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Markets Bounce, Oil Surges, and the Real Social Security Fix No One Wants · The Financial Exchange Show

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• 1:06
  Speaker 1: Zada and Mike Armstrong.
• 1:17
  Speaker 2: Chuck, Mike and talker with you here as we kick
• 1:22
  Speaker 2: off the end of March. Just about done with it.
• 1:27
  Speaker 2: March is never great month. It's not my favorite, to
• 1:30
  Speaker 2: be honest, I think a lot of that just stems
• 1:33
  Speaker 2: from the fact that.
• 1:35
  Speaker 3: March madness, you got Saint Patrick's Day, has a lot
• 1:37
  Speaker 3: to like.
• 1:38
  Speaker 4: Here's what I don't like.
• 1:40
  Speaker 2: Markets in March twenty twenty Yeah, sucked, twenty twenty one, fine,
• 1:46
  Speaker 2: twenty twenty two, sucked, twenty twenty three, sucked, twenty twenty four, fine,
• 1:52
  Speaker 2: twenty twenty five, sucked, twenty twenty six sucked. It's a
• 1:57
  Speaker 2: bad track record lately. It has been a bad track
• 1:59
  Speaker 2: record lately. It's I don't know what it is about March,
• 2:02
  Speaker 2: but it hasn't been good.
• 2:05
  Speaker 3: I'm gonna take three things.
• 2:06
  Speaker 5: Saint Patrick's Day, marsh madness, college hockey playoffs, and daylight savings,
• 2:13
  Speaker 5: time springing forward in March. Always like to see that.
• 2:16
  Speaker 3: Very very happy with the month of March generally.
• 2:18
  Speaker 4: So let me tell you about Saint Patrick's Day.
• 2:20
  Speaker 2: At this point, I'm not Irish, okay, but my wife
• 2:24
  Speaker 2: and I we had a My parents had offered to
• 2:28
  Speaker 2: babysit the night of I think was the sixteenth whatever,
• 2:31
  Speaker 2: that's Saturday, and my wife and I were like, oh,
• 2:35
  Speaker 2: like great, like should we we should like go out
• 2:37
  Speaker 2: to dinner somewhere, do something. And we started looking through like,
• 2:40
  Speaker 2: you know, restaurants, famous Irish food.
• 2:42
  Speaker 3: No, no, no, no, no.
• 2:43
  Speaker 2: We were looking at Boston and then we were like,
• 2:46
  Speaker 2: wait a minute, Saint Patti's Day is on Monday. Does
• 2:48
  Speaker 2: that mean that the parade is on Sunday? And of
• 2:51
  Speaker 2: course it was. Immediately both of us are like, Nope,
• 2:54
  Speaker 2: can't do that nowhere near boss. I don't want to
• 2:57
  Speaker 2: go anywhere near Boston this weekend, just because not twenty
• 3:00
  Speaker 2: two anymore. It's just not my scene at this point.
• 3:03
  Speaker 2: It was at a certain point in my life, but
• 3:06
  Speaker 2: right now it just doesn't I can't get there. So,
• 3:11
  Speaker 2: in any case, markets right now better than they were
• 3:14
  Speaker 2: on Thursday and Friday. The Dow Jones industrial averages up
• 3:17
  Speaker 2: three hundred and seventeen points, about three quarters of a percent,
• 3:20
  Speaker 2: the S and P five hundreds up about a third
• 3:22
  Speaker 2: of a percent twenty two points. The NASDAK composite only
• 3:26
  Speaker 2: have about a tenth of a percent about twenty one
• 3:28
  Speaker 2: points right now. So market's up, but not convincingly, just
• 3:34
  Speaker 2: you know, a little bit of a relief bounce after
• 3:37
  Speaker 2: two pretty bad days that we've had in markets. Bod
• 3:40
  Speaker 2: market is bouncing much more convincingly right now. Ten year
• 3:44
  Speaker 2: Treasury is down ten basis points to four point three
• 3:49
  Speaker 2: three eight, so after running up over the last week,
• 3:52
  Speaker 2: coming in significantly today. We'll see if there's any further
• 3:56
  Speaker 2: movement on that front, but that is going to help
• 3:59
  Speaker 2: mortgage rates that have as of this point spiked pretty significantly.
• 4:03
  Speaker 2: We're down just below six percent at the end of
• 4:06
  Speaker 2: February at six six' four as of the clothes On,
• 4:10
  Speaker 2: friday so maybe this gets us back down closer to
• 4:12
  Speaker 2: six and a, half but still a big move up
• 4:14
  Speaker 2: in the last. Month gold is up forty six ninety
• 4:17
  Speaker 2: outs to forty five thirty, nine and we've got crude
• 4:21
  Speaker 2: Oil West Texas intermediate is what do you what do
• 4:25
  Speaker 2: you make sure you got the gas price?
• 4:26
  Speaker 3: Average?
• 4:26
  Speaker 4: There, Oh, MICHAEL i GOT i, GOT i got all the.
• 4:29
  Speaker 2: Averages Crude Oil West Texts intermediate up two dollars and
• 4:32
  Speaker 2: thirty two cents a barrel to one on one ninety.
• 4:35
  Speaker 2: Six brent is up at one twelve sixty two right
• 4:38
  Speaker 2: now as, well triple a national average is it three
• 4:41
  Speaker 2: ninety nine based on the movement that we saw over the,
• 4:45
  Speaker 2: weekend and, today you're gonna be touching four dollars a
• 4:48
  Speaker 2: gallon nationally either tomorrow Or tuesday at the very.
• 4:52
  Speaker 3: Latest and those.
• 4:53
  Speaker 5: Diesel prices remain the relevant story for most of, us
• 4:56
  Speaker 5: with diesel prices up to five dollars forty two cents
• 4:59
  Speaker 5: a gallon after a month ago sitting around three seventy.
• 5:02
  Speaker 2: Five, Yeah and just to give you a sense on,
• 5:05
  Speaker 2: Diesel so there's an oil analyst WHO i follow ON
• 5:11
  Speaker 2: x who goes by the name Of Rory johnson because
• 5:13
  Speaker 2: that's his actual.
• 5:14
  Speaker 4: Name that's why he goes by.
• 5:16
  Speaker 2: It and here's the deal is when you look at
• 5:21
  Speaker 2: the cost of oil plus what's called the, crackspread which
• 5:24
  Speaker 2: is basically the difference in what you pay for the
• 5:29
  Speaker 2: crude product versus what the refiners are able to generate
• 5:32
  Speaker 2: on the refining process before selling it as. Diesel THE
• 5:37
  Speaker 2: us diesel wholesale market price right now is one hundred
• 5:39
  Speaker 2: and ninety dollars a barrel because the crackspread is seventy
• 5:42
  Speaker 2: seven in normal crackspread for diesel is generally in like
• 5:46
  Speaker 2: the teens to, twenties, twenties like high twenties is considered
• 5:49
  Speaker 2: high crackspread right now is seventy. Seven so there is
• 5:56
  Speaker 2: some stuff going on in in oil.
• 6:00
  Speaker 5: Markets, yeah that makes it again pretty difficult in some
• 6:05
  Speaker 5: parts of the world to have a functioning.
• 6:06
  Speaker 2: Economy you got diesel right. Now, again the big thing
• 6:08
  Speaker 2: is In. Brazil it is the soybean harvest right. Now
• 6:12
  Speaker 2: the truckers are, saying we're not gonna take the stuff
• 6:14
  Speaker 2: to the ports because they can't pay for it and
• 6:17
  Speaker 2: they don't have enough there's not enough money in you,
• 6:20
  Speaker 2: know the farms to be able to, say, okay we'll
• 6:21
  Speaker 2: pay more for the. Shipping Right, so you got all
• 6:24
  Speaker 2: these soybeans just sitting in the interior Of brazil and
• 6:27
  Speaker 2: people are, like what do we do with? Them you,
• 6:30
  Speaker 2: know we don't eat these. Things we send it to
• 6:34
  Speaker 2: others on boats and send them To. China we don't
• 6:36
  Speaker 2: know what to do with, them like it's not our,
• 6:38
  Speaker 2: food you. Know, Okay like, fine like what do we?
• 6:40
  Speaker 1: Do?
• 6:41
  Speaker 2: OKAY i guess they'll just sit. Here, so, yeah you
• 6:43
  Speaker 2: get diesel at five forty one and six Tenths that
• 6:46
  Speaker 2: is exactly forty cents off the all time high From
• 6:50
  Speaker 2: june of twenty. Two piece in The Wall Street journal
• 6:53
  Speaker 2: is another financial crisis lurking in private. Credit, Look i'm
• 6:59
  Speaker 2: NO i have a credit. Apologist those of you who
• 7:02
  Speaker 2: have listened to our show for any extended period of
• 7:04
  Speaker 2: time know THAT i got some problems with the asset
• 7:07
  Speaker 2: class even before problems started showing, up you, know late last.
• 7:11
  Speaker 2: Year is this like to, say like you're gonna have
• 7:15
  Speaker 2: a financial crisis LIKE o seven and through oh, nine
• 7:19
  Speaker 2: you need two. Things you need a giant, market and
• 7:23
  Speaker 2: you need a lot of stuff in that market to go.
• 7:25
  Speaker 5: Wrong so let's let's talk about just size comparisons. Here,
• 7:28
  Speaker 5: Now i'm gonna be the first three acknowledge that we
• 7:30
  Speaker 5: don't really know the size of THE us private credit.
• 7:34
  Speaker 5: Market but most of the you, know guesses That i've
• 7:38
  Speaker 5: seen are between one and a half and two trillion.
• 7:40
  Speaker 5: Dollars is that fair for you To i've seen up
• 7:43
  Speaker 5: to Six, yeah that'd be, Surprising but you, know you
• 7:46
  Speaker 5: know a lot of the stuff That i've seen is
• 7:47
  Speaker 5: around that one and a half. Range the total size
• 7:53
  Speaker 5: of the subprime loans back in that you know, timeframe
• 7:59
  Speaker 5: all of those im lums together were about one and
• 8:01
  Speaker 5: a half trillion.
• 8:02
  Speaker 3: Dollars, yes mean that was the value of the stuff
• 8:04
  Speaker 3: that was determined to eventually just be.
• 8:07
  Speaker 4: Garbage but it wasn't just.
• 8:08
  Speaker 2: The subprime that ended up blowing up like that was
• 8:12
  Speaker 2: like the, detonator every.
• 8:13
  Speaker 5: Thing the total mortgage backed security market was ten trillion. Dollars,
• 8:16
  Speaker 5: yes Then i'm not SMALLER us, economy, right and none
• 8:20
  Speaker 5: of that's inflation, Adjusted SO i keep going back to
• 8:24
  Speaker 5: the similarities here do, exist but the scale conversation is
• 8:31
  Speaker 5: a fair bit different from everything we can tell at the.
• 8:33
  Speaker 2: Moment, YEAH i, mean if you if you want to
• 8:38
  Speaker 2: like do the, math like just in terms of like
• 8:40
  Speaker 2: where THE us economy was at that, point it was
• 8:44
  Speaker 2: a fifteen trillion dollar economy in nominal terms today it's,
• 8:49
  Speaker 2: thirty so you're talking About, okay at most the biggest
• 8:55
  Speaker 2: scale that this debt gets to is and again REMEMBER
• 8:58
  Speaker 2: gdp is a.
• 8:59
  Speaker 4: Flow where is.
• 9:02
  Speaker 2: The amount of private credit out there is a, Stock
• 9:04
  Speaker 2: so comparing flows to stocks it doesn't quite work this,
• 9:06
  Speaker 2: way but just in general, sense think of it this.
• 9:09
  Speaker 2: Way back in that fifteen trillion dollar yuars, economy you
• 9:13
  Speaker 2: had ten trillion dollars of.
• 9:14
  Speaker 4: Mortgages to get a flow to a.
• 9:16
  Speaker 2: Flow the average payments on those let's call them five
• 9:18
  Speaker 2: percent at the, time maybe six, Percent, okay ten trillion.
• 9:22
  Speaker 2: Dollars you're talking six hundred billion dollars a year in
• 9:24
  Speaker 2: interest payments. Today you've got a thirty trillion dollar. Economy private.
• 9:29
  Speaker 2: Credit let's say it's the. Midpoint let's say it's like
• 9:31
  Speaker 2: a three trillion dollar. Thing even at ten, percent you're
• 9:36
  Speaker 2: talking three hundred billion dollars in. Interest the interest amount
• 9:41
  Speaker 2: is half of what it was in two thousand and,
• 9:44
  Speaker 2: nine and the economy is twice as. Big so from
• 9:47
  Speaker 2: a scale, perspective it just doesn't get. There you could
• 9:50
  Speaker 2: make a very good case that this is like a
• 9:52
  Speaker 2: quarter of the size of the mortgage market in relative,
• 9:55
  Speaker 2: terms comparing the interest payments TO GDP.
• 9:59
  Speaker 5: So and by the, way it does not touch the
• 10:02
  Speaker 5: retail average consumer in anywhere near the same way the
• 10:06
  Speaker 5: mortgage market.
• 10:06
  Speaker 2: Did, no you AND i are not going to default
• 10:09
  Speaker 2: on a private credit loan because we don't have, one
• 10:11
  Speaker 2: Right whereas back in you, know two thousand and, nine
• 10:14
  Speaker 2: out of the one hundred and forty million households at that,
• 10:17
  Speaker 2: time you, know sixty million of them had a.
• 10:19
  Speaker 5: Mortgage and in, FACT i don't think there's much about
• 10:22
  Speaker 5: a default in private credit that would make a bank
• 10:24
  Speaker 5: less likely to lend me money for a.
• 10:27
  Speaker 2: Mortgage but can there be problems in the business world
• 10:30
  Speaker 2: because of?
• 10:31
  Speaker 6: It?
• 10:31
  Speaker 2: Sure but DO i think there probably are some problems
• 10:35
  Speaker 2: in financial credit beyond in private, credit beyond what we've seen.
• 10:39
  Speaker 2: TODAY i really struggle to be, like, hey it's going
• 10:43
  Speaker 2: to be just like two thousand and.
• 10:44
  Speaker 5: Eight we definitely seem to be in the era, though
• 10:46
  Speaker 5: where it's being scrutinized a lot more and so therefore
• 10:51
  Speaker 5: a lot more is being found. Out, so for, example
• 10:53
  Speaker 5: a lot's been written about the software exposure in this,
• 10:55
  Speaker 5: space And Wall Street journal did a little bit of
• 10:58
  Speaker 5: looking into things, here and they make the claim that
• 11:01
  Speaker 5: in a number of, cases when the creators of these
• 11:05
  Speaker 5: private credit funds have been advertising their products and talking
• 11:08
  Speaker 5: about the industry, exposure they found The Wall Street journal
• 11:13
  Speaker 5: did they found, that you, know in many cases some
• 11:17
  Speaker 5: of these funds were dramatically under advertising their exposure to.
• 11:20
  Speaker 4: Software oh is that bad?
• 11:23
  Speaker 3: Today it?
• 11:24
  Speaker 5: Is six months ago it, wasn't but today it. Is
• 11:27
  Speaker 5: and that's the interesting piece of all this. Is it
• 11:29
  Speaker 5: does change very. Rapidly six months, ago the only thing
• 11:32
  Speaker 5: that investors seemed to care about was are there is
• 11:35
  Speaker 5: there a bunch of fraud in this? Space sure that's
• 11:37
  Speaker 5: going to go belly. Up now fast forward six, months
• 11:42
  Speaker 5: all of a, sudden everyone is terrified of are these
• 11:44
  Speaker 5: companies you loaned money to about to be decimated by
• 11:47
  Speaker 5: advances and artificial?
• 11:48
  Speaker 4: Intelligence to take a quick. Break when we come, back
• 11:51
  Speaker 4: we'll do trivia right after.
• 11:52
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  Speaker 7: Boston time for trivia here in The Financial exchange and
• 13:07
  Speaker 7: on this. Day back back in eighteen sixty, seven THE
• 13:11
  Speaker 7: us Purchased alaska From russia for seven point two million
• 13:16
  Speaker 7: dollars about two cents per. Acre so our trivia question,
• 13:20
  Speaker 7: today what year Was alaska admitted.
• 13:23
  Speaker 4: As a state to The.
• 13:25
  Speaker 7: Union once, again what year Was alaska admitted as a
• 13:29
  Speaker 7: state to The? Union be the fourth person today to
• 13:33
  Speaker 7: text us at six one seven three six two thirteen
• 13:36
  Speaker 7: eighty five with correct answer along with keyword, trivia and
• 13:40
  Speaker 7: you win A Financial Exchange SHOW t.
• 13:42
  Speaker 3: Shirt once.
• 13:42
  Speaker 7: Again the fourth correct response to text us to the
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  Speaker 7: number six one seven three six to two thirteen eighty
• 13:49
  Speaker 7: five with correct answer along with keyword, Trivia we'll win
• 13:52
  Speaker 7: THAT t. Shirt see complete contest rules At Financial Exchange
• 13:56
  Speaker 7: show dot. Com do you know who Bought.
• 13:58
  Speaker 4: Alaska like which?
• 14:02
  Speaker 3: President, no which?
• 14:03
  Speaker 4: Person, Nope, TUCKER.
• 14:07
  Speaker 7: I don't.
• 14:07
  Speaker 4: Know William, SEWARD Us secretary Of state back in eighteen sixty,
• 14:15
  Speaker 4: SEVEN i think it Was, collquially it was known As
• 14:20
  Speaker 4: seward's folly because everyone thought that it was useless back.
• 14:23
  Speaker 3: Then has it turned out n chock full of?
• 14:26
  Speaker 4: Gold look at all this. Stuff there's there's, oil there's.
• 14:29
  Speaker 4: Gold LIKE GOLLYE. G. Wilkers who?
• 14:31
  Speaker 3: Knew cid he die before anybody?
• 14:34
  Speaker 2: Knew, yes seven point two million dollars that's all we
• 14:37
  Speaker 2: paid for. For, like, HOWEVER i think it was like
• 14:40
  Speaker 2: five hundred and eighty thousand square miles or whatever it.
• 14:42
  Speaker 4: Is, yeah, so uh, yeah.
• 14:45
  Speaker 2: Don't judge a state by its, cover is the uh
• 14:50
  Speaker 2: the phrase that came out of. That let's talk a
• 14:53
  Speaker 2: little bit about this piece from The Wall. Street i'm,
• 14:56
  Speaker 2: sorry From. Bloomberg it's titled one hundred thousand Socials Security
• 15:00
  Speaker 2: benefits and too much is too? Much, Sorry i'll work
• 15:04
  Speaker 2: on my reading. Tomorrow here's the deal is that point
• 15:09
  Speaker 2: zero five percent of retired couples in the next couple
• 15:14
  Speaker 2: of years are potentially going to have combined social security.
• 15:18
  Speaker 2: Benefits the top one hundred thousand dollars per year if
• 15:22
  Speaker 2: they've earned the maximum salary under The Social security income
• 15:28
  Speaker 2: limits since nineteen ninety. One and there is a proposal
• 15:33
  Speaker 2: from The committee for A Responsible Federal budget that would
• 15:37
  Speaker 2: cap individual benefits at fifty thousand dollars if claimed at
• 15:40
  Speaker 2: a normal retirement, age or sixty two thousand if they
• 15:43
  Speaker 2: delayed until age, seventy and The committee for the for
• 15:48
  Speaker 2: A Responsible Federal budget would also not adjust those numbers for.
• 15:53
  Speaker 2: Inflation and so basically, saying, hey how much would this
• 15:58
  Speaker 2: end up reducing The Social security? Shortfall and THE crfb
• 16:02
  Speaker 2: says it would reduce it by about twenty. Percent, okay
• 16:06
  Speaker 2: so it doesn't cover all of. It so, look, ultimately.
• 16:09
  Speaker 5: The question is not whether or not one hundred thousand
• 16:12
  Speaker 5: dollars is too much In Social security. Benefits it's not
• 16:14
  Speaker 5: a relevant question in my. OPINION i think everybody's going
• 16:18
  Speaker 5: to have a different viewpoint on. That and most, certainly
• 16:20
  Speaker 5: if you worked your whole career and maximized Your Social
• 16:23
  Speaker 5: security benefits and waited until age, seventy and both you
• 16:26
  Speaker 5: and your spouse did, so you're probably not going to
• 16:28
  Speaker 5: feel that it is too much because you paid into
• 16:31
  Speaker 5: the system for a heck of a long. Time the
• 16:33
  Speaker 5: relevant question is will this, change along with a whole
• 16:39
  Speaker 5: bunch of other changes that need to be, made shore
• 16:42
  Speaker 5: up the program for the foreseeable.
• 16:44
  Speaker 3: Future so here's the.
• 16:45
  Speaker 2: Thing THE crfb actually has a, website as most organizations
• 16:49
  Speaker 2: do these, days and on their website they have a.
• 16:52
  Speaker 2: Tool it's called The, reformer an interactive tool to Fix
• 16:55
  Speaker 2: Social security and lets you do. Is it gives you
• 16:59
  Speaker 2: three different tabs that you can play around. With you
• 17:01
  Speaker 2: can play around with what they call benefit formula, adjustments
• 17:05
  Speaker 2: where you can like slow benefit growth and increase the retirement,
• 17:08
  Speaker 2: age modify cola's things like. That they have a revenue
• 17:12
  Speaker 2: side of things where you can change the payroll tax,
• 17:14
  Speaker 2: rate or apply the payroll tax to a different set of.
• 17:19
  Speaker 2: Incomes you could broaden the payroll tax. Base you could
• 17:22
  Speaker 2: do all these. Things and then they have another benefits,
• 17:25
  Speaker 2: thing which is you could change like how many years
• 17:27
  Speaker 2: you need to work to get maximum, benefits make changes
• 17:31
  Speaker 2: to eligibility criteria means testing things like. That, okay and
• 17:35
  Speaker 2: so basically through this you can figure, out, okay what
• 17:38
  Speaker 2: combination of things ends up getting us the. Solution it's
• 17:42
  Speaker 2: like it the math is really. Easy, actually Like Social,
• 17:45
  Speaker 2: security even at this late you know, stage with you,
• 17:48
  Speaker 2: know seven years until the program you, know has to
• 17:52
  Speaker 2: go through mandatory cuts based on the current way that
• 17:55
  Speaker 2: it's set, up you can still fix it by like
• 17:59
  Speaker 2: doing a a very small number of things that ultimately
• 18:03
  Speaker 2: none of them are going to be, popular, because like,
• 18:06
  Speaker 2: you you can't fix it by just keeping it the.
• 18:08
  Speaker 5: Same i'd be fascinated to know how many people have
• 18:10
  Speaker 5: actually played with this tool. BEFORE i has got to
• 18:12
  Speaker 5: be a really small portion of THE us Popular i've.
• 18:15
  Speaker 2: Done so here is my fix For Social security that
• 18:19
  Speaker 2: fixes quite literally one hundred and three percent of the.
• 18:22
  Speaker 2: Problem and, AGAIN i know that none of you are
• 18:25
  Speaker 2: going to like, this but that's that's. Okay i'm at
• 18:27
  Speaker 2: least proposing a solution unlike the four hundred and thirty
• 18:29
  Speaker 2: Five congressmen and one hundred senators that currently sit In WASHINGTON.
• 18:33
  Speaker 2: Dc number, One i've raised the full retirement age to
• 18:37
  Speaker 2: age sixty, nine then index it to life. Expectancy that,
• 18:40
  Speaker 2: SUCKS i, know but that takes care of thirty six
• 18:42
  Speaker 2: percent of the gap right off the. Bat the second
• 18:46
  Speaker 2: thing THAT i would do IS i would eliminate the
• 18:49
  Speaker 2: maximum payroll. Tax the maximum amount of income for which
• 18:54
  Speaker 2: the payroll tax is, collected but not give you any
• 18:57
  Speaker 2: additional benefit for. Anything so, basically right, now it's like
• 19:01
  Speaker 2: one hundred and seventy five thousand is the payroll tax,
• 19:04
  Speaker 2: base and anything above that you don't pay. It this
• 19:06
  Speaker 2: you would pay, it and you just don't get anything
• 19:09
  Speaker 2: if you're above. That that covers another sixty eight percent
• 19:12
  Speaker 2: those two, things one hundred and three percent of the
• 19:15
  Speaker 2: short fall is closed over the next seventy five.
• 19:17
  Speaker 6: Years.
• 19:18
  Speaker 4: Yep not very happy about, it but, like this is
• 19:21
  Speaker 4: what you.
• 19:21
  Speaker 5: Do and by the, way the, uh it won't happen
• 19:24
  Speaker 5: that way because all of the donors to major political
• 19:28
  Speaker 5: campaigns are affected by that second one that you.
• 19:31
  Speaker 2: Mentioned, correct they won't like. It so this is where
• 19:34
  Speaker 2: we stand on Social. Security no one's doing. Anything quick
• 19:36
  Speaker 2: break and we get the trivia answer.
• 19:38
  Speaker 1: Next bringing the latest financial news straight to your. Radio every.
• 19:46
  Speaker 1: Day it's The Financial exchange on The Financial Exchange Radio.
• 19:50
  Speaker 1: Network time now Full Wall Street watch tracking the, stocks the,
• 19:55
  Speaker 1: data and the headlines driving markets so far today right
• 19:59
  Speaker 1: here on the final Inchel Exchange Radio.
• 20:01
  Speaker 7: Network markets are modestly. Hired to begin the week After
• 20:04
  Speaker 7: President trump took to social media this, morning seeing THE
• 20:07
  Speaker 7: us is in serious discussions to end.
• 20:09
  Speaker 4: The operation In.
• 20:10
  Speaker 7: Iran trump also renewed his threat On iran's energy sites
• 20:13
  Speaker 7: if The strait Of hormuz is not immediately. Reopened right,
• 20:17
  Speaker 7: now The dow is up nearly nine tenths of a,
• 20:20
  Speaker 7: percent or three hundred and eighty six, POINTS smp five
• 20:23
  Speaker 7: hundred up nearly half a, Percent nasdak up two tenths
• 20:27
  Speaker 7: of a, Percent russed two thousand down six tenths of a,
• 20:29
  Speaker 7: percent Ten You're treasure realed down ten basis points at
• 20:33
  Speaker 7: four point three three two, percent and crude oil up
• 20:36
  Speaker 7: nearly three percent, higher trading right around one hundred and
• 20:40
  Speaker 7: two dollars a. Barrel aluminum company al Co is stock
• 20:43
  Speaker 7: jumping over eleven, percent falling reports Of iranian attacks of
• 20:48
  Speaker 7: critical infrastructure for metal in The Middle, east with traders
• 20:51
  Speaker 7: Betting alcoa could potentially benefit.
• 20:54
  Speaker 4: From the supplied.
• 20:55
  Speaker 7: Disruptions, meanwhile shares and wholesale food Distributor cisco tumble twelve
• 21:00
  Speaker 7: percent after the company agreed to Buy jetro restaurant, depot
• 21:05
  Speaker 7: and a deal valued at about twenty nine billion dollars
• 21:08
  Speaker 7: expected to close In cisco's twenty twenty seven fiscal third
• 21:12
  Speaker 7: quarter And CrowdStrike rising four percent after the cybersecurity company
• 21:16
  Speaker 7: was upgraded By Wolf research to, outperform saying it will
• 21:20
  Speaker 7: benefit from increased cyber risk FROM ai rather than have
• 21:24
  Speaker 7: its business model disrupted by the. Technology I'm Tucker silva
• 21:29
  Speaker 7: and that Is Wall street. Watching in the previous, segment
• 21:32
  Speaker 7: we asked you the trivia, question what year Was alaska
• 21:36
  Speaker 7: admitted as a state to The. Union i'll be nineteen fifty.
• 21:40
  Speaker 7: Nine dave And, hudson mass is our winner, today taking
• 21:43
  Speaker 7: home A Financial Exchange show t. Shirt congrats To. Dave
• 21:46
  Speaker 7: if we play trivia every day here on The Financial
• 21:49
  Speaker 7: Exchange see complete contest rules At Financial Exchange show dot.
• 21:53
  Speaker 4: Com do you guys have like a certain state where you?
• 21:55
  Speaker 2: Like that one totally doesn't fit WHEN i think it
• 22:00
  Speaker 2: became part of The United, states like either like way
• 22:02
  Speaker 2: earlier or way?
• 22:03
  Speaker 4: Later, no what you got for?
• 22:06
  Speaker 6: Me It's.
• 22:06
  Speaker 4: Oklahoma When oklahoma was the forty sixth state admitted to.
• 22:12
  Speaker 3: The, union that seems.
• 22:13
  Speaker 2: Surprising it wasn't until nineteen oh seven that it became a,
• 22:17
  Speaker 2: state which is like again kind of wild and just
• 22:21
  Speaker 2: like doesn't quite click with, Me but you, know you
• 22:23
  Speaker 2: figured it would have been again like all the surrounding.
• 22:26
  Speaker 2: States you, Know texas was in you, know mid eighteen,
• 22:29
  Speaker 2: Hundreds kansas is mid eighteen, Hundreds nevada's mid eighteen, hundreds Like,
• 22:34
  Speaker 2: nebraska like that whole area around it was mid eighteen.
• 22:37
  Speaker 3: Hundreds independence straight.
• 22:39
  Speaker 2: There i'm guessing it probably has to do With oklahoma's
• 22:42
  Speaker 2: history predominantly for most of the eighteen hundreds being A
• 22:45
  Speaker 2: Native american, reservation and probably like refusal to recognize as my. Guess,
• 22:49
  Speaker 2: yeah but it still is just wild to me that
• 22:54
  Speaker 2: it took until nineteen oh seven for it to gain.
• 22:57
  Speaker 4: Statehood New York.
• 22:59
  Speaker 2: Times check your target date, fund especially if you plan
• 23:02
  Speaker 2: to retire. Soon what's this talking, About mike and why
• 23:05
  Speaker 2: should people? Care, so first of, all what a target
• 23:07
  Speaker 2: date fund. Is if you have a four h ONE,
• 23:09
  Speaker 2: k you're probably pretty familiar with, them but you might
• 23:11
  Speaker 2: not know them as target date. Funds but generally, speaking
• 23:14
  Speaker 2: they are funds available inside a retirement. Plan usually they
• 23:19
  Speaker 2: have an interval of every five years where they target
• 23:23
  Speaker 2: a retirement date hence the, name and adjust the investment
• 23:27
  Speaker 2: allocation inside the funds automatically for, you rather than you
• 23:31
  Speaker 2: going and making any sort of investment, decisions why you
• 23:35
  Speaker 2: might want to take a look at. Them, well, one
• 23:39
  Speaker 2: this is just more general than specific target date. Funds
• 23:42
  Speaker 2: but if you are within a decade of, retirement you
• 23:45
  Speaker 2: might just want to be paying closer attention to how
• 23:47
  Speaker 2: your investments are. Allocated, generally, so DO i have the
• 23:52
  Speaker 2: appropriate amount of risk exposure within my retirement? Plan DO
• 23:57
  Speaker 2: i have a bucket of money THAT i KNOW i
• 23:59
  Speaker 2: can live off of for the first few years of
• 24:02
  Speaker 2: retirement If i'm not planning on Claiming Social security right?
• 24:05
  Speaker 2: Away these are all really relevant questions that are much
• 24:08
  Speaker 2: more relevant to the closer you are to retirement now
• 24:12
  Speaker 2: specific to target date funds for a. Moment, here, THEY i,
• 24:16
  Speaker 2: think for a good, reason are in retirement. Plans they
• 24:19
  Speaker 2: are a very simplified approach that the investment fiduciaries that
• 24:24
  Speaker 2: are attached to retirement plans can point to you to, say,
• 24:26
  Speaker 2: look at least we're doing something. Here, sure they can
• 24:30
  Speaker 2: also be in some cases pretty bad distribution tools for
• 24:36
  Speaker 2: somebody that is actually. Retired and here's the reason. Why
• 24:41
  Speaker 2: the whole benefit of diversification, one there's a few, benefits
• 24:45
  Speaker 2: but one of the big benefits to diversification is that
• 24:48
  Speaker 2: when things are going particularly poorly for one asset, class
• 24:51
  Speaker 2: you aren't forced into selling it just because you might need.
• 24:55
  Speaker 2: Money and that kind of doesn't work very well with
• 25:00
  Speaker 2: the target date, fund where you own one specific thing
• 25:04
  Speaker 2: for all of your different types of. Risk, yes and so,
• 25:08
  Speaker 2: yeah as an accumulation, tool you know it does it have, imperfections,
• 25:13
  Speaker 2: sure but, YEAH i can see why it's relied. Upon
• 25:16
  Speaker 2: when you're actually pulling money, out you don't have any
• 25:20
  Speaker 2: ability to go tell mister mutual fund, Manager, hey things
• 25:24
  Speaker 2: are looking pretty hairy right. Now why don't you, just you,
• 25:27
  Speaker 2: know take the cash out of the fund or the
• 25:29
  Speaker 2: government bonds that are in there and send me my.
• 25:32
  Speaker 2: Distribution that's not really how it. Works and so checking
• 25:36
  Speaker 2: in on this and better understanding these. Things the other
• 25:38
  Speaker 2: thing that a target date fund can't, do AND i would,
• 25:42
  Speaker 2: argue you, know the entire reason you have a financial
• 25:46
  Speaker 2: advisor in, place or a big chunk of.
• 25:48
  Speaker 3: The reason is how much DO i need to?
• 25:51
  Speaker 5: Save what's the magic dollar amount THAT i need to
• 25:54
  Speaker 5: have in this target date fund in order to have
• 25:57
  Speaker 5: a comfortable. Retirement what is the approach a bucket for
• 26:00
  Speaker 5: me to pull money? Out of the day THAT i.
• 26:02
  Speaker 5: RETIRE i know when people think about financial, advisors they
• 26:06
  Speaker 5: tend to think about investments for pretty obvious. Reasons they
• 26:09
  Speaker 5: tend to manage those, investments and that's the piece that
• 26:12
  Speaker 5: you see every. Day there have been study after study
• 26:15
  Speaker 5: that shows that the true value in a financial advisor
• 26:18
  Speaker 5: doesn't usually come from the investment, performance but rather all
• 26:22
  Speaker 5: the other things that go along with, it such as
• 26:24
  Speaker 5: investing on a tax efficient, basis doing the actual planning
• 26:27
  Speaker 5: so you know how much you need offering other ancillary
• 26:31
  Speaker 5: advice when they sometimes do around tax efficiency and estate
• 26:34
  Speaker 5: planning and things along those lines that you just don't
• 26:38
  Speaker 5: get from the average for a ONE k.
• 26:41
  Speaker 2: Plan one other thing THAT i do want to add
• 26:43
  Speaker 2: just in the conversation here is that there is in terms,
• 26:47
  Speaker 2: of you, know the positives of target date funds in some,
• 26:51
  Speaker 2: cases there's a lot of research that does show that
• 26:55
  Speaker 2: they typically do perform better than investors just trying to
• 26:59
  Speaker 2: pick their own four to WIN k. Options and the
• 27:01
  Speaker 2: reason why is actually kind of. Simple so there's a
• 27:04
  Speaker 2: study here From John, craycraft who's the director of financial
• 27:07
  Speaker 2: planning at a wealth management. Firm he says people do
• 27:10
  Speaker 2: at least ten percent worse on average than they would
• 27:12
  Speaker 2: in their auto and rolled target date funds if picking
• 27:15
  Speaker 2: their own. Investments and the reason why is not that
• 27:19
  Speaker 2: people are like horrible at you, know understanding like different
• 27:23
  Speaker 2: investments in this and. That, sure it's that most people
• 27:26
  Speaker 2: don't even get to that point what they typically. Do
• 27:29
  Speaker 2: and Again i've seen this just from seeing enough people
• 27:31
  Speaker 2: who have you, know invested in four or ONE k. Plans,
• 27:33
  Speaker 2: historically they you, know get their four to ONE k
• 27:37
  Speaker 2: plan investment selections and one of the columns in there
• 27:40
  Speaker 2: is like previous year, return and what they typically do
• 27:44
  Speaker 2: is they pick whatever did best in the last, year
• 27:47
  Speaker 2: not realizing that it's not like a guaranteed rate of
• 27:49
  Speaker 2: return or.
• 27:50
  Speaker 4: Anything and as we.
• 27:51
  Speaker 2: Talk about quite often on this, show what did best
• 27:55
  Speaker 2: in the last year or even the last ten years
• 27:58
  Speaker 2: is very rarely the thing that does best in the subsequent.
• 28:01
  Speaker 6: Period.
• 28:02
  Speaker 2: Uh if you, were you, know back in two thousand
• 28:04
  Speaker 2: and five and looking, at, Hey i'm gonna you, know
• 28:06
  Speaker 2: start this four oh ONE, k the best performing stuff
• 28:09
  Speaker 2: in the last decade was emerging, markets and then for
• 28:12
  Speaker 2: the next twenty years they sucked. Wind if you did
• 28:15
  Speaker 2: this back in twenty twenty, four at the end of
• 28:18
  Speaker 2: the year and, said, okay like, great like one hundred
• 28:21
  Speaker 2: PERCENT us markets is WHERE i should. Be, well you
• 28:23
  Speaker 2: missed the giant run up in international stocks last, year
• 28:27
  Speaker 2: and so these are the things where hey understanding like
• 28:31
  Speaker 2: how a four oh ONE k works and what the
• 28:33
  Speaker 2: investments are inside of, it at all different points along
• 28:36
  Speaker 2: your financial. Journey it's pretty important to have that context
• 28:41
  Speaker 2: so that you understand what's, happening.
• 28:42
  Speaker 3: Especially when you intend to start using the.
• 28:44
  Speaker 4: Money so, yeah because that's when it really starts to.
• 28:46
  Speaker 3: Matter if you.
• 28:47
  Speaker 5: Have those questions and you're curious about what a financial
• 28:49
  Speaker 5: advisor can do for you to improve your.
• 28:52
  Speaker 3: Scenario give us a.
• 28:53
  Speaker 5: Call eight hundred three nine three four zero zero one
• 28:56
  Speaker 5: is the number for The Armstrong Advisory. Group that number
• 28:59
  Speaker 5: once again for your free, call eight hundred three nine
• 29:02
  Speaker 5: three four zero zero.
• 29:03
  Speaker 1: One the proceeding was paid for By Armstrong Advisory, group
• 29:06
  Speaker 1: a registered investment. Advisor nothing in the ad or in
• 29:09
  Speaker 1: Any armstrong guide a specific, financial, legal or tax. Advice
• 29:12
  Speaker 1: consult your own, financial, tax and estate planning advisors before
• 29:14
  Speaker 1: making any investment. Decisions armstrong may contact you to offer
• 29:17
  Speaker 1: investment advisory.
• 29:18
  Speaker 2: Services take a quick break here and when we come,
• 29:23
  Speaker 2: back we'll do a little bit of Stack.
• 29:24
  Speaker 1: Roulette daily financial content in your feed when you want.
• 29:29
  Speaker 1: It follow The Financial exchange On. Instagram face is The Financial.
• 29:33
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• 29:38
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• 29:41
  Speaker 1: get the latest business and financial news from across the
• 29:44
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• 29:47
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• 29:54
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• 29:58
  Speaker 6: Network, mike what do you got for?
• 30:12
  Speaker 3: Me for Stack, RULO i want to talk about the gig.
• 30:14
  Speaker 5: Economy so we, saw, well we've seen a general trend
• 30:18
  Speaker 5: line where it's been easier to work.
• 30:20
  Speaker 3: In the gig economy for a number of.
• 30:22
  Speaker 5: Reasons, one the employers out there OR i guess non
• 30:25
  Speaker 5: employers contractors out, there really like the model that requires
• 30:28
  Speaker 5: them to not provide a whole bunch of benefits and
• 30:32
  Speaker 5: have a very flexible. Workforce companies Like uber have made this,
• 30:35
  Speaker 5: prevalent but are you even seeing it in Nursing in other?
• 30:37
  Speaker 5: Areas this was really easy to do as an employee
• 30:42
  Speaker 5: as well for the last five years because of a
• 30:45
  Speaker 5: bunch of very big subsidies around health.
• 30:46
  Speaker 3: Insurance so for the.
• 30:48
  Speaker 5: Last five years due TO, covid getting your health insurance
• 30:52
  Speaker 5: from THE, aca The Affordable Care act was pretty darn.
• 30:57
  Speaker 5: Cheap assuming you, made you, know as a family of,
• 31:01
  Speaker 5: four less than like one hundred, grand there were still
• 31:05
  Speaker 5: subsidies available to you in a lot of. Cases twenty
• 31:07
  Speaker 5: twenty six came around that completely wiped. Out, NOW i
• 31:10
  Speaker 5: doubt this is going to have a meaningful shift on
• 31:13
  Speaker 5: employment in the gig economy, immediately BUT i do think
• 31:17
  Speaker 5: it could have some you, know some tail risk here
• 31:20
  Speaker 5: to those people who you, know liked the flexibility and
• 31:23
  Speaker 5: were able to make it work because of the health insurance,
• 31:26
  Speaker 5: piece and may not be able to beyond twenty twenty
• 31:30
  Speaker 5: six when they realized just how expensive the unsubsidized health
• 31:33
  Speaker 5: insurance goes For there will still be plenty of time
• 31:37
  Speaker 5: that pick up extra hours delivering food and you, know
• 31:40
  Speaker 5: doing all sorts of other. Things but for the person
• 31:43
  Speaker 5: that shows it as a full time, career it has
• 31:47
  Speaker 5: dramatically shifted the overall formula as to whether or not
• 31:50
  Speaker 5: it makes.
• 31:50
  Speaker 2: Sense it's INTERESTING i hadn't thought of it in the
• 31:53
  Speaker 2: context of the gig.
• 31:54
  Speaker 4: Economy.
• 31:55
  Speaker 5: Yeah, again it's just you, know where else is there
• 31:58
  Speaker 5: a huge group of people that buy their own health?
• 32:00
  Speaker 3: Insurance definitely, There, yeah definitely.
• 32:02
  Speaker 2: THERE i want to talk about this piece why concerts
• 32:05
  Speaker 2: keep getting more, expensive and it's making the case, that you,
• 32:09
  Speaker 2: know artists that tour around the country are visiting fewer,
• 32:14
  Speaker 2: stops which may be. True i'll just say either, way
• 32:17
  Speaker 2: it's an extension of the same Thing i've been talking
• 32:18
  Speaker 2: about in many, respects which is, just, hey there are
• 32:21
  Speaker 2: more people now for the same finite number of. Seats
• 32:25
  Speaker 2: Madison Square garden doesn't add seats every.
• 32:29
  Speaker 3: Year you don't think there's less competition in the space.
• 32:32
  Speaker 5: Too LIKE i don't know what the landscape looked like
• 32:35
  Speaker 5: fifty years ago if you were The beatles going on,
• 32:38
  Speaker 5: Tour but do you think you had more options to
• 32:40
  Speaker 5: select from in terms of where those who sold those
• 32:43
  Speaker 5: tickets and.
• 32:45
  Speaker 3: Where you.
• 32:46
  Speaker 2: Performed, ultimately that'll work itself out on the secondary, market
• 32:49
  Speaker 2: which is WHERE i think you see what's really happening with,
• 32:52
  Speaker 2: pricing because Like ticketmaster doesn't control pricing on Stub hub
• 32:55
  Speaker 2: or something like, that and like this is where we
• 32:58
  Speaker 2: see all of the really. Pricing, Look i'll come back
• 33:03
  Speaker 2: to the same thing THAT i say over and over
• 33:05
  Speaker 2: if you went to a, Beach let's, say if you're
• 33:08
  Speaker 2: listening to us right, now when you're sixty and you
• 33:10
  Speaker 2: went to you, know a beach as a kid when
• 33:12
  Speaker 2: you were ten years. Old there are way more people right,
• 33:16
  Speaker 2: now and there aren't way more. Beaches it's the same.
• 33:20
  Speaker 2: Beach and that's why the parking went from being free
• 33:24
  Speaker 2: to a, dollar to five dollars to forty. Dollars and
• 33:27
  Speaker 2: that's why you, know, hey we used to be able
• 33:30
  Speaker 2: to get to the beach at ten am and get
• 33:32
  Speaker 2: a prime, spot and now we got to get there
• 33:33
  Speaker 2: at six in order to get you, know a, spot
• 33:35
  Speaker 2: and there's someone right next to.
• 33:37
  Speaker 4: Us the wh.
• 33:39
  Speaker 2: This is why like the world kind of feels like
• 33:43
  Speaker 2: we can't get, ahead is because there are these finite
• 33:46
  Speaker 2: resource items that we all, want and now because they're
• 33:50
  Speaker 2: getting more, expensive they also have a status attachment to,
• 33:54
  Speaker 2: them and that means that people that are wealthier than
• 33:56
  Speaker 2: us will want to pay for those things more than
• 33:59
  Speaker 2: we're able to or more than we want.
• 34:01
  Speaker 5: To, yeah the music industry in particular is interesting beyond
• 34:04
  Speaker 5: that to, me in that, now for a large portion of,
• 34:08
  Speaker 5: artists the only way that they make any real money
• 34:10
  Speaker 5: is from those concert. Tours oh, yeah because the streaming
• 34:12
  Speaker 5: guys have just crushed. Them streaming has killed any sort
• 34:15
  Speaker 5: of album. Sales and so the way that you monetize
• 34:20
  Speaker 5: yourself as a musical, artist unless You're Taylor swift and
• 34:23
  Speaker 5: a select few, others is by going on. Tour and even,
• 34:27
  Speaker 5: THERE i, mean that's where she makes her true money
• 34:29
  Speaker 5: from WHAT i. Understand, yes and so the incentives are
• 34:32
  Speaker 5: just very different than they. WERE i, mean, heck even
• 34:35
  Speaker 5: fifteen years, ago they were a heck of a lot
• 34:38
  Speaker 5: different in terms of incentives for musical. Artists, yeah working
• 34:42
  Speaker 5: In america has become. Joyless seems like a pretty blanket
• 34:47
  Speaker 5: statement to. Me they go into an, office and The
• 34:49
  Speaker 5: Wall Street journal wrote, this and they go into an
• 34:51
  Speaker 5: office At Dell, technologies which does not sound very.
• 34:54
  Speaker 3: Fun they went in.
• 34:56
  Speaker 5: Dead dell and they took away the free espresso machine
• 34:59
  Speaker 5: and they started charging people for.
• 35:00
  Speaker 3: Espresso so that would kiss.
• 35:02
  Speaker 5: Me off so. Much so here's the commitment from the
• 35:06
  Speaker 5: folks At armstrong is we have free espresso in the
• 35:09
  Speaker 5: lobby here and if you're A dell employee and you're feeling,
• 35:11
  Speaker 5: gypped then you want to drive on down To. Armstrong
• 35:14
  Speaker 5: we've got free. Espresso we'll buy you a cup of
• 35:16
  Speaker 5: espresso here at The Armstrong Advisory. Group that's What I'm
• 35:20
  Speaker 5: do you think that offices have become measurably more?
• 35:24
  Speaker 3: Miserable?
• 35:24
  Speaker 4: OH i think they were freaking?
• 35:26
  Speaker 2: Soft, Yeah, like, oh offices have become more. Joyless, okay
• 35:32
  Speaker 2: go spend like a day in The triangle shirtwaist factory
• 35:35
  Speaker 2: before the fire hit there and killed like two hundred
• 35:38
  Speaker 2: people back in the nineteen twenties or nineteen, tens, like, oh,
• 35:42
  Speaker 2: like my job's so joyless now corporate monitors. Me and,
• 35:45
  Speaker 2: Look i'm not saying, that like corporate should be like
• 35:47
  Speaker 2: monitoring your every. Keystroke that stuff. Sucks but we're really
• 35:51
  Speaker 2: bad at contextualizing how much better our lives are than
• 35:54
  Speaker 2: one hundred and ten years.
• 35:55
  Speaker 4: Ago that part's, True, like, oh.
• 35:58
  Speaker 2: They took away my freest so oh, no THIS siousi
• 36:02
  Speaker 2: went up in. Price give me a. Break you go
• 36:06
  Speaker 2: work in like The armor meat packing plant and tell
• 36:09
  Speaker 2: me how your life. Was you'd be, like, Man i've
• 36:11
  Speaker 2: never even heard of espresso because All i'm doing is
• 36:15
  Speaker 2: like sticking my arms in places where my fingers are
• 36:18
  Speaker 2: gonna get chopped.
• 36:18
  Speaker 5: OFF i will make the case that whether or not
• 36:21
  Speaker 5: people are excited about the labor market is entirely tied
• 36:24
  Speaker 5: to the free. Perks no degree to which you think
• 36:29
  Speaker 5: you might get fired. Soon that's what makes employees miserable
• 36:34
  Speaker 5: is if they think they're gonna be fired soon because
• 36:36
  Speaker 5: either their company's being shaken up from a new technology
• 36:40
  Speaker 5: company THAT i mentioned earlier and they don't know how
• 36:42
  Speaker 5: it's going to work out for, them or the economy
• 36:45
  Speaker 5: as a whole is looking pretty.
• 36:47
  Speaker 3: Bad then people are gonna tell you that their job.
• 36:49
  Speaker 5: Sucks when when you were getting bonuses for working from
• 36:53
  Speaker 5: home and taking a new, job you, know DURING, covid
• 36:58
  Speaker 5: you didn't hear a lot of complaining about how much your.
• 36:59
  Speaker 4: Job when was work?
• 37:02
  Speaker 2: Joyful like when when was like the time that people
• 37:05
  Speaker 2: just skipped around, going, oh look the tulips of bloom.
• 37:09
  Speaker 4: Min it's A monday AND i get to go.
• 37:11
  Speaker 3: TO, whoa what a beautiful? Morning like, like what are
• 37:14
  Speaker 3: we doing?
• 37:15
  Speaker 2: Here this is just such revisionist. History i'm not, saying
• 37:18
  Speaker 2: And i'm not someone who's like work always, Sucks like
• 37:21
  Speaker 2: that's not What i'm.
• 37:22
  Speaker 3: Saying but.
• 37:24
  Speaker 4: You go to work and you do the, work and
• 37:26
  Speaker 4: then you go home.
• 37:27
  Speaker 5: And you get a paycheck to feed your. Family that's
• 37:29
  Speaker 5: what the money's. For Like i'm, Sorry like working In
• 37:34
  Speaker 5: america became so, Joyless LIKE i just can't get past
• 37:41
  Speaker 5: this idea that like people just think it was like
• 37:43
  Speaker 5: this magical. Thing the only time that working In america
• 37:47
  Speaker 5: was probably like joyful was like the early nineteen fifties
• 37:50
  Speaker 5: when you could just get hammered on the job and
• 37:51
  Speaker 5: no one.
• 37:52
  Speaker 4: Cared that's.
• 37:54
  Speaker 2: Stopped So i'm, told, well you, know and even then
• 37:59
  Speaker 2: eventual they was, like, oh we can't do this, Anymore
• 38:01
  Speaker 2: like this isn't, good you.
• 38:03
  Speaker 4: Know is SO i don't, Know LIKE i JUST i
• 38:07
  Speaker 4: find stuff like this to just not be grounded in.
• 38:11
  Speaker 4: Reality but that's just.
• 38:13
  Speaker 2: Me we're gonna take a quick break for the rest
• 38:15
  Speaker 2: of the, day and when we come, back we'll try
• 38:17
  Speaker 2: to have a more joyful show.
• 38:19
  Speaker 4: Tomorrow