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PBD Podcast Episode 201. In this episode, Patrick Bet-David is joined by Tom Ellsworth, Vincent Oshana & Adam Sosnick.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
Why would you bet on Joliet when we got fed taved?
Value payment, giving values contagious.
This world of entrepreneurs, we can't no value to hated.
I didn't run, homie, look what I become.
I'm the one.
That is wild.
Anyway, episode number 201, Vinny just taught us something that's going on with Valutaine and Instagram.
Maybe we'll ask you guys for you to test it out as well.
Got a lot of things to talk about.
Yesterday, our commander-in-chief of the world, President Joe Biden, gave a speech 26 minutes.
I don't know if you guys had a chance to watch it.
I watched it last night.
We'll talk about that.
Hikes.
Fed approves another three quarters of a basis point, which takes it high since 2008 and hints at change in policy ahead.
We looked at mortgage rates.
Folks, you're going to be surprised what the average person, let's just say the average person, what is the average person's FICA score?
Give me a number for FICA score.
720.
720 thing is average?
That's like 680.
Okay, so let's just say 700, 680.
Fine.
If somebody's got a 650 FICA score, you're going to be surprised by what the interest rate is going to be.
We'll look at the breakdown.
Tom pulled it up this morning.
We'll talk about nearly 40% of small businesses in the U.S. fail to pay rent in October.
Let me say that one more time, how scary that is.
Nearly 40% of small businesses in U.S. fail to pay rent in October.
That's pretty scary to think about.
And why are they not paying rent?
Shouldn't they be making money?
Isn't unemployment the lowest it's been?
Shouldn't people have more money than ever before?
Why are they missing out on rent?
40% of them?
That's a big number.
It's not a recession.
No, it's not a recession.
That's Putin.
Officials.
Saudi tells U.S. that Iran may attack the kingdom.
We'll look into that.
Twitter employee been sleeping on the floor as Elon Musk pushes tight deadlines.
It's a very depressing environment over there.
And by the way, tomorrow's going to be Black Friday for Twitter.
If you haven't heard, I think they're going to fire possibly 50% of the workforce.
And then you got some other studies that came out about drinking, about Musk, about White House deleting a tweet.
Vinny's got some stuff to say about Paul Pelosi.
We got a bunch of different things to talk about.
And to do that with us today, we'll be Adam, will be Tom Ellsworth, and we'll be Vinny O'Shana.
How you guys doing?
How you feeling?
I feel fantastic.
Trying to sketch yesterday with your kids, and it was absolutely the craziest one hour I've had.
Did they behave?
Were they good?
Listen, the problem was- I heard they had no sweets.
I don't want to give it away because we're going to post it tomorrow, but it was candy, kids, and then you say action and be crazy to say, all right, guys, cut, go back to normal.
I saw Mav, who's one of our guys in the editing production.
Decent looking guy.
Very good looking.
Good looking guy.
He came back.
I'm telling you, defeated.
Yeah.
He's not having his kids.
Today was the day.
He literally was like, I'm not having kids.
I said, Mav, you ready to have it?
Do not judge kids based on David kids.
No, no, no.
Very different climate.
Yeah, your kids are probably going to be like you.
Chill, easy going.
So Maverick should have a lot of kids.
Vinny's kids.
Oh, no, no.
The mine are going to be like, what are you, you're kidding me?
You cannot give those kids branding.
Vinny can.
So let me say a couple things.
Gang, I want you to be thinking about.
So we didn't really make a big deal about the 200 podcast because moving forward, it's not going to be 200, 300, 400.
It's going to be based on subscribers.
At 500,000 subscribers, we're going to do a live live podcast that you'll be able to come attend and see it live with 200 people at our new studio that we've built, which is sick.
So stay tuned.
In about a week or two, we'll be selling those tickets for people to buy because it's limited seating only.
And those who buy the tickets, it'll be in For Lauderdale.
You'll be with us live when we cross 500,000 subs.
We'll do a live podcast together with a guest or two or three or who knows, but we'll have a good time.
Can we give a quick shout out to everyone that's working on that other studio?
I mean, freaking ridiculous.
Oh, my God.
Are you kidding me?
Jorge, you got Rob.
You got Eric.
You got a bunch of guys that are working in a phenomenal job.
Anyways, let's get into it.
Okay, Tom.
So Fed approves three quarters of basis point hike to rate take rates to highest since 2008.
Hints at change in policy ahead.
This is a CNBC story.
In a well-telegraphed move, the markets have been expecting four weeks.
The central banks raise its short-term borrowing rate to three-quarters of a point, to a target of 3.75 to 4 points, the highest since January of 2008.
The move continued the most aggressive pace of monetary policy tightening since the early 1980s.
The last time inflation ran this high, the new statement hinted at the policy chain saying when determining future hikes, the Fed will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation and economic and financial developments.
Economists are hoping this is much talked about step down in policy that could see a rate increase of half a point in December meeting and then a smaller fewer hikes in 2023.
This caused the market.
They announced this late and the market tanked.
It went from being down 20 points to being down 500 points within literally, I think, 30 minutes or so.
So, Tom, when you see this, what are you learning with this rate hike they announced yesterday?
Well, what you have to remember is when they say what, when the typical person reads well telegraphed, what that meant was the banks that make the mortgages were expecting this.
Because remember, the mortgages move with the bond market and the mortgage-backed securities.
And what the average person needs to understand is that the interest rates affect those first, then the mortgages.
So the mortgages about a week ago were sitting there like 7.375, which is 7.38 to 7.5, is where they were.
And this morning, I went in there and I looked and I said, what are they adjusting?
Because they had built in some of this three-quarters of a rate increase.
But what they heard Powell say is there's probably another half point coming in December.
And so that moved things this morning.
And I looked it up.
If you're a person, typical in the United States, we were just talking about this.
Pull it up.
Type in and Google mortgage rates.
Yeah, mortgage rates today.
And you'll get the.
And by the way, Tom, you have to realize this three-quarters of a basis point increase doesn't take into effect with rates for another week or so.
So people are going to see an increase next week, maybe the following week.
Yeah, so go ahead.
Perfect.
This is it right here.
Now move the credit score.
Just take it down to 680, 690.
At 7.891, you are knocking on eight.
Now, let's say I've got a little bit of credit card debt and I've had things going on during the pandemic.
Just take me to 650.
Not any more than that, but just right to 650.
8.327.
So the banks are drawing a line.
If you are below 650 right now, which is not horrible credit.
Below 660.
If you're below 660, 660, not horrible credit.
You are at 8.38, 375.
That's where you're sitting right now, which means this is put it in perspective.
Now we're talking rates and everything.
Let's put it for the typical person.
You bought a house, Vinny, last March.
Save for half a million.
Okay.
3.5% loan.
Your payment was $1,800.
Pretty reasonable.
That's my rent now.
If you try to buy that same house right now, $500,000 house, $400,000 loan, and you go out and you get a 7.8% interest rate, it's $3,000 payment on the nose.
$1,200 more.
Which means, and if you said to your bank, but I can only afford $1,800, and they said, okay, that's fine.
Just go find a house that's worth $310,000.
Oh, wow.
Do you see what's just happening for your same $1,800 with that interest rate?
So that is a, ladies and gentlemen, a 40% drop in buying power for the American consumer.
It's real.
This is not speculation.
This is not Pat and Tom talking about the future.
This is reality right now.
So if your job is moving you to another area, people have said in the comments, well, what do I do?
You know, what's in it for me?
What should I do?
If your job is moving you from one part of the country to the other, first of all, you're going to have to discount your price on the house you got right now.
It's probably up a bit.
Get out from under it and then under consume housing on the other end.
Get yourself a lease and get small space.
Make the kids share a bedroom for a year and a half, two years.
And that's how you're going to have to weather the storm.
You don't have any choice on it.
Go lease, lease less.
Don't let your pride and your pet.
But just surf it out.
I got it.
So I get when we, anytime we talk about things like this, a lot of friends and family and people that follow the content that are loyal to it, who are in the real estate and mortgage business, they message us.
Listen, and here's how it all starts.
Pat, I love all your content, except you've been going after us realtors for too long, man.
This is like not cool.
And I'm like, look, I understand.
You're not happy about what we're talking about.
But here's what I will tell you with the current messaging that we got going on.
This is here because of printing fake money for too long.
Yesterday, Tom and I were talking.
I said, okay, when is the next time rates are going to be around 5%?
Okay.
So we're actually doing the math together.
So then we pull up and we say, okay, how long is this guy going to be in the chair of Fed, Powell?
Well, he got elected when May of last year, May of this year, 2022, by Biden, because you need, because he doesn't really report to the president, but you need the president and certain amount of people to get him to say, we want you to stay as a chair of Fed, right?
The Senate votes him in.
Yeah, the Senate and the president since the Trump administration.
He was.
was re-elected but but the point is the point is re-elected not elected right he was He was re-elected by Biden.
So Biden kept him in.
So this is not a Republican or a Democrat type of guy.
This is a guy that both of them are like, dude, he's not listening to me.
He's not listening to me.
He does have the veggies.
You're right.
So he doesn't take counsel from Trump.
He doesn't take counsel from Biden.
Independent.
We like that.
You, as the consumer, believe me, we don't have enough people like that.
You know when his next term is going to be up?
It's going to be May of 2026.
Which means the next time rates are going to be at around 5%.
It's probably going to be Q3 or Q4 of 2026.
If that, and this 6% above could stay for a long time, and that can become the norm.
Here's the challenge.
This morning I was looking up an article by Wall Street Journal.
I want to send some of these pictures to you.
And I don't know if you guys knew this or not, but Federal Reserve has assets and liabilities.
Okay.
They have both assets and liabilities.
On their balance sheet.
On their balance sheet.
Basically the fourth branch of government.
If you want to think of it.
So you say they buy their own.
They're all in the company.
They're a company.
They're a company.
So Tyler, I'm going to airdrop this to you if you can pull this up.
That goes down to the premise of quantitative easing, quantitative tightening.
That's how they kind of limit the money side.
I don't know.
My nose is going to bleed.
But quantitative easing.
But typically, typically what they've done, they've stayed very neutral.
It's been very neutral.
So all of a sudden, when they start, if you can pull this up, I don't know if you see it or not.
If you got it, I want to show this.
It's very insightful on how the Fed works.
Pull up all three of them if you can.
So go to the first one I sent.
Okay, zoom in a little bit.
That's the balance sheet, the other one.
The balance sheet of, yeah, the balance sheet of the Fed.
Here's what you're looking at.
Zoom in a little bit if you can.
I don't know if you can or not.
So, okay, here you go.
On the asset side, they have $5.61 trillion of U.S. Treasury securities.
T-bills.
T-bills, exactly.
Short-term bills, okay?
And then they have $2.69 trillion in mortgage-backed securities.
That's the MBS I talked about.
That's right.
That's what you saw in Big Short.
So, again, $2.69 trillion mortgage-backed securities.
Is it the same way to explain, Tom, like a reinsurance, right?
Like how Munich re-allotted these smaller insurance companies, they go to a Swiss re and they're the insurance, the reinsurance that's backing them up.
So, $2.6 trillion.
That's the Jenga scene from the big short.
Yeah, yeah, good loans, bad loans, and triple beats.
That's right.
And then other, they have $0.48 trillion, which means they have roughly $8.78 trillion of assets.
Now, liabilities.
Currency in circulation, which is interesting because currency in circulation is $2.28 trillion.
Okay.
Reserve balance: $3.04 trillion.
And other is another $3.46 trillion for a total of $8.78 trillion.
Okay.
Go to the next one.
This is the scary part.
What's happened to them?
Go to the one prior to that I just showed you.
Yeah, right there.
So the earnings of Federal Reserve sent to U.S. Treasury for the last 12 years.
Okay.
If you look at that, this is the first time they're in the negative.
How is the Federal Reserve in the negative?
Do you realize for 11 years straight?
This is a very interesting fact.
For 11 years straight, the Federal Reserve has netted $4 to $10 billion every month.
Let me say that one more time.
Every month, the Federal Reserve has netted $4 to $10 billion, except for this month.
Look what happened right there.
Boom.
Drop off.
And then something bad happened.
Yeah.
And then if you go to the other one I sent you, I don't know if you got another one or not.
There was a third one I wanted to show you, which is very, very interesting when you look at this.
I'm sending it to VT MacBook Pro, so it just comes straight to you.
I don't know if you see it or not.
If you got it, there we go.
There you go.
If you can pull that up, check this out.
So this is how it looks.
Okay.
The green, if you look at this, the green is treasury securities.
Cool.
The light green is mortgage-backed securities at the top.
The dark red is currency in circulation.
And the light red is bank reserve.
And then white is other, right?
Go prior to 2008, prior to quantitative easing.
It's very normal.
Not a big deal.
They didn't get involved.
They just kind of weren't there.
You know, they didn't do nothing.
They were not manipulating the market.
They were not manipulating the economy.
And then they say, there is this thing called quantitative easing.
Let's get involved.
So they got involved.
Oh, shit.
Okay, now we're in too deep.
And in 2020, oh, shit, COVID.
Oh, what do we do now?
Now it's like getting off of this.
This is why when people sit there and they're like, no, this is not going to happen.
Real estate's not going to take it.
Dude, there isn't a better definition of fake success for this many years.
And Powell, who right now has got a very, very hard job because anybody that's hated by Republicans and Democrats is probably the most honest man in America.
Okay.
This guy is not liked by anybody.
No one likes this guy.
The left doesn't like him.
The right doesn't like him.
Heck, the people in the middle are confused.
They don't know if they like this guy or not.
But all he's saying is, guys, we can't go like this for too long.
So, Pat, somebody like me that doesn't, I mean, Tom has sheets.
He's going to have a bullet point presentation in five minutes.
I don't know for somebody that doesn't know.
So when they printed all this money, now they're hiking up these rates, Tom, because they want to make their money back.
Is that what it is?
And we're all suffering because we're not in a recession, but we are in a recession.
How would you explain to somebody of how they could hike up a percentage for mortgages and we're going to be suffering because they fucked up?
So what happens if inflation goes high?
Who's affected by it?
We are.
Who's everybody?
Everybody.
Everyone but the rich people, basically.
Are the rich people affected by it?
They'll be all right.
Are they?
They'll be just fine.
They're going to be fine.
Don't get me wrong.
They're effective, but they're not decimated.
He's right.
Zuck lost $100 billion.
But he's chilling.
Yeah, by the way, a lot of these guys, these big, big, big billionaires that I'm talking to guys that were worth $50 billion and up, $100 billion and up.
You know, this year they've lost roughly a half a trillion dollars of wealth.
Okay.
Well, that's because during 2020, they gained 10 trillion.
Well, it's something ridiculous.
But exactly.
But the point is, that's normal.
That's okay for that.
These billionaires are going to be okay.
But it hurts.
I mean, but it's still all I'm saying is the guys, the guys that went up and made that fake money because of COVID, that money is gradually disappearing.
Gotcha.
Okay.
So if the average person cannot go out there and say, dude, how the hell am I supposed to be paying for this stuff?
That is not good for anybody because if they can't make their bills, if they can't pay their bills, then crime goes up, then divorce rates goes up, then drugs goes up, then alcohol goes up, then everything goes up.
Now you have a bad situation here.
So they got to figure out a way to control inflation.
And unfortunately, feds caused this mess trying to fabricate the economy from dropping the way it did in 08.
Now they're trying to kind of backtrack.
It's kind of a shitty situation there.
I just realized something.
I just went into my back pocket.
I think we're good because the Powerball was 1.5 million.
10.
Okay, I haven't even looked yet.
We have nothing to worry about.
Guys, we're good.
They announced the winning numbers, Vinny.
Wait, but who's the winner?
Was the winner in Florida?
Where?
Because I'm not looking, Palm.
No, I think anybody.
I have bad news, bro.
What?
You didn't win.
How do you know?
What are you a psychic?
Tom, you didn't win the bill.
Don't break this.
I'll help you with one thing.
And for the average person to understand.
And the average person on the street, you can explain things in simple terms.
They would know.
I put that chart back up, the length chart where it was extending.
That one.
So just look at a picture.
Okay.
Look what was happening the last two years of the Trump administration.
He was trying to address this.
And do you see how it was squeezing?
Yeah, yeah, yeah.
It was about to squeeze back in because the Trump thinkers knew that we needed to get back to pre-2008.
And the policies they put in, take a look.
Yeah, you're right.
It was squeezing back.
And then the whole thing goes off rails with COVID and we printed money.
So you can say what you will that you should never leave Trump alone in a room with your daughter, which I agree with.
But I'd love to leave him alone.
I'd love to leave him alone in the room with the economy because good things appear to be happening.
And you have to take a look at that and you have to give credit to the administration that was there.
You don't have to like Trump.
But if you look at the picture, you have to look at the picture and say, what were they doing?
They were trying to start a trend to get back to the center line of financial sanity so that it wouldn't be the interest rates and it wouldn't be the inflation happening to the average American.
And now, the best analogy I have for it is when you get cancer, chemotherapy sucks.
But why do we go through chemotherapy and radiation?
Because it'll kill the cancer, right?
We are going through increased interest rates and other things that the Fed is doing because unfortunately, that's the cancer cure for inflation.
And it sucks, and we all have to get through it together.
And all the analogies are there.
You may lose your appetite.
You may lose your hair.
But this is what we're going to have to do to get the economy to come back into a center of thing.
And it sucks most of all for middle-class people.
And do you guys think a political shift would start changing that the other way?
Like if a Republican went in, DeSantis, whoever, is that going to start changing?
If the politicians have the theological view of the economy like this, then that helps.
I'll try to extrapolate and break it down for you.
So you posted something on your Instagram the other day regarding Milton Friedman.
I actually watched it multiple times.
I think it was very telling.
And then we've talked about the steroids analogy as well.
I'll try to kind of give an analogy, break it down, and then what basically everyday people should do.
So Pat talked about Milton Friedman basically comparing alcoholism and getting drunk to printing money.
And essentially that there's short term and there's long-term benefits of stopping drinking.
Like if you're an alcoholic and you stop drinking, like short term, you're going to go through withdrawals, seizures, like all the sweating, the disgustingness.
But long term, you're going to be better.
Right?
Same thing with steroids.
If you're on steroids, just like printing money, if you're on steroids and steroids short term, your body's going to just like be, what the hell just happened here?
Especially when you stop using steroids.
But long term, they'll be good for a minute.
Exactly.
So same thing with printing money is that if you're just printing money, okay, short term, hey, everyone's got money.
This is great.
The economy.
But long term, it's a mess.
And so exact opposite situation when you stop printing the money, short term, there's going to be this nonsense that we're seeing, right?
But long term, we'll be better.
So that's essentially the macro perspective on printing money.
It's not good.
I mean, the money, we talked about this all the time, the money, the more money you print.
Can you think about it?
Can you pull up the Milton Friedman clip?
I think we can share it.
I think that's a great word.
And I think the printing the money, Adam, not to, don't forget your thought.
The printing the money during the COVID, I understand.
We needed the people needed the money, bro, especially I was in LA acting everything comedy done.
We needed it.
But they've continued to keep paying people, number one.
And then we spent how many trillion did that, that's what you mean by printing more money?
Yeah, of course.
That remains under the first CARES Act under Trump was $2.2 trillion.
And then Biden came in with the whole situation.
He printed another $3 trillion, but stop printing money because it flows to the rich people.
The question that you asked when you asked Tom, and Tom said Trump tried to address it, the economy at the end.
He says, you know, you may not trust him.
What did you say?
You may not trust him in a closed room with your daughter, but you could sure trust him at the economy.
And he had it going in the right direction.
Love him or hate him.
That's the truth in the stats.
Look, look, when you think about like somebody who comes into, you buy small business, and there are people that buy businesses that are struggling businesses.
There's a model.
These are people that come in and say, hey, you're dying.
You're struggling, but it's a good business.
It's a good product.
You just are making some bad decisions.
Operators are bad.
There are people that target businesses like that.
The first thing they do when they come in, they look for waste expenditure.
They get rid of it.
They look for wasted hiring.
Like Elon Today's tomorrow is said to be firing 50% of his employees.
Okay.
He's an operator.
He comes in.
He's letting go 50%.
Cost, expenses, whatever he's doing with the verification.
AOC is not happy about it.
He says, no problem.
You don't like it.
Thank you for your input.
But now pay $8 a month.
So he says, and then he explains to the other guy, who was the other guy that was on this, like, I can't believe you're charging $8.
He says, listen, you have to figure out a way to run a business.
We got to make some money.
That's what you got to do.
So a logical thinker like that can fix this economy in no time.
Logical thinker can fix this economy in no time.
Yesterday, Biden's speech, you know what Biden's speech was?
The first thing he talked about.
So you know how when you're doing a video on YouTube, what's the most important part of a video you put on YouTube?
What's the most important part of a video?
First three seconds.
First three to five seconds.
If you don't get them the first three to five seconds, you lost them.
Yeah, like a stand-up over comments.
It is so important on how you catch my attention.
You know what's the first thing he talks about?
What?
The first thing he talks about is Paul Pelosi.
Okay.
And the threat of the hammer.
Yeah.
And then talks about the mega Republicans and talks about elections.
Like, you know, the whole message was around people that are going to question the elections.
And you're sitting there.
You're like, okay, rates just went up three quarters of a basis point yesterday.
Okay.
The market's where it's at.
People are concerned.
And the only thing he wanted to talk about was elections for midterms the entire time.
And Paul Pelosi, 23-minute speech, 22-minute speech, whatever the timeline was, that's all he talked about.
And now they're saying that the elections, midterms that are coming up, don't expect real results for a few days.
And then Brazil, did you guys see the guy that won Brazil?
Can you pull up the picture of how many people protested in Brazil?
Yeah, have you seen the picture?
It remind me of like the Iran protests.
How many people go to Brazil protesting?
This socialist who's a criminal who won.
Do you know who's getting involved?
Do you know who's getting involved to say you can't question the election results?
USCIA, the director of CIA here, one of the leaders of the CIA here, went to Brazil to deal with their elections.
And now America is saying it's a fair election.
We can't say anything about it.
And the voters are saying, no, I don't know if you count on my votes or not.
So here's where you go with it.
If somebody is sound who's coming in saying a logical thinker who can sit there and actually come up with policies that are good, this can be fixed in four years, the economy.
It's not going to take one year.
It's not going to take two years.
It's going to take four years.
And you don't just do it suddenly.
It's got to be very, you know, a methodical way of you doing it.
And Powell's trying to do it.
He's doing his best to do it.
It's not easy what he's doing right now.
It's a terrible job that he's got.
But the challenge, more importantly, is we don't have the right leadership right now to fix this economy because what they're thinking about is midterm elections, Paul Pelosi and dividing America and more pinning everything on Republicans, knowing they're afraid that potentially they could lose New York, they could lose Arizona, they could lose all these states.
They are so scared that they're saying we need two, three days.
Look, you know, when you have a friend or you're dating a girl, you're dating a guy, or you have a business partner, if a person is sitting there saying, dude, I'm telling you, you know, they're constantly saying, I would never do that.
Maybe you would do that, you know, or somebody who is keeping an area that they don't want you to look at.
You can look at anything, but not that.
We can talk about anything, but not that.
We can talk about anything.
We're not going to see here.
When a police officer says, there's nothing to see here, there's definitely something to see there.
So when politicians tell you there's nothing to look at with Brazil elections, there's nothing to look at with midterm elections.
There's nothing to look at with this.
Listen, man, I have a hard time trusting any of these politicians that taxpayers are paying because they think America is theirs and America is the people's country.
That's what it is.
And I think more Americans today are starting to realize this bullshit.
So going back to the economy side, if the right person's operating America, we can fix this.
Unfortunately, we have a hard time with the current person that we got because I don't even think he cares about the economy.
I don't think he cares about the economy.
I don't think he doesn't.
He doesn't care about the economy.
I don't think he cares about the economy.
I don't think he understands the economy.
I don't think he cares about security.
I don't think those three things are priority to him.
I'm being generous.
How do you say he doesn't care about the economy?
I don't think those three issues are in his top five issues.
I don't think he puts economy, security, border in his top five issues.
I'm not going to fight you on the security and the border because we can obviously go down the rabbit hole here.
If there's a U.S. president that doesn't have the economy in their top three, I don't care who it is, left, right, up, down, green, purple.
They are fucking missing the boat.
But by the way, you're right.
And he is missing the boat.
I don't think he cares about the economy.
I have a hard time believing they doesn't.
George Will, who hates Trump.
I agree.
Who hates Trump.
But ultra conservative.
But ultra conservative.
It's very important that the fact that you said that.
So listen to yourself.
George Will, who can't stand Trump, can't stand the fact that Bill O'Reilly wrote a book called Killing Reagan and went after Reagan.
Cannot, if you want to see a shouting match, go watch George Will Bill O'Reilly.
But he cannot stand Trump at all.
You know what he said yesterday?
George Will begs, if he can show this on the screen so the viewers can see it.
George Will begs Democrats not to run Biden Harris 2024 and risk America to Trump in scorching op-ed.
You know why?
Because he knows these two guys could care less about the economy.
It may be a top 10 issue.
It is not a top five issue for them.
I think it's like one of those things when you wake up in the morning, you're like, yeah, I've got to have some breakfast.
I got to have coffee.
That's in your top five.
Working outs, not in my top five.
Probably my top 20.
I'm going to skip it today.
Coffee, top three.
You think economy is top three?
And this guy's daily issues when he wakes up?
Hell to the no.
If it was, he would have talked about it yesterday.
It's not on his mind.
But if he's pandering to voters right now, whatever you're saying, he's pandering to voters.
He's going to talk what he thinks people want to hear in order to drive the base of the poll.
But that's the point.
You can't talk about the economy right now because the economy is shit.
But he doesn't realize.
So if you and I right now, if you got a big ass cut here, your leg is broken.
Like literally, you just broke your leg.
And I'm telling you, so what do you think about what happened with the Lakers yesterday?
Pelicans.
What do you think about it?
Yeah, I'm ready to go.
I mean, did you see that pass from Russell Westbrook?
You're like, Pat, my leg is broken.
Dude, who cares?
They won yesterday.
It's freaking awesome.
The Lakers won.
You're like, dude, my leg is broken.
So America's saying, my economy is broken.
You're talking about that elections are not going to get the real results for a few days.
What the hell are you talking about?
No, he has no clue.
They're already claiming that.
That's messaging on you.
That's messaging.
No, it's called lack of interest in the economy.
It's not messaging.
Adam, there's some lack of interest in the economy.
You have to go on the, this is the way the left views the economy.
Print or tax or regulate.
And the guy who's on the far side of tax and regulate, that's Bernie Sanders.
I've now described to you what the far left looks like.
Ultra regulate, ultra-tax.
And then over here, print.
Just print the stuff.
AOC has even said we should do, it says, why not print another $1.1 trillion?
If it helped all the people, then print another.
They don't understand that there is a Piper to be paid and it is the Federal Reserve balance sheet.
They on the left, they don't think that.
Okay.
I hear what you're saying, but Bernie Sanders and AOC don't have anything to do with the fucking economy.
No, no, no.
I'm not talking about it.
They're not doing anything.
I agree with them.
They're not Paul Volcker.
They're not Jenny Gellen.
They're not Jerome Powell.
That's not the people touching the economy.
Adam.
They wish they could.
That's correct.
Thank God they don't.
They're the number line of going to the left of how they approach the economy.
You tax it, you print, you regulate.
And go take a look at what happened in Greece 10 years ago.
Go take a look why there's conservative leaders getting elected in Europe because the people know it doesn't work.
What's going on here in Brazil is all connected.
If you've heard about international economy and they talk about BRIC, BRIC, Brazil, Russia, India, China, as the four biggest economies outside of what have known as the Western democratic economies, Australia, Japan, UK, EU, United States, Canada.
Well, guess what?
The B in BRIC is Brazil, and the globalists do not want a conservative right-turning Brazil.
That is what is happening here.
This is all aligned on the globalist left-line thinking.
It's all connected.
To me, I see a picture coming together very rationally.
And that's why you've got George Will stepping out like this, going, saying, for the good of the republic, let's not go here.
And he does not sign up to MAGA or Trump or things like that.
But he's saying, let's not go here, please.
No, so he's right.
So Democrats have rarely, the last Democrat president that cared about the economy as a top five on his list was Clinton.
Well, that's the last time that someone actually had a good balance sheet.
But he came closest to balancing the federal budget.
He had, he, let's look.
Let's not downplay this like he was all by himself without the help of Newt Gingrich and he was a man of the year of Time Magazine 19.
Let's not forget like what he did.
So everybody typically says Clinton, nobody gives a credit to Newt Newt behind closers want to share.
Yeah, because his name is Newt.
Correct.
Who the hell wants to give your name Newton?
He was a time exit man of the year by a liberal magazine named a far conservative right man of the year.
Remember fixed the economy.
But going here, 12 years at Leviticus.
The last time this happened, the last time it happened under a Democratic president was a Bill Clinton.
Democrats don't wake up in the morning with their number one priority being economy.
Biden said multiple times, the most important issue today is climate change.
The most important issue is not economy.
They don't think economy.
You think economy.
The average person thinks economy.
They don't think economy.
They're trying to sidetrack you and confuse you from where the economy is headed towards.
Can I give just a little two, a little my two cents?
I happen to think, I don't know if I'm right, if I'm wrong, if the economy's not in his top three, he's completely missing the boat.
So I don't know what's in his brain.
Half the fuck, he doesn't might not know what happened.
He doesn't know what's happening.
Exactly.
But if he's not meeting with his economic team on the regular Janet Yellen and the whole squad, I mean, you're missing the boat here.
But here's my final point.
This is great.
We're having this macroeconomic talk.
That's awesome, amazing.
There's things that you can control and there's things that matter.
So this matters, but we can have, we have no control.
When I say we, I don't mean people with mouthpieces like we actually do have a little bit of control.
I'm talking about the average viewer out there.
You know, there's a famous saying that don't fight the Fed.
You've heard this saying before, don't fight the Fed, meaning like, there's nothing you can do about the motherfucking Fed.
Sorry, not going to happen.
But what can you do?
So two years ago, it's crazy how things can change like that.
Davos, Switzerland, two plus years ago, Ray Dalio, you've interviewed him, he sat down and he gave a whole big speech.
This is like a month before COVID.
And the famous thing was, what?
Cash is trash.
Cash is trash.
Two years later, 180.
What is he saying now?
Well, guys, my bad.
Turns out cash is pretty good.
Cash ain't trash.
Cash is king.
Okay, so what can you do about it?
There's nothing you could do about higher credit card rates.
There's nothing you could do about higher mortgage rates.
There's nothing you could do.
What do you mean you can?
But you can.
Hear me out.
And then you tell me.
I want to hear what you say.
I'm meaning, whatever the Fed fund rate is, what at 3.75 to 4%?
Yeah.
There's nothing you could do about that.
What you can do, if you're listening and you're watching, is stack cash.
And when there's a right moment and a right opportunity, you can seize the moment, Car P D M.
However, everything that the Fed is doing, unless you're super, super, super creative, and that's why I want to hear your response.
Like, you're not going to do anything to quell how high interest rates are going.
There's nothing you could do.
You stack cash.
Maybe you get a higher checking card.
You went from one subject to a completely different subject.
Okay.
So we were talking about the economy being a priority.
And you're saying, how could you say the president's priority is not economy?
It's not.
It's not in his top five.
Period.
What you're saying is that the average person watching us, you can't do nothing about it.
So, you know, tune out and just go do your thing and try to stack some cash.
I'm saying when it comes to your money, there's nothing you could do about interest rates.
I was very clear.
You can't fight the Fed.
You can't change.
I think long term, long term, you can with the way you vote.
You can with the way you raise your kids to think about money in a certain way.
You can with the way people think about fiscal responsibilities.
You can with going back to common sense.
You can with going back to teaching math.
Do you know what's the one thing I judge parents on?
I look at a parent the other day.
I sat down.
We play a game with our kids.
Here's what the game is.
For every parent that wants to get their kids to get better in math, just the game we play.
We're at lunch.
Here's how the game goes.
Let's play it.
Matter of fact, all five of us are going to play it right now.
The four of you.
I'm going to play with you right now.
You ready?
Audience, you can play this as well if you want to.
We'll go with Adam to make it easy, and then we'll go.
You're going to be the hardest one because how it starts.
No, no, no.
Vinny, Adam, one times one.
One.
Two times two.
Four.
Three times three.
Tom, don't play again.
Four times four.
16.
Five times five.
25.
Six times six.
36.
Seven times seven.
49.
Eight times eight.
64.
Nine times nine.
Ten times ten.
Eleven times eleven.
121.
12 times 12.
I don't know.
144.
Okay.
144.
Yeah.
But wait, you want to know a formula that's going to make it easy for you for the rest of your life?
Yeah.
Okay.
12 times 12.
What's the easiest way to figure out the answer is 144.
You take 12 times 10, which is what?
120.
120.
Then you take 2 times 12, which is what?
24.
24 plus 24 plus 120 is what?
24 plus 120 is 140.
144.
13 times 13.
Fuck me.
166.
169.
14 times 14.
140, 184?
180.
So you're right.
140?
Then take 4 times 14, which is what?
4 times 14.
Do 2 times 14 is 28.
28 times 2 is what?
56.
What's 56 plus 140?
196.
196 is, okay, what's the next one?
Go, you're at 14 times 14.
You did 14 times 15 times 15.
55?
225.
225.
16 times 16.
You guys, by the way, the point.
Can I say something?
So half the audience is like, dude, that was sick.
Pat just like broke it down.
Half the audience is like, these people are fucking in the middle.
I'm just going to let him set it in.
I want to make a point to you here.
You know what happened?
We're doing this Sunday night.
My nephew is there, Sean.
Okay.
Great kid.
Jennifer's sitting next to me.
Mario's sitting next to me here.
And I'm not even talking to Jennifer.
And I'm not even talking to Mario.
All of a sudden, they're kind of like, Pat, how did you just come up with that formula?
And Mario's like, holy shit, I needed that in high school.
He said, literally, that's all you do.
I said, so we went all the way up to 30.
Oh, my God.
With nine-year-old kids.
I said, let's do 29 times 29.
What's 29 times 29?
2 times 29 is what?
58.
You add a 0, which is what?
580.
580.
So now we have a 9 times 29, which is not easy.
But let's do what's 9 times 2?
18.
18.
You add a 0.
180.
Okay, so so far we have what?
180.
180 plus 580 is what?
760.
So what do we have left?
What do we have left?
Come on, Vinyl.
We have 9 times 29.
We did 9 times 20.
All we have left is 9 times 9, which is what?
81.
81.
What's 81 plus 760?
841.
Viny, you got this, bro.
But the point is, we need to teach economy.
We need to teach numbers.
We need to value math.
We need to value logic.
The more we value voting through logic, we're not going to fall for this bullshit stuff that they're talking about.
We're not teaching enough people to learn how to reason, to learn how to make decisions, to learn formulas on what makes the economy work.
Everything in life for me is about figuring out the formulas.
I watch you.
You don't even know this.
I watch you and I look at Adam when he walks.
If you look at the way Adam walks, Adam walks like he's 22 years old.
Okay.
But here's the one thing most people don't know about.
Adam, every morning, doesn't matter where it is.
What do you do in the morning when you wake up?
I stretch.
I do yoga.
How long you stretch in a morning?
Do I have a PBD podcast that morning?
Because it's like 30 seconds.
But no matter what, if you don't have a PBD podcast, how long do you stretch in?
A half hour.
But you do it every day.
Yeah.
Okay.
Guess what?
I'm in my 40s.
That's a formula.
You ought to wake up in the morning and do stretch.
I'm looking for formulas.
I look at Tom when I'm on the road with Tom.
It doesn't matter what time it is at night.
You know what's the last call Tom makes?
To his kids.
How's your day today?
What'd you do today?
How was school?
How was your test?
How was your exam?
He does it with both of his girls.
No matter how many places we're in life, I want to borrow great formulas.
Our job is to borrow great formulas in every aspect of life.
We just learned printing money is not a good formula.
Remember this the next time they want to, you know, somebody's running to say, I want to print money to help things out.
Just remember certain formulas don't work.
So, yes, short term, go get your cash, go make your money because a lot of shit's going to be on sale next year.
But long term, get a little bit more clear on your philosophies so you don't fall for the same bullshit people keep voting for.
And then they say, I can't believe we're in this economy.
You voted for this person.
What do you mean you don't know how you voted for this person?
Well, I just didn't like the other person.
Next time, don't vote based on emotion or identity.
Vote a little bit more on logic, formulas, and ideas.
Yep.
Not purely emotion.
So I think long term, we need common sense to come back to be popular again.
We've stepped away from that.
Well, we just did right now some basic math formula that we lost 90% of the audience.
I guarantee a lot of parents.
I guarantee you.
How many guys that are parents that you have kids under the age of 12 are planning on doing this with your kids this Sunday?
Yeah.
Comment if you would.
And Paz, basically, what you're saying is, and I get it.
You know, I get the media attacked Trump and went after him.
So you're saying, stop thinking about personality and think about the policy, the stuff that these people are pitching.
You know what I mean?
Like that's what Trump, again, same argument.
Hate him, orange guy, demon, World War, whatever.
The policies were kicking ass and the proof was in the pudding.
We went like this, and now the other side's excuse is, well, at least it ain't that guy, which is bullshit.
I'd have more respect if Biden, if any president, just came out and goes, all right, guys, listen, we're fucking up.
All right.
Give us a little bit more time to drive.
Admit that you're doing it because we all see it.
They don't have the balls and be like, listen, we're screwing up bad, but my bad.
I don't know if you can.
Can I throw?
I'd like to go to next topics, but last one here.
Take us home here.
Go for it.
Listen, we all remember in 2010 when the Tea Party came into effect during the midterms.
It was midterm.
So there was like 12 years ago, like this week.
That was an idea and a philosophy.
Right.
And essentially, those are all fiscal conservatives.
Correct.
A lot of those guys are more libertarian and base.
Like they talked about what they were going to do.
Quote unquote.
Do they were against Obama?
I'm going to do this.
I guess all I'm saying is there's different.
There's no doubt that Republicans focus more on the economy.
If you're more conservative, you're more conservative with your ideology, but also with your money.
You're more a fiscal conservative.
I'm with, for sure, the conservatives on that side of the equation.
But I think we would be doing kind of a disservice to pretend that Trump didn't also print $2.2 trillion of money when COVID started.
So like there's the Trump effect, but he also, like he's the person that up, like as far as COVID goes, he was the person responsible for operation warp speed.
He kind of got stuff going.
So I like I hear what you're saying, because I do agree with you, but I can't just give Trump a free pass, as if he like did everything great and he didn't, wasn't responsible, Responsible for printing money and creating COVID, you know, vaccines and all that.
So it doesn't exactly always equate that way.
Yeah.
Tell me why I'm wrong.
Go ahead.
Tell me why.
Tell you why you're wrong.
This guy shut down coming in from China immediately.
They said this guy is anti-Asian.
They said he's racist.
This guy tried to put, you know, what do you call it on taxes when he was putting tariffs on China and oh, he is racist.
This guy shut down anybody doing business with Iran and flat out put tariffs and banned anybody doing business with them.
Oh, he's race.
This guy was ready to shut down TikTok.
Oh, no, I can't believe he's going to be doing this.
And we realize what TikTok is doing right now with a story this week, just yesterday.
We were talking about this on Tuesday.
TikTok is potentially the next app to go down.
He was the only guy that had the brass to make tough decisions.
And the reality during that time, when COVID came out, nobody had a clue what the hell was going on with the pandemic.
They didn't want to blame China.
Everybody wanted to blame COVID on him.
He's in the middle of it saying, what the hell are we doing?
This guy that's supposed to know everything, Anthony Fauci, is saying it's best if we shut down.
If I don't, I'm going to go against science.
What do we do?
If I'm shutting down restaurants, I got to pay the money.
Shit, if we're telling you you can't go to work, we have to pay for the money you're not making.
Then what are we going to do?
It was hands tied against his back and it made him look horrible.
And it's why he lost the election.
If COVID doesn't happen, he's your president today.
We're not in the economy that we have today.
Matter of fact, even yourself, COVID doesn't happen.
He's president today.
Tell us, where's the market at today?
Well, did we print $5 trillion or no?
No, we didn't.
If COVID doesn't happen, if COVID doesn't happen.
You're assuming that he wouldn't have printed any money?
If COVID doesn't happen, you don't need to print any money.
What do you mean if COVID didn't happen?
If COVID doesn't happen, why do you print any money?
Well, you're saying if COVID just didn't happen, there is no COVID.
I wish that fucking didn't happen.
But if COVID didn't happen, who's your president today?
It would likely be Trump.
And how would the economy be today?
Hopefully better than it is now, of course.
But that's a no-brainer.
Listen, just to be super clear, would I rather have Trump and a good economy in 2022 or COVID in a bad economy?
I don't care how much you hate Trump.
You fucking take Trump in the good economy.
Nobody wanted COVID.
The Adam of two years ago wouldn't have said that.
No, that's not true.
The Adam of two years ago.
You think I'm rooting for COVID?
Nobody.
Rooting for a bad economy?
No.
No, don't answer here.
Don't get dramatic here.
All I'm saying to you is, if they needed something to get this guy out because he was exposing all these politicians and they hated it.
They couldn't stand it.
The way he did it, he could have been 10 times smoother, but he was exposing all of them and they hated it for it.
You can bash the guy.
You can trash the guy.
You can say whatever you want.
If somebody is targeted that hardcore for this many years and nothing's happened to him yet with Russia, all these scandals, you are naive if you believe 90% of the stuff is true.
Naive if you believe 90% of the stuff they went after is true.
Well, you said two things there, if I can.
I know we want to move on, but yes, the media completely lied about him.
And what came first, the chicken or the egg?
Did he hate the media or they hated him and he was attacking them?
So we're in full on fundamental agreement there.
But you also said something else.
Were you basically saying that COVID was essentially created to get Trump out of office?
No, I never said that.
No, but you said that like...
I didn't say that.
I know.
They needed something.
You're saying they needed something to get him out.
It's not they needed.
They needed a crisis to get him out.
And they used COVID as the best crisis ever.
There couldn't have been a better crisis given.
Handed over to them.
I'm not saying this is.
They didn't create that, though.
Who the hell said create?
Tell me.
Rewind to see where we said.
You're saying they needed something.
No, I see.
So they were opportunistic.
They saw this happen.
Of course.
When 9-11 happened, what did Bush do?
He united America.
Of course.
And what did the media in 2001 do?
They all got back, got behind each other.
Yes or no?
It was the biggest tragedy in America since Pearl Harbor.
So, of course, if you're an American, you're going to have a little bit of a double- This is a pretty big tragedy with COVID that took place.
And this COVID tragedy that happened, what did they do?
They blame Trump instead of China.
Yeah, you can't tell me you don't remember that.
And they called him a race.
Sounds like this was 20 years ago.
But when COVID happened, it was his fault.
Even though he shut the moment he shut down China, Nancy Pelosi, the next day was in Chinatown.
Yeah.
And then she changed her position two weeks later, saying, we should have closed China earlier.
What the hell are you talking about?
The level of, the level of hypocrisy lost during COVID, they lost their credibility.
They used Russia.
It didn't work.
They tried to use COVID.
It worked.
They used a crisis.
But what they got with the crisis they used, which is awesome, you have no idea how glad I am America got Biden.
I can't even describe it to you.
I love the fact that Biden's our president because of one reason.
You know why?
Because everyone's seeing what the opposite policies look like.
And people behind closed doors are like, oh my God, this isn't bad.
And I voted for this guy.
Do you know how many people have voters' remorse right now?
A lot of people.
I know a lot of people that have voters' remorse.
You know why the only reason people who have voters' remorse won't say publicly?
Because we hate being wrong.
Our ego's in a way.
There's no way we're going to admit to it.
Voters' remorse, voters' remorse.
They'll still go back.
Anything but that guy.
No, people have voters' remorse.
Tell me what's going on with your job today.
Tell me what's going on with the economy today.
Tell me what's going on with your lifestyle today.
Tell me what's going on with your gas station today.
Tell me what's going on.
Tell me what you're thinking about.
I'm so glad this happened for people to realize what the opposite looks like.
The next time around, think twice when you vote.
If the right votes are going to be going through, like what they're talking about when Biden says, it's going to take a lot of places three, four days.
Dude, for decades, for years, without the current technology that we have, we had results that same night, four years.
You mean to tell me technology is backtracking and now you need more time to count?
What are you talking about?
In every single thing, I'm getting data analytics faster.
We just bought a technology six years ago, five years ago.
We invested $10 million into it.
I can pull up the data right now while I'm talking to you.
I can tell you exactly how many policies we sold last night.
Okay.
I can pull it up right now while I'm talking to you.
And many times I do while I'm on the podcast, I check to see how our day was yesterday.
Okay.
I just go here, one button, boom.
I can tell you exactly how many policies we sold last night.
I can tell exactly, you know, 300 policies were submitted last night.
I can see that with this.
But if you asked me this 12 years ago, hey, how many policies were submitted last night?
I would have to call them more.
Hey, let me check with the department.
We're going to get back to you in a minute.
Four hours later, we sold 28 policies last night.
We didn't have technology.
Now you need three days to decide elections.
And since 1776, with no technology, we had results the same.
I need three additional days.
You're a qualified naive.
There's many words I can add.
If you actually believe that they need three additional days, if you're not skeptical in that statement, you deserve exactly what you get if you're not skeptical in that statement.
And Pat, not to be a conspiracy guy.
I'm just saying I can have an opinion and I could have a thought.
If 2020 was a movie and you wrote a movie that was, okay, this figure is just crazy and he's loud.
And this government wanted to get him out.
And the country that he put all these tariffs and all this trade stuff with, all of a sudden, a virus comes out of this lab that we own, that now we're finding out leaked.
They're finally admitting it and made everybody stay home and have to vote in by mail.
And now this guy that sat in the basement all of a sudden had the most votes ever.
Some people would be like, holy shit, what a movie.
How's it end?
This is the ending of the movie.
But this is all I'm saying.
This is all I'm saying.
I'm not telling you there was voter fraud.
We know there's voter fraud in every election.
Of course.
But for a person to say, for a person to say that, hey, you know, we're going to end up needing a few more days in 1700s, in 1800s, they got results same night.
We have better technology, smarter people today.
You mean our system got worse?
You have to be a moron to believe that.
Or you choose to believe it because you like it because it favors you.
Or if you're a halfly logical, reasonable person who sits behind closed doors, even though you're sitting there saying, I don't like that guy, I'm a true natural Democrat.
Behind closed doors, you're in the bathroom.
You're watching a video and somebody says something like that.
You have to say something like this.
I don't know about that.
That sounds a little strange.
That sounds a little, why do you, why do we, after all this technology, today, if you're out there, you're listening to this and you're saying, Pat, I disagree with you, fine.
Go present this argument to people around you tonight at the dinner table.
Talk to your friends.
Talk to your family.
For hundreds of years, 200, whatever years, 60 years, 1776 today, we can do the math.
For many years, 240-something years, we've done okay with getting the results of elections that same night in different states.
But now with all the technology that we have, that we can get any results.
You can go on analytics on Instagram and find out how many people shared your post.
You can go on analytics on Twitter and find out how much reach you got, but you cannot find the people that voted on the same night to announce it on MSNBC, Fox, and CNN.
Okay, wink, wink.
You're right.
You're a dummy if you fall for that, period.
And I'm not a dummy.
So that's the only level of skepticism I have that when the economy is where it's at and you're talking about elections.
Look, folks, you know, all I'm saying to you is keep your eyes open.
There's been people.
How many people have had family members that stole from them?
How many people have had family members that have stolen from them?
Everybody.
Have you had family members that have stolen from you?
Have you had family members that have stolen from you?
Have you had friends that have stolen from you?
Have you had a friend that backstabbed you?
Have you had a girlfriend that stole from you or backstabbed from you?
If your own blood will steal from you, you don't think the government will lie to you?
Like, who do you think?
Do you think you matter to have these guys?
No.
So we can't be that naive and think it's not possible.
We have to be a little bit more alert.
We have to be a little bit more wary.
We have to be a little bit more skeptical.
We have to stay paranoid because that's when you are able to protect yourself.
Very simple.
You know what sucks, Pat?
You saying this, going to what we said?
You can't, we talked about all the time.
You can't even have an opinion.
Like, I don't trust them.
You can't even talk about it.
Just like with the Instagram.
Can you tell everybody what you're doing?
Somebody sent this to me yesterday.
I'm like, there's no way that's.
For the past two days, Tom, we've been posting videos because I've been shooting sketches.
And forever, since I've been with the company, I've been tagging at Valutainment on Instagram.
Yeah, you now post something, you go and tag it.
Yeah, and now if you go to tag it, a warning comes up and goes, hey, just letting you know this at this point.
This handle, false information and false this.
Do you still want to tag them?
Like they're babysitting me because they're warning me about value tame.
Guys, you were sending me this yesterday.
I'm like, there's no way this is real.
I didn't even bring it up to anybody.
And then you brought it up this morning.
This morning, pre-podcast, I wanted to show my fans.
I tested it right now.
They just did.
Yeah, they hit me with it.
And what's it tagged with?
What does it say?
What does it say?
It says, try to tag value tainment guides.
Let me try.
So what do you do?
You go and you try to post it.
Go to your story, Pat.
Go to your story.
I'm just reposting what we talked about.
And I type in value.
This account has repeatedly posted false information that was reviewed by independent fact checkers that went against their community guidelines.
Do you want to mention this account?
Who's the independent fact-checker?
Tyler.
Who is that?
Snopes or political factors.
Are you kidding me, bro?
Well, Mark Zuckerberg has admitted that the fact checkers are just biased.
Basically, by the way, by the way, guess what?
Fine.
Do it.
You know what's happening?
Guess who disfavors more?
Guess who disfavors?
Guess who this favors?
One company that's going to blow up and a trillion-dollar company.
Keep playing these bullshit games.
I tweeted at Elon yesterday saying, tell me how we can get in on the investment.
Yesterday, Kathy Wood from ARC, who hates Elon Musk and shorted Tesla, all of a sudden got some money in it where you can invest directly into Twitter and you can do as low as $500 a month, but only 12% goes into Twitter.
So I tweeted at Elon.
I got a group of people that want to invest into Twitter.
How can we get involved?
Do you know why I'm doing that?
Because I think that's going to be a trillion dollar company.
I think.
And it's how I know.
I think I believe it's going to be a trillion dollar company.
Why?
Because I'm confident Facebook's going to screw up.
I'm confident TikTok's going to screw up.
I'm confident Instagram's going to screw up.
And I'm confident Elon's going to keep it freer than the rest.
And that's why I believe Twitter is going to be a trillion dollar company.
Her politics are blue.
How money is green?
I called my financial guy yesterday, told him how much I want to put on Twitter.
He says, you want to go that high?
I said, yes.
He says, you sure?
I said, yes.
Yes.
I want to go that high.
Not because of just Elon, because I know the other guys are going to piss off too many people.
What do you mean, misinformation on value taint?
You kidding me?
Like, we're an entrepreneur site that's talking about business and issues and finance and economy.
And you're going to say these guys post stuff like that?
One of your videos on Instagram got how many views?
On Valutainment?
29 million.
29 million views.
You're ah, whatever sound that you want.
Yeah, the pick prank.
It's hilarious.
But anyways, it is what it is.
Let's continue with the next topic.
Hopefully the next one we won't need 55 minutes.
Okay.
I think that was good.
Within that topic, I think we hit up like 10 other topics.
Okay.
Nearly 40%, nearly 40% of small businesses in the U.S. failed to pay rent in October.
This is a Daily Mail story.
The findings published Tuesday by Boston-based business tracker Alignable illustrate the stark effect inflation is having on everyday Americans.
The survey of 4,789 small business owners saw more than half of respondents say their rent is at least 10% higher it was six months ago.
Interesting.
10% higher than it was six months ago.
If you go back even seven months, the majority said rents have increased 20%.
20%?
If you're paying 10 grand a month, now it's $12,000 a month.
The study found that roughly 37% of small business owners, almost half of all Americans working in private sector were left unable to pay rent in October.
Compounding concerns is the fact that several states such as New York and California are already well over already, well over the already high national average.
Tom, what are your thoughts when you see a number like this?
How important is this to the average person?
This is hugely important because this is the dry cleaner down the street that you go to.
This is the little butcher shop in Brooklyn that you go to.
This is the small businesses you go to.
This is the bead and art shop that your daughter goes to and gets those little things for crafts after school.
These are small businesses sitting there on Main Street America that are now, this is the plumber that you've used for 20 years that now his little shop where he parks his trucks and his guys come in and he's got a few sinks on display and stuff.
His rent is up.
What this is saying is this is real.
And so these folks are going to, what are they going to have to do?
They're going to have to raise prices a little bit on you.
That's inflation.
To the average person, you say, wow, this is terrible.
No, this is the front end of inflation.
Their rent goes up, so they have to raise the price that you pay.
That's the front end of inflation.
And this is, to me, the real fire in the mouth of the dragon hasn't been seen.
And we're going to see it right here as we go into the end of the year, Pat.
I mean, this is the fire in the mouth of the dragon.
What I mean, I just can't say it any more clear.
Why is the dragon have so much stuff in his mouth?
What do you mean, like the fire in the mouth of the dragon?
Well, I mean, things are getting hotter.
You've got now people, these are businesses that are about to close.
These are people that have a risk of going out of business.
This isn't just a little increase in the unemployment rate.
These are small businesses that are building the jobs and are the core of the economy.
And I'm saying that the dragon breathing fire is inflation.
And this is a leading indicator.
Got it.
That's the key.
That's the word I was looking for.
Leading indicator.
Check this out.
Can you pull up Airbnb?
What happened with their quarterly earnings?
Just type in Airbnb quarterly earnings.
Okay.
And their numbers, I think, just came out two or three days ago.
Go to news.
Go to news at the top.
Yeah, there you go.
Go to news.
Zoom in a little bit.
Zoom in a little bit so we can.
There you go.
Click on that right there.
Boom.
Click on the first one, CNBC.
Airbnb earnings, 90%.
It's okay.
I don't want them.
90% of their traffic is coming to the, no, go to the top one.
That's the one I want.
Yeah.
So look at this.
Shares of Airbnb tumbled 13% on low fourth quarter guidance.
Okay.
Zoom in a little bit more so we can read that.
For the fourth quarter, Airbnb said it expects to deliver between $1.8 billion to $1.88 billion below the midpoint of $1.85 as expected by an analyst, go a little lower.
So why does Airbnb data matter?
Okay.
Airbnb beat on Tyler's.
The company posted a revenue of $2.9 billion year over year.
$2.8 billion.
But Airbnb provided fourth quarter revenue guidance at $1.8, $1.85.
Airbnb is expected to a continued, albite choppy recovery of cross-border travel to be further tailwind to future results as countries around the world continue to recover from COVID lockdowns and grapple with high-level inflation rates.
Airbnb also cautioned that the strong dollar will lower its international average daily rate.
Analysts at Evercore ISI said that this was the key negative in the departments of all in.
We have fundamental trend.
We're resilient.
Okay.
So if people are, if Airbnb's numbers are 13% lower to tumble, their stock tumbles because they're thinking traffic's not going to be as high.
Why are people not traveling as much?
Why are people not spending that money?
That's another indicator you have to be careful with that people are not spending that money.
There are certain areas, exotic cars, down.
Collectible cards, down.
NFTs, down nearly 94%.
You can go through so many of these things that people are just kind of throwing money at it.
Yeah, you want to go on a vacation?
Let's go get an Airbnb.
Yeah, you want to go?
Let's go buy a collectible card.
The same Kobe Bryant card, that's one of two, that sold for $1.7 million two years ago, I want to say, sold for $690,000 two months ago.
Okay?
There's only two of those cards.
It's his best card in the world, only sold for $690,000, roughly $700,000.
This card got a $1.7 million a year and a half ago in the last 12, 18 months.
Same exact card.
Same, you know how we say VIN numbers, same exact identification.
Everything's the same.
Sold for more than 50.
Why?
Why are people not doing it?
I don't know.
Maybe people are hoping they keep their cash because they're going to need it for other places.
So when you're seeing businesses not paying rent, 40% of them are behind, that's problematic.
You need those guys to be paying their rent.
So Twitter, let's go to Twitter on some Elon Musk stories here.
Twitter employee.
Okay, first of all, let's talk about Twitter asked Elon Musk oust Twitter board named sole director and people are overreacting to this.
Oh my God.
God forbid for this guy to do something like this.
Twitter said in the securities filing Monday that the nine members of its board, a former board, are no longer directors of the consummation of $44 billion merger.
Musk always intended to take over as a sole director under the terms of the merger agreement according to the filing.
The dissolution of the board was disclosed in a broader securities filing that spelled out other formalities as part of the deal closing, including repayment, data, da-da-da-da.
Okay, great.
So the market reacts.
Oh my God.
He fired everybody on the board.
He's the sole director.
This is bad news.
I just sold my insurance company June 27th, and we had a good-sized board.
And when we talked to the company that's buying it, they didn't buy 10% of it.
They didn't buy 20% of it.
They bought 100% of the company.
When we talk to them, there's no longer the board.
I'm a manager and director, and the board members are nicely, kindly asked, hey, thank you for your service.
Thank you for what you did, but you're no longer a board member.
The new owner chooses to not have that board because that's how things like this happen.
But this makes for a great headline.
This makes for a great story.
And he's the sole director because he owns Twitter.
That's what the normal person that buys a company does.
He gets to choose that.
He didn't get rid of them for any reasons.
He didn't fire them.
It's just what you do when you buy a company.
Tom, when you hear a story like this, what do you think about it?
Oh, it's just piling.
Everybody's piling on Elon Musk.
They're just piling on trying to find a story where there's a nothing burger there.
If someday he takes Twitter public again, he will have a board of about nine people.
Why?
Because the law says that the Securities and Exchange Commission says that you need to have a board and compensation committees and audit committees and things like this.
But when let's put it this way, if you're out there thinking about this and you own a small business, who's the owner?
You.
Who's your board?
Yourself.
Who are your advisors?
Maybe your spouse, maybe friends, maybe family.
Maybe Patrick Bet David is one of your advisors.
But it's just you.
But if you went public, the law says you have to have a board.
Twitter is no longer public.
And I look at this and it's just like what Pat just said about selling his company.
This is piling on.
This is a nothing burger.
These are people saying, oh my gosh, he ousted this board.
He didn't oust this board.
They were a public company board.
And when the public company dissolves, you no longer need it.
It's a very normal thing.
It's not a big thing.
It's not just normal.
It's according to the legal regulations of how you organize and tax a company.
But it makes for a great headline.
A matter of fact, this next one is even better.
If you want to pull this one up.
There he goes again.
Let you and CNN say there he goes again.
Can you pull up Elon Musk's Q score?
I'd like what I want to know is what is it about Elon or why there's so much hate towards Elon?
Is it because he's a billionaire?
Is it because he trolls people?
Is it because he's childish?
It's because the word he's taking over the world.
Is he an advocate of free speech?
Because that's not what they like these days, apparently.
I don't know.
I think freedom of speech is pretty damn cool.
Hang on.
He's an entrepreneur who won't toe the line and is unafraid of you.
That's.
No, no, no, no.
But why do people, I understand why maybe like big government wouldn't like him or even big tech or competitors.
I'm saying average people.
What is it about Elon that pisses people off?
You see all these famous people even Twitter.
Go to Gates.
Okay.
So go to Elon.
Okay, go to Cuban.
Go to Buffett.
Go to Bezos.
Elon's the most this Bezos is the most disliked, by the way, out of all of them.
Interesting.
Bezos is 38%.
Yeah, can you go over these numbers?
30%.
Yeah, if you look at go to Donald Trump Jr., let's see what that one says.
Facts.
He's disliked by 53%.
Go to Zuck.
Of course.
He's disliked by 49%.
Zuck is almost disliked as much as Donald Trump Jr. is.
That is very, very strange.
Go up.
So Bezos was what?
Disliked by 38%.
Buffett was 17%, 20%.
Musk was 30%.
Click on Musk, 33%.
And Gates was 29% if you click on Gates.
By the way, this numerical order, is it like there's a reason for it?
Is it based on fame?
Is that the highest, how they're putting this?
No, I think it's based on popularity.
Well, yeah, fame, popularity.
So Bill Gates is 97%.
Then Elon, keep going.
Just boom, Junior?
Junior?
93?
80.
It's not the number of people heard of.
It's who they're liked by.
Yeah, it's like this.
But tell me, tell me what's your question.
So, what I'm saying is, okay, so we're using what number are you looking at?
What number are you focusing on?
The fame, the popularity, the dislike.
I'm slightly looking at dislike.
Okay, you're looking at dislike.
That's the point.
You're saying you said, why do so many people dislike him?
So that's the number I love.
Okay, gotcha.
So Bill Gates is 29.
Elon, go quick, Tyler, so we don't take a lot of time.
You just did it.
Elon is 33%.
Mark Cuban is 17%.
Buffett is 20%.
Bezos is 38%.
Junior is 53.
And Zuck is 49.
Yeah, not sure why Junior is on that list.
However, very weird that they have Junior on their list.
If you had Donald Trump on there, that'd be one of the things.
Why is Jr. even close to that list?
So how do you process this?
Yeah, that's what I'm wondering: is that Zuckerberg and Bezos are way more hated than Musk.
Way more hated based on these numbers.
Yeah.
Yeah.
Interesting.
But here's the point.
It's such, I'm so glad you went here because great point you're making to say just because politicians and mainstream media scream out as loud as they are about how much they dislike this guy, the average person actually likes this guy.
That's my whole fucking point.
You're right.
I'm like, what's with the hate on Elon?
But you cannot be, again, the one thing that we have to work on as we mature in business.
Like I was a naive businessman.
I was a naive salesperson.
I was a naive player in the market.
You know, you're not naive when it comes down to girls.
There's no way you're going to be naive when it comes down to girls.
Leave my personal life.
But what I'm saying is, we all have areas of our lives where we're not naive in, where you don't fall for bullshit.
Okay.
For example, yesterday, Dylan and I were driving the car.
I said, Dylan, who do you think is going to win the Super Bowl?
Oh, Dad, for sure.
The Eagles.
Tell me why the Eagles.
Oh, Dad, are you kidding me?
I'm telling you for sure they're winning.
I said, what are you talking about?
He said, Dad, they're 7-0.
Maybe the Giants.
Maybe this, maybe Minnesota, but it's going to be Eagles win the championship.
So that's what you call a naive fan.
And then I said, look, in the game of sports, winning the championship has to do with what?
Who is the healthiest when playoffs start?
Who's the hottest team during the playoffs?
Hottest and the healthiest wins the Super Bowl, right?
Most likely to win.
Hot and healthy.
When it comes down to stuff like this, you can't be naive and say, why does the media not like this guy?
Dude, the media had a full-on monopoly on controlling the point of contact and the narrative until this guy bought Twitter.
Facebook actually has to now wake up and say, listen, guy, if you keep doing this stuff of be careful because of disinformation stuff, this guy's going to hurt you.
You know what he's trying to do?
Do you know what one of the things he's trying to do?
Can you pull up that Fox Business article that Mario sent to us yesterday?
It's a fantastic article that Mario Mario's very big on news and Wall Street Journal.
About the five things that Elon wants to do.
So Elon Musk's five major moves in the first week of Twitter ownership.
Go up.
Let's look at the five.
Go up.
Okay, number one, dissolving Twitter board.
Okay, that's done.
He owned 100% of it.
Go to two.
Two is firing top executives.
Zoom in, zoom in, zoom in.
Some people are very upset about what this guy's doing here.
Following the closing of his acquisition, Musk fired Agrawal, chief financial officer, Ned Ziegel, Vijay Gaddi, Twitter's head of legal, policy trust, general counsel Sean Edgett, also confirmed on Twitter that he is no longer with the company.
After several outwards reported, he was including this.
He says, Thursday concluded five years of Twitter.
I'm grateful for the opportunity.
I've worked with such an incredible group of people.
Okay, great.
So now go to the next one.
Go to the next one.
Point number three.
Point number three on what he did.
Right there.
Bringing in.
Look at this one.
This is important.
Bringing in Tesla engineers to review Twitter's code.
Oh, my God.
Uh-oh.
Uh-oh.
And you better believe Tesla engineers running a trillion-dollar company.
They kind of know what they're doing.
Of course.
Go to number four.
Go to number four.
Launching content moderation council, moderation council, and revamping Twitter verification.
This is the $8 a month thing that he told AOC.
If you go a little bit higher, right?
I'm sorry.
I say higher.
I mean, Lord, yeah, there you go.
Uh, Twitter will not be an platform.
Twitter will not allow anyone who was deplatformed for violating Twitter rules back on the platform until we have a clear process for doing so, which means if some of you guys are wondering about Trump, it's not going to be happening, which will be for at least a few weeks.
Twitter Content Moderation Council will include representatives with widely divergent views, which will certainly include the civil rights community and groups who face hate-field violence.
Go lower and show the last one, which is number five.
And I'll tell you what he just tweeted the other day: go to number five: Vine Revival, which he wants to bring Vine back.
And 5 million people voted for that.
70% want that thing to come back.
Here's the point.
Elon said the other day, which is powerful, and it's important, Vinny, to you and to Adam and to Tyler.
Here's what he's doing.
He wants to pay content creators.
It's great.
What does it mean he wants to pay content creators?
What other platform pays content creators?
Hello, YouTube pays content creators.
Facebook pays content creators.
Let me tell you this way: if this guy starts paying content creators on Twitter and they start making money, they have to realize he is now officially the most hated man, both in politics and in Silicon Valley, because Silicon Valley has controlled everybody because they've had Facebook, Twitter, everyone.
And now this guy picked them up.
And then in politics, they've had to control the narrative.
Now they can't call this guy and say, hey, you got to deplatform that guy.
Hey, you got to do this.
You got to.
Nope.
Because he ain't playing by your rules anymore.
That's why he's the most hated guy by politicians and Silicon Valley.
And want to talk about another people that hate him?
Tyler, if you could put it up, Christians and conspiracy theorists.
Did you see where he wore for Halloween?
The costume?
The chess piece was the Baphomet, like the devil with the upside-down cross.
Could you go to his look at the chess piece?
Zoom in on that.
Christians and everybody are flipping up because this is the devil's, what's it called?
The devil's armor or something like that.
Can you zoom into the chest, Tyler?
It's the upside-down Christians.
We're not happy.
He has an upside-down cross and like the goat, the devil.
People are like, he's a devil.
I mean, that's Halloween.
I mean, Halloween, but bro, that's like that's an $8,000 costume.
The girl I hung out with on Halloween, she wore a devil's outfit.
So it's like she was hot.
She's hot.
Well, for him to do that, bro, he pissed off a lot of people.
Pissed off a lot of people.
You know, I get that.
I'll tell you what.
Ultimately, I like Elon.
Okay.
I'm not like a Elon guy.
He's the best.
I'm like, no, I like Elon.
I think he's a necessary guy.
I think he's an awesome guy.
But to use your sports analogy with Dylan and who's going to win the Super Bowl, I'm a sports guy.
You're a sports guy.
We're all sports guys.
Anytime a new coach or a new GM comes to a team, Lakers, new coaches here, we're cleaning the house.
We're starting fresh.
I want my guys in there.
I want my offensive coordinator.
I want my defensive guy.
I want my guys in there.
Bing, bing, bing, bing.
It's so par for the course.
No one talks about it.
But when a guy comes into a business and cleans house, it's like, oh my God, what's he doing?
That's essentially what you're saying.
It's like, this is normal stuff.
And I love, I so love and appreciate how real you get.
And you reveal exactly what happened with your company that you sold.
You're like, yeah, I just did this.
The board that I had, everyone on the board, they're no longer there.
Not because they don't like it.
It's because it's a different company.
It's cocoon now.
So it just, that's just by the way, just let me make this very, they're a very happy board.
Very happy board.
Because they were not only board members, they were investors.
Yeah, we like that because that way you want to help.
So, anyway, so there you have it.
By the way, pull up the picture with the employee.
I'm still, you know, deeply concerned about this picture that was proposed somebody somehow took the picture with a perfect angle.
Vinny, you got to post the same picture today on Instagram and you got to put it up there and say, man, by Taman making me sleep.
Watch this here.
Can you, do you have it or no?
You should have it somewhere here.
I'll read the story while you're doing this.
Twitter employee seen sleeping on office floor as Elon Musk pushes tight deadlines.
Oh, that looks like a setup.
Obviously, nobody took that picture at all.
No.
Twitter's director of product management, Esther Crawford, was photographed wrapped up in a sleeping bag, wedged between a table and some chairs in what looked like a conference room with a sleep mask pulled over her eyes under the fluorescent lights of the office.
When you need something from your boss at Elon Twitter, Evan Jones, the product manager at Twitter Spaces, said in a tweet Wednesday, Crawford retweeted the photo with the caption, When your team is pushing round the clock to make deadlines, sometimes you sleep where you work.
Inside obtained an internal message telling workers the exception, the expectation is literally to work 24/7 to meet Musk's deadline for an overhaul of Twitter user verification process.
Okay, so let's play both cards.
Let's say this is true.
Let's say this isn't true.
Obviously, if it isn't true, guess what?
She got a lot of eyeballs.
If it isn't true, but let's play the card of this is true.
Tom, have you ever slept at an office or a job that you had?
Have you ever done that?
Yeah.
So many people know, I worked in Silicon Valley, and there were three times that I worked 24 hours straight.
Not an 18-hour day, but 24 hours straight I worked.
I had a product that was launching.
I was into it.
I was excited.
I was also young.
I didn't have kids, but I was all over it.
And yeah, did I have a boss that was just pushing all of us really, really hard?
I said, no, we were pushing each other very hard.
And if you take a look at what's here, we were pushing to an objective, which was a product launch.
I worked 24 hours.
I knew people at other companies did.
It was like a badge of honor.
Nobody, we didn't feel that we were like some horrible, horribly treated group of folks.
We had stock options.
We had upside.
We had things that we were working for.
And we were passionate about it.
And guess what?
People that didn't want to do that, they left and they worked elsewhere.
And you know what I saw in this?
What are these people doing?
What has he got them working on?
An overhaul of the verification process.
You see that?
Do you think that's important right now to have credibility for Twitter?
Do you think it's important he came in and said, hey, if you're in, we need to overhaul the verification process.
And it needs to be 24-7 to get this important milestone done so that people will trust and believe more in our product that we're going out.
This is not like a new normal for the next 10 years at Twitter.
And I think this is another nothing burger.
We're trying to make him sound like he's some curmudgeon that he's putting such pressure on people.
No, if you're into it and you're sold in and you are all about it, you do it.
And I did it three separate times 24 hours.
And it's a badge of honor.
I was passionate.
It was exciting.
And these people are working on an important overhaul.
Cool.
Awesome.
You know what's crazy is with CNN?
CNN forgets why their company is still around.
Okay.
I dare you to go watch CNN's documentary, How They Made It.
Go watch the videos at the beginning when they were first doing 24-7 dudes, and Ted Turner came out.
Go see what buildings they worked in.
Go see how many nights Ted Turner slept in the office.
Go eventually slept on the floor above where everybody was working.
He just slept in the building.
People were there 24-7 to make CNN work.
The CNN employees of today should be so grateful for the people at the beginning stages of CNN that slept in the office, that sacrificed, that gave their lives away.
So you can now make 10, 20 million.
And some of the guys can make $200,000, $300,000, $400,000 as executives.
And CNN is what it is today, at least what it used to be a few years ago, because right now their ratings came out yesterday.
And it's terrible.
I feel bad for CNN that they're going through these challenging times.
Hopefully, the new guy is going to fire the right people and bring the right people and change that around.
The point is this.
There is no company that is massive today, no society, no country that at one point, the original founders of that country, of that society, of that company, had sleepless nights and did stuff that made no sense in regards to work to get it to where it's at today.
There isn't any.
You tell me stories of actors.
You guys want to go after Twitter?
Why don't you go talk to actors?
How many of them work 20-hour shifts?
And yes, SAC has to pay them the overtime.
How many actors, you know?
So how was it working?
Dude, I just have to sit there and they just call me.
Man, I could be at any time.
I can do this.
We got to be up.
One time we did this 24 hours.
One time we did that 18 hours.
Go talk about military.
You know how many nights we would sleep like how many times?
Oh, during 9-11, I was sleeping on a rucksack was my.
36 hours one time we did.
I'm like, you seriously say, yeah, we have to do this.
You got to get used to it.
Because if you can't do this, how are you going to handle in war?
And every example can be given, people that did this.
But when you post something like this and people overreact, now, guess what?
This guy's a tyrant.
What a horrible guy this is.
Now they're trying to make an adjustment right now.
It's not going to be like this forever.
It's at the transitional stages.
That's going to be a little bit annoying until the machine is up and running based on the new systems.
Then it goes back to business as usual.
By the way, just to give some context, you don't hear these stories that's currently going on at Tesla or at Neuralink or at SpaceX.
You don't hear any of these stories.
It's only at Twitter on the one week he buys Twitter.
What do you expect?
Okay.
How many times do you think they took that picture of that girl?
Well, she like took off her things.
She's like, no, make sure the angle.
And then she put on her little sleep mask.
Come on.
By the way, I think this is 60% true.
I actually think it's true that she posted this.
But also at the same time, I think if you've never been in a startup, let me make a recommendation to folks.
If you don't like stuff like this, never work for a startup.
Correct.
Don't do it.
Ever.
Go work for an established company.
Don't ever work for a startup company.
Now, for some of you guys that have worked for a startup and it made it, I am sure you have a lot of awesome stories.
I am sure you have stories that you want to tell the world about it, how great it was.
There's something very unique about being part of a startup.
It's a very, very unique experience when you work for a startup.
Okay, let's talk about it.
There's also one other thing that people should understand.
There's a difference out there between having a job and having a career.
If it's just a job, whatever it is, if it's just your job, your give-a-shit level will not be as high.
So there's something called, this is not a scientific term, Tom, but it's a give-a-shit level.
How much do you care about what you're doing or not?
Right?
So if you have a career, passion or paycheck.
Exactly.
If you have a career that you're passionate about, that you're willing to sleep in the office and you're willing to sacrifice, that's how you'll make it.
If it's just a job for a paycheck, of course you're not sleeping at the office.
So you know, whoever's listening right now, you know whether you just have a job or you actually have a career.
And it'll reflect in whether you're sleeping at the office or willing to bust your butt or make sacrifices or not.
Awesome.
Let's go to the next story.
That was great commentary there.
White House shamed into deleting Social Security boast after Twitter fact checked.
The Biden administration was forced to delete a Twitter post taking credit for a boost in retiree Social Security checks Wednesday after social media.
Users pointed out the increase was tied to decades high inflation.
Seniors are getting the biggest increase in Social Security.
Can you post this up so we can see this?
How embarrassing is it when the White House has to delete something in Social Security checks in 10 years, though?
President Biden leadership, let me read this again.
Seniors are getting the biggest increase in their social security checks in 10 years through President Biden's leadership, read the tweet from the official White House account Tuesday afternoon.
Twitter opened a note to that claim that said readers added context they thought people might want to know.
Seniors will receive a large Social Security benefit increase due to annual cost of living adjustment, which is based on the inflation rate.
Note said linking to Social Security Administration website for an explanation on the Nixon-era legislation behind this increase.
Please, okay, for all of those things that I'm just a Biden apologist, like, listen clearly.
Nice try there, Sleepy Joe.
Nice freaking try here, buddy.
I saw this.
I was like, come on, buddy.
But doesn't it feel good that they're getting checked finally?
No, just like seniors are getting the biggest increase in their Social Security in 10 years.
Thanks to Joe Biden, President Joe Biden's leadership.
And this is nobody.
Nobody.
It's because inflation is fucking north of 8%.
And this is by law what needs to happen so seniors who are living on fixed income can live.
Because Joe Biden doesn't want old people dying in their homes in the headlines.
So of course you need to do this, protect people.
That's exactly right.
Of course people need money to pay the bills.
Of course they need money to pay the gas.
The grocery, everything.
We get it.
Nice try, Joe.
Nice try, Corrine, St. Pierre, Jean-Pierre.
But it was a relationship.
He had been in the economy.
Go ahead, Darling.
We fell down.
But doesn't it feel good that it's finally happening to the other side?
Because if you think about it, every Trump, Trump was getting checked, fact-checked every two seconds.
Now that they're getting checked, can you imagine all the shit that they've done in the past two years, like nothing's happened?
But there's a difference between fact-check and deleting a tweet, especially from the White House.
Because here's what you think about: one, who the hell tweeted that?
Who approved it?
Who checked it?
What is the problem?
You're the White House.
If you need this much verification to have a tweet go out, how the hell are you going to run the world?
How the hell are you going to run the country if you can't handle one simple account of Twitter?
Can't you have five people that check something before they send?
All it takes is one person to say, well, president, before we tweet this out, this is not because of you.
This is because of the structure it's set up.
No, no, no.
Just put it out there.
We're going to need it for the midterms.
It's going to show us we're doing a good thing.
But, Pat, think about how much, like, now this is two years later.
Like, he finally got has Twitter.
How much shit have they tweeted that was a lie in these past two years?
Forget it.
There's nothing you can do about it.
There's nothing you can do about it.
So, Paul Pelosi attack cops weren't monitoring cameras during break-in.
I'm sure you saw this story.
We talked about it, I think, briefly on Tuesday.
But the Capitol Police has live cameras outside Democratic House speaker Nance Pelosi's home, but officers were reporting not watching the feeds when her husband was brutally assaulted.
The Capitol Police first installed cameras around the Pelosi residence more than eight years ago.
The House Speaker's 24-7 Security Detail left San Francisco with her when she returned to D.C. last week, and the Capitol Police stopped continuously monitoring the feeds outside her house.
According to the report, police say David DeBepe, 42 years old, broke into the house and shouted, Where's Nancy?
He then allegedly attacked her husband with a hammer, fracturing the skull.
Go ahead, Vinny.
So, okay, here's my thing.
And, Tom, we talked about this before we went on air.
Why is it that we can't ask questions?
I can't ask a question like you just.
And even little bitty ones.
Give me one.
Like, if you were curious about this, Tom, what would you, like, because you've heard a bunch of different stories?
What would be one of your questions?
Gosh, after the last three years with the riots and BLM, I thought all cops had had body cameras.
They have, hold on, that's a 100% guarantee after 30 seconds.
Beep, beep, it comes on in charge.
Paul Pelosi, I didn't say Madam.
I just said, don't, wasn't California one of the leading states that all cops have their body cameras on?
100%.
Here's another great question.
Oh, you're a conspiracy theorist.
You're already a conspiracy theorist.
And here's the thing: you want to shut everybody up and shut every question-asking person.
Release the camera on the cops so we could see exactly what happened.
Don't leave it up to question because when you leave it up to question, then you have people going, wait a minute.
He was in his underwear.
The other guy was in his underwear.
The glass was broken from the inside out.
The 911 call, you clearly hear the cop saying, he says it's his friend and his name is David.
Okay.
And then when he's screaming, where's Nancy?
I mean, there could be a bunch of different things.
And then automatically, they're going to put it into January 6th and it was January 6th.
There's just too many questions.
And I feel bad for him and I hope he recovers.
But then just a couple months ago, he got a DUI and boy, he's been partying.
That guy's been partying, bro.
I think he's partying, Pat.
And to me, this is my opinion.
Has he finished his community service and was he in his recovery?
Did he go to his recovery?
I remember he had community service and recovery classes.
Yeah.
Oh, I don't know if he's finished.
That takes that takes.
I'm going to be a reporter and I'm going to take away conspiracy.
Hey, wait a minute.
Was there alcohol involved?
Wasn't he going to recovery classes and community service because of DUI?
100%.
He's a conspiracy theorist.
Conspiracy theorists.
So I listen, there's just too many questions.
And going back to it.
It's a good point, though.
Have the cop showed up.
Can we ask questions?
I mean, how do you not have the camera on the third most powerful person in America?
I will tell you one person who is trending is since he used the hammer.
MC Hammer Soul has been doing very well on Spotify.
Pat, the house, you mean to tell me Nancy Pelosi's house doesn't have top-notch security and the husband is there.
She's not there.
That's fine.
You cannot tell me that because she's number two.
If God forbid Biden dies and Kamala dies and they both die in an accident, Pelosi is next in line.
She's number two, not number three.
You don't have cameras there?
I don't believe it.
People are not dumb.
Yeah, I'm definitely not dumb with that.
By the way, of the 10 things going on in the world, this is not in my top 10 stories that I'm following.
Me, me, me.
Okay.
Same here.
I spoke, let me give a shout out to my buddy.
He's going to hear his name.
He's going to flip out.
He's the biggest MAGA supporter.
One of my best friends, Joey B, if you're listening.
We spoke for a half hour last night.
He's like, I got to tell you all my conspiracy, everything I'm thinking about Paul Pelosi.
I'm like, all right, buddy, entertain me for a half hour.
So he's like, so I think he knew the guy.
I think he let him in.
I'm like, okay, all right.
That's not far-fetched.
Security.
How did he get in?
How does Nancy Pelosi sound secure?
I'm like, I'm with you.
Okay.
So he's like, yeah, all this is going on.
So I'm like, what's your conclusion?
They're gay lovers.
I'm like, no, no, no, no.
What?
Where does that come from?
They're in their underwear.
I'm like, are you the door lash guy with him?
He was sleeping at 2 a.m. and the guy got in the house somehow.
So like, you're entitled 100% in America to what you think, but you can't say things that you know like as if they're facts, what you think.
I'm like, so I'm with him.
I'm like, oh, yeah, how'd he get in?
What the hell happened there?
How'd he get in there?
It's crazy.
Maybe he let him in.
I don't know.
Maybe he knew him.
It was a friend.
I don't know.
He's like, they claimed that he was a MAGA guy, but he's a BLM guy because how many MAGA guys are in San Francisco living in a fucking commune?
All right, cool, So the logical conclusion is they've been lovers all this time.
It's like, where did that come from?
I'm not going to lie.
I asked Pat.
I messaged Pat on IG.
I sent him a bunch of clips.
I was like, Pat, I even said it.
They're both in their underwear.
He didn't hit him till the cop showed up.
And he's going, where's Nancy?
That sounds like a lover's quarrel.
And he's like, where is that bitch?
That sounds like what I said, Pat.
Asked my guy Joey one question.
I go, the guy's 80-something years old.
Find me one other story.
He's been in the public eye for 50 years.
One other gay lover story.
He's like, there's nothing out there.
I'm like, really?
So this is what's happening.
I mean, he's kept it under wraps for a long time.
Right.
One week before midterms.
Nancy's out of town.
Boom.
Now's my chance.
Come on, bro.
Yeah.
Okay, let's go to the next story.
Nonsense.
Looks like you guys got that out of your system.
I'm done.
Next story.
Job openings rise unexpectedly.
Job openings rise unexpectedly to 10.7 million in September despite Fed hikes, despite Fed hikes.
So let's look at this here.
U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as inflation fighters at the Federal Reserve hoped employers posted 10.7 million job vacancies in September, up from an upwardly of 10.3 million jobs in August.
The Labor Department said Tuesday economists had expected the number of job openings to drop below 10 million for the first time since June of 2021.
Another sign that the labor market remains tight and employers are unwilling to let workers go.
Layoffs dropped in September to 1.3 million, the fewest since April.
But the number of people quitting their jobs slipped in September to just below 4.1 million, still high by historical standard.
Tom, what does this mean to us?
Well, I got up way too early, had way too much coffee, and I saw that and I'm like, wait a minute, what's behind the numbers?
What's in this 10.7?
So I went to the United States Bureau of Labor Statistics and I printed out the report that was there and I said, there's a handy report here with column headings and everything.
And I said, first of all, where are these jobs?
And I just thought it was kind of interesting.
The 10.7 million jobs, 4.2 million of them are open in the South.
5 million is the Midwest and West.
And there's only 1.7 million open in the Northeast.
And that's actually down.
So behind the 10.7, there are jobs open in the South, level in the West and Midwest, and down in the Northeast.
Okay, that's very interesting.
So they're following the sun toward the winter.
But where are these jobs?
Well, I saw a couple headlines this week.
Apple freezes hiring.
I think we all saw that.
Nothing to see here.
They're just saying, hey, we're on a hiring freeze.
We've also seen a couple other tech companies, Silicon Valley and large companies saying hiring freezes.
Now, those are skilled workers, white-collar workers.
And also, I found a couple little bit things on venture-funded companies.
Like one that stuck out was Gem, which is Zen Source, which has $170 million of venture investment.
They just laid off one-third of their workforce, and they are a white-collar competitor to ZipRecruiter and others.
Well, that's interesting.
So then I said, huh, I dove into the numbers.
Check this out.
Of the 10.7 million, 1.6 million of those jobs are in leisure and hospitality.
In other words, restaurants, hotels, food service.
2.1 million are in social assistance health care.
You know what that is?
That's retirement community, nursings, hospice, things like that.
So, wow.
Then I said, well, how many are white-collar workers?
Only 1.9 million.
So of the 10.7, only 1.9 million are white-collar or skilled work.
So that lines up with Apple saying, well, we're freezing.
And then another one stuck out.
This one's up to almost 1.7 from 1.5 over two months.
Wholesale transportation and warehousing is up.
Now, why would that be?
Because we're going in the fourth quarter, baby, and those are Amazon jobs.
Oh, wow.
And those are in the new dropship economy we've got.
It's not just Amazon.
It's up there.
So it was very interesting to me.
And the government still had a million of them out there.
So there's a million jobs for the government.
So what was really interesting to me is there's two sides to this.
You've got hospitality, warehousing, and retirement homes and retirement communities accounting for almost 6 million of the jobs.
And you only have 2 million white-collar.
This is called a barbell where you have two ends of the barbell.
You know what I mean?
And it's skinny in the middle.
So the jobs that are being created are not high-paying, high-skilled jobs.
That's what's behind these numbers.
By the way, so let me tell you.
They like to talk about 10.7 because it's an election.
Yeah, but here's the problem, though.
Here's the problem, though.
So look at the way the article reads.
The article reads and says the following.
It says, what paper is that?
Is this the post on three?
But listen to the way the article reads.
New York Post.
It says, U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as the inflation fighters at Federal Reserve hoped.
One more time.
suggesting the American labor market is not cooling, meaning the Federal Reserve wants the American labor market to cool off.
So if this number is true, guess what it means for December with interest rate, with rate hikes?
You're going to get another three quarters of a basis point because it's not cooling off.
As weird as this sounds, this needs to cool off more for them to get to only half or a quarter.
But if you're getting numbers like this, Powell's sitting there saying, nope, it's not working yet.
Maybe one more month.
Maybe one more month.
So I'm leaning towards three quarters of a basis point in December.
Half to three quarters of a basis point.
I don't think it's going to go to a quarter.
He said they're going to do half.
I think it may be three quarters of a basis point if these numbers are not turned off.
I'm with you 100%.
And I take this back to our economic discussion on mortgages.
There are not high-paying jobs out there to go be able to pay that higher percent mortgage, folks.
And so I've said, if your job is moving you to another city, under consume your housing, conserve your spending the way you can, and get through what is going to be a two-year nuclear winter in our economy.
AKA, save that money.
Yeah, no question about it.
AP News officials, Saudi tells U.S. that Iran may attack the kingdom.
Saudi Arabia has shared intelligence with American officials that suggests Iran could be preparing for an imminent attack on the kingdom.
Three U.S. officials said Tuesday.
The heightened concerns about a potential attack on Saudi Arabia come as the Biden administration is criticizing Tehran for its crackdown on widespread protests and condemning it for sending hundreds of drones as well as technical support to Russia for use in its war in Ukraine.
The U.S. and Saudis blamed Iran in 2019 and being behind a major attack in eastern Saudi Arabia, which helped the oil-rich kingdom production and caused energy price to spike.
So this leak of information from Saudis to U.S., who's, does it seem like Saudis are concerned that this could backfire on them?
What's the motive behind this, Tom?
How do you process this?
I process it that, you know, if you're a bully on the playground, sometimes you say, he hit me first.
And I wonder if this is kind of a little false flag that the Saudis are putting up.
And the Saudis, boy, if you want to look up the Q rating for the Saudis, probably dislike.
It's going to be higher than Iran, though.
That'd be practical.
But you know what's interesting?
They were only 99% hated by the news media.
So I want to know the one guy that wouldn't vote on that.
I think what's going on is the Saudis are playing this game.
There's a chess game, and the Saudis are playing a game here.
And I think they're trying to throw some shade on Iran and take advantage of the upheaval and stuff that's in Iran.
And I think when people, you know, you read your morning newspaper and you look at stuff, and you have to look at the, you know, what does the chessboard look behind this?
And this is just a statement.
Nothing has happened.
This is a statement.
Tyler, you got thoughts on this?
Go ahead.
Tyler, I just sent you something, so I wanted to pull the other day.
It was breaking that another girl was killed in Iran, Iran.
And I think it's they might do something just to draw distraction away from the protests and the riots.
I think they're trying to get people's eyes off the riots and the protests and let this cool down while they go in and forcibly injure a lot of people and they send the military in and quell this.
And I think they're trying to do something like draw a distraction.
And actually, I think they will do a small attack in Saudi Arabia.
But again, I think it's just a distraction to draw away from the protests and the riots.
I sent you something.
It actually kind of gives you more of a clearer picture on what's happening in the Middle East.
It's not so much Iran and Saudi Arabia, you know, Sunni Shiite.
If you're not familiar with that, that's a whole we can go down the whole rabbit hole there.
But it's sort of like a meme, and it's two Arab guys.
kind of talking and trying to figure it out.
And it basically goes like this.
In the Middle East today, we have the Sunnis who hate the Shiites, right?
And then you have the Turks who hate the Kurds and the Saudis hate the Iranians and the Palestinians who hate the Israelis and the Yemenis who hate the Saudis and the Iraqis who hate the Iranians and the Libyans who hate the Egyptians.
So the cause of tension in the Middle East is clear and it could not be clearer.
It's failure of American leadership.
That's what it is.
So it's like, if you want to go down the rabbit hole of what's going on in the Middle East, it's like, we just cleared it up.
Yeah, pull America's fault.
Print this in.
It's all America's fault.
You know, I mean, you lived in Iran, so I think you can appreciate this.
It's like, it's not all just Arabs are together and they hate U.S. and they hate Israel.
They're Sunni and they're Shiites.
And obviously the Turks and the Armenians have their issues and Azerbaijan and Russia and this and the old Cold War and who came in and the Egyptians.
They have peace with Israel and the Jordanians.
I think Netanyahu, who's all up in the news running for re-election for like the fifth time in the last war, all up in it.
All up in it.
Not up in here.
None of it.
First of all, this artist, everybody looks like Osama bin Laden.
I don't know if you know every single person.
And somebody asked me the other day, why are Middle Easterns?
Why do you guys have so much?
You know how hot it is?
Can you imagine going to the beach and never leaving?
It's just hot.
People are angry, dude.
It's hot.
Well, I live in Miami.
It's just as hot.
Nobody's going to be able to do it.
Nobody knows.
There's no shade, bro.
These guys are out in the middle of the freaking desert, bro.
There's angry and hot.
I don't understand Israel and Saudi secretive relationship.
Well, they can afford the air conditioning.
Here's something that I think they built an island that looks like a map of the world.
They were bored.
We have all this money spent in.
What country is that?
Dubai.
Dubai.
Yeah, I mean, they're just doing their thing.
Dubai is just having fun.
They're like, we can make it rain here.
Go ahead.
What if you put a palm tree next to it?
We'll build that next.
Just to kind of go on the Israel perspective about Bibi, he was on Bill Maher recently.
He was on Fox recently.
I like Bibi a lot.
He said for years and years and years, he kind of threw John Kerry under the bus here under the Obama administration.
He's like, for years and years and years and years, they're saying, if you want to have peace in the Middle East and peace with your Arab neighbors, you have to start with the Palestinians.
You have to start there and you make peace there.
And he's like, listen, they don't want peace.
Okay.
So he goes, listen, I don't not going to make peace with the 1% and then move on to the 99%.
He basically said, let me go make peace and deals with the 99% Arab world.
And if you look what they've done, all the arrangements and peace treaties, whether it's Egypt, Jordan, UAE, Oman, everything that they've done.
He's like, let me make peace with the 99% and then we'll go back to the 1%.
I thought that was a very unique perspective because you constantly hear about Israel and Palestinians and figuring it out.
And it's like, where's that gotten anything?
And he said, listen, let's move the ball forward with the rest of the Arab countries.
Let's make friends.
You know, we have a lot of common interests.
A lot of their common interests have to do with, you know, versus Iran, everything against Iran, preventing Iran from a nuclear weapon, preventing terrorism in the Middle East.
And part of that is this story right here, where this secret relationship between Israel and Saudi, because what's the famous thing we always talk about?
The friend, the enemy of my enemy is my friend.
Everyone can agree that Iran is pretty much everyone's enemy in the Middle East, other than certain parts of Syria and Hezbollah and Lebanon and that kind of stuff like that.
Afghanistan.
But that's a whole nother thing.
Interesting perspective by Bibi.
Let's see what happens.
There's a lot of tension right now.
We'll see what happened here.
By the way, article just came out by Washington Post.
U.S. workers have gotten way less productive.
No one is sure why.
Oh, really?
Okay.
Now we have no clue because we have no clue why the employees have gotten unproductive.
In the first half of 2022, productivity, the measure of how much output in goods and services an employee can produce in an hour plunged by the sharpest rate on record going back to 1947, according to data from the Bureau of Labor Statistics.
It also raises new questions about the shift to hybrid schedules and remote work.
Oh, possible questions.
Yeah, I mean, it's definitely not that, as employees have made the case that flexibility helped them work more effectively.
And it comes at a time when quiet quitting, doing only what's expected, and no more is resonating, especially with younger workers.
No one knows or will know what is causing the drop-off in productivity for some time.
Said economist Lawrence H. Summers, President Emmer.
This is supposed to be a smart person here saying no one knows.
I know.
I know who he is.
He was under the Clinton administration.
The Clinton administration.
No one knows.
No one knows or will know why what is causing the drop-off in productivity for some time.
Said economist Larry Summers, but he was a former Treasury Secretary.
But it could have something to do with the fact that many employees were working unsustainable hard in 2020 and 2021.
Oh my God.
That last statement.
Oh my God.
Larry.
That statement there, there was something missing.
After a night of hard drinking with Paul Pelosi, he said, but it could have something to do with the fact that employees were considered.
But you know what?
This is BS because which way does he want it?
Does he want to say he contradicts himself?
Is it quiet quitting, doing only what is expected and more?
That was the work from home thing.
And then he wants to say, but they were working unsustainably hard in 2022.
Let me say this.
You can't, both sides of his mouth.
If you're seven years old, if you're seven years old, you're 10 years old, and your mom's best friend brings her 10-year-old daughter over to your house.
You're 10, she's 10.
And you're upstairs in your room.
If your mom and her mom are okay with you being upstairs for two hours, what do you think eventually is happening?
Okay?
Well, what's the rule?
Don't close the door.
Don't let the kids stay in it.
So, you know, don't let them be by themselves.
If you want to play, you guys can play downstairs in front of us right here while you're 10 years old.
You ain't going upstairs.
Hey, mom, hey, dad, are you guys okay if I go in the room with Mary and close the door and lock it up?
Because we feel we're going to be more productive here, mom.
Yeah, yeah, go ahead, guys.
Go ahead and close the door and do this.
Yeah.
Yeah, yeah, yeah.
Okay.
We trust you so much.
They will be productive.
They're going to be able to do that.
For the same bosses, it's not even the, they're going to play.
What is that game?
You know, doctor, whatever.
So the point is, to the bosses that actually bought into this, you know, to the bosses that actually bought into this and said, oh, this is a very effective method.
Really?
Really?
Like, maybe you want to be less productive.
Maybe secretly you want to work from home so you can tell everybody what to do so you can watch more Netflix, so you can watch more.
Do you know how often nowadays I walk by people, right?
Even the environment here or our insurance company, I'll walk by cubicles.
You know how many employees I'll see sometimes?
They're just watching a movie while they're doing their work.
Oh, really?
Yeah, I'm sorry about that, Pat.
No, no.
I'm sitting there, I'm like, what is this guy doing?
He's flat out.
I don't want to give names because people are going to go upstairs.
I'm like, what is this guy doing?
He's watching a movie.
Oh, we had an editor who would always have mistakes in things he would do.
I love this guy.
But every day you would watch three movies.
You cannot stay focused and watch movies.
So if you're watching movies at work, if you're watching movies at work and you're watching shows at work, what the hell you think people are doing their home by themselves?
You think maybe, listen, I'm going to take a 20-minute dynamic almost.
I was at the restroom.
Yeah, hey, babe, come over.
Why?
Who cares?
They're not going to know anyways.
Just come over.
Let's spend some time together.
You know what?
I'm going to go over here on XYZ and have a cup of coffee and take a three-hour lunch break.
What do you think is going to be happening?
So again, this is when being naive gets exposed and people no longer use logic to think someone's going to be more productive at home.
Every article two years ago, a year and a half ago was people are being more creative and productive working from home.
I can't tell you how many presentations I got from managers that work with me saying, Patrick, we're going to do much better if we get people to work from home.
No, we're not.
No, we're not.
No one is more productive working from home than working from the office.
Now, some people are independent contractors that do what they do and they're based on projects and all the, fine, I'm not talking about that.
For the most part, there's a reason why workers have gotten less productive.
I think there's two sides of the equation here.
And by the way, go ahead.
Remember a week ago on the podcast, we talked about that software company where the engineers working from home.
Pat, they were using it as cover to have two jobs.
So you take eight hours in a day, but I'm paid for 16.
I call that 50% productivity.
Right.
It's pretty people having two jobs.
That's simple math.
Two jobs, paid 16 hours, worked eight.
That's 50%.
I actually respect those people because they are busting their ass two jobs.
Respect.
I mean, most, that's what it is.
By the way, it is.
What percentage of people are doing that?
100%.
That's very creative.
The other 99% are working less.
But quick shout out to Paul E.
I know he's probably listening right now if he's not watching a movie.
But there's two sides to this.
There's a productivity side, but there's also the culture side of things, right?
Could you imagine if I think that we here at Value Attainment, not only are we creating content and filming stuff and everything that you see, the podcast, but there's also the other side of things.
It's the culture that we're creating.
It's the teamwork.
It's the environment.
It's the friendships.
If you're doing that at your company and everything's remote, there's no culture.
There's no teamwork.
There's no, oh, we got this thing going on here.
Once a month we do team meetings.
You talked about linking on leadership, circulating the troops.
Hey, man, how you feeling?
Blah, blah, blah.
Like, that's also a part of a company.
So it's not just the productivity.
Yeah, going with each other, cop golf, and getting outside.
You have to be in front of the person to find a problem.
By the way, listen, it's very simple.
If you want to work in an environment where they want to let you work remote, those companies are out there.
Go find them.
Go find them.
We're not one.
I'm very okay with that.
But for people, the same people that said, I don't know why, maybe because they worked so hard in 2020 and 2021.
I can guarantee you people didn't work hard in 2020 and 2021.
It's the least working years in the last two, three, four decades because they got away with everything working from home.
Very few people in 2020 and 2021 were working harder than they worked in the 2019 hours.
Listen, it's not be productive if you're working and your bed is right there, the TV's there and the couch is there.
And the refrigerator.
And all the bananas.
Also, the bong is right there.
Very close by.
The alcohol people are coming over.
You're doing a Zoom with them.
Any reason why your eyes are so red?
It's just been a very stressful day.
Yeah.
Yeah, I just woke up.
Dude, it's interesting.
The news media pushes the narrative of workers of the world unite, leave them alone, let them work from home.
They're going to be more productive.
And they put all this SBS.
It was very, very interesting.
There was a gentleman that ran the unfortunate amalgamation of Yahoo and AOL that was bought by Verizon.
And Pat, you know what he found?
He found that the recent college graduates, so the ones that were like less than five years out of college, Pat, they were always asking, when can I'm working hard and I'm doing more.
When can I get a raise raise?
Oh, you can get a raise if I choose to promote you.
How do I get the promotion?
And then they wanted FaceTime with their boss.
They wanted to be seen.
They wanted to be doing their little meetings and have their boss walk by and see that they were working with their team.
That didn't work working from home.
And there is, beyond the narrative of the news media, Pat, there were people that were just five years out of school that were not looking for Cush.
They were looking to be seen and they wanted to know how they got promoted and they want to make more money because they weren't content with where they were.
And nobody wants to talk about this, but this stuff was happening.
And, you know, my hat's off to them.
But they don't get coverage.
And when he said looking for Kush, he didn't mean marijuana, guys.
He meant that.
He could have meant Kush.
Let's do this last story here.
Let's do this last story.
One in five deaths of U.S. adults 20 to 49 is from excessive drinking study shows.
This is a CNN story.
The percentage of deaths attributed to alcohol used variated state, varied state by state, by nationally.
It's a leading cause of preventable death, said lead study author Marissa Esser, who leads the U.S. CDC alcohol program.
States and communities can prevent these premature deaths using evidence-based strategies to reduce the availability and accessibility of alcohol and increase its price.
That can mean increasing taxes on alcohol or limiting where alcohol is sold.
Esser added, the CDC defines moderate drinking as two drinks or less in a day for men or one drink or less for women.
Two-thirds women.
Why are they using women?
Isn't it like it's offensive to use?
But anyways, two-thirds of adults report drinking more than moderate amounts at least once a month, Adam.
So this is one of those stories that I had kind of had to read twice.
I'm like, what is, what are they trying to say here?
And the first thing I thought of when they said reduce the availability and accessibility of alcohol, it's like, yeah, we tried that one time before.
It was called prohibition.
How'd that work out?
Not so good.
Okay.
That's not going to happen.
All right.
Now we're going to start increasing the taxes on alcohol or limiting price.
Tom.
Increasing taxes on alcohol and limiting where alcohol is sold.
It's like, how many, like, like, I've been in the nightlife business and I go out and all that kind of stuff like that.
It's like, you go to a liquor store.
What's the average bottle cost?
30, 40, 50 bucks.
Okay.
Now, if you want to go buy that same exact bottle at a club, that's going to cost you 300, 400, 500 bucks.
If you want to buy it per drink, that's 10, 12 bucks per drink.
It's like, whatever you do to go and try to figure out the price or the cost of the taxes, like people are going to drink.
You're not going to figure that out.
People are not going to stop drinking.
People are not going to stop partying.
By the way, especially during a recession.
Hello?
What do you mean, COVID?
COVID.
Whatever ideas you have to limit people from drinking, not going to happen.
However, let me give you the other side of coin where I think this idea can be implemented is harsher penalties for DUIs.
It amazes me.
I live in South Beach.
It amazes me that there is not a DUI checkpoint every single weekend leaving South Beach.
It's fucking sitting ducks right there.
You have no idea how many people are drinking.
So you could drink as much as you want.
Party shot.
I don't give a shit.
But if you get behind the wheel of a car, Niger got a problem, man.
Okay.
Because if you drive a car, now you're endangering others.
Obviously, we're all familiar with mad mothers against drunk driving.
Like you should have to pay the price because you selfishly wanted to party, have a good time, and now you're endangering other people.
We all know people that have gotten DUIs pulled over, but it's so puzzling these days when you see a Paul Pelosi get a DUI, when you see a Tiger Woods get a DUI, you see Justin Bieber, Lindsey Lohan, famous DUIs out there.
It's like, have you not heard of Uber, guys?
Like, what are we talking about here?
Like, the average person these days can spend 20, 30, 40, 50 bucks on an Uber.
Not going to be a problem.
Now you're talking millionaires and billionaires who are not willing to get a goddamn Uber?
It's insane to me.
So harsher penalties for DUIs, but you're not going to limit people drinking.
You don't think there's another way to go with the study, though?
Like, that's a very small number of people.
This says, I think it said one in six people are binge drinking.
The study includes deaths with vehicular accidents, but including alcohol poisoning and other health impacts such as liver disease.
We just came off record high overdoses, right?
Americans are overdosing.
They're drinking too much.
They're overweight.
Everybody's on Xanax.
Everybody's on Zofran or whatever, antidepressants.
When are leadership and leaders going to wake up and say that there's something wrong with America, that we've lost our way, that we're not happy, we're unhealthy, we're drinking ourselves to death.
We're overdosing on drugs.
We're taking too, like, you know, there's something other than just people going out and partying on a Friday night, right?
People are depressed.
They're lost.
Their mental health sucks.
COVID didn't help.
COVID didn't help.
Yeah, I mean, if you want to, thank you very much.
Thank you very much.
The opioid crisis with drinking, and now you're talking about two different problems that become one.
Obviously, that gets ridiculously way worse.
Look, you know, there's two ways to look at problems.
There's upstream problems and downstream problems.
And what you just has correctly pointed out, the upstream problem.
And I've said this before.
Here's an example.
A small lake is polluted.
The downstream problem is, let's charge all the people in this community $10 million to build a giant filter and clean the lake.
Now, the upstream problem is, why don't we go up the stream and find out what's polluting the lake?
And we find that there's a campground and there's ashes and there's a lot of other things going on up there.
And we say, bye, if we just do a few things up here, we won't be putting crap in the stream and it won't be polluting the lake.
That is correcting an upstream problem.
This is a classic downstream story.
States and communities can prevent these using, but reduce the availability.
Let's call it alcohol control.
It's like gun control.
If we control the guns, we control the alcohol.
We increase the price of it.
We do all that.
That's downstream.
The question is, why are the people drinking?
Why is there the demand for it?
Or why are there mentally deranged people getting their hands on a firearm?
Those people shouldn't have a firearm.
Upstream, you brought it up.
The upstream problem is, is America is a stressed out, overweight place.
And, you know, being aware and helping your friends and I identify, that is how I deal with the upstream problem.
When I see friends or family that I think are overstressed or they're, because I don't want them to self-medicate.
I don't want to do other things.
And so your point is exactly right.
That's a good point.
Good commentary.
So, you know, let's go to the last one.
And in regards to DUIs, by the way, the solution for not having one, have a person with you, use Uber.
A lot of feedback you gave with Lyft.
Now, there's no excuse for not having a DUI today.
When I was in the Army, Sergeant told us very simple.
If you guys are going to go out to the club and party, someone's got to be sober.
And God knows how many times that rule was broken.
Luckily, none of us, we didn't get a DUI, but other additional challenges did take place.
Especially when companies like Budweiser are offering free designated drivers.
Yes.
Forget about that.
It's just Uber.
I want to do this last story for two minutes before we wrap up.
We got a drink team call here.
FCC commissioner says government should ban TikTok.
The Council on Foreign Investment in the U.S. should take action on TikTok.
Brandon Carr, one of five commissioners at the Federal Trade Commission.
With more than 200 million downloads in the U.S. alone, the popular app is becoming a form of critical information infrastructure, making the app's ownership by the Chinese patent company a target of growing national security concern.
China's based engineers working at TikTok addressed non-public U.S. user information, including phone numbers and birthdays.
And BuzzFeed reported in June.
ByteDance, which is based in China, instructed employees to push pro-Beijing messaging to U.S. users of a news app.
BuzzFeed reported in July.
ByteDance planned to use TikTok to collect information about U.S. certain U.S. users, according to Forbes report published last month.
Let me say this part here: I have zero trust in this company.
I have zero trust in their management team.
I have zero trust.
I created an account on TikTok, and I'm going to tell you openly here: the only reason I did is to give the things I believe in on the people on TikTok that are not being heard.
So I was talking China, I was talking capitals, anything that they don't support, I was talking about it.
And then gradually you saw what messages they didn't like.
We did one video on China.
Prior to that, I did the numbers the other day with Kai.
The prior 100 videos, I think some 10 of them got a million views.
Five of them got 5 million views.
Butchin have got 100,000 views.
Prior 100, the moment I clicked, put a video about China, after that, 400 videos on TikTok.
Only one of them got over 100,000 views, zero over 50,000 views, 400 videos.
Of those 400 on Instagram, they all performed.
Okay.
But only one got over 100,000 views.
It's the Antonio Brown clip.
TikTok is a gamified company.
We're still posting stuff because we want them to be held accountable on what they're doing.
But this company is one president away from being banned in America.
The current president doesn't have the audacity to do it because he needs those 19, 18 TikTokers that are making videos saying good things about him.
If he bans TikTok, game over, but the next president's going to have the audacity.
TikTok is one president away from being banned in America.
It could happen in 2024, 2020.
Tyler made a great point on my podcast because we were talking about all these challenges, the Kia challenge, where you just steal a key and kids are crashing and dying.
And, you know, the Tide Pod challenge.
And you were saying it.
They're dumbing the NyQuil challenge.
The Nyquil tones.
The knife challenge.
They're making our youth not only the attention span this short, but dude, they're literally making our kids poison themselves and kill themselves.
And it's like, well, I'm out of time.
Someone's eventually, a leader eventually, is going to have the audacity to shut him down.
I can't wait for that date.
I got to wrap up.
Quick thought.
Just on the essential.
What's the name of the Chinese TV station in America where you can watch all the Chinese stuff?
Oh, shit.
It doesn't exist.
That's my point.
I was just like, okay, media is a thing that countries use to control narratives in populations.
Social media is even more precise.
And the algorithms that social media can do can target you.
You know all day who to target, what to say.
There's no reason that TikTok should.
Gotta wrap up.
Gotta wrap up.
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Give me the number.
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One more time.
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