In this episode, I sit down with economist and author Andrew Yang to talk about his views on economics. We talk about why economists are full of shit and why they should be ashamed of themselves. We also talk about how economists have been politicized into being part of a self-serving economic system.
00:01:21.740The rents, price to rents, the cash flow of these properties don't rationalize the valuations and the amount that you're lending out on them.
00:01:30.840And then they should follow that advice, but they don't.
00:01:34.860And so that's in banking, where it's more so, I would say, academia and the government, where they fail, where you are to inform the government that you just can't print off money.
00:03:31.020It comes to do the same thing with politicians.
00:03:32.700a politician might say well geez won't that cause inflation or don't we have to increase taxes and
00:03:39.420if if you're um a snake of an economist you can no no no there's a special magic economic theory
00:03:46.020and it'll totally work and you can have your cake and eat it too and like okay and then they'll cite
00:03:51.040well all the social sciences here's a study that shows this here's some research that shows that
00:03:56.500and like this research shows that you can bang yourself in the toe with a sledgehammer and not
00:04:01.600feel any pain. And people are like, oh, my God, I can pay. And they all see it's peer reviewed.
00:04:06.640It's like this. None of it means anything anymore because it's all a self-serving kind of
00:04:11.700rationalization, particularly in the domain of government academia.
00:04:15.400OK, so how do you know the difference between an economist who's being honest and an economist
00:04:19.760who's not? It's it because the economist who's being honest is going to give you advice you
00:04:24.700don't want to hear. An economist that is lying is like Oprah. You want to hear it.
00:04:28.660You're big is anything that sounds great. We could print off more money. It's not going to be any inflation. It's not your fault. You're unemployed. It's the patriarchy or pick whatever group. Any degree is a good degree. I can major in fluffy bunny studies and get, you know, a quarter million dollar a year job. Of course you can. If you don't, it's Trump's fault.
00:04:48.940anything nothing productive or good in any system right comes from less effort
00:04:58.520everything that is good comes from work and pain and sacrifice or cost we just call it cost right
00:05:05.400either physical labor time money intellectual rigor you have to sit down and think or study
00:05:11.860and research your car doesn't fix itself you have to get under there bust a knuckle and get dirty
00:05:18.100and so anyone who tells you in anything whether it's economics or not if it sounds good chances
00:05:24.140are it's not true if it sounds well you know losing weight how you lose weight you work out
00:05:29.280more and you eat less right that's it and that's the truth and it's the same thing with economics
00:05:34.380or any other field i'd imagine do you think they're all in on it like do you think they all
00:05:38.620know or do they i think both i think some people actually believe their own farts i think they
00:05:44.480actually you know like oh because they they were academians they've never tried to practically put
00:05:48.580into the real world uh joe biden kind of in a bubble they are very much in a bubble they actually
00:05:53.780believe their own stuff um biden has never worked a real job in his life he has never been outside
00:05:59.120of politics he's he's just he was he's been in office longer than i've been alive yeah and this
00:06:06.660guy is leading the freaking cut so i could see people like that who come from genuinely privileged
00:06:12.300backgrounds never had to work um and then you have like a perfect example would be his wife
00:06:18.080joel biden she has a doctor in education that's not a real thing that's not a that's not a real
00:06:23.480you know you're not a doctor you're a make-believe play school playmate doctor refused to date
00:06:28.480education majors yeah they're too stupid yeah no and they are if you look at the iq you rank by iq
00:06:34.420early childhood education majors have the lowest iq up top is astrophysicists and economists i might
00:06:40.680but um yes i do believe these people a fair amount of them believe their own shit uh and then others
00:06:47.740i think paul krugman is one of them he's too smart uh having read his stuff a long time ago
00:06:53.680oh who's that he's uh probably the most famous boomer economist um now thomas solwell is taken
00:06:59.920over because he is he is he is awesome he is that's my other him and you are like the two
00:07:06.860my two favorite books like one's from you and one's from him i wish i just would like to meet
00:07:11.200the man before he passes but um paul krugman i think he knows he's too smart the way he writes
00:07:19.080in his research i'm like do i see what you did there like it's conscious he knows what he's
00:07:22.980doing yeah he is making a ton of money telling people in the new york times or whatever
00:07:27.540advisory or politician he's making a lot of money so i i don't think he believes his own shit so
00:07:33.860So you predicted 2007, 2008 crash, and there was a bunch of economists that also predicted it.
00:07:40.700Yeah, it was, it was, there was Peter Schiff.
00:07:44.440I mean, we're going to go back 15, 16 years.
00:07:46.380There were other people out there who were, even The Economist, the publication was worrying about price to rents and some other indicators.