00:05:16.840Regulators can no longer punish a bank over something called reputational risk.
00:05:22.620They can no longer pressure your bank to close your account because of your politics or your faith or your speech or any other thing that is legal that Washington doesn't like.
00:05:35.020Then in June, the Fed, the FDIC, and the comptroller of the currency went through their guidance on lending, risk management, even cybersecurity, and struck the term out of every federal document.
00:05:50.400they put the reason in writing they said quote reputational risk can be misused by supervisors
00:05:58.060to push banks into cutting off people and legal businesses over constitutionally protected
00:06:03.500beliefs that is the government admitting what the government did this is this is the answer
00:06:13.680to the cancer. Reputational risk is the idea that banks should decide who gets to be a customer
00:06:20.900based partly on what that customer may or may not believe in, and what that customer may believe
00:06:28.560might make the bank look bad. Who's it going to make it look bad to? The federal government,
00:06:34.180because the federal government says, you know what? We think carbon is really bad. We think
00:06:40.800fossil fuels are really bad. We think red hats are really bad. And so if you loan to those people,1.00
00:06:47.020we'll punish you because that's not creating a beautiful and equitable society.
00:06:53.320All right. Nobody wants their bank, you know, financing a crime ring, but these aren't crime
00:07:00.500rings, okay? A bank is supposed to judge you on questions with answers. Do you pay back the loan?
00:07:20.520You can't prove your reputation to somebody who has already decided they don't like you.
00:07:25.360How is the oil and gas industry going to prove their reputation to a bank when the federal government has already said, no, we don't like oil and gas?
00:07:36.280Well, I'm sorry, you may not like it, but it's legal.
00:07:38.740But as long as there's reputational risk for the bank, if the government says we don't like that and you're going to put your reputation at risk with us, they can fine them.
00:07:56.440Reputation is whatever the person holding the clipboard says it is.
00:08:00.940And when the person that is holding the clipboard is a federal examiner for the banks who can make your bank's life absolutely miserable, the bank gets the message without anybody having to write a law.
00:14:26.340Unfortunately, knowing they're about to get sick is the easy part.
00:14:29.300The hard part is discovering that half the town has the same bug.
00:14:33.720The pharmacy is out of the medication they need.
00:14:35.980And now you're driving all over town hoping somebody has it in stock.
00:14:39.760That's why I advise you, prepare before the first cough starts.
00:14:43.480The Kids Case from Jace Medical provides physician-prescribed emergency medications and antibiotics designed specifically for your children.
00:14:51.360And you can also include essentials like albuterol, EpiPens, Zyrtec.
00:14:57.340So when a school germ makes their annual appearance, you're not scrambling to find out what your family needs.
00:32:05.620Uh, uh, anyway, so that is, I guess if you get it with a thrust package, which is zero to 60 in less than a second, uh, you have to put a $250,000 deposit, but it, it looks absolutely incredible.
00:32:23.580I mean, I don't know when you'd ever use it, but it is absolutely incredible.
00:32:29.960Now, speaking of those packages, Ricky and Michaela.
00:38:59.800I guess you want to call them beta boys fine1.00
00:39:02.220But the guys that are pretty good looking with a beard and really bad ideas, liberal women are prey to them.0.80
00:39:08.100Michaela and I have a force field where we can objectively observe, that's a pretty good looking guy, while also turning away from the bad ideas.