Latest / The Bill Handel Show / ‘How to Money’ with Joel Larsgaard | Gov. Newsom’s Fmr Chief of Staff Indicted

Transcript

‘How to Money’ with Joel Larsgaard | Gov. Newsom’s Fmr Chief of Staff Indicted · The Bill Handel Show

• 0:01
  Speaker 1: You're listening to Bill Handle on demand from kf I
• 0:04
  Speaker 1: AM six forty KFI AM six forty Bill Handle.
• 0:11
  Speaker 2: It is a Thursday morning. Why what I was about
• 0:14
  Speaker 2: to say? Monday Thursday morning, November thirteenth. The rains are
• 0:17
  Speaker 2: coming and it's I think that what the big first
• 0:21
  Speaker 2: big storm of the season. It's you're shaking your head, Amy,
• 0:27
  Speaker 2: I think we had one last month, did we? Yeah?
• 0:31
  Speaker 1: Yeah, I've already forgotten. I mean, I won't remember what
• 0:34
  Speaker 1: I said.
• 0:34
  Speaker 3: Well, yeah, there wasn't like a huge There weren't a
• 0:38
  Speaker 3: bunch of mudslides and that kind of stuff, so we
• 0:40
  Speaker 3: kind of forgot about it.
• 0:41
  Speaker 1: Yeah, but this was gonna be huge. Oh we don't know.
• 0:43
  Speaker 1: If there are no mudslides, there will just be a
• 0:44
  Speaker 1: lot of water. Okay, Uh, it is time for How
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  Speaker 1: to Money with Joel Larsgard.
• 0:48
  Speaker 2: Joel heard every Sunday twelve to two pm right here
• 0:53
  Speaker 2: on KFI. His website is howdomoney dot com. All right, Joel,
• 0:57
  Speaker 2: good morning, hello Bill Oh quick question? All right, the
• 1:02
  Speaker 2: President came up with something that was kind of interesting
• 1:05
  Speaker 2: and in light of the insane mortgage rates and the
• 1:11
  Speaker 2: cost of financing a home, simply because the cost of
• 1:15
  Speaker 2: the cost of the home. He proposed a fifty year
• 1:18
  Speaker 2: mortgage instead of the standard thirty year mortgage.
• 1:21
  Speaker 1: I've never heard well, of course i've heard.
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  Speaker 2: Of a fifty year mortgage, but I don't know if
• 1:25
  Speaker 2: he was even ever offered by the financial institutions. I
• 1:28
  Speaker 2: think the thirty year were the outside. So your thoughts
• 1:31
  Speaker 2: on this.
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  Speaker 1: I don't like it.
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  Speaker 4: I think it's a really bad idea.
• 1:35
  Speaker 3: I think we're seeing the extension, the term extension of
• 1:39
  Speaker 3: debt products, and people keep making their are their own
• 1:45
  Speaker 3: worst enemies so much of the time when they're offered
• 1:47
  Speaker 3: an inferior debt product, that keeps them in debt for longer.
• 1:50
  Speaker 3: And so if we just continue to offer people, hey,
• 1:52
  Speaker 3: why I mean, if the fifty year mortgage, why not
• 1:55
  Speaker 3: one hundred year mortgage?
• 1:56
  Speaker 1: You know, that's an argument.
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  Speaker 2: My friend Mark, who had a company, HMS Capital I
• 2:02
  Speaker 2: did commercials for, he actually argued for one hundred year
• 2:07
  Speaker 2: mortgage based on the fact that, well, at that time,
• 2:10
  Speaker 2: money was so cheap, and the fact is, no one
• 2:13
  Speaker 2: stays in their house anyway longer than seven or eight years.
• 2:16
  Speaker 2: So if you can get your payments as low as possible,
• 2:19
  Speaker 2: assuming you move every seven years or ten years.
• 2:23
  Speaker 1: It makes sense, and this is yeah, go ahead.
• 2:26
  Speaker 4: You'll never own your home. You will never ever own
• 2:29
  Speaker 4: your home.
• 2:29
  Speaker 3: So if you have one hundred your mortgage, or if
• 2:31
  Speaker 3: you have a fifty year mortgage, you're going to Yes,
• 2:33
  Speaker 3: you will lower your payments by a little bit. Let's
• 2:36
  Speaker 3: say on a five hundred thousand dollars house, which doesn't
• 2:38
  Speaker 3: really exist in this part of the country, but let's
• 2:42
  Speaker 3: just say on a five hundred thousand dollars house you
• 2:44
  Speaker 3: go from a thirty year mortgage to a fifty year mortgage.
• 2:47
  Speaker 3: You're going to increase the interest rates slightly, and yes,
• 2:49
  Speaker 3: you're going to decrease the monthly payment. But let's say
• 2:52
  Speaker 3: you move from that house eight years down to the line.
• 2:54
  Speaker 3: In one case, in the thirty year mortgage case, you
• 2:57
  Speaker 3: would have paid off at least a chunk of principal balance.
• 3:01
  Speaker 3: If we're talking about a fifty year mortgage, you're paying
• 3:03
  Speaker 3: even more in interest, so much less towards that principal balance.
• 3:06
  Speaker 3: You move, well, you would have been better off renting
• 3:09
  Speaker 3: than having the fifty year mortgage because you made such
• 3:12
  Speaker 3: a small dent into the principal balance of the loan.
• 3:15
  Speaker 2: And the other fact which a lot of people don't understand,
• 3:19
  Speaker 2: which I hate, is that interest is front loaded. Yes,
• 3:23
  Speaker 2: and I hate that you would say, I would you
• 3:27
  Speaker 2: would think there'd be a law that wouldn't allow front
• 3:29
  Speaker 2: loaded interest, which means the interest payments are huge the
• 3:33
  Speaker 2: first few years of the.
• 3:35
  Speaker 3: Loan, which is why the longer you stay in that
• 3:39
  Speaker 3: in that home, right, at some point, just keep paying
• 3:41
  Speaker 3: off that loan is agreed if you have a low
• 3:43
  Speaker 3: interest rate. But yeah, I worry if people are offered
• 3:47
  Speaker 3: fifty year mortgages, even if they stay in the home
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  Speaker 3: for ten or twelve years, they just haven't made much
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  Speaker 3: of a dent in the mortgage.
• 3:54
  Speaker 4: They're like, all right, it's time to move.
• 3:56
  Speaker 3: They sell the home, they get to the closing table,
• 3:58
  Speaker 3: and they realize because realtor fees and the transaction cost
• 4:02
  Speaker 3: of buying and selling a home, like.
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  Speaker 4: They're not walking away with much at all.
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  Speaker 3: And so it's just a it's just another attempt to
• 4:11
  Speaker 3: allow people to finance something that they can't actually afford.
• 4:16
  Speaker 3: That's going to keep them on the perpetual debt treadmill.
• 4:19
  Speaker 3: It's it's similar to kind of what we've seen with
• 4:21
  Speaker 3: car loans, where hey, let's bump it out to seven years,
• 4:25
  Speaker 3: and then you know what, when you refinance, you can
• 4:26
  Speaker 3: get another seven year loan. And so people are staying
• 4:29
  Speaker 3: in car debt for eight, nine, ten years, which is crazy.
• 4:32
  Speaker 3: And the same thing is going to happen with homes
• 4:34
  Speaker 3: if mortgages are extended to fifty years. I think it's
• 4:36
  Speaker 3: just a terrible, a terrible, terrible idea. And you know,
• 4:40
  Speaker 3: keeping your mortgage around for as long as you can
• 4:42
  Speaker 3: when you have a three percent rate is great, but
• 4:44
  Speaker 3: think about where rates are now. I don't think they're
• 4:47
  Speaker 3: abnormally high historically, but it's certainly not fun to have
• 4:50
  Speaker 3: an eight percent, seven or eight percent mortgage for fifty
• 4:53
  Speaker 3: years either.
• 4:54
  Speaker 2: When are we going to forget three percent money? At
• 4:57
  Speaker 2: what time in our lives were that?
• 5:00
  Speaker 1: That is? That is history where we don't pay attention
• 5:04
  Speaker 1: to it.
• 5:05
  Speaker 3: I mean, I think, you know, it's the objects in
• 5:08
  Speaker 3: the rearview mirror closer than the impior whatever. I mean.
• 5:10
  Speaker 3: I think it still feels like I still remember those times,
• 5:13
  Speaker 3: but at some point, just like you know, the high
• 5:16
  Speaker 3: schoolers today don't remember nine to eleven. They have no
• 5:20
  Speaker 3: they don't. They don't remember when that happened. Whereas I
• 5:23
  Speaker 3: was in high school when it happened. I have the
• 5:25
  Speaker 3: distinct memory exactly where I was when that event occurred.
• 5:27
  Speaker 3: I think the same thing is going to be true
• 5:29
  Speaker 3: over time, that people will not expect two and three
• 5:31
  Speaker 3: percent mortgage interest rates. But for now, like it's still
• 5:36
  Speaker 3: it's still not too far in the rear BW mirror,
• 5:38
  Speaker 3: and so people are still like the six and a
• 5:39
  Speaker 3: half percent rates. They're hard to stomach, even though from
• 5:42
  Speaker 3: a historical perspective, they're really not all that bad.
• 5:45
  Speaker 2: No, I mean that you're a historical Let's go back
• 5:47
  Speaker 2: to the Civil War era, all right, when you did
• 5:50
  Speaker 2: have a mortgage, when you borrowed to buy a house.
• 5:52
  Speaker 1: Do you know what the interest rate was? I guess
• 5:55
  Speaker 1: six percent?
• 5:57
  Speaker 3: Okay, But then you can go back to other other
• 6:00
  Speaker 3: points a few decades ago, and you're talking about I mean,
• 6:03
  Speaker 3: even the point where my parents were buying their first house,
• 6:05
  Speaker 3: and you were talking about double digit mid double use.
• 6:08
  Speaker 2: Oh yeah, no, during six percent industry. Oh during the
• 6:10
  Speaker 2: Jimmy Carter years. It was crazy. I mean it was
• 6:14
  Speaker 2: double digits. And you wonder, how does anybody, how does
• 6:17
  Speaker 2: anybody buy a home at twelve thirteen percent interest? Well,
• 6:21
  Speaker 2: it was creative financing, is what they did. It was
• 6:24
  Speaker 2: just all kinds of wild different machinations, all right.
• 6:29
  Speaker 1: Oh yeah. At some point though, I just worry.
• 6:31
  Speaker 3: I just worry about all of the crafty, clever debt
• 6:34
  Speaker 3: products that people are are that are afforded to us now.
• 6:38
  Speaker 3: And what it prevents is people to from achieving any
• 6:42
  Speaker 3: sort of financial independence and any sort of margin in
• 6:45
  Speaker 3: their lives. And we were payment buyers to that, you know,
• 6:49
  Speaker 3: to the nth degree, and it just it disallows us
• 6:52
  Speaker 3: from really achieving any meaningful financial goals in our lives
• 6:55
  Speaker 3: if we live that way.
• 6:56
  Speaker 1: Yeah.
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  Speaker 2: And when we had three percent money borrowing, when he
• 7:00
  Speaker 2: made it was free money basically because you'd be making
• 7:03
  Speaker 2: five percent on your money and you'd be paying three percent.
• 7:07
  Speaker 1: Sure, those days are gone, all right.
• 7:09
  Speaker 2: So Joel, the President decided that everybody in America is
• 7:14
  Speaker 2: going to get a tariff check, and no one knew
• 7:18
  Speaker 2: that he was about to say that. And I'm convinced
• 7:20
  Speaker 2: that the president wakes up in the morning and decides, oh.
• 7:23
  Speaker 1: Let's do this.
• 7:24
  Speaker 2: Let's uh, we'll do a thirty percent tariff, and then
• 7:27
  Speaker 2: by noon it's now, let's make it forty percent. And
• 7:31
  Speaker 2: then by dinner time. Let's make it twenty two percent.
• 7:34
  Speaker 2: I think that's exactly what happened here. And so he says,
• 7:39
  Speaker 2: we want a two thousand dollars per person tariff check.
• 7:45
  Speaker 2: Let's talk about the feasibility and how you would even
• 7:49
  Speaker 2: do that, because who is going to be able to
• 7:54
  Speaker 2: get it?
• 7:54
  Speaker 1: Kids, adults, households When I don't get it.
• 8:00
  Speaker 3: Some would call this flying by the seat of your
• 8:01
  Speaker 3: pants and throwing caution to the wind, and just like
• 8:05
  Speaker 3: making statements that you want to be true even if
• 8:09
  Speaker 3: they can't be or.
• 8:10
  Speaker 1: Likely won't be.
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  Speaker 3: And in this you know, this is while the Supreme
• 8:14
  Speaker 3: Court is weighing the legality of the tariffs to begin with,
• 8:19
  Speaker 3: the president's ability to just say, yeah, forty percent tariffs
• 8:24
  Speaker 3: on you Canada, or eighty percent tariffs on you random
• 8:27
  Speaker 3: island in the Pacific, Right, so he right now, even
• 8:31
  Speaker 3: just that ability for him to create tariffs is legally dubious.
• 8:35
  Speaker 3: And so then giving rebate checks to Americans, which this
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  Speaker 3: is me I mean the way that his people on
• 8:42
  Speaker 3: his team are having to talk about this because they
• 8:46
  Speaker 3: weren't ready for it either. Like the Treasury Secretary was quoted,
• 8:51
  Speaker 3: he was basically saying, yeah, I mean it could be
• 8:54
  Speaker 3: captain like people who have an income of one hundred
• 8:56
  Speaker 3: thousand dollars. It could just be these these tariff rebate
• 9:00
  Speaker 3: checks that the President talked about on true social could
• 9:03
  Speaker 3: just be the tax decreases that we're already seeing all
• 9:06
  Speaker 3: the President's agenda.
• 9:07
  Speaker 4: So this is his attempt to say.
• 9:09
  Speaker 3: Maybe we've already kind of given those to you with
• 9:12
  Speaker 3: the big beautiful bill thing that passed. So maybe this
• 9:15
  Speaker 3: will be a check. Maybe it won't be like what
• 9:17
  Speaker 3: this is going to look. I just don't want people
• 9:19
  Speaker 3: to get their hopes up and spend the you know,
• 9:20
  Speaker 3: count their chickens before they hatch, assume they're getting a
• 9:22
  Speaker 3: two thousand dollars check when there's a decent chance they won't.
• 9:26
  Speaker 2: Yeah.
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  Speaker 1: And on the tariff, and this is more political than
• 9:28
  Speaker 1: anything else.
• 9:30
  Speaker 2: I think it's legitimate when we talk about a balance
• 9:32
  Speaker 2: of trade and we have to undo that because a
• 9:34
  Speaker 2: lot of countries has been very unfair and I think
• 9:37
  Speaker 2: the President is right about that.
• 9:39
  Speaker 1: And so they nail us, will nail them.
• 9:41
  Speaker 2: And then there are the other fun ones to Brazil
• 9:45
  Speaker 2: fifty percent tariff because they're going after Bolsonnaro, the former
• 9:49
  Speaker 2: president that.
• 9:49
  Speaker 1: He likes just a friend of his.
• 9:52
  Speaker 2: Okay, let's tear iff the hell out of that country
• 9:55
  Speaker 2: or Canada.
• 9:56
  Speaker 1: Let's tear if the hell out of Canada. Why a
• 9:58
  Speaker 1: balance of trade?
• 10:00
  Speaker 2: I hope they ran that ad that he wasn't comfortable with.
• 10:04
  Speaker 1: I mean, it's pretty crazy to.
• 10:07
  Speaker 3: Trade policy via personal vendetta. Doesn't really make much sense
• 10:12
  Speaker 3: when you're talking about a country of three hundred, three
• 10:16
  Speaker 3: hundred and fifty million people with a ton of economic
• 10:18
  Speaker 3: importance worldwide. And I get what you're getting at too,
• 10:22
  Speaker 3: but I also I have a trade imbalance with the
• 10:24
  Speaker 3: grocery store that I go to. You know, I give
• 10:26
  Speaker 3: them money and they give me groceries. And guess what,
• 10:28
  Speaker 3: we're both happy with the way the deal is structured.
• 10:31
  Speaker 3: And so yeah, I think it's also okay to have
• 10:34
  Speaker 3: trade imbalances with certain countries as a matter of policy.
• 10:40
  Speaker 4: I don't think that's necessary.
• 10:41
  Speaker 1: It's not a bad thing.
• 10:43
  Speaker 3: But I guess when we're talking about promises of tariff
• 10:46
  Speaker 3: rebate checks like this is just another one of those
• 10:50
  Speaker 3: ideas that's floated around because there's just so many of
• 10:54
  Speaker 3: them and it's hard to keep up because something new
• 10:56
  Speaker 3: is hitting the headlines every day.
• 10:59
  Speaker 4: Or multiple time times.
• 11:00
  Speaker 3: Today and this is one of those things that's just
• 11:02
  Speaker 3: it's highly unlikely to happen.
• 11:03
  Speaker 2: I think we're in some tough financial times just even understanding.
• 11:08
  Speaker 2: One of the things you talked about is the products,
• 11:11
  Speaker 2: the credit products that are out there that are exploding,
• 11:15
  Speaker 2: and no one knows what the hell's going on and
• 11:17
  Speaker 2: what they mean and how far they go. It was
• 11:20
  Speaker 2: like the times when mortgages you would have a single
• 11:22
  Speaker 2: mortgage lender and then they combined them and made the
• 11:25
  Speaker 2: portfolio and slice them up, and no one had any
• 11:28
  Speaker 2: idea of who owned what.
• 11:31
  Speaker 1: And it's just a.
• 11:32
  Speaker 2: Really complicated world and not getting any easier, is it.
• 11:36
  Speaker 4: No, No, it's not. And I think that's that's why.
• 11:39
  Speaker 3: Not to puff up my own importance, but I just
• 11:41
  Speaker 3: think that personal finance knowledge is even more necessary in
• 11:45
  Speaker 3: today's day and age because it's so confusing and people
• 11:47
  Speaker 3: are like, oh, by now, pay later at checkout. This
• 11:50
  Speaker 3: is why not like this this obvious. I think we
• 11:53
  Speaker 3: just assumed that if it's offered to us, that if
• 11:55
  Speaker 3: somebody vetted it, and it must not be terribly you know,
• 11:59
  Speaker 3: we might not probably not doing something that's harming ourselves severely.
• 12:03
  Speaker 3: If we take advantage of that, but we lose so
• 12:06
  Speaker 3: much of our own optionality and freedom the more we
• 12:09
  Speaker 3: take advantage of some of these more nefarious ways of
• 12:13
  Speaker 3: taking on debt that are allowed for us. And it's
• 12:16
  Speaker 3: just literally a new kind of credit card offered by
• 12:20
  Speaker 3: US bank that's attempting to merge kind of the worlds
• 12:23
  Speaker 3: of credit cards and buy now, pay later, and charging
• 12:25
  Speaker 3: you a fee by being able to delay essentially paying
• 12:28
  Speaker 3: your credit card bill by an extra month or two.
• 12:31
  Speaker 3: And it's just getting worse and worse, and the terms
• 12:35
  Speaker 3: are getting less consumer friendly, and we feel like the
• 12:38
  Speaker 3: frogs sitting in the pot of boiling water and it's
• 12:40
  Speaker 3: getting hotter and hotter, and we're just kind of oblivious
• 12:43
  Speaker 3: to it in so many ways.
• 12:44
  Speaker 1: Yeah.
• 12:45
  Speaker 2: And by the way, just for the record, Joel, when
• 12:48
  Speaker 2: you said you're not blowing your own horn, yes you are.
• 12:51
  Speaker 1: That's precisely what you're doing.
• 12:53
  Speaker 4: I'm so necessary right now, Bill, That's why I'm.
• 12:55
  Speaker 1: Yeah, that's exactly my point.
• 12:57
  Speaker 2: Congratulations, we can do it without you, all right, we'll
• 13:00
  Speaker 2: do this again next week. I have a good one, Joel,
• 13:03
  Speaker 2: you too, Bill. Okay, Now, this is a this is
• 13:08
  Speaker 2: a problem for Newsom and it has to do with
• 13:14
  Speaker 2: someone very, very high up in California politics. A political
• 13:19
  Speaker 2: consultant by the name of Dana Williamson was arrested yesterday
• 13:24
  Speaker 2: and faces a twenty three count federal indictment.
• 13:27
  Speaker 1: Now, the fun part of this is the kind of
• 13:29
  Speaker 1: stuff that she.
• 13:29
  Speaker 2: Did allegedly did in embezzling money and the government's well.
• 13:38
  Speaker 2: One of the allegations is that she and her employees
• 13:40
  Speaker 2: she has her own company, build a Dorman campaign account
• 13:45
  Speaker 2: for Bogus Consulting Services. Now she is Gavin Newson's former
• 13:49
  Speaker 2: chief of staff. But the money that she allegedly built
• 13:55
  Speaker 2: was that of Xavier Bessera.
• 14:00
  Speaker 1: Five thousand dollars.
• 14:02
  Speaker 2: He was a gubernatorial hopeful in twenty twenty six, and
• 14:07
  Speaker 2: he had a state campaign account which she controlled, and
• 14:12
  Speaker 2: she to a lot of stuff.
• 14:16
  Speaker 1: And wrote off a million dollars of luxury handbags that.
• 14:19
  Speaker 2: Were bought and high travel, high flying travel as business
• 14:24
  Speaker 2: expenses on her tax returns. Now, to be fair to Newsom,
• 14:29
  Speaker 2: he has not mentioned at all in connection with these allegations,
• 14:33
  Speaker 2: he has not been accused of any wrongdoing. However, as
• 14:39
  Speaker 2: I pointed out earlier in the Epstein case, that just
• 14:44
  Speaker 2: being near these accusations is toxic, much like Donald Trump
• 14:50
  Speaker 2: knowing Epstein, having had the relations with him, social relations
• 14:57
  Speaker 2: with him, as mung as every place, gone to his house,
• 15:00
  Speaker 2: partied with him. Just that alone is toxic, much less
• 15:05
  Speaker 2: the emails that have been released where.
• 15:09
  Speaker 1: Epstein said, yeah, he was part of it. He was there.
• 15:13
  Speaker 2: He didn't actually engage in sexual misconduct, but he was there,
• 15:17
  Speaker 2: he knew about it. And that's why the Epstein files
• 15:19
  Speaker 2: are blowing up like crazy. It's the connection too without
• 15:24
  Speaker 2: being connected too. And that's exactly the case here with Newsom. Now,
• 15:29
  Speaker 2: she was his former chief of staff. And let me
• 15:33
  Speaker 2: tell you how connected this woman is. She worked for
• 15:39
  Speaker 2: three governors, she worked for Newsom, she worked for Jerry Brown.
• 15:47
  Speaker 2: I mean she is, and she is a consultant, I
• 15:50
  Speaker 2: mean very highly regarded.
• 15:53
  Speaker 1: Now here is the issue.
• 15:56
  Speaker 2: This is where the politics come into play, and that
• 15:59
  Speaker 2: is the Newsom is not mentioned in connection. Her connection
• 16:03
  Speaker 2: to Newsom is enough that when she was arrested, and
• 16:07
  Speaker 2: according to her and her attorney, the FEDS pushed her
• 16:12
  Speaker 2: pretty hard to somehow connect Newsom to the wrongdoing. Now
• 16:19
  Speaker 2: would the FEDS ever do that connect someone, go after someone,
• 16:24
  Speaker 2: or ask for the cooperation if someone connected to Newsom
• 16:27
  Speaker 2: to try to nail him.
• 16:29
  Speaker 1: No, that's not believable at all, is it?
• 16:32
  Speaker 2: And so because of that, she says, her attorney says,
• 16:37
  Speaker 2: she is now facing the ultimate, the most serious accounts
• 16:42
  Speaker 2: that she can. It's a twenty three count federal indictment.
• 16:45
  Speaker 2: There is a sort of run of the mill scandal,
• 16:50
  Speaker 2: financial scandal with this political consultant, Dana Williamson, who actually
• 16:57
  Speaker 2: she stole money, or she's accused of stealing money, siphoning
• 17:01
  Speaker 2: two hundred and twenty five thousand dollars out of Xavier
• 17:04
  Speaker 2: Bessera's state campaign. He was going to run for governor
• 17:09
  Speaker 2: and she took money or his alleged take money from
• 17:13
  Speaker 2: his account and then did all kinds of crazy stuff
• 17:17
  Speaker 2: and bought handbags with I'll tell you about it.
• 17:20
  Speaker 1: Now.
• 17:20
  Speaker 2: The governor is not mentioned at all, no wrongdoing. He
• 17:24
  Speaker 2: is not even mentioned in the federal indictment.
• 17:28
  Speaker 1: However, she was his chief of staff. There's the connection.
• 17:35
  Speaker 2: And now the politics gets a little crazy because, according
• 17:38
  Speaker 2: to her attorney, the Feds pressured her into somehow connecting
• 17:44
  Speaker 2: Newsome with some wrongdoing. Don't know if that's true or not,
• 17:48
  Speaker 2: but this money that she stole or is allegedly stole,
• 17:54
  Speaker 2: and what she used it for is kind of fun.
• 17:58
  Speaker 1: Let's do. Let me go through some of it. According to.
• 18:03
  Speaker 2: The FEDS her write offs, she bought herself a fifteen
• 18:08
  Speaker 2: thousand dollars Chanel purse, a fifty hundred, fifty eight hundred
• 18:15
  Speaker 2: dollars fendy wallet. How do you spend fifty eight hundred
• 18:19
  Speaker 2: dollars for a wallet? One hundred and fifty thousand dollars
• 18:24
  Speaker 2: birthday trip to Mexico. Let's say that's a lot of diarrhea.
• 18:31
  Speaker 2: By the way, I'm sure that the Mexican I'm not
• 18:35
  Speaker 2: going to be asked to do in the Mexican tourist board.
• 18:37
  Speaker 1: I'll tell you that right now.
• 18:39
  Speaker 2: She charged an eleven thousand dollars yacht trip. She's alleged
• 18:43
  Speaker 2: to have a twenty one thousand dollars trip on a
• 18:46
  Speaker 2: private jet. And this is the one I don't understand.
• 18:49
  Speaker 2: Ten thousand dollars in an unnamed California theme park. Where
• 18:54
  Speaker 2: do you spend ten thousand dollars at a theme park
• 18:57
  Speaker 2: unless you are taking eighty of your best friends?
• 19:01
  Speaker 1: I don't know. I don't know the answer to that.
• 19:04
  Speaker 2: But in any case, the politics of this, As I said,
• 19:08
  Speaker 2: this is sort of a run of the mill in
• 19:10
  Speaker 2: Vezzleman case, except the political connection. Connection Number one is
• 19:15
  Speaker 2: chief of staff to Newsom. She also worked for Jerry Brown.
• 19:20
  Speaker 2: She also worked for Gray Davis. I mean, she's been
• 19:22
  Speaker 2: a politico for a long time. So the two issues
• 19:26
  Speaker 2: are her connection to Jerry Brown as her former chief
• 19:29
  Speaker 2: of staff and the fact that she alleges that she
• 19:37
  Speaker 2: was pressured by the DOJ to put Jerry Brown to
• 19:42
  Speaker 2: put Newsom in some kind of a trouble. She said, no,
• 19:45
  Speaker 2: she didn't have any information, he didn't have anything to
• 19:47
  Speaker 2: do with it. And then she says, then the twenty
• 19:50
  Speaker 2: three count indictment comes down.
• 19:53
  Speaker 1: On top of that.
• 19:55
  Speaker 2: She is handcuffed when arrested, and her lawyer says, wait
• 20:00
  Speaker 2: a minute. Anybody else in the same position would simply
• 20:04
  Speaker 2: be told, come on down and turn yourself in. She's
• 20:09
  Speaker 2: being held on five hundred thousand dollars bail. It is
• 20:11
  Speaker 2: a financial crime. Now, I don't think they did a purplock,
• 20:17
  Speaker 2: which is that gets pretty serious.
• 20:20
  Speaker 1: So what this is politics.
• 20:22
  Speaker 2: Everybody goes after everybody here, and the Democrats are going
• 20:27
  Speaker 2: after Donald Trump with the Epstein files.
• 20:31
  Speaker 1: This situation is probably going.
• 20:33
  Speaker 2: To disappear fully fairly quickly because there's no accusation of
• 20:38
  Speaker 2: wrongdoing yet.
• 20:40
  Speaker 1: All right, we're done, guys.
• 20:41
  Speaker 2: You've been listening to The Bill Handle Show Catch My
• 20:44
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• 20:47
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