Latest / Financial Survival Network / Trump’s Bold Moves Shake Washington - Bill Walton #6236

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Trump’s Bold Moves Shake Washington - Bill Walton #6236 · Financial Survival Network

0:00
Speaker 1: By Trump coming in with the ferocity that he has,
0:03
Speaker 1: it's going to make all those arguments, it's going to
0:06
Speaker 1: put him front and center on the public public stage
0:08
Speaker 1: in America. Is going to get to you know, throw
0:11
Speaker 1: their support behind it, and hopefully the courts do the
0:15
Speaker 1: same thing. And you know, we can accomplish a lot,
0:17
Speaker 1: but you know, we're we're in the early innings and
0:21
Speaker 1: this game, this game is going to be going on
0:24
Speaker 1: for a while. But I do know that Trump is
0:27
Speaker 1: really thinking in terms of a deadline. He thinks he's
0:30
Speaker 1: not thinking like day fifteen. He's more thinking like what
0:34
Speaker 1: is it, you know, two years minus fifteen days, and
0:37
Speaker 1: we've only got so many more days.
0:38
Speaker 2: To accomplish accomplished.
0:41
Speaker 1: So he's he's acting with a sense of urgency that
0:44
Speaker 1: we've never seen before.
0:45
Speaker 3: You were listening to Carrie Let's's Financial Survival Network, where
0:49
Speaker 3: you get valuable information you just can't find anywhere else
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1:06
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1:12
Speaker 4: And welcome. You aren't listening to the Financial Survival Network.
1:16
Speaker 4: I'm your host, Carrie Lutz, And man, what a January.
1:22
Speaker 4: It has been two weeks of January eleven days and
1:26
Speaker 4: now we're barely we're not even three weeks into the
1:32
Speaker 4: second term, non consecutive term of President Trump. And well,
1:37
Speaker 4: Bill Walton is with us, host of the Bill Walton Show. Bill,
1:41
Speaker 4: you are a vice chairman of CPAC, long term CEO
1:46
Speaker 4: of the New York Stock Exchange traded investment company. So
1:51
Speaker 4: you kind of know business and you know politics, and
1:56
Speaker 4: if you're like me, you probably prefer business, but politics
1:59
Speaker 4: become unavoidable. This has been the most incredible opening salvo
2:05
Speaker 4: of an administration that I had ever seen. You agree
2:09
Speaker 4: with that?
2:10
Speaker 2: Oh yeah, and uh and and and uh and.
2:14
Speaker 1: I like most of it. Fantastic. You know, I worked.
2:18
Speaker 1: I worked on his transition in twenty sixteen. I headed
2:22
Speaker 1: up all the financial agencies, writing action plans and landing.
2:27
Speaker 1: You know, had headed up landing teams and this is
2:31
Speaker 1: night and day and this is just you know, before
2:33
Speaker 1: they he wasn't really prepared.
2:35
Speaker 2: Now he's totally prepared. I feel prepared.
2:39
Speaker 1: I feel like he's been like Eisenhower planning D Day
2:43
Speaker 1: and he's uh he's hit the beaches and he's but
2:46
Speaker 1: he's not just did a couple of beaches. He's hit
2:48
Speaker 1: ninety five of ninety five different things in a little
2:52
Speaker 1: over two weeks.
2:53
Speaker 2: It's great.
2:54
Speaker 4: And it's called the opposition flat footed, hasn't he Yeah,
2:59
Speaker 4: shock and awe, shock and all. They're back there. They're
3:03
Speaker 4: back on their heels, that's for sure. And yeah, I
3:05
Speaker 4: live in the Washington, DC area, and it's yeah, so in.
3:09
Speaker 1: Ninety five percent of the Kamala vote, and you know,
3:12
Speaker 1: it's a great pleasure to watch them suffer.
3:17
Speaker 4: Friends. Yeah, yeah, So you know, I'm going to talk
3:21
Speaker 4: about what do you think the three most significant things
3:26
Speaker 4: that he's done actions he's taken in the first I
3:30
Speaker 4: mean we're at three weeks, right.
3:34
Speaker 2: Not even two and a half weeks, Yeah.
3:35
Speaker 4: Two and a half weeks. Pretty it's a remarkable start.
3:39
Speaker 4: I mean, I've followed politics and I've heard a lot
3:43
Speaker 4: of people say they're going to come to Washington and
3:45
Speaker 4: change the culture, and invariably the culture changes them, perhaps
3:53
Speaker 4: going back to Reagan, you know, I mean I was
3:56
Speaker 4: barely alive when Kennedy came with his eggs as they
4:00
Speaker 4: called them, you know, the best of academia, and they
4:04
Speaker 4: screwed things up even worse. And then you know LBJ
4:09
Speaker 4: all that awful. But Reagan was really going to be
4:12
Speaker 4: a disruptor and everything else. And to some extent he
4:15
Speaker 4: slowed down the pace of spending, but he was never
4:19
Speaker 4: able any cut taxes, of course, but he was never
4:22
Speaker 4: able to effectuate the change. This is something we've never
4:25
Speaker 4: seen anything like before, have we never.
4:29
Speaker 1: Not in the history of the government employees union, that's
4:35
Speaker 1: for sure. And yeah, when was a civil service forum
4:39
Speaker 1: in eighteen seventy eighteen eighty after I guess Grant's administration.
4:44
Speaker 1: You know, they used political appointees to pay people off,
4:47
Speaker 1: and they thought, gee, we'll create a permanent group of
4:52
Speaker 1: bureaucrats and they'll be much better than political appointees.
4:57
Speaker 2: Well they were wrong.
4:59
Speaker 4: Yeah, yeah, well they're the most entrenched. But the so
5:04
Speaker 4: we're looking at, you know, these executive orders, which I
5:09
Speaker 4: guess presidents have always had this power to issue them,
5:15
Speaker 4: but these are so directed and so focused and disruptive, right,
5:23
Speaker 4: I mean, it's just well, yeah, and.
5:28
Speaker 2: You know, here's here's here's where we are.
5:30
Speaker 1: Though he's he's been rapid fire executive orders, and I like,
5:36
Speaker 1: there might be one I don't like, but I haven't
5:38
Speaker 1: seen it, and issuing executive orders to you know, end
5:43
Speaker 1: DEI and climate change mandates, the Holy government approach to
5:47
Speaker 1: that under Biden. And so he just put the stroke
5:51
Speaker 1: of a pen says every department of the federal government
5:55
Speaker 1: is going to purge itself of its DEI emphasis. And
5:59
Speaker 1: also the their programs have also been supporting the climate
6:03
Speaker 1: change agenda. So and then you know we're all watching
6:07
Speaker 1: with with just discussed really what what U. S a
6:13
Speaker 1: i d has been up to, and you know, with
6:15
Speaker 1: the stroke of a pen, he's shut down U.
6:17
Speaker 2: S a i D.
6:17
Speaker 1: Now, this is an example I think of where we're
6:20
Speaker 1: going to end up six months from now. Is a
6:23
Speaker 1: lot of this that he's doing. It's unclear whether he's
6:25
Speaker 1: got the authority to do it. Some of it's got
6:28
Speaker 1: to be Congress. And so this is this is gonna
6:32
Speaker 1: you know, the armies of lawyers are just beginning, just
6:34
Speaker 1: beginning their work. So this is once I think, you know,
6:38
Speaker 1: I feel like we can take the beaches, but once
6:40
Speaker 1: we start moving inland, I think we're going to meet
6:43
Speaker 1: with a lot more resistance. It doesn't mean we can't
6:45
Speaker 1: get things done, but it's it's going to look ugly
6:49
Speaker 1: as as the infighting gets going.
6:52
Speaker 4: Yeah. Well, the US AID, which is there's no AID
6:56
Speaker 4: in it really, it's the agency for where International Development
7:02
Speaker 4: has always been a cutout for the CIA, a front
7:06
Speaker 4: for them exercising American soft power. Yeah, there's like, yes,
7:11
Speaker 4: they do feed people rice and beans around the world
7:15
Speaker 4: health things, but you know, projection of soft power. But man,
7:20
Speaker 4: the corruption there is just so deep. They're even financing
7:25
Speaker 4: the lawfare prosecutors to go after Trump. They financed Trump's impeachment,
7:32
Speaker 4: and then they're funding all the illegal immigrants coming into
7:38
Speaker 4: the country a tune of like over half a billion.
7:42
Speaker 4: I mean, this is insane here.
7:44
Speaker 1: Well, the other thing that's come out just recently is
7:47
Speaker 1: that they just today they funded ten million dollars of
7:54
Speaker 1: meals to al Qaeda link terrorist.
7:57
Speaker 4: I was nice to them where they hallal compliant.
8:02
Speaker 1: Probably, And you know it's interesting you call it a
8:07
Speaker 1: uh CIA cutout, and that's that's certainly true. But the
8:11
Speaker 1: thing to think about now is CIA has changed dramatically
8:15
Speaker 1: in the last last decade two decades, and it's the
8:19
Speaker 1: CIA has has become a bit of woke as many universities.
8:24
Speaker 1: And uh, my friend Mike Waller wrote a book called
8:27
Speaker 1: Big Intel. He has been along followed the CIA and
8:32
Speaker 1: and they've been provoting these diversity programs and all the
8:36
Speaker 1: various things that that Trump is reversing. And so the
8:40
Speaker 1: CIA is actually exporting those diversity programs to uh, to
8:45
Speaker 1: the U.
8:46
Speaker 2: S a i.
8:46
Speaker 1: D recipients. So it's, uh, it's not the it's not
8:51
Speaker 1: your grandfather's CIA. It's a totally different different agenda.
8:56
Speaker 4: Yeah, and uh wow, it's just just to all of
9:00
Speaker 4: the things that we're doing. And I assume we're going
9:03
Speaker 4: to see this in many other departments. These slush funds.
9:08
Speaker 4: I know for a fact that after the mortgage meltdown
9:12
Speaker 4: in eight nine, the government sued all these banks and
9:17
Speaker 4: they all set aside money for all these different purposes,
9:22
Speaker 4: and basically they became slush funds. I'm sure they're still
9:26
Speaker 4: floating around there right absolutely.
9:30
Speaker 1: Well, you know there's a there's a flush slush fund
9:32
Speaker 1: sitting out and right out in the open. There's a
9:35
Speaker 1: four hundred billion dollar fund at the Department of Energy
9:38
Speaker 1: that in a long time ago was was the unit
9:42
Speaker 1: that funded sulurin So Lindra, you remember that.
9:46
Speaker 2: Sure.
9:47
Speaker 1: Now it's been run by John Podesta and it's been
9:49
Speaker 1: doling money out to win mill of projects and solar
9:53
Speaker 1: and so on and so forth, and uh, you know,
9:57
Speaker 1: the amount of graft and corruption I think we'll see
10:01
Speaker 1: once the Doge starts auditing that fun we'll make the
10:05
Speaker 1: numbers at usai D look like chump change.
10:09
Speaker 4: Yeah. So Musk says he thinks he can save four
10:12
Speaker 4: billion dollars a day, which would be the equivalent right
10:18
Speaker 4: of about a trillion and a half dollars. Could it
10:22
Speaker 4: possibly be that much waste?
10:25
Speaker 2: Well, you know, yeah, I think so.
10:27
Speaker 1: But the waste is a funny thing because it's not
10:30
Speaker 1: just spending extra money. Remember the Pentagon with their spending
10:35
Speaker 1: you know, nine hundred dollars for a toilet seed or
10:38
Speaker 1: something like that. There's that kind of waste, but there's
10:40
Speaker 1: also just the you know, I would call it total
10:45
Speaker 1: misallocated resources, hiring consultants that you don't need, you know,
10:50
Speaker 1: grossing it up. And it's uh, you know, once you
10:53
Speaker 1: start looking at what the purpose of any of these
10:55
Speaker 1: agencies is, I think we're going to find that their
10:57
Speaker 1: mission creep has been extensive and a lot of money
11:02
Speaker 1: is getting spent on things that aren't even closely related
11:05
Speaker 1: to what that agency is supposed to be doing, which
11:08
Speaker 1: we're seeing in the case of aid I mean, AIDS
11:12
Speaker 1: sent six point three million dollars to study men having
11:16
Speaker 1: sex with other men in South Africa.
11:20
Speaker 4: Well that was necessary, you know. Well remember the toilet
11:24
Speaker 4: seats at the Pentagon. Well now they're spending twelve hundred
11:29
Speaker 4: dollars on these insulated cups for airplanes because they can't
11:33
Speaker 4: leak or anything, and you could buy them on the
11:37
Speaker 4: Amazon for like thirty bucks. You know, the waste is
11:41
Speaker 4: just monumental. But yeah, it's crazy. And then they're paying
11:47
Speaker 4: opposition liberal press, right, thirty two million bucks to Politico.
11:52
Speaker 4: That's from all aspects of government. And then the people
11:57
Speaker 4: who are writing the checks at the Treasury are told
12:01
Speaker 4: never to reject the payment, to make every single payment
12:04
Speaker 4: no matter what, whether it's fraud related, terror related, or whatever.
12:09
Speaker 4: Is that any way to run an airline here.
12:11
Speaker 1: Bill, Well, of course not, it's And you know what
12:14
Speaker 1: they're doing is they they came into the dark room
12:19
Speaker 1: of the federal government and threw a bright spotlight and
12:23
Speaker 1: do it. And all the cockroaches are running, running like
12:27
Speaker 1: mad scattering, and so, as you point out, it's not
12:30
Speaker 1: just USA D but all the other agencies have similar
12:34
Speaker 1: kinds of misallocation of resources. And the thing I'm telling
12:37
Speaker 1: you what the Match Labs chairman of Seapack and we
12:40
Speaker 1: were talking this morning. The legality of what Trump's doing,
12:46
Speaker 1: whether it needs to be Congress, is authorized by Congress,
12:50
Speaker 1: is unclear in many cases. But what is clear is
12:53
Speaker 1: it by the work that Elon Musk is doing. He's
12:57
Speaker 1: exposing egregious behavior in public opinion, which has been behind Trump.
13:03
Speaker 1: You know, his approval ratings that are all time high.
13:06
Speaker 1: I think his public opinion ratings and the support that
13:10
Speaker 1: American is going to have to put an end and
13:14
Speaker 1: to dismantle this stuff is going to be unprecedented. I mean,
13:17
Speaker 1: everybody kind of had a gas about this was bad.
13:20
Speaker 1: We heard this do other but now you lay it
13:23
Speaker 1: all out, and you know, I only showed you.
13:25
Speaker 2: I only mentioned one example.
13:27
Speaker 1: They're like thirty or forty examples usad of stuff that
13:31
Speaker 1: you know makes you sick.
13:33
Speaker 4: Yeah, and we look, we knew the money was being wasted,
13:36
Speaker 4: we just didn't know the specifics. We sensed it was bad,
13:40
Speaker 4: at least this bad because from twenty nineteen, and we
13:44
Speaker 4: weren't exactly spending money responsibly then to now the budget's
13:50
Speaker 4: got up a trillion and a half dollars and it's
13:53
Speaker 4: not like we're getting anything more for our money here.
13:56
Speaker 4: So this is just But we talked last time, you
14:00
Speaker 4: and I were among the few talking about it President's
14:03
Speaker 4: impoundment authority. So do you think the Supreme Court will
14:08
Speaker 4: say to the president, you got to spend this money
14:12
Speaker 4: that Congress allocated, even if you're literally digging a hole,
14:18
Speaker 4: putting the money in there and lighting it a blaze.
14:21
Speaker 4: If the Congress says you have to do it, you
14:23
Speaker 4: have to do it. Can the Supreme Court really rule
14:27
Speaker 4: that way? Or is there a middle ground?
14:30
Speaker 2: Well, isn't that the thing that they nailed Nixon on? Yeah?
14:34
Speaker 2: But that and go ahead.
14:37
Speaker 4: I was just going to say that was during Watergate,
14:40
Speaker 4: really didn't put any attention to it. It went to
14:43
Speaker 4: the Supreme Court. That was the war in court and
14:48
Speaker 4: things have changed.
14:50
Speaker 1: Well, see that's my point, my earlier point about public opinion.
14:55
Speaker 1: I mean, Nixon, when he tried to make that exert
14:59
Speaker 1: that power, was one of the most unpopular presidents in
15:03
Speaker 1: American history, and consequently ruling against him was a slam dunk.
15:09
Speaker 1: I think with Trump with public opinion, when is it back,
15:12
Speaker 1: I would I would suspect the courts are you know,
15:15
Speaker 1: they pay a lot more attention to public opinion and
15:18
Speaker 1: what people really feel like they want, then they will admit.
15:22
Speaker 2: And so the.
15:25
Speaker 1: More the public opinion climate and the legal climate, I
15:27
Speaker 1: think it could be different. And if the president could
15:32
Speaker 1: in fact invoke impowerment powers, that would be that would
15:36
Speaker 1: be a massive improvement over what we have now.
15:40
Speaker 2: And I think I think there's a good chance that
15:43
Speaker 2: that Trump was going to win that argument.
15:45
Speaker 4: I think so too. You got to it's got to
15:47
Speaker 4: be a rule of reason here, right. You can't just
15:51
Speaker 4: say that if somebody's driving the car at one hundred
15:57
Speaker 4: and fifty miles an hour and heading to it's a
16:00
Speaker 4: cliff that the state trooper can't pull them over. And
16:05
Speaker 4: you know, it's the same thing here with the spending.
16:08
Speaker 4: So there's going to be a middle ground. But you
16:13
Speaker 4: can't have these discretionary spending programs at these agencies. It's
16:18
Speaker 4: all got to be written down what they can spend
16:20
Speaker 4: it on and what they can't. You know, that's part
16:23
Speaker 4: of the problem here because discretionary spending turns into slush funds.
16:28
Speaker 1: Well, yeah, and I think Congress with that, you know,
16:31
Speaker 1: Supreme Court ruled on Chevron, and what had happened was
16:35
Speaker 1: Congress had really kicked all the decisions and power over
16:39
Speaker 1: to the executive branches agencies, and the agencies were writing
16:43
Speaker 1: the rules and regulations and government. Really Congress really wasn't involved. Well, now,
16:48
Speaker 1: the ruling in its essence says, Congress, you've got to
16:52
Speaker 1: you've got to specify what you want, which you don't.
16:55
Speaker 1: And you could actually go to these agencies and say, well,
16:58
Speaker 1: you're doing you're doing uh, you know, thirty five things
17:02
Speaker 1: that were never authorized by law, So you've got to
17:04
Speaker 1: stop doing it. So there's a there's a there's a
17:07
Speaker 1: that's going to be a tool to choose, I think,
17:09
Speaker 1: to implement a lot of the dogs recommendations.
17:14
Speaker 4: Yeah, yeah, we saw it like you know, E p
17:18
Speaker 4: A a lot of these things. If we don't have
17:21
Speaker 4: the right to to uphold these regular regulations or implement them,
17:27
Speaker 4: then we certainly don't have the right to spend money
17:31
Speaker 4: at the behest of these improper, improperly promulgated regulations. I
17:39
Speaker 4: guess what the Supreme Court is saying, is uh, the
17:42
Speaker 4: Congress got it, has got to do it's its job
17:46
Speaker 4: under the Constitution. They can't delegate it to an agency
17:51
Speaker 4: that will then run rough shot or or do its
17:55
Speaker 4: own interpretation of it.
17:56
Speaker 1: Right, absolutely, absolutely, And by Trump coming in with the
18:03
Speaker 1: ferocity that he has, it's going to make all those arguments,
18:06
Speaker 1: it's going to put him front and center on the
18:08
Speaker 1: public public stage in America. Is going to get to
18:12
Speaker 1: you know, throw the support behind it, and hopefully the
18:14
Speaker 1: courts do the same thing. And you know, we can
18:17
Speaker 1: accomplish a lot, but you know, we're we're we're in
18:20
Speaker 1: the early innings and this game, this game is going
18:24
Speaker 1: to be going on for a while. But I do
18:26
Speaker 1: know that Trump is really thinking in terms of a deadline.
18:30
Speaker 1: He thinks he's not thinking like day fifteen. He's more
18:33
Speaker 1: thinking like, what is it? You know, two years minus
18:37
Speaker 1: fifteen days, and we've only got so many more days
18:39
Speaker 1: to accomplish accomplished. So he's he's acting with a sense
18:44
Speaker 1: of urgency that we've never seen before.
18:46
Speaker 4: And the psychological damage that he has inflicted upon his
18:51
Speaker 4: opponents is immeasurable, you know, because they were not prepared
18:56
Speaker 4: for this. They thought, Okay, so it's Trump point two.
19:00
Speaker 4: We'll oppose him, we'll go through the game, we'll stop
19:03
Speaker 4: him from doing what he wants to do, and that'll
19:05
Speaker 4: be that. And nothing could be further from the truth.
19:08
Speaker 4: To actually see, you know, an administration this prepared before
19:14
Speaker 4: they walk in the door. He was doing this for
19:16
Speaker 4: months and months, supposedly had his roundtable there and the
19:21
Speaker 4: executive orders were stacked up and ready to go. And
19:26
Speaker 4: you know, I think he'll let maybe let it settle
19:28
Speaker 4: down a little bit and then the next phase will
19:31
Speaker 4: come in. I mean, this is orchestrated. It's strategic, and
19:35
Speaker 4: it's designed to do the most psychological damage to the Democrats,
19:40
Speaker 4: and it's working.
19:41
Speaker 2: And that's you know, we're doing audio only, but I'm grinning.
19:46
Speaker 4: Ear to ear.
19:48
Speaker 2: Well.
19:48
Speaker 1: He also he also has a way to you know,
19:51
Speaker 1: people met an opposition to specific thing and then the
19:54
Speaker 1: next day he comes out with something else that makes
19:57
Speaker 1: their head spend. I mean, there's something else that came
20:00
Speaker 1: out this week was Gaza in him basically standing up
20:06
Speaker 1: like like the real estate developer that he is and saying, well,
20:10
Speaker 1: you know, gazz Is Gays has got twenty five miles
20:13
Speaker 1: of pristine beaches and some of the best clearest waters
20:17
Speaker 1: in the Mediterranean.
20:18
Speaker 2: You know, this would make a great resort.
20:21
Speaker 1: And cutting through it, that's kind of And I don't
20:24
Speaker 1: I don't think he's serious about that. But what he's
20:27
Speaker 1: doing is he's changing. He's changing the debate and the
20:32
Speaker 1: whole thing about two state, one state, the whole normle
20:36
Speaker 1: thing we've been arguing over for fifty sixty seventy years.
20:41
Speaker 1: This changes the terms of that and puts what he
20:44
Speaker 1: puts h And I also don't see he didn't say
20:48
Speaker 1: anything about bringing bringing American military to bear.
20:52
Speaker 2: He was.
20:54
Speaker 1: We might show up with an army of real estate developers.
20:56
Speaker 1: But that sets about it.
20:59
Speaker 4: Well the look and yeah, who's face and net and yah,
21:01
Speaker 4: who's good poker player?
21:03
Speaker 2: Not not when he said.
21:05
Speaker 4: That, like his jaw dropped and his son. What is
21:10
Speaker 4: he talking about now? But just to muddy up the
21:13
Speaker 4: waters and to take over the news cycle onto the
21:17
Speaker 4: next and the next. And I think the opposition's wholly
21:21
Speaker 4: unprepared for what they're up against this time. And you
21:27
Speaker 4: know they're it's going to take them while to regroup.
21:29
Speaker 4: We're gonna have lawsuits everything else. But the fact is,
21:35
Speaker 4: you know, a lot of things are going to change,
21:38
Speaker 4: and certainly the open borders are no longer open.
21:42
Speaker 2: That's exactly right.
21:43
Speaker 4: Yeah, so trumped arrangement syndrome though two point zero, it's
21:48
Speaker 4: it's through the roof. And you know these people are like,
21:53
Speaker 4: you can't even reason with him at all now, Bill, Well, they.
21:58
Speaker 1: If you look at who they elected is chairman and
22:00
Speaker 1: vice chairman of the Democratic National Committee, they haven't learned
22:04
Speaker 1: any lessons at all from the election, and they're still
22:07
Speaker 1: coming out of that meeting talking about LBGTQ agenda, the
22:12
Speaker 1: open border, you know, the climate agenda, the you know,
22:16
Speaker 1: the EPA's attempt to sort of ban all all convenient
22:20
Speaker 1: appliances because they use too much electricity, and the voters
22:26
Speaker 1: don't want that.
22:27
Speaker 2: If you get a long list of.
22:28
Speaker 1: Things that they do care about, what the d n
22:31
Speaker 1: c's articulating doesn't show up, and anybody's top twenty. So
22:37
Speaker 1: they're not doing anything right now to retain or regain
22:42
Speaker 1: public support for their agenda.
22:43
Speaker 2: But fact is they.
22:45
Speaker 1: Don't really have an agenda beyond those those cultural items.
22:49
Speaker 1: I mean, they never had an economic growth agenda. You
22:52
Speaker 1: couldn't you couldn't name a thing that Biden did that
22:55
Speaker 1: was promoting economic growth. Everything they did was in a sense,
23:01
Speaker 1: meant to crush the economy, not grow it. So you know,
23:05
Speaker 1: they got to they got to figure out what Americans
23:08
Speaker 1: really want.
23:08
Speaker 4: Right now they're lost totally. You know. It just reminds
23:12
Speaker 4: me of that quote from Tallyrand they have learned nothing
23:15
Speaker 4: and forgotten nothing. That's a good one, Yeah, I mean totally.
23:22
Speaker 4: So what about the prospects of getting rid of the
23:24
Speaker 4: income tax? Is that possible? Here? Do we switch to it?
23:29
Speaker 4: You can't just get it from the tariffs because we've
23:31
Speaker 4: got four trillion dollars worth of trade. It just can't
23:36
Speaker 4: be done. Right now, we're collecting eighty billion in tariffs,
23:40
Speaker 4: which is roughly a two percent across the board tariff
23:43
Speaker 4: raid fifty times that is four trillion. It just can't
23:48
Speaker 4: be done. But maybe a national sales tax. What do
23:51
Speaker 4: we do?
23:52
Speaker 2: Well?
23:52
Speaker 1: I think that you got to break it into pieces.
23:55
Speaker 1: Getting rid of the income tax. Don't see it not
23:58
Speaker 1: enough revenue, but getting rid of the income tax code,
24:03
Speaker 1: or at least most of it, and radically simplifying you know, Americans,
24:07
Speaker 1: I forgot the number. I did have it on the
24:09
Speaker 1: tip of my tongue. But we spend hundreds of billions
24:13
Speaker 1: of dollars complying with the tax code and the preformations
24:18
Speaker 1: do and I'll think of it all the time that
24:20
Speaker 1: small business people spend dealing with their tax stuff and
24:25
Speaker 1: all the other regulatory stuff. Just by dramatically simplifying the
24:29
Speaker 1: tax code, I think that gets you a long way
24:32
Speaker 1: to what we want, and that would free up entrepreneurial
24:36
Speaker 1: energy to do something other than fill out papers for
24:41
Speaker 1: tax bureaucrats in Washington.
24:43
Speaker 4: Yeah. I couldn't agree with you more so, but the
24:48
Speaker 4: idea of a national sales tax just seems to be
24:52
Speaker 4: better because it's automatic. Nobody complains about it, and it's
24:57
Speaker 4: just passed through and that's that is. You're going to
25:00
Speaker 4: pay it either way.
25:01
Speaker 1: Well, there's something else that we've all gotten used to,
25:04
Speaker 1: but we should get get rid of. It is that
25:07
Speaker 1: the irs with the income tax gets to know most
25:11
Speaker 1: of all your personal business back through your tax filings,
25:15
Speaker 1: and so the invasion of privacy that they've they've inserted
25:19
Speaker 1: into the United States. And when do they start the
25:22
Speaker 1: tax thing nineteen twelve, one.
25:24
Speaker 2: Of those those years.
25:26
Speaker 1: Yeah, and you know, so you know, just getting rid
25:30
Speaker 1: of that and subsistuti a sales tax. I mean, if
25:33
Speaker 1: they want to know what I'm spending my money on,
25:35
Speaker 1: I'm okay with that. But knowing all my sources of income,
25:39
Speaker 1: all the various you know, real estate properties, whatever it is,
25:43
Speaker 1: the people are owned, federal government has no right to
25:46
Speaker 1: know all that.
25:48
Speaker 4: And then decisions get made on purely economic grounds, not
25:54
Speaker 4: on g it'll save me taxes here, Isn't that a
25:57
Speaker 4: great thing? And the amount of time, like you say that,
26:00
Speaker 4: we waste going into preparing taxes and I call it
26:05
Speaker 4: my annual denial ritual. You know, I put it off
26:11
Speaker 4: as long as I possibly can till I finally do it.
26:15
Speaker 4: And yeah, it's just craziness here, really craziness. Well, a
26:21
Speaker 4: lot of things they're changing here, Like you say, the
26:24
Speaker 4: well Milton Friedman said it, and I guess it was
26:27
Speaker 4: done during FDR's first hundred days. I wasn't around then.
26:32
Speaker 4: This is probably the equivalent to FDR's first hundred days,
26:36
Speaker 4: maybe even maybe even more than that.
26:39
Speaker 2: You know, I I'll go out on a limb.
26:44
Speaker 1: I don't know, not much of a m It's much
26:46
Speaker 1: more than what FDR did in the first hundred days.
26:49
Speaker 1: And the part of the reason is the government has
26:52
Speaker 1: grown so enormously since FDR began implementing his so called
26:59
Speaker 1: New Deal. Uh yeah, so just and and and Trump
27:04
Speaker 1: is ranging across the whole scope of government for this
27:07
Speaker 1: change is so yeah, I'd say this is this is
27:10
Speaker 1: historical and and and and I mean, you know it,
27:15
Speaker 1: it took it took the country coming to the brink
27:19
Speaker 1: to get us to do that. And we were at
27:22
Speaker 1: the brink, and he's pulled us back some. But there's
27:25
Speaker 1: a whole lot we still got to get done.
27:27
Speaker 4: You know. I'd love to see is passing a rule
27:31
Speaker 4: of the government saying that anybody that gets federal aid
27:36
Speaker 4: and that has at least a half a billion or
27:39
Speaker 4: a billion dollar budget, any governmental entity at any level, city, state, local,
27:46
Speaker 4: you know, fire department, whatever, they got to set up
27:49
Speaker 4: a doge in that department. You know. And some states
27:53
Speaker 4: are actually passing statutes now setting up their own doges.
27:58
Speaker 4: And I think that should be a basic requirement. A
28:01
Speaker 4: one final thing. California. Is there hope for that state
28:05
Speaker 4: now after what they've been through, what we've seen happen
28:08
Speaker 4: as a result of governmental incompetence.
28:11
Speaker 1: Bill, Well, there's always hope, But have they learned anything
28:18
Speaker 1: you know, the the politician and sacrament Sacramento have learned nothing.
28:23
Speaker 1: And so long as the California voters want to want
28:27
Speaker 1: to load up their legislature with the people who think
28:30
Speaker 1: like they do and and passed the laws they've passed,
28:33
Speaker 1: and they really driven business out of California. And I
28:38
Speaker 1: think California is the largest homeless population, largest population of
28:41
Speaker 1: illegal immigrants, you know, talk about living on the brink.
28:46
Speaker 2: Uh, So have they learned anything? I and will the change?
28:51
Speaker 2: I don't know.
28:52
Speaker 1: You know, Gavin Newson is still trying to get in
28:54
Speaker 1: front of the parade. So heat all that figured this out,
28:57
Speaker 1: we turned water on. I I guess I'm I guess
29:00
Speaker 1: I'm a little pessimistic that California is going to have
29:05
Speaker 1: a new playbook. Unless California produces somebody like Trump to
29:09
Speaker 1: become their governor.
29:11
Speaker 4: Well maybe Caruso will be the answer. Certainly they're going
29:14
Speaker 4: to boot their mayor of LA I mean, that's inevitable.
29:18
Speaker 4: The problem is the way it's set up is the
29:20
Speaker 4: city council just picks another dupe, and that's not going
29:25
Speaker 4: to accomplish.
29:26
Speaker 1: As long as long as we have Democrat governance of
29:29
Speaker 1: all our major cities.
29:30
Speaker 2: They're not going to get turned around.
29:32
Speaker 4: Yeah. Yeah, Well, I think this election was a wake up.
29:36
Speaker 4: You know, we saw the country shift to the right measurably,
29:41
Speaker 4: even in the most bluest of places. So maybe if
29:47
Speaker 4: they see these policies working, we could see some change here. Bill.
29:52
Speaker 2: Okay, well, I say there's hope. I'm with it.
29:57
Speaker 4: All right. Well, we really appreciate you coming.
30:00
Speaker 2: We're talking again.
30:01
Speaker 4: A seapack event.
30:03
Speaker 1: When is it. We're in two weeks. We've got a
30:05
Speaker 1: big seapack event at National Harbor, which is.
30:10
Speaker 2: Just across the river from d C.
30:12
Speaker 1: And uh, we've got a tremendous lineup of speakers and uh,
30:16
Speaker 1: you know, President Trump always comes and we expect that
30:20
Speaker 1: to happen this year as well.
30:21
Speaker 2: So it's, uh, it's going to be exciting.
30:24
Speaker 1: And you know, before the last several years, it's been
30:27
Speaker 1: a little gloomy because of what was happening with Biden
30:30
Speaker 1: and Kamala Harris. Now I think it's going to be
30:33
Speaker 1: a joyous celebration and uh, you know, I think I
30:36
Speaker 1: think it would be really fun for everybody to come
30:38
Speaker 1: because this is going to be a good party.
30:40
Speaker 4: Yeah, it sounds like it sounds like it, Well, maybe
30:43
Speaker 4: I'll try to join the there for this sounds great
30:47
Speaker 4: and it's come yeah, definitely, And you.
30:51
Speaker 1: Know, the tickets are now, you know, ninety five dollars
30:54
Speaker 1: for people want to do the general admission part of it,
30:56
Speaker 1: and you get to see everything with that, and so
30:58
Speaker 1: it's not a it's not meant to be. There's no
31:02
Speaker 1: financial barriers to coming in and joining in the frolic.
31:07
Speaker 4: All right, Well, we'll throw a link to it in
31:09
Speaker 4: the show notes. This interview on Financial Survival Network dot com.
31:14
Speaker 4: Appreciate you coming on as always, Bill, we'll talk to
31:16
Speaker 4: you again soon.
31:17
Speaker 2: Carrie, thanks for having.
31:18
Speaker 3: Me, Thanks for listening to Carrie Letz's Financial Survival Network,
31:22
Speaker 3: your solution to today's trying times. For the latest, go
31:26
Speaker 3: to Financial Survivalnetwork dot com. Financial Survival Network
31:31
Speaker 2: Now more than ever