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#083_ STORY INSPIRE: Why Most People Stay Trapped in Debt · INSPIRE STORY

• 0:03
  Speaker 1: The Joe Rogan Experience. Train by day, Joe Rogan podcast
• 0:08
  Speaker 1: by night, all day.
• 0:12
  Speaker 2: Good to see you, sir.
• 0:13
  Speaker 3: You too.
• 0:13
  Speaker 2: Nice to meet you.
• 0:14
  Speaker 1: Very nice to meet you too. I enjoy your content.
• 0:16
  Speaker 2: Thank you.
• 0:16
  Speaker 1: You're a very sensible person. And you deal with a
• 0:19
  Speaker 1: lot of very unsensible people. How do you fucking keep
• 0:23
  Speaker 1: your shit together when you talk to these people? We
• 0:26
  Speaker 1: tell everybody you're a finance guy. And did you start
• 0:29
  Speaker 1: out in debt and then figured out how to get
• 0:31
  Speaker 1: your shit together?
• 0:32
  Speaker 2: Yeah, exactly. I was in college doing all the stupid
• 0:36
  Speaker 2: American things, right? So you got that unlimited student loan
• 0:40
  Speaker 2: debt for a bullshit degree. I was going for music composition.
• 0:43
  Speaker 2: So complete bullshit degree. Maxing out every credit card. One
• 0:47
  Speaker 2: of the first pieces of financial advice I got at
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  Speaker 2: 18 from the parents. Max out a credit card to
• 0:51
  Speaker 2: get the piano I wanted. So that's smart.
• 0:54
  Speaker 1: Your parents gave you that?
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  Speaker 2: Yeah, it's just the average American experience. You just max
• 0:59
  Speaker 2: out a credit card. I don't know if your parents
• 1:00
  Speaker 2: taught you anything about personal finances, but most don't.
• 1:03
  Speaker 1: It's bad.
• 1:04
  Speaker 2: So this is maxing out every credit card, like everyone
• 1:07
  Speaker 2: that comes on the show, like every American out there.
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  Speaker 2: We got $ 1. 6 trillion in credit card debt in this country,
• 1:14
  Speaker 2: by the way. Crazy amount. Crazy amount. Defaults are to
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  Speaker 2: like 7%, which is insane. 7% of credit cards defaulting.
• 1:22
  Speaker 1: That's crazy.
• 1:23
  Speaker 2: Yeah.
• 1:24
  Speaker 1: That is really nuts. Almost 1 out of 10 default.
• 1:27
  Speaker 3: Yeah.
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  Speaker 2: It's absolutely insane. But we have more auto loans. debt
• 1:31
  Speaker 2: in this country than credit cards, too, which is even
• 1:33
  Speaker 2: crazier because Americans, you know, they're big pickup trucks and everything.
• 1:36
  Speaker 2: But either way, I was doing that. Got my Nissan
• 1:40
  Speaker 2: Altima and, you know, thinking I was sick driving around
• 1:43
  Speaker 2: and going into debt for that family debt, everything. It
• 1:49
  Speaker 2: was brutal, but it was the average American life. That's
• 1:52
  Speaker 2: what people are going through every single day. And I
• 1:56
  Speaker 2: finally got a wake-up call. I was sitting in my
• 2:00
  Speaker 2: shitty apartment that I could barely afford. And I realized
• 2:06
  Speaker 2: the life I wanted to live just could not be
• 2:09
  Speaker 2: sustained this way. I wanted to be a homeowner. It's
• 2:11
  Speaker 2: the American dream, pick a fence, all that shit. But
• 2:15
  Speaker 2: there's no way to do it with maxed out credit cards,
• 2:17
  Speaker 2: private student loans, public student loans, everything. It was a mess.
• 2:21
  Speaker 2: So got a sales job, just started grinding it out.
• 2:24
  Speaker 2: paying off the debt, fully funded emergency fund. That's what
• 2:28
  Speaker 2: I try to teach people now. But, you know, again,
• 2:31
  Speaker 2: the average American is kind of an idiot with money,
• 2:34
  Speaker 2: which is fair.
• 2:35
  Speaker 1: Well, they're not informed, you know, which is one of
• 2:37
  Speaker 1: the things I think your content really helps because a
• 2:39
  Speaker 1: lot of people don't know what to do. You're in debt. Like,
• 2:43
  Speaker 1: how the fuck do I get out of this? And
• 2:45
  Speaker 1: a lot of people they know are in debt, so
• 2:46
  Speaker 1: they don't have good advice. They're not going to get
• 2:48
  Speaker 1: from their parents, right? So we're, you know, they have
• 2:50
  Speaker 1: to turn to somebody. And a lot of times, like,
• 2:54
  Speaker 1: Financial people online are very stiff, and they're not enjoyable
• 2:58
  Speaker 1: to listen to. But you talk shit, and you're very vocal,
• 3:02
  Speaker 1: and it's like, oh, okay, I get this guy. I
• 3:04
  Speaker 1: can relate to him. Tell me what to do. So
• 3:07
  Speaker 1: there's a lot of folks out there that connect with
• 3:09
  Speaker 1: you because of that, I think.
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  Speaker 2: Yeah, they call us the Jerry Springer of finance, which
• 3:13
  Speaker 2: I like. I take it. I take the ownership. They
• 3:16
  Speaker 2: meant it as a dig at first, but I take
• 3:18
  Speaker 2: it because it's fun. People don't go into financial topics
• 3:22
  Speaker 2: because– It's boring. Why are you clicking on a video
• 3:26
  Speaker 2: of a dude just like sitting at the camera? Just like,
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  Speaker 2: you know, IRAs or this, no one's going to get
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  Speaker 2: into that.
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  Speaker 1: Right.
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  Speaker 2: Personal finance class, like 40% of states, which is, or
• 3:37
  Speaker 2: almost 40 states out of the 50 states require a
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  Speaker 2: personal finance class now, which is big progress over the
• 3:42
  Speaker 2: last decade. But I mean, I was a piece of
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  Speaker 2: shit in high school. I'm sleeping through that class.
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  Speaker 1: Right.
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  Speaker 2: I'm not going to listen to things there. I, I couldn't,
• 3:51
  Speaker 2: I could barely pass math. Um, School is just boring.
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  Speaker 2: So people still aren't going to pick it up there.
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  Speaker 2: They want something a little more interesting to get into.
• 4:01
  Speaker 2: And we give them that with the roasts, the dramas,
• 4:04
  Speaker 2: the relationships of couples. Episodes are my favorite because there's
• 4:07
  Speaker 2: always financial stresses in relationship. And I don't know. If
• 4:15
  Speaker 2: that actually gets people into personal finances– That's the best.
• 4:20
  Speaker 2: That's the best because we get millions of views per
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  Speaker 2: episode on all platforms.
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  Speaker 1: It's kind of a crime that they're not explaining to
• 4:29
  Speaker 1: people when they're young and in high school how this
• 4:31
  Speaker 1: could be a problem. They're trying to set you up
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  Speaker 1: for life, but they're not setting you up for one
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  Speaker 1: of the biggest problems that most people face. Credit card
• 4:40
  Speaker 1: debt and the big one, student loan debt because that's
• 4:43
  Speaker 1: the one you can't get away from.
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  Speaker 3: No.
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  Speaker 1: There's a lot of people that are just going, well,
• 4:47
  Speaker 1: I guess I have to go to college. And look,
• 4:49
  Speaker 1: higher education is great. It's good to be educated. It's
• 4:52
  Speaker 1: good to get an education. But if you're spending hundreds
• 4:54
  Speaker 1: of thousands of dollars for an education that you aren't
• 4:57
  Speaker 1: going to use at all, that might not be the
• 5:00
  Speaker 1: best thing for you. And when you're fucking 18, you
• 5:03
  Speaker 1: really don't know. You don't know what you want to do.
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  Speaker 2: Your parents don't know anything either.
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  Speaker 1: No, they might be retarded. You might have idiot parents. Well, no.
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  Speaker 2: The average parent in America is– go to any college
• 5:14
  Speaker 2: to get any degree and borrow whatever it takes.
• 5:17
  Speaker 1: Yeah.
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  Speaker 2: Because college is the answer to all.
• 5:19
  Speaker 1: Because it used to be.
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  Speaker 3: Yeah.
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  Speaker 1: It used to be the way that you got a
• 5:21
  Speaker 1: good paying job. You get out of college and hey,
• 5:24
  Speaker 1: you've got a degree. Oh, you got your master's. Well, you're, oh,
• 5:28
  Speaker 1: where are you going to live? Where are you going
• 5:30
  Speaker 1: to buy a house? Like you're going to be set.
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  Speaker 1: What they don't tell you is that you are going
• 5:35
  Speaker 1: to be saddled down with insane amounts of debt. And
• 5:37
  Speaker 1: then that debt compounds. It keeps going. So like, I
• 5:41
  Speaker 1: was reading this thing. Maybe you can tell me about
• 5:44
  Speaker 1: what the actual numbers are. But they were talking about
• 5:47
  Speaker 1: the average actual debt that you owe but what you
• 5:50
  Speaker 1: wind up paying, what you actually wind up paying over
• 5:53
  Speaker 1: the 20 years that it takes you to pay it off.
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  Speaker 1: It's fucking crazy. It's substantially higher than the initial loan.
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  Speaker 2: Part of it is laziness too. People get on like
• 6:03
  Speaker 2: that 20-year payment plan or 40-year payment plan because they
• 6:06
  Speaker 2: want to spend a little bit, you know, just a
• 6:08
  Speaker 2: little bit less right now. Because, I mean, it makes sense.
• 6:10
  Speaker 2: You get out of college. You want to get an apartment.
• 6:13
  Speaker 2: You want to live it up. You want to go
• 6:14
  Speaker 2: on nice dates and trips, all that good stuff. So
• 6:16
  Speaker 2: you do the little minimum monthly payment. But let me
• 6:19
  Speaker 2: think about it. I assume you have a mortgage, right?
• 6:20
  Speaker 2: Do you have a mortgage?
• 6:21
  Speaker 1: Yeah. Okay.
• 6:23
  Speaker 2: If you took that 30-year mortgage but you're like, okay,
• 6:24
  Speaker 2: I want to pay a smaller amount now. So let's
• 6:27
  Speaker 2: stretch it to 60 years. The interest in overall payment
• 6:30
  Speaker 2: you're going to do is insane. So the student loan,
• 6:34
  Speaker 2: a public student loan, it's actually a 10-year payment. That's
• 6:37
  Speaker 2: the standard. It's a 10-year payment. You'll be done in 10.
• 6:40
  Speaker 2: But people stretch it to 20 years. The repayment assistance
• 6:43
  Speaker 2: under Trump, the RAP plan, that can be as little
• 6:47
  Speaker 2: as 1% of your income on a monthly basis. That'll
• 6:51
  Speaker 2: never be paid off. Those people will have it forever.
• 6:54
  Speaker 2: It'll be forgiven in 40 years, it says. We'll see
• 6:57
  Speaker 2: because it's new. But when people are doing that, They're
• 7:02
  Speaker 2: going to have it forever. It's going to balloon and
• 7:03
  Speaker 2: then they're going to complain about it when they chose
• 7:05
  Speaker 2: not to just take the standard 10-year plan.
• 7:08
  Speaker 1: I saw an article about people with social security. So
• 7:11
  Speaker 1: they're retired and their money, their social security money is
• 7:15
  Speaker 1: getting docked. It's getting docked because they're taking money out
• 7:19
  Speaker 1: of that to pay for your student loans.
• 7:21
  Speaker 2: Yeah.
• 7:22
  Speaker 1: That obviously didn't work out for you because you're retired.
• 7:25
  Speaker 1: literally in debt from that student loan while you're retired
• 7:28
  Speaker 1: from life. Yeah. Which is fucking wild.
• 7:31
  Speaker 2: It is, but I'll be candid. I'm starting to not
• 7:32
  Speaker 2: have sympathy for the boomers. I'm really not best, best
• 7:36
  Speaker 2: job market ever. Best stock market in the history of
• 7:39
  Speaker 2: the world. Every single boomer, Gen X, whatever that's been
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  Speaker 2: on my show, they lived it up and spent all
• 7:46
  Speaker 2: their money to live the lifestyle they wanted. And they
• 7:48
  Speaker 2: didn't even set 10% aside a month, 10% aside. They
• 7:52
  Speaker 2: had the best housing market, college, They were set up
• 7:56
  Speaker 2: for everything. If they just put 5% to 10% a
• 7:59
  Speaker 2: month aside in the stock market that they had, that
• 8:03
  Speaker 2: they had, they would be multimillionaires. Most of them would
• 8:08
  Speaker 2: be multimillionaires. But instead, we're in a situation where- I.
• 8:12
  Speaker 1: Want a new BMW.
• 8:14
  Speaker 2: Yeah. They can't pay their student loans. Social Security, 2033.
• 8:18
  Speaker 2: That's when the funds dry. So payments get cut by 25%. Yeah.
• 8:22
  Speaker 1: 2033 is when the funds dry up for Social Security?
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  Speaker 2: Yeah, the actual fund that's sitting there. So every dollar
• 8:29
  Speaker 2: that goes out is money that's coming in. That's projected 2033.
• 8:32
  Speaker 1: Well, we have to pay for transgender migrants. It's really important.
• 8:35
  Speaker 1: Some of them have back pain. They need to be
• 8:37
  Speaker 1: on Social Security forever.
• 8:38
  Speaker 2: Yeah, we just had a clip go viral two days ago.
• 8:42
  Speaker 2: Transgender woman, Colorado.
• 8:44
  Speaker 1: I saw the video.
• 8:45
  Speaker 2: Yeah, taxpayer-funded boobs. That's nice.
• 8:48
  Speaker 1: The way you explained it or the way she explained
• 8:51
  Speaker 1: it was hilarious. You know, like something about how her
• 8:55
  Speaker 1: body's priceless. So how much do they cost? They're free.
• 8:57
  Speaker 2: Yeah. I can't blame her, though. I mean, the program's there, right?
• 9:01
  Speaker 1: Of course.
• 9:01
  Speaker 2: So I'd take it if I wanted some new tits.
• 9:03
  Speaker 1: Of course.
• 9:04
  Speaker 2: But it's crazy that we are. And of course, when
• 9:06
  Speaker 2: we filmed it was like two days after I wrote
• 9:08
  Speaker 2: a $ 4 million, you know, income tax check, whatever, to
• 9:12
  Speaker 2: the federal government.
• 9:13
  Speaker 1: Right. And you're thinking about this, like, where's that money go?
• 9:16
  Speaker 2: Going to tits. Not funding proper Social Security.
• 9:19
  Speaker 1: Well, we were talking before about how Gavin Newsom wouldn't
• 9:22
  Speaker 1: do your podcast.
• 9:23
  Speaker 2: Yes.
• 9:24
  Speaker 1: But it's probably because like that kind of debt, when
• 9:28
  Speaker 1: you think about like California's debt and California's spending and
• 9:32
  Speaker 1: the waste and potential fraud, I look at it like
• 9:36
  Speaker 1: a garbage dump. Like someone saying, hey, go look into
• 9:40
  Speaker 1: that garbage dump and clean it up. I'm like, oh,
• 9:42
  Speaker 1: it's too much. And I think that's how most people
• 9:45
  Speaker 1: look at it. They look at it like, 24 billions
• 9:48
  Speaker 1: missing for the homeless how much money went to that
• 9:50
  Speaker 1: rail that fucking high speed rail like billions of dollars
• 9:54
  Speaker 1: later there's nothing done like what.
• 9:56
  Speaker 2: Are you doing which is insane because America the leader
• 9:59
  Speaker 2: of the world, should have incredible high-speed rail.
• 10:02
  Speaker 3: Yeah.
• 10:02
  Speaker 2: I want it. I want to go to Dallas, Houston
• 10:04
  Speaker 2: in a couple hours on a high-speed rail. Maybe Texas
• 10:07
  Speaker 2: could do it, but just give California anything and they'll
• 10:10
  Speaker 2: find a way to mess it up and lose all
• 10:11
  Speaker 2: the money.
• 10:11
  Speaker 1: Well, this is like– the rail one is crazy because
• 10:14
  Speaker 1: nothing's– but how much have they spent on the high-speed
• 10:16
  Speaker 1: rail so far? It's something bonkers. Billions? Some insane amount
• 10:21
  Speaker 1: of money, and nothing's been done. And there's this guy
• 10:23
  Speaker 1: on YouTube. Do you remember the guy on YouTube, Jamie?
• 10:25
  Speaker 1: He's on Instagram, rather. The guy was on Instagram who
• 10:28
  Speaker 1: says in the same amount of time that it took
• 10:31
  Speaker 1: California to not do that, this is what China's done.
• 10:34
  Speaker 1: And it just over and over and over again, all
• 10:36
  Speaker 1: the miles of high-speed rail they put in, all the this,
• 10:38
  Speaker 1: all the that, like for the same amount of money
• 10:41
  Speaker 1: that California spent, this is what could have been done.
• 10:44
  Speaker 1: It's crazy. Fucking nuts.
• 10:47
  Speaker 2: Brightline's private.
• 10:48
  Speaker 1: Spent an order of mid-teens of billions. Mid-teens, so far,
• 10:53
  Speaker 1: on the high-speed rail, roughly around $ 14 to $ 16 billion
• 10:57
  Speaker 1: as of the mid-2020s. How much of it is done, Jamie?
• 11:01
  Speaker 1: How much of that rail is done?
• 11:03
  Speaker 3: Well, some of it is actually getting close to done,
• 11:05
  Speaker 3: I think.
• 11:05
  Speaker 1: Oh, my God, amazing.
• 11:07
  Speaker 2: To what, Bakersfield?
• 11:08
  Speaker 1: Completed, I guess.
• 11:13
  Speaker 3: Yeah.
• 11:14
  Speaker 1: How much is completed? Completed. 14 feet. Very little.
• 11:22
  Speaker 3: 119 miles are under active construction.
• 11:25
  Speaker 1: Oh, 119 miles. Madeira near Bakersfield are under active construction.
• 11:29
  Speaker 1: What a great way to spend $ 14 billion. I bet
• 11:33
  Speaker 1: the homeless people are pissed. You could have spent that
• 11:34
  Speaker 1: money on us.
• 11:35
  Speaker 2: And then once it's done, you'll get on the train.
• 11:37
  Speaker 2: You'll have fare evaders, people that just jumped over that
• 11:41
  Speaker 2: are doing drugs on the train.
• 11:42
  Speaker 1: That's how I asked the questions. If you were 25
• 11:45
  Speaker 1: in 1990 and made an average U.S. salary for 40 years,
• 11:48
  Speaker 1: saving 5% to 10% per month in the S &
• 11:50
  Speaker 1: P 500, how much would they have now? They would
• 11:53
  Speaker 1: have around $ 2 to $ 5 billion, depending on exact assumptions.
• 11:58
  Speaker 1: Starting with $ 21, 000. Holy shit. That's what I'm saying.
• 12:01
  Speaker 2: This is hard for me to— And they— we have the
• 12:05
  Speaker 2: best disposable income in the history of the world.
• 12:07
  Speaker 1: This is how crazy inflation is. The average salary in
• 12:11
  Speaker 1: 1990 was $ 21, 000.
• 12:11
  Speaker 3: Wow.
• 12:15
  Speaker 1: Isn't that nuts? Imagine if someone told you you had
• 12:17
  Speaker 1: to live off $ 21, 000 today. You'd be like, oh, fuck.
• 12:21
  Speaker 2: And yet, even still, they could retire multi-millionaires. Even still,
• 12:24
  Speaker 2: even with that. It's beautiful.
• 12:27
  Speaker 1: That is nuts if you know how to do it.
• 12:28
  Speaker 1: But how would someone start doing something like that?
• 12:32
  Speaker 2: Honestly, low-cost index funds. I'm sure you've got a money guy.
• 12:35
  Speaker 2: But for the average American, there's these target date retirement funds.
• 12:40
  Speaker 2: So Fidelity or whatever you want to use, they have
• 12:42
  Speaker 2: essentially just pick, like, Within the five years that you
• 12:46
  Speaker 2: think you're going to retire, you just buy into that
• 12:48
  Speaker 2: and it balances it for you. It goes more aggressive
• 12:51
  Speaker 2: now and just more conservative by the time you retire.
• 12:54
  Speaker 2: It's so easy. There's no reason most people aren't doing it.
• 12:58
  Speaker 2: Even in their 401k where it's free money matches and everything.
• 13:02
  Speaker 2: It doesn't really make sense.
• 13:03
  Speaker 1: So do you have to teach yourself all this stuff?
• 13:06
  Speaker 2: I mean, I'll be honest. Pretty much any personal finance
• 13:10
  Speaker 2: book or just like Not even a class. Just watch
• 13:12
  Speaker 2: like a couple of YouTubers, the dry YouTubers that maybe
• 13:14
  Speaker 2: no one's watching. I mean you'll get it like this.
• 13:17
  Speaker 2: It's super simple, that kind of stuff. It gets a
• 13:20
  Speaker 2: little harder if you're thinking like what kind of perfect
• 13:22
  Speaker 2: insurances do I need? If you're trying to individually stock trade.
• 13:26
  Speaker 2: You know what scares me though? People in our position
• 13:30
  Speaker 2: right now, people under 30, 60 percent of them are
• 13:35
  Speaker 2: doing their portfolio trades based on the podcasters they're listening to.
• 13:40
  Speaker 2: That's what's scary to me.
• 13:42
  Speaker 1: What? Really? Yeah, 60 percent. Which podcasts are giving them advice?
• 13:47
  Speaker 2: Any personal finance. Any personal finance. No, even on like
• 13:51
  Speaker 2: Kik or Twitch. There's streamers. I'll log on in the morning,
• 13:54
  Speaker 2: just see who's streaming. And some of the top viewed
• 13:56
  Speaker 2: people are day traders.
• 13:58
  Speaker 1: Really?
• 13:58
  Speaker 2: With like 25,000 concurrent viewers that are getting hundreds of
• 14:02
  Speaker 2: thousands of views a day.
• 14:03
  Speaker 1: So the kick streamers that are doing finance, are they
• 14:06
  Speaker 1: just essentially letting people know what they're trading and what
• 14:08
  Speaker 1: to trade? Exactly. It's crazy. So they're following along. So
• 14:11
  Speaker 1: you can basically just mirror them. So you can say, okay,
• 14:14
  Speaker 1: buy BlackRock. Whatever you want to buy, whatever they're doing,
• 14:19
  Speaker 1: sort of like the Pelosi stock trader.
• 14:21
  Speaker 2: Yes, which I bought into the Pelosi fund.
• 14:24
  Speaker 1: Yeah?
• 14:24
  Speaker 2: It's doing really well.
• 14:25
  Speaker 1: I bet it is. Yeah.
• 14:26
  Speaker 2: I only put $ 1, 000 in there. I was a little scared,
• 14:28
  Speaker 2: but it's doing really well. It's beating my own money, guys.
• 14:30
  Speaker 2: It's kind of hilarious. She knows what she's doing or
• 14:36
  Speaker 2: her people knows what she's doing.
• 14:37
  Speaker 1: Yeah. Yeah. Someone knows something. Yeah. They know something. It's
• 14:43
  Speaker 1: crazy that it's legal. It's crazy that you could know, oh,
• 14:47
  Speaker 1: we're going to do this big deal with AI chips.
• 14:50
  Speaker 1: And so NVIDIA makes AI chips. I'm just going to
• 14:52
  Speaker 1: buy a shit ton of NVIDIA stock. And then, boom,
• 14:55
  Speaker 1: we pass this thing. Hey, look at that, 500% increase. Whee!
• 15:00
  Speaker 2: I think my thousand's up like 20%, 30% in just
• 15:02
  Speaker 2: a couple months.
• 15:04
  Speaker 1: It's crazy. It's crazy.
• 15:05
  Speaker 2: S & P 500, when he searched up, averages 10%
• 15:06
  Speaker 2: a year. So it's crazy.
• 15:12
  Speaker 1: It is nuts. You know, and like what are the laws?
• 15:17
  Speaker 1: It's like you could clearly follow her. But what are
• 15:21
  Speaker 1: the laws in terms of like what she's allowed to do?
• 15:25
  Speaker 1: Like how much information is she allowed to have? Yeah.
• 15:29
  Speaker 2: Well, that's what's hard to track, right? The insider trading
• 15:31
  Speaker 2: is hard to track. They're getting into that shit with
• 15:33
  Speaker 2: Kalshi now.
• 15:35
  Speaker 1: Right.
• 15:35
  Speaker 2: You know, some of the people that were in the
• 15:37
  Speaker 2: operation for Maduro in Venezuela– They're getting in trouble. George Santos.
• 15:41
  Speaker 2: You know George. Did you ever have George Santos?
• 15:43
  Speaker 1: No, but he's hilarious.
• 15:44
  Speaker 2: Yes, he's hilarious. But big investigation just opened up yesterday
• 15:48
  Speaker 2: or today.
• 15:49
  Speaker 1: Oh, no. He just got a pardon for something else.
• 15:51
  Speaker 2: He went on Instagram or something. And he was like, hey, guys,
• 15:58
  Speaker 2: I'm going to 100% be at the State of the Union. 100%.
• 16:01
  Speaker 2: I'm going to be there. Here's my seat. And then
• 16:03
  Speaker 2: he immediately bet that he will not be at the
• 16:05
  Speaker 2: State of the Union.
• 16:07
  Speaker 1: Yeah.
• 16:07
  Speaker 2: So four people close to him have been– Working with
• 16:11
  Speaker 2: the FTC on that.
• 16:12
  Speaker 1: Oh, my God. He's retarded.
• 16:13
  Speaker 2: Yeah.
• 16:14
  Speaker 1: That's so dumb.
• 16:14
  Speaker 2: After a pardon and everything.
• 16:16
  Speaker 1: That's so dumb, bro. You got free. And you're fun.
• 16:19
  Speaker 1: You should just do a podcast. That guy should. Yes.
• 16:21
  Speaker 1: He could make millions doing a podcast. Yeah.
• 16:23
  Speaker 2: He's been on other podcasts.
• 16:24
  Speaker 1: He's good. He would be great.
• 16:26
  Speaker 2: He's a sassy gay. He's perfect for the camera.
• 16:28
  Speaker 1: Sassy, fun, smart, talks a lot of shit. He would
• 16:31
  Speaker 1: be great as a host of a podcast. Don't fucking
• 16:34
  Speaker 1: do scams like that. Yeah.
• 16:36
  Speaker 2: Insider trading.
• 16:37
  Speaker 3: So.
• 16:37
  Speaker 2: I guess that's his future now.
• 16:38
  Speaker 1: Was it Polymarket? What was it where they had odds
• 16:43
  Speaker 1: on things that we do and what we're going to
• 16:45
  Speaker 1: say and what guests we're going to have on? Probably
• 16:46
  Speaker 1: both of them. Probably both of them. I don't look
• 16:48
  Speaker 1: into it. We looked. I said, Jamie, shut that fucking
• 16:50
  Speaker 1: laptop and do not open that website ever again because
• 16:53
  Speaker 1: you could do it. Like, we could break it.
• 16:55
  Speaker 2: I kind of want to.
• 16:57
  Speaker 1: Anybody could.
• 16:57
  Speaker 2: I'm not going to, but I kind of want to
• 16:59
  Speaker 2: bet that I would be on here.
• 17:00
  Speaker 1: Right. Like, what are the odds? Like, you could probably
• 17:02
  Speaker 1: bet a substantial amount of money through some fucking offshore account. Yeah.
• 17:06
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• 18:06
  Speaker 2: Both Pelosi, who knows? I mean, other people in Congress,
• 18:09
  Speaker 2: they want to pass something where they can only invest
• 18:12
  Speaker 2: in like large cap index funds like the S &
• 18:15
  Speaker 2: P 500. Mm-hmm. They're not passing it.
• 18:17
  Speaker 1: They don't care. They don't care. It's also– it's completely bipartisan.
• 18:21
  Speaker 1: It's not like it's– Nancy Pelosi is the scapegoat. She's
• 18:24
  Speaker 1: the one that everybody beats on. But if you look
• 18:26
  Speaker 1: at it, it's red, blue, across the line. They're all
• 18:30
  Speaker 1: doing it.
• 18:30
  Speaker 3: Yes.
• 18:31
  Speaker 1: They're all trading. They're all making shit tons of money.
• 18:33
  Speaker 1: They all go into Congress broke. They all come out
• 18:35
  Speaker 1: rich as fuck.
• 18:36
  Speaker 2: Yes.
• 18:37
  Speaker 1: And they get $ 100, 000 a year. Fuck off. Fuck off.
• 18:42
  Speaker 1: It's crazy. What is– pull up the Santos case. Find
• 18:45
  Speaker 1: out what's happening. I'm fascinated by that.
• 18:47
  Speaker 3: I mean, honestly, today's the second. I guess it was yesterday.
• 18:51
  Speaker 3: He was contacted by NPR.
• 18:54
  Speaker 1: He was contacted by NPR?
• 18:56
  Speaker 3: It was like, it's news to me.
• 18:58
  Speaker 1: He said it's news to him? There you go.
• 18:59
  Speaker 3: Reached by NPR.
• 19:01
  Speaker 1: Well, that's news to me. When asked about the insider
• 19:04
  Speaker 1: trading probe underway, this activity on Cauchy, Santos said, I'm
• 19:08
  Speaker 1: not saying yes, I'm not saying no. When the NPR
• 19:11
  Speaker 1: questioned whether he had a Cauchy account, he wanted to
• 19:13
  Speaker 1: say the co-founder of Cauchy, Luana Lopez Lara, is a
• 19:16
  Speaker 1: fellow Brazilian whom he personally knows. He said he would
• 19:20
  Speaker 1: call her to get to the bottom whether an investigation
• 19:22
  Speaker 1: had been launched. Santos promised to update NPR on how
• 19:25
  Speaker 1: the call went. He did not respond to NPR's follow-up messages.
• 19:29
  Speaker 3: Yes.
• 19:31
  Speaker 1: The thing is, like, he had some crazy background discrepancies that,
• 19:38
  Speaker 1: you know, they deviated from the truth slightly. Right. There
• 19:42
  Speaker 1: was some other stuff. It wasn't just this. Like, that's
• 19:44
  Speaker 1: what the guy does. Yeah. But meanwhile, he's in this
• 19:47
  Speaker 1: amazing position. He's got a name. He's famous. People like him.
• 19:51
  Speaker 1: He's fun. And he got a fucking pardon from the president.
• 19:54
  Speaker 1: That's crazy. Like, bro, straight and narrow.
• 19:57
  Speaker 2: Yeah.
• 19:57
  Speaker 1: Get yourself a podcast. Get yourself a YouTube show. You
• 20:02
  Speaker 1: would make some real money. He would make some real money.
• 20:05
  Speaker 3: Yeah.
• 20:05
  Speaker 1: I don't know.
• 20:06
  Speaker 2: I don't know what's going on with that guy, man.
• 20:07
  Speaker 2: I really don't. I think he's just trying to get
• 20:10
  Speaker 2: rich quick.
• 20:10
  Speaker 1: Let's see. Jamie put it into perplexity. It says, he
• 20:13
  Speaker 1: built much of his public persona on false claims about
• 20:16
  Speaker 1: his biography, finances, and identity, and later also faced criminal
• 20:19
  Speaker 1: charges tied to deception and fraud.
• 20:22
  Speaker 3: Damn.
• 20:24
  Speaker 1: He falsely claimed degrees from Baruch. Is that how you
• 20:26
  Speaker 1: say it? Baruch College in New York and NYU. Even
• 20:31
  Speaker 1: saying he graduated summa cum laude, although he has no
• 20:34
  Speaker 1: college degree. He said he worked at Goldman Sachs and Citigroup.
• 20:40
  Speaker 1: Both firms reported no record of him as an employee.
• 20:43
  Speaker 1: Financial career, Santos portrayed himself as a seasoned Wall Street
• 20:47
  Speaker 1: financier and successful businessman, reporting a rapid jump in income
• 20:53
  Speaker 1: and large loans to his campaign while journalists found big
• 20:56
  Speaker 1: gaps and unclear sources of wealth. He claimed Jewish heritage
• 21:01
  Speaker 1: and that his grandparents were Holocaust refugees, later backing off,
• 21:04
  Speaker 1: saying he was Jew-ish. After his maternal family background, not
• 21:10
  Speaker 1: actually Jewish, he also made disputed statements about being a
• 21:13
  Speaker 1: landlord with a family real estate portfolio and about his
• 21:16
  Speaker 1: mother's death being related to 9-11, although she died in 2016.
• 21:19
  Speaker 1: That's crazy.
• 21:22
  Speaker 2: What a king.
• 21:22
  Speaker 1: There's a bunch more. Animal rescue claims. He said he
• 21:26
  Speaker 1: founded a nonprofit that rescued 2,500 cats and dogs, but
• 21:29
  Speaker 1: reporters found no records. of such an organization. Cultural and
• 21:34
  Speaker 1: lifestyle claims. Brazilian drag performer shared photos of Santos in drag.
• 21:39
  Speaker 1: He initially denied ever doing drag and later minimized it
• 21:44
  Speaker 1: as just dressing up for a festival when he was young.
• 21:47
  Speaker 1: That's a funny dude. He's a funny dude.
• 21:51
  Speaker 2: Back to jail.
• 21:53
  Speaker 1: He's fucked. He was sentenced to 87 months in prison
• 21:56
  Speaker 1: for wire fraud and aggravated identity theft with officials describing
• 22:00
  Speaker 1: his conduct as a mountain of lies, theft and fraud.
• 22:04
  Speaker 1: His short house tenure ended with expulsion after an ethics
• 22:07
  Speaker 1: report detailed misuse of campaign funds, including personal luxury spending.
• 22:12
  Speaker 1: Fucking dude, you could have been in jail for 87
• 22:16
  Speaker 1: months and you got out. And you blew it all
• 22:21
  Speaker 1: on a bet. Like, how much did he make off
• 22:23
  Speaker 1: the bet?
• 22:25
  Speaker 2: It's very fresh, this story. I heard it on the
• 22:28
  Speaker 2: news this morning. Homie.
• 22:30
  Speaker 1: I don't think it.
• 22:31
  Speaker 3: Said specifically how much because it was more about what
• 22:36
  Speaker 3: he did. So I don't think they tracked his account.
• 22:38
  Speaker 3: I don't think they've announced, like, how much he bet
• 22:40
  Speaker 3: on it.
• 22:41
  Speaker 2: And that is hard to trace, which is why I
• 22:43
  Speaker 2: think he did it.
• 22:45
  Speaker 1: Right.
• 22:45
  Speaker 2: I mean, those platforms are hard to trace. Yeah. I
• 22:48
  Speaker 2: think Polymarket, I think they're specifically like even just in
• 22:51
  Speaker 2: crypto on the back end.
• 22:53
  Speaker 3: Oh, really?
• 22:53
  Speaker 2: If I'm not mistaken, or in those similar kind of exchanges. So, like,
• 22:59
  Speaker 2: it's hard to track. So it's a good place to
• 23:02
  Speaker 2: insider trade, and he made some money. But I think–
• 23:04
  Speaker 2: I listened on the news this morning. It said four
• 23:07
  Speaker 2: people close to him reported him, though.
• 23:11
  Speaker 1: Well, when you're that kind of a fraudster, allegedly, and
• 23:14
  Speaker 1: that kind of a liar, allegedly– You tend to not
• 23:18
  Speaker 1: have close friends that you could trust. You probably fuck
• 23:21
  Speaker 1: those guys over too. Yeah. If they're turning him in, allegedly.
• 23:26
  Speaker 1: I think it's funny though because it's like– it's really
• 23:29
  Speaker 1: unfortunate because he had a real opportunity. Like he became
• 23:32
  Speaker 1: a public person.
• 23:34
  Speaker 2: Maybe he still does. Maybe he'll get another pardon.
• 23:37
  Speaker 1: No.
• 23:37
  Speaker 2: Who knows?
• 23:37
  Speaker 1: I doubt it. I doubt he'll give him a pardon
• 23:40
  Speaker 1: for that.
• 23:40
  Speaker 2: I don't know why he got the first one.
• 23:41
  Speaker 1: He'd probably be so mad. If Trump got a phone
• 23:43
  Speaker 1: call from him asking for a second pardon– Why did
• 23:46
  Speaker 1: he get the first one? Do you know? I have
• 23:47
  Speaker 1: no idea. Let's find out. Let's ask.
• 23:50
  Speaker 3: Yeah.
• 23:51
  Speaker 1: Why did he get pardoned? There's a lot of people
• 23:56
  Speaker 1: that got pardoned where you're like, wait, what?
• 23:58
  Speaker 2: Yeah.
• 23:59
  Speaker 1: The Biden thing was nuts where they pardoned more people
• 24:02
  Speaker 1: than ever, ever, any president ever. And how much of
• 24:06
  Speaker 1: it was done with the auto pen? So he's literally
• 24:10
  Speaker 1: like barely there, right? We all agree at this point.
• 24:13
  Speaker 1: I mean, there used to be– oh, yeah, there's a stutter.
• 24:16
  Speaker 1: We all now say he was barely there. So someone
• 24:19
  Speaker 1: else was doing that. So what's the legality of that?
• 24:23
  Speaker 1: What is the legality of selling pardons?
• 24:27
  Speaker 2: And the preemptive pardons too.
• 24:28
  Speaker 1: Oh, those are nuts. How about for crimes that just
• 24:31
  Speaker 1: don't exist? You're not accused of anything. What'd you do?
• 24:35
  Speaker 1: He did not receive a pardon. His prison sentence was
• 24:37
  Speaker 1: commuted by President Donald Trump, which let him out of
• 24:40
  Speaker 1: prison early, but left his convictions in place. Interesting. In
• 24:43
  Speaker 1: October 25th, October of 2025, rather, Trump signed a commutation
• 24:51
  Speaker 1: for former Representative George Santos ordering his immediate release from
• 24:54
  Speaker 1: federal prison where he was serving a roughly seven-year sentence
• 24:58
  Speaker 1: for fraud and identity theft. Commutation shortens or eliminates the
• 25:02
  Speaker 1: punishment but does not erase the conviction or declare the
• 25:06
  Speaker 1: person innocent, unlike a full pardon. Trump said Santos had
• 25:10
  Speaker 1: been horribly mistreated and had spent long periods in solitary
• 25:14
  Speaker 1: confinement which Trump framed as too harsh for a rogue
• 25:17
  Speaker 1: politician compared with others. Commentators widely interpret the move as
• 25:21
  Speaker 1: fitting Trump's pattern of granting clemency to political allies and
• 25:25
  Speaker 1: loyalists rather than based on traditional justice system criteria. I mean, look,
• 25:31
  Speaker 1: it's a weird thing that you could do. The fact
• 25:33
  Speaker 1: that you're the president and you could just say, what
• 25:36
  Speaker 1: did you do? You robbed a bank? You're sorry. Get free. Meanwhile,
• 25:40
  Speaker 1: if you don't know the president, you're in the bank forever.
• 25:43
  Speaker 1: That is a crazy loophole that still exists that makes
• 25:47
  Speaker 1: no logical sense whatsoever. Yeah.
• 25:49
  Speaker 2: You just help people around you or your kids, whatever
• 25:52
  Speaker 2: it is.
• 25:53
  Speaker 1: Or a friend of a friend.
• 25:54
  Speaker 2: Yeah.
• 25:55
  Speaker 1: Donation.
• 25:56
  Speaker 3: Yeah.
• 25:56
  Speaker 1: Somebody hooks you up and you know them and their
• 25:59
  Speaker 1: cousin needs a thing and there's a guy and maybe
• 26:02
  Speaker 1: he did it, maybe he didn't. You can get him out.
• 26:05
  Speaker 2: I mean, I'd pardon a lot of people if I
• 26:06
  Speaker 2: was president.
• 26:07
  Speaker 1: I would pardon a fuckload of people. I get it. Well,
• 26:09
  Speaker 1: we've– on this show, we've done a lot of work
• 26:11
  Speaker 1: with my friend Josh Dubin who used to work with
• 26:14
  Speaker 1: the Innocent Project and now he works with the Ike
• 26:17
  Speaker 1: Perlmutter Center for Legal Justice and– or Criminal Justice. So
• 26:22
  Speaker 1: it's all people that are wrongly convicted and there's a
• 26:25
  Speaker 1: shit ton of them. And you find out that there's
• 26:27
  Speaker 1: these rogue politicians or rather prosecutors, these rogue prosecutors and
• 26:32
  Speaker 1: rogue DAs and rogue cops that just have fucking– Dozens
• 26:37
  Speaker 1: and dozens of bullshit convictions where they fucking hid evidence.
• 26:41
  Speaker 1: They absolutely knew the person that they arrested was the
• 26:44
  Speaker 1: wrong person. They don't care. They just want a conviction.
• 26:47
  Speaker 1: They don't care. They lose their ability to give a
• 26:51
  Speaker 1: fuck whether or not the person that's in jail is
• 26:53
  Speaker 1: actually guilty of that crime. And they justify it in
• 26:56
  Speaker 1: their head while he was a drug dealer or he
• 26:58
  Speaker 1: was a this or he was a that and he
• 27:00
  Speaker 1: fucked off his whole life. We're better off with him
• 27:02
  Speaker 1: being in jail. Let me go to Morton's and have
• 27:05
  Speaker 1: a steak.
• 27:06
  Speaker 2: You take that and then you compare it with like
• 27:09
  Speaker 2: every violent crime that has happened in Austin this year
• 27:12
  Speaker 2: are people that have been repeat criminals just let loose. Oh, yeah.
• 27:17
  Speaker 3: Yeah.
• 27:17
  Speaker 1: OK.
• 27:17
  Speaker 2: So locking up people that don't deserve it. And then
• 27:19
  Speaker 2: a guy, a guy off a 360 here in Austin
• 27:22
  Speaker 2: killed his family and he was let out a couple
• 27:24
  Speaker 2: of times before.
• 27:25
  Speaker 1: Yeah.
• 27:26
  Speaker 3: Yeah.
• 27:26
  Speaker 1: I'm not a fan of that. That's a different thing.
• 27:29
  Speaker 1: you know, so you got both things, right? You have
• 27:32
  Speaker 1: these very liberal DAs who are letting people go if
• 27:38
  Speaker 1: they think that they're, you know, from a protected class
• 27:42
  Speaker 1: or if they've experienced racism or they've experienced some sort
• 27:46
  Speaker 1: of an unjust situation as a youth and they need
• 27:51
  Speaker 1: a second chance and the system is racist and so
• 27:54
  Speaker 1: you let them loose. But you've got people that You know,
• 27:57
  Speaker 1: like the guy that pushed someone in front of the
• 27:59
  Speaker 1: train in New York City had been arrested over a
• 28:01
  Speaker 1: dozen times. Like, the fuck are you doing? And there's
• 28:04
  Speaker 1: some kind of crazy statistic, particularly about New York City,
• 28:09
  Speaker 1: that something like 50% of all the crimes are by
• 28:13
  Speaker 1: a very small number of people. Oh, yeah. A very
• 28:15
  Speaker 1: small number of repeat people. And if those people were
• 28:18
  Speaker 1: in jail, literally crime, you could half violent crime, half robberies.
• 28:23
  Speaker 3: Half.
• 28:23
  Speaker 2: Half.
• 28:24
  Speaker 3: Yeah.
• 28:24
  Speaker 1: Fifty percent.
• 28:25
  Speaker 2: It's crazy. I saw some people doing analysis of like
• 28:29
  Speaker 2: the kind of content and news we were getting in
• 28:32
  Speaker 2: 2015 by people that I watched and liked, like the
• 28:35
  Speaker 2: Vlog Brothers and stuff on YouTube, where everything was about
• 28:38
  Speaker 2: the prison industrial complex, which I'm not saying is not
• 28:40
  Speaker 2: a thing. It's certainly there's definitely issues for sure. But
• 28:43
  Speaker 2: it was about how, you know, we have the highest
• 28:48
  Speaker 2: prison population and stuff. And again, these aren't untrue things.
• 28:51
  Speaker 2: But it started putting out all this unchallenged information about
• 28:55
  Speaker 2: how we are too critical in this country and too punishing.
• 28:59
  Speaker 2: And then what you started to see after that was
• 29:01
  Speaker 2: the politicians like the DA here, the DA in San
• 29:04
  Speaker 2: Francisco coming around the 2020 stuff after the George Floyd
• 29:07
  Speaker 2: situation and everything, where all of a sudden it was
• 29:09
  Speaker 2: beyond soft on crime, like beyond where they could do
• 29:12
  Speaker 2: any amount of property damage that they wanted in San
• 29:14
  Speaker 2: Francisco and just no challenges. So the DA in Chicago
• 29:19
  Speaker 2: that raised... I think the theft for felony threshold from
• 29:25
  Speaker 2: like $ 50 to $ 500 or something. It was something crazy.
• 29:29
  Speaker 2: So all that.
• 29:30
  Speaker 1: Information– I think it was $ 900.
• 29:31
  Speaker 2: Crazy. All that information that we were all consuming was
• 29:35
  Speaker 2: just unchallenged. All you had was like a boomer on
• 29:38
  Speaker 2: Fox News just yelling That was like the only challenge
• 29:42
  Speaker 2: to that kind of information that was coming around 2015.
• 29:44
  Speaker 2: And I was a fan of that information. I ate
• 29:47
  Speaker 2: it alive. And then now we're facing the consequences of it.
• 29:53
  Speaker 2: It's kind of crazy.
• 29:54
  Speaker 1: Well, it's also you find out that there's sort of
• 29:57
  Speaker 1: a– a dark element to it all. And there's people
• 30:01
  Speaker 1: like George Soros and the open society foundation. And what
• 30:04
  Speaker 1: they do is they, they invest their money in politicians.
• 30:09
  Speaker 1: They invest their money in DAs and they get like
• 30:11
  Speaker 1: the most liberal, the most, you know, progressive, the one
• 30:15
  Speaker 1: who's going to do the most damage to the city
• 30:18
  Speaker 1: in terms of crime. And then he funds the next
• 30:22
  Speaker 1: guy to compete against him who's further left. And they
• 30:25
  Speaker 1: go further and further and further until you've got people
• 30:28
  Speaker 1: like The guy they got rid of in Los Angeles
• 30:30
  Speaker 1: that was just violent crimes. This guy pulled a knife
• 30:34
  Speaker 1: on a sheriff who was trying to attack a sheriff
• 30:37
  Speaker 1: with a knife. And then they let him out. And
• 30:39
  Speaker 1: then he hacked up some guy with his kids with
• 30:41
  Speaker 1: a fucking machete. In Malibu or in Santa Monica, wherever
• 30:44
  Speaker 1: it was. It's like you hear these stories and you're like,
• 30:46
  Speaker 1: this is fucking insane. When someone's a violent criminal and
• 30:49
  Speaker 1: they commit violent crimes, they need to go to jail.
• 30:51
  Speaker 1: And if you don't do that, you're going to encourage
• 30:53
  Speaker 1: people to do violent crimes. So why are these prosecutors
• 30:57
  Speaker 1: doing this? Why are these DAs doing this? Are they
• 31:00
  Speaker 1: doing it because they want to? Do they want society
• 31:03
  Speaker 1: to fail? Well, some of them do. Some of them
• 31:06
  Speaker 1: actually do. They would like our civilization to fall. They
• 31:10
  Speaker 1: think America is evil.
• 31:12
  Speaker 2: Interesting. That's interesting.
• 31:14
  Speaker 1: Elon is deep into it, man. I've had conversations with
• 31:17
  Speaker 1: him about it and he explains the way Soros does
• 31:20
  Speaker 1: it and that it's actually– it's a great investment because
• 31:23
  Speaker 1: like to invest in politicians in terms of like to
• 31:25
  Speaker 1: spend money on a campaign for the president, it's a
• 31:27
  Speaker 1: lot of money. Spend money on a campaign for becoming
• 31:31
  Speaker 1: the governor. That's a lot of money. But a local DA,
• 31:34
  Speaker 1: not that much money. And for a great return on
• 31:37
  Speaker 1: your investment, you can fucking tank a city by having
• 31:40
  Speaker 1: one insane DA. Like who is the guy in L.A.
• 31:43
  Speaker 1: they got rid of? Was it Garza? Was that what
• 31:45
  Speaker 1: his name? This guy was fucking out there. I mean
• 31:49
  Speaker 1: he was releasing all kinds of crazy criminals. And you're
• 31:53
  Speaker 1: like why would you do that? And there was a
• 31:56
  Speaker 1: podcast that I was listening to where there was a
• 31:58
  Speaker 1: former gang leader who was leaving Los Angeles because he
• 32:01
  Speaker 1: was saying it's getting too dangerous and they're about to
• 32:04
  Speaker 1: release thousands of people from prison because the prisons are overcrowded.
• 32:08
  Speaker 1: So they're releasing thousands and thousands of violent offenders. And
• 32:12
  Speaker 1: he was sounding the alarm for it, for a gang leader.
• 32:15
  Speaker 1: He's like, this is too hot. We got to get
• 32:17
  Speaker 1: out of here.
• 32:18
  Speaker 2: That's the primary reason I'm against the things like all
• 32:22
  Speaker 2: the funding for the train in California. Specifically because I
• 32:27
  Speaker 2: actually really like– I'm a big advocate for public infrastructure
• 32:30
  Speaker 2: and even like dense living. Like I love– when you
• 32:33
  Speaker 2: visit a place that is like dense and really cool,
• 32:35
  Speaker 2: lots of community, I love that. We can't do that.
• 32:39
  Speaker 2: Because we have these people that just let the violent
• 32:42
  Speaker 2: criminals out. They let people hop fares in San Francisco
• 32:46
  Speaker 2: and smoke meth on the train. I want trains. I
• 32:50
  Speaker 2: want– so I wish Austin had an incredible subway system.
• 32:53
  Speaker 2: We can't if we keep letting out these– Horrible people
• 32:56
  Speaker 2: that will be everywhere. These people with mental health issues
• 32:59
  Speaker 2: that we won't put in a place that is more
• 33:01
  Speaker 2: humane than letting them sleep on the street. We'll let
• 33:04
  Speaker 2: them crash at the anytime. I mean, my girl, we
• 33:07
  Speaker 2: drive past a bus stop and we're just like we
• 33:10
  Speaker 2: would never ride a bus here.
• 33:12
  Speaker 1: Right.
• 33:13
  Speaker 2: Because just every I've seen people light up a meth
• 33:16
  Speaker 2: pipe on South Lamar at a bus stop. And there's
• 33:19
  Speaker 2: just people that are just sleeping there and you can't
• 33:21
  Speaker 2: even wait for a bus. I want these nice things.
• 33:25
  Speaker 2: We can have these nice things, but we can't if
• 33:28
  Speaker 2: we just let people overrun them.
• 33:31
  Speaker 1: So what do you think if you had to put
• 33:32
  Speaker 1: on your tinfoil hat and really try to make an
• 33:37
  Speaker 1: assessment of like why this is happening? Like, why are
• 33:41
  Speaker 1: they allowing this? Why isn't no one done? What is
• 33:45
  Speaker 1: the sensible thing? Protect the peaceful, taxpaying, kind and compassionate
• 33:51
  Speaker 1: people of the city. From violent criminals. Why are you
• 33:54
  Speaker 1: allowing these people to continually be released? Why are you
• 33:57
  Speaker 1: so soft on crime? Like, what are you doing? Yeah.
• 34:01
  Speaker 2: Well, honestly, definitely not as deep as Musk is on this.
• 34:04
  Speaker 2: But for me, I really think it's this political capture.
• 34:08
  Speaker 2: When you get in those ecosystems now online, you can
• 34:11
  Speaker 2: get on TikTok and it'll immediately figure out within three
• 34:14
  Speaker 2: minutes what group to put you in. And then you
• 34:17
  Speaker 2: hear no other perspective.
• 34:20
  Speaker 1: Right.
• 34:20
  Speaker 2: And we know young generations, especially young women, they've moved
• 34:23
  Speaker 2: more politically extreme than any other generation in the history
• 34:27
  Speaker 2: of the United States. And they've moved to the left,
• 34:29
  Speaker 2: you know, left, right.
• 34:29
  Speaker 1: I don't care.
• 34:30
  Speaker 2: But they've moved to the extreme version. And when you're
• 34:33
  Speaker 2: politically captured, you then vote for the people that are
• 34:38
  Speaker 2: more politically captured on that left. And there is a
• 34:41
  Speaker 2: lot of that moral masturbation that comes with it. It
• 34:44
  Speaker 2: sounds good. We had all that information around 2015, 2020
• 34:49
  Speaker 2: that anyone that's going to prison is– just for having
• 34:56
  Speaker 2: weed or anything like that. We're just evil as a society.
• 34:59
  Speaker 1: Right.
• 34:59
  Speaker 2: And when you get that and you start moral masturbating
• 35:02
  Speaker 2: about everything, it sounds right. Like things like rent control,
• 35:06
  Speaker 2: it sounds good. It sounds like the moral thing to do.
• 35:08
  Speaker 2: Not letting many– not just putting people in prison for
• 35:11
  Speaker 2: a long time. Sounds nice. Sounds nice. Not kicking people
• 35:15
  Speaker 2: off the street when they're homeless. It sounds nice. Not
• 35:18
  Speaker 2: doing those sweeps. It sounds nice.
• 35:20
  Speaker 1: Yeah.
• 35:21
  Speaker 2: And people that are politically captured online, especially in our
• 35:24
  Speaker 2: algorithms– It's just so brutal. And they just vote for
• 35:27
  Speaker 2: that on repeat because they hear no alternative perspective. And
• 35:30
  Speaker 2: even still, it's so politically captured now where it's like
• 35:33
  Speaker 2: if you disagree with one percent, you're a Nazi and
• 35:37
  Speaker 2: you're– get out of here. You're not one of us.
• 35:39
  Speaker 2: It's pretty brutal. I always considered myself like pretty left
• 35:44
  Speaker 2: of center actually. I'm probably more centrist now. Economically, I've
• 35:48
  Speaker 2: moved a little to the right over the past few years.
• 35:50
  Speaker 2: But– But compared to the people surrounding me in college
• 35:54
  Speaker 2: that were definitely like far left because, you know, music
• 35:57
  Speaker 2: school and all that stuff. But they were still algorithmically captured.
• 36:00
  Speaker 2: I was borderline like a Nazi because I just didn't
• 36:03
  Speaker 2: agree with everything.
• 36:04
  Speaker 1: Yeah.
• 36:05
  Speaker 2: You know, maybe the taxes shouldn't fund tits. Right. I'm
• 36:08
  Speaker 2: sorry if I'm a Nazi for that. Like we have
• 36:11
  Speaker 2: too much bloat.
• 36:13
  Speaker 1: I think you're absolutely correct about the political capture. But
• 36:16
  Speaker 1: I think it's also manipulated. And that still doesn't account
• 36:19
  Speaker 1: for who's funding the DA campaigns. And the fact that
• 36:23
  Speaker 1: Soros does get involved in these kind of things and
• 36:25
  Speaker 1: not just him but others as well.
• 36:26
  Speaker 2: Do you think he truly believes in it though? Like
• 36:28
  Speaker 2: this is the right thing. Like we have a prison issue.
• 36:33
  Speaker 1: No. No, I don't think so. I think he banks
• 36:35
  Speaker 1: on it. I think– I mean he's made money off
• 36:37
  Speaker 1: of collapsing societies. It's like he's of interesting character. He
• 36:43
  Speaker 1: seems like completely immune to the consequences like spiritually. Of
• 36:48
  Speaker 1: what he does.
• 36:49
  Speaker 2: Fair enough. It's a flaw of mine, I guess. I
• 36:51
  Speaker 2: just assume the worst until I see the best.
• 36:54
  Speaker 1: So I just– That's not a flaw. You're a good person.
• 36:56
  Speaker 2: Well, it's fucked me over a lot of times. But
• 36:58
  Speaker 2: like I mean I just assume that even if I
• 37:02
  Speaker 2: disagree with them politically, they think it actually has a
• 37:04
  Speaker 2: positive outcome.
• 37:05
  Speaker 1: Yeah.
• 37:05
  Speaker 2: I want to think that.
• 37:07
  Speaker 1: I used to. I think now more they want to
• 37:09
  Speaker 1: pretend that they think it's going to have a positive
• 37:12
  Speaker 1: outcome because it justifies what they're doing. And then it
• 37:15
  Speaker 1: also– I think with politicians, it's really a self-serving thing.
• 37:19
  Speaker 1: They just know that people are politically captured. So they
• 37:21
  Speaker 1: say the things that the– like listen, Gavin Newsom in
• 37:24
  Speaker 1: any other world could easily be a Republican, OK? If
• 37:27
  Speaker 1: we were living in the 1990s, he might have been.
• 37:29
  Speaker 1: Like this is nonsense. Like his perspectives on things is
• 37:33
  Speaker 1: about personal gain. It's about his campaign and his image
• 37:37
  Speaker 1: and politics. That's why when he addresses any of the
• 37:40
  Speaker 1: issues with California, he always goes into this preplanned speech
• 37:43
  Speaker 1: about we're the biggest tech sector. We're number four in
• 37:46
  Speaker 1: the world. The world economy starts moving his hands around.
• 37:49
  Speaker 1: He's got a little fucking voodoo dance he does because
• 37:52
  Speaker 1: it's not really about addressing the situation. It's about framing
• 37:55
  Speaker 1: it in a very positive way so that he looks good,
• 37:57
  Speaker 1: so that he moves forward. That's what he wants to do.
• 38:00
  Speaker 2: You're starting to see him come closer to center now
• 38:04
  Speaker 2: being opposed to the billionaire tax. And other things like.
• 38:07
  Speaker 1: That in California. Well, because they're fucking leaving.
• 38:10
  Speaker 2: They're leaving, but a lot of the– everyone running for
• 38:13
  Speaker 2: governor on the left was OK with the billionaire tax.
• 38:16
  Speaker 2: But since he's going to be eyeing for president, he
• 38:18
  Speaker 2: needs to be a little more sane. And, I mean,
• 38:20
  Speaker 2: pretty much every independent report says, yes, it will capture
• 38:24
  Speaker 2: tens of billions quickly, but it will lose hundreds of
• 38:26
  Speaker 2: billions over the long term because– The wealth that you
• 38:29
  Speaker 2: tax on a yearly basis is just leaving.
• 38:31
  Speaker 1: It's not just that. It's a slippery slope. It might
• 38:34
  Speaker 1: start with billionaires. It will work its way down. It
• 38:37
  Speaker 1: will work its way down to thousandaires.
• 38:39
  Speaker 2: Yeah, taxes typically have.
• 38:40
  Speaker 1: They always do. And also they have the ability to
• 38:43
  Speaker 1: change the goalposts once the bill gets passed. The bill
• 38:46
  Speaker 1: gets passed. They don't have to have you vote on
• 38:48
  Speaker 1: who gets taxed more. And we can just decide. Like
• 38:52
  Speaker 1: Bernie Sanders used to rally against millionaires. It always used
• 38:56
  Speaker 1: to be millionaires. All these millionaires, that's the problem. They're
• 38:59
  Speaker 1: not paying the– and now it's billionaires. Why? Because Bernie
• 39:03
  Speaker 1: is a millionaire now. It's adorable. It's adorable in its transparency.
• 39:09
  Speaker 1: But like these fucking kids don't understand. Like there's a
• 39:13
  Speaker 1: giant number of kids today that come out of the
• 39:16
  Speaker 1: university system that think that communism– Is the solution. Oh, yeah.
• 39:20
  Speaker 1: Genuinely believe in it. Yeah, it's very scary because you're
• 39:24
  Speaker 1: literally saying, first of all, how does that get enforced?
• 39:28
  Speaker 1: How do you think it gets enforced? Who tells the
• 39:32
  Speaker 1: people that they have to give up their money and
• 39:33
  Speaker 1: their property? The fucking government. Then who's holding the military
• 39:37
  Speaker 1: and the property? The government. Oh, so the people with
• 39:39
  Speaker 1: the guns? Oh, so you want a military dictatorship essentially–
• 39:43
  Speaker 1: To be able to control all the finances, who owns
• 39:45
  Speaker 1: a home, who owns a farm, where the food comes from.
• 39:48
  Speaker 1: You think that's a good idea?
• 39:49
  Speaker 2: It's never worked. I don't know why they're for it.
• 39:52
  Speaker 1: Ever. There's not even a mildly decent version of it
• 39:57
  Speaker 1: out there. They can go, well, they're not as good
• 39:59
  Speaker 1: as us, but it's not too bad.
• 40:01
  Speaker 2: I'll give them some credit. I'll give them a little
• 40:03
  Speaker 2: bit of grace. Sure, I think they're a little retarded,
• 40:05
  Speaker 2: but I'll give them some grace. A lot of times
• 40:09
  Speaker 2: when you ask them, those people that come out of college,
• 40:11
  Speaker 2: what communism is, they think it's like Scandinavia.
• 40:14
  Speaker 1: OK.
• 40:14
  Speaker 2: And socialism. That's how they define it. Not like very literal.
• 40:18
  Speaker 2: And those aren't socialist countries anyway. All their programs are
• 40:21
  Speaker 2: funded on capitalism. It's taxed through the income that's earned
• 40:24
  Speaker 2: on capitalism. So I'll give them that grace. But no,
• 40:28
  Speaker 2: it is true that many people are viewing communism in
• 40:31
  Speaker 2: general as more favorable.
• 40:33
  Speaker 1: Yeah.
• 40:33
  Speaker 2: And we know college is also very politically captured. It's
• 40:37
  Speaker 2: very politically captured.
• 40:39
  Speaker 1: That's the danger. The danger is children are getting a
• 40:41
  Speaker 1: very distorted perception of what the reality of the world is,
• 40:45
  Speaker 1: like right out of school by people who don't live
• 40:47
  Speaker 1: in the world. That's what's so fucked. Like these people
• 40:50
  Speaker 1: that are teaching, they've essentially gone from being a student
• 40:54
  Speaker 1: to working in a university to being a professor. That's
• 40:57
  Speaker 1: their entire life. And they're telling you about the outside world.
• 41:00
  Speaker 1: They're literally prisoners who are telling you about things that
• 41:04
  Speaker 1: are going on in places where they never go and
• 41:06
  Speaker 1: never visit. You're not living in the real world. Your
• 41:10
  Speaker 1: concepts about socialism and communism that you're teaching these kids,
• 41:15
  Speaker 1: you don't live in the real world. You didn't start
• 41:20
  Speaker 1: a business. You don't get fired by one company and
• 41:24
  Speaker 1: hired by another, and you try to build your own
• 41:26
  Speaker 1: small business. You're not doing that. You're just teaching concepts
• 41:30
  Speaker 1: and ideas, which... Most people that have done those things,
• 41:34
  Speaker 1: that have jobs, that have started business, think are fucking
• 41:37
  Speaker 1: ridiculous and don't work and have never worked anywhere in
• 41:41
  Speaker 1: human history. And yet that's how you're employed to shape
• 41:44
  Speaker 1: young minds. That's crazy.
• 41:47
  Speaker 2: They've looked at some universities and they look at the
• 41:50
  Speaker 2: political identification or doing pollings on different departments. And they've
• 41:55
  Speaker 2: had like sociology departments where it's– Like 300 Democrats and
• 42:00
  Speaker 2: one registered Republican. But again, I don't think there's anything
• 42:03
  Speaker 2: wrong with having a left-wing position or viewpoint. I'm not
• 42:06
  Speaker 2: saying that at all. Again, I agree with a lot
• 42:09
  Speaker 2: on the left. But when something where you're spending four
• 42:12
  Speaker 2: years has that ratio, it's going to get overwhelming in
• 42:18
  Speaker 2: terms of the information you get without any alternative perspective.
• 42:21
  Speaker 1: Right.
• 42:22
  Speaker 2: I was in college again in music school. And this
• 42:25
  Speaker 2: was the amount of just craziness that I was around.
• 42:29
  Speaker 2: Even though I'm slight– have those left-wing social positions, I'm
• 42:34
  Speaker 2: vehemently against that woke shit because when I was there,
• 42:38
  Speaker 2: we had a visiting professor talking about music. She played
• 42:41
  Speaker 2: a piece of music and she was like, OK, give
• 42:43
  Speaker 2: me your feedback. I just want honest feedback on this.
• 42:45
  Speaker 2: And I didn't really like it. I was like– To me,
• 42:47
  Speaker 2: I can't really describe it, but it's a little weird.
• 42:50
  Speaker 2: Then I had to listen to a 10-minute lecture about
• 42:52
  Speaker 2: how the word weird has been used for colonialism and
• 42:56
  Speaker 2: slavery and imprisoning people and murdering people of color and
• 43:00
  Speaker 2: people who have transitioned and stuff because I said the
• 43:03
  Speaker 2: word weird. It's politically captured.
• 43:07
  Speaker 1: And there wasn't.
• 43:08
  Speaker 2: No one would speak up against that. No one would
• 43:10
  Speaker 2: speak up against that. I don't know if there are
• 43:12
  Speaker 2: other normal people around me, other professors that didn't believe
• 43:15
  Speaker 2: what she was saying, but no one was willing to
• 43:17
  Speaker 2: because you'd be ostracized.
• 43:18
  Speaker 1: Right.
• 43:19
  Speaker 2: You'd be fucked. You wouldn't have friends there.
• 43:21
  Speaker 1: Exactly.
• 43:22
  Speaker 2: So when the ratio is something like 500 to 1
• 43:25
  Speaker 2: in certain departments, you're never going to get an alternative viewpoint.
• 43:29
  Speaker 2: So it makes sense that it gets more extreme. It
• 43:31
  Speaker 2: doesn't even have to be 50-50. But 500 to 1
• 43:33
  Speaker 2: is crazy. 200 to 1 is crazy. Even 50 to 1. Yeah,
• 43:37
  Speaker 2: for sure.
• 43:37
  Speaker 1: Well, it's something. You need to have alternative perspectives from
• 43:41
  Speaker 1: respected people. They need to be able to communicate with
• 43:43
  Speaker 1: each other. That's what the real diversity is all about.
• 43:46
  Speaker 1: It's not just like where your fucking ancestors came from.
• 43:49
  Speaker 1: It's also diversity of thought, which is crazy that the
• 43:52
  Speaker 1: people that are really into diversity reject completely diversity. diversity
• 43:56
  Speaker 1: of thought. This idea that no one who is more
• 44:00
  Speaker 1: to the right of you could possibly have a point
• 44:03
  Speaker 1: is insane. Now, I'm with you socially. I'm very liberal. Financially,
• 44:09
  Speaker 1: I agree with you. I'm more– I tend to swing
• 44:12
  Speaker 1: more to the right because I believe in human nature.
• 44:15
  Speaker 1: My problem with the concept of socialism, it goes against
• 44:19
  Speaker 1: human nature. People– if you're going to– punish people who
• 44:24
  Speaker 1: are ambitious and reward people who are not. That's not good.
• 44:28
  Speaker 1: That's just not good for human nature. It rewards laziness.
• 44:33
  Speaker 1: It rewards people that feel entitled. It rewards this idea
• 44:36
  Speaker 1: that the government, that they should pay, that these rich
• 44:39
  Speaker 1: people should pay because they've done well. Well, why aren't
• 44:42
  Speaker 1: you doing well is a question that doesn't get asked
• 44:45
  Speaker 1: to these people.
• 44:46
  Speaker 2: Well, the question of taxes is getting completely turned on
• 44:48
  Speaker 2: its head anyway. I've never been opposed to paying more
• 44:51
  Speaker 2: in taxes if it went to something good.
• 44:53
  Speaker 1: Right.
• 44:53
  Speaker 2: But people are no longer proposing it to go to
• 44:57
  Speaker 2: good things when you see it advocated online. Now it's
• 44:59
  Speaker 2: that person has a lot of money. Let's take some.
• 45:01
  Speaker 1: Yes, exactly. And it's also very abstract. Like they should
• 45:04
  Speaker 1: pay their fair share. Shouldn't we? Figure out where the
• 45:08
  Speaker 1: fucking money is going first. When you have thousands and
• 45:11
  Speaker 1: thousands of NGOs, you have all these billions moving around
• 45:15
  Speaker 1: in very mysterious ways. You're not concerned with that. But
• 45:18
  Speaker 1: instead you want to take money from this guy who's
• 45:21
  Speaker 1: got this giant penthouse like that Ken Griffin thing. Where
• 45:23
  Speaker 1: Mamdani is standing in front of it like, look, this
• 45:27
  Speaker 1: guy has a $ 250 million. You're doxing his fucking house. Crazy,
• 45:31
  Speaker 1: which is.
• 45:31
  Speaker 2: Stupid because now he's just going to take all the
• 45:33
  Speaker 2: wealth from New York and go down to Miami.
• 45:35
  Speaker 1: I know, but it's a weird thing where some of
• 45:37
  Speaker 1: these Democrat socialist mayors, they don't seem to think that
• 45:41
  Speaker 1: that's a problem. Like that lady in Seattle is like, well,
• 45:45
  Speaker 1: if they leave, goodbye.
• 45:46
  Speaker 2: Okay, I actually like Mondami as a person. I really
• 45:49
  Speaker 2: dislike the lady in Seattle as a person. She seems
• 45:52
  Speaker 2: like a bad person. Just laughing at people leaving, laughing
• 45:56
  Speaker 2: at wealth leaving, laughing at jobs leaving. They're not even
• 45:59
  Speaker 2: leaving Washington. They're going to Bellevue. They're going across the
• 46:03
  Speaker 2: river where Microsoft and everyone's building new campuses. They're leaving
• 46:07
  Speaker 2: Seattle and she's laughing at it. They have the second
• 46:10
  Speaker 2: highest downtown office vacancy in the country and she's laughing
• 46:14
  Speaker 2: at it. That's not a good person.
• 46:16
  Speaker 1: Well, she's also never had a job, which is crazy.
• 46:20
  Speaker 1: Imagine your first job. You're the head of a fucking city. Yeah.
• 46:25
  Speaker 2: Yeah. Well, then you end up with that. And now
• 46:28
  Speaker 2: people are leaving.
• 46:29
  Speaker 1: And the thing is also interesting because one of the
• 46:31
  Speaker 1: things you said recently is that if they have bad landlords,
• 46:34
  Speaker 1: they might take the house. Have you seen that?
• 46:37
  Speaker 2: Yeah.
• 46:38
  Speaker 1: Which is like, OK, communism, you're going to capture real estate.
• 46:43
  Speaker 1: The farm is spending too much money for a tomato.
• 46:46
  Speaker 1: We're going to take over the farm. Like this is
• 46:48
  Speaker 1: North Korea. This is how it started. Give us your farm.
• 46:51
  Speaker 1: We'll feed everybody. Oh, great.
• 46:54
  Speaker 2: I'd love to see that survive the courts. But it's
• 46:58
  Speaker 2: a crazy idea that– or even there. And of course
• 47:01
  Speaker 2: those bad landlords that we're talking about, they're usually like
• 47:04
  Speaker 2: rent-controlled units where they can't bring in enough money to
• 47:06
  Speaker 2: even maintain the units. So then the units fall. I
• 47:10
  Speaker 2: mean the percentage of units– I don't know. You can
• 47:12
  Speaker 2: look up the exact number but that are just sitting
• 47:14
  Speaker 2: empty because there's not enough money to put into them
• 47:17
  Speaker 2: just to bring them up to date is crazy. This
• 47:20
  Speaker 2: is the most populated city in the country. People need
• 47:22
  Speaker 2: places to live and we have a system right now
• 47:25
  Speaker 2: where people can't even bring units to rent up to
• 47:27
  Speaker 2: date for people to live in. So there's like 10
• 47:30
  Speaker 2: percent of rent-controlled units or something that are– or not
• 47:33
  Speaker 2: rent-controlled but it's brutal.
• 47:35
  Speaker 1: Yeah.
• 47:37
  Speaker 2: It's an absolute brutal system. It's performative in the end.
• 47:39
  Speaker 1: But there's also this weird thing that goes on in
• 47:41
  Speaker 1: New York City with really expensive apartments where people buy
• 47:44
  Speaker 1: them and never live in them because it's just a
• 47:46
  Speaker 1: place to put your money.
• 47:48
  Speaker 2: Which we do too. We do that overseas in Europe.
• 47:50
  Speaker 1: Oh, do we?
• 47:51
  Speaker 2: Yeah, yeah. American Billion. I mean billionaires all over the
• 47:53
  Speaker 2: world do that because real estate is just a good
• 47:55
  Speaker 2: protective asset. It's a good way to preserve. But no,
• 47:58
  Speaker 2: I mean it makes sense. And places like Texas have
• 48:00
  Speaker 2: banned people from China doing that. But it makes sense
• 48:04
  Speaker 2: from a wealth preservation standpoint. But it's shitty for the
• 48:08
  Speaker 2: residents of the city. So, I mean, I think it
• 48:11
  Speaker 2: would be fair for them to outlaw that if they
• 48:12
  Speaker 2: wanted to. Kevin O'Leary's counter perspective, though. Have you heard his?
• 48:16
  Speaker 2: So on that, and I don't know if I agree
• 48:18
  Speaker 2: with it, but it's worth considering, is that, OK, but
• 48:20
  Speaker 2: they're there. They buy it. They don't go there. So
• 48:22
  Speaker 2: they're not using any public services.
• 48:25
  Speaker 1: Right.
• 48:25
  Speaker 2: But they pay the property taxes into the public services.
• 48:27
  Speaker 2: So they're just a net contributor.
• 48:29
  Speaker 1: Well, that does make sense.
• 48:30
  Speaker 2: Yeah, but it is also a place that someone could
• 48:32
  Speaker 2: live that no one is living.
• 48:33
  Speaker 1: Right. But when you're talking about these $ 100 million apartments
• 48:37
  Speaker 1: like the Ken Griffiths bought, like guess what? You're never
• 48:40
  Speaker 1: going to live there.
• 48:41
  Speaker 2: Yeah, and they wouldn't have built it if they couldn't
• 48:42
  Speaker 2: sell it to people like him anyway.
• 48:44
  Speaker 1: Exactly. That's the whole reason why they invested in the
• 48:46
  Speaker 1: property in the first place. There's that one that I
• 48:48
  Speaker 1: was looking at. They built this kooky fucking tower that's
• 48:53
  Speaker 1: like a popsicle stick. Have you ever seen that one?
• 48:55
  Speaker 1: And it's waving in the wind now. And it makes
• 48:57
  Speaker 1: weird noises and no one wants to live in it.
• 48:59
  Speaker 2: I think some glass falls from it too, right?
• 49:02
  Speaker 1: Really?
• 49:03
  Speaker 2: I think so. The one right off Central Park.
• 49:05
  Speaker 1: Glass falls? I don't know.
• 49:06
  Speaker 2: That's happened a few times.
• 49:07
  Speaker 1: I don't know. I watched a video on it. The
• 49:09
  Speaker 1: video was essentially talking about like the engineering that was
• 49:11
  Speaker 1: involved in making sure this thing anchors to the ground.
• 49:14
  Speaker 1: And you would think you have to worry about this
• 49:16
  Speaker 1: big thing that's really– and you would worry about sinking, right? Well, actually,
• 49:21
  Speaker 1: they worry about it lifting because the wind is slowly
• 49:24
  Speaker 1: rocking it back and forth. So it's fucking coming out
• 49:27
  Speaker 1: of the ground.
• 49:28
  Speaker 2: And then the people just buy there and not even
• 49:30
  Speaker 2: live there. Wealth preservation.
• 49:31
  Speaker 1: So it works. I don't think– I think they're having
• 49:34
  Speaker 1: a hard time selling spots. Because I think people were
• 49:36
  Speaker 1: probably– I would look at that. I'd go, I'm not
• 49:39
  Speaker 1: going to be able to sell this. So if you
• 49:41
  Speaker 1: do buy into it, you might be stuck with it.
• 49:44
  Speaker 2: No, absolutely. I'm, again, down to pay more in taxes.
• 49:49
  Speaker 2: But like you said, there is the fear of like
• 49:51
  Speaker 2: where is the money going? Well, it scares me. I
• 49:53
  Speaker 2: want to have Mr. Marco Rubio, if he ever sees
• 49:55
  Speaker 2: this and runs for president on my show, the Pentagon
• 49:58
  Speaker 2: hasn't passed an audit in years.
• 50:00
  Speaker 1: Even that alone. They're working on it.
• 50:02
  Speaker 2: They're working on it for years, going on to a decade.
• 50:05
  Speaker 1: They've never passed a budget, never passed an audit.
• 50:08
  Speaker 2: It's crazy. Like that alone. I mean that alone. And
• 50:12
  Speaker 2: I know military is still– what is it? 10 to
• 50:14
  Speaker 2: 20 percent of the federal budget. So it's a smaller percentage.
• 50:17
  Speaker 2: But the fastest growing category of the federal budget is
• 50:20
  Speaker 2: interest payments on our debt. That's the fastest growing category
• 50:24
  Speaker 2: in the federal budget. If that's the case, why are
• 50:27
  Speaker 2: we allowing the Pentagon to not pass an audit? We're
• 50:30
  Speaker 2: going to raise defense spending to a trillion dollars a year,
• 50:32
  Speaker 2: but it can't pass an audit? I want good defense.
• 50:35
  Speaker 2: I want broad defense. I want a lot of benefits
• 50:37
  Speaker 2: for our soldiers. It has to pass an audit.
• 50:41
  Speaker 1: Yeah. Well, this is the thing. I mean exactly what
• 50:44
  Speaker 1: we're talking about. Like we're in favor of paying taxes.
• 50:47
  Speaker 1: It would be great if everything was nice. The schools
• 50:49
  Speaker 1: were great. The streets were clean. But when you know
• 50:52
  Speaker 1: that there's so much waste and there's so much fraud–
• 50:55
  Speaker 1: And then all they're saying is we need to make
• 50:57
  Speaker 1: people pay their share. Pay it to where? Where is
• 51:01
  Speaker 1: it going? Who's benefiting from it? When you see the
• 51:06
  Speaker 1: $ 24 billion that was spent on the homeless in California,
• 51:08
  Speaker 1: it's like you don't have any knowledge of where that
• 51:12
  Speaker 1: money went. You can't audit it. This is bananas. That's
• 51:17
  Speaker 1: so much fucking money. And not only has it not
• 51:20
  Speaker 1: been effective, it's been the opposite of effective. The homelessness
• 51:23
  Speaker 1: increased during that time.
• 51:25
  Speaker 3: Yeah.
• 51:25
  Speaker 1: So you spent all that money and more people are
• 51:27
  Speaker 1: homeless now than when you started.
• 51:29
  Speaker 2: It's performative. It sounds good. It sounds good. It's all performative.
• 51:33
  Speaker 2: It's also jobs. That's what I hate about politics.
• 51:34
  Speaker 1: It's jobs. There's so many people that have jobs in
• 51:37
  Speaker 1: nonprofits and they make an extraordinary amount of money.
• 51:40
  Speaker 2: Well, that's why they should look to Houston instead of nonprofits.
• 51:43
  Speaker 2: It's $ 1. central city-run organization, and they've actually decreased homelessness
• 51:48
  Speaker 2: with like a 10% of the budget per homeless person
• 51:51
  Speaker 2: than LA. But LA has a network for every little
• 51:56
  Speaker 2: corner of the homeless services. It's a network of different
• 51:58
  Speaker 2: nonprofits and organizations. So it doesn't work. The city program,
• 52:02
  Speaker 2: one central city program did it in Houston, and it's
• 52:06
  Speaker 2: actually been working.
• 52:07
  Speaker 1: How do they do it? What are they doing differently?
• 52:09
  Speaker 2: Well, instead of these different organizations... that all have these
• 52:13
  Speaker 2: different incentives to maintain the jobs, like you said, and
• 52:16
  Speaker 2: not even report certain data. This is a city organization
• 52:20
  Speaker 2: actually held responsible by the people, by the voters, by
• 52:24
  Speaker 2: the city council. This is one place where the money goes.
• 52:27
  Speaker 2: It's not these endless nonprofit jobs. The incentives are just
• 52:31
  Speaker 2: misaligned across the board. Yeah.
• 52:36
  Speaker 1: It's interesting that there are examples of cities that have
• 52:38
  Speaker 1: done it well. And we Austin had a real problem
• 52:42
  Speaker 1: in 2020, and they did a great job in cleaning
• 52:45
  Speaker 1: it up a little bit. But it's a small city,
• 52:48
  Speaker 1: you know, relatively.
• 52:49
  Speaker 2: It's still pretty rough downtown, though.
• 52:51
  Speaker 1: It gets rough. Listen, man, I have a club on
• 52:53
  Speaker 1: 6th Street. I know.
• 52:54
  Speaker 2: I go there all the time, and I almost get shanked.
• 52:56
  Speaker 1: It's scary. It's wild. I think, though, that once you
• 53:00
  Speaker 1: get in, it's kind of exciting. Like, ooh, we made it.
• 53:02
  Speaker 2: It adds to the show. I put my parents in
• 53:06
  Speaker 2: a hotel. We went to the rooftop patio hotel. And
• 53:09
  Speaker 2: it overlooked the alley right behind 6th Street. I don't
• 53:11
  Speaker 2: know if it was the other side of the road
• 53:13
  Speaker 2: or not, but the alleys are scary.
• 53:15
  Speaker 1: Oh, yeah.
• 53:15
  Speaker 2: It's brutal. It looks something out of like a Batman
• 53:18
  Speaker 2: movie from the 90s or 80s. I can't believe it's
• 53:21
  Speaker 2: actually allowed. And they say it's sympathetic. They say it's
• 53:26
  Speaker 2: sympathetic and nice to it. I don't know how that's
• 53:29
  Speaker 2: considered any more nice than any kind of– Gosh, forced
• 53:33
  Speaker 2: rehabilitation seems brutal. But the mental health places.
• 53:36
  Speaker 3: Yeah.
• 53:36
  Speaker 2: I know they weren't great before Reagan tanked that.
• 53:39
  Speaker 1: It's better than a fucking alley. Exactly.
• 53:41
  Speaker 2: It's better than an alley.
• 53:42
  Speaker 1: Yeah. It's better than an alley. And there's another weird
• 53:44
  Speaker 1: thing about 6th Street is that 6th Street is like
• 53:48
  Speaker 1: this booming like bars and music and comedy. It's crazy
• 53:53
  Speaker 1: and it's loud and everybody's drinking. One block over is
• 53:56
  Speaker 1: a homeless shelter.
• 53:57
  Speaker 3: Yeah.
• 53:58
  Speaker 1: So you've got all these people that are drug addicts
• 54:00
  Speaker 1: and trying to stay clean. That's the other thing. You
• 54:04
  Speaker 1: can't do drugs and stay there, so people just surround it.
• 54:08
  Speaker 1: They surround the outside area, and they have their tents
• 54:10
  Speaker 1: laid out there. Not anymore. They kind of pull the
• 54:13
  Speaker 1: tents up, but you see those people there all the time.
• 54:15
  Speaker 1: But imagine you're trying to stay clean, and you're a
• 54:17
  Speaker 1: block away from madness. It's crazy. It's the dumbest place
• 54:20
  Speaker 1: to put them. Put them in the fucking country. You
• 54:22
  Speaker 1: see squirrels and hear birds chirp. Why are you putting
• 54:24
  Speaker 1: them right there?
• 54:25
  Speaker 2: That's where I park when I go to a show.
• 54:27
  Speaker 2: When I go to a show at the mothership, I
• 54:30
  Speaker 2: park right next to the ark. It's scary. It's apocalyptic.
• 54:34
  Speaker 2: It really is. Even the police station just right down
• 54:36
  Speaker 2: the street, they surround that as well. Yeah. It's a
• 54:39
  Speaker 2: police station, and they're doing drugs.
• 54:40
  Speaker 1: I know. It's fucking nuts.
• 54:41
  Speaker 2: It's kind of crazy.
• 54:42
  Speaker 1: It's nuts. Well, they're trying to do some things with
• 54:44
  Speaker 1: 6th Street, and one of the things they're doing, they're
• 54:46
  Speaker 1: investing a lot of money and trying to open up
• 54:48
  Speaker 1: high-end places and restaurants and businesses. But, you know, it's
• 54:51
  Speaker 1: going to be a slow slog to try to clean
• 54:55
  Speaker 1: it up.
• 54:56
  Speaker 2: I mean, I'm sympathetic. The people do need help. But
• 54:59
  Speaker 2: when homelessness is like, At minimum, 25%—this is reported from
• 55:05
  Speaker 2: polling done via homeless people, so can't 100% trust it— but
• 55:09
  Speaker 2: 25% mental health issues. Like, what are you going to do?
• 55:11
  Speaker 2: You're just going to let them forever be wherever they
• 55:14
  Speaker 2: want and do whatever they want, endanger themselves and others?
• 55:16
  Speaker 2: There's a dude constantly wielding a machete down there that's
• 55:20
  Speaker 2: always just twirling it. When I had friends visiting, other
• 55:22
  Speaker 2: big podcasters, I took them downtown. The first thing I
• 55:26
  Speaker 2: saw on 6th Street was a guy spinning a machete.
• 55:28
  Speaker 2: It's like we're just allowing that. That's the sympathetic thing
• 55:31
  Speaker 2: to do. It doesn't make any sense to me. 25
• 55:34
  Speaker 2: percent forever.
• 55:34
  Speaker 1: We're just going to allow them. That's a very low number.
• 55:37
  Speaker 2: Yes, I think so.
• 55:39
  Speaker 1: Being very kind by saying 25 percent, I would say
• 55:42
  Speaker 1: it's probably 80. Listen, if you– just by definition, if
• 55:47
  Speaker 1: you're a drug addict, you have a mental health problem.
• 55:50
  Speaker 1: Just by definition, you have an addiction. That's a mental
• 55:52
  Speaker 1: health issue. There's a physical aspect to it, but there's
• 55:55
  Speaker 1: clearly a mental aspect to it. It sucks. It sucks
• 56:00
  Speaker 1: that there's so many competing philosophies on how to make
• 56:03
  Speaker 1: a society run correctly. And a lot of them just
• 56:06
  Speaker 1: completely ignore reality. And we deal with the consequences of it.
• 56:10
  Speaker 1: And then you have people saying, oh, the billionaires aren't
• 56:13
  Speaker 1: paying their fair share. That's what's wrong.
• 56:15
  Speaker 2: That's not what's wrong.
• 56:17
  Speaker 1: What's wrong is you have a completely captured government. And
• 56:21
  Speaker 1: there's also this weird aspect to it where there's people
• 56:24
  Speaker 1: that are Working for nonprofits to make things better that
• 56:28
  Speaker 1: don't make anything better. They don't do a good job
• 56:31
  Speaker 1: at all because they're not beholden to all the pressures
• 56:34
  Speaker 1: that you would have if you were an independent business.
• 56:37
  Speaker 1: If you're an actual private business that was assigned a
• 56:40
  Speaker 1: task of cleaning up the homeless issue, you wouldn't make
• 56:45
  Speaker 1: any money if you didn't do a good job. You
• 56:48
  Speaker 1: would lose your business. Like if you had– if homelessness–
• 56:52
  Speaker 1: cleaning up the homelessness was an actual business– And you
• 56:55
  Speaker 1: started a private business to clean up the homeless and
• 56:58
  Speaker 1: you got all this money. Nobody would invest in your
• 57:00
  Speaker 1: company or your company would fall apart. It wouldn't work.
• 57:04
  Speaker 1: But because it's a nonprofit, you can have a $ 700, 000
• 57:07
  Speaker 1: a year salary and do a fucking terrible job and
• 57:10
  Speaker 1: have no fear whatsoever of being unemployed.
• 57:12
  Speaker 2: Yeah, exactly. And another difference between Houston and L.A. that
• 57:16
  Speaker 2: I forgot to mention earlier, I mean, A part of
• 57:18
  Speaker 2: it is the cost of labor, cost of housing, but
• 57:23
  Speaker 2: a shelter or a room to put a homeless person
• 57:26
  Speaker 2: that is starting to get clean in Houston costs a
• 57:28
  Speaker 2: few hundred thousand dollars. It costs a million or more
• 57:32
  Speaker 2: in California. That's just– you can't compete against that. It's impossible. Now,
• 57:37
  Speaker 2: oftentimes that's California's own fault. Their laws and permitting issues
• 57:43
  Speaker 2: and red tape and environmental codes are crazy for buildings.
• 57:47
  Speaker 2: And the labor unions that they use for their building
• 57:49
  Speaker 2: contracts are very– they like to extort. So there's a
• 57:52
  Speaker 2: lot of issues there. Houston is able to build it
• 57:54
  Speaker 2: on the cheap, which means more people are able to
• 57:55
  Speaker 2: get in housing. But California is very set on the
• 58:00
  Speaker 2: housing first, which, again, is the moral thing. It sounds moral,
• 58:04
  Speaker 2: and it really started to take off a couple decades
• 58:06
  Speaker 2: ago where, OK, let's get someone into housing first and
• 58:09
  Speaker 2: then try to get them clean because no one is
• 58:11
  Speaker 2: going to get clean than housing. But Houston has been
• 58:13
  Speaker 2: trying to– and Texas cities have been trying to do
• 58:15
  Speaker 2: the opposite and it's been working where we try to
• 58:17
  Speaker 2: get people clean first and then get into that housing
• 58:21
  Speaker 2: and get their lives set up. Because people have been
• 58:23
  Speaker 2: going into these places in LA that are multi-millions of
• 58:25
  Speaker 2: dollars and trashing it. And they get like lore and
• 58:28
  Speaker 2: stories off of them. Like a dude that was like
• 58:31
  Speaker 2: building like chairs or something and then burned down his
• 58:36
  Speaker 2: apartment in LA. He was named like chair guy. Like
• 58:37
  Speaker 2: everyone knew him. It's just crazy that we allow that.
• 58:41
  Speaker 2: People that are not getting the help and support they
• 58:43
  Speaker 2: need because it's housing first because it sounds good. But
• 58:47
  Speaker 2: it hasn't been working. And I don't know why.
• 58:50
  Speaker 1: I don't know.
• 58:50
  Speaker 2: It's the political capture again. I don't know why we're
• 58:53
  Speaker 2: willing to do something for 5, 10, 15 years, see
• 58:57
  Speaker 2: it doesn't work, and then just say we have to
• 58:58
  Speaker 2: keep doing it and put more money towards it.
• 59:00
  Speaker 1: Well, I think, again, what you're saying earlier about social
• 59:04
  Speaker 1: media and these echo chambers is really important because in
• 59:07
  Speaker 1: their world, this is the only thing to do. And
• 59:10
  Speaker 1: that all just gets this feedback loop where it's the
• 59:13
  Speaker 1: right thing to do, the only thing to do. And
• 59:15
  Speaker 1: they come up with reasons why it's not working and
• 59:17
  Speaker 1: then call everybody Nazis.
• 59:19
  Speaker 2: Yeah, and that's why also those echo chambers are why.
• 59:22
  Speaker 2: When polled, younger people are more OK with violence against
• 59:26
  Speaker 2: people on the other side of the political aisle from them,
• 59:28
  Speaker 2: which is a very scary place to go. It's very scary,
• 59:31
  Speaker 2: especially when I see death threats all the time in
• 59:33
  Speaker 2: my inbox and doxing and shit like that. They call
• 59:37
  Speaker 2: me a fascist for saying don't spend more money than
• 59:38
  Speaker 2: you make. OK, so I'm a fascist. Now I'm afraid
• 59:42
  Speaker 2: for my life and I have to get security and
• 59:43
  Speaker 2: all this stuff. It's crazy.
• 59:45
  Speaker 1: So you get threats for– like what specifically do they
• 59:48
  Speaker 1: get upset at? It's literally just saying don't spend your money?
• 59:52
  Speaker 2: It's everything. They don't like that I do roasts. Consensual,
• 59:54
  Speaker 2: consensual roasts. Like I call a fat bitch a fat bitch.
• 59:59
  Speaker 2: But I had the conversation with her before. And if
• 1:00:01
  Speaker 2: she didn't want me to, I wouldn't have done that
• 1:00:03
  Speaker 2: because we have a no-no list where people get to
• 1:00:06
  Speaker 2: say what they don't want us to talk about. And
• 1:00:08
  Speaker 2: then I just won't talk about that.
• 1:00:10
  Speaker 1: That's very nice of you.
• 1:00:12
  Speaker 2: It is very nice. That's because we try to run
• 1:00:14
  Speaker 2: a moral, consensual show, all that good stuff. But I
• 1:00:16
  Speaker 2: love to roast people and just call out their features
• 1:00:18
  Speaker 2: and just dumb shit like that. So people get offended
• 1:00:20
  Speaker 2: by that, offended on behalf of someone who's not offended
• 1:00:22
  Speaker 2: in the first place, and then they get very angry.
• 1:00:26
  Speaker 2: I got a death threat on Twitter yesterday for saying
• 1:00:29
  Speaker 2: Americans spend too much money on cars. He said I
• 1:00:32
  Speaker 2: should– that it's crazy that Caleb Hammer is still breathing
• 1:00:36
  Speaker 2: air and that he should come up from San Antonio
• 1:00:38
  Speaker 2: and kill me or something.
• 1:00:39
  Speaker 1: I don't remember.
• 1:00:39
  Speaker 2: It was something like that. It's kind of crazy because
• 1:00:42
  Speaker 2: Americans spend too much money on cars.
• 1:00:45
  Speaker 1: Maybe he sells cars. Maybe.
• 1:00:46
  Speaker 2: But objectively, we do.
• 1:00:48
  Speaker 1: Did you check his profile? Is it a real person?
• 1:00:51
  Speaker 2: It said San Antonio. That's all I know. That's all
• 1:00:54
  Speaker 2: I know. I'm sure it was like a second profile.
• 1:00:58
  Speaker 2: He was responding to it.
• 1:01:00
  Speaker 1: He was excited.
• 1:01:00
  Speaker 2: He got his attention.
• 1:01:02
  Speaker 1: That could be a crazy person.
• 1:01:03
  Speaker 2: Yeah.
• 1:01:04
  Speaker 1: Yeah.
• 1:01:04
  Speaker 2: And we get emails all the time. No, people think
• 1:01:06
  Speaker 2: I'm evil because they say I don't talk about the
• 1:01:09
  Speaker 2: issues that led us here in the first place. But
• 1:01:12
  Speaker 2: it's a personal responsibility show. Because more people have agency
• 1:01:15
  Speaker 2: than they're willing to acknowledge. We're in the highest disposable
• 1:01:20
  Speaker 2: income society in the history of human existence. Not everything
• 1:01:23
  Speaker 2: is perfect. Cost of housing has gone up. Cost of
• 1:01:26
  Speaker 2: school has gone up. Cost of healthcare has gone up.
• 1:01:27
  Speaker 2: We can acknowledge those realities. But people have agency. People
• 1:01:31
  Speaker 2: have agency. The amount of going out to eat among
• 1:01:35
  Speaker 2: the Generation Z is insane compared to any other generation.
• 1:01:40
  Speaker 2: And not only that, but now for 25% of their
• 1:01:44
  Speaker 2: going out to eat multiple times a week is getting
• 1:01:47
  Speaker 2: food delivered. And that has a 90% markup, 90%. And
• 1:01:51
  Speaker 2: then they're complaining that they can't afford to, uh, pretty
• 1:01:54
  Speaker 2: much do anything, get a nice apartment or whatnot, but
• 1:01:56
  Speaker 2: if we're spending, uh, like a thousand dollars a month,
• 1:01:59
  Speaker 2: which is very normal for a person on my show
• 1:02:01
  Speaker 2: going out to eat, you're right. You can't get a
• 1:02:05
  Speaker 2: apartment of your dreams without When $ 1, 000 a month is
• 1:02:08
  Speaker 2: going to McDonald's and other places, cooking at homes become
• 1:02:13
  Speaker 2: like a burden, become a victim complex now. Well, actually,
• 1:02:16
  Speaker 2: that was another thing that triggered the internet. I kind
• 1:02:18
  Speaker 2: of agreed with Kevin O'Leary when I said, oh, young
• 1:02:21
  Speaker 2: people are broke because they spent $ 28 going out to eat. Well,
• 1:02:24
  Speaker 2: it's not that specifically only, but it's the death of
• 1:02:27
  Speaker 2: a thousand cuts. And yes, just $ 28 three times a
• 1:02:31
  Speaker 2: week becomes an actual halfway decent retirement fund if you
• 1:02:37
  Speaker 2: put it in the S & P 500 for a
• 1:02:38
  Speaker 2: few times a week. That does put off future goals
• 1:02:42
  Speaker 2: that you have. And the internet went crazy against me.
• 1:02:45
  Speaker 2: They hated me for suggesting that, that they shouldn't be
• 1:02:48
  Speaker 2: able to. They're like, well, how do we eat? Groceries,
• 1:02:51
  Speaker 2: meal prep, meal plan. This is what everyone's done since forever.
• 1:02:55
  Speaker 2: We live in the best period ever for humans. Best
• 1:02:59
  Speaker 2: period ever. Our jobs are better. Everything's better. Even when
• 1:03:03
  Speaker 2: you think of like buying the starter home in the
• 1:03:05
  Speaker 2: 50s and whatever, you know, they were like the size
• 1:03:07
  Speaker 2: of this room that we're in right now, mass produced. Okay,
• 1:03:10
  Speaker 2: that's still a home that's great. You could buy, but
• 1:03:12
  Speaker 2: you were going to a job that you hated, that
• 1:03:13
  Speaker 2: you're sweating, that had no AC, where you're working with
• 1:03:16
  Speaker 2: your hands all day. And it was miserable. They didn't
• 1:03:19
  Speaker 2: like the jobs. They liked that they had a good
• 1:03:21
  Speaker 2: paying job. But now people go to the office and
• 1:03:24
  Speaker 2: they think they're a victim for not being able to
• 1:03:26
  Speaker 2: meal prep before going to the office, the AC office.
• 1:03:30
  Speaker 2: Like it's hard for me to sympathize with that, especially
• 1:03:32
  Speaker 2: when I filmed three of them a week. All 100%
• 1:03:35
  Speaker 2: real people, mostly Gen Z and millennials who are absolute
• 1:03:40
  Speaker 2: victims in everything. They are victims and everything. They think
• 1:03:45
  Speaker 2: if they don't get a 2027 brand new car instead
• 1:03:48
  Speaker 2: of a 2025 car that they're going to die. That
• 1:03:52
  Speaker 2: all of a sudden cars two years ago were the
• 1:03:53
  Speaker 2: most dangerous things. They have to get a 60 to 70,000-hour
• 1:03:56
  Speaker 2: car loan at a 20 percent interest rate or else
• 1:03:58
  Speaker 2: their kids will die.
• 1:03:59
  Speaker 1: You've actually had that conversation? Every time. Do they think
• 1:04:03
  Speaker 1: that they're going to die?
• 1:04:04
  Speaker 2: No, because the excuses they use is that I wanted
• 1:04:10
  Speaker 2: a safe car for my kids. That's fine. But is
• 1:04:13
  Speaker 2: the insinuation that 2024, 2023, 2022 cars would literally go
• 1:04:19
  Speaker 2: on the highway and blow up? Like, I don't understand.
• 1:04:22
  Speaker 2: They insist if they don't get a brand new car,
• 1:04:25
  Speaker 2: that it is not a safe car. That is an
• 1:04:27
  Speaker 2: argument every time with Americans, the $ 1. 6 trillion or $ 1. 5
• 1:04:32
  Speaker 2: trillion in car loan debt.
• 1:04:33
  Speaker 1: So do you think that's just a lack of education?
• 1:04:36
  Speaker 1: Because like a car from 2020 is just as safe
• 1:04:38
  Speaker 1: as a car from 2026. There's no difference. Absolutely. There's
• 1:04:41
  Speaker 1: no difference in airbags, no difference in anti-lock brakes. There's
• 1:04:45
  Speaker 1: very few differences in any of the technology involved. In fact,
• 1:04:48
  Speaker 1: I tell people, especially people that want a nice car,
• 1:04:51
  Speaker 1: one of the best investments you can get is get
• 1:04:54
  Speaker 1: an electric car that's about two years old. Like electric
• 1:04:59
  Speaker 1: Porsches and electric Audis in particular, fucking nobody wants them, man.
• 1:05:03
  Speaker 1: Nobody wants the used ones. And they're still great. Oh, yeah.
• 1:05:06
  Speaker 1: And like, okay, let's look up an Audi e-tron. Look
• 1:05:11
  Speaker 1: up a 2023 Audi e-tron. How much does it cost
• 1:05:15
  Speaker 1: now to buy and what was it new? I think
• 1:05:19
  Speaker 1: it's like less than 50%. Yeah. So there's certain cars
• 1:05:24
  Speaker 1: where you buy them and they're worth as much a
• 1:05:26
  Speaker 1: couple years later, like a nice BMW or a Porsche.
• 1:05:29
  Speaker 1: Like you could get an M5, a BMW M5, and
• 1:05:33
  Speaker 1: then sell it a year or two later and lose
• 1:05:35
  Speaker 1: very little money, if any. You get a fucking electric
• 1:05:39
  Speaker 1: car– And you try to sell that bitch in a
• 1:05:41
  Speaker 1: couple years like an electric Porsche? Okay, look at this.
• 1:05:43
  Speaker 1: 2022 Audi e-tron, $ 25, 000. 2023 Audi e-tron, $ 27, 000. Do you
• 1:05:44
  Speaker 1: know how fucking crazy that is? That is a 2023
• 1:05:46
  Speaker 1: amazing car. Those cars are fucking incredible. It's a technological
• 1:06:03
  Speaker 1: tour de force. They're fast as shit. It's all-wheel drive.
• 1:06:08
  Speaker 1: It's an SUV. A premium plus quattro, $ 27, 000. It only
• 1:06:16
  Speaker 1: has 37,000 miles on it. Those things don't have engines,
• 1:06:20
  Speaker 1: like a combustion engine. They don't have nearly the kind
• 1:06:23
  Speaker 1: of maintenance that a regular car does. You don't have
• 1:06:25
  Speaker 1: to change the oil. You just plug that bitch in.
• 1:06:28
  Speaker 1: You have a fucking amazing car. The battery range is
• 1:06:31
  Speaker 1: not the longest.
• 1:06:32
  Speaker 2: That's the excuse they use. There it is.
• 1:06:35
  Speaker 1: 226 miles is plenty for you to get to work
• 1:06:38
  Speaker 1: and get home.
• 1:06:39
  Speaker 2: Thank you.
• 1:06:40
  Speaker 1: And go out to dinner. And you can plug that
• 1:06:41
  Speaker 1: bitch in. I have a Tesla and it has like,
• 1:06:44
  Speaker 1: it's a Model S. What does the Model S have? Three, four.
• 1:06:48
  Speaker 3: I can understand this, though, this argument that. this person
• 1:06:51
  Speaker 3: might not have anywhere then to charge it.
• 1:06:53
  Speaker 1: That's an issue.
• 1:06:54
  Speaker 2: That's so easy to get in your house now.
• 1:06:56
  Speaker 1: But if you live in an apartment, that's totally fair. Yeah,
• 1:06:59
  Speaker 1: and if you go to one of those charging stations,
• 1:07:02
  Speaker 1: you're very vulnerable. If I was a chick, I'd never
• 1:07:04
  Speaker 1: get in a electric car if I didn't have a house.
• 1:07:06
  Speaker 3: You have to do it every single day.
• 1:07:07
  Speaker 1: Every day. Fair enough.
• 1:07:08
  Speaker 3: Gas station once every 10 days or something.
• 1:07:11
  Speaker 1: And how long does it take to charge up one
• 1:07:13
  Speaker 1: of those bitches? 30 to 45 minutes. So you'd have 30,
• 1:07:14
  Speaker 1: 40 minutes every day. Oh, yeah.
• 1:07:19
  Speaker 2: That's fair enough.
• 1:07:20
  Speaker 1: That's fair. But you're getting a fucking bitching car for $ 27, 000.
• 1:07:23
  Speaker 2: And more apartment complexes are installing those charging stations anyway
• 1:07:29
  Speaker 2: that you can just leave your car in overnight.
• 1:07:30
  Speaker 3: I live in one, and you can never actually get
• 1:07:33
  Speaker 3: to the thing.
• 1:07:33
  Speaker 1: Why is it? Because someone's always in there?
• 1:07:35
  Speaker 3: They never move their fucking car.
• 1:07:37
  Speaker 1: Oh, they keep it plugged in. And I don't know
• 1:07:38
  Speaker 1: whose it is, and you can't go call them. Flatten
• 1:07:40
  Speaker 1: their tires. Don't do that. I'm just kidding.
• 1:07:42
  Speaker 2: But I try to think of options, right? Because there's
• 1:07:44
  Speaker 2: even the options of the place you work might have one.
• 1:07:47
  Speaker 2: Right outside my building, where we film, is multiple car
• 1:07:51
  Speaker 2: charging places. Parking, you go to work. So I'm not
• 1:07:54
  Speaker 2: saying everyone can do it.
• 1:07:56
  Speaker 1: If you can do it, it's a great option.
• 1:07:58
  Speaker 2: But even so, you can get used gas cars for
• 1:08:00
  Speaker 2: relatively similar. But they will defend to the death on
• 1:08:03
  Speaker 2: my show having to get a $ 60, 000 large SUV at
• 1:08:08
  Speaker 2: an insane interest rate for an eight-year loan. Eight-year term, crazy.
• 1:08:13
  Speaker 2: But you ask me, why are they doing it? It's American, baby.
• 1:08:18
  Speaker 2: That's American. That's freedom. You need a car to get
• 1:08:21
  Speaker 2: to your job, and you need a job to get
• 1:08:23
  Speaker 2: to your car. And our culture is built around the
• 1:08:26
  Speaker 2: house and car. You're a failure if you don't get
• 1:08:28
  Speaker 2: a house. You're a failure if you don't get a car.
• 1:08:30
  Speaker 2: It is American as it gets.
• 1:08:32
  Speaker 1: That is true. And it is true that people want
• 1:08:35
  Speaker 1: a new one. They want a new one. That's part
• 1:08:38
  Speaker 1: of the status of owning a vehicle. You want to
• 1:08:40
  Speaker 1: be able to say it's 2026. Look, it has these
• 1:08:42
  Speaker 1: new features.
• 1:08:43
  Speaker 2: It's fun.
• 1:08:44
  Speaker 1: Apple CarPlay.
• 1:08:45
  Speaker 2: And people actually care what the person next to them
• 1:08:47
  Speaker 2: thinks of the stoplight for some reason. I don't know why.
• 1:08:49
  Speaker 1: Yeah, that's a weird one. It's a weird one, but
• 1:08:51
  Speaker 1: we do. And we especially do when we're not doing
• 1:08:54
  Speaker 1: that well. So you want like every single sign that
• 1:08:57
  Speaker 1: shows that you're doing well. You know, a nice watch.
• 1:09:00
  Speaker 1: a nice this a nice that a bag whatever it
• 1:09:02
  Speaker 1: is whatever it is that you need like a reward
• 1:09:06
  Speaker 1: for this job that sucks.
• 1:09:08
  Speaker 2: Now oftentimes the poorest people I know are the ones
• 1:09:10
  Speaker 2: that have more souped up nicer cars and then they
• 1:09:14
  Speaker 2: have a shitty place to live but they prioritize that
• 1:09:17
  Speaker 2: because it's a wealth symbol it looks good Yeah. They
• 1:09:19
  Speaker 2: get the expensive clothes, the flashy items.
• 1:09:21
  Speaker 1: That is true. But if you have money, a car
• 1:09:24
  Speaker 1: is one of the few things that you put money
• 1:09:26
  Speaker 1: into that you actually enjoy. You actually feel it when
• 1:09:29
  Speaker 1: you're driving around in it every day. It's exciting. It's fun.
• 1:09:32
  Speaker 2: I just got my Model X. It goes fast, so
• 1:09:34
  Speaker 2: I'm happy.
• 1:09:34
  Speaker 1: Those are great. That's it. They stopped making them. I know.
• 1:09:37
  Speaker 2: It's really sad.
• 1:09:38
  Speaker 1: They stopped making the S, too.
• 1:09:39
  Speaker 2: I was actually sad that day.
• 1:09:41
  Speaker 1: Me, too.
• 1:09:41
  Speaker 2: That was a weird thing to get sad about, but
• 1:09:43
  Speaker 2: I was actually sad that day.
• 1:09:44
  Speaker 1: Also, I was sad because I knew it was the
• 1:09:46
  Speaker 1: rise of the robots. Because they're using it to make
• 1:09:48
  Speaker 1: these fucking Optimus Prime robots, and they're going to be
• 1:09:51
  Speaker 1: flooding the streets everywhere. Yeah.
• 1:09:53
  Speaker 2: I honestly think the Model X is one of the
• 1:09:55
  Speaker 2: best cars ever made.
• 1:09:56
  Speaker 1: It's a phenomenal car.
• 1:09:57
  Speaker 2: I love that thing.
• 1:09:58
  Speaker 1: It dances. Tiffany Haddish has one, and she was in
• 1:10:00
  Speaker 1: the parking lot of the comic store, and the wings
• 1:10:03
  Speaker 1: go up, you know, and it starts dancing. It moves around.
• 1:10:05
  Speaker 1: I'm like, this is crazy. Like, it actually moves to music.
• 1:10:08
  Speaker 2: Now that I have one of the last ones ever made,
• 1:10:10
  Speaker 2: I honestly, fuck, man.
• 1:10:13
  Speaker 1: I really don't know.
• 1:10:14
  Speaker 2: I don't want another car. It's actually really sad.
• 1:10:16
  Speaker 1: Well, he told me– Elon told me it's super overengineered.
• 1:10:19
  Speaker 1: He's like the car is incredible. It's like one of
• 1:10:22
  Speaker 1: the safest cars you could ever drive.
• 1:10:24
  Speaker 2: Well, I guess it's the last one I'll ever get.
• 1:10:26
  Speaker 2: It's a bummer.
• 1:10:29
  Speaker 1: So when you are explaining to these people that a
• 1:10:33
  Speaker 1: car that's just a few years old is just as
• 1:10:35
  Speaker 1: good as a car that's now– does anybody go, hey,
• 1:10:38
  Speaker 1: you're right? Or does it like a natural inclination– Like
• 1:10:41
  Speaker 1: is this just this thing that they want, a status
• 1:10:43
  Speaker 1: symbol that's in their head that they need at 2026?
• 1:10:46
  Speaker 2: People are very defensive on the show. I can convince
• 1:10:49
  Speaker 2: them of smaller things. Getting rid of a car in
• 1:10:52
  Speaker 2: our culture is usually a big thing to overcome. But
• 1:10:55
  Speaker 2: I'll see weeks later that they sat on it, they
• 1:10:58
  Speaker 2: thought about it. Then the video went uploaded and millions
• 1:11:01
  Speaker 2: of people shit all over them in the comments. And
• 1:11:03
  Speaker 2: they're like, okay, maybe I should get rid of this car.
• 1:11:06
  Speaker 2: So some people actually– many people do change their perspective
• 1:11:10
  Speaker 2: on cars. But that's a hard one to overcome. Telling
• 1:11:13
  Speaker 2: them to close a credit card, it's kind of easy.
• 1:11:15
  Speaker 2: Car is a big one. I've told people to not
• 1:11:17
  Speaker 2: get a house and they're really close to getting a house.
• 1:11:20
  Speaker 2: That's something they will not give up because that's another
• 1:11:23
  Speaker 2: obsession that we have in our country.
• 1:11:24
  Speaker 1: So would you say not get a house today because
• 1:11:26
  Speaker 1: of interest rates?
• 1:11:28
  Speaker 2: It's just interest rates. The overall marketplace, S & P 500,
• 1:11:31
  Speaker 2: it just beats real estate. Commercial real estate is good
• 1:11:34
  Speaker 2: to get for tax advantages. But the American dream isn't
• 1:11:37
  Speaker 2: owning a home anymore. It's the freedom of renting. Because
• 1:11:40
  Speaker 2: you can live wherever you want. You can move for
• 1:11:41
  Speaker 2: a job like that. Get in a house. You're stuck
• 1:11:44
  Speaker 2: in a house. It requires a massive amount of money
• 1:11:47
  Speaker 2: for a down payment. And it's just a lack of
• 1:11:50
  Speaker 2: flexibility in a generation and age where people want to
• 1:11:53
  Speaker 2: be more flexible and travel and explore and take new
• 1:11:56
  Speaker 2: jobs everywhere. But it also just doesn't make sense as
• 1:11:59
  Speaker 2: an investment anymore. It doesn't. It used to be the
• 1:12:02
  Speaker 2: defining trait of the middle class and one of the
• 1:12:05
  Speaker 2: largest wealth creating things for the middle class. But now
• 1:12:08
  Speaker 2: with the incredible stock market that we've had over the
• 1:12:11
  Speaker 2: past 50 years or so, it beats it every time.
• 1:12:14
  Speaker 2: If you rent and just put in your money into
• 1:12:17
  Speaker 2: the stock market instead of that down payment on a
• 1:12:20
  Speaker 2: house with a little extra for a mortgage, you'll win
• 1:12:23
  Speaker 2: every time. And then you get stuck. Let's say you
• 1:12:25
  Speaker 2: got the good interest rate. Everyone with the good interest
• 1:12:27
  Speaker 2: rate is stuck right now. Because they're not willing to
• 1:12:30
  Speaker 2: trade up for a house they actually want but with
• 1:12:32
  Speaker 2: a higher interest rate. So homes become like these people's prisons.
• 1:12:35
  Speaker 2: You can buy a home. That's great. If you know
• 1:12:37
  Speaker 2: you're going to stay somewhere and it's what you've ever
• 1:12:40
  Speaker 2: always wanted, there's nothing wrong with doing it. But it
• 1:12:43
  Speaker 2: is not that actually incredible financial thing that has defined America.
• 1:12:50
  Speaker 2: That being said, Americans suck at investing. So if the
• 1:12:54
  Speaker 2: only way for you to invest– is put your money
• 1:12:58
  Speaker 2: in a house that you literally cannot touch, maybe it
• 1:13:00
  Speaker 2: makes sense. Because if instead you need to put an
• 1:13:03
  Speaker 2: extra 20% to the market if you rent, but Americans
• 1:13:06
  Speaker 2: just want to go spend that on a vacation, then
• 1:13:08
  Speaker 2: maybe you're better off in a house because you need
• 1:13:09
  Speaker 2: that forced investing.
• 1:13:12
  Speaker 1: Well, a lot of people don't feel secure unless they
• 1:13:15
  Speaker 1: own the home. They don't feel like settled. This is
• 1:13:18
  Speaker 1: not really my place. I'm just renting it. Yeah, which
• 1:13:21
  Speaker 1: is true.
• 1:13:21
  Speaker 2: But I mean, I just tell them to fuck off.
• 1:13:23
  Speaker 2: That's your feelings. I mean that is just their feelings.
• 1:13:26
  Speaker 3: Right.
• 1:13:26
  Speaker 2: Like I don't know. Math is math in the end.
• 1:13:29
  Speaker 2: Like I own but that's because it was very affordable
• 1:13:33
  Speaker 2: for me. It made sense for me. But it doesn't
• 1:13:36
  Speaker 2: have to for everyone.
• 1:13:37
  Speaker 1: Right.
• 1:13:37
  Speaker 2: And that's OK. In renting, you don't have to do maintenance.
• 1:13:39
  Speaker 2: You don't have to get a new roof. You don't
• 1:13:41
  Speaker 2: have to deal with the AC going out and all
• 1:13:43
  Speaker 2: this stuff. If you're renting for especially even like larger corporations,
• 1:13:46
  Speaker 2: they're actually even better to rent for than a mom
• 1:13:48
  Speaker 2: and pa because they'll have someone on standby that will
• 1:13:51
  Speaker 2: fix your shit overnight.
• 1:13:52
  Speaker 3: Right.
• 1:13:52
  Speaker 2: Or a ma and pa landlord, you know, it kind
• 1:13:54
  Speaker 2: of sucks. It might take a couple weeks.
• 1:13:55
  Speaker 1: Right, if they're not good. Yeah. What do you think
• 1:13:59
  Speaker 1: when you're talking to these young people that are talking
• 1:14:02
  Speaker 1: about their future, what do you think about what's happening
• 1:14:05
  Speaker 1: with AI and the potential for AI to displace jobs
• 1:14:08
  Speaker 1: and these people that are investing their future and going
• 1:14:11
  Speaker 1: to school and getting this job that might not even exist?
• 1:14:15
  Speaker 2: Yeah, totally fair. It's a big fear. So I'm going
• 1:14:19
  Speaker 2: to start this part by saying I do— don't 100%
• 1:14:23
  Speaker 2: want to listen to anyone that says they know what's
• 1:14:26
  Speaker 2: going to happen. Because how can, there's the doom and
• 1:14:29
  Speaker 2: glooms that says everyone's job's going to go away. And
• 1:14:31
  Speaker 2: then there's those that say it's going to create a
• 1:14:33
  Speaker 2: shit ton of new jobs. I don't listen to any
• 1:14:35
  Speaker 2: of them. No one knows what's on the other side
• 1:14:37
  Speaker 2: of the hill of AI. But we do know AI
• 1:14:39
  Speaker 2: is coming. So there is the best things to prepare
• 1:14:42
  Speaker 2: for it. Trades, very smart. They've been smart for a while,
• 1:14:45
  Speaker 2: but they're very smart with AI because it's probably not
• 1:14:48
  Speaker 2: coming for an electrician job. Probably not. Degrees in general,
• 1:14:53
  Speaker 2: what degree you get in school has been one of
• 1:14:56
  Speaker 2: the largest and most consequential decisions that people have been
• 1:14:59
  Speaker 2: messing up for the past few years. And it's actually
• 1:15:02
  Speaker 2: one of the leading causes for that gender wealth divide
• 1:15:06
  Speaker 2: that is always talked about. When compared for the same job,
• 1:15:10
  Speaker 2: same person, same experience, which is never compared in that
• 1:15:13
  Speaker 2: study– It's actually 99%, very similar. But what we see oftentimes,
• 1:15:19
  Speaker 2: and I feel bad for the women my age with this,
• 1:15:24
  Speaker 2: is statistically them, they've gone and got lower paying degrees
• 1:15:30
  Speaker 2: and now degrees that are very susceptible to AI, which
• 1:15:35
  Speaker 2: is going to be very damaging for a large group
• 1:15:37
  Speaker 2: of people that are going to push them to become
• 1:15:38
  Speaker 2: even more radical. But women have gone and borrowed a
• 1:15:42
  Speaker 2: lot more money For degrees that provide a lot less
• 1:15:46
  Speaker 2: return on investment like sociology, psychology, the arts, things like that,
• 1:15:50
  Speaker 2: where you can't maybe even get a job. You're going
• 1:15:52
  Speaker 2: to be a barista. Or if you are going to
• 1:15:54
  Speaker 2: get a job, it's usually a lower paying job where
• 1:15:56
  Speaker 2: men have gone. We've fallen this thing in our society
• 1:16:01
  Speaker 2: where men have always tried to go to that higher
• 1:16:03
  Speaker 2: income side and give up a job they like for it.
• 1:16:06
  Speaker 2: So they'll go into engineering, the maths, the sciences, even
• 1:16:10
  Speaker 2: if they don't like it or the trades, very labor
• 1:16:12
  Speaker 2: intensive jobs. And even though AI, you know, they're susceptible
• 1:16:16
  Speaker 2: to some things in tech there, it's always been higher pain.
• 1:16:19
  Speaker 2: And that's what's made that gender wealth gap so heavy.
• 1:16:24
  Speaker 2: That and then women post birth is the second highest
• 1:16:28
  Speaker 2: leading cause. But when it comes to AI, people are
• 1:16:31
  Speaker 2: already making the mistakes in the degrees they've been getting
• 1:16:34
  Speaker 2: over the last 10 years. And now this is just
• 1:16:36
  Speaker 2: going to accelerate that even further. When it comes to
• 1:16:38
  Speaker 2: data entry jobs, things that are super easy, even unfortunately–
• 1:16:43
  Speaker 2: who knows if we'll allow it for therapists but it's
• 1:16:45
  Speaker 2: getting there pretty quick. People are willing to trust AI
• 1:16:48
  Speaker 2: way more than we thought in these psychology degrees and whatnot,
• 1:16:52
  Speaker 2: writing degrees, things that unfortunately that large sector has gotten.
• 1:16:58
  Speaker 2: They're much more susceptible to AI and it's going to
• 1:17:00
  Speaker 2: lead to– I think it's going to lead to a
• 1:17:02
  Speaker 2: lot more political radicalization and that's what scares me more
• 1:17:05
  Speaker 2: than anything. Yeah. The– was it the UN? A reputable
• 1:17:12
  Speaker 2: source said 40 percent of global jobs are susceptible to
• 1:17:16
  Speaker 2: being replaced by AI. Now, the more developed countries were
• 1:17:20
  Speaker 2: a little better. It's a little easier. But we're talking
• 1:17:23
  Speaker 2: about those that are doing like customer service jobs in
• 1:17:25
  Speaker 2: India and things like that. They're going to be damaged heavily.
• 1:17:28
  Speaker 2: We're going to be a little better in Europe, in
• 1:17:31
  Speaker 2: the United States, in Canada, Australia. But it's scary. And
• 1:17:36
  Speaker 2: people need to prepare themselves by trying to borrow the
• 1:17:39
  Speaker 2: least amount possible when they get their degree. Go to
• 1:17:43
  Speaker 2: community college if they can. And go into something that's
• 1:17:46
  Speaker 2: more AI resistant. Which to me is, again, things like trades.
• 1:17:51
  Speaker 2: Things that need that extra creative edge where AI doesn't
• 1:17:55
  Speaker 2: seem to be able to get there yet. Maybe it'll
• 1:17:58
  Speaker 2: be able to at some point right now. They're really
• 1:17:59
  Speaker 2: good at going through numbers and stuff. But that true
• 1:18:02
  Speaker 2: creative edge actually coming up with something new. That's what
• 1:18:06
  Speaker 2: I think people should be going towards in college right now.
• 1:18:08
  Speaker 1: Yeah, I completely agree. Hold that thought. I have to
• 1:18:10
  Speaker 1: take a leak. Yeah, you're good. So one question that
• 1:18:13
  Speaker 1: I have for you is because you got a degree
• 1:18:15
  Speaker 1: that's not really a good degree financially. I dropped out. Yeah, well.
• 1:18:18
  Speaker 2: But close.
• 1:18:19
  Speaker 1: But going to school for something that's not viable financially.
• 1:18:23
  Speaker 1: Why do you think, and particularly women, why do you
• 1:18:26
  Speaker 1: think so many of them get these degrees in sociology,
• 1:18:29
  Speaker 1: get these degrees in gender studies, get these degrees in?
• 1:18:32
  Speaker 1: Things where you're just not going to be able to
• 1:18:34
  Speaker 1: make a living in what you're going to school for.
• 1:18:38
  Speaker 2: Yeah, I think you can do a lot of good
• 1:18:41
  Speaker 2: in a lot of them. So if you're doing social
• 1:18:43
  Speaker 2: work like that. there and nursing actually does pretty well
• 1:18:46
  Speaker 2: but in that a lower paid part of medical you
• 1:18:50
  Speaker 2: know you're doing a lot of good um we we
• 1:18:53
  Speaker 2: spent a lot of decades doing trying to really fix
• 1:18:58
  Speaker 2: the percentage of college we were having like men men
• 1:19:01
  Speaker 2: men men all it was only men going to college
• 1:19:05
  Speaker 2: and we put a lot of effort into into women
• 1:19:07
  Speaker 2: going to college a bit more to catch up, which
• 1:19:09
  Speaker 2: is fair. That was good. I am for that. But
• 1:19:13
  Speaker 2: once they got there, just, uh, fuck why they're doing it.
• 1:19:18
  Speaker 2: It's harder to say, but they definitely do more gravitate
• 1:19:21
  Speaker 2: as a cohort towards those lower pain degrees, like psychology
• 1:19:24
  Speaker 2: and whatnot. And I don't know, men just go to
• 1:19:27
  Speaker 2: the higher pain degrees. I don't know if it's something
• 1:19:29
  Speaker 2: in our culture Or men feel like they need to
• 1:19:31
  Speaker 2: be a breadwinner or whatnot.
• 1:19:32
  Speaker 1: Yeah, that's what I'm wondering if that's what it is,
• 1:19:35
  Speaker 1: the need to be a provider and the thinking like
• 1:19:37
  Speaker 1: these low-paying jobs are not going to be able to
• 1:19:40
  Speaker 1: give me any money. Yeah. How am I going to provide?
• 1:19:43
  Speaker 1: How am I going to have a family? How am
• 1:19:44
  Speaker 1: I going to pay the bills?
• 1:19:46
  Speaker 2: Yeah. Men are starting to kind of fall off that
• 1:19:50
  Speaker 2: platform though. Yeah. I don't know if you've been watching
• 1:19:52
  Speaker 2: the trends, but now it's closer to like 60%, 65%
• 1:19:56
  Speaker 2: of new degree holders are women. And men are just
• 1:20:00
  Speaker 2: not going to college anymore. 65% really? It's pretty crazy.
• 1:20:05
  Speaker 2: It's like 60 or 65%.
• 1:20:06
  Speaker 1: Wow.
• 1:20:08
  Speaker 2: It's getting pretty intense.
• 1:20:11
  Speaker 1: Well, what are men doing instead?
• 1:20:13
  Speaker 2: There's a lot of losers. There are a lot of
• 1:20:15
  Speaker 2: losers where they're not getting any education. They're not looking
• 1:20:20
  Speaker 2: for any kind of job. They're not even collecting unemployment.
• 1:20:22
  Speaker 2: They're literally just sitting on their ass. That is a
• 1:20:24
  Speaker 2: big cohort of people right now.
• 1:20:27
  Speaker 1: What's causing that?
• 1:20:29
  Speaker 2: Um, well, fuck, uh, there is a lot of the
• 1:20:32
  Speaker 2: red pill victim mentality. I don't know if I want
• 1:20:34
  Speaker 2: to fully enable it, but I mean, maybe there's some
• 1:20:37
  Speaker 2: justification a little bit, but they think that everything's against them. Uh,
• 1:20:41
  Speaker 2: they think that DEI specifically was preventing them from going
• 1:20:46
  Speaker 2: to work and preventing them from going to school that, uh,
• 1:20:49
  Speaker 2: schools politically captured. There's a survey done that of people
• 1:20:53
  Speaker 2: that were choosing not to go to college, 30% said
• 1:20:57
  Speaker 2: that it's because 30 or 40 percent said it was
• 1:20:59
  Speaker 2: because college is becoming too politically captured. So there is that.
• 1:21:05
  Speaker 2: Then they don't have jobs. They don't have skills. They
• 1:21:08
  Speaker 2: don't have experience. So it's harder to get a job.
• 1:21:10
  Speaker 2: It's easier to just kind of sit at mom's home,
• 1:21:14
  Speaker 2: play video games, do drugs.
• 1:21:16
  Speaker 1: Jesus, that's bleak.
• 1:21:18
  Speaker 2: It's bleak. And the gender wars are horrendous right now.
• 1:21:21
  Speaker 2: I don't know if you see any of it online,
• 1:21:23
  Speaker 2: but the gender wars.
• 1:21:24
  Speaker 1: Are The gender wars.
• 1:21:26
  Speaker 3: Oh, yeah.
• 1:21:27
  Speaker 2: Young women just being so anti-men and young men being
• 1:21:30
  Speaker 2: so anti-women and cheering against each other. It's horrible.
• 1:21:36
  Speaker 1: It is horrible. Like uniquely new?
• 1:21:40
  Speaker 2: Much more than ever before.
• 1:21:41
  Speaker 1: What do you think is causing that?
• 1:21:44
  Speaker 2: A lot of it started in the 2016 election. A
• 1:21:48
  Speaker 2: lot of women got very angry that Trump was elected.
• 1:21:51
  Speaker 2: And they followed something that happened in South Korea as well.
• 1:21:55
  Speaker 2: Where the women said, no men, no dating, no sex.
• 1:22:00
  Speaker 2: There was a term for it, but they were just,
• 1:22:02
  Speaker 2: they cut off everything. And there was a little, little
• 1:22:04
  Speaker 2: bit of that movement after the 2016 election here in
• 1:22:07
  Speaker 2: the United States as well. And then it gained as
• 1:22:09
  Speaker 2: much traction, but this is very divisive. And it goes
• 1:22:13
  Speaker 2: back to the algorithm that we were talking about earlier
• 1:22:15
  Speaker 2: as well. A lot of people get put in those
• 1:22:19
  Speaker 2: echo chambers where, you know, you need to have a
• 1:22:22
  Speaker 2: villain and the men are the villain or the women
• 1:22:24
  Speaker 2: are the villain. The women are the reason men aren't
• 1:22:26
  Speaker 2: doing well. The men are the reason women aren't doing well.
• 1:22:30
  Speaker 2: The men have been holding us back forever. They've been,
• 1:22:32
  Speaker 2: you know, keeping us in the kitchen and everything like that.
• 1:22:36
  Speaker 1: The 4B movement.
• 1:22:37
  Speaker 3: Yes.
• 1:22:38
  Speaker 1: Women boycotting men. Anti-men movement. 4B movement is a radical
• 1:22:42
  Speaker 1: feminist rebellion that emerged around 2015. It's named after four
• 1:22:46
  Speaker 1: Korean terms, starting with BI, meaning no. BI, no heterosexual marriage. B. Cholson,
• 1:22:55
  Speaker 1: no childbirth. B. Yane, no dating men. B. Seku, no
• 1:23:01
  Speaker 1: sexual relations with men. Okay. Participants argued this is not
• 1:23:07
  Speaker 1: about misandry, but rather a drastic method to opt out
• 1:23:10
  Speaker 1: of an intensely patriarchal society and protect themselves from gender-based
• 1:23:14
  Speaker 1: violence such as digital sex crimes, spy cams, and workplace discrimination.
• 1:23:21
  Speaker 2: So it picked up some pretty big steam here in
• 1:23:23
  Speaker 2: the United States after 2016 as well.
• 1:23:25
  Speaker 1: But I got to think that everyone who's saying no
• 1:23:27
  Speaker 1: dating men and no sexual relationships with men isn't attractive.
• 1:23:33
  Speaker 2: Probably not. But sexlessness among young people is so high
• 1:23:38
  Speaker 2: compared to any other generation right now.
• 1:23:39
  Speaker 1: Very high. Very high virgin rate, which is really odd.
• 1:23:42
  Speaker 1: We're finding a lot of– and a lot of them
• 1:23:43
  Speaker 1: like identify as Christian and that's the reason why they're
• 1:23:46
  Speaker 1: saying– or Catholic is the reason why they're saying they're virgin.
• 1:23:49
  Speaker 1: I'm like, what's happening? You don't get horny? What are
• 1:23:52
  Speaker 1: you doing?
• 1:23:52
  Speaker 2: It's interesting.
• 1:23:53
  Speaker 1: You don't like people?
• 1:23:54
  Speaker 2: I've had a lot of people on my show say
• 1:23:55
  Speaker 2: they want to have sex but can't have sex. So
• 1:23:59
  Speaker 2: I guess they haven't used that cope, the religious cope.
• 1:24:01
  Speaker 2: But I don't know. But that's another example of the radicalization.
• 1:24:06
  Speaker 2: So they just blame each other. Like, OK, Trump got elected.
• 1:24:10
  Speaker 2: Many of the women in this country that lean to
• 1:24:12
  Speaker 2: the left didn't like it. So they got very upset.
• 1:24:14
  Speaker 2: They blamed the men for electing him. Men blame women,
• 1:24:17
  Speaker 2: DEI policies, which, yeah, there are things to complain about.
• 1:24:20
  Speaker 2: I do get it, like on both sides probably. But
• 1:24:23
  Speaker 2: they've just gone so extreme. So there's a gender war
• 1:24:25
  Speaker 2: right now where it's just trying to nuke the other side.
• 1:24:28
  Speaker 1: Is this spillover into real life as much or is
• 1:24:31
  Speaker 1: this a lot of people that spend way too much
• 1:24:33
  Speaker 1: time on the internet already?
• 1:24:34
  Speaker 2: Definitely more that than anything. Definitely more that. But the
• 1:24:39
  Speaker 2: unfortunate real life consequences– lead to that loneliness online because
• 1:24:44
  Speaker 2: the real life consequences that people are staying inside and
• 1:24:47
  Speaker 2: on screens and more lonely than ever. So that's the
• 1:24:50
  Speaker 2: real life impact. You know, they're not going out and
• 1:24:52
  Speaker 2: talking about the 4B movement on the corner of the street,
• 1:24:56
  Speaker 2: but instead of going out like they used to and
• 1:24:58
  Speaker 2: having more friends, they're sitting inside and complaining about it
• 1:25:01
  Speaker 2: on Reddit. So that is the real life consequences. It
• 1:25:05
  Speaker 2: becomes online.
• 1:25:06
  Speaker 1: Yeah. It's just so strange that these people don't recognize
• 1:25:11
  Speaker 1: that you have a finite time to exist and you're
• 1:25:14
  Speaker 1: spending all your time like captured in these like fucking
• 1:25:18
  Speaker 1: stupid echo chambers.
• 1:25:19
  Speaker 2: Feels good to be a victim though because everyone online
• 1:25:22
  Speaker 2: that is in your little ecosystem they give you the
• 1:25:25
  Speaker 2: thumbs up they make you feel reassured feels.
• 1:25:28
  Speaker 1: Good complaining is exciting people do love to complain yeah
• 1:25:32
  Speaker 1: It excites you. It gets you going.
• 1:25:37
  Speaker 3: Whether this is accurate, I think this gives a little
• 1:25:40
  Speaker 3: insight into the Korean 4B movement. This is a post
• 1:25:42
  Speaker 3: on Reddit from two years ago, but this paragraph here is.
• 1:25:48
  Speaker 1: Oh, about Korea?
• 1:25:48
  Speaker 3: Yeah.
• 1:25:49
  Speaker 1: Yeah, so we're talking about a country where a woman's
• 1:25:51
  Speaker 1: career can be jeopardized for something as innocuous as wearing
• 1:25:53
  Speaker 1: a T-shirt that reads, girls don't need a prince, or
• 1:25:56
  Speaker 1: for liking a Women's March post on Twitter, even if
• 1:25:59
  Speaker 1: it was seven years ago. I'm not exaggerating. Incidents like
• 1:26:02
  Speaker 1: this have occurred as recently as last year. We're talking
• 1:26:05
  Speaker 1: about literal termination of a contract due to a heart
• 1:26:08
  Speaker 1: made on a post regarding women's safety issues on Twitter
• 1:26:12
  Speaker 1: dating back to seven or more years ago due to
• 1:26:16
  Speaker 1: incel gamers throwing a fit. So they have an incel
• 1:26:19
  Speaker 1: problem in Korea, too. Also, low replacement rate. Worst in
• 1:26:24
  Speaker 1: the world, yeah. Korea is really bad. Is it the worst?
• 1:26:27
  Speaker 1: It's worse than Japan? It's worse than the world.
• 1:26:29
  Speaker 2: Cultural collapse within a few decades, yeah. By the end
• 1:26:31
  Speaker 2: of the century.
• 1:26:33
  Speaker 3: Yeah.
• 1:26:33
  Speaker 2: South Korea is done. But no, it's true. And like
• 1:26:36
  Speaker 2: I said, like there are valid logics to it. I'm
• 1:26:40
  Speaker 2: not saying like everyone is just doing it inherently to
• 1:26:44
  Speaker 2: be evil. But if your outcome is to become radicalized
• 1:26:47
  Speaker 2: into something like the 4B movement … No one should
• 1:26:50
  Speaker 2: be fired from wearing a dresser like in a post.
• 1:26:52
  Speaker 1: Right. You know? It's crazy.
• 1:26:53
  Speaker 2: But to become radicalized and start this thing where it
• 1:26:56
  Speaker 2: divides the genders because we have more political division in
• 1:27:01
  Speaker 2: the Gen Z gender than any other generation, more religious division.
• 1:27:06
  Speaker 2: It's crazy. And to fuel that because things have been
• 1:27:09
  Speaker 2: not perfect.
• 1:27:10
  Speaker 1: So when you say political division, so– Is it that
• 1:27:13
  Speaker 1: young men are going to the right and young women
• 1:27:15
  Speaker 1: are going to the left? Is that what it is?
• 1:27:17
  Speaker 3: Yeah.
• 1:27:17
  Speaker 2: When you do– when they've done tracking and polling of
• 1:27:20
  Speaker 2: post-election results and how people have voted, age groups and
• 1:27:24
  Speaker 2: gender groups, they've seen that men have moved to the
• 1:27:27
  Speaker 2: right a little bit. But women dramatically since 2016 have
• 1:27:32
  Speaker 2: moved to the pretty far left. Young women, not millennial
• 1:27:36
  Speaker 2: or Gen X or boomer women especially, but Gen Z
• 1:27:40
  Speaker 2: women have moved Very far to the left.
• 1:27:44
  Speaker 1: I wonder what changes, if anything, in that when women
• 1:27:47
  Speaker 1: have children. Because one of the things that I found
• 1:27:50
  Speaker 1: is that my friends who wound up having children, my
• 1:27:53
  Speaker 1: female friends, they almost all started moving to the right.
• 1:27:57
  Speaker 1: They almost started all recognizing that there's real safety issues.
• 1:28:02
  Speaker 1: There's real crime issues. They're wondering where their tax money goes.
• 1:28:05
  Speaker 1: They see corruption and fraud. Things that they never really
• 1:28:08
  Speaker 1: talked about at all when they were single and– Didn't
• 1:28:11
  Speaker 1: have a child. But as soon as they get married,
• 1:28:13
  Speaker 1: as soon as they have children, then they start going, hey,
• 1:28:15
  Speaker 1: fuck this place. So many of them wound up moving
• 1:28:19
  Speaker 1: out of L.A. right after they had children. And so
• 1:28:22
  Speaker 1: many of them started moving into a different sort of ideology.
• 1:28:27
  Speaker 2: But people have to get married and have kids for
• 1:28:29
  Speaker 2: that to happen. And we just hit our lowest birth
• 1:28:31
  Speaker 2: rate in the United States.
• 1:28:33
  Speaker 1: Is it the lowest ever replacement rate?
• 1:28:35
  Speaker 2: Yeah, if I'm not mistaken, yeah. It was before the
• 1:28:38
  Speaker 2: last time we had actual replacement. rate was before the
• 1:28:41
  Speaker 2: Great Recession. And ever since then, it's just gone off
• 1:28:43
  Speaker 2: a cliff.
• 1:28:43
  Speaker 1: That's why we need immigrants.
• 1:28:45
  Speaker 2: Well, I mean, actually, yes. Well, we do need some immigration.
• 1:28:51
  Speaker 3: Of course.
• 1:28:51
  Speaker 2: Because we need a growing population because you don't want
• 1:28:54
  Speaker 2: to be like South Korea.
• 1:28:56
  Speaker 3: Yeah.
• 1:28:56
  Speaker 1: Or Japan.
• 1:28:57
  Speaker 2: You can't have a collapsing population because you use the argument, sorry,
• 1:29:03
  Speaker 2: not you, but people could use the argument, they'll destroy
• 1:29:05
  Speaker 2: our culture if we let in all these immigrants. And yes,
• 1:29:07
  Speaker 2: of course that would happen if you just let anyone
• 1:29:09
  Speaker 2: in no matter what, uncontrolled, sure. South Korea is also
• 1:29:12
  Speaker 2: going to lose their culture because their population will not
• 1:29:15
  Speaker 2: exist by the end of the century. So there's multiple
• 1:29:18
  Speaker 2: ways to lose a culture, but I'm a big proponent
• 1:29:22
  Speaker 2: of selective, high-skilled, Good proportional immigration. And I think honestly–
• 1:29:27
  Speaker 2: I think that's the more bipartisan issue. That's where like
• 1:29:30
  Speaker 2: Bill Clinton was in the 90s and whatnot. So I
• 1:29:32
  Speaker 2: think that's fair. Open borders is fucking crazy. I don't
• 1:29:36
  Speaker 2: know what was– I didn't even realize what was going on.
• 1:29:40
  Speaker 1: It's nuts. I have friends that were down there that
• 1:29:42
  Speaker 1: went to the border and then say you have to
• 1:29:44
  Speaker 1: come to understand it. You have to see it. It's
• 1:29:46
  Speaker 1: fucking insane. Like you see the numbers of people coming across.
• 1:29:49
  Speaker 1: Like how is this real? There's no vetting right into
• 1:29:53
  Speaker 1: the country. Whee!
• 1:29:55
  Speaker 3: Yeah.
• 1:29:56
  Speaker 2: So I'm on an economic issue because I always go
• 1:29:59
  Speaker 2: back to economics. I don't get as fired up about
• 1:30:01
  Speaker 2: the social stuff, but I do like some kind of
• 1:30:04
  Speaker 2: immigration for sure. Some people are like completely anti-immigration, but
• 1:30:08
  Speaker 2: I like some kind of immigration because we do need
• 1:30:10
  Speaker 2: a growing job pool specifically to maintain an economy so
• 1:30:14
  Speaker 2: that people my age can retire. If the dependency ratio
• 1:30:19
  Speaker 2: of every person not working for every working person is
• 1:30:24
  Speaker 2: getting close to one for one in South Korea. In
• 1:30:27
  Speaker 2: the United States, when we implemented social security, it was
• 1:30:29
  Speaker 2: closer to like 60 to one. Now, the United States
• 1:30:31
  Speaker 2: is like, it's like five or 10 to one. It's
• 1:30:35
  Speaker 2: going in the wrong direction. And if for every one
• 1:30:38
  Speaker 2: working person, you have one person not working, the whole
• 1:30:40
  Speaker 2: system breaks. And that's what we're starting to see in
• 1:30:43
  Speaker 2: places like South Korea. So we can't become that. So
• 1:30:45
  Speaker 2: if people aren't fucking, people aren't making babies, you got
• 1:30:48
  Speaker 2: to bring some people in. But selective, high skilled, What
• 1:30:52
  Speaker 2: gets scary is if you start fucking up an economy
• 1:30:55
  Speaker 2: enough with really bad policies, you get brain drain and
• 1:30:58
  Speaker 2: then immigration. So you see what happens in Italy, Spain,
• 1:31:02
  Speaker 2: the United Kingdom.
• 1:31:03
  Speaker 1: Brain drain. Yeah.
• 1:31:05
  Speaker 2: Educated people. They're born there typically or they even emigrate
• 1:31:09
  Speaker 2: there and they become very educated. They're the ones that
• 1:31:12
  Speaker 2: are going to contribute to the tax base, create jobs,
• 1:31:17
  Speaker 2: do higher skilled jobs, great doctors, everything's like that. But
• 1:31:21
  Speaker 2: they look around them. The economic policies have failed. So
• 1:31:23
  Speaker 2: they come to the United States. And then there's only
• 1:31:27
  Speaker 2: the immigrants that have come in that aren't able to
• 1:31:30
  Speaker 2: replace that brain because they come from somewhere where no
• 1:31:33
  Speaker 2: fault of their own is just less educated. So they
• 1:31:37
  Speaker 2: aren't able to contribute to that tax base. We're actually
• 1:31:39
  Speaker 2: starting to see something similar in L.A. right now with
• 1:31:42
  Speaker 2: the wealth flight and brain drain. Though the net migration
• 1:31:47
  Speaker 2: in L.A. is not looking the absolute worst, people that
• 1:31:50
  Speaker 2: were contributing there moving away and providing to the tax
• 1:31:54
  Speaker 2: base versus people that are coming in and aren't being
• 1:31:57
  Speaker 2: true net contributors is becoming horrendous. And they're looking at
• 1:32:00
  Speaker 2: like a billion dollar deficit coming up pretty soon for
• 1:32:04
  Speaker 2: the city of L.A. It becomes very scary. So that's
• 1:32:07
  Speaker 2: why I rail against performative policies. Because I don't want
• 1:32:10
  Speaker 2: to end up like a place like the UK where
• 1:32:12
  Speaker 2: it would rank 51st out of all 50 states, by
• 1:32:14
  Speaker 2: the way, in terms of GDP per capita, which is
• 1:32:19
  Speaker 2: absolutely crazy. Worse than Mississippi. And then if you're having
• 1:32:26
  Speaker 2: immigration while that's happening, all you have left is just that.
• 1:32:29
  Speaker 2: Just that. And all your high-skilled people went somewhere else.
• 1:32:32
  Speaker 2: Same thing is happening in Canada. They become educated in
• 1:32:34
  Speaker 2: Canada and they go down to Silicon Valley for a
• 1:32:37
  Speaker 2: high-paying job because they don't pay as well in Canada.
• 1:32:40
  Speaker 2: But if we start reversing that with bad policies, you
• 1:32:43
  Speaker 2: start looking a little more like LA and their budget
• 1:32:46
  Speaker 2: is not looking really good.
• 1:32:48
  Speaker 1: It's interesting how pragmatic financial discussions are problematic. Like people
• 1:32:54
  Speaker 1: don't like it and they look at it and like
• 1:32:57
  Speaker 1: you're just– you're not talking really even about politics. You're
• 1:33:00
  Speaker 1: just talking about pragmatic decisions in terms of like how
• 1:33:03
  Speaker 1: do you invest your money, how to save your money,
• 1:33:04
  Speaker 1: how to do that. That becomes right wing. Oh, yeah.
• 1:33:07
  Speaker 1: That becomes somehow or another cruel. It's like categorized in
• 1:33:12
  Speaker 1: that way as heartless. Yeah.
• 1:33:14
  Speaker 2: People will clip that last moment and say I'm anti-immigrants.
• 1:33:17
  Speaker 2: Like that's going to happen.
• 1:33:19
  Speaker 3: Yeah.
• 1:33:19
  Speaker 1: But it's not.
• 1:33:20
  Speaker 2: It's this literal economic theory that we're seeing in the
• 1:33:24
  Speaker 2: real world right now that's tracked and trackable. The Labor
• 1:33:27
  Speaker 2: Party acknowledges– the left-wing Labor Party in the United Kingdom
• 1:33:30
  Speaker 2: acknowledges the wealth flight and brain drain. This isn't a
• 1:33:34
  Speaker 2: right-wing position. This is just reality.
• 1:33:37
  Speaker 1: It's interesting though that people like in general don't think
• 1:33:41
  Speaker 1: of it that way. People in general think of it
• 1:33:44
  Speaker 1: like someone who discusses finances, someone who's like very financially astute,
• 1:33:48
  Speaker 1: gives pragmatic advice. That's a conservative person. That's a bad person.
• 1:33:52
  Speaker 2: They do think so. They say I'm right-wing coded. That's
• 1:33:55
  Speaker 2: something I see a lot. White-ring coded or my vibe
• 1:33:59
  Speaker 2: is off because personal responsibility.
• 1:34:02
  Speaker 1: Yeah. But what do you think– why do you think
• 1:34:05
  Speaker 1: personal responsibility is thought of that way? Is it because
• 1:34:09
  Speaker 1: people cherish this idea that they're a victim and they
• 1:34:12
  Speaker 1: hold on to it as part of their identity? And
• 1:34:14
  Speaker 1: if you challenge that and say, no, some of this
• 1:34:17
  Speaker 1: is your fault, then you're being cruel. You're being– you're
• 1:34:22
  Speaker 1: a sociopath. You're a fascist.
• 1:34:24
  Speaker 2: There's a large group of people that want people like
• 1:34:26
  Speaker 2: me or Dave Ramsey to just give them a hug.
• 1:34:30
  Speaker 2: And then complain about the systemic issues that got there
• 1:34:32
  Speaker 2: in the first place.
• 1:34:33
  Speaker 1: Right.
• 1:34:34
  Speaker 2: You can vote. That's great. Go vote for a policy change. Wonderful.
• 1:34:39
  Speaker 2: But you do have a little bit of agency. And
• 1:34:41
  Speaker 2: I'm not going to talk to you about what policy
• 1:34:43
  Speaker 2: you should vote for because that's going to require millions
• 1:34:45
  Speaker 2: of people to overdo a system that you don't like.
• 1:34:47
  Speaker 2: What you do have control on right now is whether
• 1:34:50
  Speaker 2: or not you swipe the card somewhere. Whether or not
• 1:34:53
  Speaker 2: you get a high interest rate credit card or get
• 1:34:54
  Speaker 2: a bullshit degree from a private institution out of state.
• 1:34:57
  Speaker 2: You have those controls right now. And they don't like that.
• 1:35:03
  Speaker 2: One of the biggest complaints that people like me and
• 1:35:05
  Speaker 2: Dave Ramsey get is, why aren't you talking about the
• 1:35:07
  Speaker 2: system that got you there? But that's not the conversation.
• 1:35:11
  Speaker 1: It isn't.
• 1:35:12
  Speaker 2: It's a one-on-one personal financial conversation. Let those people fix
• 1:35:16
  Speaker 2: their lives. Budget. That's why I made a budgeting app, DollarWise,
• 1:35:21
  Speaker 2: by the way. It's for that kind of thing.
• 1:35:22
  Speaker 1: What is that?
• 1:35:23
  Speaker 2: I made a budgeting app called DollarWise with my team.
• 1:35:25
  Speaker 1: It's called DollarWise? Dollar. DollarWise.
• 1:35:28
  Speaker 2: Yeah.
• 1:35:28
  Speaker 1: Okay.
• 1:35:30
  Speaker 2: So the average person can actually budget and take some
• 1:35:33
  Speaker 2: personal responsibility instead of just falling on the victim mindset.
• 1:35:37
  Speaker 1: So this app, what do you do? You put in
• 1:35:39
  Speaker 1: your income. You put in your bills. Yeah. Yeah.
• 1:35:42
  Speaker 2: It's that automatic account connections through multiple different services that
• 1:35:47
  Speaker 2: So you get your accounts connected and you get to
• 1:35:49
  Speaker 2: immediate insights that show where your money is going, what
• 1:35:53
  Speaker 2: you can do to actually improve your life, and the
• 1:35:56
  Speaker 2: steps you need to take. It fully guides you in
• 1:35:58
  Speaker 2: that process.
• 1:35:59
  Speaker 1: So were you motivated to do this just based on
• 1:36:01
  Speaker 1: these conversations you've had with people that don't know what
• 1:36:03
  Speaker 1: the fuck to do?
• 1:36:04
  Speaker 2: That and to make a shit ton of money. But
• 1:36:06
  Speaker 2: both have worked pretty well.
• 1:36:08
  Speaker 1: But yes. Which is funny. You're making a shit ton
• 1:36:10
  Speaker 1: of money by people that can't figure out how to
• 1:36:12
  Speaker 1: save money. Yeah.
• 1:36:13
  Speaker 2: But if, hey, if they make more money because they
• 1:36:15
  Speaker 2: save money and I make more money, that's capitalism.
• 1:36:17
  Speaker 1: It's a value.
• 1:36:18
  Speaker 2: Yeah, exactly.
• 1:36:18
  Speaker 1: You're providing a value.
• 1:36:19
  Speaker 2: No, I mean, that's the point. Like I used, did
• 1:36:22
  Speaker 2: you ever use Mint?
• 1:36:24
  Speaker 3: No.
• 1:36:24
  Speaker 2: You remember Mint?
• 1:36:25
  Speaker 1: Okay.
• 1:36:25
  Speaker 2: So it was a big budgeting app a long time ago.
• 1:36:27
  Speaker 2: But for some reason, the service that bought it shut
• 1:36:30
  Speaker 2: it down. And that's what everyone was using. But even then,
• 1:36:32
  Speaker 2: I remember I stopped using it. Like many people, most
• 1:36:35
  Speaker 2: people fall off of budgeting apps because they're just burdensome.
• 1:36:39
  Speaker 2: It takes a long time to figure out the systems
• 1:36:41
  Speaker 2: and they're just over-engineered for the personal finance nerd that
• 1:36:45
  Speaker 2: loves every little detail. So the average person doesn't do it.
• 1:36:47
  Speaker 2: So we just built something simple that just shows people
• 1:36:50
  Speaker 2: immediately where their money is going and what they need
• 1:36:52
  Speaker 2: to do to change. So that's what we focused on
• 1:36:55
  Speaker 2: when we engineered this thing.
• 1:36:57
  Speaker 1: And so– When you're having all these conversations with all
• 1:37:01
  Speaker 1: these different people that have– like these terrible budgets, doing
• 1:37:05
  Speaker 1: a terrible job of taking care of themselves, do you
• 1:37:08
  Speaker 1: ever get this feeling like that you're not helping? Like
• 1:37:11
  Speaker 1: this is like an insurmountable problem. You're sticking your finger
• 1:37:14
  Speaker 1: in a dam and there's a fucking million leaks and
• 1:37:17
  Speaker 1: this is not going to work?
• 1:37:19
  Speaker 2: To a certain extent, yes. Luckily in the United States,
• 1:37:22
  Speaker 2: we have some tools that help. So– If someone's in
• 1:37:26
  Speaker 2: that situation where the dam's about to burst, everything's about
• 1:37:28
  Speaker 2: to just blow up, they can go through bankruptcy. But
• 1:37:32
  Speaker 2: bankruptcy does not make sense. And this is what a
• 1:37:34
  Speaker 2: lot of people mess up. Bankruptcy doesn't make sense unless
• 1:37:37
  Speaker 2: you actually change the behavior that got you there in
• 1:37:39
  Speaker 2: the first place. Because we've had people that have come
• 1:37:42
  Speaker 2: on my show that have been through bankruptcy twice and
• 1:37:44
  Speaker 2: now we're there again. It makes no sense. You can
• 1:37:47
  Speaker 2: get rid of the dam. You can get rid of
• 1:37:49
  Speaker 2: it by bankruptcy. But you're going to build up that
• 1:37:51
  Speaker 2: thing to explode again if you don't actually fix the behavior.
• 1:37:54
  Speaker 2: So people take shortcuts through credit card consolidation, debt consolidation,
• 1:37:59
  Speaker 2: personal loans, all that good stuff. Those are good tools.
• 1:38:02
  Speaker 2: But if people don't actually fix their behavior first, they're
• 1:38:06
  Speaker 2: going to fuck it up. So Dave Ramsey is vehemently
• 1:38:10
  Speaker 2: against debt consolidation for a reason that is fair. I
• 1:38:13
  Speaker 2: don't like being anti-something 100 percent because personal finances is personal.
• 1:38:18
  Speaker 2: But this is his argument and it's kind of fair.
• 1:38:20
  Speaker 2: You build up this much in credit card debt from
• 1:38:22
  Speaker 2: here to here. And then you can consolidate it into
• 1:38:26
  Speaker 2: this new debt. So this is one new debt that
• 1:38:27
  Speaker 2: consolidated this down to zero. But now what happens is
• 1:38:30
  Speaker 2: the credit card limit is still all the way up there.
• 1:38:33
  Speaker 2: So people now have this debt. And then without changing
• 1:38:35
  Speaker 2: their behavior, they build the credit cards back to here.
• 1:38:37
  Speaker 2: So now you have double the debt. That's the issue
• 1:38:39
  Speaker 2: with debt consolidations and not changing the behavior. So his
• 1:38:42
  Speaker 2: philosophy is correct. But what we try to teach people
• 1:38:45
  Speaker 2: on my show is that change the behavior that got
• 1:38:49
  Speaker 2: you in that first stack in the first place. And
• 1:38:51
  Speaker 2: if you can prove that you can follow a budget
• 1:38:53
  Speaker 2: for a few months, then you can take that shortcut
• 1:38:55
  Speaker 2: by consolidating and then probably just close those cards so
• 1:38:58
  Speaker 2: you can't use them. But the same thing applies for bankruptcy.
• 1:39:01
  Speaker 2: So that's why our show is simple stuff. You just
• 1:39:04
  Speaker 2: fix the spending. You get it under control. You'll live
• 1:39:08
  Speaker 2: in even Elizabeth Warren's 50-30-20. She's the one that pioneered 50-30-20,
• 1:39:11
  Speaker 2: which is 50% on needs, 30% on wants. 20 percent
• 1:39:17
  Speaker 2: on savings. That's Elizabeth Warren's rule. And she's relatively correct
• 1:39:21
  Speaker 2: on that. Doesn't apply to everywhere like L.A., New York,
• 1:39:24
  Speaker 2: of course. But if you can follow that and prove
• 1:39:28
  Speaker 2: you do it for a few months, then you can
• 1:39:30
  Speaker 2: go through bankruptcy. You can use a personal loan. And
• 1:39:32
  Speaker 2: that solves the damn issue. It solves the bigger issue.
• 1:39:36
  Speaker 1: Yeah. The changing your behavior thing is very hard for people.
• 1:39:39
  Speaker 2: It is.
• 1:39:39
  Speaker 1: And it's also very hard for people when that spending
• 1:39:42
  Speaker 1: of the money is the only reward you get for
• 1:39:44
  Speaker 1: a job you hate.
• 1:39:46
  Speaker 3: Yeah. It is.
• 1:39:47
  Speaker 2: And I'm the one talking to them and I'm a
• 1:39:49
  Speaker 2: fat fuck. So like I get it. Like I haven't,
• 1:39:51
  Speaker 2: you know, fully taken control of my health behaviors and
• 1:39:56
  Speaker 2: eating behaviors. So I know that it's hard to fix it.
• 1:40:00
  Speaker 2: But oftentimes the people on my show, I've been in
• 1:40:03
  Speaker 2: the exact same situation. I was when I was 20, 21.
• 1:40:07
  Speaker 2: And I've seen what it's like on the other side.
• 1:40:10
  Speaker 2: Just like many people in your position have seen what
• 1:40:12
  Speaker 2: it's like on the health on the other side. You
• 1:40:15
  Speaker 2: know how good it is. So you want other people
• 1:40:17
  Speaker 2: to do it. And since I've been through that personal
• 1:40:19
  Speaker 2: finance side and gone through the work, I can at
• 1:40:23
  Speaker 2: least help hold people's hands and show them what it's
• 1:40:26
  Speaker 2: like to go to the other side of that tunnel,
• 1:40:29
  Speaker 2: to put in the work, the temporary sacrifice of a
• 1:40:31
  Speaker 2: few years and really live the rest of your life
• 1:40:34
  Speaker 2: in such a better way.
• 1:40:37
  Speaker 1: Yeah. It's just changing behavior requires a change in perspective
• 1:40:42
  Speaker 1: and it requires something. And for some people, they have
• 1:40:45
  Speaker 1: to hit rock bottom or they have to have some–
• 1:40:48
  Speaker 1: they have a birth of a child. Like something rocks
• 1:40:50
  Speaker 1: them into reality and they go, whatever the fuck I'm
• 1:40:53
  Speaker 1: doing right now, it's not the right path. But it's
• 1:40:55
  Speaker 1: just so hard for people when they're playing this blame
• 1:40:58
  Speaker 1: game and they're looking at successful, wealthy people as being
• 1:41:02
  Speaker 1: the– we'll get Jeff Bezos and his fucking yacht. That
• 1:41:04
  Speaker 1: has nothing to do with you. It's not why you're broke.
• 1:41:08
  Speaker 1: And you should look at him and go, how the
• 1:41:10
  Speaker 1: fuck did he do that? How can I do that?
• 1:41:12
  Speaker 1: I want a yacht. Fuck it. Let's go. But no
• 1:41:15
  Speaker 1: one's doing that. They're, they're instead deciding that they're a victim,
• 1:41:18
  Speaker 1: deciding that the game is rigged, deciding that there's a
• 1:41:22
  Speaker 1: cap on their ability. But meanwhile, this is, if there's
• 1:41:26
  Speaker 1: any place on earth where you have the ability to
• 1:41:29
  Speaker 1: rise from the bottom to the top, this is it.
• 1:41:33
  Speaker 1: This is the spot. There's no place better. You can
• 1:41:36
  Speaker 1: say it's not fair, but it is. What does that mean?
• 1:41:39
  Speaker 1: It's possible. You could do it. People have done it.
• 1:41:42
  Speaker 1: You just have to figure it out. And you have
• 1:41:44
  Speaker 1: to spend less time playing video games, less time smoking weed,
• 1:41:47
  Speaker 1: less time doing nonsense, and more time plotting your fucking future.
• 1:41:52
  Speaker 1: Figure out what it is. I think there's also a
• 1:41:54
  Speaker 1: problem in a lot of people have something that they
• 1:41:58
  Speaker 1: really want to do that they're not doing. And they're
• 1:42:01
  Speaker 1: not pursuing that. And so then they're even more bitter
• 1:42:04
  Speaker 1: because they're spending time doing this job that they hate,
• 1:42:06
  Speaker 1: which sucks. They think it's taking away from their ability
• 1:42:09
  Speaker 1: to do this other thing, which sucks. And then they
• 1:42:11
  Speaker 1: come up with all sorts of rationalizations for why they're
• 1:42:13
  Speaker 1: not doing it. Yeah.
• 1:42:15
  Speaker 2: But what you said is 100 percent correct. But let
• 1:42:18
  Speaker 2: me let me phrase it back.
• 1:42:20
  Speaker 3: Yeah.
• 1:42:20
  Speaker 2: It's not fair. The world isn't fair. Now what?
• 1:42:24
  Speaker 3: Right.
• 1:42:25
  Speaker 1: It is what it is. Like it is.
• 1:42:26
  Speaker 2: OK, so accept that. Are you going to sit on
• 1:42:29
  Speaker 2: it and cry? Like that's the only option, right? It's
• 1:42:31
  Speaker 2: that or do something.
• 1:42:32
  Speaker 1: But you're denying people's feelings, Caleb. I am. You're denying
• 1:42:36
  Speaker 1: people's feelings and that's very right coded.
• 1:42:38
  Speaker 2: Yeah.
• 1:42:40
  Speaker 1: That is, right? That's the argument, isn't it? It is.
• 1:42:43
  Speaker 1: It is.
• 1:42:43
  Speaker 2: Like I don't know, man.
• 1:42:46
  Speaker 1: Right coded is fun.
• 1:42:48
  Speaker 2: If people just– if they're getting the bullshit degree and
• 1:42:51
  Speaker 2: they borrowed a shit ton of money for it, that's
• 1:42:53
  Speaker 2: not my fault. I didn't do that. The system Bezos
• 1:42:57
  Speaker 2: didn't do that either. They say, well, sociology and stuff
• 1:43:01
  Speaker 2: should pay more. Okay, the market's determined it didn't. So
• 1:43:04
  Speaker 2: now what? You still get to choose what you do,
• 1:43:07
  Speaker 2: what business you start. You might fail a thousand times,
• 1:43:10
  Speaker 2: but you have so much more agency than people right
• 1:43:13
  Speaker 2: now are willing to accept. And that's all I really
• 1:43:15
  Speaker 2: care about telling people in the end. That's all. You
• 1:43:18
  Speaker 2: have agency. Take some personal responsibility. You are not the
• 1:43:21
  Speaker 2: disabled person that actually does not have agency.
• 1:43:23
  Speaker 1: Right.
• 1:43:24
  Speaker 2: Because there are people that don't.
• 1:43:25
  Speaker 3: Right.
• 1:43:26
  Speaker 2: You're not that.
• 1:43:27
  Speaker 1: Right. Yeah, it's so important to say. And I think
• 1:43:30
  Speaker 1: as much as it's probably frustrating when I brought it
• 1:43:33
  Speaker 1: up that you're putting your finger in this dam and
• 1:43:36
  Speaker 1: there's 100 holes, I really do think that you have
• 1:43:39
  Speaker 1: a positive impact because I really do think there's a
• 1:43:42
  Speaker 1: lot of people– I mean you get millions of views.
• 1:43:45
  Speaker 1: There's a lot of people that are watching these conversations
• 1:43:47
  Speaker 1: and it resonates and they go, this is me. He's
• 1:43:50
  Speaker 1: talking to me and he's right. Fuck. What do I do?
• 1:43:54
  Speaker 1: And at least it puts them in this mindset that
• 1:43:57
  Speaker 1: a change needs to take place. Yeah, exactly. And then
• 1:44:00
  Speaker 1: you give them tools. You give them– you explain to
• 1:44:04
  Speaker 1: them what the steps that they can take. And that's–
• 1:44:08
  Speaker 1: the fucking crazy thing is they're not getting this from school.
• 1:44:12
  Speaker 1: School is not teaching you how to organize your future,
• 1:44:15
  Speaker 1: which is fucking a critical skill, a critical piece of knowledge,
• 1:44:20
  Speaker 1: like having a path that you can actually follow.
• 1:44:24
  Speaker 2: I think it's– a lot of the time it's the–
• 1:44:27
  Speaker 2: A student counselor is there because I remember being in school,
• 1:44:29
  Speaker 2: in high school, and the student counselor, I met with
• 1:44:31
  Speaker 2: her once a year, and the only conversation is, what
• 1:44:34
  Speaker 2: do you want to study in college? That's all they
• 1:44:37
  Speaker 2: cared about. And it's fair for most people. College does
• 1:44:40
  Speaker 2: still have like a 60% premium on those without a
• 1:44:43
  Speaker 2: degree on average. But that's the only conversation, and it
• 1:44:46
  Speaker 2: is becoming less and less valuable as every year goes on.
• 1:44:50
  Speaker 2: And if that's all school cares about, they don't care
• 1:44:52
  Speaker 2: to even show you how to– OK. I mean full–
• 1:44:56
  Speaker 2: admission here and I'm going to look like the most
• 1:44:58
  Speaker 2: beta pussy in the world, but I don't know how
• 1:45:00
  Speaker 2: to do a fucking oil change. I don't. Why didn't
• 1:45:03
  Speaker 2: school teach me that?
• 1:45:04
  Speaker 3: Why?
• 1:45:05
  Speaker 2: Why wasn't there any life skills? Now I have the
• 1:45:08
  Speaker 2: personal responsibility. I can go teach myself that right now,
• 1:45:10
  Speaker 2: but I have a Tesla, so I don't need to.
• 1:45:12
  Speaker 2: But why wasn't there anything about actual life? The only
• 1:45:18
  Speaker 2: thing there was to do was go to college. Nothing else.
• 1:45:22
  Speaker 2: That was the only conversation.
• 1:45:23
  Speaker 1: When I went to high school, we had auto shop.
• 1:45:25
  Speaker 2: Yeah.
• 1:45:25
  Speaker 1: So I did learn.
• 1:45:26
  Speaker 2: I think they got rid of it the year before
• 1:45:28
  Speaker 2: I went.
• 1:45:29
  Speaker 1: Really?
• 1:45:29
  Speaker 3: Yeah.
• 1:45:30
  Speaker 1: Oh, my God. When I went to high school, I
• 1:45:32
  Speaker 1: went to Newton South High School. And there was this
• 1:45:35
  Speaker 1: guy who ran the auto shop that was a Mustang enthusiast.
• 1:45:39
  Speaker 1: That's what he loved, old Mustangs. And he would, like,
• 1:45:42
  Speaker 1: fix them. And he would take his cars and teach
• 1:45:45
  Speaker 1: kids how to fix his old Mustangs. He had, like, 1960s,
• 1:45:48
  Speaker 1: early 60s, like 65, 66. He liked the small Mustangs.
• 1:45:53
  Speaker 1: It was a fucking very interesting guy and he would
• 1:45:55
  Speaker 1: explain to you like how spark plugs work. Like this
• 1:45:59
  Speaker 1: is your carburetor. This is why it's jammed. This is
• 1:46:03
  Speaker 1: how the internal combustion engine works. He would explain it
• 1:46:06
  Speaker 1: to you. He would like teach you things, teach you
• 1:46:08
  Speaker 1: like general maintenance stuff on cars. And it was very valuable.
• 1:46:12
  Speaker 1: Teach you how to jack up a car to like
• 1:46:14
  Speaker 1: how to do it safely. Where's the jacking point? Where's
• 1:46:16
  Speaker 1: the lift points on the bottom of a frame?
• 1:46:18
  Speaker 3: Yeah.
• 1:46:19
  Speaker 2: And home ec classes too.
• 1:46:20
  Speaker 3: Yeah.
• 1:46:20
  Speaker 2: Used to be a big thing.
• 1:46:21
  Speaker 1: Teach you how to cook.
• 1:46:22
  Speaker 2: It's falling away. And now, of course, now that we
• 1:46:24
  Speaker 2: don't teach people how to cook, they're complaining about not
• 1:46:27
  Speaker 2: eating out.
• 1:46:27
  Speaker 1: So disappearance of traditional shop classes did not happen overnight.
• 1:46:31
  Speaker 1: It happened in distinct phases. 70s and 80s budget cuts.
• 1:46:36
  Speaker 1: Major tax revolts such as California's Proposition 13 in 1978
• 1:46:39
  Speaker 1: decimated public school budgets because maintaining workshops, buying heavy machinery,
• 1:46:44
  Speaker 1: and securing liability insurance were expensive. Shop programs became easy
• 1:46:48
  Speaker 1: targets for elimination. 1990s college prep push. High schools shifted
• 1:46:53
  Speaker 1: their focus to standardized testing and four-year university preparation, marginalizing
• 1:46:58
  Speaker 1: vocational training. Which meanwhile, which is really crazy, what you're
• 1:47:02
  Speaker 1: saying earlier today or earlier on the show is very important.
• 1:47:05
  Speaker 1: It's like Trades might be the only secure pathway. Becoming
• 1:47:09
  Speaker 1: a carpenter. Becoming an electrician. Heating and ventilation. People are
• 1:47:13
  Speaker 1: going to have to have those systems installed and maintained.
• 1:47:17
  Speaker 1: And we're going to need people for that. And that's
• 1:47:20
  Speaker 1: a job. You start your own HVAC company. You can
• 1:47:23
  Speaker 1: make some real fucking money.
• 1:47:24
  Speaker 3: Oh, yeah.
• 1:47:25
  Speaker 1: Absolutely.
• 1:47:26
  Speaker 2: And even things like apprenticeships. If you get an apprenticeship,
• 1:47:29
  Speaker 2: you have a 90% chance of being retained to a
• 1:47:31
  Speaker 2: full-time position. Get into apprenticeships.
• 1:47:35
  Speaker 1: Yeah.
• 1:47:35
  Speaker 2: Like I know I'm just like a little fat dude
• 1:47:38
  Speaker 2: with some soft hands, but it's OK to do it.
• 1:47:41
  Speaker 2: Those are good jobs. They're good paying jobs. They're good
• 1:47:45
  Speaker 2: career position jobs.
• 1:47:47
  Speaker 1: They are. And if you want a good job– and
• 1:47:49
  Speaker 1: it's also– it's like there's a weird thing with degrees.
• 1:47:54
  Speaker 1: Like degrees means your value as an intellect, as a
• 1:47:59
  Speaker 1: person who can think. You're a smart person. You went
• 1:48:02
  Speaker 1: to school and you got a degree. But if you
• 1:48:04
  Speaker 1: have a degree and you're fucking poor and– you know
• 1:48:07
  Speaker 1: what I'm saying? And you're depressed and this guy is
• 1:48:11
  Speaker 1: a tradesman and he's wealthy and he's making money. People
• 1:48:15
  Speaker 1: with degrees still will look down at this– oh, he's
• 1:48:18
  Speaker 1: a plumber? What the fuck does he know about how
• 1:48:20
  Speaker 1: this country works?
• 1:48:21
  Speaker 2: I'm sorry. Some of the wealthiest people in our country
• 1:48:23
  Speaker 2: that have built the largest companies are college dropouts.
• 1:48:26
  Speaker 1: That's true. Bill Gates.
• 1:48:28
  Speaker 2: I can't just fully respect the college degree only, especially
• 1:48:32
  Speaker 2: when you can get the most bullshit degrees now and
• 1:48:34
  Speaker 2: especially where the average GPA and passing tests are. have
• 1:48:38
  Speaker 2: gone substantially higher because our standards are so much lower
• 1:48:41
  Speaker 2: in universities now. It's pathetic. It's becoming harder and harder
• 1:48:46
  Speaker 2: to respect the degree. There's good degrees. There really are,
• 1:48:49
  Speaker 2: but it's getting harder and harder to just respect it
• 1:48:51
  Speaker 2: as a blanket statement.
• 1:48:53
  Speaker 1: Yeah. No, you're absolutely making sense. And it's also education
• 1:48:57
  Speaker 1: is so readily available. If you want to educate yourself,
• 1:49:01
  Speaker 1: there's just YouTube alone. you could kind of learn anything.
• 1:49:05
  Speaker 1: You can learn anything about anything. And if you're really
• 1:49:07
  Speaker 1: interested in actually doing the work and actually trying to
• 1:49:11
  Speaker 1: absorb the information, you can get a high quality education
• 1:49:14
  Speaker 1: without ever stepping into a university. Just with audio books,
• 1:49:18
  Speaker 1: just with YouTube, just with, I mean, there's so much knowledge,
• 1:49:22
  Speaker 1: much more than any other time in human history. So
• 1:49:27
  Speaker 1: the idea that the only way to get an education
• 1:49:30
  Speaker 1: is to go to these socially captured, these politically captured
• 1:49:34
  Speaker 1: environments and be force-fed this indoctrination of horseshit by communists
• 1:49:39
  Speaker 1: who have never had a real job and also be
• 1:49:43
  Speaker 1: in debt an insane amount of money because you're spending
• 1:49:47
  Speaker 1: more money for that education than you're going to spend
• 1:49:50
  Speaker 1: on anything else when you're fucking 18 years old. There's
• 1:49:52
  Speaker 1: nothing even remotely close to a year and a university
• 1:49:56
  Speaker 1: degree unless you're buying a new car every year. Like
• 1:49:58
  Speaker 1: what the fuck are you spending that kind of– how
• 1:50:00
  Speaker 1: much– like let's– What's Harvard a year right now? How
• 1:50:05
  Speaker 1: much per year is Harvard? What is it, 50, 60?
• 1:50:07
  Speaker 1: I don't know. Way more than that?
• 1:50:10
  Speaker 3: Well, student loan balances people borrow on average ranges from $ 25, 000
• 1:50:11
  Speaker 3: to $ 40, 000 for just an.
• 1:50:12
  Speaker 2: 18-year-old to sign away.
• 1:50:12
  Speaker 1: Nuts.
• 1:50:13
  Speaker 2: Well, through their four-year degree.
• 1:50:25
  Speaker 1: It's crazy. It's crazy.
• 1:50:26
  Speaker 2: And it's all administrative bloat now too. Yeah. It's not
• 1:50:28
  Speaker 2: even going to anything.
• 1:50:29
  Speaker 1: It's also subsidized. Like the whole thing is gross.
• 1:50:31
  Speaker 3: $ 62, 000 for undergrads.
• 1:50:33
  Speaker 1: $ 62, 000 a year. What else are you spending $ 62, 000 a
• 1:50:37
  Speaker 1: year on? Now imagine– what's that, Jimmy? It's without fees.
• 1:50:40
  Speaker 1: Including housing, health fees, and student services. That's how you– Oh,
• 1:50:45
  Speaker 1: including housing, health fees and student services coming to approximately $ 86, 000
• 1:50:50
  Speaker 1: to $ 95, 000 before financial aid. So with housing, health fees
• 1:50:55
  Speaker 1: and human services, it could get to $ 95, 000 a year.
• 1:51:00
  Speaker 1: That's fucking crazy. And if you go through that and
• 1:51:03
  Speaker 1: you get a degree in gender studies, that's wild.
• 1:51:07
  Speaker 2: Now, for a fact, there's a $ 62, 000 car out there.
• 1:51:11
  Speaker 2: But for a fact, they will not lend money. That
• 1:51:13
  Speaker 2: car amount to an 18-year-old. I don't know why they
• 1:51:16
  Speaker 2: would do it for a college degree.
• 1:51:18
  Speaker 1: It is kind of nuts.
• 1:51:18
  Speaker 3: New York Times, 1983. It's titled, 1980s Grads, Baby Boom
• 1:51:24
  Speaker 3: to Job Bust. This sounds a lot like right now.
• 1:51:28
  Speaker 3: But it doesn't mention anything about debt or AI.
• 1:51:31
  Speaker 1: Yeah. So more than 900,000 of them in the 1980s
• 1:51:35
  Speaker 1: have discovered that they must put aside college daydreams and
• 1:51:39
  Speaker 1: settle for jobs that do not require a degree if
• 1:51:41
  Speaker 1: they want to work at all. So this was when? 1983. Whoa.
• 1:51:44
  Speaker 3: Yeah, they're all going in for jobs and none of
• 1:51:49
  Speaker 3: the jobs that they want are available.
• 1:51:51
  Speaker 1: Yeah. Go back to that. It says, yeah, the Federal
• 1:51:55
  Speaker 1: Bureau of Labor Statistics has long predicted that the number
• 1:51:57
  Speaker 1: of college graduates would exceed the number of technical, managerial,
• 1:52:01
  Speaker 1: and professional jobs available to them. A result in part
• 1:52:04
  Speaker 1: of a decade and a half long influx of well-educated
• 1:52:07
  Speaker 1: baby boom generation into the labor market. The problem is
• 1:52:13
  Speaker 1: like young kids, if you ask kids, the vast majority
• 1:52:18
  Speaker 1: of them, what they want to do, I think– I
• 1:52:22
  Speaker 1: know this is in California. It was like overwhelmingly they
• 1:52:24
  Speaker 1: wanted to be famous. Yeah.
• 1:52:27
  Speaker 2: I mean we're in the world of influencers. It makes sense.
• 1:52:29
  Speaker 2: Everyone is trying to be a TikToker.
• 1:52:31
  Speaker 1: Well, everyone is also wanting to do what you're doing.
• 1:52:34
  Speaker 3: Yeah.
• 1:52:34
  Speaker 1: You're an entertainer now. You're giving financial advice but you're
• 1:52:37
  Speaker 1: also an entertainer.
• 1:52:39
  Speaker 2: Yeah, it's very cool and I wish everyone could do it.
• 1:52:42
  Speaker 2: Most of us aren't lucky. I got lucky. I don't know.
• 1:52:45
  Speaker 2: I mean this is not a realistic thing, right? We
• 1:52:46
  Speaker 2: got to be realistic.
• 1:52:47
  Speaker 1: But what does that mean? If someone can do it,
• 1:52:50
  Speaker 1: you can do it. The numbers aren't good in terms
• 1:52:53
  Speaker 1: of like the amount of people that are going to
• 1:52:55
  Speaker 1: make it. But what are those factors that are keeping
• 1:52:57
  Speaker 1: people from figuring out how to do it?
• 1:52:59
  Speaker 2: Well, you know what though? I wasn't fucking retarded about it.
• 1:53:02
  Speaker 2: I had a full-time job and I only allowed myself
• 1:53:06
  Speaker 2: to go full-time on this thing once I proved I
• 1:53:08
  Speaker 2: had enough income to replace it for a few months consistent.
• 1:53:11
  Speaker 1: Yeah.
• 1:53:12
  Speaker 2: Most people, they're like, let me just quit my job,
• 1:53:14
  Speaker 2: borrow some money and start recording some videos. Like you're
• 1:53:17
  Speaker 2: a moron. You're going to fail at that. I was strategic.
• 1:53:20
  Speaker 2: If I didn't work or if this didn't work for me,
• 1:53:23
  Speaker 2: I would still have that job because I didn't quit
• 1:53:25
  Speaker 2: that job.
• 1:53:26
  Speaker 1: What were you doing?
• 1:53:27
  Speaker 2: I was a product manager at a tech company.
• 1:53:30
  Speaker 1: Did you hate it?
• 1:53:32
  Speaker 2: Kind of. Actually, yeah. That's why I started applying for
• 1:53:34
  Speaker 2: other jobs and a YouTuber almost hired me. Then he didn't.
• 1:53:36
  Speaker 2: So I did it myself. This is kind of the path.
• 1:53:40
  Speaker 1: So what was the job that you were going to
• 1:53:42
  Speaker 1: get hired for, the YouTuber?
• 1:53:44
  Speaker 2: Do you know Tyler Oliveira?
• 1:53:46
  Speaker 1: No.
• 1:53:47
  Speaker 2: Oh, you've probably seen his clips. He runs around and, like, records, like, oh,
• 1:53:50
  Speaker 2: look at all these Indians in Frisco, that kind of stuff. Okay.
• 1:53:53
  Speaker 2: Either way, I was going to be, like, a production
• 1:53:56
  Speaker 2: manager for him. Good guy, but I just didn't get
• 1:53:59
  Speaker 2: the job. So, yeah, but I wanted to be a YouTuber.
• 1:54:01
  Speaker 1: And so you decided, I'm going to just go and
• 1:54:03
  Speaker 1: do it myself.
• 1:54:04
  Speaker 2: Yeah, I just recorded a– ordered a bunch of equipment
• 1:54:08
  Speaker 2: and set up– something and started recording financial audit because
• 1:54:11
  Speaker 2: it was a show i wanted to see but it
• 1:54:13
  Speaker 2: didn't it didn't exist yet so i decided to make
• 1:54:15
  Speaker 2: it myself.
• 1:54:16
  Speaker 1: Really so no background at all in entertainment nothing no.
• 1:54:20
  Speaker 2: I was like making stuff like making music that's why
• 1:54:22
  Speaker 2: i went to college making youtube videos with friends in
• 1:54:26
  Speaker 2: high school but.
• 1:54:27
  Speaker 1: In an ideal world would you be making music No.
• 1:54:31
  Speaker 2: I'm way richer than those people.
• 1:54:33
  Speaker 1: But is that what you like better than the actual
• 1:54:35
  Speaker 1: music itself?
• 1:54:35
  Speaker 2: No, this is so much more fun because it impacts
• 1:54:38
  Speaker 2: more people's lives. It really does. Like, that's fucking cool.
• 1:54:41
  Speaker 2: I mean, there's a lot of YouTubers, but being able
• 1:54:45
  Speaker 2: to leave a legacy and actually say that you've helped
• 1:54:48
  Speaker 2: tens of thousands, if not hundreds of thousands of people
• 1:54:50
  Speaker 2: actually fix their lives, that's actually something special.
• 1:54:53
  Speaker 1: Yeah.
• 1:54:54
  Speaker 2: That's something special that not a lot of people get
• 1:54:56
  Speaker 2: to say. So I don't want to give that up.
• 1:54:58
  Speaker 1: That is cool. But do you still do music at all?
• 1:55:02
  Speaker 2: Not really. It was like concert band composition. And I'll
• 1:55:05
  Speaker 2: be honest, I don't think they would let me into
• 1:55:07
  Speaker 2: the world because I'm right-wing coded. It sounds like a joke,
• 1:55:13
  Speaker 2: but it's actually real. If you go on the music
• 1:55:16
  Speaker 2: side of Facebook where they all are different band directors
• 1:55:18
  Speaker 2: and different things like that, they're all very, very woke,
• 1:55:24
  Speaker 2: which is cool. I'm down to hang out with them,
• 1:55:27
  Speaker 2: grab a beer with them, but they don't. They kick
• 1:55:30
  Speaker 2: you out. Wow.
• 1:55:31
  Speaker 3: Yeah.
• 1:55:32
  Speaker 2: It's pretty toxic. But no, I mean, for fun, I
• 1:55:36
  Speaker 2: write a little on the side. But my passion is
• 1:55:38
  Speaker 2: this thing.
• 1:55:38
  Speaker 1: Do you perform music or you just write it?
• 1:55:40
  Speaker 2: I used to play trombone, but it was mostly writing it.
• 1:55:43
  Speaker 2: That was the passion. But my passion is building my
• 1:55:46
  Speaker 2: business now. I have 40 people that work for me
• 1:55:48
  Speaker 2: here in Austin. It's really cool.
• 1:55:50
  Speaker 1: You have 40 employees? Yeah.
• 1:55:52
  Speaker 2: We're doing a lot of different things. We have over 100,000
• 1:55:57
  Speaker 2: people to our paid membership on YouTube. So that's an
• 1:56:00
  Speaker 2: entire business on its own. It's crazy huge.
• 1:56:03
  Speaker 1: So what is the paid membership? What's the difference between
• 1:56:05
  Speaker 1: the paid membership and the free membership?
• 1:56:07
  Speaker 2: It's $ 10 a month and they get access to, we
• 1:56:10
  Speaker 2: put on three premium shows that me and my production
• 1:56:13
  Speaker 2: staff make daily. So we have a whole almost like
• 1:56:16
  Speaker 2: network for them to consume behind the paywall.
• 1:56:18
  Speaker 1: And what are these shows about?
• 1:56:20
  Speaker 2: It's a variety of things. It's breaking down financial audit episodes.
• 1:56:23
  Speaker 2: We have a show called Fat and Fatter were me
• 1:56:25
  Speaker 2: and one of my talent people or whatever. We test
• 1:56:31
  Speaker 2: food from different restaurants and rank them based on finances.
• 1:56:33
  Speaker 2: They're all finance-based shows. So there's just these really cool,
• 1:56:37
  Speaker 2: fun things that engage with the community. And they love
• 1:56:40
  Speaker 2: supporting us. So almost 110,000 people a month subscribe to that,
• 1:56:45
  Speaker 2: which is really cool.
• 1:56:45
  Speaker 1: That's amazing.
• 1:56:46
  Speaker 3: Yeah.
• 1:56:46
  Speaker 2: And then the budgeting app DollarWise that we're building, financial audit.
• 1:56:51
  Speaker 2: And then we have these personal services on our own
• 1:56:53
  Speaker 2: website as well. So people can apply for personal loans
• 1:56:56
  Speaker 2: and things like that. So we're trying to really scale
• 1:56:58
  Speaker 2: something and that's much more of a passion than writing
• 1:57:01
  Speaker 2: music ever was. So it's, it's much more fun.
• 1:57:04
  Speaker 1: That's very interesting. So, so you're doing that. You've got
• 1:57:07
  Speaker 1: the dollar wise app. You have this YouTube thing where
• 1:57:11
  Speaker 1: people can subscribe. So, but you seem like you've got
• 1:57:14
  Speaker 1: some plans to build out and to take this even further.
• 1:57:18
  Speaker 1: Oh yeah.
• 1:57:18
  Speaker 2: We want to scale this budgeting app like a lot.
• 1:57:21
  Speaker 2: We want to Really make it one of the top
• 1:57:23
  Speaker 2: dogs out there and really provide a value that isn't
• 1:57:25
  Speaker 2: being met in the marketplace. I'd love to build up
• 1:57:29
  Speaker 2: some other YouTubers at some point. We have figured out
• 1:57:33
  Speaker 2: the algorithm. We figured out what people like. And I
• 1:57:36
  Speaker 2: want to help other people that want to create different
• 1:57:38
  Speaker 2: finance content. Because finance content is boring, like you said.
• 1:57:42
  Speaker 2: And we found a way to make it interesting and entertaining.
• 1:57:44
  Speaker 2: I'd love to help some other people launch their stuff.
• 1:57:47
  Speaker 2: And then like the personal financial tools. Similar to like
• 1:57:50
  Speaker 2: what Ramsey has, Dave Ramsey. They connect people with mortgages
• 1:57:53
  Speaker 2: and stuff. We want to make sure we can provide
• 1:57:55
  Speaker 2: that but in a way that isn't so limited and
• 1:57:57
  Speaker 2: stringent to a strict ideology. So there's a lot in
• 1:58:01
  Speaker 2: the market that's not being met that I really want
• 1:58:04
  Speaker 2: to build out.
• 1:58:05
  Speaker 1: And for young people, like to have a resource like
• 1:58:08
  Speaker 1: that where there's someone who doesn't have a boyfriend. stale
• 1:58:11
  Speaker 1: sort of perspective that could teach you how to budget
• 1:58:13
  Speaker 1: yourself and how to like take your money and invest it.
• 1:58:16
  Speaker 1: And then I'm sure there's a ton of online platforms
• 1:58:21
  Speaker 1: that show you how to cook, that can show you
• 1:58:24
  Speaker 1: how to shop, how to– how you can save money
• 1:58:27
  Speaker 1: by going to a grocery store and What's cost effective
• 1:58:31
  Speaker 1: and getting your nutrition in but also saving some money?
• 1:58:35
  Speaker 3: Yeah.
• 1:58:36
  Speaker 2: What's the question? I'm sorry.
• 1:58:37
  Speaker 1: No. So it's like it's a beautiful time for young
• 1:58:40
  Speaker 1: people if they access these things. I'm just saying that
• 1:58:43
  Speaker 1: like for young people that are listening to you and
• 1:58:46
  Speaker 1: like I don't know what to do. Oh, you're right. Oh,
• 1:58:49
  Speaker 1: I do spend– like let me look at the amount
• 1:58:51
  Speaker 1: of money I spend just getting DoorDash. Holy shit. That's crazy.
• 1:58:55
  Speaker 1: That's actually a large percentage of my check. And how
• 1:58:58
  Speaker 1: much would it be if I just went to the
• 1:59:00
  Speaker 1: grocery store once a week and I got all my
• 1:59:02
  Speaker 1: food for the week? Jesus Christ, I'd save $ 300. Here's
• 1:59:06
  Speaker 1: the reality.
• 1:59:07
  Speaker 2: You don't get to have fun if you don't have
• 1:59:09
  Speaker 2: a fully funded emergency fund. That's a basic reality. Only
• 1:59:13
  Speaker 2: 60 percent of Americans can cover a $ 400 emergency, meaning
• 1:59:16
  Speaker 2: 40 percent can't. That's $ 400.
• 1:59:18
  Speaker 1: So when you say emergency fund, what do you consider
• 1:59:21
  Speaker 1: an emergency fund?
• 1:59:23
  Speaker 2: So there's a debate between three months to six months
• 1:59:25
  Speaker 2: of everything you need to live for a month. I'm
• 1:59:27
  Speaker 2: on that six-month side because, you know, things like the
• 1:59:29
  Speaker 2: pandemic and shutdowns, we're in that kind of world now.
• 1:59:32
  Speaker 2: So we may as well go that full way, get
• 1:59:35
  Speaker 2: a six-month emergency fund that protects you in case of
• 1:59:37
  Speaker 2: layoffs or just losing money or a medical emergency, whatever
• 1:59:41
  Speaker 2: it may be.
• 1:59:42
  Speaker 1: You got a lifeline.
• 1:59:43
  Speaker 2: But that's basic. Like that is so critical to life
• 1:59:47
  Speaker 2: for like a sick pet or a broken car that
• 1:59:49
  Speaker 2: if you don't have that, I don't want to see
• 1:59:52
  Speaker 2: you in a drive-thru. That can't be acceptable. Going on
• 1:59:57
  Speaker 2: a vacation is not acceptable if you can't protect you
• 2:00:00
  Speaker 2: and your family at the basic level. I'll give you
• 2:00:02
  Speaker 2: a little bit of grace if you're not fully investing. OK,
• 2:00:05
  Speaker 2: but this is like basic survival shit. It needs to
• 2:00:08
  Speaker 2: be just as critical as having like a first aid
• 2:00:10
  Speaker 2: kit in the house because it's that serious. And that's
• 2:00:13
  Speaker 2: what causes Americans to just fuck up their houses financially.
• 2:00:18
  Speaker 2: An emergency happens. A layoff happens and they're not ready.
• 2:00:21
  Speaker 2: It's scary and people are not ready.
• 2:00:24
  Speaker 3: I know.
• 2:00:24
  Speaker 1: It's like the problem is hearing that with young people.
• 2:00:28
  Speaker 1: It's like that's boring.
• 2:00:29
  Speaker 3: It is.
• 2:00:30
  Speaker 2: I know.
• 2:00:31
  Speaker 1: They don't want to think that way. They just want
• 2:00:33
  Speaker 1: to go have fun. They want to play video games.
• 2:00:34
  Speaker 1: They want to go to the bar. Which is fair.
• 2:00:37
  Speaker 2: But a six-month emergency fund isn't that crazy. It's not
• 2:00:39
  Speaker 2: saving millions for retirement. Do that. Then have some fun.
• 2:00:43
  Speaker 2: Get to three months. Then have a little bit of
• 2:00:45
  Speaker 2: fun while you're saving to six. Just that. Or at
• 2:00:49
  Speaker 2: least at a minimum be able to cover your highest
• 2:00:51
  Speaker 2: insurance deductibles. Or like a one-month emergency fund. Have something.
• 2:00:55
  Speaker 2: The fact that 40% don't have $ 400 set aside, not
• 2:00:59
  Speaker 2: for a rainy day, for an actual emergency, is terrifying.
• 2:01:03
  Speaker 1: Yeah. So now, what are your thoughts on crypto?
• 2:01:06
  Speaker 2: I like crypto. I have a small amount of Bitcoin
• 2:01:10
  Speaker 2: in my portfolio. It's pretty good. 10% of Americans use
• 2:01:14
  Speaker 2: it as an investment tool. So it's still pretty small
• 2:01:17
  Speaker 2: for the overall American public. But I mean, I... I
• 2:01:22
  Speaker 2: like it in general. Have we hit the full bubble
• 2:01:25
  Speaker 2: and pullback? I wonder.
• 2:01:27
  Speaker 1: I'm curious. The crypto outside of Bitcoin gets very odd.
• 2:01:31
  Speaker 1: Like meme coins and– I'm heavily invested in Melania coin.
• 2:01:36
  Speaker 1: I don't know about you. No.
• 2:01:37
  Speaker 2: Not personally.
• 2:01:38
  Speaker 1: I'm kidding.
• 2:01:39
  Speaker 2: Not in my portfolio.
• 2:01:40
  Speaker 1: There's like things like that where like what's going on?
• 2:01:43
  Speaker 1: Like who's putting their money into the Hoctua coin? Yes.
• 2:01:47
  Speaker 1: You know what I mean? It's like this is– it's
• 2:01:49
  Speaker 1: a very weird gambling thing we're doing.
• 2:01:51
  Speaker 3: Mm-hmm.
• 2:01:51
  Speaker 1: It's like the legal pyramid scheme.
• 2:01:53
  Speaker 2: Yes, exactly. And it's mostly just used by people for
• 2:01:56
  Speaker 2: a get rich quick.
• 2:01:57
  Speaker 1: Real quick.
• 2:01:58
  Speaker 2: I don't even know if she made money.
• 2:01:59
  Speaker 1: I think she got fucked. I think she got fucked
• 2:02:02
  Speaker 1: and her reputation got destroyed. Like people hated her. They're
• 2:02:05
  Speaker 1: angry at her afterwards.
• 2:02:06
  Speaker 2: Yeah, she gets like 5,000 views a video now. It's
• 2:02:08
  Speaker 2: pretty brutal.
• 2:02:08
  Speaker 1: I think she got sucked into this idea somehow or
• 2:02:12
  Speaker 1: another that it was going to be OK. Like the
• 2:02:15
  Speaker 1: people that got sucked into the NFT thing. I mean, man,
• 2:02:18
  Speaker 1: how many conversations do we have about NFTs where I
• 2:02:21
  Speaker 1: was trying to get someone to explain it to me?
• 2:02:23
  Speaker 1: Like no one can explain this to me in a
• 2:02:25
  Speaker 1: way that makes sense why I can get that same
• 2:02:27
  Speaker 1: picture and put it on my phone and it's free.
• 2:02:31
  Speaker 1: But you have that picture on your phone and you
• 2:02:33
  Speaker 1: own it.
• 2:02:34
  Speaker 2: And then it died in six months. Right.
• 2:02:36
  Speaker 1: But that was one where I was like, what are
• 2:02:38
  Speaker 1: they trying to sell and how are so many people
• 2:02:42
  Speaker 1: buying it? Where if you can't explain to me what
• 2:02:45
  Speaker 1: you're selling, but yet millions of dollars. I know a
• 2:02:48
  Speaker 1: guy who made over a million dollars in art NFTs.
• 2:02:52
  Speaker 3: Yeah.
• 2:02:52
  Speaker 2: No, it's an actual thing. And I think what every
• 2:02:54
  Speaker 2: single person that gets in every pump and dump thinks
• 2:02:57
  Speaker 2: they're going to do is get the pump but not
• 2:03:00
  Speaker 2: the dump. They think they're going to be that exception.
• 2:03:03
  Speaker 2: They're not going to be. It's like day trading. Day
• 2:03:06
  Speaker 2: trading is even better. And that's still only 85 or
• 2:03:08
  Speaker 2: 15 percent win. Only 15% win day trading.
• 2:03:13
  Speaker 1: Really?
• 2:03:13
  Speaker 2: Which is higher than you'd think.
• 2:03:14
  Speaker 1: Yeah. Wait a minute. So 85% lose at day trading?
• 2:03:17
  Speaker 2: Yes. Actual like day trading, like inter-day trading.
• 2:03:20
  Speaker 1: It's brutal. Holy shit.
• 2:03:22
  Speaker 2: Those pump and dumps are even worse. But everyone's a
• 2:03:24
  Speaker 2: special little snowflake. They think they're going to be the one.
• 2:03:28
  Speaker 2: They're going to beat the system. Yeah. It doesn't work.
• 2:03:31
  Speaker 2: But I think there's some good value in like Ethereum
• 2:03:34
  Speaker 2: or Bitcoin. It's actually being utilized.
• 2:03:37
  Speaker 1: Aren't these meme coins also a good way to launder money?
• 2:03:41
  Speaker 2: Oh, well, 100 actually. That's interesting. I bet. I wouldn't
• 2:03:45
  Speaker 2: be surprised.
• 2:03:46
  Speaker 1: So certainly distribute money to people.
• 2:03:48
  Speaker 3: Sure.
• 2:03:48
  Speaker 1: Like if you made a Caleb coin. Yeah. And I said,
• 2:03:50
  Speaker 1: what do you think? I got an idea. Why don't
• 2:03:53
  Speaker 1: you and I collaborate? I'll finance your Caleb coin and
• 2:03:57
  Speaker 1: you dump out early and you get all this money
• 2:03:59
  Speaker 1: from it and fuck all these other people that thought
• 2:04:01
  Speaker 1: they were going to make money and they're not going
• 2:04:03
  Speaker 1: to anyway. And now you've got that money and now
• 2:04:05
  Speaker 1: we're going to work together to do something else.
• 2:04:08
  Speaker 3: Yeah. Yeah.
• 2:04:09
  Speaker 1: No, it's crazy. It's a way to move money around
• 2:04:11
  Speaker 1: in a way that's not directly financially compensating someone, but
• 2:04:14
  Speaker 1: yet you are.
• 2:04:15
  Speaker 2: And there's entire websites dedicated to the pump funds. I
• 2:04:18
  Speaker 2: think it's like pump.fund.
• 2:04:20
  Speaker 1: Really?
• 2:04:20
  Speaker 2: Pump.fund, something like that. You can make a coin. You
• 2:04:22
  Speaker 2: can invest in a coin. It's all for pumps, but
• 2:04:24
  Speaker 2: they just– everyone thinks they're going to be a part
• 2:04:26
  Speaker 2: of the pump, not the dump. It's crazy.
• 2:04:30
  Speaker 1: But it's– this is the wild west of unregulated currency. Yeah.
• 2:04:34
  Speaker 1: And my fear– is people are going to eventually wind
• 2:04:39
  Speaker 1: up being stuck in a centralized digital currency that the
• 2:04:43
  Speaker 1: government controls. It's attached to a social credit score system
• 2:04:47
  Speaker 1: and– OK.
• 2:04:49
  Speaker 2: That's scary.
• 2:04:50
  Speaker 1: That's a scary thought.
• 2:04:51
  Speaker 2: That's further down a scary path.
• 2:04:52
  Speaker 1: Well, people have actually proposed that saying that we need
• 2:04:55
  Speaker 1: this to compete with China. I've heard this. Really? Yeah.
• 2:04:58
  Speaker 1: I've heard this being proposed by politicians. It's quite terrifying.
• 2:05:01
  Speaker 1: Because if they can turn your money off or on,
• 2:05:04
  Speaker 1: if they have it, and turn your ability off or
• 2:05:06
  Speaker 1: on to buy things, whether you can buy plane tickets
• 2:05:09
  Speaker 1: or if you're not– if you're problematic, you've done something.
• 2:05:14
  Speaker 1: That's crazy. But that's where all this control goes to. Sure.
• 2:05:19
  Speaker 1: It definitely goes to like what's the best way to
• 2:05:20
  Speaker 1: control people? Completely eliminate their ability to spend money. Lock
• 2:05:24
  Speaker 1: their money up.
• 2:05:25
  Speaker 2: We'll still let people smoke meth on the trains.
• 2:05:28
  Speaker 1: Yeah. We have a racist system, Caleb, and a lot
• 2:05:32
  Speaker 1: of these people have been victimized from the time they're young.
• 2:05:38
  Speaker 1: I've always said that if you want to make America great,
• 2:05:41
  Speaker 1: really what you've got to do is have less losers.
• 2:05:43
  Speaker 1: So figure out what's going on, like why there's so
• 2:05:45
  Speaker 1: many people that are homeless, why there's so many people
• 2:05:47
  Speaker 1: that are locked into these crime-infested neighborhoods and gang-infested neighborhoods,
• 2:05:53
  Speaker 1: and this cycle completes itself over and over again, decade
• 2:05:57
  Speaker 1: after decade, like Invest money in that. You want to
• 2:06:00
  Speaker 1: make the world a better place? Fix all that. But
• 2:06:02
  Speaker 1: there's no effort to do that whatsoever and no politicians
• 2:06:05
  Speaker 1: ever bring it up. It's never a discussion.
• 2:06:07
  Speaker 2: Yeah, and it's good to set up incentives in the
• 2:06:11
  Speaker 2: system as well. So California is moral on a lot
• 2:06:15
  Speaker 2: of things with their social programs. But because a lot
• 2:06:18
  Speaker 2: of their social programs and everything they've set up and
• 2:06:20
  Speaker 2: safety nets, they're 49th in unemployment. Like it's not great.
• 2:06:24
  Speaker 2: The incentive isn't there. For people to go out.
• 2:06:27
  Speaker 1: Is that really what they are at 49?
• 2:06:28
  Speaker 2: I think they were 50th until recently.
• 2:06:30
  Speaker 1: Oh, God. Yeah.
• 2:06:32
  Speaker 2: No, it's not great. But an incredible tech boom and whatnot.
• 2:06:35
  Speaker 2: But when the incentives are easy to manipulate and take
• 2:06:40
  Speaker 2: advantage of.
• 2:06:41
  Speaker 1: What percentage of people in California are unemployed?
• 2:06:44
  Speaker 2: I don't know.
• 2:06:44
  Speaker 1: Let's find that out. It's 48 now. California is moving
• 2:06:51
  Speaker 1: on up 5.3%. But that's also 5.3% of people that
• 2:06:54
  Speaker 1: are actively looking for jobs.
• 2:06:56
  Speaker 2: Exactly.
• 2:06:57
  Speaker 1: They drop off as soon as they stop looking for
• 2:06:59
  Speaker 1: a job.
• 2:07:00
  Speaker 2: Which many of the young men are not. They're not
• 2:07:03
  Speaker 2: doing anything.
• 2:07:04
  Speaker 1: And how are they making money? I don't know. Parents?
• 2:07:07
  Speaker 1: I don't know.
• 2:07:07
  Speaker 2: It's pretty pathetic, I'll be honest.
• 2:07:10
  Speaker 1: Imagine if you're a fucking parent in your 60s and
• 2:07:13
  Speaker 1: your 40-year-old son Is living at home with you?
• 2:07:18
  Speaker 2: No, I was pulling up some nerd stats before coming
• 2:07:22
  Speaker 2: on here. And I was reading through Bureau of Labor
• 2:07:26
  Speaker 2: Statistics or Gallup poll that 40% of people aged 18
• 2:07:31
  Speaker 2: to 29 regularly receive help from family and relatives.
• 2:07:36
  Speaker 1: Wow.
• 2:07:37
  Speaker 2: Which is an incredible percentage of that age group. That's scary.
• 2:07:42
  Speaker 3: Yeah.
• 2:07:43
  Speaker 2: Again, the incentive is like, I don't know. When I
• 2:07:46
  Speaker 2: was 18– I'm not even that old.
• 2:07:48
  Speaker 1: I'm 31.
• 2:07:48
  Speaker 2: But when I was 18, I was so excited to
• 2:07:49
  Speaker 2: go out there and be independent and be on my own.
• 2:07:51
  Speaker 1: That was everything.
• 2:07:52
  Speaker 2: I was so excited to make my way in this world.
• 2:07:55
  Speaker 2: I wouldn't want to leech. I wouldn't want to leech
• 2:07:57
  Speaker 2: on any system. I'd want to but maybe that's why
• 2:08:00
  Speaker 2: I'm successful. I don't know. Maybe I am.
• 2:08:02
  Speaker 1: That definitely has a fact. It's a part of it.
• 2:08:05
  Speaker 1: It's a factor.
• 2:08:06
  Speaker 2: But there's a lot of people that just do nothing
• 2:08:08
  Speaker 2: and they're not looking for anything else. And it's, I
• 2:08:10
  Speaker 2: don't think we should, we should support those who need help.
• 2:08:14
  Speaker 2: I'm for robust social safety systems, people that become unemployed
• 2:08:17
  Speaker 2: and People that need help getting food on the table
• 2:08:19
  Speaker 2: for the family. That stuff is important. But if we
• 2:08:22
  Speaker 2: are enabling bad behavior, it doesn't work. And then we
• 2:08:26
  Speaker 2: have a failed society because people aren't going and creating things. Luckily,
• 2:08:28
  Speaker 2: we're not there yet, but I just don't want to
• 2:08:30
  Speaker 2: head there.
• 2:08:31
  Speaker 1: Yeah. And the recognition of human nature is not cruelty.
• 2:08:34
  Speaker 1: It's just you really can't help people all the time.
• 2:08:37
  Speaker 1: They have to be able to help themselves. And one
• 2:08:39
  Speaker 1: of the best motivating factors for helping yourself is desperation.
• 2:08:44
  Speaker 3: Yeah.
• 2:08:45
  Speaker 1: People don't like to hear that, but that's true. If
• 2:08:47
  Speaker 1: you bail people out every time, they're never going to
• 2:08:50
  Speaker 1: bail themselves out, and that's just a fact. This doesn't
• 2:08:53
  Speaker 1: mean that a family that's on hard times, that's down
• 2:08:55
  Speaker 1: on their luck, shouldn't get social safety nets. Of course
• 2:08:58
  Speaker 1: they should. That's a big part of a community. A
• 2:09:01
  Speaker 1: community should help its vulnerable people. It's a part of it,
• 2:09:04
  Speaker 1: but you also have to teach people how to not
• 2:09:05
  Speaker 1: be vulnerable. I think that's a great part of what
• 2:09:09
  Speaker 1: you provide.
• 2:09:09
  Speaker 3: How does this make any sense?
• 2:09:11
  Speaker 1: What does it say? I mean, it's a California holds
• 2:09:15
  Speaker 1: contrasting unemployment rankings depending on the metric. It ties for
• 2:09:19
  Speaker 1: the highest unemployment rate in the nation but places second
• 2:09:22
  Speaker 1: overall for the best states to work due to strong
• 2:09:25
  Speaker 1: wage policies and worker rights. But that's also probably why
• 2:09:28
  Speaker 1: a lot of people are unemployed. Yeah.
• 2:09:30
  Speaker 2: It means those that get a job have it great.
• 2:09:32
  Speaker 2: I mean same thing happens in places like France where
• 2:09:34
  Speaker 2: they have aggressive unemployment. But if you get a job
• 2:09:37
  Speaker 2: there with the vacation policies and worker rights, it's like
• 2:09:40
  Speaker 2: the best thing in the world.
• 2:09:42
  Speaker 1: It's incredible.
• 2:09:43
  Speaker 2: Like even in Poland, which is one of the more
• 2:09:46
  Speaker 2: capitalistic countries in the EU, if you get fired, they
• 2:09:49
  Speaker 2: still got to let you work for them for a
• 2:09:51
  Speaker 2: month or two.
• 2:09:52
  Speaker 1: Oh, really? Yeah.
• 2:09:53
  Speaker 2: Like you have to let the employee you fired work
• 2:09:56
  Speaker 2: for you for a couple of months still. It's pretty brutal.
• 2:09:58
  Speaker 1: So they have to still show up?
• 2:10:00
  Speaker 2: Yeah, they still have to show up.
• 2:10:02
  Speaker 1: So when you get fired, you have a two-month grace period?
• 2:10:05
  Speaker 2: Basically. Basically.
• 2:10:07
  Speaker 1: Wow. Imagine how bad that guy is going to perform.
• 2:10:10
  Speaker 1: When he has to get paid and he's there for
• 2:10:13
  Speaker 1: two months and you have to deal with this disgruntled
• 2:10:14
  Speaker 1: asshole kicking around the office.
• 2:10:17
  Speaker 3: Yeah.
• 2:10:17
  Speaker 2: So that's what I'm talking about when I'm talking about
• 2:10:19
  Speaker 2: performative policies.
• 2:10:20
  Speaker 1: It's nice.
• 2:10:20
  Speaker 2: It sounds good. I don't morally disagree with most of
• 2:10:24
  Speaker 2: anything California does. All I care about is outcomes. But
• 2:10:28
  Speaker 2: politicians don't get elected based on outcomes. They get elected
• 2:10:31
  Speaker 2: based on what sounds good in an election cycle, what
• 2:10:34
  Speaker 2: they can promise, the performative things they promise. Outcomes are
• 2:10:38
  Speaker 2: never tracked. They're not what matters. That outcome is 48th
• 2:10:41
  Speaker 2: in unemployment. That's the actual outcome. You are a little
• 2:10:45
  Speaker 2: anti-California when I see clips and you didn't even know
• 2:10:48
  Speaker 2: it was 48th. Like that is crazy. Like we should
• 2:10:51
  Speaker 2: know that. But outcomes is not what's tracked here. We
• 2:10:54
  Speaker 2: don't track that. It's not in our nature. It's not
• 2:10:57
  Speaker 2: in the politician's nature either.
• 2:10:58
  Speaker 1: Well, it's just such a problem with people that finance
• 2:11:01
  Speaker 1: and talking about money and talking about jobs is just
• 2:11:04
  Speaker 1: not sexy. They just don't enjoy it. Yeah, for sure.
• 2:11:07
  Speaker 1: And it's part of the reason why so many people
• 2:11:10
  Speaker 1: are on these bad paths is that they don't have
• 2:11:13
  Speaker 1: these thoughts in their head. They don't really understand. And
• 2:11:15
  Speaker 1: I think that's one of the more important things about
• 2:11:17
  Speaker 1: these conversations that you're having is that people do need
• 2:11:20
  Speaker 1: to hear what the consequences are for fucking up, what
• 2:11:23
  Speaker 1: the consequences– and that there's a path forward, that you
• 2:11:26
  Speaker 1: can actually fix your fucking situation.
• 2:11:28
  Speaker 2: Everyone– we are so lenient in this country with our
• 2:11:31
  Speaker 2: bankruptcy protection laws. It's crazy. We are– If there is
• 2:11:36
  Speaker 2: a place to escape a bad financial situation you're in,
• 2:11:39
  Speaker 2: the United States is pretty damn good.
• 2:11:42
  Speaker 1: Except for student loans.
• 2:11:43
  Speaker 2: Except for student loans. 11% of current federal student loans
• 2:11:47
  Speaker 2: are under default. That's the biggest of any kind of
• 2:11:50
  Speaker 2: debt category in the country. It's bad. And people don't
• 2:11:53
  Speaker 2: understand the consequences. And you know what's so stupid? This
• 2:11:55
  Speaker 2: is what pisses me off because I have people talk
• 2:11:57
  Speaker 2: to me about it all the time. They say the
• 2:11:59
  Speaker 2: student loan system is fucked. And relatively, it is. But
• 2:12:01
  Speaker 2: they get why wrong. They say this is too expensive.
• 2:12:05
  Speaker 2: I can't pay it. And if I don't pay it,
• 2:12:08
  Speaker 2: then they're going to garnish my wages because it went
• 2:12:10
  Speaker 2: into default. Brother, Republican Donald Trump signed in the big,
• 2:12:15
  Speaker 2: beautiful bill, the repayment assistance program, which is different than
• 2:12:18
  Speaker 2: the previous program. But that allows as little as 1%
• 2:12:21
  Speaker 2: of your income, depending on your income situation, to qualify
• 2:12:26
  Speaker 2: as the minimum monthly payment. 1%. You won't default. Do 1%.
• 2:12:32
  Speaker 2: But they're complaining that it's too expensive. They're just not
• 2:12:34
  Speaker 2: willing to look into the actual reality and just say, hey,
• 2:12:39
  Speaker 2: give me on the repayment assistance program. They just want
• 2:12:41
  Speaker 2: to be victims. Say it's all bad. It's all evil.
• 2:12:44
  Speaker 2: It's not perfect. But they don't understand why. They complain
• 2:12:46
  Speaker 2: about the wrong thing. What's wrong is we'll let you
• 2:12:49
  Speaker 2: borrow whatever you want to get whatever bullshit degree at
• 2:12:51
  Speaker 2: whatever college you want to go to. That's what's wrong.
• 2:12:54
  Speaker 2: Every time we raise how much you can borrow for school,
• 2:12:57
  Speaker 2: schools conveniently raise how much it costs to go to school.
• 2:13:02
  Speaker 2: When it was cheap to go to school, when everyone
• 2:13:03
  Speaker 2: was like, back in my day, it was cheap to
• 2:13:05
  Speaker 2: go to school. It didn't– you couldn't borrow money to
• 2:13:09
  Speaker 2: go to school. It's set in line.
• 2:13:12
  Speaker 1: Right, right.
• 2:13:14
  Speaker 2: Why wouldn't they charge more for administrative blow in creating–
• 2:13:18
  Speaker 2: like southern schools have, I think in Alabama, a freaking–
• 2:13:22
  Speaker 2: Lazy River on their campus. It's a recruitment tool. They
• 2:13:26
  Speaker 2: do that. If you can borrow more money, they will
• 2:13:28
  Speaker 2: charge more money.
• 2:13:29
  Speaker 1: What does it say, Jimmy?
• 2:13:31
  Speaker 3: You can technically get your student loans discharged via bankruptcy.
• 2:13:35
  Speaker 3: There's just a few different ways to do it.
• 2:13:36
  Speaker 1: But it's not automatic and takes extra steps and proof
• 2:13:39
  Speaker 1: of undue hardship. What is that? How do they define
• 2:13:42
  Speaker 1: undue hardship?
• 2:13:43
  Speaker 3: Well, you've got to go to a judge.
• 2:13:46
  Speaker 1: So, like, maybe if you got paralyzed? Paralyzed.
• 2:13:49
  Speaker 3: Honestly, it's going to be case by case, but I
• 2:13:51
  Speaker 3: just– I've looked it up a couple times and it's not.
• 2:13:55
  Speaker 1: It's just difficult. Yeah. It's just a– It's not impossible.
• 2:13:58
  Speaker 1: A trudge.
• 2:13:58
  Speaker 2: It's pretty rare as far as I know.
• 2:14:00
  Speaker 1: Yeah, as far as I know as well. Listen, Caleb,
• 2:14:03
  Speaker 1: I think what you provide is very valuable. I really do.
• 2:14:05
  Speaker 1: Thank you, sir. And you've found like this new avenue
• 2:14:09
  Speaker 1: where you're entertaining but you're talking about finances and giving
• 2:14:14
  Speaker 1: people like really good advice, like sound advice and And
• 2:14:17
  Speaker 1: if you don't follow your advice, like people are going
• 2:14:20
  Speaker 1: to continue down the same fucking shitty road and their
• 2:14:23
  Speaker 1: life will be ruined. And I think it's awesome that
• 2:14:25
  Speaker 1: you do that. And it's awesome that you figured out
• 2:14:27
  Speaker 1: a way to do it and make it entertaining and fun.
• 2:14:30
  Speaker 1: Thank you.
• 2:14:30
  Speaker 2: I appreciate that.
• 2:14:31
  Speaker 1: So my pleasure. Thank you. Thanks for being here. And
• 2:14:33
  Speaker 1: one more time, your app. Tell everybody.
• 2:14:35
  Speaker 2: Dollar Wise. Download it on the App Store.
• 2:14:36
  Speaker 1: Dollar Wise from the App Store, Android as well, something
• 2:14:40
  Speaker 1: like that. And your YouTube channel is?
• 2:14:43
  Speaker 2: Caleb Hammer.
• 2:14:44
  Speaker 1: Just straight up. And then Instagram, all that stuff.
• 2:14:46
  Speaker 2: All that good stuff.
• 2:14:47
  Speaker 1: All right.
• 2:14:48
  Speaker 3: Thanks, sir. Bye, everybody.