Latest / Financial Survival Network / Fed Cuts, Markets Dive, AI Dilemma - Anthony Saccaro - #6212

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Fed Cuts, Markets Dive, AI Dilemma - Anthony Saccaro - #6212 · Financial Survival Network

0:00
Speaker 1: The market has ebbs and flaws.
0:01
Speaker 2: I mean, when you look at market history going back
0:04
Speaker 2: a couple hundred years, there are good decades followed by
0:07
Speaker 2: bad decades followed by good decades, and this is just
0:09
Speaker 2: the way the market is gone. You're going to have
0:12
Speaker 2: a bad decade where for as long as twenty years
0:15
Speaker 2: there may be ups and downs in the market, but
0:17
Speaker 2: at the end of that decade or two long.
0:20
Speaker 1: Period, no growth at all in the market.
0:22
Speaker 2: And then those decades are going to be followed by
0:25
Speaker 2: decades where you have double digit returns.
0:27
Speaker 3: You are listening to Carrie Let's's Financial Survival Network where
0:31
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0:47
Speaker 3: Survival Network now more than ever.
0:54
Speaker 4: And welcome. You are listening to and watching the Financial
0:58
Speaker 4: Survival Network. I'm your host, Carrie Lutz. Will had a
1:01
Speaker 4: little mini crash yesterday today it's December nineteenth. We had
1:06
Speaker 4: the FED cutting rates by twenty five bases points, but
1:11
Speaker 4: saying hold on not so fast. If you could believe
1:14
Speaker 4: anything they say, and of course the market responded negatively.
1:19
Speaker 4: The dollar, interestingly enough, was up. Rates went up. The
1:24
Speaker 4: thirty year went up to roughly four point seven and change,
1:29
Speaker 4: what is going on here? Let's talk with our good
1:31
Speaker 4: friend Anthony's carro get the load. Anthony. Great to have
1:35
Speaker 4: you back. So what what the heck happened yesterday?
1:39
Speaker 2: Yeah, Kerry, thank you for having me that great to
1:41
Speaker 2: be here on FSN. Love your show. Yeah, yesterday was interesting.
1:47
Speaker 2: You know, when I looked at the stock market in
1:50
Speaker 2: the morning, it was up, you'll up a decent amount,
1:52
Speaker 2: I think, I remember I was up over a couple
1:54
Speaker 2: hundred points, and then later in the afternoon, after the
1:58
Speaker 2: Fed chair spoke, it wound up going down negatively several percent.
2:05
Speaker 2: The reason, as you noted in your introduction, is really
2:08
Speaker 2: because of the fact that there was a more of
2:10
Speaker 2: a hawkish tone set for twenty twenty five as far
2:14
Speaker 2: as lowering interest rates.
2:16
Speaker 1: At the beginning of this year.
2:17
Speaker 2: You might remember that, you know, the Federal Reserve is
2:19
Speaker 2: going to lower interest rates six or seven times this year,
2:22
Speaker 2: and that didn't materialize. They've lowered interest rates by you know,
2:26
Speaker 2: now one hundred brips, including yesterday, and they were widely
2:31
Speaker 2: expected to go maybe another one hundred BIPs next year,
2:34
Speaker 2: but the hawkish tone essentially said no, not so fast.
2:38
Speaker 2: You know, we might not do that, We might not
2:40
Speaker 2: need to do that, And of course the sock market
2:43
Speaker 2: doesn't like that. The sock market's been banking on low
2:45
Speaker 2: rates for decades, quite finkly and really other than the
2:51
Speaker 2: past couple of years of rates bet up, they've been
2:53
Speaker 2: banking on rates continuing to go down.
2:55
Speaker 1: So when Jay.
2:56
Speaker 2: Powell talks about the fact that, you know, they may
2:59
Speaker 2: not have to lower them as much next year, that sent,
3:02
Speaker 2: you know, the stock market in somewhat of a tail spin.
3:05
Speaker 2: And I think it was the tenth day in a
3:07
Speaker 2: row that the Dow Jones was down, something that hadn't
3:10
Speaker 2: happened since. That hasn't happened since like the mid seventies
3:14
Speaker 2: of them correct, So it all had to do with
3:18
Speaker 2: that hockage tone. That's primarily what happened with the market yesterday.
3:23
Speaker 4: Well so interestingly enough, if we had this election, as
3:27
Speaker 4: he said, free call capitalism or whatever you call it,
3:31
Speaker 4: freedom is good for another four years. Anyways, we had
3:36
Speaker 4: the failure of the continuing Resolution and pork Leyden spending
3:43
Speaker 4: in the Congress, and that was only going to take
3:46
Speaker 4: us for three months. And yet in the rest of
3:51
Speaker 4: the world, all their governments are crumbling, from Canada to France,
3:56
Speaker 4: to West Germany to China. Now that Trump's been elected,
4:02
Speaker 4: don't you think that the international flow of funds is
4:06
Speaker 4: going to go way, way up to the US. It's
4:08
Speaker 4: already high because of the relative safety. You know, we're
4:11
Speaker 4: the best We're the best looking house in Baltimore. But
4:15
Speaker 4: now the house has got some new drapes and a
4:19
Speaker 4: paint job, and and the lawn's been trimmed and put
4:23
Speaker 4: in some sod and we're looking really good. It's going
4:27
Speaker 4: to be a flood of money here, isn't it.
4:30
Speaker 2: Yeah, it's funny that, you know, the cleanest dirty shirt
4:33
Speaker 2: of the lobby basket, right, you know, And I agree
4:36
Speaker 2: with that everything is going haywire, you know, internationally and globally,
4:42
Speaker 2: and America is certainly the you know, the highlight of
4:46
Speaker 2: world economics. And you're right, that flood of money is
4:49
Speaker 2: going to come in. It's going to make the dollars stronger,
4:52
Speaker 2: it's going to make it harder for exporters to come in.
4:56
Speaker 2: And then if Trump adds the tariffs, which we we
5:00
Speaker 2: know that he's going to do. They're already there from
5:02
Speaker 2: his pre era. He's talked about adding them, you know,
5:05
Speaker 2: additional that's going to make things more expensive as well too.
5:08
Speaker 2: The concern that I think the fad has and why
5:12
Speaker 2: they were so hot as yesterday, is because GDP is
5:15
Speaker 2: doing really well.
5:16
Speaker 1: That was also shown in the report that came out today.
5:18
Speaker 2: I think it came out at three three point one
5:19
Speaker 2: percent if I looked correctly. But the reality is that
5:24
Speaker 2: GDP is strong, the labor market's strong, inflation is tained,
5:29
Speaker 2: and everything looks good, and people are feeling good about
5:34
Speaker 2: going forward.
5:35
Speaker 1: Now.
5:35
Speaker 2: That is if you're in the Trump camp. If you're
5:37
Speaker 2: in the not so Trump camp, then you might not
5:39
Speaker 2: be feeling so good. But the general sentiment, consumer sentiment
5:43
Speaker 2: is up a little bit, and people are feeling good.
5:46
Speaker 1: It's the wealth effect.
5:47
Speaker 2: The wealth effect is a very simple effect that says,
5:51
Speaker 2: the better you feel about life, the more you're willing
5:53
Speaker 2: to spend. And right now everyone is feeling pretty good,
5:58
Speaker 2: so people are out there willing to spend, and even internationally,
6:03
Speaker 2: people are feeling good about America. So it's not just nationally,
6:07
Speaker 2: but it's also internationally and if you're going to be
6:09
Speaker 2: investing where you can invest one of the countries that
6:12
Speaker 2: you mentioned, or you know, the country where everyone including
6:15
Speaker 2: its own citizens, are feeling good about going forward. The
6:18
Speaker 2: concern that I have, though, is that the market has
6:21
Speaker 2: ebbs and flows. I mean, when you look at market
6:24
Speaker 2: history going back a couple hundred years, there are good
6:27
Speaker 2: decades followed by bad decades followed by good decades, and
6:30
Speaker 2: this is just the way the market is gone. You're
6:32
Speaker 2: going to have a bad decade where for as long
6:35
Speaker 2: as twenty years there may be ups and downs in
6:37
Speaker 2: the market, but at the end of that, you know,
6:40
Speaker 2: decade or two long period no growth at all in
6:42
Speaker 2: the market, and then those decades are going to be
6:45
Speaker 2: followed by decades where you have double digit returned and
6:49
Speaker 2: you know, that's just the way history is. If you
6:51
Speaker 2: go back the last two decades, you go back twenty
6:53
Speaker 2: five years to the beginning of the century, from two
6:56
Speaker 2: thousand to twenty thirteen, there was no growth in the market.
7:00
Speaker 1: Crash of oh one and a recovery.
7:01
Speaker 2: We had the crash of eight and a recovery, but
7:04
Speaker 2: no growth over that thirteen year time period. And then
7:07
Speaker 2: from you know, for the last fourteen years, the market
7:10
Speaker 2: has gone up well over fifteen percent a year. So
7:15
Speaker 2: we've followed the trends that we've seen over a couple
7:17
Speaker 2: hundred years. We had a bad decade and then we
7:20
Speaker 2: had a good decade. And if history repeats itself, as
7:24
Speaker 2: we know that cycles do repeat themselves hence the term cycle, uh,
7:28
Speaker 2: then you know we could be in for not such
7:31
Speaker 2: a good decade going forward. And all the bad decades
7:35
Speaker 2: start with the major crash. The crash of the decade
7:39
Speaker 2: starting from two thousand to twenty thirteen started with that
7:43
Speaker 2: fifty percent crash in the tech stocks, you.
7:46
Speaker 1: Know as well.
7:47
Speaker 2: And by the way, since we're at it, if you
7:49
Speaker 2: go back and you look a few years before, you
7:52
Speaker 2: look at nineties ninety seven to ninety nine to even
7:56
Speaker 2: two thousand.
7:57
Speaker 1: The market went straight up.
7:59
Speaker 2: And if you take a look at what's happened in
8:00
Speaker 2: the last couple of years, market's been up over twenty
8:03
Speaker 2: percent for two years in a row. Now it's what
8:07
Speaker 2: if it closes above this level, it looks like it's
8:09
Speaker 2: going to and that's something that's happened only four times
8:12
Speaker 2: in the last hundred years. And after that, the story
8:15
Speaker 2: is mixed, but the reality is that that that signals
8:19
Speaker 2: just from an economic standpoint, it signals the fact that
8:22
Speaker 2: we could have problems ahead. And my biggest fear carriers
8:25
Speaker 2: that people that are in their sixties a little bit
8:27
Speaker 2: behind in retirement, getting that FOMO caught up in this.
8:31
Speaker 2: I'm gonna take all my retirement money and throw it
8:33
Speaker 2: in in video or go it in you know, the
8:35
Speaker 2: the QQQ.
8:37
Speaker 1: Right, go it in NASDAC.
8:38
Speaker 2: And now all of a sudden, right before they want
8:41
Speaker 2: to retire in the next you know, one to five years,
8:44
Speaker 2: the market crashes.
8:45
Speaker 1: Now they can't even retire.
8:46
Speaker 2: And that's the biggest fear that I have for the
8:47
Speaker 2: baby boomers, the biggest generation you know at this point
8:51
Speaker 2: that's that's ever retired. So a lot going on, a.
8:55
Speaker 4: Lot going on. So where do you think AI fits
9:00
Speaker 4: into all this, Anthony? I think, Look, I'm a broad
9:05
Speaker 4: test owner, not because I think I'm saying the world.
9:09
Speaker 4: I'm probably doing more harm to it than anyone driving
9:13
Speaker 4: their big Mercedes. Maybe not, who knows. I don't really
9:19
Speaker 4: care about it. I love the experience, but I'll tell
9:21
Speaker 4: you what. The latest update for full self driving, as
9:26
Speaker 4: they call it, supervised FSD is I'd say ninety eight
9:32
Speaker 4: percent of the way there. When I first started with
9:35
Speaker 4: the FSD, which was two and a half years ago,
9:38
Speaker 4: after they released it to the general public, that thing
9:42
Speaker 4: was scary in certain instances. You had to watch it
9:44
Speaker 4: like a hawk. Now the thing could drive in New
9:48
Speaker 4: York City and avoid New York City taxis. It's a
9:53
Speaker 4: freaking amazing thing here. But what is really amazing is
9:59
Speaker 4: six months ago I said, and maybe six months a
10:03
Speaker 4: year a guy I said, Oh, it'll be five to
10:05
Speaker 4: ten years before they work this out. Now I'm thinking
10:08
Speaker 4: six months to a year. And that's the thing. The AI.
10:12
Speaker 4: It's not just the AI is growing by leaps and bounds,
10:17
Speaker 4: it's the rate at which it's advancing is like nothing
10:22
Speaker 4: we've ever seen before in life. Here, Anthony, nothing, and
10:26
Speaker 4: that goes for coding. I'm looking at my iPhone, just
10:30
Speaker 4: got the update, and you know, I know that the
10:34
Speaker 4: new iOS system, a lot of it was written by AI.
10:38
Speaker 4: There's no way they could have added all these features
10:41
Speaker 4: this quickly without AI. I don't know where we're heading,
10:45
Speaker 4: but we're hitting there really quickly. Anthony, Yeah, one hundred percent.
10:49
Speaker 4: It is amazing. I don't quite understand it. I've heard
10:54
Speaker 4: the CEO of Nvidia talking about it. And when you
10:58
Speaker 4: listen to someone who actually knows what they're doing and
11:00
Speaker 4: really in the forefront of it, and video is certainly
11:02
Speaker 4: on the forefront of that. You know, it is amazing
11:06
Speaker 4: exactly what it can do. A couple of things about AI.
11:11
Speaker 2: It certainly is going to be a massive disruptor to
11:15
Speaker 2: your business as we know it making everyone more efficient.
11:19
Speaker 1: Uh and it's it's coming at the speed of light.
11:21
Speaker 2: As you suggested, The reality is that we get questions
11:25
Speaker 2: from investors fairly frequently, you.
11:27
Speaker 1: Know, wanting to know how do we invest in this?
11:30
Speaker 1: And it reminds me of.
11:34
Speaker 2: You know, investing in tech stocks back in you know,
11:37
Speaker 2: two three, as we started to come out of the
11:39
Speaker 2: tech crash, people were just wanting to do that. Uh men,
11:43
Speaker 2: even even back in the late nineties, tech stocks were
11:46
Speaker 2: even more so in the late nineties, I would say,
11:48
Speaker 2: you know, tech stocks were the thing that people were
11:50
Speaker 2: asking about. It then also reminds me of people asking
11:53
Speaker 2: us years ago about cannabis. You know, it's like, what's
11:56
Speaker 2: that one stock that's going to take us to the
11:58
Speaker 2: next level? And what you know, what you have to
12:00
Speaker 2: remember is you have to remember that for every Apple,
12:03
Speaker 2: there were probably ten thousand Apple want to bees that went.
12:06
Speaker 1: By the wayside that you know, you would have lost
12:08
Speaker 1: a lot of money in.
12:09
Speaker 2: And there are people now that are looking for, you know,
12:13
Speaker 2: for what is the next Apple in the AI space?
12:16
Speaker 2: And I don't think you want to be looking for
12:18
Speaker 2: the one stock to take your money and just put
12:20
Speaker 2: it into one company.
12:22
Speaker 1: Not a wise thing.
12:23
Speaker 2: To do, you know, if you're going to focus on
12:26
Speaker 2: the AHI, or if that's the direction you want to go,
12:28
Speaker 2: I think what you really be better off doing is
12:30
Speaker 2: focus in on companies that are utilizing AI to some degree,
12:33
Speaker 2: regardless of what platform that they're using. But AI itself
12:38
Speaker 2: is very in some ways scary. I mean, if you're
12:43
Speaker 2: not excited out of your mind or scared out of
12:46
Speaker 2: your mind by AI, I think you just don't understand it.
12:48
Speaker 2: It's it's going to be one or the other. And
12:50
Speaker 2: quite frankly, I'm a little bit of both, you know.
12:54
Speaker 2: I you know, on a very simplistic level, I almost
12:57
Speaker 2: don't write an email anymore. Without AI. I can tell
13:01
Speaker 2: chat GPT what I want the email to say, and
13:03
Speaker 2: it spits it out A professional email in about ten
13:06
Speaker 2: seconds that what might take me fifteen twenty minutes to write,
13:10
Speaker 2: even if it's a simple email and it's a copy
13:12
Speaker 2: and paste. You know, that's very simplistic using AI for
13:17
Speaker 2: our business. I've got all of my team members using
13:20
Speaker 2: AI when it comes to things like putting job advertisements.
13:24
Speaker 2: You know, AI, when it comes to more advanced AI
13:28
Speaker 2: in the pharmaceutical world, can analyze you and analyze the
13:31
Speaker 2: results of a test in a mathematical way that you
13:34
Speaker 2: and I or any human being could just never do.
13:37
Speaker 2: And it's going to accelerate. It's going to accelerate some
13:40
Speaker 2: of the cures that we potentially have by being able
13:42
Speaker 2: to take massive amount of data and analyze them and
13:45
Speaker 2: then give you and I, you know, the results. So
13:48
Speaker 2: you know, so the reality is is is there's tons
13:50
Speaker 2: of positive and all of that excites me. What doesn't
13:53
Speaker 2: excite me is the fact that you now can be
13:56
Speaker 2: someone that you're not so and there's a lot of
13:59
Speaker 2: ways to do that. You know, we you know, on
14:01
Speaker 2: a very simplistic form. You know, we're hiring people. I
14:04
Speaker 2: just hired three new people that are all starting within
14:06
Speaker 2: the next two weeks. And the reality is when they
14:09
Speaker 2: submit their resume. I really now have no idea whether
14:12
Speaker 2: it's their resume or AI.
14:14
Speaker 1: So you don't really I mean, you don't really know
14:16
Speaker 1: whether it's them.
14:17
Speaker 2: You know, before if I would see a resume, you know,
14:20
Speaker 2: going back twenty years, I want to hire someone. If
14:22
Speaker 2: there's a spelling error or something, I know that they're
14:24
Speaker 2: not attention to detail, and it's something that I keep
14:27
Speaker 2: in my mind. Maybe I don't hire them because of that.
14:29
Speaker 2: Maybe I do, but I know that it's their resume.
14:30
Speaker 2: I can see their writing style, I can see how
14:32
Speaker 2: they think. I can see if they run all their
14:34
Speaker 2: paragraphs together. I can see whether they're spelling errors or
14:36
Speaker 2: grammatical errors, or whether they have a flow. Nowadays, you
14:40
Speaker 2: take whatever you are put it in the AI. You
14:42
Speaker 2: could just give them a couple of sentences and it's
14:44
Speaker 2: going to make you look like anything you want to
14:46
Speaker 2: look for.
14:47
Speaker 4: A congenius, like a genius either it'll really know anymore.
14:50
Speaker 2: Oh yeah, And that's that's on a simplistic level, but
14:54
Speaker 2: on a more advanced level. I was watching a video
14:57
Speaker 2: the other day of one of my buddies who created
14:59
Speaker 2: a presentation, and at the end of the presentation was
15:02
Speaker 2: about a fifteen minute presentation. We were watching great presentation.
15:05
Speaker 2: At the end of the presentation, he got up on
15:07
Speaker 2: stage and said, that wasn't me. You know, we were like, well,
15:12
Speaker 2: what do you mean that wasn't you. The reality is
15:13
Speaker 2: it was all Ai generated. It was him talking, but
15:16
Speaker 2: it was typed in the script talking. And you now
15:19
Speaker 2: can go hijack any other person and essentially get them
15:24
Speaker 2: to say things that looks like it's coming out of
15:26
Speaker 2: their mouth, but it's not really them. And that's the
15:29
Speaker 2: scary side of things there right now, not right?
15:32
Speaker 1: Yeah, it is writing.
15:33
Speaker 4: Well, I just wrote a book. I took a compilation
15:36
Speaker 4: of all my interviews with noted economist Martin Armstrong, been
15:42
Speaker 4: interviewing him for fourteen years. I had to transcripted, I
15:46
Speaker 4: had to clean up the transcript, and then I would
15:50
Speaker 4: write things down to create summaries and key takeaways. But
15:54
Speaker 4: it formatted it and it's almost perfect, and they're just
15:57
Speaker 4: waiting for the go ahead, and it's going to go
16:00
Speaker 4: press and I think it's a valuable book. He was
16:04
Speaker 4: when I first started interviewing him in twenty eleven. Stock
16:08
Speaker 4: market the Dow Jones was at just under twelve thousand.
16:12
Speaker 4: He assured me it was going to thirty five and
16:14
Speaker 4: then forty five. In twenty eighteen, he said it would
16:19
Speaker 4: hit forty five thousand somewhere between twenty two and twenty four.
16:23
Speaker 4: You spot on point is, you know, I think the
16:27
Speaker 4: world needs to know about this, and I wouldn't be
16:31
Speaker 4: able to publish it without the AI. It would have
16:33
Speaker 4: cost me tens of thousands of dollars. I would have
16:36
Speaker 4: had to have the thing transcribed and then edited and
16:40
Speaker 4: then cleaned up. I would have paid an editor probably
16:44
Speaker 4: twenty five to fifty thousand dollars to get this book
16:48
Speaker 4: to the point where it is now. So it's a
16:50
Speaker 4: force multiplier if you use it right. But at some
16:54
Speaker 4: point it's like, what does it need us.
16:56
Speaker 1: For at all? That's right? Yeah, You're a hundrederent it right.
17:01
Speaker 2: And I'm going to be coming out with my second
17:02
Speaker 2: edition here, and I'm going to I'm going to do
17:04
Speaker 2: some rewrites on it probably over the course of the
17:06
Speaker 2: next twelve months. And the first time I wrote the book,
17:08
Speaker 2: we didn't have AI, and it was all you know, handwritten,
17:12
Speaker 2: you know, and all my thoughts and everything else. But
17:14
Speaker 2: there's some things I want to change, and I know
17:16
Speaker 2: that I'll be able to go in copy a paragraph
17:18
Speaker 2: that's currently there, plug it into AI, and tell it
17:21
Speaker 2: this is what I want to change about it. Change
17:23
Speaker 2: this number to this, change this number to this, bring
17:25
Speaker 2: the current you know, the current statistic up to this,
17:28
Speaker 2: and it will just do it automatically. And it's just
17:32
Speaker 2: it's scary, amazing. But it's also very efficient as well too.
17:36
Speaker 2: And you know, and I think the efficiency of it
17:38
Speaker 2: as we start to learn how to use this, companies
17:40
Speaker 2: start to learn how to use it. I think it
17:42
Speaker 2: is going to go directly to the bottom line of companies.
17:45
Speaker 2: And I think that it's something that should be exciting,
17:48
Speaker 2: something that people, you know, will be excited about. And
17:51
Speaker 2: there are people that are worried about it's going to
17:53
Speaker 2: take jobs. I think as many jobs as it may take,
17:56
Speaker 2: I think it will also replace because of the fact
17:59
Speaker 2: that there are still has to be human beings, you know,
18:01
Speaker 2: behind the scenes.
18:02
Speaker 1: At least.
18:03
Speaker 2: I don't believe it's ever going to run by itself.
18:05
Speaker 2: You know, some people say that AI is going to
18:07
Speaker 2: take over the world and you know, collapse the world.
18:09
Speaker 2: That to me, that's garbage. I just don't see that happening.
18:14
Speaker 4: Yeah, Well, it's it's so interesting because you know, if
18:19
Speaker 4: you really know how to program the AI, you can
18:22
Speaker 4: program it to like automatically scan your emails consistently, shoot
18:27
Speaker 4: out a summary every time one comes in tell you
18:31
Speaker 4: which is garbage. You know, you can do things with it,
18:36
Speaker 4: updating calendars, writing stuff. I mean, you can basically automate
18:41
Speaker 4: eighty percent of your workflow. So it's going to be interesting,
18:46
Speaker 4: that's for sure. In the meantime, before AI takes over,
18:50
Speaker 4: humans are going to be running the show. Do we
18:53
Speaker 4: expect more of the same from Trump? Or is this
18:56
Speaker 4: really this administration going to be different? You and I
18:59
Speaker 4: were really close in age. We've seen a lot of
19:03
Speaker 4: administrations come and go, making promises, most of them never fulfilled.
19:08
Speaker 4: The only times I ever saw an administration that really
19:13
Speaker 4: wanted to change things like this where JFK, which I
19:16
Speaker 4: was kind of young, he won the nineteen sixty election
19:21
Speaker 4: and Reagan and then Reagan he was talking about the
19:24
Speaker 4: Federal Reserve and all of that. Then there was the
19:26
Speaker 4: assassination at times on him, and then it just became
19:30
Speaker 4: more of the same, right, the corruption which led to
19:33
Speaker 4: the Bush corruption, the CIA I ran contra. Are we
19:38
Speaker 4: going to see something different this time?
19:40
Speaker 2: So, you know, the first thing about Trump, I know,
19:42
Speaker 2: you know, people love him where people hate him. I
19:45
Speaker 2: don't necessarily love the antics and the criticisms, and you
19:49
Speaker 2: know how he deals with things. But we're not hiring
19:52
Speaker 2: you know, we didn't hire an emotional therapist. We hired
19:56
Speaker 2: someone to run the country. And you have to have
19:58
Speaker 2: a backbone to run the country. And if Trump had anything,
20:00
Speaker 2: it's a backbone that you know, most people couldn't handle
20:02
Speaker 2: anything that or any any any of the things that
20:05
Speaker 2: he's gone through and then still come out. You know,
20:09
Speaker 2: in the first four years, he did what he said
20:11
Speaker 2: he was going to do, and you know, putting tariffs.
20:15
Speaker 1: There were no wars in that four year time period.
20:18
Speaker 2: I strongly believe that, you know, if someone with the
20:21
Speaker 2: backbone had been in the office for the last four years,
20:24
Speaker 2: I don't think a lot of these wars would have occurred.
20:25
Speaker 2: I think he would have kept them from occurring. And
20:27
Speaker 2: I think that a lot of them will end. Uh,
20:30
Speaker 2: you know, because he gets back into office, So I
20:33
Speaker 2: think it's going to be I think it's going to
20:36
Speaker 2: be more of the same, which was good because he
20:38
Speaker 2: actually did what he said he was going to do.
20:41
Speaker 2: Unlight most politicians, he got tax cuts through with tax
20:47
Speaker 2: cuts and Jobs Act, and that you know, helped increase
20:50
Speaker 2: profitability for for for companies. And a lot of people
20:55
Speaker 2: don't understand that, you know, if you're on the left
20:57
Speaker 2: or you want to tax the rich, the reality is
20:59
Speaker 2: it's the rich that give everybody else jobs. You know,
21:03
Speaker 2: this year, we're just finally finalizing up with our taxes.
21:06
Speaker 2: And I paid over a million dollars in taxes this year.
21:08
Speaker 2: And I was talking to my staff, one of my
21:10
Speaker 2: staff members the other day, and I said, you realize that,
21:12
Speaker 2: you know, if I'd paid half that amount, I could
21:14
Speaker 2: hire ten more people. And that means that you have
21:17
Speaker 2: ten more people that are actually out there productive, buying stuff,
21:21
Speaker 2: paying sales tax, paying income tax, and and and it's
21:26
Speaker 2: not because they you know, it's it's because of the
21:28
Speaker 2: fact that that it's pro growth and Trump is pro
21:31
Speaker 2: growth and all of his policies are pro growth. And
21:34
Speaker 2: I and I think because of that, the next you know,
21:36
Speaker 2: at least nine months or a year, I think are
21:38
Speaker 2: going to be good. It goes back to the cycles
21:40
Speaker 2: we talked about carry that at some point in time,
21:42
Speaker 2: it doesn't matter whose president's cycles are going to happen,
21:45
Speaker 2: and anything geopolitical could happen to cause us to you know,
21:49
Speaker 2: to turn around.
21:51
Speaker 1: So yeah, I think it's going to be more of
21:52
Speaker 1: the same, which is good.
21:54
Speaker 2: But the one concern that I could have, and it's
21:57
Speaker 2: it's not a major concern by any means, is that
22:00
Speaker 2: this is his last term and because he doesn't have
22:03
Speaker 2: anything at this point to lose, you know, the question.
22:06
Speaker 1: Is does he go overboard a little bit? He is
22:09
Speaker 1: zealous for this country. I believe that.
22:11
Speaker 2: I believe that as a businessman, he sees the debt
22:14
Speaker 2: we're in. You know, you can look at any company
22:17
Speaker 2: and realize there's waste in the company. You could look
22:19
Speaker 2: at the government, Oh my gosh, how many billions of dollars.
22:23
Speaker 1: Of waste are there.
22:24
Speaker 2: The fact is that he's got doze started or you know,
22:27
Speaker 2: going to go that jaction with Musk. There there is
22:31
Speaker 2: so much waste and you know, so I think all
22:34
Speaker 2: that's good. But does he go a little bit overboard
22:37
Speaker 2: because he doesn't have anything to lose? That's the one
22:40
Speaker 2: concern that I you know, that that I could have,
22:42
Speaker 2: although I don't, I'm not terribly concerned about it.
22:45
Speaker 4: Well that's a plus and a minus, right, And what
22:48
Speaker 4: is overboard when the country's got, you know, facing upwards
22:52
Speaker 4: of forty trillion dollars in debt by the end of
22:55
Speaker 4: next year, can you go too far overboard?
22:59
Speaker 1: Yeah, that's a great point.
23:01
Speaker 2: And you know, if they go in, it's scary to
23:04
Speaker 2: me to think how much waste they can actually cut out.
23:07
Speaker 1: It's just going to be hard to do.
23:08
Speaker 2: What you have is you have government agencies that were
23:11
Speaker 2: started for some reason and had a mandate and then
23:14
Speaker 2: started moving into other things that they were never even
23:16
Speaker 2: supposed to do moving and then no one ever checks up.
23:18
Speaker 2: There's no guardrails on any of that stuff. And now
23:22
Speaker 2: you've got tons of agencies that are overlapping each other,
23:25
Speaker 2: and you go in and clean that up. The hundreds
23:28
Speaker 2: of billions of dollars is just you know that they
23:31
Speaker 2: could save and no one would notice. You know, I
23:34
Speaker 2: guarantee you no one would notice with all these you know,
23:36
Speaker 2: all this space that is going on, which is.
23:39
Speaker 4: Great because you know, we have five hundred somewhat agencies.
23:44
Speaker 4: They said, I remember it's four hundred or five hundred.
23:47
Speaker 4: Musk wants to cut it down to one hundred. Do
23:50
Speaker 4: you think most the average person's going to notice other
23:53
Speaker 4: than the consultants and the people living off the fat,
23:56
Speaker 4: the grifters. Will anyone notice it? To Anthony, No, that's
24:01
Speaker 4: the thing is, they're not even gonna notice.
24:02
Speaker 2: There's so many different you know, bureaucracies going on right now.
24:06
Speaker 2: And that's one of the things with you know, last time,
24:10
Speaker 2: you know, where he deregulated a lot of things. Look,
24:13
Speaker 2: I'm for regulation. I think regulation needs to be there.
24:17
Speaker 2: You can't just let the banking system run willy nilly
24:21
Speaker 2: without any type of guardrails or without any kind of oversight.
24:24
Speaker 2: Regulation is a big deal. But you can have too
24:27
Speaker 2: much regulation. You have to give corporations the ability to
24:31
Speaker 2: you know, in the freedom to be able to operate
24:33
Speaker 2: within a structure. And the more regulation you put on them,
24:36
Speaker 2: the less choices we have, and the more winds up
24:40
Speaker 2: costing just for compliance purposes, and the less effective.
24:44
Speaker 1: Where you know, we're going to be.
24:45
Speaker 2: As capitalists and as owners of these corporations. And so
24:49
Speaker 2: when you deregulate, it doesn't mean deregulate to where you allow.
24:53
Speaker 1: Everyone to be irresponsible.
24:54
Speaker 2: It just means let them do their business within certain confines,
24:59
Speaker 2: and that is good for business. So that's another reason
25:02
Speaker 2: why I think the next four years is possibly.
25:05
Speaker 1: Going to be good. But the reality is is these
25:08
Speaker 1: cycles still are concerning.
25:11
Speaker 4: Yeah, the cycles, the debt cycle. You know, just getting
25:16
Speaker 4: rid of a few wars has got to be a
25:18
Speaker 4: big plus for the world.
25:20
Speaker 2: Huh, yeah, that's right, one hundred percent. And I you know, again,
25:24
Speaker 2: I don't think that the wars would have started if
25:27
Speaker 2: in fact Trump had been in office. And I do
25:31
Speaker 2: think that they've they've got the ability to come to
25:33
Speaker 2: a resolution. He just has the backbone to do it.
25:35
Speaker 2: And you almost feel like Putin knows that he'll do
25:40
Speaker 2: what he says he's going to do. You know, he's
25:42
Speaker 2: done it before. China is a concern, you know, Shiji Ping,
25:47
Speaker 2: you know over there, that's one of the bigger concerns
25:50
Speaker 2: to me.
25:51
Speaker 1: And the potential technological warfare.
25:53
Speaker 2: You know, their military is built up a lot more
25:56
Speaker 2: than ours there if they've surpassed us at a military standpoint.
25:58
Speaker 1: Over the last four years.
26:00
Speaker 2: So we've got to get back in and you know,
26:02
Speaker 2: we don't necessarily need to get to a point.
26:04
Speaker 1: Where we're we're better than they are.
26:07
Speaker 2: We need to get to a point where we can
26:09
Speaker 2: just defend ourselves if they attack us and make it
26:12
Speaker 2: so that they can't attack us, or if they do
26:14
Speaker 2: attack us from a you know, the standpoint of technology, that.
26:19
Speaker 1: It's going to be too expensive for them.
26:21
Speaker 2: So I feel like we're behind and that a we
26:23
Speaker 2: in and I feel like that if there's one area
26:25
Speaker 2: that they could get us, it is that technological killing
26:29
Speaker 2: the Internet.
26:29
Speaker 1: What would happen if the Internet got killed?
26:31
Speaker 4: Oh man, that would be a massive instantaneous depression.
26:36
Speaker 2: Yeah, I mean, think about banks not being able to
26:38
Speaker 2: access your money anymore. We're so reliant on the Internet,
26:42
Speaker 2: and that takes us back to AI. Carry I believe
26:44
Speaker 2: that in the next two to five years we're going
26:47
Speaker 2: to be just as reliant on AI everybody as as
26:50
Speaker 2: we are now on the Internet. And that's kind of
26:52
Speaker 2: what you were alluding to at the beginning of the show,
26:55
Speaker 2: is that that's where it's going. You know as well too,
26:58
Speaker 2: is we're going to be reliant on that more so
27:01
Speaker 2: than the Internet. Imagine not having to go to uh
27:04
Speaker 2: to Google. Imagine just being able to type in whatever
27:08
Speaker 2: you want to Google an intent of having a whole
27:10
Speaker 2: bunch of you know, Google basically says you type in
27:12
Speaker 2: something you go, hey, I have a question about this
27:14
Speaker 2: Google basically says I don't really know, but here's all
27:16
Speaker 2: these people to go look at. Now, what's going to
27:18
Speaker 2: happen is AI is gonna You're gonna type in a
27:21
Speaker 2: question and you can already do this. We you know,
27:23
Speaker 2: you type in a question about anything, and now it
27:25
Speaker 2: knows and it takes all that information, assimilates it just
27:28
Speaker 2: like that and gives you whatever you want. It'll give
27:30
Speaker 2: you a college page report or if it'll give you
27:33
Speaker 2: a one paragraph sorry, depending on what you tell it.
27:35
Speaker 4: Yeah, well, imagine when uh, one day when you say, what,
27:40
Speaker 4: what's Google?
27:42
Speaker 1: That's right, that's exactly because.
27:43
Speaker 4: You're not gonna need Google anymore, basically, right, it's gonna
27:47
Speaker 4: be right, We're gonna not anymore.
27:50
Speaker 2: Yeah, you're not. Yeah, you're not gonna need it. It's
27:52
Speaker 2: it's going to be outdated or you know. And and
27:54
Speaker 2: they're they're keeping up with it. So if they're smart,
27:58
Speaker 2: they'll keep up with the AI great, and you'll still
28:00
Speaker 2: need them, but it won't be to the degree that.
28:03
Speaker 1: We're using them right now.
28:04
Speaker 4: Yeah, all right, Well, a lot of interesting things come
28:07
Speaker 4: and Anthony, tell us where do we find you? How
28:10
Speaker 4: do we connect with you on the web?
28:12
Speaker 2: Yeah, thank you, so, Anthony, scar dot com is a
28:15
Speaker 2: great place to go, and More Life than moneybook dot
28:21
Speaker 2: com is a great place to go as well too
28:23
Speaker 2: if you want to read about the ten most common
28:26
Speaker 2: mistakes that retirees make in retirement and how to avoid them.
28:30
Speaker 2: So Anthony Sicaro dot com or More Life than Money.
28:35
Speaker 4: All right, excellent. Hey, there's a link in the show
28:38
Speaker 4: notes of this interview on Financial Survival Network dot com.
28:42
Speaker 4: Please sign up for your free newsletter when you go there,
28:44
Speaker 4: like sixty thousand other FSN members have. And I've got
28:49
Speaker 4: a question for Anthony or myself or AI. Tell us
28:52
Speaker 4: your experiences with AI, how it's helped you, how it's
28:56
Speaker 4: hurt you. Kl at Carrie lets dot com is the
28:59
Speaker 4: email address, Anthony. Appreciate your stopping by. We'll talk to
29:02
Speaker 4: you again soon.
29:03
Speaker 1: Gary, thanks for having me.
29:04
Speaker 3: Thanks for listening to Carrie Letz's Financial Survival Network, your
29:08
Speaker 3: solution to today's trying times. For the latest, go to
29:12
Speaker 3: Financial Survivalnetwork dot com. Financial Survival Network now more than
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