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Transcript

Household Debt Is Getting Out Of Hand. Here's Why It's At An All-Time High · The Matt Walsh Show

• 0:00
  Speaker 1: It's one of the most common questions people have. If
• 0:03
  Speaker 1: the economy is doing so well based on every official metric,
• 0:06
  Speaker 1: then why are there so many anecdotal indicators, which we
• 0:10
  Speaker 1: all see in our day-to-day lives, that Americans are struggling financially?
• 0:15
  Speaker 1: If the stock market is near all-time highs, unemployment is low,
• 0:19
  Speaker 1: everybody is extremely, one might say, excessively well-fed. then to
• 0:24
  Speaker 1: all outward appearances, we're doing pretty well as a country.
• 0:26
  Speaker 1: So why are so many people complaining about food prices
• 0:30
  Speaker 1: and the cost of living and the difficulty of getting
• 0:32
  Speaker 1: a job?
• 0:33
  Speaker 2: Has everyone gone insane?
• 0:34
  Speaker 1: Have we become a nation of whiners unwilling to pull
• 0:37
  Speaker 1: ourselves up by our bootstraps?
• 0:39
  Speaker 2: Are the numbers cooked?
• 0:41
  Speaker 1: Well, there has to be some explanation, but no one
• 0:43
  Speaker 1: seems interested in providing one. So just to give you
• 0:45
  Speaker 1: a sense of how bizarre this particular dilemma has become,
• 0:49
  Speaker 1: at the moment, as America ranks as the single wealthiest
• 0:52
  Speaker 1: country on the entire planet, One of our most popular
• 0:55
  Speaker 1: homegrown genres on YouTube involves car repos.
• 0:59
  Speaker 2: Yes, car repos.
• 1:01
  Speaker 1: Most of the time in these videos, people don't realize
• 1:03
  Speaker 1: the car's being repossessed because they failed to make their
• 1:07
  Speaker 1: monthly payments. The tow truck pulls up, grabs the car,
• 1:10
  Speaker 1: and it's gone within about 30 seconds. But every so often,
• 1:12
  Speaker 1: the deadbeats realize what's happening, and they frantically run out
• 1:15
  Speaker 1: into the Walmart parking lot, pants around their ankles, pleading
• 1:18
  Speaker 1: with the guy to give them their car back. And
• 1:21
  Speaker 1: in every case, the driver is completely unmoved by their
• 1:24
  Speaker 1: desperate pleas.
• 1:25
  Speaker 3: Watch.
• 2:09
  Speaker 2: Come on, dog.
• 2:11
  Speaker 4: Out here in Beachwood.
• 2:13
  Speaker 2: Come on, man.
• 2:15
  Speaker 4: Oh, no, no, no, no. Well, can we get in?
• 2:18
  Speaker 3: Come on, man. No, girl.
• 2:35
  Speaker 1: Now, you can imagine a couple of reasons why this
• 2:38
  Speaker 1: content is popular. Obviously, it shows people at one of
• 2:40
  Speaker 1: the lowest moments in their life, which is always appealing
• 2:44
  Speaker 1: for a certain segment of the population. It's a self-esteem
• 2:47
  Speaker 1: boost for a decent number of people. But if we're
• 2:50
  Speaker 1: being honest, part of the appeal is that, for once,
• 2:52
  Speaker 1: deadbeats are actually suffering consequences for their actions. They thought
• 2:56
  Speaker 1: they could simply stop paying their car note, just like
• 2:58
  Speaker 1: they probably stopped paying rent and child support and everything else.
• 3:01
  Speaker 1: But this one instance, justice arrives in the form of
• 3:04
  Speaker 1: a tow truck driven by a guy with a million
• 3:06
  Speaker 1: YouTube subscribers who simply doesn't care about their excuses. He's
• 3:10
  Speaker 1: looking to make some content while also getting paid by
• 3:12
  Speaker 1: JP Morgan or U.S. Bank for returning the car. Doesn't
• 3:16
  Speaker 1: really care about anything else. And in an environment where
• 3:18
  Speaker 1: bad behavior is constantly forgiven, this kind of video, as
• 3:20
  Speaker 1: voyeuristic as it is, can also be refreshing to see
• 3:25
  Speaker 1: for some people at some level. Also, unlike cops, which
• 3:28
  Speaker 1: goes out of its way to find white meth heads
• 3:29
  Speaker 1: to mock, there's clearly no hesitation here to broadcast real
• 3:32
  Speaker 1: life footage, regardless of the racial demographics that may be
• 3:36
  Speaker 1: involved in these repos. All the same, there's no getting
• 3:40
  Speaker 1: around the fact that in a prosperous country, you wouldn't
• 3:42
  Speaker 1: expect car repos to be a particularly popular or prevalent genre.
• 3:46
  Speaker 1: I mean, it's just idiocracy level content, the kind of
• 3:50
  Speaker 1: video that should be leading the charts in Pakistan or Sudan,
• 3:54
  Speaker 1: not the United States. And There are many more examples,
• 3:56
  Speaker 1: some of which we'll go through in a second. In particular,
• 3:59
  Speaker 1: there's the massive popularity of videos by Dave Ramsey, Caleb Hammer,
• 4:05
  Speaker 1: and others who routinely interview complete morons who have racked
• 4:08
  Speaker 1: up tens of thousands of dollars in debt.
• 4:11
  Speaker 2: Here's one of them to give you an idea.
• 4:14
  Speaker 3: My credit card, I maxed that out to $ 4, 000. What
• 4:17
  Speaker 3: do you.
• 4:18
  Speaker 2: Mean you maxed it out?
• 4:19
  Speaker 3: Maxed it out or maxed it out?
• 4:22
  Speaker 2: Maxed.
• 4:23
  Speaker 3: So my max, I got confused with the credit debt
• 4:28
  Speaker 3: and the credit limit. So my parents got me a
• 4:31
  Speaker 3: credit card and I ended up getting a max credit
• 4:38
  Speaker 3: limit of $ 8, 000. So I could spend up to $ 8, 000.
• 4:40
  Speaker 3: That's what that means, right? So I would use it
• 4:46
  Speaker 3: and I would take my boyfriend. We just started dating.
• 4:48
  Speaker 3: We would go out. My limit is $ 12, 500.
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  Speaker 2: On it now? Yeah.
• 4:52
  Speaker 3: Well, when I looked at it last, yeah. Me and
• 4:55
  Speaker 3: my boyfriend, me and my friends, we would go out
• 4:57
  Speaker 3: and I'm like, oh, I'll pay for everybody. I got it.
• 5:00
  Speaker 3: I'll spend the money. Don't worry about it. It's just
• 5:02
  Speaker 3: a credit card. So I would pay and pay and
• 5:05
  Speaker 3: pay and pay. And then I called my mom one
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  Speaker 3: day and I wanted her to be proud of me.
• 5:09
  Speaker 3: So I was just like, hey, I've got $ 4, 000 credit
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  Speaker 3: on my credit card. And she's like, credit limit or
• 5:15
  Speaker 3: credit debt? I was like, what's debt? And she's like, oh,
• 5:19
  Speaker 3: that's bad.
• 5:21
  Speaker 2: I'm like, oh, really?
• 5:22
  Speaker 3: Okay. So it's $ 4, 000 debt then? She's like, that's bad.
• 5:27
  Speaker 3: Why did you do that? I'm like, I thought that
• 5:29
  Speaker 3: was good. And she's like, no, your credit limit at
• 5:32
  Speaker 3: the time, it was $ 8, 000. So I was like, okay, well,
• 5:35
  Speaker 3: the credit limit's $ 8, 000.
• 5:36
  Speaker 2: That's good, right?
• 5:36
  Speaker 3: And she's like, yes, but you were $ 4, 000 in debt.
• 5:38
  Speaker 3: So I started paying it off maybe like For a month.
• 5:50
  Speaker 3: And my mom and dad, they were like.
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  Speaker 2: When was this?
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  Speaker 3: Last year. Okay. And then what? And then they were like,
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  Speaker 3: screw it. You're not going to pay this off in time.
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  Speaker 3: Give it to me. So my parents took it and
• 6:00
  Speaker 3: they're still currently paying it off right now.
• 6:02
  Speaker 2: Now, I have to be honest.
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  Speaker 1: I always assumed that credit card companies had to work
• 6:06
  Speaker 1: a little harder than this. I thought they needed to
• 6:08
  Speaker 1: use a variety of psychological tricks to convince women to
• 6:11
  Speaker 1: spend money they didn't have. Like reward points that you
• 6:15
  Speaker 1: can only spend on an overpriced travel portal or promotional
• 6:19
  Speaker 1: APRs that leave you with a massive interest bomb at
• 6:22
  Speaker 1: the end, or the Super Bowl ads with Samuel L.
• 6:25
  Speaker 1: Jackson that convince you it's cool to have a credit
• 6:27
  Speaker 1: card or something. But actually, the credit card companies didn't
• 6:30
  Speaker 1: need to do any of that. They're dealing with people
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  Speaker 1: who don't even understand what debt means.
• 6:35
  Speaker 2: Think about that.
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  Speaker 1: They're clueless about the concept of owing money to someone else.
• 6:40
  Speaker 1: So really, all the credit card companies had to do
• 6:42
  Speaker 1: was give women like this a credit limit of $ 8, 000
• 6:44
  Speaker 1: and Some of them would apparently assume that they're basically
• 6:48
  Speaker 1: getting a statement credit or a voucher.
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  Speaker 2: Worth $ 8, 000. It's free money.
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  Speaker 1: She actually called her mother to brag about her credit
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  Speaker 1: limit without understanding that she was talking.
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  Speaker 2: About her debt.
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  Speaker 1: Now, it's an important reminder that no matter how many
• 7:02
  Speaker 1: dumb people you've encountered in your life, you've probably never
• 7:05
  Speaker 1: spent any significant amount of time interacting with the dumbest
• 7:09
  Speaker 1: sorts of people.
• 7:11
  Speaker 2: Truly, there is no bottom.
• 7:12
  Speaker 1: I mean, there are people walking among us who are
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  Speaker 1: willing to admit on camera that they do not understand
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  Speaker 1: the concept of credit or debt. And until very recently,
• 7:21
  Speaker 1: we've been importing millions more people every year, many of
• 7:23
  Speaker 1: whom can't speak English, who are even less informed than this.
• 7:27
  Speaker 1: And these people are getting access to credit. They're spending
• 7:30
  Speaker 1: it without even realizing what they're doing. And as a
• 7:32
  Speaker 1: direct result, the prices for everything you buy are going up. Now,
• 7:37
  Speaker 1: this is an economic concept that needs some explanation because
• 7:41
  Speaker 1: no one ever talks about it. When everybody, even complete
• 7:45
  Speaker 1: morons who can barely dress themselves, is given access to
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  Speaker 1: thousands of dollars in credit, then markets immediately become very distorted.
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  Speaker 1: No one asks themselves, can I actually afford this? Instead,
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  Speaker 1: they think in terms of monthly payments. Or as you
• 7:59
  Speaker 1: just saw in that video, they don't think at all.
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  Speaker 1: They simply swipe the card and then call their mother
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  Speaker 1: to brag. Now, when this view becomes mainstream, and it has,
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  Speaker 1: then demand goes up while supply does not change. And
• 8:12
  Speaker 1: as we know from the principle of supply and demand,
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  Speaker 1: the result is that prices increase. And we see this
• 8:17
  Speaker 1: in a variety of industries from colleges to cars. The
• 8:20
  Speaker 1: moment the federal government made it easy to obtain student loans,
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  Speaker 1: tuition skyrocketed. And by the same token, as banks have
• 8:26
  Speaker 1: increased the maximum duration of auto loans up to 96
• 8:30
  Speaker 1: months has become common, the price of cars has also increased.
• 8:35
  Speaker 2: And no, I'm not making that up.
• 8:36
  Speaker 1: Dealerships are now offering 96 month auto loans, which is
• 8:40
  Speaker 1: another way of saying eight year loans. But they don't
• 8:43
  Speaker 1: want to say eight years because, you know, I guess
• 8:45
  Speaker 1: that sounds too long to most people. I mean, I
• 8:47
  Speaker 1: think 96 months sounds longer than eight years, but maybe
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  Speaker 1: I'm in the minority. And not only that, dealerships are
• 8:52
  Speaker 1: bragging about these loans on social media. Here's one example
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  Speaker 1: from a dealership in Houston. This is uncovered by a
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  Speaker 1: YouTube channel run by Marissa Vann.
• 9:01
  Speaker 2: Watch.
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  Speaker 5: It gets worse. This next clip, when I came across it,
• 9:05
  Speaker 5: I almost thought it wasn't real, but unfortunately, it is real.
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  Speaker 5: This is a real dealership, and they are absolutely taking
• 9:12
  Speaker 5: advantage of people every day.
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  Speaker 2: What's going on, folks? It's your boy, Steve-O. Got me rolling.
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  Speaker 5: Today, I got the homegirl, Nay, approved on this 22
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  Speaker 5: Dodge Challenger.
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  Speaker 4: Nay, how was your experience here today?
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  Speaker 3: It was lovely. Chris got it done. How much did
• 9:25
  Speaker 3: you put down?
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  Speaker 4: 4K. 4K down?
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  Speaker 5: How much did you pay?
• 9:28
  Speaker 3: It's cool.
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  Speaker 4: We got it.
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  Speaker 2: I'm good.
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  Speaker 3: She good. So once you do the math on this,
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  Speaker 3: $ 820 times 96 months plus the 4k she put down
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  Speaker 3: is $ 82, 720.
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  Speaker 4: The 2022 MSRP for the Dodge Challenger goes from about $ 30, 000
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  Speaker 4: from the basic trim level to.
• 9:40
  Speaker 3: About $ 90, 000.
• 9:50
  Speaker 5: Is $ 82, 720. The 2022 MSRP for the Dodge Challenger goes
• 9:56
  Speaker 5: from about $ 30, 000 from the basic trim level to about $ 90, 000
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  Speaker 5: for the top level. The one in the video looks
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  Speaker 5: like a pretty basic model, so I'm going to assume
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  Speaker 5: it's one of the ones that is under 40,000. So
• 10:07
  Speaker 5: she is going to be paying, again, almost double the
• 10:10
  Speaker 5: price for the car because of interest.
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  Speaker 1: Now, realistically, there's no way she's going to hold on
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  Speaker 1: to this vehicle for 96 months. Even if she wanted to,
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  Speaker 1: it's not going to happen. This car is going to
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  Speaker 1: get repoed and she is going to appear in a
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  Speaker 1: YouTube video in a few months chasing after the tow truck.
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  Speaker 1: And when that happens, her equity in the vehicle, including
• 10:29
  Speaker 1: her $ 4, 000 down payment and any payments she's made up
• 10:32
  Speaker 1: until that point, is almost certainly wasted. And that's because
• 10:36
  Speaker 1: when your car gets repoed and sold at an auction,
• 10:39
  Speaker 1: it's usually sold on the cheap so that the bank
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  Speaker 1: can recover the money they lent you with a lot
• 10:43
  Speaker 1: of fees tacked on. her equity in the vehicle, assuming
• 10:46
  Speaker 1: she has any by that point, is going to get
• 10:48
  Speaker 1: wiped out. And this scenario plays out every day, thousands
• 10:52
  Speaker 1: of times. That's not an exaggeration. By one estimate in 2025,
• 10:55
  Speaker 1: more than 3 million vehicles were repossessed. That comes out
• 10:59
  Speaker 1: to more than 8,000 vehicles a day. And those numbers,
• 11:02
  Speaker 1: by the way, are similar to what we saw following
• 11:05
  Speaker 1: the recession in 2009. Now, you've probably seen people like
• 11:08
  Speaker 1: this buying a car the last time you were in
• 11:10
  Speaker 1: a getting a sense of their vibe. You can tell
• 11:16
  Speaker 1: that they're not going to be able to afford the
• 11:18
  Speaker 1: monthly payments. The car they buy is going to go
• 11:22
  Speaker 1: right back to the dealership. It's just a matter of time.
• 11:25
  Speaker 1: But you can't simply ignore these people because they're indirectly
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  Speaker 1: making your own vehicle much more expensive in the process.
• 11:32
  Speaker 1: The fact that you've saved up enough cash for a
• 11:34
  Speaker 1: significant down payment and the fact that you've secured a
• 11:37
  Speaker 1: reasonable interest rate with payments you can afford doesn't really matter.
• 11:41
  Speaker 1: You're competing with people who have access to very large
• 11:44
  Speaker 1: amounts of money that they have not earned in the
• 11:46
  Speaker 1: form of credit. So if you want the car, whether
• 11:49
  Speaker 1: you've saved for it or not, you're going to pay
• 11:51
  Speaker 1: a lot more money. Here's one of the reasons that
• 11:55
  Speaker 1: car MSRPs are now so high. In just the past decade,
• 11:59
  Speaker 1: the typical MSRP for a new vehicle has increased by
• 12:01
  Speaker 1: roughly 46%. The average MSRP is now over $ 50, 000 compared
• 12:03
  Speaker 1: with around $ 33, 000 10 years ago. It's impossible today to
• 12:11
  Speaker 1: find a new vehicle with a starting MSRP below $ 20, 000.
• 12:15
  Speaker 1: And after all, you know, if you're a car manufacturer,
• 12:19
  Speaker 1: why bother making a budget vehicle? Everybody's walking into the
• 12:22
  Speaker 1: dealership with unlimited credit, basically. So you might as well
• 12:27
  Speaker 1: take advantage.
• 12:28
  Speaker 2: And they do.
• 12:29
  Speaker 1: But before we talk any more about humiliating clips like
• 12:32
  Speaker 1: these and what they reveal, we have to be honest
• 12:35
  Speaker 1: about the broader economic numbers that we do have. The
• 12:37
  Speaker 1: ones that tell a much more positive story about the economy. Now,
• 12:40
  Speaker 1: it's not because the numbers are necessarily accurate or illuminating,
• 12:44
  Speaker 1: but because we need to establish some kind of baseline.
• 12:46
  Speaker 2: So let's do that.
• 12:48
  Speaker 1: Now, it's true that the total debt currently held by U.S.
• 12:51
  Speaker 1: households as of this year is more.
• 12:53
  Speaker 2: Than $ 18. 8 trillion.
• 12:55
  Speaker 1: And in raw dollar terms, without adjusting for inflation, wage growth,
• 12:59
  Speaker 1: population size, or anything else, that's more debt than we've
• 13:03
  Speaker 1: ever had at any point in this country's history by
• 13:05
  Speaker 1: a huge margin. Meanwhile, credit card debt also reached an
• 13:09
  Speaker 1: all-time high of around $ 1. 28 trillion in the last quarter
• 13:13
  Speaker 1: of 2025. The debt then declined slightly the next quarter
• 13:16
  Speaker 1: to $ 1. 25 trillion, as many people paid off their Christmas
• 13:20
  Speaker 1: shopping bills, but still over a trillion dollars. These are
• 13:24
  Speaker 1: staggering numbers, truly. But in context, you can argue they're
• 13:29
  Speaker 1: not as bad as they seem. If you go back
• 13:30
  Speaker 1: to the early 2000s, household debt was around 70% of
• 13:34
  Speaker 1: the American GDP. Towards the end of 2007, just before
• 13:36
  Speaker 1: the financial crisis, household debt was approaching 100% of GDP.
• 13:42
  Speaker 1: By contrast, right now, household debt is about.
• 13:45
  Speaker 2: 68% of GDP, which is still a lot. So as
• 13:49
  Speaker 2: a percentage of the total U.S.
• 13:51
  Speaker 1: Gross domestic product, we're not in debt as much as
• 13:54
  Speaker 1: we used to be, although we are still much more
• 13:56
  Speaker 1: in debt than we should be. It'd be much worse
• 13:59
  Speaker 1: if we were racking up bigger debt with a statement,
• 14:02
  Speaker 1: with a stagnant economy on.
• 14:03
  Speaker 2: Top of that. So it's a good sign.
• 14:06
  Speaker 1: Although, of course, GDP is not necessarily the most important
• 14:08
  Speaker 1: metric either. If Amazon or Microsoft have a very good quarter,
• 14:14
  Speaker 1: the GDP will go up. That doesn't necessarily mean that
• 14:17
  Speaker 1: Americans will get wealthier or have more money to pay
• 14:20
  Speaker 1: their debts. There's another metric that gets used, which is
• 14:24
  Speaker 1: called the household.
• 14:25
  Speaker 2: Debt service ratio.
• 14:27
  Speaker 1: This looks at total household debt payments, including mortgage payments,
• 14:32
  Speaker 1: car loans, credit card debts, and measures them as a
• 14:36
  Speaker 1: percentage of your total after-tax personal income, meaning money you
• 14:41
  Speaker 1: can actually spend freely. This ratio is much more important.
• 14:46
  Speaker 1: And as you could see, it was much higher 20
• 14:48
  Speaker 1: years ago than it is today. It peaked around 16%
• 14:50
  Speaker 1: in 2008. And now it's down to around 11%. And
• 14:56
  Speaker 1: if you zoom out from 1980 to 2004, the average
• 14:59
  Speaker 1: was roughly 11% as well. So we're spending less on
• 15:04
  Speaker 1: debt payments than we were during the financial crisis. And
• 15:06
  Speaker 1: we're spending about as much as we've been spending since 1980.
• 15:10
  Speaker 1: Based on those numbers, there's no obvious crisis involving household debt.
• 15:14
  Speaker 1: We're not suddenly borrowing a lot more money to pay
• 15:16
  Speaker 1: for cars or houses that we can't afford. And we're
• 15:19
  Speaker 1: not drowning in credit card debt, at least not to
• 15:21
  Speaker 1: an unprecedented degree. But these figures don't account for every
• 15:25
  Speaker 1: kind of debt. In particular, they ignore rent payments, which
• 15:28
  Speaker 1: are obviously a very significant household obligation, although it's technically
• 15:32
  Speaker 1: classified as an ongoing obligation, not a debt. For a while,
• 15:36
  Speaker 1: the figure also effectively excluded some forms of student loan debt,
• 15:40
  Speaker 1: although that has changed recently. And here's the interesting thing
• 15:43
  Speaker 1: about student loan debt. It's ballooning out of control right now,
• 15:47
  Speaker 1: particularly among women. It's yet another disastrous consequence of the
• 15:51
  Speaker 1: feminist movement. Because women have been told to attend college
• 15:55
  Speaker 1: at any cost, including art colleges and beauty colleges that
• 15:58
  Speaker 1: are basically scams, tens of millions of women are now
• 16:01
  Speaker 1: graduating with useless degrees.
• 16:03
  Speaker 2: And a mountain of debt.
• 16:05
  Speaker 1: And on top of that, they've driven up the cost
• 16:07
  Speaker 1: of tuition for everybody else, which was already extremely high
• 16:11
  Speaker 1: because of federally backed student loans. So as you can see,
• 16:15
  Speaker 1: more than 60% of student loan debt belongs to women
• 16:19
  Speaker 1: at the moment. And the average student debt for women
• 16:22
  Speaker 1: in this country now exceeds $ 30, 000, with black women leading
• 16:27
  Speaker 1: the pack at.
• 16:28
  Speaker 2: $ 40, 000.
• 16:29
  Speaker 1: Meanwhile, the median female graduate earns around $ 66, 000 a year
• 16:33
  Speaker 1: after graduation, meaning half of female graduates make less than that.
• 16:38
  Speaker 1: And here's the kicker, the average student debt repayment among
• 16:41
  Speaker 1: women every month is just $ 307.
• 16:44
  Speaker 2: So they'll be.
• 16:46
  Speaker 1: In debt for at least a decade, assuming they make
• 16:48
  Speaker 1: every payment on time, which is obviously a pretty big
• 16:52
  Speaker 1: and not very safe assumption. Pew recently found that 37%
• 16:56
  Speaker 1: of female borrowers reported defaulting on their loans compared to
• 16:59
  Speaker 1: just 30% of male borrowers. So the best case scenario
• 17:03
  Speaker 1: for these women is that they'll be.
• 17:04
  Speaker 2: In debt for a decade. That's the best case.
• 17:08
  Speaker 1: More realistic scenario is that they're never going to pay
• 17:10
  Speaker 1: it off. And instead, they're going to demand that you
• 17:13
  Speaker 1: pay the bill. Americans have been conditioned to believe that
• 17:17
  Speaker 1: cell phone service is supposed to be expensive. You walk
• 17:19
  Speaker 1: into a store, someone explains 17 different plans to you,
• 17:23
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  Speaker 2: Welcome to Pure Talk.
• 18:19
  Speaker 1: There's an increasingly difficult question for men, which is what
• 18:22
  Speaker 1: you're supposed to wear when you want to look like
• 18:25
  Speaker 1: you made an effort, but you don't want to look
• 18:27
  Speaker 1: like you're attending a wedding. Apparently, our choices now are
• 18:31
  Speaker 1: gym clothes or a suit. This is one reason I
• 18:33
  Speaker 1: become a fan of Tacovas. I've talked about my Earl boots,
• 18:37
  Speaker 1: and they're basically the perfect middle ground. Simple, understated leather
• 18:40
  Speaker 1: boots that look great with jeans, but you can easily
• 18:42
  Speaker 1: dress them up when you need to, and they're genuinely comfortable.
• 18:46
  Speaker 1: Decova's makes their boots by hand in more than 200 steps,
• 18:50
  Speaker 1: but somehow they've managed to do this without requiring the
• 18:52
  Speaker 1: traditional initiation ceremony, you know, where new leather boots destroy
• 18:56
  Speaker 1: your feet for two weeks.
• 18:57
  Speaker 2: It's not the case at all. They feel broken in
• 18:59
  Speaker 2: right out of the box. Very comfortable.
• 19:00
  Speaker 1: Decova's also makes shoes, denim, shirts, belts, And I own
• 19:06
  Speaker 1: a belt and a couple of shirts and wallets. I
• 19:08
  Speaker 1: also have a Tecovas wallet and plenty of other things
• 19:10
  Speaker 1: if you want to complete the look without dressing like
• 19:13
  Speaker 1: you're headed to a rodeo. Right now, get 10% off
• 19:16
  Speaker 1: at tecovas.com slash Matt when you sign up for email
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  Speaker 1: and text. That's 10% off at T-E-C-O-V-A-S dot com slash Matt. tecovas.com
• 19:26
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• 19:27
  Speaker 2: See you soon for details. Tecovas, point your toes west.
• 19:32
  Speaker 1: Now, if you look at mainstream coverage of this issue,
• 19:34
  Speaker 1: without exception, they'll portray women as the victims in this scenario.
• 19:39
  Speaker 1: Here's Time magazine, for example, quote, Sahara Artiga, 30 years old,
• 19:44
  Speaker 1: originally took out twenty nine thousand dollars in student loans
• 19:46
  Speaker 1: to go toward an education at Massachusetts College of Art
• 19:49
  Speaker 1: and Design. She started paying off her loans in 2014
• 19:52
  Speaker 1: after she graduated. While she's been making monthly payments towards
• 19:55
  Speaker 1: her loans, even during the payment pause, she.
• 19:57
  Speaker 2: Still owes some $ 27, 000.
• 19:58
  Speaker 1: Women still face barriers to paying off their loans due
• 20:02
  Speaker 1: to the gender wage gap, a lack of generational wealth,
• 20:06
  Speaker 1: and gender norms placed on women. Black women are particularly
• 20:08
  Speaker 1: affected by student loan debt. If you're coming from a
• 20:11
  Speaker 1: space where you have fewer resources available, that means that
• 20:14
  Speaker 1: you're going to take longer to pay your loans off.
• 20:18
  Speaker 1: So there's the completely fake gender pay gap making an appearance,
• 20:23
  Speaker 1: along with the typical language that absolves women, especially black women,
• 20:26
  Speaker 1: of all personal responsibility. What nobody wants to say is
• 20:30
  Speaker 1: that if you're a woman who took out $ 29, 000 to
• 20:32
  Speaker 1: go to the Massachusetts College of Art and Design, you're
• 20:37
  Speaker 1: an idiot who really doesn't deserve our pity. The typical
• 20:41
  Speaker 1: starting salary for a studio art graduate of this school
• 20:46
  Speaker 1: is $ 35, 000, which is right in line with what Applebee's
• 20:49
  Speaker 1: will pay you to serve reheated food from the back
• 20:52
  Speaker 1: of a Cisco truck. It's much less than a decent
• 20:56
  Speaker 1: bartender takes home. And the job at Applebee's or the
• 20:59
  Speaker 1: bar doesn't require a four-year degree that costs tens of
• 21:02
  Speaker 1: thousands of dollars in tuition, not counting housing costs. The
• 21:06
  Speaker 1: problem here is not that women are discriminated against. It's
• 21:10
  Speaker 1: actually the opposite. They're getting hired at rates that are
• 21:12
  Speaker 1: clearly unjustifiable. This is an article from CNBC this week.
• 21:16
  Speaker 1: I saw this floating around on social media and couldn't
• 21:19
  Speaker 1: even believe it was real at first, but indeed it
• 21:21
  Speaker 1: is legitimate. It says, quote, women accounted for almost all
• 21:27
  Speaker 1: of job gains in August. Women accounted for 158,000 or
• 21:29
  Speaker 1: around 98% Of the 162,000 jobs added in the month,
• 21:36
  Speaker 1: according to a CNBC analysis of data released Friday by
• 21:39
  Speaker 1: the Bureau of Labor Statistics, men represented the remaining 4,000
• 21:42
  Speaker 1: net positions added, meaning the contribution to overall payroll growth
• 21:46
  Speaker 1: was nearly 40 times smaller. With Friday's report, the gap
• 21:51
  Speaker 1: between the number of jobs held by women compared with
• 21:53
  Speaker 1: men climbed to levels never before seen, according to Laura Ulrich,
• 21:57
  Speaker 1: Director of Economic Research at the Indeed Hiring Lab, where
• 22:01
  Speaker 1: in the midst of a shift It's changing right before
• 22:05
  Speaker 1: our eyes. These are truly astonishing numbers, which validate everything
• 22:12
  Speaker 1: we've said in the past about the feminization of the workforce.
• 22:16
  Speaker 1: This is cataclysmic, deserves itself a longer discussion, which I
• 22:21
  Speaker 1: think we'll do soon.
• 22:23
  Speaker 2: But the point is, you're not imagining it.
• 22:25
  Speaker 1: White male workers are being pushed out, being discriminated against
• 22:29
  Speaker 1: at a level that has never been seen before. in
• 22:32
  Speaker 1: favor of women who have flooded into the job market,
• 22:35
  Speaker 1: who make up 100% of the net growth.
• 22:41
  Speaker 2: In the last month. And guess where these women are working?
• 22:45
  Speaker 1: Do you think they're getting hired by SpaceX or something
• 22:47
  Speaker 1: like that to design new rockets that will add trillions
• 22:50
  Speaker 1: of dollars in value to the economy? No, they're getting
• 22:53
  Speaker 1: fake jobs, many of them, particularly jobs in the local
• 22:56
  Speaker 1: government and education sector, which means they're drawing taxpayer money,
• 22:59
  Speaker 1: your money, to indoctrinate children Women take more than 75%
• 23:05
  Speaker 1: of those jobs. They're also dominating the healthcare field, taking
• 23:07
  Speaker 1: more than 80% of the jobs there, mostly in roles
• 23:10
  Speaker 1: like medical support. Quote, compared with 12 months ago, the
• 23:14
  Speaker 1: BLS found that the level of employed women has grown
• 23:17
  Speaker 1: by more than 870,000 in a seasonally adjusted basis. The
• 23:23
  Speaker 1: male gender has lost nearly 1.5 million employed workers over
• 23:28
  Speaker 1: the same time frame. Part of the recent outperformance among
• 23:32
  Speaker 1: women could stem from what sectors are driving labor force expansion. Healthcare,
• 23:37
  Speaker 1: considered the engine of labor market growth for more than
• 23:39
  Speaker 1: a year, continued adding positions in August. Upwards of four
• 23:43
  Speaker 1: out of every five workers in the industry are women.
• 23:46
  Speaker 1: The local government education sector roared back to life in August,
• 23:48
  Speaker 1: accounting for 42,000 jobs. Women hold close to three-quarters of
• 23:52
  Speaker 1: positions related to education, training, and libraries. Now, it's impossible
• 23:59
  Speaker 1: to overstate the significance of these numbers. We have become
• 24:02
  Speaker 1: a country where instead of aspiring to raise families, women
• 24:08
  Speaker 1: aspire to fake jobs that don't meaningfully contribute.
• 24:11
  Speaker 2: To a society or to the economy or anything else.
• 24:15
  Speaker 1: Is there anyone alive who's looked at the state or
• 24:17
  Speaker 1: of their local government or schools and decided that the
• 24:19
  Speaker 1: solution is to artificially inflate the number of women who
• 24:24
  Speaker 1: are hired even more? Is there anyone who believes that
• 24:27
  Speaker 1: it's more fulfilling for a woman to take one of
• 24:30
  Speaker 1: these jobs instead of raising a family? Or more useful
• 24:32
  Speaker 1: to society and to the fate of civilization? And you
• 24:38
  Speaker 1: might ask, what exactly are women doing with this money
• 24:41
  Speaker 1: if they're not raising kids? Well, here's a window into
• 24:44
  Speaker 1: what that world looks like, but fair warning, it's pretty
• 24:48
  Speaker 1: grim stuff.
• 24:48
  Speaker 2: Watch. Why are you so much credit card debt?
• 24:51
  Speaker 3: I get a lot of tattoos. and I've spent a
• 24:57
  Speaker 3: lot of money on these tattoos. I've put about 10,000
• 25:00
  Speaker 3: on tattoos in the past year.
• 25:01
  Speaker 2: In the past year?
• 25:02
  Speaker 1: Yeah.
• 25:03
  Speaker 3: Why?
• 25:04
  Speaker 2: $ 10, 000 in the last year on tattoos.
• 25:06
  Speaker 3: I just kept getting them.
• 25:08
  Speaker 2: No sh, why? Because they look cool. None of them
• 25:11
  Speaker 2: even have color.
• 25:13
  Speaker 3: This one has some color. It's a little blue. Just
• 25:15
  Speaker 3: a little bit. You have a salt shaker, okay. It's
• 25:18
  Speaker 3: one of my favorites.
• 25:20
  Speaker 1: Now, the easy access to credit and student loans, along
• 25:23
  Speaker 1: with meaningless employment in the form of fake government jobs,
• 25:26
  Speaker 1: has led us directly to this point. 30 years ago,
• 25:29
  Speaker 1: people like this weren't able to use Klarna or Affirm
• 25:33
  Speaker 1: or PayPal's buy now, pay later system. They couldn't obtain
• 25:37
  Speaker 1: thousands of dollars in easy credit from 20 different credit
• 25:39
  Speaker 1: card companies. In fact, until the mid-1970s, they couldn't get
• 25:43
  Speaker 1: credit cards by themselves at all. Now they have near
• 25:46
  Speaker 1: infinite access to credit, which they're using to drive up
• 25:49
  Speaker 1: the cost for the rest of us at precisely the
• 25:50
  Speaker 1: moment that they're squeezing the job market.
• 25:53
  Speaker 2: Apparently, sleep tourism is now a growing trend.
• 25:56
  Speaker 1: People are spending thousands of bucks to travel to hotels
• 26:00
  Speaker 1: and wellness retreats designed almost entirely around getting a good
• 26:03
  Speaker 1: night's sleep. So instead of visiting historical landmarks, exploring a
• 26:06
  Speaker 1: new city, or doing anything remotely memorable, you fly across
• 26:10
  Speaker 1: the country and remain unconscious for most of the trip.
• 26:12
  Speaker 1: This is now considered a vacation. Now, of course, you
• 26:15
  Speaker 1: could also improve the bed you sleep in every night.
• 26:18
  Speaker 1: And that's one reason I've been sleeping on a Helix
• 26:21
  Speaker 1: mattress for the last few years. So switching to Helix,
• 26:24
  Speaker 1: I sleep better. I wake up feeling more rested. I
• 26:26
  Speaker 1: don't need to travel to a hotel to do it.
• 26:28
  Speaker 1: There's a noticeable difference between beginning your morning refreshed and
• 26:32
  Speaker 1: spending the first few hours of the day trying to
• 26:34
  Speaker 1: recover from the night before. Helix's quick sleep quiz matches
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• 26:55
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• 26:59
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• 27:02
  Speaker 1: You shouldn't have to take a vacation just to recover
• 27:04
  Speaker 1: from sleeping at home. That's helixsleep.com slash Walsh for 27%
• 27:08
  Speaker 1: off sitewide. Make sure you enter our show name after
• 27:10
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• 27:15
  Speaker 1: I'll note, of course, that the problem is much bigger
• 27:17
  Speaker 1: than the morons that appear on these kinds of shows.
• 27:21
  Speaker 1: Some of the most powerful institutions in this country have
• 27:23
  Speaker 1: spent years developing products that are designed to trap their
• 27:26
  Speaker 1: customers in debt, which they can't possibly escape from. This
• 27:30
  Speaker 1: is a quote from a lawsuit that was just filed
• 27:32
  Speaker 1: against Robin Hood in Georgia.
• 27:34
  Speaker 2: This is from a few months ago. And here's the
• 27:37
  Speaker 2: key quote.
• 27:39
  Speaker 1: It says plaintiff had a brokerage account with Robinhood Derivatives, LLC,
• 27:44
  Speaker 1: and lost approximately $ 400, 000, including fees and commissions, wagering on
• 27:49
  Speaker 1: Robinhood's prediction markets hub in 2025 and 2026, including on
• 27:52
  Speaker 1: sports event contracts. Robinhood enables customers to place gaming wagers
• 27:57
  Speaker 1: against margin on their securities portfolios, exposing customers to the
• 28:03
  Speaker 1: loss of their security portfolio through unregulated and potentially compulsive
• 28:07
  Speaker 1: gaming activities. Robinhood insufficiently warns consumers that speculative trading against
• 28:12
  Speaker 1: margin may expose core investment holdings and long-term stock portfolios
• 28:17
  Speaker 1: to substantial and accelerated losses and even significant debt. In
• 28:20
  Speaker 1: its fiscal year ending December 31st, 2025, Robinhood collected $ 302
• 28:24
  Speaker 1: million in other transaction-based revenue, a 260% increase from the
• 28:30
  Speaker 1: previous year, which was primarily driven by increased user activities
• 28:34
  Speaker 1: in prediction markets and instant withdrawals. So in other words,
• 28:39
  Speaker 1: Robinhood is a brokerage. It's mainly used for buying stocks,
• 28:43
  Speaker 1: but they also allow you to use your equity to
• 28:46
  Speaker 1: gamble on sports and politics and everything else. And on
• 28:49
  Speaker 1: top of that, if you don't wanna liquidate your stocks,
• 28:52
  Speaker 1: they'll loan you money to gamble with your stock portfolio
• 28:56
  Speaker 1: as collateral. So as a hypothetical, let's say you have $ 20, 000
• 28:59
  Speaker 1: in a brokerage account. Robinhood might lend you say $ 10, 000
• 29:03
  Speaker 1: to gamble on their prediction markets. And if you lose
• 29:07
  Speaker 1: that 10,000, They have the right to force you to
• 29:10
  Speaker 1: sell your stocks at whatever price they're currently worth to
• 29:13
  Speaker 1: settle the debt. That's how people are losing their life savings.
• 29:18
  Speaker 1: We have gambling apps embedded within brokerages now. Now, to
• 29:23
  Speaker 1: be clear, I'm not actually entirely blaming Robinhood for this.
• 29:28
  Speaker 1: As far as I could tell, this lawsuit has very
• 29:30
  Speaker 1: little merit. Federal law trumps state law, and federal law
• 29:34
  Speaker 1: allows these kinds of markets right now, for better or worse.
• 29:38
  Speaker 2: And it is for worse.
• 29:40
  Speaker 1: What happened here is that this guy made a series
• 29:42
  Speaker 1: of disastrous bets, and now he's trying to claw his
• 29:46
  Speaker 1: money back. But the fact remains that 20 years ago,
• 29:50
  Speaker 1: he would have had to book a plane ticket to
• 29:51
  Speaker 1: Vegas to do anything like this, and now he can
• 29:54
  Speaker 1: do it on his phone 24-7. And that is a
• 29:57
  Speaker 1: temptation and an ease of access that for many people
• 30:03
  Speaker 1: is proving very difficult to resist. And that's one of
• 30:07
  Speaker 1: the reasons we stopped doing gambling ads on this show.
• 30:10
  Speaker 1: It's destroying lives. I mean, that's just an objective fact.
• 30:14
  Speaker 2: A lot of lives.
• 30:16
  Speaker 1: But we can't talk about debt, whether it's margin debt
• 30:19
  Speaker 1: or credit card debt or any other kind of debt,
• 30:22
  Speaker 1: without talking about some of the potential benefits. Obviously, not
• 30:25
  Speaker 1: all personal debt is bad. Not every margin loan ends
• 30:28
  Speaker 1: in catastrophe, although it's generally a very bad idea. And yes,
• 30:31
  Speaker 1: availability of cheap credit has been excellent for economic growth.
• 30:36
  Speaker 1: Having the world's reserve currency made the US a superpower,
• 30:38
  Speaker 1: allowing us to spend whatever we want without massive inflation.
• 30:41
  Speaker 1: It's radically expanded our soft power. To the extent people
• 30:45
  Speaker 1: use credit to purchase assets that appreciate or allow them
• 30:48
  Speaker 1: to live, that could be a good thing. Mortgages in particular,
• 30:51
  Speaker 1: obviously a net positive. even if housing prices are way
• 30:55
  Speaker 1: too high now. But the concept itself is a net
• 30:57
  Speaker 1: positive in many different ways. And it's also good that
• 31:00
  Speaker 1: if you ever need to make a large emergency expense,
• 31:03
  Speaker 1: you can do so with a credit card instantly without
• 31:05
  Speaker 1: having to liquidate any of your assets. And if you're
• 31:09
  Speaker 1: responsible about all these things, then it'll be fine. But
• 31:12
  Speaker 1: the extent to which credit is available today is unprecedented.
• 31:16
  Speaker 1: I mean, this is from a recent article in Consumer Reports,
• 31:19
  Speaker 1: for example, quote, On a recent weekday, too tired to cook,
• 31:23
  Speaker 1: my wife and I ordered takeout from Chipotle. The food
• 31:26
  Speaker 1: came fast, but the tab will be taking its time.
• 31:29
  Speaker 1: Thanks to a small loan through FinTech startup Zip, I
• 31:32
  Speaker 1: don't have to pay for the two burritos plus sodas
• 31:34
  Speaker 1: and sides for the next 42 days. Buy now, pay
• 31:37
  Speaker 1: later lenders generally set a minimum amount you must spend
• 31:40
  Speaker 1: in order to receive financing. To order Chipotle through Zip,
• 31:43
  Speaker 1: for example, I had to spend at least 35 bucks.
• 31:45
  Speaker 1: The company, like most lenders, requires users to pay 25%
• 31:48
  Speaker 1: up front, and then pay down the remaining balance over
• 31:51
  Speaker 1: four equal biweekly installments. In the case of Zip, a
• 31:55
  Speaker 1: $ 1 fee is assessed per installment, meaning my installment worked
• 31:59
  Speaker 1: out to $ 9.
• 32:00
  Speaker 2: 75 each.
• 32:01
  Speaker 1: At $ 10, Klarna, at least for now, appears to set
• 32:03
  Speaker 1: the lowest loan threshold. In cleaning up after our Chipotle feast,
• 32:07
  Speaker 1: my wife and I realized we were out of paper towels,
• 32:09
  Speaker 1: so I signed up for Klarna and, within minutes, had
• 32:11
  Speaker 1: ordered $ 10 worth of paper towels from Target on a
• 32:14
  Speaker 1: payment plan. My four installments worked out.
• 32:16
  Speaker 2: To about $ 2. 60 each. Now, people are doing this all
• 32:21
  Speaker 2: the time now.
• 32:22
  Speaker 1: I mean, they're addicted to buying an expensive item now,
• 32:25
  Speaker 1: or not so expensive, and paying for it over time,
• 32:28
  Speaker 1: even when it's a burrito or a bottle of body wash.
• 32:33
  Speaker 1: Works out very well for the lenders, since around 35%
• 32:37
  Speaker 1: of customers who use these loans ultimately fall behind on
• 32:39
  Speaker 1: their payments. And when they do that, fees hit, interest
• 32:42
  Speaker 1: comes due, payments explode. Now, this is totally indefensible for
• 32:47
  Speaker 1: obvious reasons. Nobody should be financing a burrito. It's true
• 32:53
  Speaker 1: that if you're starving, you should, in that case, sure,
• 32:56
  Speaker 1: go into debt for food. But in America, no one
• 32:59
  Speaker 1: is starving. There are massive programs and billions of dollars
• 33:02
  Speaker 1: of charities, school lunch programs, et cetera, et cetera, et cetera,
• 33:07
  Speaker 1: that feed poor people. The vast majority of food stamp
• 33:10
  Speaker 1: recipients are obese. So the people using Klarna to buy
• 33:14
  Speaker 1: stuff like burritos or shampoo are, without any doubt, being irresponsible.
• 33:19
  Speaker 1: It shouldn't need to be said at any other point
• 33:22
  Speaker 1: in our history. It wouldn't need to be said. But
• 33:23
  Speaker 1: if you spend any amount of time on social media,
• 33:25
  Speaker 1: you'll find that, indeed, people are actually doing this.
• 33:27
  Speaker 4: My friends, times are hard, but times don't have to
• 33:31
  Speaker 4: be too hard when we have our Buy Now, Pay
• 33:32
  Speaker 4: Later app. I used to be so stressed out until
• 33:35
  Speaker 4: I was introduced to these Buy Now, Pay Later apps.
• 33:37
  Speaker 4: Some of y'all might look at them as dick. Some
• 33:40
  Speaker 4: of y'all might say, oh, if I can't afford it,
• 33:42
  Speaker 4: then I'm not finna buy it.
• 33:43
  Speaker 2: Baby, me?
• 33:44
  Speaker 4: Give me an app and give me some personal power
• 33:46
  Speaker 4: and I'm going to show you what to do with it.
• 33:48
  Speaker 4: When I feel like I can't pay my car note,
• 33:50
  Speaker 4: if I feel like I can't pay my insurance, if
• 33:52
  Speaker 4: I don't use my credit card for the whole month
• 33:54
  Speaker 4: and I don't know how I'm going to pay it back,
• 33:56
  Speaker 4: even if I need to buy some groceries for my house,
• 33:58
  Speaker 4: I'm going to go to Walmart with my Buy Now
• 34:00
  Speaker 4: Pay Later card and I'm going to give me a
• 34:01
  Speaker 4: money order. And I feel like I love the Buy
• 34:04
  Speaker 4: Now Pay Later apps and loans because you don't have
• 34:07
  Speaker 4: to worry about all the interest you got to pay back.
• 34:10
  Speaker 4: So if I select to pay this loan back in
• 34:12
  Speaker 4: six months, I have six months to pay it off.
• 34:14
  Speaker 4: If I pay it off early, I don't have to
• 34:16
  Speaker 4: pay all the interest. I don't know about child, but
• 34:18
  Speaker 4: I would rather borrow from an elf. I would rather
• 34:20
  Speaker 4: pay my light bill, gas bill, car note, insurance, whatever,
• 34:23
  Speaker 4: instead of six payments or three. Then to be sitting
• 34:26
  Speaker 4: up in here looking crazy without no license, no car
• 34:28
  Speaker 4: to drive.
• 34:28
  Speaker 1: Now, if I deciphered that correctly, she's putting everything on
• 34:33
  Speaker 1: buy now, pay later plans from gas to groceries. And
• 34:37
  Speaker 1: this is not an aberration. A subset of the population
• 34:40
  Speaker 1: has become dependent on this kind of spending. which completely
• 34:43
  Speaker 1: removes personal responsibility and planning from the equation. And that's
• 34:48
  Speaker 1: a big problem. For most of its history, the United
• 34:52
  Speaker 1: States was built on notions of personal responsibility and work
• 34:56
  Speaker 1: ethic and frugality.
• 34:59
  Speaker 2: That's all gone now.
• 35:00
  Speaker 1: And in losing that, we lost a fundamental feature of
• 35:04
  Speaker 1: American life and American identity. We've also driven up costs
• 35:09
  Speaker 1: for everyone else in ways that aren't even fully apparent
• 35:12
  Speaker 1: right now. And with just a few weeks to go
• 35:15
  Speaker 1: until some very important elections in this country, that's important
• 35:20
  Speaker 1: to keep in mind. The bill for all of this excessive,
• 35:24
  Speaker 1: wasteful spending is eventually going to come due. These people
• 35:28
  Speaker 1: certainly don't think they're going to pay it. Call it
• 35:32
  Speaker 1: whatever you want, democratic socialism, racial equity, whatever. At some point,
• 35:37
  Speaker 1: they're going to demand a bailout at gunpoint. And when
• 35:41
  Speaker 1: that happens, it won't matter what the GDP is or
• 35:43
  Speaker 1: the unemployment rate or anything else. At that point, which
• 35:48
  Speaker 1: is rapidly approaching, all that will matter is whether we've
• 35:51
  Speaker 1: kept these people, these kinds of people who only know
• 35:55
  Speaker 1: how to consume everything in their sight, as far away
• 35:59
  Speaker 1: from power as we possibly can.
• 36:03
  Speaker 2: That'll do the show today. Thanks for watching. Thanks for listening.
• 36:05
  Speaker 2: Talk to you tomorrow. Have a great day. Godspeed. Every
• 36:14
  Speaker 2: significant movement in history has started with protesting.
• 36:17
  Speaker 3: You're a traitor!
• 36:17
  Speaker 2: Uncle Tom! This is our generation's civil rights!
• 36:19
  Speaker 3: I have no idea what the protest is about. Bingo!
• 36:22
  Speaker 1: Given the current climate, should a figure as polarizing as
• 36:26
  Speaker 1: Clay Saunders even be allowed on campus?
• 36:28
  Speaker 2: Uh, can you hear me okay? Saunders is a close
• 36:30
  Speaker 2: personal friend of Chancellor Freeman. This is a decision I
• 36:32
  Speaker 2: cannot fight. Islam will conquer the West. As-salamu alaykum. Are
• 36:40
  Speaker 2: we paying attention? They've taken over the building. They're downstairs
• 36:44
  Speaker 2: and they've blocked the doors.
• 36:46
  Speaker 3: I seek forgiveness from Allah the Almighty.
• 36:50
  Speaker 2: We cannot run and hide.
• 36:52
  Speaker 3: Muhammad is the messenger of God.
• 36:56
  Speaker 2: There is no God but Allah. What do you say
• 37:00
  Speaker 2: we turn those SOBs into a fine red mist?
• 37:05
  Speaker 5: As we move, one man will cover while the other
• 37:07
  Speaker 5: guys go.
• 37:08
  Speaker 2: They call that leap project.
• 37:09
  Speaker 3: Stretch them out and listen.
• 37:12
  Speaker 2: You need a course in safe weapons handling.