Latest / Earn Your Leisure / TRUMP’S TARIFFS EXPLAINED: Impact on Your Wallet, Opportunities, Recession Warning & Market Crash

Transcript

TRUMP’S TARIFFS EXPLAINED: Impact on Your Wallet, Opportunities, Recession Warning & Market Crash · Earn Your Leisure

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  Speaker 1: pushing your vision forward. Ladies and gentlemen, Good evening, Happy
• 1:56
  Speaker 1: Thursday and Thursday. Yes, yes, yes, yes, it's uh. It's
• 2:00
  Speaker 1: been a hell of a day. It's been a hell
• 2:01
  Speaker 1: of a day. Shout out to everybody here in the chat. Alicia,
• 2:05
  Speaker 1: what's going on? You said you are a newbie. Welcome
• 2:08
  Speaker 1: to the family. Welcome to the family. We're gonna have
• 2:10
  Speaker 1: some some insightful conversations tonight, because where else would you
• 2:15
  Speaker 1: go to get insightful conversations.
• 2:17
  Speaker 2: That's a fact.
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  Speaker 3: Thank you for trusting us. That's a fact. That's a fact.
• 2:21
  Speaker 2: We're going to let.
• 2:22
  Speaker 3: Everybody get in here, let the family get in here.
• 2:24
  Speaker 1: We're gonna have a spirited conversation because there's a lot
• 2:28
  Speaker 1: going on, and there's a lot to be explained, and
• 2:31
  Speaker 1: there's a lot of confusion, a lot of anks, a
• 2:34
  Speaker 1: lot of uncertainty, and so hopefully we can offer some clarity,
• 2:39
  Speaker 1: some concise information that you can take with you tomorrow
• 2:44
  Speaker 1: and going forward.
• 2:45
  Speaker 3: So that's what our job is here tonight.
• 2:47
  Speaker 2: This is e y State of Emergency Special edition for sure.
• 2:54
  Speaker 2: For sure, so this is live. This is live, so
• 2:57
  Speaker 2: we could definitely answer some questions here. This was Yeah,
• 3:02
  Speaker 2: we wasn't expecting to go live. It wasn't expecting to
• 3:04
  Speaker 2: have an episode this week, but what everything that's going on,
• 3:09
  Speaker 2: felt that it was very timely and very important because
• 3:15
  Speaker 2: I'm sure a lot of people lost a lot of
• 3:16
  Speaker 2: money today in their in their portfolios, and there's a
• 3:22
  Speaker 2: lot of people that's nervous about different things. So we
• 3:25
  Speaker 2: are going to provide you with a bunch of information.
• 3:28
  Speaker 2: But before we start, ah man, this is more timely
• 3:33
  Speaker 2: than ever invest fst. Yeah, this year is gonna be interesting. Yeah,
• 3:39
  Speaker 2: for sure. The information and the relationships. The only thing
• 3:42
  Speaker 2: that's gonna save you in this world. Get your tickets
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  Speaker 2: to invest Fast Investfest dot com the holy grail when
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  Speaker 2: it comes to networking and business and entrepreneurship. August twenty second,
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  Speaker 2: in Atlanta, Judgia, and don't forget the book. You deserve
• 3:54
  Speaker 2: to be rich. This is exactly why you deserve it.
• 3:56
  Speaker 2: Also very timely. Yeah, so okay, I have opinions about this,
• 4:03
  Speaker 2: So we're gonna bring We're gonna bring some very esteemed
• 4:05
  Speaker 2: guests on any minute Friends of the show for sure, yep.
• 4:09
  Speaker 2: But before we start, I want to just you know,
• 4:13
  Speaker 2: say that I told you.
• 4:18
  Speaker 1: So that's what you're starting, all right? Which part? Which
• 4:22
  Speaker 1: part did you tell him? Let's start there.
• 4:25
  Speaker 2: Well, I said that mass deportation would lead to an
• 4:30
  Speaker 2: increase in home prices. And the New York Times actually
• 4:36
  Speaker 2: just published an article two days ago about the increasing
• 4:40
  Speaker 2: home prices because of mass deportation. They said one guy,
• 4:44
  Speaker 2: they had, one guy in particularly, his home was his
• 4:47
  Speaker 2: home build. The new home build was going up two
• 4:50
  Speaker 2: hundred thousand dollars because of labor. Labor, that's an issue.
• 4:56
  Speaker 2: That's one thing I told you about supply is The
• 4:59
  Speaker 2: next thing that I I said is that tarris is
• 5:01
  Speaker 2: not a good idea. Mass scale tariffs is not a
• 5:06
  Speaker 2: good idea. So I think it's important to understand why
• 5:10
  Speaker 2: I think that. But it's just my opinion. But I mean,
• 5:13
  Speaker 2: we lost one point six trillion dollars in the stock
• 5:15
  Speaker 2: market today in the day. I guess a few other
• 5:17
  Speaker 2: people feel that same way, but.
• 5:19
  Speaker 3: I think most economists felt that way.
• 5:21
  Speaker 1: Right, Like if you if you watched and you studied
• 5:24
  Speaker 1: economists what they've been saying even pre election, right when
• 5:28
  Speaker 1: they were looking at economic plans and they were saying
• 5:30
  Speaker 1: tariffs like twenty nine out of thirty. I think some
• 5:33
  Speaker 1: percentage like that were like, mass tariffs are a bad idea.
• 5:37
  Speaker 2: Even dan Obs yesterday.
• 5:38
  Speaker 1: Were saying, like after the rollout, this is worse than
• 5:42
  Speaker 1: the worst case scenario.
• 5:43
  Speaker 2: Well, another thing I think is interesting is that there's
• 5:46
  Speaker 2: really no rhyme or reason to this situation, Like even
• 5:49
  Speaker 2: the explanation of how they decided the formula for the taroffs. No,
• 5:54
  Speaker 2: we're still trying to figure that part out.
• 5:55
  Speaker 1: I looked it up. I looked it up. It's like
• 5:57
  Speaker 1: some math equations. The New York Times put it in uh
• 6:00
  Speaker 1: in the publication. Even that doesn't the equation doesn't make sense.
• 6:05
  Speaker 1: I think the clearest way they're trying to say is
• 6:06
  Speaker 1: that whatever they're that the United States is being charge,
• 6:09
  Speaker 1: they're gonna give a reciprocal a tariff of half of that.
• 6:13
  Speaker 2: But that's not the case though, I know. And so
• 6:15
  Speaker 2: they just made up a random They just made up
• 6:17
  Speaker 2: random numbers and threw it at the board. I got
• 6:20
  Speaker 2: the border here the board. Let's put it up. Let's
• 6:22
  Speaker 2: put the board up. Let's put the board up. Yeah.
• 6:27
  Speaker 2: So I mean just look at Japan, right, I mean
• 6:29
  Speaker 2: forty six, So twenty four is not fifty forty six, right,
• 6:37
  Speaker 2: So it's just a bunch of random like we're in.
• 6:40
  Speaker 2: Colombia is ten to ten. So some countries they matched,
• 6:43
  Speaker 2: even some countries they did fifty. Some countries they did thirty.
• 6:47
  Speaker 2: Some countries. There's really no set rhyme or reason behind
• 6:51
  Speaker 2: how they actually got these tariffs. Vietnam ninety. Okay. What
• 6:58
  Speaker 2: I also said earlier on social media was that you know,
• 7:02
  Speaker 2: a lot of people Trump's thing is that it's retaliatory,
• 7:07
  Speaker 2: and they tax us, they have tariffs on us. So
• 7:10
  Speaker 2: I think it's important to actually have some level of understanding.
• 7:13
  Speaker 2: I said this on social media, but a lot of
• 7:14
  Speaker 2: these terrifts was put in place after World War Two
• 7:17
  Speaker 2: when we were trying to actually help rebuild the world really,
• 7:20
  Speaker 2: but especially these Asian countries. That was I mean, they
• 7:23
  Speaker 2: was damned and devastated tremendously from the war, right, so
• 7:26
  Speaker 2: that was a way. But America has the largest spending
• 7:33
  Speaker 2: economy in the history of the world in so far economy,
• 7:36
  Speaker 2: and the amount of money that we actually spend on
• 7:43
  Speaker 2: exports far exceeds the amount that we The amount of
• 7:47
  Speaker 2: money that we spent on imports far seas the amount
• 7:49
  Speaker 2: that we spent on exports. So we spent three point
• 7:51
  Speaker 2: two trillion dollars on exports, but around two trillion on
• 7:58
  Speaker 2: exports three point two one imports, two trillion on exports,
• 8:02
  Speaker 2: so that leaves a one point one trillion dollar deficit.
• 8:07
  Speaker 2: So the idea of like an i Fouri is not
• 8:10
  Speaker 2: really a relevant conversation because we spend so much more
• 8:18
  Speaker 2: on exports on imports, and that's everything from cars to fabrics,
• 8:22
  Speaker 2: to furnitures, to games, you name it. The biggest continent
• 8:27
  Speaker 2: that we that we import products from is Asia. China
• 8:32
  Speaker 2: is the number one country, and then after that it's
• 8:34
  Speaker 2: North America with Canada, and Mexico. So what ends up
• 8:39
  Speaker 2: happening is that when you have tariffs. Let's say it's
• 8:42
  Speaker 2: a board game that's coming from Vietnam and Walmart is
• 8:46
  Speaker 2: carrying it, so Vietnam doesn't pay more money, but what
• 8:50
  Speaker 2: happens is that Walmart is gonna have to pay more money.
• 8:52
  Speaker 1: I think that is the confusion, and because that's been
• 8:55
  Speaker 1: the message throughout the campaign, is that it's a tax
• 8:58
  Speaker 1: on the country. It's a tax on the country. Set
• 9:00
  Speaker 1: a tax, a tax on the country. People believe that
• 9:03
  Speaker 1: a tariff is a tax on the country. What a
• 9:06
  Speaker 1: tariff is is kind of what you're explaining right, Like,
• 9:08
  Speaker 1: it won't be up to the country, It'll be on
• 9:11
  Speaker 1: the person that is receiving the import.
• 9:13
  Speaker 2: The person that buys the products from the country.
• 9:15
  Speaker 1: Thing.
• 9:16
  Speaker 2: So then okay, so if a board game goes from
• 9:19
  Speaker 2: ten dollars to twelve dollars, that they have to buy it.
• 9:21
  Speaker 2: Now they're going to have to sell it. It's not
• 9:23
  Speaker 2: going to be eighteen dollars, is going to be twenty
• 9:25
  Speaker 2: two dollars when they sell it. Yeah, so that's why
• 9:28
  Speaker 2: everything is going to go up because it's going to
• 9:31
  Speaker 2: cost more money. Now, another thing that let.
• 9:34
  Speaker 1: Me just touch on that so to like even make
• 9:36
  Speaker 1: it more clear for you. Right, let's use the Walmart example.
• 9:39
  Speaker 1: Let's use the board game for example. That tariff that
• 9:43
  Speaker 1: comes with the board game, Right, Walmart is going to
• 9:45
  Speaker 1: have to do have a choice here, Right, They're either
• 9:47
  Speaker 1: going to say, we're going to pay this tariff whatever
• 9:50
  Speaker 1: the percentage is, or we're not.
• 9:52
  Speaker 3: Going to pay this tariff. And you know who's going
• 9:54
  Speaker 3: to pay it, our customers.
• 9:56
  Speaker 1: And so when they put that price inside of whatever
• 9:59
  Speaker 1: the product is, you pay more.
• 10:01
  Speaker 2: Yeah, but they still even if they pay it, they're
• 10:03
  Speaker 2: still going to pay what I'm saying they have Walmart
• 10:06
  Speaker 2: has to pay it, but the cost is going to
• 10:08
  Speaker 2: be built into the product, which now the product pays more.
• 10:11
  Speaker 2: So so then another theory is that, Okay, well this
• 10:14
  Speaker 2: is going to force jobs back to America. Now, on theory,
• 10:19
  Speaker 2: that's not That's not a bad theory. I want to
• 10:23
  Speaker 2: be non biased about this conversation. It's not a bad
• 10:25
  Speaker 2: theory because we we we have outsourced manufacturing for decades
• 10:30
  Speaker 2: and we are dependent on other countries and that that
• 10:33
  Speaker 2: could lead to problems. Now, but the problem with this
• 10:37
  Speaker 2: theory is that it's going obviously it's going to take
• 10:41
  Speaker 2: a long time. You just can't build seven hundred factories
• 10:44
  Speaker 2: in one month, right, So it's going to take a
• 10:46
  Speaker 2: long time to actually build these factories. But it's the
• 10:48
  Speaker 2: first problem. That's the first problem. So there's going to
• 10:51
  Speaker 2: be paying in that in that process. The second problem
• 10:54
  Speaker 2: is that the labor. So I put it on Instagram,
• 10:58
  Speaker 2: the price that it costs to build a car per
• 11:00
  Speaker 2: worker in America is seventy dollars. The price that it
• 11:05
  Speaker 2: costs in Mexico is like six dollars an hour. So
• 11:09
  Speaker 2: if you have to pay work, that's why the prices
• 11:11
  Speaker 2: of houses are going up, because the amount of money
• 11:15
  Speaker 2: that you can pay an undocumented immigrant is a lot
• 11:19
  Speaker 2: lower than the amount of money that you would have
• 11:21
  Speaker 2: to pay a union construction worker. I'm not saying what's
• 11:24
  Speaker 2: right or wrong, right, that's not the base of this conversation.
• 11:28
  Speaker 2: I'm just saying that's just the actual fact. So if
• 11:30
  Speaker 2: you have to pay somebody more money, once again, what
• 11:33
  Speaker 2: do you think that that cost is going to go.
• 11:34
  Speaker 2: That's going to go to the consumer because it's going
• 11:37
  Speaker 2: to cost more money to get the job done. Another
• 11:39
  Speaker 2: thing like using the auto industry as an example, but
• 11:41
  Speaker 2: this is true to any Like there's companies now that
• 11:45
  Speaker 2: make products in America, auto companies. There's no auto company
• 11:49
  Speaker 2: that makes products in America that does not ship and
• 11:52
  Speaker 2: receive products from overseas to build the car. So when
• 11:55
  Speaker 2: you build the car, you have to get an engine,
• 11:57
  Speaker 2: you have to get a variety of different compacts. Those
• 12:00
  Speaker 2: parts come from overseas. So now if you put tariffs
• 12:04
  Speaker 2: on those parts, it's still going to raise the course
• 12:06
  Speaker 2: of the car and a variety of the different things.
• 12:08
  Speaker 2: So it's like, okay, well, why can't we get cheap
• 12:10
  Speaker 2: parts made in America. Well, it's it's a pretty complicated problem,
• 12:15
  Speaker 2: right because well that goes back to the labor as well.
• 12:19
  Speaker 2: That goes back to actually having the facilities to actually
• 12:22
  Speaker 2: do it. There's a variety of different things that we've
• 12:24
  Speaker 2: outsourced and we don't have Let's just be honest, we
• 12:30
  Speaker 2: don't have a labor force that is built to build iPhones.
• 12:35
  Speaker 2: Like nobody wants that's nobody wants to sit in a
• 12:37
  Speaker 2: tech sweatshop for twelve hours a day.
• 12:40
  Speaker 1: Is yeah, this is not right around. This is just
• 12:42
  Speaker 1: literally what's happening. And I saw the statistic, it was like,
• 12:46
  Speaker 1: this makes perfect sense. Right, we let with yes, we
• 12:50
  Speaker 1: are the number one consumer nation. Right, our GDP is
• 12:53
  Speaker 1: twenty percent, right of the world's In twenty percent of
• 12:58
  Speaker 1: the world's GDP belongs the United States. Right, we have
• 13:01
  Speaker 1: five percent of the world's population, which means that we're
• 13:04
  Speaker 1: always going to fall short on labor. The other part
• 13:07
  Speaker 1: is that when we have the labor, we can't afford
• 13:10
  Speaker 1: to pay the labor. Right, So this is why you
• 13:12
  Speaker 1: outsource jobs. Look at a company like Apple for example,
• 13:15
  Speaker 1: today right had its worst day since the COVID pandemic started.
• 13:21
  Speaker 1: Why Well, a lot of the factories and a lot
• 13:24
  Speaker 1: of the products that they manufacture come from China. If
• 13:28
  Speaker 1: you're going to put that heavy of attax on China,
• 13:30
  Speaker 1: what do you think is going to happen into a.
• 13:33
  Speaker 2: Company like Apple's products?
• 13:34
  Speaker 1: Right, That nine hundred dollars phone is now going to
• 13:37
  Speaker 1: be fifteen seventeen.
• 13:43
  Speaker 2: And then and then it's also a thing. By the
• 13:45
  Speaker 2: time they build the factories, AI's robots are going to
• 13:49
  Speaker 2: be doing the jobs anyway that's cost effective. But that's
• 13:52
  Speaker 2: not helpful as far as getting American jobs. These jobs
• 13:55
  Speaker 2: are not coming back to America because they're not they're outdated. Anyway.
• 14:00
  Speaker 2: Eventually these jobs are not even gonna be done by
• 14:02
  Speaker 2: human beings anyway. So to have a long term trajectory
• 14:06
  Speaker 2: on a short term job, it's not sustainable, Like human
• 14:11
  Speaker 2: beings are not going to be manufacturing cars for too
• 14:13
  Speaker 2: much longer. It doesn't make sense cars when you tail product,
• 14:16
  Speaker 2: when you can have a robot do it, why would
• 14:19
  Speaker 2: you have a human do it? So there's this bright side.
• 14:22
  Speaker 1: And while I'm watching all this knowing that, it's like, well,
• 14:25
  Speaker 1: if it's going to be roboties, it's going to be
• 14:27
  Speaker 1: a gentist. Well we've already been speaking about that, right,
• 14:30
  Speaker 1: So the bright side is, yes, this pain right now,
• 14:32
  Speaker 1: but we can see what the future is at it.
• 14:34
  Speaker 3: Right, we can kind of see like there's not going
• 14:36
  Speaker 3: to be a human doing those jobs.
• 14:37
  Speaker 1: Right, whether you're talking about Apple, you're talking about Nike,
• 14:40
  Speaker 1: you're talking about Walmart from a retail or a good side,
• 14:44
  Speaker 1: those jobs are going to be done by robotics. We
• 14:45
  Speaker 1: can agree on that. Yeah, go forward, and it's more
• 14:48
  Speaker 1: cost effective to do that. So if we think about
• 14:51
  Speaker 1: who's gonna pay for the labor, well, if we have
• 14:52
  Speaker 1: machines doing the labor, then that labor course is gonna
• 14:56
  Speaker 1: go down.
• 14:57
  Speaker 2: The labor course goes down, but the unemployment. So there
• 15:00
  Speaker 2: we go. The number one thing is like, we're going
• 15:02
  Speaker 2: to bring jobs back to America. Well that's not really
• 15:05
  Speaker 2: bringing jobs back. If robots are assembling iPhones and robots
• 15:09
  Speaker 2: are assembling cars, where's the jobs? Okay, Okay, Well let's
• 15:16
  Speaker 2: since sometimes people need to hear it from other points
• 15:19
  Speaker 2: of view, So we're going to bring our friend, the
• 15:23
  Speaker 2: NBC corresponding and host Frank Collin.
• 15:29
  Speaker 4: What's up, what's going on?
• 15:31
  Speaker 2: What's going on?
• 15:31
  Speaker 3: What's up?
• 15:32
  Speaker 2: Man?
• 15:32
  Speaker 5: Man honored a pleasure to be back with It's not
• 15:34
  Speaker 5: market Monday's Market Thursdays.
• 15:36
  Speaker 4: I guess you know, terror special, but it's really a
• 15:38
  Speaker 4: pleasure to.
• 15:41
  Speaker 5: Always like listening to these conversations you guys have, especially
• 15:43
  Speaker 5: when you kick off the show, because it just kind
• 15:45
  Speaker 5: of gives everybody an insight of what you guys are
• 15:46
  Speaker 5: thinking about, what's on your mind.
• 15:48
  Speaker 1: For sure, I appreciate that. And shout shout out to Ian.
• 15:50
  Speaker 1: I know a lot of people in the chat. Ian
• 15:52
  Speaker 1: is actually in the chat, y'all, so like you're asking
• 15:54
  Speaker 1: for him, he's in the chat.
• 15:55
  Speaker 2: Shout out to salute.
• 15:59
  Speaker 4: Okay, So yeah, that it was up to end man,
• 16:01
  Speaker 4: tell you what's up, don't get me up.
• 16:03
  Speaker 2: So, Frank, you work on you work at CNBC.
• 16:07
  Speaker 4: Right, So.
• 16:10
  Speaker 2: Okay. Sometimes people might think that I'm a little biased,
• 16:14
  Speaker 2: but I would like, I'm sure anymore.
• 16:17
  Speaker 1: I'm reading the comments, Like for the first time I
• 16:19
  Speaker 1: read comments and it was like, this is what you
• 16:21
  Speaker 1: asked for or they're like you.
• 16:23
  Speaker 3: Were a dem I'm like, what side do they think
• 16:24
  Speaker 3: you on?
• 16:25
  Speaker 1: At this point, It's mixed signals out there.
• 16:29
  Speaker 2: I'm on everybody.
• 16:32
  Speaker 4: I'm on the side recession.
• 16:34
  Speaker 2: I'm on the side we were on the side of
• 16:37
  Speaker 2: the Green Party there. When I say Green party, that president, Yes,
• 16:43
  Speaker 2: for sure. So Frank, you're.
• 16:46
  Speaker 3: Kind of listening to some of the conversation, right, Absolutely,
• 16:49
  Speaker 3: you brought up the R word.
• 16:51
  Speaker 1: I didn't want to bring it up, but based on
• 16:52
  Speaker 1: the things we're saying, the TV's are kind of pointing
• 16:56
  Speaker 1: to it that No.
• 16:58
  Speaker 5: I mean, it's it's definitely I kind of tenuous situation.
• 17:01
  Speaker 5: I mean we also what happened on the markets today.
• 17:02
  Speaker 5: I think the Dow drop was sixteen hundred points. Huge
• 17:05
  Speaker 5: drops for tech, huge drops are just about every part
• 17:08
  Speaker 5: of the market. But I want to go back to
• 17:09
  Speaker 5: what you guys were talking about about the terror formula,
• 17:11
  Speaker 5: and I think that has a lot of people scratching
• 17:13
  Speaker 5: their head. I would imagine some other countries scratching their head.
• 17:16
  Speaker 5: The Trump administration did say that they're doing reciprocal terror. Well,
• 17:20
  Speaker 5: first off, that ten percent across the board tariff and
• 17:22
  Speaker 5: reciprocal tariffs, but they said they have their own formula.
• 17:25
  Speaker 5: So some of it's based on what other countries charge us,
• 17:27
  Speaker 5: and then some of it's based on what they say
• 17:29
  Speaker 5: are non tariff barriers like bad taxes and stuff like that.
• 17:33
  Speaker 5: Ian Bremmer really smart guy when it comes in the
• 17:35
  Speaker 5: National things, president of e RASOR group.
• 17:37
  Speaker 4: I think he's the founder as well.
• 17:38
  Speaker 5: He put out a tweet basically saying that the Trump
• 17:40
  Speaker 5: administration they took the trade surplus with these country and
• 17:44
  Speaker 5: then divided it by the exports, and that's how they
• 17:46
  Speaker 5: came with the numbers, like for the EU, that's how
• 17:48
  Speaker 5: they came with thirty nine percent. So you know, he
• 17:50
  Speaker 5: was very critical of it, but I think doesn't matter
• 17:53
  Speaker 5: the formula right now, just the levels of it right
• 17:55
  Speaker 5: now are making things, you know, I think, making everybody
• 17:59
  Speaker 5: nervous across the world. So one of the the estimates
• 18:02
  Speaker 5: that I've been really leaning on is from Ernst and Young.
• 18:04
  Speaker 5: They see inflation going up one percent GDP going down
• 18:08
  Speaker 5: one percent in twenty twenty five. That's basically what a
• 18:10
  Speaker 5: lot of people call stackflation. That's prices going up but
• 18:12
  Speaker 5: growth going down. More than likely wages stay in flat.
• 18:16
  Speaker 5: And we all know when prices go up your wages
• 18:17
  Speaker 5: stay flat, Well, you're losing money essentially, and that's what
• 18:20
  Speaker 5: a lot of people talk about. When you talk about
• 18:22
  Speaker 5: investing in gold or bitcoin. You want to invest in
• 18:25
  Speaker 5: an appreciating asset, and a lot of people feel like
• 18:26
  Speaker 5: a dollar is actually a depreciating asset. So there is
• 18:30
  Speaker 5: a lot of danger going forward. Nobody wants to talk
• 18:32
  Speaker 5: about recession, but it's certainly one of the dangers. I
• 18:34
  Speaker 5: believe JP Morgan raised their estimate from twenty percent up
• 18:37
  Speaker 5: to thirty five percent. We're talking about a chance of recession.
• 18:40
  Speaker 5: I've talked to a lot of CEOs about this, and
• 18:42
  Speaker 5: a lot of them say, I just got to sit
• 18:44
  Speaker 5: still and.
• 18:44
  Speaker 4: To have more clarity, and I don't think we have
• 18:46
  Speaker 4: more clarity yet.
• 18:47
  Speaker 2: Well, that's what I wanted to ask you, because we're
• 18:49
  Speaker 2: going to make this a group discussion. We got another surprise.
• 18:52
  Speaker 2: But you talk to a lot of c oh right,
• 18:56
  Speaker 2: you talk to a lot of intelligent people, and you
• 18:58
  Speaker 2: talk to a lot of wealthy people. What is the
• 19:01
  Speaker 2: sentiment of those people that you're talking to?
• 19:07
  Speaker 5: Confusion man. And by the way, you guys are too
• 19:09
  Speaker 5: wealthy and smart guys I'll talk to. But confusion.
• 19:13
  Speaker 4: No, I'm not. I'm legend.
• 19:21
  Speaker 5: Just a lot of confusion. A lot of people aren't
• 19:23
  Speaker 5: quite sure how this is all going to play out.
• 19:25
  Speaker 5: Some of them are confused. Why why are we putting
• 19:27
  Speaker 5: tariffs on Canada? You know what I mean, our neighbor
• 19:29
  Speaker 5: to the north that we depend on. Why are we
• 19:31
  Speaker 5: putting these traffs on Mexico? We remember President Trump during
• 19:35
  Speaker 5: his first term, he's the one that negotiated the usmc A.
• 19:38
  Speaker 5: So the reason why some of these these goods are
• 19:41
  Speaker 5: moving back and forth is because he signed onto a
• 19:44
  Speaker 5: deal that incentivized companies to look at Canada, the United
• 19:48
  Speaker 5: States and Mexico is one block now the usmc A,
• 19:52
  Speaker 5: and to build in Mexico and to building Canada. So
• 19:55
  Speaker 5: that agreement incentivized a lot of them. One of the
• 19:57
  Speaker 5: prevalent things I'm hearing from a lot of CEOs is
• 19:59
  Speaker 5: that we've build our supply chain, we build our factories,
• 20:01
  Speaker 5: we build whatever we're building for decades. We're not building
• 20:05
  Speaker 5: for this administration. We're not building for the next four years.
• 20:08
  Speaker 5: So how do you make decade long decisions when you
• 20:11
  Speaker 5: know this person's going to be in the office for
• 20:13
  Speaker 5: four years and you don't know what the next person
• 20:15
  Speaker 5: may think.
• 20:15
  Speaker 4: They may have a totally different view on trade altogether?
• 20:19
  Speaker 1: This is an interesting time, right, So we talked about statflation, right,
• 20:26
  Speaker 1: inflationary environments that keeps coming up. Does this feel like
• 20:31
  Speaker 1: a negotiating tactic because we've been hearing that a lot
• 20:34
  Speaker 1: over the past couple of days. Is this negotiated tactic
• 20:36
  Speaker 1: to say, all right, let's get everybody to the table
• 20:39
  Speaker 1: so now we can finally figure out a tariff system
• 20:41
  Speaker 1: that works for us. I mean, it feels like a
• 20:45
  Speaker 1: waiting game in a sense where it's like we're gonna
• 20:47
  Speaker 1: feel some pain, and he's campaigned on that there's gonna
• 20:49
  Speaker 1: be short term pain.
• 20:50
  Speaker 3: We don't know how long short term is.
• 20:52
  Speaker 1: It could be relative, but eventually these countries will come
• 20:57
  Speaker 1: asking for a negotiation so that this can get settled
• 21:00
  Speaker 1: because uncertainty he doesn't help anyone.
• 21:01
  Speaker 2: Does it feel that way to you?
• 21:03
  Speaker 4: That's not the tone that I felt like the President
• 21:05
  Speaker 4: was striking.
• 21:06
  Speaker 5: He didn't seem like he was looking for deals or diplomacy,
• 21:09
  Speaker 5: at least that's what I took away from when he
• 21:10
  Speaker 5: was talking at the Rose Garden the other day. It
• 21:13
  Speaker 5: didn't sound like he wanted to make a deal. It
• 21:14
  Speaker 5: didn't sound like he wanted to be diplomatic. It didn't
• 21:16
  Speaker 5: sound like this was a ploy. Sounded like this is
• 21:18
  Speaker 5: what he really believed his administration should do, especially when
• 21:22
  Speaker 5: it came to those ten percent tariffs. Now some of
• 21:23
  Speaker 5: the other tariffs, I imagine there would be some room
• 21:26
  Speaker 5: for negotiation. Earlier today, I was talking to Carlos Scudierra's
• 21:29
  Speaker 5: former Commerce secretary under George W.
• 21:31
  Speaker 4: Bush.
• 21:32
  Speaker 5: He said he was in China, and according to the
• 21:35
  Speaker 5: people he spoke to, he's speaking to a lot of
• 21:37
  Speaker 5: high level people. He didn't tell me exactly who, but
• 21:39
  Speaker 5: talking to a lot of high level people that they
• 21:41
  Speaker 5: say they're nervous. There hasn't been any backchanneling as far
• 21:44
  Speaker 5: as they know. They haven't heard about a lot of
• 21:46
  Speaker 5: backchanneling going on. They're really kind of confused about some
• 21:49
  Speaker 5: of these tactics. You often hear President Trump say he
• 21:52
  Speaker 5: has a good relationship with she, and then you see
• 21:54
  Speaker 5: essentially fifty four percent tariffs on China, which is obviously
• 21:58
  Speaker 5: going to shake up a lot of some apply chains,
• 22:00
  Speaker 5: a lot of businesses. Apple's Won lou Lemons, one dollar trees,
• 22:04
  Speaker 5: and other stock hit hard like those extensive things come
• 22:07
  Speaker 5: from China. So I didn't get the impression there was
• 22:09
  Speaker 5: a lot of deals on the table at least now.
• 22:12
  Speaker 5: Now maybe the President's administration have a trick up their sleeve.
• 22:15
  Speaker 5: But you keep hearing these conflicting reports. Some people say
• 22:18
  Speaker 5: their sources are telling them the President wants to make
• 22:20
  Speaker 5: a deal, he wants to negotiate. Other people are saying
• 22:22
  Speaker 5: a deal isn't really what he's looking for unless people
• 22:25
  Speaker 5: make very substantial, substantial commitments to move their manufacturing to
• 22:30
  Speaker 5: the US.
• 22:32
  Speaker 2: So we have five thousand people on this live hit
• 22:36
  Speaker 2: the like button and share. So this is just a
• 22:39
  Speaker 2: random lib that we did that lets me know that
• 22:41
  Speaker 2: people have a lot of anxiety, but this is the
• 22:44
  Speaker 2: golden question that they want to have before we bring
• 22:46
  Speaker 2: our other guests into kind of make it a group
• 22:48
  Speaker 2: conversation stocks and we're going to talk about our opinions.
• 22:51
  Speaker 2: But you work in CNBC, so on stocks all day.
• 22:56
  Speaker 2: You talk stocks all day, right all day? Stocks? Where
• 23:01
  Speaker 2: we at with the stock market? This is this going
• 23:04
  Speaker 2: to be like a two thousand and eight thing with
• 23:06
  Speaker 2: this is just the beginning and we had it for
• 23:09
  Speaker 2: thirty percent thirty five percent stock market crash?
• 23:13
  Speaker 3: Why are you saying things like that? Man, we can't
• 23:15
  Speaker 3: have that out there.
• 23:16
  Speaker 4: I know, Man, you're a shot. He's putting the bad juju.
• 23:19
  Speaker 2: We got to speaking juju out there.
• 23:21
  Speaker 5: But on a serious note, I mean, isn't that the fear?
• 23:24
  Speaker 5: I think that's the fear that a lot of people have.
• 23:25
  Speaker 5: That's why today's see stocks like Progressive Insurance up one
• 23:29
  Speaker 5: and a half percent, all stayed up like two percent.
• 23:31
  Speaker 5: People are going putting their money in companies that you
• 23:34
  Speaker 5: know are gonna make money no matter what, No matter
• 23:36
  Speaker 5: what happens. You got to have your car insurance, you
• 23:38
  Speaker 5: know what I mean, no matter what happens. Your doctor
• 23:40
  Speaker 5: Pepper I think was up two percent. You're still going
• 23:42
  Speaker 5: to drink a soda, you know what I mean? Like,
• 23:43
  Speaker 5: you're not going to stop drinking soda because you're making
• 23:46
  Speaker 5: less money or your business isn't doing as well. Some
• 23:48
  Speaker 5: things people are going to continue to spend on. So
• 23:51
  Speaker 5: is the setup for something like that to happen? I mean,
• 23:53
  Speaker 5: I think all the smart people I'm talking to say yes.
• 23:55
  Speaker 5: I'm gonna start with my man, Jim Kramer from Mad Money.
• 23:58
  Speaker 5: He's saying, put some money on the sidelines, put some
• 24:01
  Speaker 5: cash on the sidelines, when generally he's saying, be invested
• 24:03
  Speaker 5: in the market. Even he's saying it's a little bit
• 24:05
  Speaker 5: too shaky. I'm talking to a lot of other traders.
• 24:07
  Speaker 5: They're saying, right now, it's just not a great environment
• 24:10
  Speaker 5: to trade it. A couple of weeks ago, a lot
• 24:11
  Speaker 5: of people thought we had hit a tradable bottom. The
• 24:14
  Speaker 5: fact that we were hitting the bottom until we got
• 24:15
  Speaker 5: this tariff announcement. Then when we get some clarity and
• 24:17
  Speaker 5: maybe some more volatility. But it feels like there might
• 24:20
  Speaker 5: be more volatility ahead. When you're seeing megacap tech just
• 24:24
  Speaker 5: sell off the way it did today. I think the
• 24:26
  Speaker 5: mag seven lost about one trillion dollars worth of market value.
• 24:29
  Speaker 5: When you see that happen, it's hard for the market
• 24:31
  Speaker 5: to really gain its footing. Remember those stocks are about
• 24:33
  Speaker 5: fifty five percent of the spy about fifty five percent
• 24:36
  Speaker 5: of the Triple Q. So I mean, with that kind
• 24:39
  Speaker 5: of concentration, those stocks under pressure, it's really hard for
• 24:42
  Speaker 5: the market just to really find its footing. And you
• 24:44
  Speaker 5: got to remember those stocks they're not necessarily tariff sensitive,
• 24:46
  Speaker 5: but not necessarily inflation sensitive, but they.
• 24:48
  Speaker 4: Are growth sensitive.
• 24:49
  Speaker 5: Companies need me to feel confident in their ability to grow,
• 24:52
  Speaker 5: to spend money on cloud computing, to spend money on
• 24:55
  Speaker 5: AI agents, and take these different steps. And if you're
• 24:58
  Speaker 5: unsure about the economy and what the administration is doing,
• 25:01
  Speaker 5: you're not gonna make those kind of investments. If you're
• 25:03
  Speaker 5: a CEO, it's hard to go to the board and
• 25:04
  Speaker 5: say I want to spend X amount of money to
• 25:06
  Speaker 5: move my stuff to the cloud or to put these
• 25:08
  Speaker 5: AI agents in you don't even know.
• 25:10
  Speaker 4: What's coming up.
• 25:11
  Speaker 1: Yeah, it's interesting when you talk about the Max seven
• 25:14
  Speaker 1: that one company that would probably be right on the
• 25:15
  Speaker 1: outside of that, Netflix was almost positive today they might
• 25:19
  Speaker 1: have closed positive P ANDNG like.
• 25:21
  Speaker 2: Stocks like that make sense because.
• 25:22
  Speaker 1: No matter what, you're gonna need your household supplies. You
• 25:26
  Speaker 1: said the tradable bottom, which is interesting because we all
• 25:29
  Speaker 1: knew that April second was coming and we circled that date,
• 25:33
  Speaker 1: and obviously we saw what happened.
• 25:34
  Speaker 2: But now it feels like maybe.
• 25:36
  Speaker 1: April ninth is one of those dates that we now
• 25:39
  Speaker 1: have to circle with the retaliatory terriffts coming back our
• 25:42
  Speaker 1: way from all these countries that we are now putting
• 25:45
  Speaker 1: taxes on.
• 25:46
  Speaker 3: What's been a sediment around the ninth. Now is the
• 25:48
  Speaker 3: day that we all.
• 25:49
  Speaker 1: Have to watch because we thought that was a tradable
• 25:51
  Speaker 1: bottom a few weeks ago.
• 25:53
  Speaker 3: Yesterday happened next Wednesday.
• 25:55
  Speaker 4: Who knows, man, I mean, you gotta watch the fourth,
• 25:59
  Speaker 4: the tenth.
• 26:00
  Speaker 5: I mean, there's still the potential for pharmaceutical tariffs, for
• 26:03
  Speaker 5: semiconductor chip tariffs, you know, lumber, copper. I mean just
• 26:07
  Speaker 5: there's so many different areas that can face tariff. So
• 26:09
  Speaker 5: I don't know if there's one date you can point to.
• 26:11
  Speaker 5: I think the next date. I think a lot of
• 26:13
  Speaker 5: people have it circled on their calendar, specifical when I'm
• 26:15
  Speaker 5: talking to people who manage money or who try to trade.
• 26:18
  Speaker 5: As actually made the seventh, that's the FED decision. So
• 26:20
  Speaker 5: a lot of people are starting to think that the
• 26:21
  Speaker 5: FED might have to get active. Previously, it was thought
• 26:24
  Speaker 5: very low chance of the FED cutting in May. I
• 26:26
  Speaker 5: think it was JP Morgan and came out and said
• 26:28
  Speaker 5: they believe that the next cut would come up in July.
• 26:30
  Speaker 5: I'm talking to a lot of people, a lot of
• 26:32
  Speaker 5: rumblings who think that the Fed, the FED officials ja
• 26:35
  Speaker 5: pale everybody else. They may feel like they need to
• 26:36
  Speaker 5: get ahead of this whole tariff situation and cut as
• 26:38
  Speaker 5: soon as May, which would certainly give the boost to
• 26:41
  Speaker 5: the market. I don't know if you guys ever know
• 26:43
  Speaker 5: this guy, Mark Smith from wellsbarg Wood Buyer, there's a
• 26:44
  Speaker 5: great guy. He's a guest on my show. He came
• 26:46
  Speaker 5: on and he was talking about two areas of the
• 26:48
  Speaker 5: market that he thinks not recession proof, not tariff proof,
• 26:51
  Speaker 5: but generally resistant to it. And one of them was
• 26:54
  Speaker 5: financials or another rate cut would significantly help the financials. I'm
• 26:58
  Speaker 5: talking to big banks like JP Morgan and Morgan Stanley,
• 27:00
  Speaker 5: Los Fargo City and stuff like that. So to me,
• 27:02
  Speaker 5: it's I think May seventh is the date, and we'll
• 27:04
  Speaker 5: probably have a lot of volatility until then. I think
• 27:07
  Speaker 5: the only certainty that we may get is from the
• 27:09
  Speaker 5: Fed that they're gonna cut.
• 27:11
  Speaker 2: Let's let's bring let's bring our other guests on Friends
• 27:14
  Speaker 2: of the Show. Friend of the Show, Caleb Still.
• 27:20
  Speaker 6: I didn't know Frank Collin was gonna be here. This
• 27:22
  Speaker 6: is a full party. Thanks for having man.
• 27:24
  Speaker 4: We're just hanging out down in Miami.
• 27:25
  Speaker 2: Actually, Chef Kwame, Oh yeah, nice, Your monks a great panel.
• 27:31
  Speaker 2: Man is a good dude, salad salad guy. So yeah,
• 27:34
  Speaker 2: Caleb Good, Friend of the Show, chief editor of Investopedia.
• 27:38
  Speaker 2: So I'm sure a lot of people have been hitting
• 27:40
  Speaker 2: yes sight trying to find out what tariffs are and
• 27:44
  Speaker 2: what when the recession is coming and stuff like that.
• 27:48
  Speaker 2: So from a historical standpoint, right, can you give us
• 27:53
  Speaker 2: some historical insight on tariffs and why America for the
• 28:00
  Speaker 2: last seventy years has been more free trade. We haven't
• 28:03
  Speaker 2: pushed this button of pariffs, but uh, because people a lot,
• 28:09
  Speaker 2: you know, a lot of that's that's a common theme.
• 28:11
  Speaker 2: People like, well, we've been getting ripped off for a
• 28:13
  Speaker 2: long time. They can't understand why we haven't done this
• 28:16
  Speaker 2: a lot earlier. Right, But there's there's a there's a
• 28:19
  Speaker 2: reason why we haven't done this.
• 28:21
  Speaker 6: Yeah, well we actually have and it was this smooth
• 28:23
  Speaker 6: holly tariff that kicked this whole thing off about one
• 28:25
  Speaker 6: hundred years ago. So we've been a tariff nation. And
• 28:28
  Speaker 6: in the early days of America Alexander Hamilt, they all
• 28:30
  Speaker 6: favored tariffs in order to raise some money for the government,
• 28:33
  Speaker 6: but never to this extent where we're being we're actually
• 28:37
  Speaker 6: putting a consumptive tax on our own citizens to pay
• 28:41
  Speaker 6: for this to raise money because they want to cut taxes.
• 28:43
  Speaker 6: This is a very, very weird way of doing it.
• 28:45
  Speaker 6: We have never had tariffs to this degree. But you've
• 28:47
  Speaker 6: got to remember Trump one point zero, there was over
• 28:49
  Speaker 6: three hundred billion dollars worth of tariffs. The Biden administration
• 28:52
  Speaker 6: came in and added more tariffs on top of that,
• 28:55
  Speaker 6: but when you look around the world, it's just never
• 28:57
  Speaker 6: been at this level. And the fact that we're coming
• 28:59
  Speaker 6: out with this ten percent cross the board tariffs, which really,
• 29:02
  Speaker 6: as I said, is a consumption tax for consumers here
• 29:05
  Speaker 6: in the United States, that's a very big precedent right there.
• 29:08
  Speaker 6: And I think it changes the entire global world order,
• 29:12
  Speaker 6: and it changes the way capital markets are going to work.
• 29:15
  Speaker 6: And I'll say it for this reason when you can't
• 29:17
  Speaker 6: and Frank was alluding to it a little bit. The
• 29:20
  Speaker 6: FED meeting is super important. But you got to wonder
• 29:22
  Speaker 6: if this level of tariffs and this intensity is intentional
• 29:26
  Speaker 6: by the Trump administration that wants lower interest rates. He
• 29:29
  Speaker 6: has said that back on the campaign trail and all along.
• 29:32
  Speaker 6: So by forcing the economy to slow down, it forces
• 29:36
  Speaker 6: the Fed's hand to lower interest rates so that our
• 29:40
  Speaker 6: debt payments, which we make every quarter as a country,
• 29:44
  Speaker 6: get reduced a little bit. We spend the second moused
• 29:47
  Speaker 6: amount of money we spend as a government is on
• 29:49
  Speaker 6: servicing our debt, which is over at trillion dollars just
• 29:52
  Speaker 6: servicing the debt. So if we can lower that, then
• 29:54
  Speaker 6: there's going to free up more money to do force deportations,
• 29:58
  Speaker 6: to build walls, to do whatever else is on the
• 30:00
  Speaker 6: agenda of this administration.
• 30:02
  Speaker 1: Yeah, it feels like is there a goal I know
• 30:04
  Speaker 1: there's been a lot of talk what is the goal
• 30:06
  Speaker 1: number or is there a goal number that they're trying
• 30:08
  Speaker 1: to receive from the terriffs?
• 30:10
  Speaker 3: Right, we obviously know that government spending and those.
• 30:12
  Speaker 1: Was created to reduce that, but it feels like the
• 30:15
  Speaker 1: uncertainty around the number, it kind of has no rhyme
• 30:19
  Speaker 1: or reason. So from your perspective, is there from the
• 30:24
  Speaker 1: deficit which is what thirty seven trillion?
• 30:25
  Speaker 3: Now, is this the best method forward?
• 30:29
  Speaker 2: Right?
• 30:29
  Speaker 3: Like we I know Shoty alluded to it earlier.
• 30:31
  Speaker 1: Right, sometimes you can't pull the bend aid off too fast.
• 30:35
  Speaker 1: Does it feel like this has happened? And obviously is
• 30:38
  Speaker 1: this the best method going forward?
• 30:40
  Speaker 6: No, but it is a method, and it is sort
• 30:42
  Speaker 6: of taking a sledgehammer to a you know, to a
• 30:45
  Speaker 6: small nail, because this is actually hurting lower to middle
• 30:48
  Speaker 6: income families more than anybody out there. It's that Peter
• 30:51
  Speaker 6: Navarro was a Trump advisor, says it's going to raise
• 30:53
  Speaker 6: six trillion dollars, not anytime soon. Right, These companies are
• 30:57
  Speaker 6: going to pull back on their shipments with our companies
• 30:59
  Speaker 6: here in the Knights States aren't going to order more.
• 31:01
  Speaker 6: So you're not going to feel the impacts of that.
• 31:02
  Speaker 6: Who's going to feel it? Consumers who have to go
• 31:05
  Speaker 6: to the grocery store, load up like they do every
• 31:07
  Speaker 6: single week, feed their families, right, buy supplies to fix
• 31:10
  Speaker 6: up their small business, order in inventory so they have
• 31:13
  Speaker 6: enough inventory in their small business to be able to
• 31:16
  Speaker 6: make it going forward. So this is more of a
• 31:18
  Speaker 6: punishment against consumers and households in the United States with
• 31:21
  Speaker 6: the intended impact of making people and other countries pay
• 31:25
  Speaker 6: their fair share. The fact is we've had a pretty
• 31:28
  Speaker 6: strong economy up until about two or three months ago
• 31:30
  Speaker 6: that was in pretty good shape. Four percent unemployment GDP
• 31:33
  Speaker 6: at two point eight percent, right, inflation was coming down.
• 31:36
  Speaker 6: It wasn't to where I wanted to be, to where
• 31:37
  Speaker 6: the Fed would like it to be, but it was
• 31:39
  Speaker 6: on its way moving a little bit lower. So this
• 31:41
  Speaker 6: is kind of like a complete change of the global
• 31:45
  Speaker 6: world order, and it calls into question things like the
• 31:48
  Speaker 6: sacredness of the tenure treasury right, the most widely held,
• 31:52
  Speaker 6: most saved asset in the world. Right, people own our
• 31:56
  Speaker 6: debt because they believe that our country will grow and
• 31:59
  Speaker 6: that will pay it back. Well, this is a big
• 32:01
  Speaker 6: shot at that right now. And it's also a big
• 32:03
  Speaker 6: shot at the dollar. So if the dollar becomes you know,
• 32:06
  Speaker 6: less desired and doesn't become the reserve currency anymore, which
• 32:09
  Speaker 6: we're a long way from that. Which if you lose
• 32:11
  Speaker 6: the yield the ten year treasure field and you lose
• 32:13
  Speaker 6: the dollar, you lose the structure of our capital markets,
• 32:16
  Speaker 6: and that's very concerning.
• 32:17
  Speaker 2: Well, this is some anybody can chime in. But so
• 32:21
  Speaker 2: this is this is what is a little confusing because
• 32:25
  Speaker 2: Trump has been he's been obsessed with tariff since the
• 32:29
  Speaker 2: nineteen eighties. So I don't know if this is like
• 32:31
  Speaker 2: just a personal crusade of his, like you know, kind
• 32:34
  Speaker 2: of like a bucket listing that he just was just
• 32:37
  Speaker 2: obsessed with his whole entire life and now he's just like,
• 32:40
  Speaker 2: I just want to do this because like you said,
• 32:42
  Speaker 2: I mean I it's if this continues, then we're most
• 32:47
  Speaker 2: likely head to a recession, right, So for presidents don't
• 32:50
  Speaker 2: like to be presidents during recession. So why would you
• 32:53
  Speaker 2: personally thank the economy for no reason? Like we weren't
• 32:58
  Speaker 2: in a bad spot. You said, we were actually in
• 33:01
  Speaker 2: a good spot as far as the market, the unemployment,
• 33:04
  Speaker 2: a variety of different things. Was actually, he's actually inherited
• 33:08
  Speaker 2: a pretty good situation. Now that the debt is an issue,
• 33:13
  Speaker 2: for sure, but it wasn't needed. It wasn't needed to
• 33:19
  Speaker 2: do it in this fashion, and a lot of people
• 33:23
  Speaker 2: is going to cause a lot of pain, and like
• 33:25
  Speaker 2: you said, lower to middle income people are going to
• 33:29
  Speaker 2: feel that pain the most, right because it's like, okay,
• 33:32
  Speaker 2: if you got to pay extra five hundred dollars for
• 33:34
  Speaker 2: something that's that's inconvenient if somebody is making forty thousand
• 33:38
  Speaker 2: dollars has to pay five hundred dollars for something that
• 33:39
  Speaker 2: that's life changing, that continued to be life changing, right,
• 33:42
  Speaker 2: So yeah, I'm trying to figure this out. So you guys,
• 33:49
  Speaker 2: you know what is your thought process? You brought up
• 33:51
  Speaker 2: the interest rates, that's interesting. But outside of that, why
• 33:54
  Speaker 2: would some why would he do this? Like why would
• 33:57
  Speaker 2: he have this much pain so early in his presidency
• 34:03
  Speaker 2: for no apparent reason?
• 34:06
  Speaker 6: Frank, you want to take it first, Not glad, Gil,
• 34:09
  Speaker 6: you're a start.
• 34:09
  Speaker 2: Okay, Here's what.
• 34:11
  Speaker 6: I think and this is my opinion, not Investipedia's opinion.
• 34:15
  Speaker 6: But I think that they want to burn it down,
• 34:18
  Speaker 6: you know, or at least slow the economy and take
• 34:20
  Speaker 6: it into a recession, bring the market way down, and
• 34:23
  Speaker 6: then through whatever mechanisms, either through private privatization, which is
• 34:27
  Speaker 6: where a lot of this is going. When you look
• 34:28
  Speaker 6: at a lot of the government job cuts, privatization so
• 34:31
  Speaker 6: that those that are in close can line their pockets
• 34:34
  Speaker 6: and get rich as they rebuild it back up, but
• 34:37
  Speaker 6: through private means, right, and then redistribute that wealth among
• 34:41
  Speaker 6: the people that are going to help them get re
• 34:43
  Speaker 6: elected in the future. So I think that's part of it.
• 34:46
  Speaker 6: I think there's also a let's burn it down so
• 34:48
  Speaker 6: we can build it back up and say, what a
• 34:50
  Speaker 6: great job we did rebuilding this economy which was in tatters.
• 34:53
  Speaker 6: It is so rare you mentioned it Vershot, It is
• 34:56
  Speaker 6: so rare for a president to come into office over
• 34:58
  Speaker 6: the last four decades. It's not in a recession. This
• 35:01
  Speaker 6: president inherited actually a pretty strong economy. Biden inherited an
• 35:05
  Speaker 6: economy that was coming out of the COVID pandemic. And
• 35:07
  Speaker 6: even the last two presidents they entered they entered the
• 35:10
  Speaker 6: White House in very difficult times for the economy. Not
• 35:13
  Speaker 6: this time around. So may burning it down and then
• 35:15
  Speaker 6: rebuilding it, say we fixed this whole thing, and look how.
• 35:17
  Speaker 2: We did it.
• 35:18
  Speaker 6: Meanwhile, a lot of it's been privatized and very few
• 35:20
  Speaker 6: people are getting very rich off of this.
• 35:24
  Speaker 5: When I look at it, it seems to me, again
• 35:26
  Speaker 5: this is my opinion on CNBC, it seems like to me,
• 35:28
  Speaker 5: a president's trying to establish a legacy. You know, he
• 35:30
  Speaker 5: felt like he was supposed to have back to back terms.
• 35:32
  Speaker 5: He's come back into office.
• 35:33
  Speaker 4: Now.
• 35:35
  Speaker 5: One way to establish a legacy is to reshape global
• 35:37
  Speaker 5: trade and put your mark on that. He's someone who
• 35:40
  Speaker 5: has done business all around the world, whether it be
• 35:42
  Speaker 5: casinos or golf courses. His first administration, he did hire
• 35:47
  Speaker 5: a lot of business leaders. This time it's even a
• 35:49
  Speaker 5: bigger concentration of business leaders and people with very.
• 35:52
  Speaker 4: Specific thoughts about the global economy.
• 35:53
  Speaker 5: As Treasury Secretary Scott Besson's a great example of that,
• 35:57
  Speaker 5: somebody who's just seen as a global thought leader when
• 35:59
  Speaker 5: it comes to finance. So I think for him it's
• 36:01
  Speaker 5: really his chance to put his stamp not only on
• 36:04
  Speaker 5: the presidency the second time around, but the entire world.
• 36:07
  Speaker 5: And I think you often hear him say when he's
• 36:09
  Speaker 5: talking to business leaders about things that he sees his accomplishments.
• 36:11
  Speaker 5: He goes, Trump got it done. Nobody else could get
• 36:14
  Speaker 5: it done. People are saying that Trump got it done.
• 36:16
  Speaker 5: So a lot of it seems like his legacy, at
• 36:18
  Speaker 5: least in his mind, is at play. And you have
• 36:19
  Speaker 5: to remember, this is somebody, based on what we saw
• 36:22
  Speaker 5: on reports and ourselves on TV, that faced, you know,
• 36:25
  Speaker 5: a near death experience, possibly being assassinated. He's an older gentleman.
• 36:30
  Speaker 5: He's close to about eighty years old himself. So when
• 36:33
  Speaker 5: you get to that stage as we all get older,
• 36:36
  Speaker 5: we start to think more about what am I leaving behind?
• 36:38
  Speaker 4: How are people going to see me? What accomplishments do
• 36:41
  Speaker 4: I have?
• 36:41
  Speaker 2: In this general seems I'm just say that's a very
• 36:45
  Speaker 2: good point. That's actually both of you. That's very insightful
• 36:49
  Speaker 2: what you just said. Because he puts his name on everything, right,
• 36:53
  Speaker 2: He's the guy that puts his name on stuff that
• 36:55
  Speaker 2: he doesn't even own, so like Trump, Tao and Trump, Like,
• 36:57
  Speaker 2: he's very big on branding and he's very big on legacy.
• 37:01
  Speaker 2: So he said this before as far as like if
• 37:04
  Speaker 2: he can be the person that literally reshapes world trade
• 37:08
  Speaker 2: from like how it's been for the last hundred years
• 37:10
  Speaker 2: in a free trade market, and if he can, if
• 37:13
  Speaker 2: he can, and now it can be like the Trump
• 37:14
  Speaker 2: Trade Plan for the world. Branding wise, I never I
• 37:19
  Speaker 2: haven't really thought about it like that, But that makes
• 37:21
  Speaker 2: a lot of sense. That actually makes a lot of sense.
• 37:23
  Speaker 1: It's kind of like what he alluded to, like what
• 37:25
  Speaker 1: you were saying. He's had this ideology since the eighties.
• 37:27
  Speaker 1: It was that Johnny Carson interview where he's sitting there
• 37:30
  Speaker 1: talking about trade. But even watching them today, it feels
• 37:32
  Speaker 1: like there's a certain level of delusion, right. I think
• 37:35
  Speaker 1: Josh Brown said it today, like he's either incredibly right
• 37:39
  Speaker 1: or he's going to be incredibly wrong about this. As
• 37:43
  Speaker 1: the market is tanking right, the Dall's down fifteen hundred points,
• 37:47
  Speaker 1: you know, reporters are asking him about it, and he said, no,
• 37:49
  Speaker 1: the market's looking great.
• 37:51
  Speaker 3: There's going to be a boom in the market. And
• 37:52
  Speaker 3: it just feels like a level of delusion.
• 37:54
  Speaker 1: Even to the point where we're talking about making jobs
• 37:58
  Speaker 1: come back to America and kill before you we would
• 38:01
  Speaker 1: kind of lou into it, like does that even feel
• 38:04
  Speaker 1: fathomable at this point?
• 38:05
  Speaker 2: Right?
• 38:06
  Speaker 1: The amount of time that it would take to build
• 38:08
  Speaker 1: some of these jobs. I know Nike took a crazy
• 38:10
  Speaker 1: hit Apple, Does this feel like something that is even
• 38:14
  Speaker 1: feasible over the next five years, because yeah, ten fifteen years,
• 38:16
  Speaker 1: you can build factory, you can build industry, but by
• 38:19
  Speaker 1: that time it won't These companies are going to take
• 38:22
  Speaker 1: such a financial hit people, the customers. Obviously, if the
• 38:26
  Speaker 1: companies is taking a hit, they're going to raise prices.
• 38:28
  Speaker 1: People are going to feel the impact. Is it even
• 38:30
  Speaker 1: feasible to do bring these jobs back?
• 38:32
  Speaker 6: Well, we've only got like thirteen million manufacturing jobs in
• 38:36
  Speaker 6: this country right now. That's down from like twenty million.
• 38:38
  Speaker 6: Even the President alluded to it himself. But there's a
• 38:40
  Speaker 6: reason a lot of people don't want those jobs. They
• 38:42
  Speaker 6: don't pay that well. They're really hard jobs, right, They're
• 38:45
  Speaker 6: very difficult, they're physically difficult, they require a lot of hours,
• 38:48
  Speaker 6: they don't pay that great. There's no more pensions anymore.
• 38:51
  Speaker 6: So who was doing those jobs. A lot of the
• 38:54
  Speaker 6: people that immigrated into the United States, the same people
• 38:57
  Speaker 6: he wants to send out of the United States, were
• 38:59
  Speaker 6: actually taking those jobs, right. So getting building the factories
• 39:03
  Speaker 6: is one thing. Creating factories where you can pay a
• 39:05
  Speaker 6: really livable a real livable wage, where somebody can raise
• 39:08
  Speaker 6: a family on it and maybe god forbid, own a
• 39:10
  Speaker 6: home at some point in time. That's asking a lot
• 39:12
  Speaker 6: of companies who are measured on a quarterly basis based
• 39:16
  Speaker 6: on their bottom line, right, they are responsible to shareholders.
• 39:19
  Speaker 6: So when you have a shareholder mentality, right, and you
• 39:22
  Speaker 6: have to answer to them every single quarter and increase
• 39:25
  Speaker 6: your you know, your projections and your your forecast going
• 39:28
  Speaker 6: forward and keep beating the street. And Frank knows as well, well,
• 39:31
  Speaker 6: you're not going to pay the best wages. You're going
• 39:33
  Speaker 6: to You're going to find the cheapest source of labor
• 39:36
  Speaker 6: that you can. And that cheap source of labor has
• 39:38
  Speaker 6: been Mexico, that has been Vietnam, that has been China,
• 39:41
  Speaker 6: that has been anywhere but here. So you're asking companies
• 39:43
  Speaker 6: to pay a lot more for that. And by putting
• 39:45
  Speaker 6: tariffs on products coming into this country and now the
• 39:48
  Speaker 6: retaliatory of tariffs, you're not solving that part of the problem.
• 39:51
  Speaker 6: The part of the problem that we have to solve
• 39:53
  Speaker 6: is are they responsible to their shareholders where they're responsible
• 39:55
  Speaker 6: to their communities, or are they responsible to the United
• 39:58
  Speaker 6: States to provide living wages for people so they can
• 40:00
  Speaker 6: raise families and disconnect.
• 40:03
  Speaker 2: You can't have it both ways. You can't well, I mean,
• 40:05
  Speaker 2: you can't have a capitalist society and then say well,
• 40:11
  Speaker 2: we want everything to work fairly. That's not how capitalism works.
• 40:15
  Speaker 2: This isn't. This isn't. You can't be anti socialism and
• 40:18
  Speaker 2: anti communism and say we want everybody equal. We want
• 40:22
  Speaker 2: to know the capitalist society is to make the most
• 40:25
  Speaker 2: money as possible by spending as least money as possible.
• 40:29
  Speaker 2: They're not doing anything illegal. It's not good business to
• 40:32
  Speaker 2: spend billions of dollars more than you need to. It's
• 40:37
  Speaker 2: more efficient to get the job done in those other
• 40:41
  Speaker 2: countries because you can pay the people less. This is
• 40:44
  Speaker 2: I mean, we don't have to sugarcoat it, right. It's
• 40:46
  Speaker 2: more efficient to get the job done in other countries
• 40:48
  Speaker 2: because you can pay the people less and you can
• 40:51
  Speaker 2: produce the products quicker, less red tape. You don't have
• 40:55
  Speaker 2: to go through regulation. They don't. It's a variety of
• 40:58
  Speaker 2: different factors. It's just like if you're building a home,
• 41:00
  Speaker 2: it's more effective to have illegal immigrants build a home
• 41:04
  Speaker 2: because they don't have health benefits, they're not part of
• 41:08
  Speaker 2: a union, and you can pay the people. Let's now,
• 41:10
  Speaker 2: is that morally right or wrong? You can make an
• 41:12
  Speaker 2: argument on both sides, because on one side you can
• 41:14
  Speaker 2: say it's morally wrong. On the other side, you can
• 41:15
  Speaker 2: say it's better than what they would get in the
• 41:17
  Speaker 2: other country. That's why they came to this country. So
• 41:19
  Speaker 2: it's not It may not be what you're looking for,
• 41:22
  Speaker 2: but you're not them, So this is not I don't
• 41:26
  Speaker 2: understand this, but this is easy for people. If you
• 41:29
  Speaker 2: haven't employed somebody, you don't have a full appreciation of this.
• 41:33
  Speaker 2: If you are an employer, then you look at you
• 41:36
  Speaker 2: look at things differently. So none of these companies are
• 41:41
  Speaker 2: going to be happy about spending more money.
• 41:45
  Speaker 1: Yeah right, I'm gonna come to you because you've been
• 41:48
  Speaker 1: You've spoken to CEOs. Right, we looked at the first quarter,
• 41:51
  Speaker 1: it was a negative quarter, and now you know we're
• 41:53
  Speaker 1: starting quarter too. I would CEOs even looking at their
• 41:56
  Speaker 1: p and ls at this point, right with the tariffs
• 41:58
  Speaker 1: that every day, it's que to how people going to
• 42:02
  Speaker 1: even be reporting their earnings. Obviously you're gonna have to
• 42:05
  Speaker 1: you're losing You're gonna lose employees, right, you're gonna make
• 42:08
  Speaker 1: less money. What does this look like in the CEO
• 42:11
  Speaker 1: world when Q two ends in June and this number
• 42:16
  Speaker 1: comes in, Well, we've.
• 42:17
  Speaker 5: Already seen CEOs just respond to some of this before
• 42:19
  Speaker 5: the terist were announced. Their guidance is pretty weak, which
• 42:22
  Speaker 5: often leads to their stock not doing well after earnings.
• 42:25
  Speaker 5: Even if the numbers for their earnings they're reporting are
• 42:28
  Speaker 5: fine for the quarter of their reporting are fine, the
• 42:30
  Speaker 5: guidance is weak. That leads to us off in some
• 42:32
  Speaker 5: of the stock. So that's one of the reasons we've
• 42:33
  Speaker 5: seen a lot of volatility, but very quickly, I want
• 42:35
  Speaker 5: to go back to Rashad's point for just a minute. Yet,
• 42:37
  Speaker 5: we're a capitalist country, but we're not pure it's not
• 42:39
  Speaker 5: pure play capitalist situation. Remember back during the Great Financial Crisis,
• 42:43
  Speaker 5: we built out the banks, So if we were a
• 42:45
  Speaker 5: capitalist country, the banks they made a lot of risky bets.
• 42:47
  Speaker 4: They lost.
• 42:48
  Speaker 5: They bet on housing, uh in the mortgage backed securities,
• 42:52
  Speaker 5: and they put them together in a way that just
• 42:54
  Speaker 5: wasn't solvent. They lost. So why don't Why didn't we
• 42:57
  Speaker 5: just let the banks go bankrupt? Because that's not that's
• 42:59
  Speaker 5: not going to work states because people have their money
• 43:01
  Speaker 5: in the banks. Why don't we let the auto industry
• 43:03
  Speaker 5: go bankrupt? Well, the audiancestry has tentacles and so many
• 43:05
  Speaker 5: other industries. Like we're seeing right now with the tarots,
• 43:07
  Speaker 5: it'd being impacted. If all the automakers went out of business,
• 43:10
  Speaker 5: it would lead to restaurants going out of business, the
• 43:13
  Speaker 5: trucking companies that ship the parts going out of business.
• 43:15
  Speaker 5: So we're not a pure play capitalist country. And I
• 43:18
  Speaker 5: think that's what a lot of CEOs are trying to
• 43:21
  Speaker 5: figure out, at least the ones I'm talking to. They're
• 43:23
  Speaker 5: trying to balance understanding the president's objective as much as
• 43:26
  Speaker 5: they can. A lot of them in that they're pretty
• 43:28
  Speaker 5: confused about the terror, specifically with Mexico and Canada when
• 43:30
  Speaker 5: he's the one that did USMCA, and doing what's right
• 43:33
  Speaker 5: for the company and trying not to lay off workers
• 43:36
  Speaker 5: and trying to keep products on the shelves and things
• 43:37
  Speaker 5: like that. So it's multi tiered. I feel like they're
• 43:40
  Speaker 5: almost as confused as we are, except, as you mentioned, Rashan,
• 43:43
  Speaker 5: they have the responsibility of a workforce, of a board
• 43:46
  Speaker 5: of shareholders that they have to try to balance. So
• 43:49
  Speaker 5: I think this earning season that's starting up in about
• 43:51
  Speaker 5: a week and a half is going to be pretty interesting.
• 43:52
  Speaker 5: The banks come up first, so the bank's going to
• 43:55
  Speaker 5: give us a lot of insight into loan demand, the
• 43:57
  Speaker 5: willingness of companies to go public, the credit situation, I mean,
• 44:02
  Speaker 5: a whole lot of things. We're gonna get a great
• 44:03
  Speaker 5: read on the economy. I think it's the first day.
• 44:06
  Speaker 5: I think it's City and JP Morgan that report. Don't mind,
• 44:08
  Speaker 5: we need to correct me. I might be wrong about that,
• 44:10
  Speaker 5: but two big banks will give us a lot of insight.
• 44:13
  Speaker 2: So okay, So let's go to this part because this
• 44:16
  Speaker 2: is the opportunities in every crisis. So I do want
• 44:19
  Speaker 2: to because you know when I came when I when
• 44:21
  Speaker 2: I used to be a financial advisor, and I started
• 44:23
  Speaker 2: during the I literally started my career during the Great Recession.
• 44:29
  Speaker 2: It was actually a good time to start because I
• 44:31
  Speaker 2: had nowhere to go but up, and I was putting
• 44:34
  Speaker 2: clients in mutual funds and five twenty nine plans, in
• 44:36
  Speaker 2: a variety of different things. And a lot of these
• 44:40
  Speaker 2: people had never invested in the stock market before, so
• 44:43
  Speaker 2: it was the first time invested in the stock market.
• 44:45
  Speaker 2: They was investing when the stock market was down thirty
• 44:48
  Speaker 2: five percent, and it worked out for them. So there
• 44:52
  Speaker 2: is opportunities in every crisis, and this is definitely a crisis.
• 44:55
  Speaker 2: So let's let's let's go to let's go through these
• 44:58
  Speaker 2: different ones. Flank Frank, Flank, Think, Think, Think black Rock COO.
• 45:07
  Speaker 2: He made interesting commentary about bitcoin, and this is interesting.
• 45:15
  Speaker 2: Bitcoin is interesting because usually bitcoin, traditionally, previously it wasn't
• 45:20
  Speaker 2: directly tied to world economies and the US dollar, but
• 45:24
  Speaker 2: now we see it's like a direct correlation. When the
• 45:26
  Speaker 2: stock market goes down, bitcoin goes down. They don't move opposite.
• 45:29
  Speaker 2: Gold has been going opposite. But bitcoin is pretty much
• 45:32
  Speaker 2: like a tech company at this point. It moves as
• 45:36
  Speaker 2: the stock market moves, and today it was down. But
• 45:41
  Speaker 2: do you see a world where this is actually beneficial
• 45:44
  Speaker 2: for bitcoin with the dollar because the dollar went down also,
• 45:47
  Speaker 2: that's another thing, Harris, are actually supposed to make the
• 45:49
  Speaker 2: dollars stronger, from my understanding, But in this case, the
• 45:52
  Speaker 2: dollar is actually decreasing, right, And I guess a lot
• 45:56
  Speaker 2: of that is just world sentiment that's kind of turning
• 45:58
  Speaker 2: negative across America. But then variety of other things that
• 46:00
  Speaker 2: you talked about. So okay, in this world of this
• 46:06
  Speaker 2: is hurtful to America for sure, what could this be
• 46:10
  Speaker 2: beneficial for bitcoin?
• 46:14
  Speaker 4: Okay, I'll hep.
• 46:14
  Speaker 6: You want to take it first, I'll take it first.
• 46:16
  Speaker 6: I mean, we know that fifty odd million people own
• 46:20
  Speaker 6: crypto in some way, shape or form, But we also
• 46:22
  Speaker 6: know that the top one percent owned the most of it, right,
• 46:25
  Speaker 6: and a lot of bitcoin is owned by publicly traded
• 46:28
  Speaker 6: companies like the micro strategies of the world that are
• 46:30
  Speaker 6: basically bitcoin treasuries. Even Tesla is like a bitcoin treasury,
• 46:34
  Speaker 6: so could be good just because of the scarcity aspect
• 46:36
  Speaker 6: of it all. And we used to live in this
• 46:38
  Speaker 6: world called Tina. Right, there is no alternative to stocks
• 46:42
  Speaker 6: because interest rates were solow. There was just stocks. Right,
• 46:45
  Speaker 6: You'd be a fool to invest in anything else. Until
• 46:47
  Speaker 6: bitcoin came along after the Great Financial Crisis. Well, now
• 46:50
  Speaker 6: you have this alternative asset. But for most people, they
• 46:53
  Speaker 6: don't know how to turn bitcoin whatever bitcoin owling is
• 46:57
  Speaker 6: they have into usable fiat to pay their utility bill. Right,
• 47:01
  Speaker 6: we still aren't at that level where it's just something
• 47:04
  Speaker 6: I can just oh, I'll just Apple pay with my
• 47:06
  Speaker 6: bitcoin right now. Now you can in a very few cases.
• 47:09
  Speaker 6: But when we're talking about the people that are going
• 47:10
  Speaker 6: get hurt the most by rising prices, stagflation, a potential recession,
• 47:15
  Speaker 6: higher tariffs, bitcoin is not going to be the answer
• 47:18
  Speaker 6: for them. So won't have that type of demand, that
• 47:20
  Speaker 6: mass demand, like we thought it would at some point
• 47:24
  Speaker 6: in time. At the same time, this is a deregulatory
• 47:29
  Speaker 6: administration that has been promising to stock file bitcoin added
• 47:32
  Speaker 6: to the reserves mind its own bitcoin, and I bet
• 47:35
  Speaker 6: you will eventually let it into our four to one
• 47:38
  Speaker 6: case fidelity all that announced that today or yesterday. You
• 47:40
  Speaker 6: can now have bitcoin in your four to one k
• 47:43
  Speaker 6: if you want. So. It is going to become a
• 47:45
  Speaker 6: little bit more ubiquitous, but it's not going to become
• 47:47
  Speaker 6: more useful. And I think right now we need a
• 47:49
  Speaker 6: really useful currency and a dependable currency to get through
• 47:53
  Speaker 6: any type of crisis that we're going to go through.
• 47:55
  Speaker 6: It's not going to be the answer for the masses.
• 47:57
  Speaker 6: It's going to be the answer for the very rich.
• 47:59
  Speaker 6: And that's another thing that makes me wonder. Like usually
• 48:02
  Speaker 6: the stock market falling, you know, into a correction, was
• 48:06
  Speaker 6: a stoplight for President Trump and Trump one point zero,
• 48:09
  Speaker 6: it's not anymore right. The tenure treasury yield spiking used
• 48:13
  Speaker 6: to be oh, you know, maybe we've gone too far here,
• 48:16
  Speaker 6: it's not anymore. Why is that they're deep into cryptocurrencies
• 48:20
  Speaker 6: in that administration in person, the Trump coin, the Millennia coin,
• 48:23
  Speaker 6: the family, all the different ETFs that they have associated
• 48:27
  Speaker 6: with their coins and their meme coins. Maybe they don't
• 48:29
  Speaker 6: really care about what has been traditional ways of growing
• 48:32
  Speaker 6: wealth in this country because they're into it digitally, and
• 48:35
  Speaker 6: again they're just here for now. I don't know.
• 48:38
  Speaker 1: It definitely feels and this is why I feel like
• 48:40
  Speaker 1: there's something that that savior complex is coming into play
• 48:44
  Speaker 1: at some point.
• 48:45
  Speaker 3: It's just a matter of time, right, There was a
• 48:46
  Speaker 3: time in Trump one point.
• 48:47
  Speaker 1: Oh, like you said, if the market was going down,
• 48:50
  Speaker 1: it was a concerning issue. Right to hear him say
• 48:53
  Speaker 1: that the market is looking great as a tal is
• 48:55
  Speaker 1: down fifteen hundred points and the NASSAQ is down a
• 48:57
  Speaker 1: thousand points, it's concerning, right. And the people that you
• 49:01
  Speaker 1: said it's going to affect, and I'll let both of
• 49:02
  Speaker 1: you guys can answer, are the middle class. Right, So
• 49:05
  Speaker 1: when we're talking about the jobs coming back, and we're
• 49:07
  Speaker 1: talking about living wages, we're talking about government funding being cut,
• 49:10
  Speaker 1: we're talking about grow government programming being cut, that directly
• 49:14
  Speaker 1: affects the middle class. And so obviously a lot of
• 49:17
  Speaker 1: people who are watching him tonight are part of that class.
• 49:20
  Speaker 3: What is the solace that they can take in this
• 49:23
  Speaker 3: at this point?
• 49:25
  Speaker 4: Man, I mean, is there any solace right now? I
• 49:27
  Speaker 4: think it's hard to find any solace right now. I'm
• 49:29
  Speaker 4: not sure about that one.
• 49:30
  Speaker 1: Man.
• 49:31
  Speaker 5: I'm gonna jump off of Kelp's point really quick. Kelp,
• 49:34
  Speaker 5: to your point, Trump family is deep into crypto. I mean,
• 49:37
  Speaker 5: Eric Trump, I think a couple maybe it was yesterday
• 49:39
  Speaker 5: came out the headline saying that he was thinking about
• 49:41
  Speaker 5: turning the family business, pivoting it filly into crypto. He's
• 49:45
  Speaker 5: launching a bitcoin mining company, just doing a lot with cryptocurrencies. Overall,
• 49:50
  Speaker 5: I think when it comes to bitcoin, least for right now,
• 49:52
  Speaker 5: I don't think it's the moment for bitcoin. This is
• 49:54
  Speaker 5: again my personal opinion, Caleb. Again to your point, a
• 49:57
  Speaker 5: lot of those bigcoin buyers, they were institutional buying, as
• 50:00
  Speaker 5: they were.
• 50:00
  Speaker 4: Companies and things like that.
• 50:02
  Speaker 5: Right now, people are trying to de risk their balance
• 50:04
  Speaker 5: sheets and de risk their portfolios, whether you're a tech
• 50:08
  Speaker 5: company like a Tesla or you're an institutional big bank
• 50:12
  Speaker 5: doing it right now. And also they found their new thing,
• 50:15
  Speaker 5: private credit. You saw a private credit ETF come out.
• 50:19
  Speaker 5: So I think a lot of the interest when it
• 50:21
  Speaker 5: comes to institutional buyers is private credit, which is basically
• 50:24
  Speaker 5: private debt, loaning people money at high rates with basically
• 50:31
  Speaker 5: higher levels of like collateral or you know, like you
• 50:33
  Speaker 5: buy a house, you might put down ten percent, Well,
• 50:35
  Speaker 5: a private credit deal might be you have to put
• 50:37
  Speaker 5: down fifty percent or give collateral up to fifty percent.
• 50:40
  Speaker 5: So that's becoming a lot more of a lucrative part
• 50:43
  Speaker 5: of the market and also an area where they're trying
• 50:44
  Speaker 5: to get They're hoping to get retail investors through ETFs,
• 50:48
  Speaker 5: but institutional investors, a lot of money managers are pushing
• 50:51
  Speaker 5: them towards private credit. So it seems like Wall Street,
• 50:54
  Speaker 5: you know, they just find new things. Whether back in
• 50:57
  Speaker 5: the day it was mortgage backed securities, now it's private
• 51:00
  Speaker 5: credit for while this is a bitcoin ETF. So I
• 51:02
  Speaker 5: just don't know if right now it's the time for bitcoin.
• 51:04
  Speaker 5: I'm gonna be honest, I'm not a big cryptocurrency person.
• 51:06
  Speaker 5: I hold some just to diversify my portfolio, but I'm
• 51:10
  Speaker 5: not really sure which one's gonna win. I don't think
• 51:12
  Speaker 5: any of us know which one's gonna win long term,
• 51:13
  Speaker 5: or bitcoin will even be a thing ten years from now.
• 51:16
  Speaker 5: Maybe it'll be all about a theorem or solana.
• 51:18
  Speaker 4: I'm not really sure, right.
• 51:21
  Speaker 6: So, what is the asset besides your home that working
• 51:26
  Speaker 6: families can hold on to to try to continue to
• 51:28
  Speaker 6: build wealth and pass it on to jet their generations.
• 51:30
  Speaker 6: We've been teaching people for fifty sixty seventy years about
• 51:34
  Speaker 6: the stock market. First it was mutual funds, right then
• 51:36
  Speaker 6: it was index funds. Then it was ETFs, right, and
• 51:40
  Speaker 6: now there's half as many stocks on the publicly traded
• 51:43
  Speaker 6: markets then there used to be. Why is that, frank,
• 51:46
  Speaker 6: Because it's a pain in the ass to be a
• 51:47
  Speaker 6: publicly traded company managing quarter to quarter right, shareholders up
• 51:52
  Speaker 6: your butt, increasing your forecast going forward? What's wrong with
• 51:55
  Speaker 6: your profit margins? You know, how come you don't have
• 51:57
  Speaker 6: enough DEI or whatever. It's a really hard thing to
• 52:00
  Speaker 6: be a publicly traded company in this country. There's a
• 52:02
  Speaker 6: ton of regulation. Now they're going to remove some of that.
• 52:05
  Speaker 6: And at the same time, you know, if there's not
• 52:08
  Speaker 6: going to be if there's going to be less publicly
• 52:09
  Speaker 6: traded companies, and Wall Street keeps inventing new things to
• 52:13
  Speaker 6: sell us in the form of private creditor or private
• 52:16
  Speaker 6: equity in an ETF rapper, which is like, you know,
• 52:19
  Speaker 6: my friend Tyrone says, it's like putting a putting a
• 52:23
  Speaker 6: Ferrari engine in a in like a buick, right, It's
• 52:27
  Speaker 6: like you're not going to get the most out of it.
• 52:29
  Speaker 6: What are they doing that for? They're finding different ways
• 52:31
  Speaker 6: to securitize things because the things that we have grown
• 52:34
  Speaker 6: up investing in that where the building blocks of our
• 52:36
  Speaker 6: wealth are becoming scarcer, and now the public markets, I'm afraid,
• 52:40
  Speaker 6: are becoming less trustworthy.
• 52:44
  Speaker 4: Yeah, I don't.
• 52:44
  Speaker 2: I don't have an answer.
• 52:46
  Speaker 5: Obviously, your your personal residence is a great investment because
• 52:48
  Speaker 5: you can live in it, and ideally it also appreciates
• 52:51
  Speaker 5: the other areas. I'm not sure. I think it just
• 52:53
  Speaker 5: really depends. I mean, education is always a great investment,
• 52:56
  Speaker 5: but the question is what is that education? College doesn't
• 52:58
  Speaker 5: seem to make the same sense, and once did. I
• 53:00
  Speaker 5: know a lot of people that graduate in debt and
• 53:02
  Speaker 5: aren't really on a trajectory to ever get out of
• 53:05
  Speaker 5: debt with the money that they're going to make if
• 53:07
  Speaker 5: they plan to live even just a middle class lifestyle.
• 53:10
  Speaker 5: You know, it's one thing if you go to college
• 53:11
  Speaker 5: and you're going to live in a shack somewhere and
• 53:13
  Speaker 5: save every penny, But who really wants to do that
• 53:15
  Speaker 5: after spending four years to college.
• 53:16
  Speaker 6: I do believe that stocks are still I still believe
• 53:19
  Speaker 6: the stock market is going to eventually return to some
• 53:22
  Speaker 6: sort of a mean return. I don't know if it'll
• 53:23
  Speaker 6: be the twelve I'll.
• 53:25
  Speaker 4: That you men outside of stocks though, yeah, outside of stocks,
• 53:27
  Speaker 4: don't you.
• 53:27
  Speaker 5: Think stocks are a great investment, especially over the long term,
• 53:30
  Speaker 5: if you're willing to hold. Like all my show, I
• 53:32
  Speaker 5: often question people they go, I'm a long term investment.
• 53:34
  Speaker 5: I'm like, okay, but this is a show for people
• 53:36
  Speaker 5: looking to make some short term and intermediate moves. But
• 53:38
  Speaker 5: in general, holding stocks over the long term is the
• 53:41
  Speaker 5: safest investment by far has been.
• 53:44
  Speaker 2: Yeah, for sure, Okay, I'm glad you guys said that
• 53:48
  Speaker 2: because they called me a doomsday alarmist a lot of times.
• 53:52
  Speaker 2: But mean, thanks Frank for being honest. It's pretty consistent.
• 53:58
  Speaker 2: How do you feel about investing right now as far
• 54:01
  Speaker 2: as companies. Are you deploying money into the market right
• 54:05
  Speaker 2: now or are you Because I'm always putting money into
• 54:08
  Speaker 2: the market. My theory is that you have to force
• 54:11
  Speaker 2: yourself to put money into the stock market every single month.
• 54:14
  Speaker 2: That's my theory. So I'm a big believer in dollar
• 54:20
  Speaker 2: cost averaging. Now, sometimes you put money in some things,
• 54:25
  Speaker 2: you might not put money in other things. Right Like,
• 54:27
  Speaker 2: I might see an opportunity where it's like, Okay, well,
• 54:31
  Speaker 2: I think that it's time to be a little bit
• 54:33
  Speaker 2: more conservative. I'm just gonna put money in S and
• 54:35
  Speaker 2: P five hundred this month. I'm not gonna put money
• 54:37
  Speaker 2: in stocks or I'm not fully confident in Apple. I'm
• 54:41
  Speaker 2: not putting money in Apple. I might put money in QQQ,
• 54:43
  Speaker 2: which Apple is a part of, but I feel more
• 54:47
  Speaker 2: confident because it's diversified amongst a variety of other different
• 54:50
  Speaker 2: companies besides one particular company. Or SMH is down a
• 54:55
  Speaker 2: lot right now, So maybe SMH. I feel confident and
• 55:00
  Speaker 2: putting some money in US and made show riding it out.
• 55:02
  Speaker 2: That doesn't mean that it's not going to because I
• 55:04
  Speaker 2: also firmly believe that we're headed to a recession if
• 55:09
  Speaker 2: we don't, if this doesn't change. Let me preference this
• 55:11
  Speaker 2: by saying this, if this teriff policy does not change,
• 55:17
  Speaker 2: if it, if it does not change, we are we
• 55:20
  Speaker 2: are going to be in a recession. And if we
• 55:22
  Speaker 2: go into a recession, we're going to a bear market.
• 55:25
  Speaker 2: And if we go into a bear market, stocks are
• 55:28
  Speaker 2: going to fall lower than what they are now. I
• 55:31
  Speaker 2: think that's that's my that's my thesis. But what are
• 55:35
  Speaker 2: you doing?
• 55:36
  Speaker 3: I think that's safe to say right now.
• 55:38
  Speaker 1: Like I said, the number one catalyst is uncertainty, and
• 55:42
  Speaker 1: that's what we're seeing consistently over the past couple of weeks.
• 55:44
  Speaker 3: So you always have to have your targets, right. So,
• 55:47
  Speaker 3: like we talk about in video, I know Ian said
• 55:49
  Speaker 3: one O five's the number.
• 55:50
  Speaker 2: Well it hit one O three today, but it's headed
• 55:53
  Speaker 2: to ninety.
• 55:54
  Speaker 1: Just well even that's fine, right. If I see it
• 55:58
  Speaker 1: at ninety, it's even more attractive to me. Is it
• 56:00
  Speaker 1: a company that I believe in? Is it a company
• 56:02
  Speaker 1: I'm going to hold long term? It's a company that
• 56:03
  Speaker 1: I have three thousand shares in. I'm not going anywhere, right,
• 56:07
  Speaker 1: and so I'll buy more.
• 56:08
  Speaker 2: I told you.
• 56:09
  Speaker 1: An attractive company for the past two months has been Netflix.
• 56:12
  Speaker 1: We saw how they reported after their last quarter. Obviously,
• 56:15
  Speaker 1: what they're doing with live sports and the WWE, we
• 56:18
  Speaker 1: actually witnessed it in the first hand.
• 56:19
  Speaker 3: I like that company. How will tarists affect that?
• 56:21
  Speaker 1: I'm not sure how it will affect it long term,
• 56:24
  Speaker 1: but I see that at a discount.
• 56:25
  Speaker 2: I like it.
• 56:26
  Speaker 1: The other one is meta, right obviously, what they're doing
• 56:28
  Speaker 1: and the role that they're going to play in connectivity
• 56:30
  Speaker 1: throughout the world, not just here in America, and the
• 56:34
  Speaker 1: global landscape that they have I like them too. And
• 56:36
  Speaker 1: so when they get down to attractive prices. I know
• 56:38
  Speaker 1: in videos just dropped thirty two percent. Apple dropped twenty
• 56:41
  Speaker 1: percent today. The companies that you liked and you were
• 56:44
  Speaker 1: waiting for them to be twenty five percent down from
• 56:48
  Speaker 1: their all time highs, Well they're here. Will they go lower?
• 56:51
  Speaker 1: They could, but they still attractive companies. Those are the
• 56:54
  Speaker 1: companies that will lead this economy that you already allude to, Caleb,
• 56:58
  Speaker 1: when you're talking about fifty five percent of the SMP
• 57:02
  Speaker 1: is in the max seven, right, So these companies are
• 57:04
  Speaker 1: gonna lead our economy.
• 57:05
  Speaker 3: They're at discounted prices.
• 57:07
  Speaker 1: Dollar clust averaging is important, but you're staying in these
• 57:09
  Speaker 1: companies for the long term. Those are those are great companies,
• 57:12
  Speaker 1: so you stay on. Now are we doing options on
• 57:15
  Speaker 1: some of them?
• 57:15
  Speaker 2: In video?
• 57:16
  Speaker 3: It gets down to ninety?
• 57:17
  Speaker 1: I like it because I can see out to twenty
• 57:19
  Speaker 1: twenty seven, right, So when I start seeing twenty twenty
• 57:21
  Speaker 1: seven calls where it's deep like December twenty twenty seven,
• 57:25
  Speaker 1: I like that. I'm always using time as a barrier
• 57:28
  Speaker 1: to help me fight off volatility.
• 57:31
  Speaker 2: What about puts? Puts?
• 57:33
  Speaker 3: As know, I see everybody in chat. I feel like
• 57:34
  Speaker 3: everybody's doing that right.
• 57:35
  Speaker 1: Now, right everybody kept circling April second. They're looking at
• 57:39
  Speaker 1: April second as a date. They know that taffs are
• 57:41
  Speaker 1: going to get into effect. They start buying puts on indexes, right,
• 57:45
  Speaker 1: so they bought it, put on the on the SMP,
• 57:47
  Speaker 1: they bought puts on QQQ.
• 57:49
  Speaker 3: Why, Well, exactly what happened today.
• 57:52
  Speaker 1: Now we don't know what certainty looks like or uncertainty
• 57:55
  Speaker 1: looks like for the next couple of weeks. Like you said,
• 57:57
  Speaker 1: if this doesn't change, I mean, it's he's safe to
• 58:00
  Speaker 1: say that recession is at it.
• 58:01
  Speaker 3: And that's just by definition two negative quarters.
• 58:04
  Speaker 1: I can't see how these tarffs going to affect this month.
• 58:07
  Speaker 1: And this is a positive quarter for most of these companies.
• 58:09
  Speaker 2: We're on the ver we're on the verge of a
• 58:11
  Speaker 2: global meltdown, a global recession. I don't think XRP is
• 58:15
  Speaker 2: going to be the answer. I don't know why people
• 58:16
  Speaker 2: are so obsessed with XRP. It's confusing to me. But
• 58:21
  Speaker 2: out of every out of every vehicle that you can
• 58:24
  Speaker 2: think about, x RP is the one golden child. It
• 58:28
  Speaker 2: hasn't done anything in seven years. It goes up and
• 58:31
  Speaker 2: comes down, and I'm just it's just this. But this
• 58:35
  Speaker 2: goes back to the lack of education, and it also
• 58:38
  Speaker 2: goes back to the Gamber's mentality. And it's also how
• 58:40
  Speaker 2: much education can we give you? Guys. We've been giving
• 58:43
  Speaker 2: you education every single day for seven years. So for
• 58:45
  Speaker 2: you to champion XRP, it's disappointing because it's like, I'm
• 58:51
  Speaker 2: not saying that it has no future at all, but
• 58:53
  Speaker 2: out of everything in the world, XRP is the one
• 58:57
  Speaker 2: thing that you're going to die on.
• 59:00
  Speaker 1: Doesn't cost much, right, people can load their money inside
• 59:03
  Speaker 1: of it, that there's uncertainty around it.
• 59:06
  Speaker 3: We heard that the sec is now settled.
• 59:08
  Speaker 1: It's the hope, right, and the hope of it, as Franklin,
• 59:14
  Speaker 1: a lot of people in Vegas will hope exactly.
• 59:16
  Speaker 3: That's why we never put hope into the equation.
• 59:20
  Speaker 4: Right.
• 59:20
  Speaker 1: You want to make sure you do enough research and
• 59:22
  Speaker 1: you're investing in long term and some things that we
• 59:24
  Speaker 1: know are proven to increase the GDP of our economy
• 59:28
  Speaker 1: for sure.
• 59:29
  Speaker 2: Well, let me ask you guys this from a global perspective, right,
• 59:32
  Speaker 2: how do you think the percept How does this affect
• 59:35
  Speaker 2: Because everybody's mad at America right now. That's another part
• 59:38
  Speaker 2: of this equation from world leaders. But then citizens like
• 59:41
  Speaker 2: people I've seen Canadian citizens that's like they're not going
• 59:44
  Speaker 2: to America because they're boycott in America. Like there's a
• 59:47
  Speaker 2: global settlement that is setting in of people that's mad
• 59:51
  Speaker 2: at America. How how how do you think that is
• 59:54
  Speaker 2: playing in and what what is the long term effects
• 59:58
  Speaker 2: of that? Because America was alway he's known is like
• 1:00:01
  Speaker 2: the place you want to go to. It's like the
• 1:00:03
  Speaker 2: cool place to be.
• 1:00:04
  Speaker 6: But we're cool, we got the funds, we got blue
• 1:00:07
  Speaker 6: jeans over here, We're a lot of fun. But right
• 1:00:09
  Speaker 6: now nobody wants to come right. So it's gonna hurt
• 1:00:13
  Speaker 6: on the tourism front, it's gonna hurt on the trade front,
• 1:00:15
  Speaker 6: we know that, but also just on the cultural you know,
• 1:00:18
  Speaker 6: it's hard to put a number on this, but you know,
• 1:00:20
  Speaker 6: cultural influence has a wealth impact as well, and you
• 1:00:24
  Speaker 6: can see it in entertainment obviously when movies go from
• 1:00:27
  Speaker 6: here over there, you know, over to Europe or Asia
• 1:00:30
  Speaker 6: where certainly Marvel and those other franchises are massive, but
• 1:00:33
  Speaker 6: they also have parks over there. Disney operates around the world,
• 1:00:37
  Speaker 6: right Coca Cola sells its product around the world for
• 1:00:41
  Speaker 6: I think half the companies in the S and P
• 1:00:42
  Speaker 6: five hundred forty percent of the revenue comes from overseas.
• 1:00:46
  Speaker 6: So that's gonna hurt both on the sentiment front, on
• 1:00:49
  Speaker 6: the brand front, and also again, what is the cultural
• 1:00:53
  Speaker 6: impact from a from a dollar perspective that these companies
• 1:00:56
  Speaker 6: are going to feel because they come from the United
• 1:00:58
  Speaker 6: States or they're associated with the United States, like Mickey Mouse,
• 1:01:02
  Speaker 6: like Coca Cola. Right, there's nothing more American than these companies,
• 1:01:06
  Speaker 6: and I think they're going to suffer abroad as well.
• 1:01:08
  Speaker 5: Yeah, I mean, I think that's a great point. But
• 1:01:10
  Speaker 5: you got to remember we're a service economy. Like the
• 1:01:12
  Speaker 5: things that we export our services, and one of those
• 1:01:14
  Speaker 5: things is education. So as long as we have Harvard, Stanford,
• 1:01:18
  Speaker 5: you know, Georgia tech people will come to the United States.
• 1:01:21
  Speaker 2: Well that's on the fire now, people with the administration
• 1:01:24
  Speaker 2: doing what they're doing with Columbia and Harvard, and they
• 1:01:27
  Speaker 2: now people saying like that the education thing, which we want.
• 1:01:31
  Speaker 2: You were right, but now education is under attack. All
• 1:01:35
  Speaker 2: of these Ivy League schools are shuffling because what they're
• 1:01:40
  Speaker 2: doing is the administration is putting so much pressure on
• 1:01:42
  Speaker 2: these schools that they're forcing them to change policy. Now
• 1:01:46
  Speaker 2: they're they're upsetting students and they're upsetting faculty. But then,
• 1:01:49
  Speaker 2: on one hand, they got to satisfy administration and they
• 1:01:51
  Speaker 2: got to satisfy people that's giving them money. On the
• 1:01:54
  Speaker 2: other hand, they're sacrificing their credibility with the students and
• 1:01:59
  Speaker 2: factult and real academia, right, because that's not how the
• 1:02:03
  Speaker 2: academic really works. So, yeah, you're right, But at what
• 1:02:06
  Speaker 2: point do people say, well, yeah, I'm not going to
• 1:02:09
  Speaker 2: school in America anymore because I might get arrested from
• 1:02:13
  Speaker 2: a plant closed police officer and sent to Houston and
• 1:02:17
  Speaker 2: held in a detention center for six months.
• 1:02:19
  Speaker 5: I mean, that seems to be something that's emerging as
• 1:02:22
  Speaker 5: an issue because we've seen some people, you know, according
• 1:02:25
  Speaker 5: to reports, essentially get taken off the street. But can
• 1:02:27
  Speaker 5: I tell you from my personal experiences anecdotal When I
• 1:02:29
  Speaker 5: went to business school, about three quarters of my class
• 1:02:32
  Speaker 5: was from Asia, and a lot of them were very wealthy,
• 1:02:35
  Speaker 5: Like the parking lot I got my NBA from Bentley
• 1:02:38
  Speaker 5: University up in Boston. The parking lot had BMW's, Bentley's
• 1:02:42
  Speaker 5: things I'd never seen before, and I would ask my
• 1:02:44
  Speaker 5: classmates like you're you know, why'd you come over from?
• 1:02:47
  Speaker 5: Whether it be China or Taiwan or wherever. They're just like,
• 1:02:49
  Speaker 5: you know, my parents wanted me to get an education
• 1:02:51
  Speaker 5: in the US. They thought it was you know, they
• 1:02:53
  Speaker 5: saw a lot of prestige and me going to school
• 1:02:55
  Speaker 5: in Boston. So at least in the near term, I
• 1:02:57
  Speaker 5: don't think that really changes, you know.
• 1:02:59
  Speaker 4: I mean, the the.
• 1:03:00
  Speaker 5: Prestige of American schools, the experience of going to an
• 1:03:02
  Speaker 5: American school from when I hear I didn't go to
• 1:03:04
  Speaker 5: college anywhere else. It's very different than going to college overseas. Also,
• 1:03:08
  Speaker 5: just the networking ability you get to meet people in
• 1:03:10
  Speaker 5: the United States potentially make business contacts. But that paradigm,
• 1:03:14
  Speaker 5: to your point, could be changing. Because a lot of
• 1:03:16
  Speaker 5: the people that I worked that I went to school with,
• 1:03:19
  Speaker 5: their parents sent them over here.
• 1:03:20
  Speaker 4: There was the prestige of going to school in the US.
• 1:03:21
  Speaker 5: And also you meet people here in the US and
• 1:03:23
  Speaker 5: then hopefully you make business contacts that work for their
• 1:03:26
  Speaker 5: businesses overseas.
• 1:03:29
  Speaker 1: Is it sustainable though, right we I had a very
• 1:03:31
  Speaker 1: insightful conversation in terms of just college, yes, the prestige,
• 1:03:35
  Speaker 1: but the battle for the future won't be from an institution, right, Like,
• 1:03:40
  Speaker 1: if we're talking about the advancement and artificial intelligence, it
• 1:03:44
  Speaker 1: won't be a battle for like who's more intelligent because
• 1:03:47
  Speaker 1: they went to said ivy League school. It'll be like
• 1:03:49
  Speaker 1: who has more of a purpose and who has a skill.
• 1:03:52
  Speaker 1: Because if an agent can learn a four year degree
• 1:03:55
  Speaker 1: in ten minutes, then I could just work with the
• 1:03:57
  Speaker 1: agent and save myself the time and the money that's
• 1:03:59
  Speaker 1: going to cause me to.
• 1:04:00
  Speaker 2: Actually go to school.
• 1:04:01
  Speaker 3: So how sustainable is that mindset of, Hey, we have
• 1:04:05
  Speaker 3: the best schools.
• 1:04:06
  Speaker 5: That's a tough question. At least in the near term.
• 1:04:08
  Speaker 5: I think it's pretty sustainable. But I think that goes
• 1:04:10
  Speaker 5: full circuit. We were talking about, like, you know, is
• 1:04:12
  Speaker 5: going to college the best decision for a lot of people?
• 1:04:15
  Speaker 5: And I know that you know this show obviously focused
• 1:04:16
  Speaker 5: on the black and brown community. Is that does that
• 1:04:19
  Speaker 5: always make sense? Why not a trade school? I mean
• 1:04:22
  Speaker 5: when you talk to people, a lot of the millionaires
• 1:04:24
  Speaker 5: that are at golf clubs and doing things their plumbers,
• 1:04:26
  Speaker 5: they're contractors, they do hvac. You're seeing a lot of
• 1:04:29
  Speaker 5: people build their wealth that way, and then the jobs
• 1:04:31
  Speaker 5: of the future really going full circle we're talking about
• 1:04:34
  Speaker 5: what are those going to be.
• 1:04:34
  Speaker 4: Are there's going to be jobs where you need.
• 1:04:36
  Speaker 5: A four year degree or you need the ability to
• 1:04:38
  Speaker 5: learn and adapt and can you learn those skills that
• 1:04:41
  Speaker 5: you need to use physically better at a trade school
• 1:04:44
  Speaker 5: or some type of other technical school. I have mixed,
• 1:04:47
  Speaker 5: like really mixed feelings about the tariffs. You know, in theory,
• 1:04:51
  Speaker 5: it kind of makes sense that it would bring jobs
• 1:04:53
  Speaker 5: back here. I also hear what you're saying is that
• 1:04:56
  Speaker 5: a lot of these jobs are going to be taken
• 1:04:57
  Speaker 5: by robots and things like that. But I do think
• 1:05:02
  Speaker 5: you have to try to bring some jobs back here
• 1:05:03
  Speaker 5: so people can start with those jobs and get upskilled
• 1:05:06
  Speaker 5: to the jobs they are going to exist in the future.
• 1:05:08
  Speaker 5: I've seen various estimates, but I've seen one estimate was
• 1:05:11
  Speaker 5: that sixty percent of the jobs that exist today didn't
• 1:05:14
  Speaker 5: exist before World War Two. So you have to start somewhere,
• 1:05:19
  Speaker 5: especially for lower income people, and whether it's assembling. Nobody
• 1:05:22
  Speaker 5: dreams of assembling an iPhone and some factory in Idaho
• 1:05:25
  Speaker 5: or Iowa, but that's the start, and then hypothetically you
• 1:05:28
  Speaker 5: can be upskilled to the higher tech jobs of the
• 1:05:30
  Speaker 5: future where you work side by side with the robot
• 1:05:33
  Speaker 5: or you do augmented reality, whatever you're doing, but you
• 1:05:37
  Speaker 5: do have to start somewhere.
• 1:05:39
  Speaker 2: Well, you also brought up a good point where you
• 1:05:41
  Speaker 2: said seventy percent of classmates was from Asia. That's another
• 1:05:46
  Speaker 2: thing that we talked about. That's another problem, right, like
• 1:05:49
  Speaker 2: we as a society are actually getting dumber. This is
• 1:05:53
  Speaker 2: not my personal opinion, this has just been proven. We're
• 1:05:56
  Speaker 2: not even in the top twenty when it comes to
• 1:05:57
  Speaker 2: education in the world, might not even be in the
• 1:06:00
  Speaker 2: top forty. So even a lot of these high the
• 1:06:03
  Speaker 2: high paying jobs and not going to Americans anyway. We
• 1:06:06
  Speaker 2: came back from Silicon Valley. We was in Meta and
• 1:06:09
  Speaker 2: we was in Nvidia, and all of the people there
• 1:06:11
  Speaker 2: were either from China or from India. So yeah, I mean,
• 1:06:15
  Speaker 2: we're bringing jobs if we're going to try to bring
• 1:06:17
  Speaker 2: jobs back to America. But like you said, those are
• 1:06:19
  Speaker 2: low paying jobs for the most part. Even if it's
• 1:06:21
  Speaker 2: a high paying, low paying job, it's still a low
• 1:06:23
  Speaker 2: paying job when you factor in inflation of a variety
• 1:06:25
  Speaker 2: of these really high paying jobs Americans aren't getting anyway
• 1:06:29
  Speaker 2: because of education. We're not educated enough to actually do
• 1:06:35
  Speaker 2: these jobs anyway.
• 1:06:36
  Speaker 4: But you got to start somewhere like ice work in Detroit.
• 1:06:40
  Speaker 5: I spent a lot of time in Detroit, So I mean,
• 1:06:42
  Speaker 5: I think there's a lot of potential for someone to
• 1:06:43
  Speaker 5: start on the assembly line at a Ford plan and
• 1:06:47
  Speaker 5: get an idea like, man, I can do this better
• 1:06:49
  Speaker 5: than you create a stamping plan, or you create some
• 1:06:51
  Speaker 5: other part plan, or you create some innovation.
• 1:06:54
  Speaker 4: But you have to be in that room to get
• 1:06:56
  Speaker 4: the insight.
• 1:06:56
  Speaker 2: But we was, but we never moved up from the
• 1:07:00
  Speaker 2: So Frank, we've been doing that job for one hundred
• 1:07:01
  Speaker 2: and fifty years, like saying, like, I hear what you're saying,
• 1:07:05
  Speaker 2: but it's twenty twenty five. We don't need to start
• 1:07:08
  Speaker 2: at the ground level anymore. We got to start at
• 1:07:10
  Speaker 2: the highest level because we've been at the ground level
• 1:07:12
  Speaker 2: forever and that promise of moving up the ladder has
• 1:07:15
  Speaker 2: never We've never moved up the ladder.
• 1:07:17
  Speaker 1: Yeah, it's like preparing for a race forever, Like the
• 1:07:20
  Speaker 1: races is already being ran, but we can't get to
• 1:07:23
  Speaker 1: the starting line and.
• 1:07:24
  Speaker 2: Say, all right, we're ready.
• 1:07:25
  Speaker 1: No, they already are running the marathon right like we
• 1:07:28
  Speaker 1: it's not even playing catchup. But we got to participate
• 1:07:30
  Speaker 1: in the space where it's like, all right, well, we
• 1:07:33
  Speaker 1: can't start at the ground and we can see where
• 1:07:36
  Speaker 1: this is headed. We have to be in this race
• 1:07:39
  Speaker 1: for the long run, or else we're gonna stay at
• 1:07:41
  Speaker 1: the finish the start line, Like all right, I think
• 1:07:44
  Speaker 1: we're ready to go. I think we're ready to go.
• 1:07:46
  Speaker 3: Like, no, I.
• 1:07:47
  Speaker 2: Get what you guys are saying, but you gotta When
• 1:07:49
  Speaker 2: he said they taking black jobs, right, I mean that's
• 1:07:51
  Speaker 2: what essentially he's referring to, right, Like, but it's like,
• 1:07:55
  Speaker 2: low skilled jobs are not low paying, and low skilled
• 1:07:59
  Speaker 2: jobs are not a halfway to it's not a sustainable future. Right,
• 1:08:03
  Speaker 2: So it's like, even why are we really even fighting
• 1:08:05
  Speaker 2: for these jobs? They're not sustainable. They're not sustainable. Like
• 1:08:09
  Speaker 2: putting together an iPhone is not aspirational and it's not sustainable.
• 1:08:14
  Speaker 2: That's not something that I don't think our focus should
• 1:08:18
  Speaker 2: be on.
• 1:08:21
  Speaker 5: I understand everything you're saying, but you got to start somewhere.
• 1:08:24
  Speaker 5: And while Kelb's pointing out that the US unemployments are
• 1:08:26
  Speaker 5: about four percent, Black unemployment is higher than that, and
• 1:08:29
  Speaker 5: a lot of us are are skewed more towards as
• 1:08:31
  Speaker 5: you're talking about lower paying jobs, I'm not saying that
• 1:08:34
  Speaker 5: manufacturing jobs are the cure all and it's going to
• 1:08:37
  Speaker 5: fix everything. But oftentimes manufacturing jobs are steady. They pay
• 1:08:41
  Speaker 5: better than service jobs, even pay better than some of
• 1:08:43
  Speaker 5: the warehousing jobs. They've got really popular dround the pandemic.
• 1:08:46
  Speaker 5: They come with benefits. They provide a ladder for people
• 1:08:49
  Speaker 5: that want to use it. Similar to the military. The
• 1:08:51
  Speaker 5: military doesn't pay great, but if you get into the
• 1:08:53
  Speaker 5: military and you learn how to use some of those resources,
• 1:08:56
  Speaker 5: it can be a ladder up. Some people get out
• 1:08:58
  Speaker 5: the military and you're right, they don't have any more
• 1:09:00
  Speaker 5: skills than when they got in there.
• 1:09:02
  Speaker 2: Let me ask you this, both of you guys, before
• 1:09:06
  Speaker 2: we wrap, I want to get your opinion because the
• 1:09:08
  Speaker 2: political aspect plays a part too. So Elon Mush. You see,
• 1:09:11
  Speaker 2: he's been under a lot of pressure and it's starting
• 1:09:14
  Speaker 2: to backfire. They lost the judicial race in Wisconsin, which
• 1:09:18
  Speaker 2: he put a lot of money into, twenty five million,
• 1:09:20
  Speaker 2: So that to me is a sign that there's some
• 1:09:22
  Speaker 2: level of there's a revolt politically. This usually always happens
• 1:09:27
  Speaker 2: that one party gets in then the other party has
• 1:09:29
  Speaker 2: a favor because they could just say the other party's
• 1:09:31
  Speaker 2: messing up. But Trump he's pretty hell bent on what
• 1:09:35
  Speaker 2: he wants to do, and everybody around him is gonna
• 1:09:38
  Speaker 2: agree with it. I wonder, at what point if the
• 1:09:42
  Speaker 2: stock market doesn't cause enough pain, Like if we go
• 1:09:44
  Speaker 2: into recession, we lose thirty percent of the stock market
• 1:09:47
  Speaker 2: and that's not enough pain, At what point through the
• 1:09:49
  Speaker 2: Republic does the Republican establishment put pressure on Trump because
• 1:09:54
  Speaker 2: they're saying that this is starting to backfire on us, right,
• 1:09:58
  Speaker 2: because a downward a is not beneficial for a political
• 1:10:01
  Speaker 2: part that's in power. So they're going to start getting
• 1:10:03
  Speaker 2: blamed for it eventually. Right. So he might not kick
• 1:10:06
  Speaker 2: because he only has one term left. But if allegedly,
• 1:10:10
  Speaker 2: but if the Republican establishment, which I don't even know
• 1:10:13
  Speaker 2: if there is a Publican establishment at this point, it's
• 1:10:15
  Speaker 2: just maga. Can political pressure to get put on him
• 1:10:20
  Speaker 2: to the reverse course if things get too bad? Yeah?
• 1:10:25
  Speaker 6: Well, money talks, right, uh. And as soon as you know,
• 1:10:29
  Speaker 6: some of those donors start losing some of their money,
• 1:10:31
  Speaker 6: and some of the big donors or some of the
• 1:10:33
  Speaker 6: big governors start losing donors in their states and losing
• 1:10:36
  Speaker 6: those statewide races, which doesn't allow them to do the redistricting,
• 1:10:40
  Speaker 6: which doesn't allow them to do the remapping to then
• 1:10:43
  Speaker 6: stay in power for the next twelve years. That's what
• 1:10:45
  Speaker 6: I think is start to see a little bit of
• 1:10:47
  Speaker 6: a pullback because it's clearly not the stock market. We've
• 1:10:50
  Speaker 6: already seen that, it's not the bond market. We've definitely
• 1:10:52
  Speaker 6: seen that. I think people are going to get angry,
• 1:10:54
  Speaker 6: They're going to get hungry, and they're going to get mad.
• 1:10:56
  Speaker 6: This summer, we'll see what that does or whether this
• 1:10:59
  Speaker 6: government is just going to clap down with martial law.
• 1:11:01
  Speaker 6: That remains to be seen too. Like what happens when
• 1:11:03
  Speaker 6: people hit the streets because they are just so mad
• 1:11:05
  Speaker 6: they can't take it anymore. That's what we're going to
• 1:11:07
  Speaker 6: end up seeing how this government responds to that, and
• 1:11:09
  Speaker 6: how the rest of the nation observes that and says, oh,
• 1:11:12
  Speaker 6: is that how we're handling our people now? I mean,
• 1:11:14
  Speaker 6: you already talked about people being taken off the street
• 1:11:17
  Speaker 6: and being deported to Houston and stuff like that. What
• 1:11:20
  Speaker 6: happens when people get really mad and start taking to
• 1:11:22
  Speaker 6: the streets, right, and what happens when the big money
• 1:11:24
  Speaker 6: stops flowing into the people that have put this administration
• 1:11:28
  Speaker 6: in power. That's probably when you're going to see some movement.
• 1:11:31
  Speaker 4: That's a great question.
• 1:11:33
  Speaker 5: I think the midterms longer horizon, the midterms for the
• 1:11:37
  Speaker 5: CORECT for congressional races is going to be a key test.
• 1:11:40
  Speaker 5: If the Trump back candidates win the midterms, I think
• 1:11:43
  Speaker 5: that extends his influence even though he's a lame dug president.
• 1:11:46
  Speaker 5: If they don't, I think that's going to be a
• 1:11:48
  Speaker 5: clear dividing line in his influence Before then, I'm not
• 1:11:52
  Speaker 5: really sure because I mean, look at Tesla Elon Musk.
• 1:11:55
  Speaker 4: I mean I can't I don't remember how much he's lost.
• 1:11:57
  Speaker 4: I think he's lost about six hundred million dollars.
• 1:11:59
  Speaker 5: Yeah, stop, Yeah, he's certainly been impacted. And also I
• 1:12:04
  Speaker 5: think some of his plans for the future are potentially impacted.
• 1:12:07
  Speaker 5: Like you know how we when you ride hill a car,
• 1:12:09
  Speaker 5: you call it a uber and there's only an uber
• 1:12:11
  Speaker 5: and lyft, but you still call it a uber, Like
• 1:12:12
  Speaker 5: I'm gonna get an uber even when you're doing a lyft.
• 1:12:14
  Speaker 4: A lot of times. He's going to put out robots
• 1:12:17
  Speaker 4: and also a ROBOTAXI.
• 1:12:18
  Speaker 5: The question is do people want to take them if
• 1:12:20
  Speaker 5: they're associated with Elon Musk's Caleb's point like, are you
• 1:12:23
  Speaker 5: so disgusted by what happened with Doge and some of
• 1:12:26
  Speaker 5: the other things. Do you do you basically boycott the
• 1:12:29
  Speaker 5: test of ROBOTAXI? Do you not buy the test the robot?
• 1:12:31
  Speaker 5: Do you buy the hypothetical Microsoft robot instead? Does that
• 1:12:35
  Speaker 5: hurt the stock? Are other people in this Trump orbit
• 1:12:38
  Speaker 5: are they potentially going to face that kind of same
• 1:12:40
  Speaker 5: consumer reaction? We just don't know yet, you know what
• 1:12:42
  Speaker 5: I mean, it's not clear one other tests we might
• 1:12:45
  Speaker 5: get and I don't even know how it's going to
• 1:12:47
  Speaker 5: work out. But if one of the companies or that
• 1:12:50
  Speaker 5: where the ceo is a Trump backer gets to actually
• 1:12:52
  Speaker 5: buy TikTok, do people leave TikTok and protest?
• 1:12:55
  Speaker 2: I don't know.
• 1:12:56
  Speaker 4: I don't think so. I think people just kind of
• 1:12:58
  Speaker 4: really like TikTok.
• 1:13:01
  Speaker 1: Yeah, I mean, as you were saying exactly, that's exactly
• 1:13:05
  Speaker 1: what I was thinking Twitter.
• 1:13:07
  Speaker 2: Yeah.
• 1:13:07
  Speaker 5: I mean, look at Mark Zuckerberg. He's very closely aligned
• 1:13:10
  Speaker 5: with the Trump administration right now. I mean, I'll be honest,
• 1:13:13
  Speaker 5: you know, I don't know anybody that's left Instagram because
• 1:13:15
  Speaker 5: they're against what Mark Zuckerberg's done.
• 1:13:17
  Speaker 4: I haven't heard.
• 1:13:17
  Speaker 5: I've heard people see a lot of other things about
• 1:13:19
  Speaker 5: boycotting this retail or boycott this retailer.
• 1:13:21
  Speaker 4: I haven't one person say I'm jumping off insta.
• 1:13:24
  Speaker 6: That's right, right, we say one thing, but do they
• 1:13:26
  Speaker 6: but do the other.
• 1:13:27
  Speaker 2: All the time?
• 1:13:28
  Speaker 1: Frank, you know the man I was actually thinking that, right,
• 1:13:30
  Speaker 1: like Robotech, that that announcement is going to be coming
• 1:13:33
  Speaker 1: in June. I know they have a rollout, but you
• 1:13:35
  Speaker 1: think about all those CEOs right that came to the
• 1:13:38
  Speaker 1: inauguration of pre inauguration, it came and spoke to Trump,
• 1:13:41
  Speaker 1: and what that perspective is now, right that they've lost
• 1:13:45
  Speaker 1: I mean hundreds of billions of dollars from their personal wealth.
• 1:13:48
  Speaker 1: Obviously that they're they're going to be fine, But it's
• 1:13:51
  Speaker 1: interesting to look at May seventh, is the date you
• 1:13:55
  Speaker 1: brought up the feed cher Caleb. I think you're one
• 1:13:58
  Speaker 1: of the most educated people in this space of breaking
• 1:14:01
  Speaker 1: down the correlation between inflation, between the CPI, between mortgage
• 1:14:11
  Speaker 1: not mortgageman, the interest.
• 1:14:12
  Speaker 2: Rates going up.
• 1:14:13
  Speaker 1: Can you just explain that to people so they can
• 1:14:15
  Speaker 1: get a clear glimpse of how all those things play
• 1:14:18
  Speaker 1: apart and why the decision of how many rate cuts
• 1:14:20
  Speaker 1: we get this year is going to be super important.
• 1:14:24
  Speaker 6: Yeah, the Federal Reserve, our central bank, has two jobs.
• 1:14:27
  Speaker 6: Two mandates, right, keep unemployment or keep the country fully employed,
• 1:14:31
  Speaker 6: which is somewhere between three and a half and four
• 1:14:33
  Speaker 6: percent unemployment, and also keep inflation in the two to
• 1:14:37
  Speaker 6: two and a half percent rates. That's where they've traditionally
• 1:14:40
  Speaker 6: wanted these things to happen. How do they do that.
• 1:14:42
  Speaker 6: They do that by either raising or lowering interest rates
• 1:14:45
  Speaker 6: or buying more government securities. But by raising interest rates
• 1:14:49
  Speaker 6: making money more expensive, people are going to spend less.
• 1:14:52
  Speaker 6: That's a way for that's a way to keep inflation
• 1:14:56
  Speaker 6: from rising or to actually help bring it down. We
• 1:14:58
  Speaker 6: saw that when inflation hit eight point eight eight percent
• 1:15:00
  Speaker 6: after the pandemic. They raise rates to multi generational highs
• 1:15:04
  Speaker 6: to do that, and we're still on our way back down. Now.
• 1:15:07
  Speaker 6: If the economy starts to sputter because we're doing less
• 1:15:10
  Speaker 6: consumer spending, and just remember that GDP gross domestic product
• 1:15:14
  Speaker 6: is seventy percent consumer spending. That's us going to the mall,
• 1:15:17
  Speaker 6: taking a vacation, buying a new pair of Air Force nikes. Frank,
• 1:15:23
  Speaker 6: that is us spending money, and business is spending money.
• 1:15:25
  Speaker 6: When we slow down our spending. The FED lowers interest
• 1:15:29
  Speaker 6: rates to juice the economy makes money cheaper, cheaper to borrow,
• 1:15:32
  Speaker 6: so we'll spend more, consume more. That usually kickstarts the economy. Now,
• 1:15:36
  Speaker 6: what we've seen over the past several recessions, going back
• 1:15:39
  Speaker 6: to the Great Financial Crisis, is when the economy got
• 1:15:43
  Speaker 6: into really bad shape, whether it was the fault of
• 1:15:45
  Speaker 6: the banks making bad loans, or whether it's just a
• 1:15:48
  Speaker 6: COVID all of a sudden knocking everything offline, and all
• 1:15:51
  Speaker 6: of a sudden, everybody's at home and the economy comes
• 1:15:53
  Speaker 6: to a sandstill. Well, what does the FED do. It's slammed.
• 1:15:56
  Speaker 6: It lowers interest rates to the floor. It takes interest
• 1:15:59
  Speaker 6: rates to zero to stimulate the economy to get people
• 1:16:01
  Speaker 6: spending again. That's what we did. That's what produced inflation,
• 1:16:05
  Speaker 6: and that's what got the economy back in gear and
• 1:16:08
  Speaker 6: the stock market back in gear again. The concern to
• 1:16:11
  Speaker 6: me now is that there is no moral hazard when
• 1:16:13
  Speaker 6: you knew the FED was just going to come in
• 1:16:15
  Speaker 6: and take care of everything, or the government was just
• 1:16:17
  Speaker 6: going to put helicopter rain, helicopter money all over the
• 1:16:20
  Speaker 6: economy to get us spending again, whether that was through
• 1:16:22
  Speaker 6: stimulus payments or what have you, or through tarp back
• 1:16:25
  Speaker 6: in the Great Financial Crisis? Is this the type of
• 1:16:28
  Speaker 6: administration that will do that? Are they going to come
• 1:16:31
  Speaker 6: to the rescue of the economy that they're kind of
• 1:16:32
  Speaker 6: burning down right now? Or are they going to let
• 1:16:34
  Speaker 6: it burn and in the process destroy tens of millions
• 1:16:38
  Speaker 6: of households and their wealth going forward? And that's a
• 1:16:40
  Speaker 6: huge question right now. And how much control does the
• 1:16:43
  Speaker 6: FED really have? The FED always said it remains independent.
• 1:16:46
  Speaker 6: I'm in Washington, DC right now, guys. Tomorrow morning, I'm
• 1:16:49
  Speaker 6: going to an interview with FED chair Powell. I'm not
• 1:16:52
  Speaker 6: interviewing him, but I'm going to be in the room
• 1:16:53
  Speaker 6: when it's happening because I want to hear what he
• 1:16:55
  Speaker 6: has to say about this. But he's not going to
• 1:16:56
  Speaker 6: say anything because he knows he doesn't have the power
• 1:16:59
  Speaker 6: right now.
• 1:17:02
  Speaker 2: Extremely insightful, extremely insightful conversation.
• 1:17:05
  Speaker 5: Well, can I hit you guys with two things really quick?
• 1:17:09
  Speaker 5: Tomorrow on CNBC, We're gonna have the Microsoft CEO. I
• 1:17:11
  Speaker 5: believe my colleague John Ford, He's gonna be doing the interview.
• 1:17:14
  Speaker 5: For anybody has a no follow John Ford man, he's
• 1:17:17
  Speaker 5: the pre eminent voice. When it comes to tech, he's
• 1:17:19
  Speaker 5: the Walter Cronkit to tech, He's Brian Gumblin tech right,
• 1:17:22
  Speaker 5: and any other thing you want to throw in there
• 1:17:26
  Speaker 5: to your other point about robotics and everything personally, and
• 1:17:29
  Speaker 5: this is just me. This is not you know, I'm
• 1:17:31
  Speaker 5: instructing a body to do this. It's just insight into
• 1:17:33
  Speaker 5: what I do. I'm a big believer in investing in
• 1:17:35
  Speaker 5: the Triple Q's in the max of and I think
• 1:17:37
  Speaker 5: at least a couple of those companies are going to
• 1:17:39
  Speaker 5: win when it comes to AI agents automation, at least
• 1:17:42
  Speaker 5: a couple of them. And probably when you look at
• 1:17:45
  Speaker 5: the Triple Ques, a bunch of them, a bunch of
• 1:17:47
  Speaker 5: them are gonna either do his software or do the agents.
• 1:17:50
  Speaker 4: I mean, just various companies in there.
• 1:17:53
  Speaker 5: Then the other thing mutual friend of all of us,
• 1:17:55
  Speaker 5: John hop Brien, he's doing an event tomorrow. Business plan
• 1:17:58
  Speaker 5: for America. I think all of us have come up
• 1:18:00
  Speaker 5: with our personal business plan. We got to think about
• 1:18:02
  Speaker 5: what happens if we face a recession. It's not just
• 1:18:04
  Speaker 5: about saving money, it's just what do you pivot to
• 1:18:07
  Speaker 5: right now? If you're just doing a job just for
• 1:18:09
  Speaker 5: a check and it may go away. How do you
• 1:18:10
  Speaker 5: pivot to doing what you actually want to do and
• 1:18:12
  Speaker 5: you're passionate about. As you guys mentioned, this is a
• 1:18:15
  Speaker 5: crisis about. Out of all crisis or crises come opportunity.
• 1:18:18
  Speaker 5: New businesses will be created, New industries will be created,
• 1:18:23
  Speaker 5: even just new nonsense will be creative. People come up
• 1:18:25
  Speaker 5: with new things that they're just interested in to waste time.
• 1:18:28
  Speaker 5: And I'm not dissing anybody, but the Ashton Hall thing.
• 1:18:30
  Speaker 5: People are now buying Saratoga water and squeeze the lemons
• 1:18:33
  Speaker 5: and dipping their face in bowls. There's gonna be some
• 1:18:36
  Speaker 5: other craze like that during the pan I mean during
• 1:18:38
  Speaker 5: the recession, if we have one, it's gonna be so
• 1:18:40
  Speaker 5: many opportunities. So you know me, like and I think
• 1:18:43
  Speaker 5: everybody else out there, you should be going with your
• 1:18:45
  Speaker 5: own business plan.
• 1:18:45
  Speaker 4: Make sure you're doing the things that you want to
• 1:18:47
  Speaker 4: do and not just the things you have to do.
• 1:18:49
  Speaker 6: Right, be the CEO of your own life. Never more
• 1:18:51
  Speaker 6: important than right now.
• 1:18:53
  Speaker 2: That's fun. Well, thank you, gentlemen. First of all, everybody
• 1:18:57
  Speaker 2: Ring Holland has the show on c CNBCF five o'clock
• 1:19:00
  Speaker 2: in the morning every day, and uh, Investorpedia is a
• 1:19:04
  Speaker 2: website that I've been using for years and is a
• 1:19:07
  Speaker 2: great resource, probably the top resource on the net when
• 1:19:10
  Speaker 2: it comes to learning about different Like it's all stuff
• 1:19:14
  Speaker 2: that you can actually type in and it gives you
• 1:19:16
  Speaker 2: detailed information. So today, yeah for sure. So and they
• 1:19:21
  Speaker 2: both have come to invest Fest invest Fast alumni. They've
• 1:19:25
  Speaker 2: done a variety of different things with US Market Monday.
• 1:19:29
  Speaker 4: Yeah lovely.
• 1:19:30
  Speaker 1: Yeah, we got we gotta, we gotta get we gotta
• 1:19:32
  Speaker 1: get John Man, we got to get them on the show.
• 1:19:34
  Speaker 2: Let's do it.
• 1:19:34
  Speaker 4: I mean, man, you guys need to connect.
• 1:19:38
  Speaker 2: Absolutely, And thank you guys, because yeah, we talked about
• 1:19:41
  Speaker 2: it before. But I said, I said, in my opinion,
• 1:19:43
  Speaker 2: I think invest Fest this year, this is gonna be
• 1:19:44
  Speaker 2: the most important year because it's always important to get information,
• 1:19:49
  Speaker 2: but it's even more important in times of crisis. The
• 1:19:52
  Speaker 2: information and the relationships. Those are the two most important
• 1:19:56
  Speaker 2: things that's really going to propel you during times of crisis.
• 1:19:58
  Speaker 2: So what's your guy experience would investments before we leave, like,
• 1:20:02
  Speaker 2: what's your because you you've both experienced it. So I'm
• 1:20:04
  Speaker 2: just always interested to see how other people view it
• 1:20:07
  Speaker 2: because it's kind of hard for me to view it
• 1:20:08
  Speaker 2: because I'm on the outside. I'm in, like you know,
• 1:20:10
  Speaker 2: on the perimeter. So you guys inside of it, how
• 1:20:13
  Speaker 2: is it? Well?
• 1:20:15
  Speaker 5: Excellent vibe, the energy is amazing. Everybody's there to learn.
• 1:20:19
  Speaker 5: People are taking notes, they're listening. They're also engaging with
• 1:20:22
  Speaker 5: each other.
• 1:20:23
  Speaker 2: You know.
• 1:20:24
  Speaker 5: It's just it's almost like a collegial environment. It's like
• 1:20:26
  Speaker 5: you're on a college campus. Almost everybody feels comfortable to
• 1:20:29
  Speaker 5: speak to each other, ask questions. I think the panels
• 1:20:31
  Speaker 5: have been amazing. I really enjoyed them, not only the
• 1:20:33
  Speaker 5: ones I'm moderated, but I just got to watch some
• 1:20:35
  Speaker 5: of the other ones. I found it highly educational, and
• 1:20:37
  Speaker 5: I really would tell other people you got to.
• 1:20:39
  Speaker 4: Come at least for one day. Just got to come
• 1:20:41
  Speaker 4: and experience it for one day.
• 1:20:43
  Speaker 5: Spend the day there, walk through the other area where
• 1:20:46
  Speaker 5: you have people with blues and things like that. Marketplace,
• 1:20:49
  Speaker 5: marketplace exactly. It's just a great experience, a lot of
• 1:20:53
  Speaker 5: like minded people. If you're someone that wants to learn, grow,
• 1:20:56
  Speaker 5: just grow yourself and also grow your wealth.
• 1:20:58
  Speaker 6: Yeah, I'd say it's, you know, the greatest show in
• 1:21:02
  Speaker 6: investing right now. And I mean that, and I go
• 1:21:04
  Speaker 6: to a lot of these where you get high level speakers,
• 1:21:08
  Speaker 6: really good conversation.
• 1:21:10
  Speaker 2: You get into it.
• 1:21:10
  Speaker 6: There's the educational part and there's the showtime part, and
• 1:21:13
  Speaker 6: you do great at both of those things. But the
• 1:21:15
  Speaker 6: best part for me is actually sitting in that booth
• 1:21:18
  Speaker 6: area in the marketplace area, just talking to people and
• 1:21:20
  Speaker 6: having people come up and ask me questions about money
• 1:21:23
  Speaker 6: and their own personal finances, make sure they're on the
• 1:21:25
  Speaker 6: right track. Somebody will hear our conversation, Dey'll chime in,
• 1:21:28
  Speaker 6: and all of a sudden, you got six seven people
• 1:21:30
  Speaker 6: I've never met in my life. I'm not even from
• 1:21:33
  Speaker 6: Atlanta who want to talk and engage and help each
• 1:21:35
  Speaker 6: other out. That spirit of generosity and reciprocity there is
• 1:21:38
  Speaker 6: unbelievable and it seems like it's totally organic. You guys,
• 1:21:42
  Speaker 6: just you created this amazing event and people brought that
• 1:21:44
  Speaker 6: with that energy with them when they came to it
• 1:21:47
  Speaker 6: because you engendered that and that's what you get out
• 1:21:49
  Speaker 6: of that. And it's not like it's a thousand people.
• 1:21:51
  Speaker 6: It's like, you know, thousands and thousands of people all
• 1:21:54
  Speaker 6: feel in the same vibe.
• 1:21:57
  Speaker 3: We appreciate you, Caleb. We must have the skateboard there
• 1:21:59
  Speaker 3: with you.
• 1:21:59
  Speaker 6: This.
• 1:21:59
  Speaker 2: Yeah, please will be back now. We appreciate you guys
• 1:22:04
  Speaker 2: so much, always always adding so much value. Extremely knowledgeable
• 1:22:09
  Speaker 2: and thank you, thank you so much.
• 1:22:12
  Speaker 4: It's gonna be on the Emergency Terraff episode.
• 1:22:14
  Speaker 6: Man Colin to.
• 1:22:19
  Speaker 2: Man, it's uh, it's it's a crucial time in America
• 1:22:22
  Speaker 2: right now.
• 1:22:24
  Speaker 4: Appreciate you doing what you do. Man, people need.
• 1:22:30
  Speaker 6: Do what you're doing.
• 1:22:32
  Speaker 3: Yeah, my guy, Frank, I'll give you a call, my brother.
• 1:22:34
  Speaker 2: Appreciate you.
• 1:22:35
  Speaker 4: Talk to y'all soon.
• 1:22:36
  Speaker 2: Man, thank you, yes, sir, Okay, all right, Man, what
• 1:22:42
  Speaker 2: do we learn today?
• 1:22:44
  Speaker 1: It was a lot, Man, that was a lot, but
• 1:22:45
  Speaker 1: it's important, right people, like I said, a lot of
• 1:22:47
  Speaker 1: a slide uncertainty. I'm glad that the open conversation that
• 1:22:52
  Speaker 1: people in the chat are even having their own conversations,
• 1:22:54
  Speaker 1: but giving some type of education around what's happening. Because
• 1:22:58
  Speaker 1: most people just hear the news and the news happened
• 1:23:00
  Speaker 1: to them. They don't really know what's going on. So
• 1:23:02
  Speaker 1: hopefully we got to debunk some things, give some clarity
• 1:23:04
  Speaker 1: some things, and people make investment decisions and make personal
• 1:23:07
  Speaker 1: decisions about the information that they received tonight.
• 1:23:09
  Speaker 2: Man. That's the power relationships. We wasn't planning on doing
• 1:23:11
  Speaker 2: that episode of this week, but within a couple of
• 1:23:15
  Speaker 2: hours we we got episode. We promoted on social media.
• 1:23:20
  Speaker 2: We have good friends, so they came and we had
• 1:23:23
  Speaker 2: eight thousand people on. So the relationship thing, I'm always
• 1:23:26
  Speaker 2: gonna talk about relationships because that's the key. That's that's
• 1:23:29
  Speaker 2: that's the major key in life is relationships. Yeah, so yeah,
• 1:23:33
  Speaker 2: it will probably get rockier. I'm not gonna lie to you.
• 1:23:37
  Speaker 2: I think that we were in for this is gonna be.
• 1:23:40
  Speaker 2: This is gonna be a rocky road. But it's opportunities
• 1:23:44
  Speaker 2: in every crisis, state, state disciplined, don't gamble dollar cost,
• 1:23:48
  Speaker 2: average good companies, indexed funds, state of course, put your
• 1:23:52
  Speaker 2: plan together, don't spend money unnecessarily. Invest in your education.
• 1:23:59
  Speaker 2: This this is it, man, This is this is it.
• 1:24:01
  Speaker 2: This is it. Somebody asked when my classes.
• 1:24:05
  Speaker 1: My class will be shooting for the seventeenth of able
• 1:24:10
  Speaker 1: to EU y l U all earners. Our class is
• 1:24:12
  Speaker 1: going to be April seventeenth for our optence class. It's
• 1:24:15
  Speaker 1: going to be a good one. I got I got
• 1:24:16
  Speaker 1: some special special guests joining me, so it's gonna be dope.
• 1:24:19
  Speaker 1: Make sure y'all tune in real quick before you go.
• 1:24:22
  Speaker 2: There is a host hotel. Somebody asked that in the chat. Okay,
• 1:24:26
  Speaker 2: if you go to invest fest dot com, I believe
• 1:24:28
  Speaker 2: the hotel information is on there. Yeah, yeah, I know.
• 1:24:32
  Speaker 2: It's uh the first the signey is the sign is
• 1:24:35
  Speaker 2: a whole hotel and you get it, but you get
• 1:24:36
  Speaker 2: a rate.
• 1:24:37
  Speaker 1: Yeah, get investment. Go to investments dot com. All the
• 1:24:40
  Speaker 1: information is there. Make sure y'all get uh get the
• 1:24:43
  Speaker 1: percentage off on our website to the signia which is
• 1:24:46
  Speaker 1: actually attached to the venue.
• 1:24:48
  Speaker 2: You can't.
• 1:24:49
  Speaker 3: It doesn't get any better than.
• 1:24:50
  Speaker 2: But this is important. Don't just book the signia on
• 1:24:52
  Speaker 2: your own because you won't get the discount of rate.
• 1:24:54
  Speaker 2: Go to investment bestest dot com and you get the
• 1:24:57
  Speaker 2: discount of rate. But please, the hotel is literally attached
• 1:24:59
  Speaker 2: to the can Mention Center. Absolutely, that's the best place
• 1:25:02
  Speaker 2: to stay.
• 1:25:02
  Speaker 1: Yeah, that was one of the best improvements over the
• 1:25:05
  Speaker 1: years of investors having that hotel attached to the actual venue.
• 1:25:08
  Speaker 1: People wake up, they walk downstairs, They on their lunch,
• 1:25:12
  Speaker 1: they go back to their rooms, get a quick nap,
• 1:25:13
  Speaker 1: come back downstairs, get ready for the evening, wake up.
• 1:25:17
  Speaker 1: Do the same thing in the morning, shout out to everybody,
• 1:25:19
  Speaker 1: all everybody putting it together for August August twenty four.
• 1:25:22
  Speaker 2: That's the fact, and it's a signia by Hilton.
• 1:25:24
  Speaker 1: Yes, I was gonna ask you before we go. They're
• 1:25:28
  Speaker 1: supposed to be a decision here. Maybe there'll be a
• 1:25:30
  Speaker 1: delay on the TikTok Amazon put that bid in. Larry
• 1:25:34
  Speaker 1: Ellison is the front runner. What's your thoughts.
• 1:25:36
  Speaker 2: I heard the Amazon plays not getting taken seriously from
• 1:25:38
  Speaker 2: the administration. Yeah, Larry Ellison somebody that is very good
• 1:25:43
  Speaker 2: with Trump, So you know, I think that's gonna have you.
• 1:25:47
  Speaker 2: Caleb brought a good point as far as that they
• 1:25:49
  Speaker 2: might be burning down on purpose to make to privatize
• 1:25:52
  Speaker 2: everything and to help the people strategic people around them
• 1:25:55
  Speaker 2: that's extremely rich and get very more, get more richer. Yeah,
• 1:25:59
  Speaker 2: that would be one of those people, right. That would
• 1:26:01
  Speaker 2: be a person who directly benefit from this situation is
• 1:26:04
  Speaker 2: somebody like Larry.
• 1:26:06
  Speaker 3: Yes, he said, more Richard, more wealthy. Same thing.
• 1:26:09
  Speaker 2: Look, I don't think Grandma's important at that. Yes, I
• 1:26:13
  Speaker 2: think man, we on the we on the verge of
• 1:26:15
  Speaker 2: a global depression. Yes, I don't think how you spelled
• 1:26:20
  Speaker 2: there matter. I don't think I don't think it's gonna matter.
• 1:26:23
  Speaker 2: I'll be honest with you. They're them those I don't
• 1:26:27
  Speaker 2: think if you spelled two with two o's on one O,
• 1:26:29
  Speaker 2: you can spell it with the letter the number two
• 1:26:32
  Speaker 2: at this point, just the number Yo. You better, this
• 1:26:35
  Speaker 2: is getting serious out loves Grandma or you. The punctuation
• 1:26:40
  Speaker 2: is not gonna matter when when a robot is doing
• 1:26:44
  Speaker 2: everybody's job. Yeah, I predicted.
• 1:26:47
  Speaker 1: I asked that because in our class I was talking
• 1:26:49
  Speaker 1: about Larry Ellison's relationship with Trump. But the fact that
• 1:26:52
  Speaker 1: they already had a partnership with TikTok to run their
• 1:26:55
  Speaker 1: data in twenty twenty during the pandemic. They already have
• 1:26:58
  Speaker 1: relationship there with with optimizing their information for that platform.
• 1:27:03
  Speaker 1: The fact that Stargate and that announcement happened in early January,
• 1:27:07
  Speaker 1: right around the inauguration.
• 1:27:08
  Speaker 3: Larry Elson has been popping up.
• 1:27:10
  Speaker 1: There's there's some signs there that that oracle is gonna
• 1:27:12
  Speaker 1: be a heavy, heavy player in that TikTok situation. So
• 1:27:16
  Speaker 1: that should happen, I think on the fifth. So we'll
• 1:27:19
  Speaker 1: see by Malcolm Monday's we'll know what happens. Either is
• 1:27:21
  Speaker 1: gets delayed or gets get it gets brought out.
• 1:27:24
  Speaker 2: But for one thing, for sure, Yeah, I knew that
• 1:27:26
  Speaker 2: TikTok wasn't going away, and it didn't go away to Oracle,
• 1:27:31
  Speaker 2: like he said, people love TikTok. People will love Instagram.
• 1:27:34
  Speaker 2: They're gonna keep using it. Certain things you could boy talk,
• 1:27:37
  Speaker 2: you could boycott Target, but into Instagram's off limits.
• 1:27:41
  Speaker 1: And if you're still in the chat, man, we're gonna
• 1:27:42
  Speaker 1: have a conversation about.
• 1:27:43
  Speaker 3: Nike on on Monday. Screw in, big trouble.
• 1:27:48
  Speaker 2: Nike is really screwed. But forget market. Monday will be
• 1:27:51
  Speaker 2: very interesting.
• 1:27:52
  Speaker 1: Oh my gosh, Yeah, be interesting one for sure. We're
• 1:27:55
  Speaker 1: gonna have a conversation about that. Yeah, for locker, you
• 1:27:58
  Speaker 1: on the clock, you're next, You're next, You're next.
• 1:28:06
  Speaker 2: Keep your composure, Keep your composure. Trump hell of a guy,
• 1:28:13
  Speaker 2: is Trump? You know, there's there's a thing on TikTok
• 1:28:18
  Speaker 2: now is like you know, the running thing was that
• 1:28:20
  Speaker 2: he's a good businessman, so he'd be good for the economy.
• 1:28:23
  Speaker 2: Is he really a good businessman though he's had like
• 1:28:25
  Speaker 2: over ten bankruptcies at the question. He's a great marketer.
• 1:28:29
  Speaker 2: We can never take that away. He's a great marketer,
• 1:28:34
  Speaker 2: you know what, But the businessman thing is up up
• 1:28:36
  Speaker 2: for question at this point, because we really got to
• 1:28:40
  Speaker 2: consider that because of the bankruptcies, I mean just in general,
• 1:28:43
  Speaker 2: he's running a lot of companies into the ground. This
• 1:28:46
  Speaker 2: he lost the he lost the election last time because
• 1:28:48
  Speaker 2: of the economy. I've never they said, they've never seen
• 1:28:52
  Speaker 2: a president manufacturer recession in eighty days. That's this is
• 1:28:55
  Speaker 2: pretty historic. Ye, like he's manufactured. That's why I.
• 1:29:00
  Speaker 1: Feel like there's it's going to be all right here
• 1:29:02
  Speaker 1: it is. Here's how I save the day. The Here
• 1:29:05
  Speaker 1: is how I say the day. Moment is coming. It's
• 1:29:08
  Speaker 1: just about when it happens, until he's not able to
• 1:29:10
  Speaker 1: do it, until you can't say the day, until you
• 1:29:12
  Speaker 1: can't say the day.
• 1:29:13
  Speaker 3: No, he's propping this thing.
• 1:29:14
  Speaker 2: Up as you go too far, He's going really far,
• 1:29:17
  Speaker 2: not far enough. Yeah, China said, I don't know what
• 1:29:18
  Speaker 2: you're doing. I want to see what they said. Literally says,
• 1:29:21
  Speaker 2: I don't know, I don't know. I don't know what
• 1:29:23
  Speaker 2: you're doing.
• 1:29:25
  Speaker 1: There was the one of the premiers from Canada said, oh,
• 1:29:28
  Speaker 1: if they dropped terrorists, we'll drop him today. They're like,
• 1:29:31
  Speaker 1: but you've had tell us. He's like, we'll drop everything today.
• 1:29:34
  Speaker 1: Let's let's let's do this. It's a it's a to
• 1:29:38
  Speaker 1: say it's an interesting time. As an understatement, this is
• 1:29:41
  Speaker 1: an unprecedented time. Like I said, like we can't predict.
• 1:29:44
  Speaker 1: We can look at historical analytics, right like I got
• 1:29:48
  Speaker 1: this almanac, kid, that that traces the hitting the history
• 1:29:50
  Speaker 1: of the market for the past ninety years. Ain't nothing
• 1:29:53
  Speaker 1: like this, guy, Ain't nothing like this time. We've never
• 1:29:56
  Speaker 1: seen it. This is this is gonna be in a
• 1:29:58
  Speaker 1: history books. We're living in it.
• 1:30:01
  Speaker 2: Di. This is the real DI. A bunch of people
• 1:30:05
  Speaker 2: that have no idea what they're doing, the real DI.
• 1:30:10
  Speaker 2: That's the raster crazy thing about it. This is the
• 1:30:12
  Speaker 2: real DI plan. You got a bunch of people that
• 1:30:14
  Speaker 2: have no idea what they're doing. That's just running them up.
• 1:30:16
  Speaker 2: We should have Corey Booker on here. Corey Booker spoke
• 1:30:20
  Speaker 2: for twenty seven hours. I'm not sure what that accomplished.
• 1:30:24
  Speaker 2: He literally spoke for twenty seven.
• 1:30:26
  Speaker 1: People cheering them on, like, yeah, this is the person
• 1:30:28
  Speaker 1: we need to stand up for us twenty seven hours.
• 1:30:30
  Speaker 2: I don't know it's speaking for twenty seven hours accomplish this?
• 1:30:33
  Speaker 2: I don't know. I don't know.
• 1:30:35
  Speaker 1: Maybe they can help me, chat, y'all can help. I'm
• 1:30:37
  Speaker 1: not sure do you remember any of it?
• 1:30:39
  Speaker 2: Like, how do you retain? How do you prepare for that?
• 1:30:42
  Speaker 2: Number one?
• 1:30:43
  Speaker 3: He didn't even sit down there said.
• 1:30:47
  Speaker 2: Utter foolishness, that's what that was. That would utter foolishness.
• 1:30:54
  Speaker 1: Oh, Man, twenty seven hours, that's gonna be a new song.
• 1:31:01
  Speaker 1: How long it's feel about their history? Yeah, you're right,
• 1:31:03
  Speaker 1: I'm just not sure what it what it does?
• 1:31:06
  Speaker 2: Did he he did he not have to go to
• 1:31:07
  Speaker 2: the bathroom? Yeah, how does that happen? He like he
• 1:31:10
  Speaker 2: had a diaper on? Yeah, probably probably at least he
• 1:31:15
  Speaker 2: got in at least he got in history books.
• 1:31:17
  Speaker 3: Yeah, you can't stop that. Twenty four he.
• 1:31:21
  Speaker 2: Broke Seank shran Thurman's record.
• 1:31:24
  Speaker 1: But what did Thatt accomplish when he did it? I'm
• 1:31:26
  Speaker 1: not sure gained attention? You're right, it did gain attention.
• 1:31:30
  Speaker 1: We're talking about it. So it is said he had
• 1:31:34
  Speaker 1: definity in the system.
• 1:31:37
  Speaker 2: Coca cola. Ya that coca cola, chat Yo wild cola.
• 1:31:43
  Speaker 3: It is the only way somebody could be awake for.
• 1:31:46
  Speaker 2: Twenty four hours off those pills. Man.
• 1:31:49
  Speaker 1: Allegedly he is allegedly we got to say allegend no,
• 1:31:53
  Speaker 1: we've seen allegedly a couple of things have happened. Allegedly
• 1:31:56
  Speaker 1: our name out there, allegedly everything's.
• 1:31:59
  Speaker 2: Alleged entertainment purposes only.
• 1:32:04
  Speaker 1: Yo, be good to each other. Keep your seat built
• 1:32:08
  Speaker 1: on out here. We will get through this. We will
• 1:32:11
  Speaker 1: get through this. Love is love, man. We love y'all.
• 1:32:13
  Speaker 1: Thank you all for tuning in. Thank y'all for rocking
• 1:32:15
  Speaker 1: with us. We see y'all Monday, See y'all Monday.
• 1:32:19
  Speaker 4: Peace love.
• 1:32:22
  Speaker 2: Take out the audio. This is going to be audio.
• 1:32:24
  Speaker 2: Also yeah, running back.
• 1:32:27
  Speaker 7: An illegal alien from Guatemala charged with raping a child
• 1:32:31
  Speaker 7: in Massachusetts. An MS thirteen gang member from Al Salvador
• 1:32:35
  Speaker 7: accused of murdering a Texas. Man of Venezuelan charged with
• 1:32:39
  Speaker 7: filming and selling child pornography in Michigan. These are just
• 1:32:43
  Speaker 7: some of the heinous migrant criminals caught because of President
• 1:32:47
  Speaker 7: Donald J. Trump's leadership. I'm Christine Noman, the United States
• 1:32:51
  Speaker 7: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 1:32:56
  Speaker 7: crossings are at the lowest levels ever recorded, and over
• 1:32:59
  Speaker 7: one hundred wrede thousand illegal aliens have been arrested. If
• 1:33:02
  Speaker 7: you are here illegally, your next you will be fine
• 1:33:06
  Speaker 7: nearly one thousand dollars a day, imprisoned, and deported. You
• 1:33:10
  Speaker 7: will never return. But if you register using our CBP
• 1:33:14
  Speaker 7: home app and leave now, you could be allowed to
• 1:33:17
  Speaker 7: return legally. Do what's right. Leave now. Under President Trump
• 1:33:22
  Speaker 7: America's laws, border and families will be protected.
• 1:33:25
  Speaker 2: Sponsored by the United States Department of Homeland Security,