[SPEAKER_00]: Make no friends in the pits and you take no prisoners.
[SPEAKER_00]: One minute, you're up to a minute and soybeans and the next bull.
[SPEAKER_00]: Your kids don't go to college and they've registered mentally with me.
[SPEAKER_00]: The revolutions start now, staunch.
[SPEAKER_01]: We have to pass the bills so that you can find out what is in it.
[SPEAKER_00]: Cardinals machine back on!
[SPEAKER_00]: You are about to enter the Peter Schiff show.
[SPEAKER_00]: If we lose freedom here, there's no place to escape to.
[SPEAKER_00]: This is the last stand on Earth.
[SPEAKER_00]: A Peter ship shall he's on.
[SPEAKER_00]: I don't know when they decided that they wanted to make a virtue out of selfishness.
[SPEAKER_00]: You're money.
[SPEAKER_00]: You're storing this for your freedom.
[SPEAKER_00]: A Peter ship shall.
[SPEAKER_01]: Everybody it's Peter Schiff and I just got back yesterday from my time at the New Orleans investment conference and you know I expected
[SPEAKER_01]: the mood to be even more jubilant than it was considering how much the price of gold had risen between the conference a year ago and the conference this past week and in particular the gold mining stocks because it's really a conference dominated by mining stocks almost all the exhibitors in the exhibit hall are golden silver mining companies you know
[SPEAKER_01]: companies and pretty much all the attendees invest in golden silver mining companies in addition to the physical metal.
[SPEAKER_01]: And, you know, given where we were, I expected even more enthusiasm than I saw.
[SPEAKER_01]: Yeah, I mean, I think it was a little bit more upbeat that it was a year ago when there is a lot more
[SPEAKER_01]: And of course a year ago was a great time to be buying gold and silver stocks.
[SPEAKER_01]: But I heard a lot of people talking about taking profits, selling, there was some worried people about the drop.
[SPEAKER_01]: You know, gold had almost hit 4400, and they're talking about that big drop.
[SPEAKER_01]: And maybe it's going lower, which, of course, is what happens in a bull market.
[SPEAKER_01]: You get these violent sell offs.
[SPEAKER_01]: I just scare people out, but the bottom line is gold's $4,000 in else.
[SPEAKER_01]: In fact, it closed the week almost right at $4,000 an ounce again.
[SPEAKER_01]: Yes, we've traded below.
[SPEAKER_01]: We haven't traded below 3900.
[SPEAKER_01]: The lowest I've seen gold was in the lower 3900s, 3920, 3930, and it's gotten above 4,000.
[SPEAKER_01]: I think it got to 4,024,030 this week.
[SPEAKER_01]: It's been hanging out at that area.
[SPEAKER_01]: This is very similar to the way gold behaved when it first broke through 3,000.
[SPEAKER_01]: Yes, it was in a line in the sand where gold didn't go below 3000, but it didn't go much below 3000, and eventually it took off and then went above 4000.
[SPEAKER_01]: I think we're doing the same thing now.
[SPEAKER_01]: I think we're forming a base right around 3000, and before you know, it will be at 5000.
[SPEAKER_01]: But meanwhile, a lot of investors aren't going to own gold for that ride because they're getting
[SPEAKER_01]: atmosphere in the attitude at the goal conference is the opposite really of the Bitcoin conference that I went to in in May.
[SPEAKER_01]: Oh, and by the way, I am going to be going to the Bitcoin Binance blockchain conference.
[SPEAKER_01]: in Dubai in early December.
[SPEAKER_01]: I'm going there to have my debate with CZ over gold, a tokenized gold versus Bitcoin.
[SPEAKER_01]: So that'll be another conference I'm going to, you know, they're expected 20, 25,000 people.
[SPEAKER_01]: We had, I don't know, 35,000 or they had 35,000, 40,000 people at the Vegas Bitcoin Conference.
[SPEAKER_01]: We didn't even have 1,000 people.
[SPEAKER_01]: at the gold conference, despite the fact that that conference has been going on for now 51 years.
[SPEAKER_01]: This is the oldest continuous gold conference in the US, and it doesn't even attract a thousand investors.
[SPEAKER_01]: Obviously, this is not the bubble that the media is portraying it to be.
[SPEAKER_01]: the bubble is in crypto and the air by the way is coming out, you know Bitcoin got back below 100,000 today and this week.
[SPEAKER_01]: This is the first time since June that we've been below 100,000.
[SPEAKER_01]: There was some buying, I think the entire crypto community is kind of circling the wagons here, trying to defend 100,000.
[SPEAKER_01]: and they were able to pop the market back up to around a hundred and four thousand but to me this is a big bear market i think once we really break maybe ninety eight thousand ninety seven get you know some distance between bitcoin and a hundred thousand it's just going to sink like a stone if the crypto stocks are leading indicator they are getting slaughtered every stock that is anyway related to crypto
[SPEAKER_01]: is way down.
[SPEAKER_01]: I mean, at least 40 or 50 percent, if not 60 or 70 percent, even the leader of the pack strategy hit a 52-week low this morning, and it was down 60 percent from its 52-week high.
[SPEAKER_01]: Now, it recovered, I think it closed down around 52 percent from that high.
[SPEAKER_01]: But this is the best stock, right?
[SPEAKER_01]: This is the, you know, the poster boy for
[SPEAKER_01]: crypto companies crypto strategy company, and it's been cut in half in what supposedly, you know, the best environment ever for crypto with the entire Trump administration behind crypto.
[SPEAKER_01]: In fact, with Donald Trump, we was on 60 minutes this week
[SPEAKER_01]: And he basically said that the only thing he cares about is that the United States lead the world in crypto.
[SPEAKER_01]: I mean, that says main concern, right?
[SPEAKER_01]: According to Donald Trump, yet despite all that, and he actually bragged on this show.
[SPEAKER_01]: And I'll talk a little bit more about some of the things that he said on the show.
[SPEAKER_01]: but he actually bragged about how right he was on crypto and the crypto industry being so important and being so vital and that, you know, we must beat China, we can't let China win in crypto.
[SPEAKER_01]: I mean, try this and give a damn about winning in crypto, right?
[SPEAKER_01]: That's this, that's not even on their bingo card.
[SPEAKER_01]: You know, they'll let us have that market.
[SPEAKER_01]: What are they care?
[SPEAKER_01]: Who wants to lead the world in decentralized Ponzi schemes and pyramids, right?
[SPEAKER_01]: That's
[SPEAKER_01]: they want to invest their money productively, they want to make things that people actually need and that they want, they don't want to waste their resources on crypto, but if you look at these stocks, they are getting decimated, absolutely decimated, and they're a leading indicator of what's going to happen in the tokens themselves.
[SPEAKER_01]: You know, I was watching this interview too,
[SPEAKER_01]: on Anthony Palpiano's channel.
[SPEAKER_01]: I don't remember the name of the company, but what they do is they loan money based on Bitcoin, Bitcoin is a collateral, and so you send your Bitcoin in and they'll loan you 50% of the value.
[SPEAKER_01]: And they don't have any kind of credit check.
[SPEAKER_01]: They don't care if you have a job, or if you have any other assets.
[SPEAKER_01]: The loan is based entirely on the Bitcoin that you put onto their platform.
[SPEAKER_01]: And apparently the reason that people are doing this is they don't want to sell their Bitcoin, right?
[SPEAKER_01]: They say the number one rule of Bitcoin is never sell.
[SPEAKER_01]: And the reason that that's the rule is because the people who are selling wrote that rule to make sure other people didn't so they can get out.
[SPEAKER_01]: But so you have all these people and they're saying, hey, people have a lot of money in Bitcoin, but they don't want to sell their precious Bitcoin, but they still want to buy things.
[SPEAKER_01]: They want to buy a new car, maybe they want to take a vacation, they want to buy a house, but they don't want to sell their Bitcoin.
[SPEAKER_01]: So what do they do?
[SPEAKER_01]: Well, leverage it.
[SPEAKER_01]: borrow against it.
[SPEAKER_01]: Put up your Bitcoin and take out a loan.
[SPEAKER_01]: And this is what's going on.
[SPEAKER_01]: This is going to decimate this market.
[SPEAKER_01]: When the market starts to go down, all this Bitcoin that's being held as collateral is going to be liquidated.
[SPEAKER_01]: So instead of people selling their Bitcoin at 100,000 to buy a car, it's going to get sold out from under them.
[SPEAKER_01]: 50,000, probably less because even if it's 50% collateral, the lender isn't going to wait until the Bitcoin loses half its value to blow it out because then they're going to end up losing money.
[SPEAKER_01]: They won't recover enough.
[SPEAKER_01]: But also what's going to happen to a lot of these people is they're going to owe tax on the Bitcoin.
[SPEAKER_01]: Um, but they would have already borrowed so much money and spent it that even though they're getting taxed at a lower level, let's say they bought their Bitcoin at $10,000 and it gets blown out at $50,000, they still have $40,000 of gains, but they're not getting $40,000.
[SPEAKER_01]: If they've already borrowed $50,000 out and spent it, right?
[SPEAKER_01]: They're only going to get 10, but they're going to probably owe 20 in taxes.
[SPEAKER_01]: I mean, people are going to be completely upside down.
[SPEAKER_01]: It's so reckless in here responsible.
[SPEAKER_01]: In fact, I think these platforms, these lending platforms are probably going to end up getting sued by their customers who get blown out of their Bitcoin because of lack of warning.
[SPEAKER_01]: In fact, this whole conversation with Anthony and his guests, now, starting the conversation, did the risks
[SPEAKER_01]: of this you know borrowing against your Bitcoin ever come up like oh yeah sure thing right just because this the assumption is Bitcoin's never going to go down it's just going to go up forever so why not borrow against it.
[SPEAKER_01]: But even if you think that Bitcoin is going to go up it could go down first.
[SPEAKER_01]: No the craziest thing I think that happened at Bitcoin on the week is um
[SPEAKER_01]: What's your name?
[SPEAKER_01]: Why am I, Kathy Wood?
[SPEAKER_01]: From our investments, reduced to 2030 price target for Bitcoin, from 1.5 million to 1.2 million.
[SPEAKER_01]: Now, first of all, that's not a forecast.
[SPEAKER_01]: That's just a wild guess.
[SPEAKER_01]: How does Kathy Wood have any idea?
[SPEAKER_01]: what Bitcoin is going to be worth in four or five years.
[SPEAKER_01]: She has no clue.
[SPEAKER_01]: So she's just guessing.
[SPEAKER_01]: And so she was guessing 1.5 million.
[SPEAKER_01]: And now she's guessing 1.2 million.
[SPEAKER_01]: But once even crazier than the guess and the fact that she bothered to reduce it, because you know, why bother?
[SPEAKER_01]: She said she just found out, just found out.
[SPEAKER_01]: that people prefer using stable coins to Bitcoin.
[SPEAKER_01]: Like, did she know that?
[SPEAKER_01]: Who the hell uses Bitcoin?
[SPEAKER_01]: She's talking about intransactions.
[SPEAKER_01]: Yes, of course, they prefer stable coins.
[SPEAKER_01]: They're much easier to use than Bitcoin.
[SPEAKER_01]: So because she just discovered that people aren't really using Bitcoin, she doesn't take us to go up quite as much.
[SPEAKER_01]: So it's only gonna go up 12x.
[SPEAKER_01]: as opposed to 15x.
[SPEAKER_01]: Well, it's actually going down.
[SPEAKER_01]: It's going a lot lower and all of this leverage that's being built up beneath the market is one of the reasons that this next decline is going to be horrific.
[SPEAKER_01]: And I think once they throw in the towel around this 100,000 level,
[SPEAKER_01]: It's going to implode and all this of course is not going to reflect well on the Trump administration given the fact that they've hitched their wagon to Bitcoin and so as Bitcoin fails, the whole Trump family is in this business.
[SPEAKER_01]: It's, again, it's just going to be another negative on Trump.
[SPEAKER_01]: Meanwhile, if you look at what's been growing on in the economy, right?
[SPEAKER_01]: The negatives are really coming to the surface, you know, despite the fact, and again, Donald Trump on the 60 minutes interview talked about how the U.S. economy is the strongest it's ever been.
[SPEAKER_01]: And it was the weakest it's ever been a year ago when Biden was president and it went from the worst economy to the best economy, and it's the hottest economy in the world.
[SPEAKER_01]: and everybody agrees it's a hottest economy world they said the u.s. economy was dead last year and now it's alive and thriving because Trump is president well if you look at the actual economic data it blies all of of that bragging that's being done by Trump we got the university of Michigan consumer sentiment numbers it just came out uh and
[SPEAKER_01]: Not only were they much lower than expected at 50.3, at 6.2% decline from the prior month, and it's about 30% lower than it was a year ago.
[SPEAKER_01]: When, you know, I guess would Trump first got elected.
[SPEAKER_01]: Now he's been president for about a year.
[SPEAKER_01]: Although not, he hasn't been president for a year, but it was a year ago that he got elected.
[SPEAKER_01]: But this is the second lowest level for consumer confidence, going back to 1978, second lowest.
[SPEAKER_01]: So according to Trump, we've got the greatest economy ever.
[SPEAKER_01]: Yet the people living in that great economy are almost as pessimistic as they've ever been about the economy.
[SPEAKER_01]: And the only time
[SPEAKER_01]: that consumers were this worried about the economy between now in 1978 was in June of 2022.
[SPEAKER_01]: And that was inflation when it had peaked around 9% it was at a 40-year high.
[SPEAKER_01]: And that's the last time consumers were as worried.
[SPEAKER_01]: Yet on that 60 minutes interview, Donald Trump claimed that inflation is God.
[SPEAKER_01]: He's killed inflation, there's no more inflation.
[SPEAKER_01]: He thinks it's lower than 2%, even though it's higher.
[SPEAKER_01]: So he's already claiming victory on destroying inflation.
[SPEAKER_01]: When what are the reasons that people are so pessimistic is prices arising?
[SPEAKER_01]: That's one of the main reasons.
[SPEAKER_01]: And their outlook for prices is that they're going to continue to rise.
[SPEAKER_01]: And another reason that consumers are so pessimistic is because the job market is not looking good.
[SPEAKER_01]: In fact, earlier this week, we got, I think it was yesterday or Wednesday.
[SPEAKER_01]: We got the job cut number from Challenger.
[SPEAKER_01]: You know, we didn't get, we would have got the,
[SPEAKER_01]: official jobs numbers today, but we didn't get those because of the government shutdown, but we got these challenge your job cut numbers.
[SPEAKER_01]: And these are announced layoffs.
[SPEAKER_01]: And for the month, it was 153,074.
[SPEAKER_01]: That's 183% increase from September.
[SPEAKER_01]: And 175% higher than a year ago, October.
[SPEAKER_01]: These were the most job layoffs that we've had in an October since 2003.
[SPEAKER_01]: And it was led by layoffs in technology-related companies.
[SPEAKER_01]: And that was probably similar back then because we had, you know, the bursting of the dot com bubble, we had that recession.
[SPEAKER_01]: But it's technology jobs.
[SPEAKER_01]: So these are probably high-paying jobs that are getting axed.
[SPEAKER_01]: And so the worst since 2003, but it's the worst are the highest number of announced layoffs in any month in the fourth quarter, right, which could be October, November or December.
[SPEAKER_01]: The highest since 2008, which was of course the financial crisis.
[SPEAKER_01]: So I mean, this is telling you if we haven't had companies lay in people off.
[SPEAKER_01]: At this rate, since we were in the middle of the financial crisis, not even the middle, like the depths, the fourth quarter of 2008.
[SPEAKER_01]: I mean, that was it.
[SPEAKER_01]: It started in the summer.
[SPEAKER_01]: So companies were in a lot of trouble.
[SPEAKER_01]: The economy was in bad shape.
[SPEAKER_01]: We were deep in the great recession, right?
[SPEAKER_01]: The worst recession since the depression.
[SPEAKER_01]: And now we have the same amount of layoffs as we did then, companies are that worried.
[SPEAKER_01]: They're cutting back and they're downsizing and Trump is out there going around the world, you know, telling everybody how great our economy is.
[SPEAKER_01]: This is the reality, right, economic reality flies in the face of this fantasy that I don't maybe Trump believes it, maybe he doesn't.
[SPEAKER_01]: I have no idea.
[SPEAKER_01]: But this is what he's saying, but it's got to be very frustrating to the people to hear all this nonsense and then compare it to their own experience and what are the places that they're taking out their frustrations obviously is the polls.
[SPEAKER_01]: we had some elections this week.
[SPEAKER_01]: I'm going to talk about that.
[SPEAKER_01]: But this is a harbinger of what's going to happen in the midterm elections coming up, you know, in another year.
[SPEAKER_01]: But we got a quick commercial break.
[SPEAKER_01]: So stick around.
[SPEAKER_01]: We're coming right back.
[SPEAKER_01]: And I'll get into the elections.
[SPEAKER_01]: All right.
[SPEAKER_01]: So the fact that the economy is as bad as it is and getting worse.
[SPEAKER_01]: That is one of the reasons, one of the main reasons I believe, that we had the election result that we did on Tuesday in New York.
[SPEAKER_01]: There's been a lot of media attention on the mayor race in New York because we basically have a communist, right, A.K.A.
[SPEAKER_01]: Democratic Socialist, Zorhan Mamedani was leading in the polls.
[SPEAKER_01]: And, you know, there was a major press to try to rally up the troops against MAMDAMI.
[SPEAKER_01]: A lot of money, you know, a lot of people came to the defense of his opponents.
[SPEAKER_01]: Of course, a lot of people wanted courtesy to drop out.
[SPEAKER_01]: They saw him as a spoiler.
[SPEAKER_01]: He almost was a spoiler.
[SPEAKER_01]: Um, but, but, but it actually turned out that it didn't even matter that that he was up, that he was a spoiler, um, because even if Sleewa had dropped out of the race, right?
[SPEAKER_01]: And not even not even been in the race.
[SPEAKER_01]: And all of his votes went to Homo, 100% man, damn he's still in one, right?
[SPEAKER_01]: with Andrew Cuomo and and he would have won it and a lot of people were holding their nose to vote for Cuomo because they didn't want manned amy but the people who wanted manned amy enthusiastically wanted this guy I mean there's so happy that their guy their champion is now the mayor in New York and he played into not only the weakness in the economy but the general ignorance among young people in particular
[SPEAKER_01]: of economics, and that's because, you know, they've been educated or indoctrinated in government schools, and so they don't know a thing about capitalism, and how it works, and why it works.
[SPEAKER_01]: And they don't understand anything about socialism, and why it doesn't work, right?
[SPEAKER_01]: They don't learn anything in their schools, and so somebody comes out and he promises, all this free stuff,
[SPEAKER_01]: that people want it, and he plays into their fears, your rent is too high, your food bills are too high.
[SPEAKER_01]: So the government's gonna solve these problems.
[SPEAKER_01]: And of course, people think, well, I need the problem solves, nobody else is solving them.
[SPEAKER_01]: And so this guy's promising that he's gonna do it.
[SPEAKER_01]: But of course, the government doesn't solve problems.
[SPEAKER_01]: The government creates problems.
[SPEAKER_01]: The problems that people have now are created by government.
[SPEAKER_01]: They just don't know it.
[SPEAKER_01]: The solution is the free market.
[SPEAKER_01]: If rents are too high, the solution is to allow the free market to bring them down.
[SPEAKER_01]: But the reality is the main reason that rents are too high is because the government is already interfering in the free market and doing things that are leading to higher rents that the market is not curing.
[SPEAKER_01]: And of course, you know, people would have better incomes and more employment opportunities if the government was interacting barriers in that area as well.
[SPEAKER_01]: And you know, if you think about the supermarkets, because he wants to set up, and the Emmy wants to set up these government run supermarkets.
[SPEAKER_01]: And I guess the reason is because the owners of the grocery stores and the supermarkets, you know, they're gouging their customers, you know, to make a profit.
[SPEAKER_01]: And so, apparently, I guess what Mandami wants to do is take the profit out of out of groceries.
[SPEAKER_01]: And if we can just take the profit out of groceries, well, then groceries will be affordable because we can debt that greedy business owner, those greedy corporations or whoever supposedly owns the supermarket.
[SPEAKER_01]: It's right.
[SPEAKER_01]: If we can just get rid of that profit motive, well, then we can lower prices.
[SPEAKER_01]: except the margins on groceries are about as low as they could be, one, two, three percent.
[SPEAKER_01]: I mean, that's it.
[SPEAKER_01]: There is hardly any profit per item.
[SPEAKER_01]: The profit is on volume.
[SPEAKER_01]: People go to the grocery store a lot and they buy a lot of stuff.
[SPEAKER_01]: And so the grocery store owner or a chain,
[SPEAKER_01]: And so how you're going to cut that out, how is the government going to run a supermarket more efficiently than a private entrepreneur that is motivated by making a profit?
[SPEAKER_01]: And of course is subject to competition because there's a lot of different grocery stores in New York.
[SPEAKER_01]: And so if one grocery store charges too much, you just go to the the other one, right?
[SPEAKER_01]: Just plenty of competition among groceries.
[SPEAKER_01]: So if you're really trying to gouge your customer, the customers aren't going to be there.
[SPEAKER_01]: Right?
[SPEAKER_01]: They're not idiots.
[SPEAKER_01]: They can read the prices on the stuff that's in the grocery stores.
[SPEAKER_01]: But the government's going to take over these grocery stores.
[SPEAKER_01]: And it's going to operate them so inefficiently because governments do everything inefficiently.
[SPEAKER_01]: I mean, you want to buy your groceries at the post office?
[SPEAKER_01]: Do you think the post office would do a good job?
[SPEAKER_01]: Providing you with food?
[SPEAKER_01]: The reason food is so relatively cheap in America is because the government isn't providing it.
[SPEAKER_01]: Although the government does screw it up in a way with agricultural subsidies.
[SPEAKER_01]: If we got the government at a agriculture, then stuff would be even cheaper.
[SPEAKER_01]: right they've already screwed it up to a degree but at least they don't own the supermarkets right well now in New York apparently this is what what they want to do but now they're going to be run so inefficiently that they're going to have to charge higher prices to break even but they're not going to break even they're going to lose money
[SPEAKER_01]: So where is the city going to get the money to cover all the losses at these government run supermarkets assuming they ever get them off the ground?
[SPEAKER_01]: See, the people who are voting for man Danny, they don't even know anything about this.
[SPEAKER_01]: They don't consider any of this stuff.
[SPEAKER_01]: They just look at that guy, you know, he smiles, you know, he looks pretty and he's like, hey, you know, this is what we're going to do.
[SPEAKER_01]: And they're all like, hey, they applaud him.
[SPEAKER_01]: And, you know, he's criticizing all the rich people.
[SPEAKER_01]: You know, the keeps saying, we just got to tax the rich.
[SPEAKER_01]: We just got to tax the rich.
[SPEAKER_01]: You know, the more you tax the rich, the more you hurt the poor.
[SPEAKER_01]: How do you think poor people go from poverty and get out of poverty?
[SPEAKER_01]: The reason people are poor is because they don't have enough stuff.
[SPEAKER_01]: They can't buy the things that they need.
[SPEAKER_01]: How do you solve that problem?
[SPEAKER_01]: How do you make it so more people can afford more stuff?
[SPEAKER_01]: You need a more productive economy.
[SPEAKER_01]: You need to increase the supply of stuff.
[SPEAKER_01]: You need to create abundance out of scarcity so that prices can come down.
[SPEAKER_01]: You need to bring down the cost of living.
[SPEAKER_01]: So if things cost less, then poor people get afforded to buy more stuff and maybe they won't be poor, right?
[SPEAKER_01]: Poverty is really the inability to afford things.
[SPEAKER_01]: But as prices come down, you lift people out of poverty.
[SPEAKER_01]: Well, how do you bring prices down?
[SPEAKER_01]: You need more production.
[SPEAKER_01]: Well, how do you get more production?
[SPEAKER_01]: You need investment.
[SPEAKER_01]: You need capital to get more productivity.
[SPEAKER_01]: And of course, another thing that the poor people could use is a job.
[SPEAKER_01]: Now, we're going to get a job, right?
[SPEAKER_01]: There's not that many poor people who are hiring, right?
[SPEAKER_01]: Last, like, you know, check, you know, most poor people don't hire anybody, right?
[SPEAKER_01]: In fact, you know, if you got a boss, chances are he's not poor, right?
[SPEAKER_01]: Because if he was poor, he probably wouldn't be hiring you, right?
[SPEAKER_01]: So, what the poor people need is they need more stuff at lower prices, and they need somebody to hire them.
[SPEAKER_01]: They need a job.
[SPEAKER_01]: Right?
[SPEAKER_01]: Well, it's the wealthy people in society who are going to provide both.
[SPEAKER_01]: It's the wealthy people who invest and provide the capital to increase productivity.
[SPEAKER_01]: And it's the wealthy people that provide employment opportunities.
[SPEAKER_01]: And so if you increase taxes on the rich, what are you going to get?
[SPEAKER_01]: You're going to get less investment, you're going to get lower productivity, and you're going to get fewer job opportunities.
[SPEAKER_01]: How does that help the poor?
[SPEAKER_01]: It does it.
[SPEAKER_01]: It actually hurts the poor more than it hurts the rich.
[SPEAKER_01]: Because generally, the rich are still rich, even if you increase their taxes.
[SPEAKER_01]: But what the rich do when you increase their taxes is they invest less and they hire less.
[SPEAKER_01]: So who really gets harmed by taxing the rich?
[SPEAKER_01]: It's the poor who are counting on the rich to improve their lives.
[SPEAKER_01]: to bring down their cost of living and to provide them with a job.
[SPEAKER_01]: So all this stuff backfires, you know, oh, we just gotta take more money from the risk.
[SPEAKER_01]: As if that is going to solve any of the problems.
[SPEAKER_01]: You know, at one point in America, no one paid any income taxes.
[SPEAKER_01]: The rich are the poor, the middle class, where we had no Social Security taxes.
[SPEAKER_01]: and there was a smaller divide between the rich of the poor.
[SPEAKER_01]: We did a better job of raising the standard living of our people when we weren't taking anything.
[SPEAKER_01]: from the rich.
[SPEAKER_01]: Think about all the money that government collects in taxes.
[SPEAKER_01]: Yet we still have all these problems.
[SPEAKER_01]: If we still have poverty, despite the fact that we're already soaking the rich with taxes, how is so good, I'm so more going to make it any different?
[SPEAKER_01]: You can just look at education.
[SPEAKER_01]: We have lousy government education.
[SPEAKER_01]: We spend more money.
[SPEAKER_01]: per person, been any country in the world, and we've got about the worst education of any country in the world.
[SPEAKER_01]: Our kids have the lowest test scores.
[SPEAKER_01]: And everyone says, Oh, we just need to spend more money on education.
[SPEAKER_01]: Well, why we're spending so much now and we're in last place.
[SPEAKER_01]: How is spending more going to change that?
[SPEAKER_01]: You know who wants us to spend more money on education?
[SPEAKER_01]: The education
[SPEAKER_01]: The bureaucracy at the schools, the teachers you, they all want to suspend more money on education because they can get the money.
[SPEAKER_01]: The truth is, we need to spend less money on education and we need to spend more time educating and less time spending.
[SPEAKER_01]: But it more spending is never going to do it.
[SPEAKER_01]: And more taxes on the rich is not only not going to help the poor,
[SPEAKER_01]: it's going to hurt the poor right taking money from wealthy people who would otherwise invested productively and giving it to the government just to do it out to the people in exchange for their votes.
[SPEAKER_01]: That's how you create poor people.
[SPEAKER_01]: That's how you perpetuate poverty.
[SPEAKER_01]: Now I suppose the only you know good thing that New York has is a lot of this nonsense
[SPEAKER_01]: because the mayor of New York can't just raise taxes without the approval of the government in New York.
[SPEAKER_01]: And the governor doesn't want to scare all these rich New Yorkers.
[SPEAKER_01]: out of the state because if they end up moving out of New York City, they may not just head for the suburbs of New York.
[SPEAKER_01]: They may head for California.
[SPEAKER_01]: I'm not California for Florida or Texas.
[SPEAKER_01]: Maybe some of them will come down here to Puerto Rico.
[SPEAKER_01]: And yes, New York is going to lose those taxpayers in New York City.
[SPEAKER_01]: But so will New York State.
[SPEAKER_01]: And, you know, New York State wants those wealthy people paying the state income tax.
[SPEAKER_01]: So, he's going to have a hard time.
[SPEAKER_01]: But there's probably going to be some things that he could get through, some stuff on rent control.
[SPEAKER_01]: I mean, I guess he could do this nonsense with the supermarkets, probably with the subway systems and the buses, right?
[SPEAKER_01]: He wants to make, he wants to make them free.
[SPEAKER_01]: Well, of course, what happens when they're free, right?
[SPEAKER_01]: They're going to be more crowded than they are.
[SPEAKER_01]: People will use the buses, even if they have to go six blocks.
[SPEAKER_01]: Why walk?
[SPEAKER_01]: I can get on a bus for free in which means that you're never going to get a seat.
[SPEAKER_01]: They're going to be crowded.
[SPEAKER_01]: I mean, it's going to be a disaster when you no longer have a price.
[SPEAKER_01]: Now, I know a lot of people already just jump to term styles and to subways, but it's going to be even worse if they're officially going to be for free.
[SPEAKER_01]: but you know, whenever the government provides something for free, it always costs a lot more one way or the other, especially in a degradation of quality, right?
[SPEAKER_01]: And then a lot of people would who would probably otherwise ride the bus, maybe they'll have to take a cab.
[SPEAKER_01]: And now they're going to have to end up spending a lot more money because the free buses are too crowded or are not working anymore or they're delayed or who that will know is what's going to happen.
[SPEAKER_01]: But this could be a disaster, but you know, these kids, the people who are voting for communists, they don't know anything about they think they like communism, it doesn't even have like a bad reputation.
[SPEAKER_01]: you know, among the voters, you know, what's wrong with it?
[SPEAKER_01]: What's, you know, what's what's so bad about it?
[SPEAKER_01]: They have no perspective.
[SPEAKER_01]: They have no edge of case.
[SPEAKER_01]: The only thing about, you know, Stalin or what happened in Russia, they don't only think about Cuba, they don't only think about, you know, what communism in Vietnam or communism in Korea or Venezuela,
[SPEAKER_01]: They don't really eat this stuff, right?
[SPEAKER_01]: They just think, when they think about it, they just think it's sweet in our Norway, as if they're communist, which they're not.
[SPEAKER_01]: In fact, yes, they did experiment with socialism, democratic socialism, and it was an abject failure.
[SPEAKER_01]: That's why they've been moving away from it.
[SPEAKER_01]: But you know, New York, Manhattan is not gonna turn into Stockholm.
[SPEAKER_01]: Right.
[SPEAKER_01]: It's going to be caracas.
[SPEAKER_01]: That's going to be the problem, especially if uh, uh, uh, Mandami is able to get his way.
[SPEAKER_01]: But in, in a way, it might be worth the sacrifice to have this guy.
[SPEAKER_01]: get everything he wants, because it will be such a complete disaster that at least it will be an example for the rest of the country.
[SPEAKER_01]: I mean, you wouldn't think we need more examples of the failures of socialism, communism, but apparently we do, because all the other examples aren't enough, so we need one more.
[SPEAKER_01]: And it's not like we haven't wrecked enough U.S. cities like Baltimore or Detroit, you know, that we have a lot of cities that used to be vibrant cities that are, you know, that
[SPEAKER_01]: But maybe wrecking Manhattan, New York City, the financial capital of the world, maybe that will provide a better example of what not to do.
[SPEAKER_01]: But I think what Bob is going to happen is he's not going to be able to do a lot of the things he wants to do, which has got to help him.
[SPEAKER_01]: But now he's going to blame all that stuff.
[SPEAKER_01]: Oh, I wouldn't have been able to do all this great stuff.
[SPEAKER_01]: If only the governor had allowed me to tax the rich to provide all this stuff, but you know, I couldn't do it, he tied my hands.
[SPEAKER_01]: And so that's why we're not getting all this good stuff.
[SPEAKER_01]: It's because, you know, this governor is preventing it.
[SPEAKER_01]: You know, I think something similar is going to happen with Donald Trump.
[SPEAKER_01]: This Supreme Court,
[SPEAKER_01]: is I guess getting close because they had oral arguments.
[SPEAKER_01]: And I said it from the beginning that Trump terrorists are unconstitutional.
[SPEAKER_01]: I mean, it's really a no-brainer.
[SPEAKER_01]: If you know anything about the constitution, the power to tax is vested with Congress.
[SPEAKER_01]: Specifically, the House of Representatives, because all revenue bills have to originate there.
[SPEAKER_01]: And terrorists raise revenue.
[SPEAKER_01]: I mean, and they're the Constitution refers to tariffs as taxes.
[SPEAKER_01]: They mean, that's what they are.
[SPEAKER_01]: and Trump just can't go around slapping taxes on people because, you know, remember, the whole country, taxation was a big part of the American Revolution, right?
[SPEAKER_01]: We didn't want King George taxing us.
[SPEAKER_01]: Well, we don't want the president taxing us either, right?
[SPEAKER_01]: We wanted the representatives of the people.
[SPEAKER_01]: We wanted our own congressmen from our own districts to tax us.
[SPEAKER_01]: And then if we didn't like the taxes, we could vote them out every two years, all of the House of Representatives are up for reelection.
[SPEAKER_01]: That's why the founding fathers said that's where taxes have to start.
[SPEAKER_01]: If you're going to raise taxes on people, then you're going to go back and explain why you did that to the voters every two years.
[SPEAKER_01]: Because remember, the senators were not elected by the people.
[SPEAKER_01]: They were appointed by the state legislatures.
[SPEAKER_01]: So they didn't answer to the people.
[SPEAKER_01]: The president was elected by the electoral college.
[SPEAKER_01]: He was an answering to the people, either.
[SPEAKER_01]: The only body that was directly responsible to the people and had a phase reelection every two years.
[SPEAKER_01]: were the house representatives.
[SPEAKER_01]: And so a founding father said that's where all revenue bills must originate.
[SPEAKER_01]: originate with the representatives who are most responsive to the people and are going to be held accountable by the very people that they're taxing.
[SPEAKER_01]: So that is the basic concept, right?
[SPEAKER_01]: And if the revolution, no taxation without representation, we want our
[SPEAKER_01]: to tax us because if we don't like it, we can vote them out and get some new representatives to replace them, right?
[SPEAKER_01]: But now Trump is just, you know, throwing all these taxes and, you know, he keeps saying, we're getting rich, we're getting rich, and you know, again, on 60 minutes, and he's telling everybody, and he's saying that if the Supreme Court strikes down his tariffs,
[SPEAKER_01]: Oh my God, it's going to be a Armageddon.
[SPEAKER_01]: He said, we're finished as a nation.
[SPEAKER_01]: It's a disaster.
[SPEAKER_01]: Like the whole thing is riding on these terrors.
[SPEAKER_01]: He said, if we lose these terrors, we're going to lose trillions and trillions of dollars.
[SPEAKER_01]: It's not trillions.
[SPEAKER_01]: And we're not losing it.
[SPEAKER_01]: We're collecting it from ourselves.
[SPEAKER_01]: He still thinks we're getting all this money from China and from Europe.
[SPEAKER_01]: We're not getting anything.
[SPEAKER_01]: These deals that he keeps bragging about this is all a bunch of nonsense.
[SPEAKER_01]: Right.
[SPEAKER_01]: He's making all these numbers up and pretending we're getting all of this money.
[SPEAKER_01]: We're not getting anything.
[SPEAKER_01]: Yeah.
[SPEAKER_01]: In some cases, companies, foreign companies may be making investments in the United States, but they're not giving us that money.
[SPEAKER_01]: They own the investments.
[SPEAKER_01]: They may be building a factory here that they will own and the profits that it generates will be going back to the home country.
[SPEAKER_01]: So they're not just right now to check and walk it away.
[SPEAKER_01]: This is all a bunch of nonsense.
[SPEAKER_01]: And of course, I think
[SPEAKER_01]: they're just saying it because that's what Trump wants to hear and then Trump wants to take it and brag to everybody about these great deals that he's cutting and how much he's making for us, you know, which is also frustrating because he got the the the Democrats moving to a left, right, and the Democrats, you know, they also won the governor of New Jersey and Virginia, which I guess not that big a shock, right, those are blue states, although the current
[SPEAKER_01]: to a Democrat.
[SPEAKER_01]: But the Democrats are becoming more socialistic, but then so are the Republicans.
[SPEAKER_01]: That is going to be a big problem.
[SPEAKER_01]: We're not going in the opposite direction.
[SPEAKER_01]: Trump is also a socialist, right?
[SPEAKER_01]: You can say he's more of a fascist, not the way the left tries to label him.
[SPEAKER_01]: If you go back and go to Mussolini's fascism,
[SPEAKER_01]: He said it said, you know, it's when the government and corporations work together when the government gets very involved in corporate America.
[SPEAKER_01]: What is Trump doing?
[SPEAKER_01]: Right.
[SPEAKER_01]: That's exactly what he's doing now.
[SPEAKER_01]: The government is more involved than ever before with corporate America, taking stakes in corporate America, micro-managing,
[SPEAKER_01]: where capital should be flowing, which industry should be favored, which industry should get government money, government protection.
[SPEAKER_01]: Right, these are all socialist concepts.
[SPEAKER_01]: It's anti-free market.
[SPEAKER_01]: So we've got both parties, both parties moving to the left, moving in the same direction, away from freedom and capitalism and limited government towards more of a totalitarian, centrally planned socialist type economy.
[SPEAKER_01]: given the choice between two forms of socialism, the ones that the Democrats are offering are probably going to be more appealing, especially in 2020, eight, when Trump is finished with his term, but in the midterms in 2020, six, this is going to be a huge backlash.
[SPEAKER_01]: And the Republicans are going to lose their majority in Congress.
[SPEAKER_01]: Now, by the way, too, they still have the government shutdown, right?
[SPEAKER_01]: It's now a record.
[SPEAKER_01]: I forget what day we're on, but we now broke the record for the longest government shutdown, and I guess that the Democrats have offered an olive branch, which is not really an olive branch.
[SPEAKER_01]: It's kind of, you know, it's a self-serving fake olive branch.
[SPEAKER_01]: But they're saying that, hey, if you just agree to extend the Obama-Care cuts for a year, right?
[SPEAKER_01]: The premiums, not the cuts, I mean, if you preserve the subsidies for another year, will vote for the continuing resolution to reopen the government, right?
[SPEAKER_01]: We just, you know, you don't have to make a permanent just keep them around for another year.
[SPEAKER_01]: Now, if the Republicans bite on that, they might as well vote to make him permanent.
[SPEAKER_01]: Because it was already supposed to be temporary.
[SPEAKER_01]: And if they extend them now for a year, well, why wouldn't they do it again a year from now?
[SPEAKER_01]: That the Republicans are gonna cave now.
[SPEAKER_01]: Why won't they cave in a year when it will be even harder to do it, right?
[SPEAKER_01]: Now is the time, it's like now or never.
[SPEAKER_01]: And because the longer you leave a temporary program in place that provides a benefit, the harder it is to actually take that benefit away.
[SPEAKER_01]: And so it'll never be easier to take it away than right now.
[SPEAKER_01]: And so if they buy into this and agree with the Democrats to table it for another year and allow that subsidy to be provided to all these people for yet another year, it'll be that much harder our year from now to take it away.
[SPEAKER_01]: And so if they can't take it away now, there's no way they're taking it away then.
[SPEAKER_01]: See, the Democrats are smart enough to know this, right?
[SPEAKER_01]: All they got to do is preserve it for what more cycle.
[SPEAKER_01]: And of course, a year from now, they're going to have control of the house and the Senate.
[SPEAKER_01]: Now, of course, they might not be able to override a presidential veto.
[SPEAKER_01]: Now, one of the worst things, too, that Trump is trying to do.
[SPEAKER_01]: He's trying to get the Senate
[SPEAKER_01]: to get rid of the filibuster, right?
[SPEAKER_01]: Which has been around for about a hundred years.
[SPEAKER_01]: I think maybe more than a hundred years.
[SPEAKER_01]: And which I think is a pretty good thing.
[SPEAKER_01]: Where you need 60 votes to get stuff through because the most important thing I think that Congress can do is block stuff from happening, right?
[SPEAKER_01]: Because most of the things that government does, pretty much almost everything government does is bad.
[SPEAKER_01]: Right?
[SPEAKER_01]: Almost every law that's passed, almost every regulation does more harm than good.
[SPEAKER_01]: Some of them don't do any good at all.
[SPEAKER_01]: They just do harm, right?
[SPEAKER_01]: I mean, if we had done nothing, right?
[SPEAKER_01]: If you go back to 1789, we got the Constitution.
[SPEAKER_01]: if we had never done anything, if not a single law had been passed, we'd be in so much better shape.
[SPEAKER_01]: I mean, maybe someone's gonna say, well, what about slavery, okay?
[SPEAKER_01]: So, you know, I don't know, forget about slavery.
[SPEAKER_01]: Let's say we got rid of slavery and that's it, right?
[SPEAKER_01]: But we, none of the other laws.
[SPEAKER_01]: that had been enacted, right?
[SPEAKER_01]: If Congress did nothing, if all we did was elect Congress and they just, you know, they just, you know, had fun, right?
[SPEAKER_01]: They just, you know, played card games and went out and played golf.
[SPEAKER_01]: If they never did anything,
[SPEAKER_01]: We would be so much better off today, we would be so much more prosperous, we'd be a lot, you know, freer, you know, you wouldn't even recognize this country.
[SPEAKER_01]: We would be so incredibly wealthy, we would have wealth that nobody can even imagine.
[SPEAKER_01]: If government has got absolutely nothing.
[SPEAKER_01]: But instead of doing nothing, they did a lot.
[SPEAKER_01]: They did something.
[SPEAKER_01]: They did more than something.
[SPEAKER_01]: They passed all these laws.
[SPEAKER_01]: And every time the government passed the law, it takes away our freedoms.
[SPEAKER_01]: We have less freedom because now there's a new law telling us that we can't do something, right?
[SPEAKER_01]: People look to the government.
[SPEAKER_01]: They say, oh, I want the government to give me past legislation to give me rights.
[SPEAKER_01]: The government doesn't give you rights, it gives you a privilege, but when the government gives somebody a privilege, they have to take away somebody else's right.
[SPEAKER_01]: We already have all of our rights without government, right?
[SPEAKER_01]: The rights come from God, government is here to secure and protect those rights.
[SPEAKER_01]: We already have them.
[SPEAKER_01]: All government does is infringing on them, takes them away.
[SPEAKER_01]: So if government does nothing, we'd all be better off.
[SPEAKER_01]: So the filibuster helps make sure that the government does less.
[SPEAKER_01]: Right?
[SPEAKER_01]: Because the Senate can block stuff from happening.
[SPEAKER_01]: And that's good, right?
[SPEAKER_01]: Because whatever is trying to make its way through, the House of the Senate chances are it's a bad thing.
[SPEAKER_01]: And so we got to stop it.
[SPEAKER_01]: I mean, the only thing that they can really do now that would be good would be to repeal stuff, right?
[SPEAKER_01]: Because if you could repeal some existing regulations and some existing laws, that would probably be a step of the right direction, because government is undoing the harm that it's already done.
[SPEAKER_01]: But most of the time, they're just trying to come up with new ways to harm us.
[SPEAKER_01]: And at least the filibuster,
[SPEAKER_01]: means that some of this bad stuff isn't going to make it because it's you're not going to get 60 votes.
[SPEAKER_01]: So right now, the Republicans can't get 60 votes.
[SPEAKER_01]: They can get 50.
[SPEAKER_01]: They can get 51, right?
[SPEAKER_01]: But they can't get 60.
[SPEAKER_01]: And so they can't reopen the government.
[SPEAKER_01]: And so Trump is saying, hey, why don't this send it get rid of the full of buster?
[SPEAKER_01]: And then we don't need any Democrats.
[SPEAKER_01]: And then we could
[SPEAKER_01]: You know, just reopen the government on our own.
[SPEAKER_01]: That would be a disaster.
[SPEAKER_01]: I think the Democrats would love that to happen because that would mean that in the future when they have a bunch of socialist things that they want to pass, a Republican minority won't be able to prevent it from happening.
[SPEAKER_01]: Now, I hear some people say, well, the Democrats are going to get rid of the filibuster as soon as they get the Senate again, which they're going to get, right?
[SPEAKER_01]: Um, and I would say, well, how do you know they've had the Senate many times, and they haven't done it, right?
[SPEAKER_01]: They haven't been able to do it in the past.
[SPEAKER_01]: I mean, who's to say that you're going to have all the, the Democrats in the Senate together to get rid of the filibuster, but you don't want the Republicans to do it, right?
[SPEAKER_01]: Because if the Republicans do it now, we're the ones that got rid of it.
[SPEAKER_01]: All right, the government, their Democrats didn't even have to do it.
[SPEAKER_01]: We just hand them that gift because they want bigger government by and large, right?
[SPEAKER_01]: You would think it's the Democrats that want more government and it's the Republicans that are supposed to stop them.
[SPEAKER_01]: And one of the ways that we can stop them is with the filibuster.
[SPEAKER_01]: And, but if we surrender that on our own, you know, at least go down fighting, preserve it now.
[SPEAKER_01]: And if the Democrats try to get rid of it, then try to stop them, try to get some moderate Democrats who also won't like what the Democrats want to do to stand with the Republicans and stop it.
[SPEAKER_01]: You don't want to just throw in the towel.
[SPEAKER_01]: But the fact that Trump is encouraging this, get rid of this filibuster,
[SPEAKER_01]: again shows me that he doesn't really care about the country.
[SPEAKER_01]: He just cares about his own presidency.
[SPEAKER_01]: He's just trying to make himself look good by getting the government to reopen.
[SPEAKER_01]: And if that means putting us in a worse position in the future because we've given up on the filibuster now, you know.
[SPEAKER_01]: that would do even more damage.
[SPEAKER_01]: I'd rather have them just agree with the Republican with the Democrats to extend these Obamacare subsidies than give up to filibuster.
[SPEAKER_01]: But, you know, if they just want to hang tight, right?
[SPEAKER_01]: Eventually, the Democrats are going to have
[SPEAKER_01]: But the other thing I meant, I started talking about before I went off on the tangent with scapegoat because I talked about Mondami is going to basically blame the continued problems in New York on the fact that he couldn't fully implement his communist agenda because he was blocked by the governor.
[SPEAKER_01]: Trump is getting ready to blame the Supreme Court.
[SPEAKER_01]: Because he's already saying that if the Supreme Court does it uphold his tariffs.
[SPEAKER_01]: We're finished.
[SPEAKER_01]: It's going to be a complete disaster.
[SPEAKER_01]: The economy's going to collapse.
[SPEAKER_01]: It's going to undo all this great stuff he did and he even said that there's no way this Supreme Court could do this to America.
[SPEAKER_01]: They couldn't destroy our economy.
[SPEAKER_01]: They couldn't send us into this kind of downward spiral and basically destroy the whole economy by setting aside this wonderful thing that I've done.
[SPEAKER_01]: This great thing that's making us rich.
[SPEAKER_01]: our whole economy now is dependent on these Trump tariffs and at the Supreme Court takes away this great thing.
[SPEAKER_01]: This gift that Trump has given us, then it does it.
[SPEAKER_01]: I mean, you know, we might as well just, you know, pack up our things.
[SPEAKER_01]: The whole country is going to implode, right?
[SPEAKER_01]: Let's just, you know, let's like leave, right?
[SPEAKER_01]: Now, obviously, that's not the case.
[SPEAKER_01]: I mean, we clearly can't be dependent.
[SPEAKER_01]: We just, we've only had these tariffs for a few months.
[SPEAKER_01]: And they're not making us rich.
[SPEAKER_01]: The reason that there's a case before the Supreme Court
[SPEAKER_01]: the plaintiffs in the case are importers who are paying the tariffs and they don't want to pay the tariffs.
[SPEAKER_01]: And so they filed a lawsuit saying these taxes that we are paying.
[SPEAKER_01]: We American importers are paying these tariffs and they're unconstitutional because the house did not enact them.
[SPEAKER_01]: And so we're going to court precisely because we're paying them.
[SPEAKER_01]: If the foreigners were paying them, right?
[SPEAKER_01]: If the foreign countries that these American importers were buying stuff from, if they just said, oh, whoa, Trump just put tariffs on, okay, we'll eat those for you.
[SPEAKER_01]: We're going to lower the prices by the amount of the tariffs.
[SPEAKER_01]: If that was happening, they wouldn't be complaining.
[SPEAKER_01]: If the foreign producers were paying these tariffs, there would be no lawsuits by American importers.
[SPEAKER_01]: The reason the American importers are suing is because the foreigners are not paying the tariffs.
[SPEAKER_01]: They're paying the tariffs, and if they pay them, they have to pass them on to their customers.
[SPEAKER_01]: And so they don't want to do that, and so they went to court.
[SPEAKER_01]: And in reality, right?
[SPEAKER_01]: If the tariffs are removed, that's actually a good thing for the Trump administration.
[SPEAKER_01]: For two reasons, one, the recession won't be as bad without the tariffs because the tariffs are actually harming the economy.
[SPEAKER_01]: They are not helping it.
[SPEAKER_01]: The economy is bad.
[SPEAKER_01]: It wouldn't have been bad even without the tariffs, but it's worse with them.
[SPEAKER_01]: So number one, if the court throws out the tariffs, not only are they doing the right thing,
[SPEAKER_01]: Right?
[SPEAKER_01]: But number two, and probably more important for Trump, it provides Trump with another scapegoat.
[SPEAKER_01]: See, right now, his main scapegoat has been the Fed.
[SPEAKER_01]: Two late pal, right?
[SPEAKER_01]: That idiot, that moron, right?
[SPEAKER_01]: That low IQ person, two late pal.
[SPEAKER_01]: He's got interest rates to high.
[SPEAKER_01]: He hasn't caught them enough.
[SPEAKER_01]: So he's already set pal up.
[SPEAKER_01]: to be the fall guy, right?
[SPEAKER_01]: We're probably already in recession.
[SPEAKER_01]: Look, we've been in recession for a while.
[SPEAKER_01]: And we probably know it, maybe, if the government wasn't shut down, because we're not getting a lot of data.
[SPEAKER_01]: And my guess is the data we're not getting is very weak.
[SPEAKER_01]: And so Trump is probably happy that the bad news hasn't been delivered.
[SPEAKER_01]: But.
[SPEAKER_01]: In addition to blaming Powell for the recessions, they look, everything was great, but the damn fed screwed it all up.
[SPEAKER_01]: If they had only cut rates like I told them, because Trump has said he knows more than anybody at the Fed, right?
[SPEAKER_01]: He should really be in charge of the Fed, because he's, you know, he's that smart.
[SPEAKER_01]: uh... but unfortunately we have these low IQ people uh... and they don't know what they're doing and they're having cut rates so he can blame the fed that it wasn't for the fed we'd have a great economy but the fed ruined it right by by not cutting rates but now he's going to have the supreme court as another uh... scapegoat because the supreme court strikes down his carols
[SPEAKER_01]: The economy is in recession, maybe officially the numbers come out and Trump says this Supreme Court did it.
[SPEAKER_01]: We had this great economy and this Supreme Court pulled the rug out from under it.
[SPEAKER_01]: They put a knife at it by doing such a reckless and irresponsible thing as repealing my signature issue.
[SPEAKER_01]: They keep saying that, hey, the Supreme Court should give Trump some leeway here because he can't paint on this.
[SPEAKER_01]: This is his signature issue.
[SPEAKER_01]: It doesn't matter.
[SPEAKER_01]: If his signature issue is unconstitutional, it's unconstitutional.
[SPEAKER_01]: You got to take the politics out of it.
[SPEAKER_01]: The Supreme Court is not supposed to decide whether or not the tariffs are good or bad.
[SPEAKER_01]: The Supreme Court is supposed to decide.
[SPEAKER_01]: Are the tariffs taxes, which they are taxes, and does the President have the power
[SPEAKER_01]: to impose them, and I don't care if you want to claim it's an emergency, right?
[SPEAKER_01]: Because if the president can tax something, simply because he claims something is an emergency, what are his emergencies?
[SPEAKER_01]: Fentanol is an emergency.
[SPEAKER_01]: The trade deficits.
[SPEAKER_01]: We've had trade deficits 50 years, and now the trade deficit is an emergency.
[SPEAKER_01]: Right?
[SPEAKER_01]: Who knows what kind of climate emergency, right?
[SPEAKER_01]: The Democrats, hey, there's a climate emergency.
[SPEAKER_01]: Oh, the president is going to enact a wealth tax or whatever kind of tax, because we have a climate emergency.
[SPEAKER_01]: What are we going to do?
[SPEAKER_01]: Well, the president now has broad powers to tax whoever he wants.
[SPEAKER_01]: Doesn't have to go through Congress, because we've just declared a climate emergency, right?
[SPEAKER_01]: Who knows?
[SPEAKER_01]: Right?
[SPEAKER_01]: Obviously, you can't concoct a fake emergency to try to use
[SPEAKER_01]: I mean, most of the Constitution has already been torn up and thrown out, right?
[SPEAKER_01]: But at least let's abide by this.
[SPEAKER_01]: This is pretty clear and pretty obvious where the taxing authority lies in the Congress and that a tariff is a tax.
[SPEAKER_01]: And in fact, when Trump is bragging about all the revenue that he's collecting, you collect revenue from taxes, right?
[SPEAKER_01]: The revenue is proof that the tariff's are a taxed.
[SPEAKER_01]: right maybe if there was no revenue associated with tariff so you'd have a better argument uh... that they're not a tax but of course that's exactly what they are but it's going to give trump yet another another scapegoat anyway
[SPEAKER_01]: That's it for today's podcast.
[SPEAKER_01]: Again, you know, I think gold is forming a nice base here at 4,000 silver.
[SPEAKER_01]: It's not, you know, at 50, but it ain't much below it.
[SPEAKER_01]: It's around $48 in change.
[SPEAKER_01]: I mean, it's holding pretty steady, very close to $50.
[SPEAKER_01]: It's not tanking back down to 40.
[SPEAKER_01]: So I think again, this is another opportunity.
[SPEAKER_01]: Just like when silver was
[SPEAKER_01]: You know, 50 is really the new 30.
[SPEAKER_01]: I mean, yeah, you can buy it a little bit below, but for new who knows how long?
[SPEAKER_01]: So buy yourself some physical gold and silver at shift gold, the gold mining stocks again.
[SPEAKER_01]: A lot of these stocks are now in bear markets.
[SPEAKER_01]: It is amazing how far off their highs, most of these gold and silver mining stocks are.
[SPEAKER_01]: Even though, even though, gold is almost 4,000.
[SPEAKER_01]: even though silver is almost 50, these stocks have lost almost all or all of their gains you know, since gold was I think 3600, 3700, since silver was 40, a lot of these stocks are back down to where they were when silver was 40, even though it's 50.
[SPEAKER_01]: And they're just so scared because, well, it was 54.
[SPEAKER_01]: So it's going down.
[SPEAKER_01]: So what?
[SPEAKER_01]: It was 54 for like a day.
[SPEAKER_01]: I mean, if you took that one week out, we'd be at the highs, right?
[SPEAKER_01]: I mean, where we are right now is, you know, a month ago, this would be record highs for gold and silver.
[SPEAKER_01]: A month ago, yet there's so much bearishness among investors.
[SPEAKER_01]: And there's not nearly enough bearishness.
[SPEAKER_01]: among crypto investors.
[SPEAKER_01]: They're completely complacent.
[SPEAKER_01]: They're happy as clip.
[SPEAKER_01]: They're not worried at all.
[SPEAKER_01]: That Bitcoin is going down.
[SPEAKER_01]: They think it's on sale.
[SPEAKER_01]: Hey, it's $100,000.
[SPEAKER_01]: It's on sale.
[SPEAKER_01]: On sale, you're buying nothing and you're paying $100,000.
[SPEAKER_01]: This sale is on gold and silver.
[SPEAKER_01]: And where the sale is is whatever you would buy if you just sold your Bitcoin up here.
[SPEAKER_01]: But people are don't want to sell it so much that they're going to borrow against it where they're getting they're going to sell it it's just going to be sold out from under them at a much lower price than if they just sold it right now so get your golden silver by these mining stocks my gold fund your Pacific gold fund EP G I X
[SPEAKER_01]: is the no load or go to your pack.com.
[SPEAKER_01]: You can set up a separately managed account.
[SPEAKER_01]: All of my strategies, I think, are going to do really, really well in the years ahead.
[SPEAKER_01]: But in particular, this is a time to be adding to the gold stocks.
[SPEAKER_01]: And if you don't have any gold stocks, well, now's the time to incorporate them.
[SPEAKER_01]: You've got a gift horse pullback, a dip, pretty big one, as an opportunity.
[SPEAKER_01]: to buy.
[SPEAKER_01]: And again, don't forget, if you're not currently subscribing to the free news letter, you know, go to shiftsovereign.com.
[SPEAKER_01]: And in fact, we've got some really good stock of recommendations in the mining space as well as part of our strategic assets newsletter, which is a premium service that you could try with an exclusive money back guarantee.
[SPEAKER_01]: So there's a lot of opportunities right now.
[SPEAKER_01]: in the mining space and they've improved significantly over the last couple of weeks as a lot of fear has gone through the market as a result of a correction that barely reduced the price, you know, we corrected two 4,000 gold, not from 4,000.
[SPEAKER_01]: silver has corrected and it's almost 50 so it's a very, very strong market and the strength is being greatly underappreciated even by the die hard gold bugs and silver bugs and so when you have that kind of skepticism among the true believers just imagine what what you got out there among the investing public at large so anyway that's it from today and I'll be back
[UNKNOWN]: Thanks for watching!