's put that link below in the description section.
Send anybody that you know that's we're going to follow up with you and ask you more questions and do a little bit of due diligence.
But hopefully, we'll be able to go out there and help make many people's.
