The Joe Rogan Experience - Joe Rogan Experience #2509 - Caleb Hammer

00:00:01.000 Joe Rogan Podcast, check it out.

00:00:04.000 The Joe Rogan Experience.

00:00:06.000 Train by day, Joe Rogan Podcast by night, all day.

00:00:08.000 Good to see you, sir.

00:00:09.000 Good to see you, nice to meet you.

00:00:14.000 Very nice to meet you, too.

00:00:15.000 I enjoy your content.

00:00:16.000 You're a very sensible person, and you deal with a lot of very unsensible people.

00:00:16.000 Thank you.

00:00:21.000 How do you fucking keep your shit together when you talk to these people? 1.00

00:00:26.000 We tell everybody you're a finance guy, and did you start out in debt and then figured out how to get your shit together? 1.00

00:00:32.000 Yeah, exactly. 1.00

00:00:34.000 I was in college doing all the stupid American things, right? 1.00

00:00:38.000 So you got that unlimited student loan debt for a bullshit degree. 1.00

00:00:41.000 I was going for music composition, so, complete bullshit degree. 1.00

00:00:46.000 Maxing out every credit card. 0.93

00:00:47.000 One of the first pieces of financial advice I got at 18 from the parents max out a credit card to get the piano I wanted.

00:00:53.000 So that's smart.

00:00:54.000 Your parents get the piano.

00:00:55.000 Yeah, it's just the average American experience.

00:00:58.000 You just max out a credit card.

00:00:59.000 I don't know if your parents taught you anything about personal finances, but.

00:01:02.000 Most don't.

00:01:03.000 It's bad.

00:01:04.000 So, I was just maxing out every credit card, like everyone that comes on the show, like every American out there.

00:01:11.000 We got $1.6 trillion in credit card debt in this country, by the way.

00:01:15.000 Crazy amount.

00:01:16.000 Crazy amount.

00:01:16.000 Defaults are to like 7%, which is insane.

00:01:20.000 7% of credit cards defaulting.

00:01:22.000 That's crazy.

00:01:23.000 Yeah.

00:01:24.000 That is really nuts.

00:01:25.000 All 10 default.

00:01:27.000 Yeah.

00:01:28.000 It's absolutely insane.

00:01:29.000 But we have more auto loan debt in this country than credit cards, too. 0.64

00:01:32.000 This is even crazier because Americans, you know, they're big pickup trucks and everything, but. 0.92

00:01:37.000 Either way, I was doing that. 1.00

00:01:38.000 Got my Nissan Altima and, you know, thinking I was sick driving around and going into debt for that, family debt, everything.

00:01:49.000 It was brutal, but it was the average American life.

00:01:52.000 That's what people are going through every single day.

00:01:55.000 And I finally got a wake up call. 0.92

00:01:57.000 I just, I was sitting in my shitty apartment that I could barely afford. 0.90

00:02:03.000 And I realized the life I wanted to live. 0.92

00:02:08.000 Just could not be sustained this way.

00:02:10.000 I wanted to be a homeowner.

00:02:11.000 It's the American dream. 1.00

00:02:12.000 Pick a fence, all that shit. 0.98

00:02:14.000 But there's no way to do it with maxed out credit cards, private student loans, public student loans, everything. 0.99

00:02:20.000 It was a mess.

00:02:21.000 So got a sales job, just started grinding it out, paying off the debt, fully funded emergency fund.

00:02:28.000 That's what I try to teach people now. 0.99

00:02:29.000 But, you know, again, the average American is kind of an idiot with money, which is fair. 0.99

00:02:35.000 Well, they're not informed, you know, which is one of the things I think. 0.98

00:02:38.000 Your content really helps because a lot of people don't know what to do.

00:02:42.000 Like, you're in debt.

00:02:43.000 Like, how the fuck do I get out of this? 0.93

00:02:44.000 And a lot of people they know are in debt, so they don't have good advice and I kind of get from their parents, right? 0.97

00:02:49.000 So, we're, you know, they have to turn to somebody.

00:02:52.000 And a lot of times, like, financial people online are very stiff and they're not enjoyable to listen to. 0.99

00:02:59.000 But you talk shit and you're very vocal, and it's like, huh, okay, I get this guy. 0.99

00:03:04.000 I can relate to him. 1.00

00:03:05.000 Yeah.

00:03:06.000 Tell me what to do.

00:03:07.000 So, there's a lot of folks out there that connect with you because of that, I think.

00:03:10.000 Yeah, they call us the Jerry Springer Finance, which I like.

00:03:14.000 I take it.

00:03:15.000 I take the ownership.

00:03:16.000 They meant it as a dig at first, but I take it because it's fun.

00:03:20.000 People don't go into financial topics because it's boring.

00:03:25.000 Why are you clicking on a video of a dude just sitting at the camera, just like, you know, IRAs or this?

00:03:31.000 No one's going to get into that.

00:03:33.000 Personal finance class, like 40% of states, which is almost 40 states out of the 50 states, require a personal finance class now, which is big progress over the last decade.

00:03:43.000 But. 0.99

00:03:44.000 I mean, I was a page of shit in high school. 1.00

00:03:46.000 I'm sleeping through that class. 1.00

00:03:47.000 Right.

00:03:48.000 I'm not going to listen to things there.

00:03:50.000 I couldn't, I could barely pass math.

00:03:53.000 School is just boring.

00:03:54.000 So people still aren't going to pick it up there.

00:03:57.000 They want something a little more interesting to get into, and we give them that with the roasts, the dramas, the relationships of couples.

00:04:06.000 Episodes are my favorite because there's always financial stresses in relationships.

00:04:12.000 And I don't know if that actually gets people into personal finances.

00:04:19.000 That's the best.

00:04:20.000 That's the best because we get millions of views per episode on all platforms.

00:04:25.000 It's kind of a crime that they're not.

00:04:28.000 Explaining to people when they're young and in high school how this could be a problem.

00:04:33.000 They're trying to set you up for life, but they're not setting you up for one of the biggest problems that most people face credit card debt and the big one, student loan debt, because that's the one you can't get away from.

00:04:45.000 And there's a lot of people that are just going, Well, I guess I have to go to college.

00:04:49.000 And look, higher education is great.

00:04:50.000 It's good to be educated, it's good to get an education.

00:04:53.000 But if you're spending hundreds of thousands of dollars for an education that you aren't going to use at all, that might not be the best thing for you. 0.97

00:05:01.000 And when you're fucking 18, you really don't know. 0.98

00:05:04.000 You know? 0.99

00:05:05.000 You don't know what you want to do.

00:05:06.000 Your parents don't know anything either. 1.00

00:05:08.000 No, they might be retarded. 1.00

00:05:10.000 You might have idiot parents. 1.00

00:05:11.000 Well, no. 1.00

00:05:12.000 The average parent in America is going to any college to get any degree and borrow whatever it takes.

00:05:17.000 Yeah.

00:05:17.000 Because college is the answer to all.

00:05:19.000 Because it used to be.

00:05:20.000 Yeah.

00:05:20.000 It used to be the way that you got a good paying job.

00:05:22.000 You get out of college and, hey, you've got a degree.

00:05:25.000 Oh, you got your master's.

00:05:26.000 Well, you're.

00:05:28.000 Oh, where are you going to live?

00:05:29.000 Where are you going to buy a house?

00:05:31.000 Like, you're going to be set.

00:05:32.000 What they don't tell you is that you are going to be saddled down with insane amounts of debt, and then that debt compounds.

00:05:40.000 It keeps going.

00:05:40.000 So, like, I was reading this thing.

00:05:42.000 Maybe you can tell me about what the actual numbers are, but they were talking about the average actual debt that you owed, but what you wind up paying, what you actually wind up paying over the 20 years that it takes you to pay it off. 0.94

00:05:55.000 It's fucking crazy.

00:05:57.000 It's substantially higher than the initial loan. 0.99

00:06:00.000 Part of it is laziness, too.

00:06:02.000 People get on that 20 year payment plan.

00:06:04.000 Or a 40 year payment plan because they want to spend a little bit, you know, just a little bit less right now.

00:06:09.000 Because, I mean, it makes sense.

00:06:10.000 You get out of college, you want to get an apartment, you want to live it up, you want to go on nice dates and trips, all that good stuff.

00:06:16.000 So you do the little minimum monthly payment.

00:06:18.000 But I mean, think about it.

00:06:19.000 I assume you have a mortgage, right?

00:06:20.000 Do you have a mortgage?

00:06:21.000 Yeah.

00:06:22.000 Okay.

00:06:23.000 If you took that 30 year mortgage, but you're like, okay, I want to pay a smaller amount now, so let's stretch it to 60 years, the interest in overall payment you're going to do is insane.

00:06:31.000 Right.

00:06:32.000 So the student loan, a public student loan, is actually a 10 year payment.

00:06:37.000 That's the standard.

00:06:38.000 It's a 10 year payment.

00:06:38.000 You'll be done in 10.

00:06:40.000 But people stretch it to the 20 years.

00:06:42.000 The repayment assistance under Trump, the RAP plan, that can be as little as 1% of your income on a monthly basis.

00:06:50.000 That'll never be paid off.

00:06:52.000 Those people will have it forever.

00:06:52.000 Never.

00:06:54.000 It'll be forgiven in 40 years, it says.

00:06:54.000 Forever.

00:06:57.000 We'll see because it's new.

00:07:00.000 But when people are doing that, they're going to have it forever.

00:07:02.000 It's going to balloon and then they're going to complain about it when they chose not to just take the standard 10 year plan.

00:07:08.000 I saw an article about people with Social Security.

00:07:12.000 So they're retired and their money, their Social Security money is getting docked.

00:07:17.000 It's getting docked because they're taking money out of that to pay for your student loans.

00:07:21.000 Yeah.

00:07:22.000 I mean, I'm.

00:07:22.000 That obviously didn't work out for you because you're literally in debt from that student loan while you're retired from life.

00:07:29.000 Which is fucking wild. 0.98

00:07:29.000 Yeah. 0.98

00:07:31.000 It is, but I'll be candid. 1.00

00:07:32.000 I'm starting to not have sympathy for the boomers. 1.00

00:07:34.000 I'm really not. 1.00

00:07:35.000 Really?

00:07:36.000 Best job market ever, best stock market in the history of the world.

00:07:40.000 Every single. 0.81

00:07:41.000 Boomer, Gen X, whatever that's been on my show, they lived it up and spent all their money to live the lifestyle they wanted. 0.74

00:07:48.000 And they didn't even set 10% aside a month. 0.88

00:07:51.000 10% aside.

00:07:52.000 They had the best housing market, college, jobs.

00:07:56.000 They were set up for everything.

00:07:57.000 If they just put 5% to 10% a month aside in the stock market that they had, that they had, they would be multimillionaires.

00:08:07.000 Most of them would be multimillionaires.

00:08:10.000 But instead, we're in a situation where.

00:08:12.000 I want a new BMW.

00:08:14.000 Yeah.

00:08:15.000 They can't pay their student loans, Social Security, 2033, that's when the funds dry.

00:08:21.000 So payments get cut by 25%.

00:08:23.000 Yeah.

00:08:24.000 2033 is when the funds dry up for Social Security.

00:08:26.000 Yeah, the actual fund that's sitting there.

00:08:28.000 So every dollar that goes out is money that's coming in.

00:08:31.000 That's projected 2030. 1.00

00:08:32.000 Well, we have to pay for transgender migrants.

00:08:34.000 It's really important. 1.00

00:08:35.000 Some of them have back pain, they need to be on Social Security forever.

00:08:38.000 Yeah, we just had a clip go viral two days ago. 1.00

00:08:42.000 Transgender woman, Colorado.

00:08:44.000 I saw the video. 1.00

00:08:45.000 Yeah, taxpayer funded boobs. 0.98

00:08:47.000 That's nice. 1.00

00:08:48.000 The way you explained it, or the way she explained it, was hilarious.

00:08:53.000 You know, like something about how her body's priceless.

00:08:56.000 So, like, how much do they cost?

00:08:57.000 They're free.

00:08:58.000 I can't blame her, though.

00:08:58.000 Yeah.

00:08:59.000 I mean, the program's there, right?

00:09:01.000 Of course. 1.00

00:09:01.000 So I'd take it if I wanted some new tits. 1.00

00:09:03.000 Of course. 0.99

00:09:04.000 But it's crazy that we are.

00:09:05.000 And of course, when we filmed it was like two days after I wrote a $4 million income tax check, whatever, to the federal government.

00:09:13.000 And you're thinking about this, like, where's that money going?

00:09:13.000 Right.

00:09:16.000 It's going to tits, not funding proper Social Security.

00:09:19.000 Well, we were talking before about how Gavin Newsom wouldn't do your podcast.

00:09:23.000 Yes.

00:09:24.000 But it's probably because, like, that kind of debt, when you think about, like, California's debt and California's spending.

00:09:32.000 And the waste and potential fraud, I look at it like a garbage dump.

00:09:38.000 Like someone saying, hey, go look into that garbage dump and clean it up.

00:09:41.000 Like, oh, it's too much.

00:09:44.000 And I think that's how most people look at it.

00:09:45.000 They look at it like, 24 billions missing for the homeless? 0.99

00:09:49.000 How much money went to that rail, that fucking high speed rail? 0.96

00:09:53.000 Like, billions of dollars later, there's nothing done. 0.98

00:09:55.000 Like, what are you doing?

00:09:57.000 Which is insane because America, the leader of the world, should have incredible high speed rail.

00:10:02.000 Yeah.

00:10:02.000 I want it.

00:10:03.000 I want to go to Dallas, Houston in a couple hours on a high speed rail.

00:10:06.000 Maybe Texas could do it, but just give California anything and they'll find a way to mess it up and lose all the money.

00:10:11.000 Well, this is like the rail one is crazy because, like, nothing's been done.

00:10:15.000 How much have they spent on the high speed rail so far?

00:10:18.000 It's something bonkers.

00:10:19.000 It's billions.

00:10:20.000 Some insane amount of money and nothing's been done.

00:10:22.000 And there's this guy on YouTube.

00:10:23.000 Do you remember the guy on YouTube, Jamie?

00:10:25.000 He's on Instagram, rather. 0.90

00:10:26.000 The guy who's on Instagram who says, in the same amount of time that it took California to not do that, this is what China's done. 0.79

00:10:34.000 And it just over and over and over again.

00:10:36.000 All the miles of high speed rail they put in, all the this, all the that, all like for the same amount of money that California spent, this is what could have been done. 0.98

00:10:44.000 It's crazy fucking nuts.

00:10:47.000 Brightline's private, spent in order of mid teens of billions, mid teens so far on the high speed rail, roughly around 14 to 16 billion dollars as of the mid 2020s. 0.93

00:11:00.000 How much of it is done, Jamie?

00:11:01.000 How much of that rail's done?

00:11:03.000 Well, some of it is actually getting close to done.

00:11:05.000 Oh my god, amazing to what Bakersfield to.

00:11:13.000 Yeah.

00:11:14.000 How much is completed?

00:11:16.000 14 feet.

00:11:21.000 Very little.

00:11:22.000 119 miles are under active construction.

00:11:25.000 Oh, 119 miles.

00:11:26.000 Madera near Bakersfield are under active construction.

00:11:29.000 What a great way to spend $14 billion.

00:11:32.000 I bet the homeless people are pissed.

00:11:34.000 You could have spent that money on us.

00:11:35.000 And then once it's done, you'll get on the train.

00:11:38.000 You'll have fare evaders, people that just jumped over that are doing drugs on the train.

00:11:42.000 That's how I asked the question.

00:11:44.000 If you were 25 in 1990, made an average U.S. salary for 40 years, saving 5 to 10% per month in the SP 500, how much would they have now?

00:11:53.000 They would have around two to five million dollars, depending on exact assumptions.

00:11:58.000 Starting with $21,000.

00:12:00.000 That's insane.

00:12:01.000 Like, this is hard for me to.

00:12:03.000 And they, we have the best disposable income in the history of the world.

00:12:07.000 This is how crazy inflation is.

00:12:09.000 The average salary in 1990 was $21,000.

00:12:14.000 That's crazy.

00:12:15.000 Isn't that nuts?

00:12:16.000 Imagine if someone told you you had to live off $21,000 today. 1.00

00:12:20.000 You'd be like, oh, fuck. 0.99

00:12:21.000 And yet, even still, they could retire multimillionaires. 1.00

00:12:24.000 Even still, even with that, it's beautiful.

00:12:27.000 That is nuts if you know how to do it.

00:12:28.000 But how would someone start doing something like that?

00:12:32.000 Honestly, low cost index funds.

00:12:34.000 I'm sure you got a money guy, but for the average American, there's these target date retirement funds.

00:12:40.000 So, Fidelity or whatever you want to use, they have essentially just pick like within the five years that you think you're going to retire, you just buy into that and it just balances it for you.

00:12:50.000 It goes more aggressive now and just more conservative by the time you retire.

00:12:55.000 It's so easy.

00:12:55.000 There's no reason most people.

00:12:57.000 Like, aren't doing it even in their 401k where it's free money matches and everything.

00:13:02.000 It doesn't really make sense.

00:13:03.000 So, do you have to teach yourself all this stuff?

00:13:06.000 I mean, I'll be honest, uh, pretty much any personal finance book or just like not even a class, just watch like a couple YouTubers, the dry YouTubers that maybe no one's watching.

00:13:15.000 And I mean, you'll get it like this.

00:13:17.000 It's super simple, that kind of stuff.

00:13:19.000 It gets a little harder if you're thinking, like, what kind of perfect insurances do I need?

00:13:24.000 You know, if you're trying to individually stock trade, you know, what scares me though, um, people in our position right now.

00:13:31.000 People under 30, 60% of them are doing their portfolio trades based on the podcasts they're listening to.

00:13:40.000 That's what's scary to me.

00:13:42.000 What?

00:13:42.000 Really?

00:13:43.000 Yeah, 60%.

00:13:44.000 Which podcasts are giving them advice?

00:13:47.000 Any personal finance.

00:13:49.000 Any personal finance.

00:13:50.000 No, even on like Kik or Twitch, there's streamers.

00:13:53.000 I'll log on in the morning, just see who's streaming.

00:13:55.000 And some of the top viewed people are day traders.

00:13:58.000 Really?

00:13:58.000 With like 25,000 concurrent viewers that are getting hundreds of thousands of views a day.

00:14:03.000 Okay, so the kick streamers that are doing finance, are they just essentially like letting people know what they're trading and what to trade?

00:14:09.000 Exactly.

00:14:10.000 It's crazy.

00:14:10.000 So they're following along.

00:14:11.000 So you basically just mirror them.

00:14:13.000 So you could say, okay, buy BlackRock.

00:14:16.000 Whatever you want to buy, whatever they're doing, you'll do like sort of like the Pelosi stock trader.

00:14:21.000 Yes, which I bought into the Pelosi fund.

00:14:24.000 Yeah.

00:14:24.000 It's doing really well.

00:14:25.000 I bet it is.

00:14:26.000 I only put $1,000 in there.

00:14:26.000 Yeah.

00:14:27.000 I was a little scared, but it's doing really well.

00:14:29.000 It's beating my own money, guys.

00:14:31.000 So, I mean, it's kind of hilarious.

00:14:35.000 She knows what she's doing, or people know what she's doing.

00:14:37.000 Yeah.

00:14:38.000 Yeah, someone knows something.

00:14:40.000 Yeah, they know something.

00:14:41.000 It's just, it's crazy that it's legal.

00:14:45.000 It's crazy that you could know, oh, we're going to do this big deal with AI chips.

00:14:50.000 And so NVIDIA makes AI chips.

00:14:52.000 I'm just going to buy a shit ton of NVIDIA stock.

00:14:54.000 And then, boom, we pass this thing.

00:14:56.000 Hey, look at that.

00:14:58.000 500% increase.

00:14:59.000 Whee!

00:15:00.000 I think my thousand's up like 20, 30% in just a couple months.

00:15:05.000 It's crazy.

00:15:06.000 SP 500, what he searched up, averages 10% a year.

00:15:06.000 It's crazy.

00:15:10.000 So it's crazy.

00:15:12.000 It is nuts.

00:15:15.000 What are the laws? 0.71

00:15:18.000 You could clearly follow her, but what are the laws in terms of what she's allowed to do? 0.99

00:15:26.000 How much information is she allowed to have? 0.99

00:15:28.000 Yeah.

00:15:29.000 Well, that's what's hard to track, right?

00:15:30.000 The insider trading's hard to track. 0.99

00:15:32.000 They're getting into that shit with Kalshi now. 0.99

00:15:35.000 Right. 0.99

00:15:35.000 Some of the people that were in the operation for Maduro in Venezuela are getting in trouble. 0.99

00:15:41.000 George Santos.

00:15:42.000 Did you ever have George Santos?

00:15:43.000 No, but he's hilarious.

00:15:44.000 Yes, he's hilarious.

00:15:46.000 But big investigation just opened up yesterday or today.

00:15:49.000 Oh, he just got a pardon for something else.

00:15:51.000 He bet on, he went on Instagram or something.

00:15:57.000 And he was like, Hey guys, I'm going to 100% be at the State of the Union.

00:16:00.000 100%, I'm going to be there.

00:16:02.000 Here's my seat.

00:16:03.000 And then he immediately bet that he will not be at the State of the Union.

00:16:07.000 Yeah.

00:16:07.000 So four people close to him have been working with the FTC on that.

00:16:12.000 Oh my God, he's retarded. 1.00

00:16:13.000 Yeah. 1.00

00:16:14.000 After a pardon and everything. 1.00

00:16:14.000 That's so dumb. 1.00

00:16:16.000 That's so dumb, bro. 1.00

00:16:17.000 You got free and you're fun. 1.00

00:16:19.000 You should just do a podcast.

00:16:20.000 That guy should, he could make millions doing a podcast.

00:16:23.000 Yeah.

00:16:23.000 He's been on other podcasts.

00:16:24.000 He's good.

00:16:25.000 He would be great. 1.00

00:16:26.000 He's a sassy gay. 1.00

00:16:27.000 He's perfect for the camera. 1.00

00:16:28.000 Sassy, fun, smart, talks a lot of shit. 0.99

00:16:31.000 He would be great as a host of a podcast. 1.00

00:16:33.000 Don't fucking do scams like that. 0.99

00:16:35.000 Yeah, insider trading. 0.99

00:16:37.000 So I guess that's his future now.

00:16:38.000 We had a, there was a, was it Polymarket?

00:16:41.000 Where they had odds on things that we do and what we're going to say and what guests we're going to have on?

00:16:41.000 What was it?

00:16:46.000 Probably both of them.

00:16:47.000 I don't look into it.

00:16:47.000 Probably both of them.

00:16:48.000 We looked, I said, Jamie, shut that fucking laptop and do not open that website ever again. 0.99

00:16:53.000 Because, like, you could do it. 0.99

00:16:55.000 Like, we could think.

00:16:55.000 I kind of want to.

00:16:57.000 I'm not going to, but I kind of want to bet that I would be on here.

00:16:57.000 Anybody could.

00:17:00.000 Right.

00:17:01.000 Like, what are the odds? 0.99

00:17:02.000 Like, you could probably bet a substantial amount of money through some fucking offshore account. 0.97

00:17:06.000 This episode is brought to you by Simply Safe. 0.98

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00:18:06.000 Both Pelosi, who knows?

00:18:07.000 I mean, other people in Congress, they want to pass something where they can only invest in large cap index funds like the SP 500.

00:18:15.000 They're not passing it.

00:18:17.000 They don't care.

00:18:18.000 They don't care.

00:18:19.000 It's also completely bipartisan.

00:18:21.000 You know, it's not like it's Nancy Pelosi is the scapegoat. 0.64

00:18:24.000 She's the one that everybody beats on.

00:18:26.000 But if you look at it, it's red, blue, across the line.

00:18:29.000 They're all doing it.

00:18:30.000 Yes.

00:18:31.000 They're all trading. 0.99

00:18:32.000 Making shit tons of money. 0.99

00:18:32.000 They're all making. 0.99

00:18:33.000 They all go into Congress broke. 1.00

00:18:35.000 They all come out rich as fuck. 1.00

00:18:36.000 Yes. 1.00

00:18:36.000 And they get $100,000 a year. 1.00

00:18:39.000 Like, fuck off. 1.00

00:18:40.000 Fuck off. 1.00

00:18:42.000 It's crazy. 1.00

00:18:43.000 What is, pull up the Santos case.

00:18:45.000 Find out what's happening.

00:18:46.000 I'm fascinated by that.

00:18:47.000 I mean, honestly, he, it's, today's the second, I guess it was yesterday.

00:18:51.000 He got contacted by NPR and he's contacted by NPR.

00:18:56.000 He was like, it's news to me.

00:18:58.000 He said it's news to him.

00:18:59.000 There you go.

00:18:59.000 Reached by NPR.

00:19:02.000 Well, that's news to me when asked about the insider trading probe underway, this activity on CalSheet.

00:19:07.000 Santos said, I'm not saying yes, I'm not saying no.

00:19:10.000 When the NPR questioned whether he had a CalShe account, he wanted to say the co founder of CalShe, Luana Lopez Lara, is a fellow Brazilian whom he personally knows.

00:19:19.000 He said he would call her to get to the bottom whether an investigation had been launched.

00:19:23.000 Santos promised to update NPR on how the call went.

00:19:26.000 He did not respond to NPR's follow up messages.

00:19:31.000 The thing is, like, he had some crazy background discrepancies that, you know, they deviated from the truth slightly.

00:19:41.000 Right?

00:19:42.000 There was some other stuff.

00:19:43.000 It wasn't just this.

00:19:44.000 Like, that's what the guy does.

00:19:45.000 Yeah.

00:19:46.000 But meanwhile, he's in this amazing position.

00:19:49.000 He's got a name.

00:19:50.000 People like him.

00:19:50.000 He's famous.

00:19:51.000 He's fun. 0.99

00:19:52.000 And he got a fucking pardon from the president. 0.99

00:19:55.000 Like, bro, straight and narrow. 1.00

00:19:57.000 Yeah.

00:19:57.000 Get yourself a podcast.

00:19:59.000 Get yourself a YouTube show.

00:20:02.000 You would make some real money.

00:20:03.000 He would make some real money.

00:20:05.000 I don't know.

00:20:05.000 Yeah.

00:20:06.000 I don't know what's going on with that guy, man.

00:20:07.000 I really don't.

00:20:08.000 I think he's just trying to get that, get rich quick.

00:20:10.000 Let's see.

00:20:11.000 Jamie put it into perplexity.

00:20:12.000 It says he built much of his public persona on false claims about his biography, finances, and identity, and later also faced criminal charges tied to deception and fraud. 0.99

00:20:22.000 Damn. 0.95

00:20:24.000 He falsely claimed degrees from Baruch College in New York and NYU, even though he graduated summa cum laude, although he has no college degree. 0.99

00:20:37.000 He said he worked at Goldman Sachs and Citigroup.

00:20:40.000 Both firms reported no record of him as an employee.

00:20:43.000 Financing career, Santos portrayed himself as a seasoned Wall Street financier and successful businessman, reporting a rapid jump in income and large loans to his campaign, while journalists found Big gaps and unclear sources of wealth.

00:20:59.000 He claimed Jewish heritage and that his grandparents were Holocaust refugees.

00:21:03.000 Later, he backed off saying he was Jew ish after his maternal family background, not actually Jewish.

00:21:11.000 He also made disputed statements about being a landlord with a family real estate portfolio and about his mother's death being related to 9 11, although she died in 2016.

00:21:20.000 That's crazy.

00:21:22.000 What a king.

00:21:23.000 There's a bunch more.

00:21:24.000 Animal rescue claims.

00:21:25.000 He said he founded a nonprofit that rescued 2,500 cats and dogs, but reporters found No records of such an organization.

00:21:33.000 Cultural and lifestyle claims.

00:21:35.000 Brazilian drag performer shared photos of Santos in drag.

00:21:39.000 He initially denied ever doing drag and later minimized it as just dressing up for a festival when he was young.

00:21:47.000 That's a funny dude.

00:21:50.000 He's a funny dude.

00:21:51.000 Back to jail. 1.00

00:21:52.000 Yeah, he's fucked. 1.00

00:21:53.000 He was sentenced to 87 months in prison for wire fraud and aggravated identity theft, with officials describing his conduct as a mountain of lies. 1.00

00:22:03.000 Theft and fraud.

00:22:04.000 His short House tenure ended with expulsion after an ethics report detailed misuse of campaign funds, including personal luxury spending. 0.99

00:22:12.000 Fucking dude, you could have been in jail for 87 months and you got out and you blew it all on a bet. 0.99

00:22:21.000 Like, how much did he make off the bet? 1.00

00:22:25.000 It's very fresh, this story.

00:22:27.000 I heard it on the news this morning.

00:22:31.000 I don't think it said specifically how much.

00:22:31.000 Homie.

00:22:34.000 Because it was more about what he did.

00:22:36.000 So I don't think they tracked his account, Calcium.

00:22:38.000 I don't think they've announced how much he bet on it.

00:22:41.000 And that is hard to trace, which is why I think he did it.

00:22:45.000 I mean, those platforms are hard to trace.

00:22:45.000 Right.

00:22:48.000 I think Polymarket, I think they're specifically even just in crypto on the back end.

00:22:53.000 If I'm not mistaken, or in those similar kind of exchanges.

00:22:53.000 Oh, really?

00:22:57.000 So it's hard to track.

00:23:01.000 So it's a good place to insider trade.

00:23:02.000 And he made some money.

00:23:03.000 But I think I listened on the news this morning and it said, Four people close to him reported him though.

00:23:10.000 So, well, when you're that kind of a fraudster, allegedly, and that kind of a liar, allegedly, you tend to not have close friends that you could trust.

00:23:10.000 Yeah.

00:23:20.000 You probably fuck those guys over too. 1.00

00:23:22.000 Yeah. 1.00

00:23:23.000 If they're turning them in, allegedly.

00:23:27.000 I think it's funny though, because it's like, it's really unfortunate.

00:23:30.000 He had a real opportunity.

00:23:32.000 Like, he became a public person.

00:23:34.000 Maybe he still does.

00:23:35.000 Maybe he'll get another pardon.

00:23:37.000 I doubt it.

00:23:37.000 Who knows?

00:23:37.000 No.

00:23:38.000 I doubt he'll give him a pardon for that.

00:23:40.000 I don't know why he got the first one.

00:23:41.000 He'd probably be so mad if Trump got a phone call from him asking for a second pardon.

00:23:46.000 Why'd he get the first one?

00:23:47.000 Do you know?

00:23:47.000 I have no idea.

00:23:48.000 Let's find out.

00:23:49.000 Let's ask.

00:23:51.000 Yeah.

00:23:51.000 Why did he get pardoned?

00:23:55.000 There's a lot of people that got pardoned where you're like, wait, what?

00:23:58.000 Yeah.

00:23:59.000 The Biden thing was nuts where they pardoned more people than ever, ever, any president ever. 0.93

00:24:06.000 And how much of it was done with the auto pen? 0.77

00:24:08.000 So he's literally like barely there, right?

00:24:12.000 We all agree at this point.

00:24:13.000 I mean, there used to be disputes.

00:24:14.000 Oh, yeah, I was a stutter.

00:24:16.000 We all now say he was barely there.

00:24:19.000 So someone else was doing that.

00:24:21.000 So, what's the legality of that?

00:24:23.000 What is the legality of selling pardons?

00:24:27.000 And the preemptive pardons, too.

00:24:28.000 Oh, those are nuts.

00:24:29.000 Yeah.

00:24:30.000 How about for crimes that just don't exist?

00:24:31.000 Yeah.

00:24:32.000 You're not accused of anything.

00:24:34.000 What'd you do?

00:24:35.000 He did not receive a pardon.

00:24:36.000 His prison sentence was commuted by President Donald Trump, which let him out of prison early but left his convictions in place.

00:24:42.000 Interesting.

00:24:43.000 In October 25th, October of 2025, rather, Trump signed a commutation with.

00:24:51.000 For former Representative George Santos, ordering his immediate release from federal prison where he was serving a roughly seven year sentence for fraud and identity theft.

00:25:00.000 Commutation shortens or eliminates the punishment but does not erase the conviction or declare the person innocent, unlike a full pardon.

00:25:09.000 Trump said Santos had been horribly mistreated and had spent long periods in solitary confinement, which Trump framed as too harsh for a rogue politician compared with others.

00:25:20.000 Commentators widely interpret the move as fitting.

00:25:22.000 Trump's pattern of granting clemency to political allies and loyalists rather than based on traditional justice system criteria.

00:25:30.000 I mean, look, it's a weird thing that you could do.

00:25:33.000 The fact that you're the president and you could just say, What did you do?

00:25:36.000 You robbed a bank?

00:25:37.000 Eh, you're sorry.

00:25:39.000 Get free.

00:25:40.000 Meanwhile, if you don't know the president, you're in the bank forever.

00:25:42.000 Like that is a crazy loophole that still exists that makes no logical sense whatsoever.

00:25:49.000 Yeah, you just help people around you or your kids, whatever it is, or a friend of a friend.

00:25:54.000 Yeah.

00:25:55.000 Donation.

00:25:56.000 Yeah, somebody hooks you up and you know them and their cousin needs a thing and there's a guy and maybe he did it, maybe he didn't.

00:26:04.000 You can get him out.

00:26:05.000 I mean, I'd pardon a lot of people. 0.98

00:26:06.000 I would pardon a fuckload of people. 0.84

00:26:08.000 Yeah, I get it.

00:26:09.000 Well, we've on this show, we've done a lot of work with my friend Josh Dubin, who used to work with the Innocent Project and now he works with the Ike Perlmetter Center for Legal Justice or Criminal Justice.

00:26:22.000 So it's all people that are wrongly convicted and there's a shit ton of them. 0.99

00:26:26.000 And you find out that there's these rogue politicians or rather prosecutors, these rogue prosecutors and rogue DAs and rogue cops that just have fucking dozens and dozens of bullshit convictions where they fucking hid evidence. 0.98

00:26:41.000 They absolutely knew the person that they arrested was the wrong person. 0.99

00:26:45.000 They don't care.

00:26:46.000 They just want a conviction.

00:26:47.000 They just don't care. 0.99

00:26:49.000 They lose their ability to give a fuck whether or not the person that's in jail is actually guilty of that crime and they justify it in their head while he was a drug. 1.00

00:26:58.000 Dealer, or he was a this, or he was a that, and he fucked off his whole life. 1.00

00:27:01.000 We're better off with him being in jail. 1.00

00:27:04.000 Let me go to Morton's and have a steak.

00:27:06.000 You take that, and then you compare it with like every violent crime that has happened in Austin this year are people that have been repeat criminals just let loose.

00:27:16.000 Oh, yeah, yeah.

00:27:17.000 Okay, so locking up people that don't deserve it, and then a guy, a guy off a 360 here in Austin, killed his family, and he was let out a couple times before.

00:27:26.000 Yeah, yeah, I'm not a fan of that.

00:27:28.000 That's a different thing.

00:27:30.000 So, you got both things, right?

00:27:32.000 You have these very liberal DAs who are letting people go if they think that they're from a protected class or if they think they've experienced racism or they've experienced some sort of an unjust situation as a youth and they need a second chance and the system is racist and so you let them loose.

00:27:55.000 But you've got people that, like the guy that pushed someone in front of the train in New York City had been arrested over a dozen times. 0.99

00:28:03.000 The fuck are you doing? 0.97

00:28:04.000 And there's some kind of crazy statistic, particularly about New York City, that something like 50% of all the crimes are by a very small number of people. 1.00

00:28:15.000 A very small number of repeat people.

00:28:15.000 Oh, yeah.

00:28:17.000 And if those people were in jail, literally crime, you could have half violent crime, half robberies, half.

00:28:24.000 50%.

00:28:24.000 Yeah.

00:28:25.000 It's crazy.

00:28:26.000 I saw some people do an analysis of like the kind of content and news we were getting in 2015 by people that I watched and liked, like the Vlogbrothers and stuff on YouTube.

00:28:37.000 Where everything was about the prison industrial complex, which I'm not saying is not a thing.

00:28:40.000 It's certainly, there's definitely issues for sure.

00:28:43.000 But it was about how, you know, we have the highest prison population and stuff.

00:28:49.000 And again, these aren't untrue things, but it started putting out all this unchallenged information about how we are too critical in this country and too punishing.

00:28:59.000 And then what you started to see after that was the politicians like the DA here, the DA in San Francisco coming around the 2020 stuff after the George Floyd situation and everything, where all of a sudden it was beyond soft on crime, like beyond.

00:29:11.000 Where they could do any amount of property damage that they wanted in San Francisco and just no challenges.

00:29:17.000 So, the DA in Chicago that raised, I think, the theft for felony threshold from like $50 to $500 or something.

00:29:28.000 It was something crazy.

00:29:29.000 So, all that information.

00:29:30.000 I think it was $900.

00:29:31.000 Crazy.

00:29:32.000 All that information that we were all consuming was just unchallenged.

00:29:37.000 All you had was like a boomer on Fox News just yelling.

00:29:39.000 That was like the only challenge to.

00:29:43.000 That kind of information that was coming around 2015.

00:29:45.000 And I was a fan of that information.

00:29:47.000 I ate it alive.

00:29:49.000 And then now we're facing the consequences of it.

00:29:52.000 Yeah.

00:29:53.000 It's kind of crazy.

00:29:54.000 Well, it's also you find out that there's sort of a dark element to it all.

00:30:00.000 And there's people like George Soros and the Open Society Foundation.

00:30:04.000 And what they do is they invest their money in politicians, they invest their money in DAs, and they get like the most liberal, the most, you know, Progressive, the one who's going to do the most damage to the city in terms of crime.

00:30:19.000 And then he funds the next guy to compete against him, who's further left.

00:30:24.000 And they just go further and further and further until you've got people like the guy they got rid of in Los Angeles that was just violent crimes.

00:30:33.000 This guy pulled a knife on a sheriff.

00:30:35.000 He was trying to attack a sheriff with a knife.

00:30:37.000 And then they let him out. 0.99

00:30:39.000 And then he hacked up some guy with his kids with a fucking machete in Malibu or in Santa Monica, wherever it was. 0.99

00:30:44.000 It's like you hear these stories and you're like, this is fucking insane. 0.99

00:30:47.000 When someone's a violent criminal and they commit violent crimes, they need to go to jail. 0.95

00:30:51.000 And if you don't do that, you're going to encourage people to do violent crimes.

00:30:55.000 So, why are these prosecutors doing this?

00:30:58.000 Why are these DAs doing this?

00:30:59.000 Are they doing it because they want to?

00:31:02.000 Do they want society to fail?

00:31:03.000 Well, some of them do.

00:31:05.000 Some of them actually do.

00:31:07.000 They would like our civilization to fall.

00:31:10.000 They think America is evil.

00:31:12.000 Interesting.

00:31:14.000 That's interesting.

00:31:14.000 Elon's deep into it, man.

00:31:16.000 I've had conversations with him about it and he explains.

00:31:19.000 The way Soros does it, and that it's actually a great investment because, like, to invest in politicians in terms of like to spend money on a campaign for the president, it's a lot of money.

00:31:28.000 Spend money on a campaign for becoming the governor.

00:31:31.000 That's a lot of money.

00:31:32.000 But a local DA, not that much money. 0.99

00:31:35.000 And for a great return on your investment, you can fucking tank a city by having one insane DA. 0.97

00:31:42.000 Like, who was the guy in LA they got rid of? 0.99

00:31:44.000 Was it Garza?

00:31:44.000 Was that what his name?

00:31:46.000 This guy was fucking out there. 1.00

00:31:48.000 I mean, he was releasing all kinds of crazy criminals. 1.00

00:31:52.000 And you're like, why would you do that?

00:31:55.000 And there was a podcast that I was listening to where there was a former gang leader who was leaving Los Angeles.

00:32:01.000 Because he was saying it's getting too dangerous and they're about to release thousands of people from prison because the prisons are overcrowded.

00:32:08.000 So they're releasing thousands and thousands of violent offenders.

00:32:11.000 And he was sounding the alarm for it for a gang leader.

00:32:15.000 He's like, this is too hot.

00:32:16.000 We got to get out of here.

00:32:19.000 That's the primary reason I'm against the things like all the funding for the train in California specifically because I actually really like, I'm a big advocate for public infrastructure and even like dense living.

00:32:31.000 Like, I love when you visit a place that is like dense and really cool, lots of community.

00:32:36.000 I love that.

00:32:38.000 We can't do that because we have these people that just let the violent criminals out.

00:32:43.000 They let people hop fares in San Francisco and smoke meth on the train.

00:32:49.000 I want trains.

00:32:50.000 I wish Austin had an incredible subway system.

00:32:53.000 We can't if we keep letting out these horrible people that'll be everywhere.

00:32:57.000 These people with mental health issues that we won't put in a place that is more humane than letting them sleep on the street. 0.77

00:33:03.000 We'll let them crash at the. 0.99

00:33:06.000 Anytime me and my girl, we drive past a bus stop.

00:33:09.000 And we're just like, we would never ride a bus here.

00:33:12.000 Right.

00:33:13.000 Because just every, I've seen people light up a meth pipe on South Lamar at a bus stop.

00:33:19.000 And there's just people that are just sleeping there.

00:33:21.000 And you can't even wait for a bus.

00:33:23.000 I want these nice things.

00:33:25.000 We can have these nice things, but we can't if we just let people overrun them.

00:33:31.000 So, what do you think if you had to put on your tinfoil hat and really try to make an assessment of like why this is happening?

00:33:41.000 Like, why are they allowing this?

00:33:42.000 Why isn't no one?

00:33:44.000 Done what is the sensible thing?

00:33:46.000 Protect the peaceful, tax paying, kind, and compassionate people of the city from violent criminals.

00:33:54.000 Why are you allowing these people to continually be released?

00:33:57.000 Why are you so soft on crime?

00:33:58.000 Like, what are you doing?

00:34:00.000 Yeah.

00:34:01.000 Well, honestly, definitely not as deep as Musk is on this, but for me, I really think it's this political capture.

00:34:08.000 When you get in those ecosystems now online, you can get on TikTok and it'll immediately figure out within three minutes what group to put you in.

00:34:17.000 And then you hear no.

00:34:18.000 Other perspective.

00:34:20.000 And we know young generations, especially young women, they've moved more politically extreme than any other generation in the history of the United States.

00:34:28.000 And they've moved to the left, you know, left, right, I don't care, but they've moved to the extreme version.

00:34:33.000 And when you're politically captured, you then vote for the people that are more politically captured on that left. 0.96

00:34:40.000 And there is a lot of that moral masturbation that comes with it. 0.98

00:34:44.000 It sounds good.

00:34:45.000 We had all that information around 2015, 2020 that any, that Anyone that's going to prison is, you know, just for having weed or anything like that, we're just evil as a society.

00:34:59.000 And when you get that and you start moral masturbating about everything, it sounds right.

00:34:59.000 Right.

00:35:04.000 Like things like rent control, it sounds good.

00:35:07.000 Right.

00:35:07.000 It sounds like the moral thing to do.

00:35:09.000 Not letting many, not just putting people in prison for a long time, sounds nice.

00:35:14.000 Not kicking people off the street when they're homeless, it sounds nice.

00:35:14.000 Sounds nice.

00:35:18.000 Not doing those sweeps, it sounds nice.

00:35:20.000 Yeah.

00:35:21.000 And people that are politically captured online, especially in our algorithms, it's just so brutal.

00:35:27.000 And they just vote for that on repeat because they hear no alternative perspective.

00:35:30.000 And even still, it's so politically captured now where it's like, if you disagree with 1%, you're a Nazi and you're, you know, get out of here.

00:35:38.000 You're not one of us.

00:35:39.000 It's pretty brutal.

00:35:40.000 I always considered myself like pretty left of center, actually.

00:35:46.000 I'm probably more centrist now.

00:35:47.000 Economically, I've moved a little to the right over the past few years.

00:35:52.000 But compared to the people, Surrounding me in college, that were definitely like far left because you know, music school and all that stuff, but they were still algorithmically captured.

00:36:00.000 I was borderline like a Nazi because I just didn't agree with everything. 0.91

00:36:04.000 Yeah, you know, maybe the taxes shouldn't fund tits. 0.97

00:36:08.000 I'm sorry if I'm a Nazi for that. 0.99

00:36:08.000 Right. 0.99

00:36:10.000 Like, we have too much bloat.

00:36:13.000 I think you're absolutely correct about the political capture, but I think it's also manipulated, and that still doesn't account for who's funding the DA campaigns and the fact that Soros does get involved in these kind of things, and not just him, but others as well.

00:36:26.000 Do you think he truly believes in it, though?

00:36:28.000 Like, this is the right thing.

00:36:30.000 Like, we have a prison issue.

00:36:33.000 No.

00:36:33.000 No, I don't think so.

00:36:34.000 I think he banks on it.

00:36:35.000 I think, I mean, he's made money off of collapsing societies.

00:36:40.000 It's like he's of interesting character.

00:36:43.000 He seems like completely immune to the consequences, like spiritually, of what he does.

00:36:49.000 Fair enough.

00:36:50.000 It's a flaw of mine, I guess.

00:36:51.000 I just assume the worst until I see the best.

00:36:54.000 That's not a flaw.

00:36:54.000 So I just.

00:36:55.000 That's you're a good person. 0.99

00:36:56.000 Well, it's fucked me over a lot of times. 0.98

00:36:58.000 But, like, I mean, I just assume that. 0.77

00:37:01.000 Even if I disagree with them politically, they think it actually has a positive outcome.

00:37:05.000 I want to think that.

00:37:05.000 Yeah.

00:37:07.000 I used to.

00:37:08.000 I think now more they want to pretend that they think it's going to have a positive outcome because it justifies what they're doing.

00:37:14.000 And then it also I think with politicians, it's really a self serving thing.

00:37:19.000 They just know that people are politically captured, so they say the things that the politicians like listen, Gavin Newsom in any other world could easily be a Republican.

00:37:27.000 Okay.

00:37:27.000 If we're living in the 1990s, he might have been.

00:37:29.000 Like this is nonsense.

00:37:31.000 Like this, like his perspectives on things is about.

00:37:34.000 Personal gain.

00:37:35.000 It's about his campaign and his image.

00:37:37.000 And that's why when he addresses any of the issues with California, he always goes into this pre planned speech about we're the biggest tech sector.

00:37:45.000 We're number four in the world and the world economy.

00:37:48.000 He starts moving his hands around. 0.98

00:37:49.000 He's got a little fucking voodoo dance he does because it's not really about addressing the situation. 0.98

00:37:54.000 It's about framing it in a very positive way so that he looks good, so that he moves forward. 0.99

00:37:59.000 And that's what he wants to do.

00:38:00.000 And you're starting to see him come closer to center now, being opposed to the billionaire tax.

00:38:07.000 And other things like that in California.

00:38:08.000 And the Republicans are leaving.

00:38:10.000 They're leaving, but a lot of the, you know, everyone running for governor on the left was okay with the billionaire tax.

00:38:16.000 But since he's going to be eyeing for president, he needs to be a little more sane.

00:38:20.000 And I mean, pretty much every independent report says yes, it'll capture tens of billions quickly, but it'll lose hundreds of billions over the long term because the wealth that you tax on a yearly basis is just leaving.

00:38:31.000 It's not just that, it's a slippery slope.

00:38:33.000 It might start with billionaires, it'll work its way down.

00:38:37.000 It'll work its way down to thousandaires.

00:38:39.000 Yeah, taxes typically have.

00:38:40.000 They always do.

00:38:41.000 And also, they have the ability to change the goalposts once the bill gets passed.

00:38:46.000 The bill gets passed, they don't have to have you vote on who gets taxed more.

00:38:50.000 And we can just decide.

00:38:51.000 Like Bernie Sanders used to rally against billionaires.

00:38:55.000 It always would be millionaires.

00:38:57.000 All these millionaires, that's the problem.

00:38:59.000 They're not paying their.

00:39:00.000 And now it's billionaires.

00:39:01.000 Why?

00:39:02.000 Because Bernie's a millionaire now.

00:39:05.000 It's adorable.

00:39:07.000 It's adorable in its transparency. 1.00

00:39:09.000 But, like, these fucking kids don't understand. 0.99

00:39:12.000 Like, there's a giant number of kids today that come out of the university system that think that communism is the solution. 1.00

00:39:19.000 Oh, yeah.

00:39:20.000 Genuinely believe in it.

00:39:22.000 Yeah, it's very scary.

00:39:23.000 Because you're literally saying, first of all, how does that get enforced?

00:39:28.000 How do you think it gets enforced?

00:39:31.000 Who tells the people that they have to give up their money and their property? 1.00

00:39:34.000 The fucking government. 0.99

00:39:35.000 Then who's holding the military and the property? 1.00

00:39:37.000 The government.

00:39:38.000 Oh, so the people with the guns?

00:39:40.000 Oh, so you want a military dictatorship essentially to be able to control all the finances?

00:39:45.000 Who owns a home?

00:39:46.000 Who owns a farm?

00:39:47.000 Where the food comes from?

00:39:48.000 You think that's a good idea?

00:39:50.000 It's never worked.

00:39:51.000 I don't know why they're for it.

00:39:52.000 Ever.

00:39:53.000 There's not even a mildly decent version of it out there.

00:39:57.000 They can go, well, they're not as good as us, but it's not too bad.

00:40:01.000 I'll give them some credit.

00:40:02.000 I'll give them a little bit of grace. 1.00

00:40:04.000 Sure, I think they're a little retarded, but I'll give them some grace. 1.00

00:40:08.000 A lot of times when you ask them, those people that come out of college, what communism is, they think it's like Scandinavia. 1.00

00:40:14.000 Okay.

00:40:14.000 And socialism.

00:40:15.000 That's how they define it.

00:40:16.000 Not like very literal.

00:40:18.000 And those aren't socialist countries anyway.

00:40:20.000 All their programs are funded on capitalism.

00:40:22.000 It's taxed through the income that's earned on capitalism.

00:40:25.000 So I'll give them that grace.

00:40:27.000 But no, it is true that many people are viewing communism in general as more favorable.

00:40:33.000 And we know college is also very politically captured.

00:40:37.000 It's very politically captured.

00:40:39.000 That's the danger.

00:40:40.000 The danger is children are getting a very distorted perception of what the reality of the world is, like right out of school by people who don't live in the world. 0.99

00:40:49.000 That's what's so fucked. 0.97

00:40:50.000 Like these people that are teaching, they've essentially gone from being a student to working in a university to being a professor. 0.99

00:40:57.000 That's their entire life.

00:40:58.000 And they're telling you about the outside world.

00:41:00.000 They're literally prisoners who are telling you about things that are going on in places where they never go and never visit.

00:41:07.000 Like, you're not living in the real world.

00:41:09.000 Like, your concepts about socialism and communism that you're teaching these kids, like, you don't live in the real world.

00:41:19.000 You didn't start a business.

00:41:22.000 You don't get fired by one company and hired by another, and you try to build your own small business.

00:41:27.000 You're not doing that. 0.89

00:41:28.000 You're just teaching concepts and ideas, which Most people that have done those things, that have jobs, that have started business, think are fucking ridiculous and don't work and have never worked anywhere in human history. 0.84

00:41:42.000 And yet, that's how you're employed to shape young minds. 0.98

00:41:46.000 That's crazy.

00:41:47.000 They've looked at some universities and they look at the political identification or doing polling on different departments.

00:41:54.000 And they've had like sociology departments where it's like 300 Democrats and one registered Republican.

00:42:02.000 Which, again, I don't think there's anything wrong with having a left wing position or viewpoint.

00:42:06.000 I'm not saying that at all.

00:42:07.000 Again, I agree with a lot on the left.

00:42:09.000 But when something where you're spending four years has that ratio, it's going to get overwhelming in terms of the information you get without any alternative perspective.

00:42:21.000 Right.

00:42:22.000 I was in college, again, in music school, and this was the amount of just craziness that I was around.

00:42:29.000 Even though I'm slight, you know, have those left wing social positions. 0.98

00:42:34.000 I'm vehemently against that woke shit because when I was there, we had a visiting professor talking about music. 0.99

00:42:41.000 She played a piece of music and she was like, okay, give me your feedback. 0.99

00:42:44.000 I just want honest feedback on this.

00:42:45.000 And I was, you know, I didn't really like it.

00:42:46.000 And I was like, you know, to me, I can't really describe it, but it's a little weird.

00:42:50.000 Then I had to listen to a 10 minute lecture about how the word weird has been used for colonialism and slavery and imprisoning people and murdering people of color and people who have transitioned and stuff because I said the word weird.

00:43:05.000 It's politically captured.

00:43:07.000 And there was no one would speak up against that.

00:43:10.000 No one would speak up against that.

00:43:11.000 I don't know if there were other normal people around me, other professors that didn't believe what she was saying, but no one was willing to because you'd be ostracized.

00:43:18.000 Right. 1.00

00:43:19.000 You'd be fucked. 1.00

00:43:20.000 You wouldn't have friends there. 1.00

00:43:21.000 Exactly.

00:43:22.000 So, when the ratio is something like 500 to 1 in certain departments, you're never going to get an alternative viewpoint.

00:43:29.000 So, it makes sense that it gets more extreme.

00:43:31.000 It doesn't even have to be 50 50, but 500 to 1 is crazy.

00:43:34.000 200 to 1 is crazy.

00:43:36.000 Even 50 to 1.

00:43:37.000 Well, it's something.

00:43:37.000 Yeah, for sure.

00:43:39.000 You need to have alternative perspectives from respected people, they need to be able to communicate with each other.

00:43:44.000 That's what the real diversity is all about. 0.98

00:43:46.000 It's not just like where your fucking ancestors came from, it's also diversity of thought. 0.98

00:43:51.000 And which is crazy that the people that are really into diversity reject completely diversity of thought. 0.99

00:43:57.000 This idea that no one who is more to the right of you could possibly have a point is insane.

00:44:05.000 Now, I'm with you socially, I'm very liberal.

00:44:08.000 Financially, I agree with you.

00:44:11.000 I tend to swing more to the right because I believe in human nature.

00:44:15.000 My problem with the concept of socialism, it goes against human nature.

00:44:22.000 If you're going to punish people who are ambitious and reward people who are not, that's not good.

00:44:28.000 That's just not good for human nature.

00:44:31.000 It rewards laziness.

00:44:33.000 It rewards people that feel entitled.

00:44:35.000 It rewards this idea that the government should pay, that these rich people should pay because they've done well.

00:44:42.000 Well, why aren't you doing well is a question that doesn't get asked to these people.

00:44:46.000 Well, the question of taxes is getting completely turned on and said anyway.

00:44:49.000 I've never been opposed to paying more in taxes if it went to something good.

00:44:53.000 But people are no longer.

00:44:53.000 Right.

00:44:55.000 Proposing it to go to good things when you see it advocated online.

00:44:58.000 Now it's that person has a lot of money, let's take some.

00:45:01.000 Yes, exactly.

00:45:02.000 And it's also very abstract.

00:45:04.000 Like they should pay their fair share. 0.99

00:45:06.000 Shouldn't we figure out where the fucking money's going first? 0.98

00:45:09.000 When you have thousands and thousands of NGOs, you have all these billions moving around in very mysterious ways. 0.99

00:45:17.000 You're not concerned with that, but instead you want to take money from this guy who's got this giant penthouse, like that Ken Griffin thing, where Mamdani's standing in front of it, like, yes, it's crazy.

00:45:26.000 This guy has a $250 million. 0.99

00:45:28.000 You're doxing his fucking house. 1.00

00:45:30.000 Crazy. 1.00

00:45:31.000 Which is stupid because now he's just going to take all the wealth from New York and go down to Miami. 0.99

00:45:35.000 I know, but it's a weird thing where some of these, you know, Democrat socialist mayors, they don't seem to think that that's a problem. 0.98

00:45:42.000 Like that lady in Seattle is like, well, if they leave, goodbye.

00:45:46.000 Okay, I actually like Mandami as a person. 0.99

00:45:48.000 I really dislike the lady in Seattle as a person. 1.00

00:45:51.000 She seems like a bad person. 1.00

00:45:54.000 Just laughing at people leaving, laughing at wealth leaving, laughing at jobs leaving.

00:45:58.000 They're not even leaving Washington, they're going to Bellevue.

00:46:01.000 They're going across the river where Microsoft and everyone's building new campuses.

00:46:06.000 They're leaving Seattle and she's laughing at it.

00:46:09.000 They have the second highest downtown office vacancy in the country and she's laughing at it.

00:46:14.000 That's not a good person.

00:46:16.000 Well, she's also never had a job, which is crazy. 1.00

00:46:20.000 Imagine your first job, you're the head of a fucking city. 0.99

00:46:24.000 Yeah. 1.00

00:46:25.000 Yeah.

00:46:26.000 Well, then you end up with that and now people are leaving.

00:46:29.000 The Mondani thing is also interesting because one of the things you said recently is that if they have bad landlords, they might take the house.

00:46:37.000 Yeah. 0.59

00:46:37.000 Have you seen that? 0.59

00:46:38.000 Which is like, okay, communism.

00:46:40.000 You're going to capture real estate.

00:46:43.000 The farm is spending too much money for a tomato.

00:46:46.000 We're going to take over the farm. 1.00

00:46:47.000 This is North Korea. 1.00

00:46:49.000 This is how it started. 1.00

00:46:50.000 Give us your farm.

00:46:51.000 We'll feed everybody.

00:46:53.000 Oh, great.

00:46:54.000 I'd love to see that survive the courts, but it's a crazy idea that we're even there.

00:47:00.000 And of course, those bad landlords that we're talking about are usually like rent controlled units where they can't bring in enough money to even maintain the units.

00:47:08.000 Right.

00:47:08.000 So then the units fall.

00:47:10.000 I mean, the percentage of units, I don't know, you can look up the exact number, but that are just sitting empty because there's not enough money to put into them just to bring them up to date is crazy.

00:47:19.000 This is the most populated city in the country.

00:47:21.000 People need places to live.

00:47:23.000 And we have a system right now where people can't even bring units to rent up to date for people to live in.

00:47:28.000 So there's like 10% of rent controlled units or something that are not rent controlled, but it's brutal.

00:47:37.000 It's an absolute brutal system.

00:47:38.000 It's performative in the end.

00:47:39.000 Well, there's also this weird thing.

00:47:40.000 Thing that goes on in New York City with really expensive apartments where people buy them and never live in them because it's just a place to put your money.

00:47:48.000 Which we do too.

00:47:49.000 We do that overseas in Europe.

00:47:50.000 Oh, do we?

00:47:51.000 American billion.

00:47:51.000 Yeah, yeah.

00:47:52.000 I mean, billionaires all over the world do that because real estate is just a good protective asset.

00:47:56.000 It's a good way to preserve.

00:47:57.000 But no, I mean, it makes sense. 0.98

00:47:59.000 And places like Texas have banned people from China doing that.

00:48:03.000 But it makes sense from a wealth preservation standpoint, but it's shitty for the residents of the city.

00:48:09.000 So, I mean, I think it would be fair for them to outlaw that.

00:48:12.000 If they wanted to.

00:48:13.000 Kevin O'Leary's counter perspective, though, have you heard his?

00:48:16.000 No.

00:48:16.000 So, on that, and I don't know if I agree with it, but it's worth considering is that, okay, but they're there.

00:48:21.000 They buy it.

00:48:22.000 They don't go there, so they're not using any public services.

00:48:25.000 Right.

00:48:25.000 But they pay the property taxes into the public services, so they're just a net contributor.

00:48:28.000 Well, that does make sense.

00:48:30.000 Yeah, but it is also a place that someone could live that no one is living.

00:48:33.000 Right.

00:48:34.000 But when you're talking about these $100 million apartments, like the Ken Griffin spot, like, guess what?

00:48:39.000 You're never going to live there.

00:48:41.000 Yeah, and they wouldn't have built it if they couldn't sell it to people like him anyway.

00:48:44.000 Exactly.

00:48:44.000 It's the whole reason why they invested in the property in the first place.

00:48:47.000 There's that one that I was looking at. 0.99

00:48:50.000 They built this kooky fucking tower that's like a popsicle stick. 0.99

00:48:54.000 Have you ever seen that one? 0.99

00:48:55.000 And it's waving in the wind now and it makes weird noises and no one wants to live in it.

00:48:59.000 I think some glass falls from it too, right?

00:49:02.000 Yeah.

00:49:02.000 Really?

00:49:03.000 The one right off Central Park?

00:49:03.000 I think so.

00:49:05.000 Glass falls?

00:49:06.000 I don't know.

00:49:06.000 Yeah, it's happened a few times.

00:49:07.000 I don't know.

00:49:07.000 I watched a video on it.

00:49:09.000 The video was essentially talking about the engineering that was involved in making sure this thing anchors to the ground.

00:49:14.000 And you would think you have to worry about this big thing.

00:49:17.000 That's really, and you would worry about sinking, right? 0.90

00:49:20.000 Well, actually, they worry about it lifting because the wind is slowly rocking it back and forth, so it's fucking coming out of the ground.

00:49:28.000 And then the people will just buy there and not even live there.

00:49:31.000 Wealth preservation.

00:49:32.000 Well, so it works.

00:49:33.000 I don't think they're having a hard time selling spots because I think people were probably.

00:49:38.000 I would look at that and go, I'm not going to be able to sell this.

00:49:40.000 Yeah.

00:49:41.000 Like, so if you do buy into it, you might be stuck with it.

00:49:44.000 No, absolutely.

00:49:45.000 I'm, again, down to pay more in taxes, but like you said, There is the fear of like, where's the money going?

00:49:52.000 What scares me?

00:49:53.000 I want to have Mr. Marco Rubio, if he ever sees this and runs for president on my show, the Pentagon hasn't passed an audit in years.

00:50:00.000 Even that alone.

00:50:01.000 They're working on it.

00:50:02.000 They're working on it for years, for going up to a decade.

00:50:05.000 They've never passed a budget.

00:50:07.000 Never passed an audit.

00:50:08.000 It's crazy.

00:50:09.000 Like, that alone.

00:50:11.000 I mean, that alone.

00:50:12.000 And I know military is still, it's what is it, 10 to 20% of the federal budget.

00:50:15.000 So it's a smaller percentage.

00:50:17.000 But the fastest growing category of the federal budget is interest payments on our debt.

00:50:22.000 That's the fastest growing category in the federal budget.

00:50:26.000 If that's the case, why are we allowing the Pentagon to not pass an audit?

00:50:30.000 We're going to raise defense spending to a trillion dollars a year, but it can't pass an audit.

00:50:34.000 I want good defense.

00:50:35.000 I want broad defense.

00:50:36.000 I want a lot of benefits for our soldiers.

00:50:39.000 It has to pass an audit.

00:50:41.000 Yeah.

00:50:42.000 Well, this is the thing.

00:50:43.000 I mean, exactly what we're talking about.

00:50:45.000 Like, we're in favor of paying taxes.

00:50:47.000 It'd be great if everything was nice.

00:50:48.000 The schools were great.

00:50:49.000 The streets were clean.

00:50:51.000 But when you know that there's so much waste and there's so much fraud, And then all they're saying is we need to make people pay their share.

00:50:59.000 To pay it to where?

00:51:00.000 Where's it going?

00:51:01.000 Who's benefiting from it?

00:51:03.000 You know, when you see the $24 billion that was spent on the homeless in California, it's like you don't have any knowledge of where that money went.

00:51:13.000 You can't audit it.

00:51:15.000 This is bananas. 1.00

00:51:17.000 That's so much fucking money. 0.99

00:51:18.000 And not only has it not been effective, it's been the opposite of effective. 0.99

00:51:22.000 The homelessness increased during that time.

00:51:25.000 So you spent all that money, and more people are homeless now than when you started.

00:51:29.000 It's performative.

00:51:29.000 It sounds good.

00:51:31.000 It sounds good.

00:51:31.000 It's all performative.

00:51:33.000 That's what I hate about politics.

00:51:34.000 It's jobs.

00:51:35.000 There's so many people that have jobs in nonprofits and they make an extraordinary amount of money.

00:51:40.000 Well, that's why they should look to Houston.

00:51:41.000 Instead of nonprofits, it's one central city run organization and they've actually decreased homelessness with like a 10% of the budget per homeless person than LA.

00:51:52.000 But LA has a network for every little corner of the homeless services.

00:51:57.000 It's a network of different nonprofits and organizations.

00:52:00.000 So it doesn't work.

00:52:01.000 The city program, one central city program, did it.

00:52:05.000 In Houston, and it's actually been working.

00:52:07.000 What are they doing differently?

00:52:07.000 How do they do it?

00:52:09.000 Well, instead of these different organizations that all have these different incentives to maintain the jobs, like you said, and not even report certain data, this is a city organization actually held responsible by the people, by the voters, by the city council.

00:52:25.000 It's just one place where the money goes.

00:52:27.000 It's not these endless nonprofit jobs.

00:52:30.000 The incentives are just misaligned across the board.

00:52:34.000 Yeah.

00:52:36.000 It's interesting that there are examples of cities that have done it well.

00:52:39.000 And Austin had a real problem in 2020, and they did a great job in cleaning it up a little bit.

00:52:45.000 But it's a small city, you know, relatively.

00:52:49.000 Still pretty rough downtown, though.

00:52:51.000 It gets rough.

00:52:52.000 Listen, man, I have a club on 6th Street.

00:52:54.000 I know.

00:52:54.000 I go there all the time, and I almost get shanked.

00:52:56.000 It's scary.

00:52:58.000 It's wild.

00:52:59.000 I think, though, that once you get in, it's kind of exciting.

00:53:01.000 Like, whoo, we made it.

00:53:02.000 It adds to the show.

00:53:04.000 I was in a hotel, I put my parents in a hotel.

00:53:06.000 We went to the rooftop patio, and it overlooked the alley right behind 6th Street.

00:53:11.000 I don't know if it was the other side of the road or not.

00:53:13.000 But the alleys are scary.

00:53:15.000 Oh, yeah.

00:53:15.000 It's brutal.

00:53:17.000 It looks something out of like a Batman movie from the 90s or 80s.

00:53:21.000 I can't believe it's actually allowed.

00:53:24.000 And they say it's sympathetic.

00:53:26.000 They say it's sympathetic and nice to a lot of people.

00:53:28.000 I don't know how that's considered any more nice than any kind of force rehabilitation seems brutal, but the mental health places.

00:53:36.000 I know they weren't great before Reagan tanked that. 0.99

00:53:39.000 It's better than a fucking alley. 0.99

00:53:40.000 Exactly. 1.00

00:53:41.000 It's better than an alley.

00:53:42.000 Yeah.

00:53:43.000 It's better than an alley.

00:53:44.000 And this is another weird thing about Sixth Street is that.

00:53:47.000 Sixth Street is like this booming, like bars and music and comedy.

00:53:52.000 It's crazy and it's loud and everybody's drinking.

00:53:55.000 One block over is a homeless shelter.

00:53:57.000 Yeah.

00:53:58.000 So you got all these people that are drug addicts and trying to stay clean.

00:54:03.000 Drinker, like, that's the other thing.

00:54:04.000 You can't do drugs and stay there.

00:54:06.000 So people just surround it.

00:54:08.000 They surround the outside area and they have their tents laid out there.

00:54:12.000 They kind of pull the tents up, but you see those people there all the time.

00:54:12.000 Not anymore.

00:54:15.000 But imagine you're trying to stay clean and you're a block away from madness.

00:54:18.000 It's crazy. 1.00

00:54:19.000 It's the dumbest place to put them. 1.00

00:54:20.000 Put them in the fucking country. 1.00

00:54:22.000 You can see squirrels and hear birds chirp. 1.00

00:54:24.000 Why are you putting them right there?

00:54:25.000 That's where I park when I go to a show.

00:54:27.000 When I go to a show at the mothership, I park right next to the arc.

00:54:31.000 It's scary.

00:54:32.000 It's apocalyptic.

00:54:34.000 Even the police station just right down the street, they surround that as well.

00:54:34.000 It really is.

00:54:38.000 Yeah.

00:54:38.000 And we just, it's a police station and they're doing drugs.

00:54:41.000 It's fucking nuts. 0.99

00:54:41.000 It's kind of crazy. 0.99

00:54:42.000 It's nuts.

00:54:43.000 Well, they're trying to do some things with Sixth Street.

00:54:45.000 And one of the things they're doing, they're investing a lot of money and trying to open up high end places and restaurants and businesses.

00:54:50.000 But, you know, it's going to be a slow slog.

00:54:54.000 Try to clean it up.

00:54:56.000 I mean, I'm sympathetic.

00:54:57.000 Actually, the people do need help, but when homelessness is like at minimum 25%, this is reported from polling done via homeless people, so can't 100% trust it.

00:55:08.000 But 25% mental health issues like, what are you gonna do?

00:55:11.000 You're just gonna let them forever be wherever they want and do whatever they want, endanger themselves and others.

00:55:16.000 There's a dude constantly wielding a machete down there that's always just twirling it.

00:55:21.000 When I had friends visiting other big podcasters, I took them down downtown.

00:55:25.000 The first thing I saw on Sixth Street was a guy spinning a machete.

00:55:28.000 It's like we're just allowing that.

00:55:30.000 That's the sympathetic thing to do.

00:55:32.000 That doesn't make any sense to me.

00:55:33.000 25% forever. 1.00

00:55:35.000 We're just going to allow them. 0.97

00:55:36.000 That's a very low number.

00:55:37.000 Yes, I think so.

00:55:39.000 Being very kind by saying 25%, I would say it's probably 80%.

00:55:44.000 Listen, just by definition, if you're a drug addict, you have a mental health problem.

00:55:50.000 Just by definition, you have an addiction.

00:55:52.000 That's a mental health issue.

00:55:53.000 There's a physical aspect to it, but there's clearly a mental aspect to it. 1.00

00:55:58.000 It sucks. 0.97

00:55:59.000 It sucks that there are so many competing philosophies on how to make a society run correctly, and a lot of them just completely ignore reality. 0.99

00:56:09.000 We deal with the consequences of it.

00:56:10.000 Then you have people saying, Oh, the billionaires aren't paying their fair share.

00:56:14.000 That's what's wrong.

00:56:15.000 That's not what's wrong.

00:56:17.000 What's wrong is you have a completely captured government, and there's also this weird aspect to it where there are people that are working for nonprofits to make things better that don't make anything better.

00:56:29.000 They don't do a good job at all because they're not beholden to all the pressures that you would have if you were an independent business.

00:56:37.000 If you're an actual private business that was assigned a task of cleaning up the homeless issue, you wouldn't make any money if you didn't do a good job.

00:56:48.000 You would lose your business.

00:56:50.000 Like if you had, if homelessness, cleaning up the homelessness was an actual business and you started a private business to clean up the homeless and you got all this money, nobody would invest in your company.

00:57:00.000 Your company would fall apart.

00:57:02.000 It wouldn't work. 0.98

00:57:04.000 But because it's a nonprofit, you can have a $700,000 a year salary and do a fucking terrible job and have no fear whatsoever of being unemployed.

00:57:12.000 Yeah, exactly.

00:57:13.000 And another difference between Houston and LA that I forgot to mention earlier I mean, a part of it is the cost of labor, cost of housing, but a shelter or a room to put a homeless person that is starting to get clean in Houston costs a few hundred thousand dollars.

00:57:30.000 It costs a million or more in California.

00:57:33.000 That's just, you can't compete against that.

00:57:36.000 It's impossible.

00:57:37.000 Now, oftentimes that's California's own fault.

00:57:41.000 Their laws and permitting issues and red tape and environmental codes are crazy for building.

00:57:47.000 And the labor unions that they use for their building contracts are very, they like to extort.

00:57:52.000 So there's a lot of issues there.

00:57:53.000 Houston's able to build it on the cheap, which means more people are able to get in housing.

00:57:56.000 But California is very set on the housing first, which again is the moral thing.

00:58:03.000 It sounds moral.

00:58:04.000 And it really started to take off a couple decades ago where, okay, let's get someone into housing first and then try to get them clean.

00:58:10.000 Because no one's going to get clean than housing.

00:58:12.000 But Houston's been trying to, and Texas cities have been trying to do the opposite.

00:58:16.000 And it's been working where we try to get people clean first and then get into that housing and get their life set up.

00:58:22.000 Because people have been going into these places in LA that are multi-millions of dollars and trashing it.

00:58:27.000 And they get like lore and stories off of them.

00:58:29.000 Like a dude that was like building like chairs or something and then burned down his apartment in LA.

00:58:36.000 He was named like chair guy.

00:58:37.000 Like everyone knew him.

00:58:39.000 It's just crazy that we allow that.

00:58:41.000 People that are not getting the help and support they need because it's housing first.

00:58:45.000 Because it sounds good, but it hasn't been working.

00:58:48.000 And I don't know why.

00:58:50.000 I don't know.

00:58:51.000 It's the political capture again.

00:58:52.000 I don't know why we're willing to do something for 5, 10, 15 years, see it doesn't work, and then just say we have to keep doing it and put more money towards it.

00:59:00.000 Well, I think, again, what you're saying earlier about social media and these echo chambers is really important because in their world, this is the only thing to do.

00:59:10.000 And that all just gets this feedback loop where it's the right thing to do, the only thing to do.

00:59:15.000 And they come up with reasons why it's not working and then call everybody Nazis.

00:59:19.000 Yeah, and that's why also those echo chambers are why, when polled, Younger people are more okay with violence against people on the other side of the political aisle from them, which is a very scary place to go. 0.95

00:59:30.000 It's very scary, especially when I see death threats all the time in my inbox and, you know, doxing and shit like that.

00:59:30.000 Yeah.

00:59:36.000 They call me a fascist for saying don't spend more money than you make.

00:59:40.000 Okay, so I'm a fascist.

00:59:41.000 Now I'm afraid for my life and I have to get security and all this stuff.

00:59:43.000 It's crazy.

00:59:45.000 So you get threats for, like, what specifically do they get upset at?

00:59:49.000 Is it literally just saying don't spend your money?

00:59:52.000 It's everything.

00:59:52.000 They don't like that I do roast, consensual roast.

00:59:55.000 Like, I call. 1.00

00:59:57.000 A fat bitch, a fat bitch. 1.00

00:59:59.000 But I had the conversation with her before. 1.00

01:00:01.000 And if she didn't want me to, I wouldn't have done that.

01:00:03.000 Because we have a no no list where people get to say what they don't want us to talk about.

01:00:08.000 And then I just won't talk about that.

01:00:10.000 But it's very nice of you.

01:00:12.000 It is very nice.

01:00:12.000 That's because we try to run, you know, a moral consensual show, all that good stuff.

01:00:16.000 But I love to roast people and just call out their features and just dumb shit like that. 0.99

01:00:19.000 So people get offended by that, offended on behalf of someone who's not offended in the first place. 0.99

01:00:24.000 And then they get very angry.

01:00:26.000 I got a death threat on Twitter yesterday for saying Americans spend too much money on cars. 0.84

01:00:32.000 He said, I should, that it's crazy that Caleb Hammer is still breathing air and that he should come up from San Antonio and kill me or something. 0.80

01:00:39.000 It was something like that.

01:00:39.000 I don't remember.

01:00:41.000 It's kind of crazy because Americans spend too much money on cars.

01:00:45.000 Maybe he sells cars.

01:00:46.000 Maybe, but objectively, we do.

01:00:48.000 Did you check his profile?

01:00:50.000 Is it a real person?

01:00:51.000 It said San Antonio.

01:00:52.000 That's all I know.

01:00:54.000 I'm sure it was like a second profile.

01:00:54.000 That's all I know.

01:00:59.000 He was responding to it.

01:01:00.000 He was excited.

01:01:01.000 He got upset.

01:01:02.000 Was it a crazy person?

01:01:03.000 Yeah.

01:01:04.000 And we get emails all the time.

01:01:04.000 Yeah.

01:01:06.000 No, people think I'm evil because they say I don't talk about the issues that led us here in the first place, but it's a personal responsibility show because more people have agency than they're willing to acknowledge.

01:01:18.000 Like, we're in the highest disposable income society in the history of human existence.

01:01:22.000 Not everything's perfect.

01:01:24.000 Cost of housing's gone up.

01:01:25.000 Cost of school's gone up.

01:01:26.000 Cost of healthcare's gone up.

01:01:27.000 We can acknowledge those realities, but people have agency.

01:01:31.000 People have agency.

01:01:33.000 The amount of going out to eat among Generation Z. Is insane compared to any other generation. 0.55

01:01:40.000 And not only that, but now for 25% of their going out to eat multiple times a week is getting food delivered.

01:01:48.000 And that has a 90% markup.

01:01:50.000 90%.

01:01:51.000 And then they're complaining that they can't afford to pretty much do anything, get a nice apartment or whatnot.

01:01:56.000 But if we're spending like $1,000 a month, which is very normal for a person on my show, going out to eat, you're right.

01:02:03.000 You can't get an apartment of your dreams when $1,000 a month is going to McDonald's and other places.

01:02:10.000 Cooking at home is Become like a burden, become a victim complex now.

01:02:16.000 Well, actually, that was another thing that triggered the internet.

01:02:18.000 I kind of agreed with Kevin O'Leary when it said, Oh, young people are broke because they spent $28 going out to eat.

01:02:24.000 Well, it's not that specifically only, but it's the death of a thousand cuts.

01:02:29.000 And yes, just $28 three times a week becomes an actual halfway decent retirement fund if you put it in the SP 500 for a few times a week.

01:02:40.000 That does.

01:02:41.000 Put off future goals that you have.

01:02:43.000 And the internet went crazy against me.

01:02:45.000 They hated me for suggesting that, that they shouldn't be able to get.

01:02:48.000 They're like, well, how do we eat?

01:02:50.000 Groceries, meal prep, meal plans.

01:02:52.000 This is what everyone's done since forever.

01:02:55.000 We live in the best period ever for humans.

01:02:59.000 Best period ever.

01:03:00.000 Our jobs are better.

01:03:01.000 Everything's better.

01:03:02.000 Even when you think of like buying the starter home in the 50s and wherever, you know, they were like the size of this room that we're in right now, mass produced.

01:03:09.000 Okay, that's still a home that's great you could buy, but you were going to a job that you hated, that you're sweating, that had no AC where you're working with your hands all day, and it was miserable.

01:03:18.000 They didn't like the jobs, they liked that they had a good paying job.

01:03:21.000 But now people go to the office.

01:03:24.000 And they think they're a victim for not being able to meal prep before going to the office, the AC'd office.

01:03:30.000 Like, it's hard for me to sympathize with that, especially when I film three of them a week.

01:03:34.000 All 100% real people, mostly Gen Z and millennials, who are absolute victims in everything.

01:03:43.000 They are victims in everything.

01:03:44.000 They think if they don't get a 2027 brand new car instead of a 2025 car, that they're going to die.

01:03:51.000 That all of a sudden cars two years ago were the most dangerous things.

01:03:54.000 They have to get a $60,000 to $70,000 car loan.

01:03:57.000 At a 20% interest rate, or else their kids will die.

01:04:00.000 You've actually had that conversation?

01:04:02.000 Every time.

01:04:02.000 Or they think that they're going to die?

01:04:04.000 No, because the excuses they use is that I wanted a safe car for my kids.

01:04:12.000 That's fine.

01:04:13.000 But is the insinuation that 2024, 2023, 2022 cars would literally go on the highway and blow up?

01:04:21.000 Like, I don't understand.

01:04:22.000 They insist if they don't get a brand new car, that it is not a safe car.

01:04:27.000 That is an argument every time with Americans.

01:04:29.000 The $1.6 trillion or $1.5 trillion in car loan debt.

01:04:33.000 So, do you think that's just a lack of education?

01:04:36.000 Because, like, a car from 2020 is just as safe as a car from 2026.

01:04:40.000 There's no difference.

01:04:41.000 There's no difference in airbags, no difference in anti lock brakes.

01:04:41.000 Absolutely.

01:04:44.000 There's very few differences in any of the technology involved.

01:04:47.000 In fact, I tell people, especially people that want a nice car, one of the best investments you can get is get an electric car that's about two years old. 0.99

01:04:57.000 Like, electric Porsches and electric Audis in particular, fucking nobody wants them, man. 0.99

01:05:02.000 Mm hmm. 0.98

01:05:03.000 Nobody wants to use ones and they're still great.

01:05:06.000 Oh, yeah.

01:05:06.000 And, like, okay, let's look up an Audi e Tron.

01:05:11.000 Look up a 2023 Audi e Tron.

01:05:14.000 How much does it cost now to buy and what was it new?

01:05:18.000 I think it's like less than 50%.

01:05:22.000 So, there are certain cars where you buy them and they're worth as much a couple years later, like a nice BMW or a Porsche.

01:05:29.000 Like, you could get an M5, a BMW M5, and then sell it a year or two later and lose very little money, if any. 0.98

01:05:38.000 You get a fucking electric car and you try to sell that bitch in a couple of years like an electric Porsche. 0.98

01:05:43.000 Okay, look at this 2022 Audi e Tron, $25,000. 1.00

01:05:49.000 2023 Audi e Tron, $27,000. 0.97

01:05:54.000 Do you know how fucking crazy that is? 0.92

01:05:56.000 That is a 2023 amazing car. 0.99

01:06:00.000 Those cars are fucking incredible. 0.98

01:06:02.000 It's a technological tour de force. 1.00

01:06:05.000 They're fast as shit. 1.00

01:06:06.000 It's all wheel drive. 1.00

01:06:08.000 It's an SUV.

01:06:09.000 A premium plus quattro, $27,000.

01:06:15.000 It only has 37,000 miles on it.

01:06:18.000 Those things don't have engines, like a combustion engine.

01:06:21.000 They don't have nearly the kind of maintenance that a regular car does.

01:06:24.000 You don't have to change the oil. 1.00

01:06:26.000 You just plug that bitch in. 1.00

01:06:28.000 You have a fucking amazing car. 1.00

01:06:30.000 Yeah, the battery range is not the longest. 1.00

01:06:32.000 That's the excuse they use.

01:06:34.000 There it is.

01:06:35.000 226 miles is plenty for you to get to work and get home.

01:06:39.000 Thank you.

01:06:40.000 And go out to dinner. 1.00

01:06:40.000 And you can plug that bitch in. 1.00

01:06:42.000 I have a Tesla and it has like, it's a Model S. What does the Model S have? 1.00

01:06:47.000 Three, four?

01:06:48.000 I can understand this argument that this person might not have anywhere then to charge it.

01:06:53.000 That's an issue.

01:06:54.000 It's so easy to get in your house now.

01:06:56.000 Bad.

01:06:56.000 But if you work in an apartment, that's totally fair.

01:06:59.000 And if you go to one of those charging stations, you're very vulnerable.

01:06:59.000 It's not easy at all.

01:06:59.000 Yeah.

01:07:03.000 If I was a chick, I'd never get an electric car. 1.00

01:07:04.000 You have to do that every single day. 1.00

01:07:05.000 If I didn't have a house.

01:07:06.000 You have to do it every single day.

01:07:07.000 Every day.

01:07:07.000 Fair enough.

01:07:08.000 Every day.

01:07:09.000 That's true. 1.00

01:07:11.000 And like, how long does it take to charge up one of those bitches? 1.00

01:07:14.000 30 to 45 minutes. 1.00

01:07:15.000 So you'd have to do 30, 40 minutes every day.

01:07:18.000 Uh, Yeah.

01:07:19.000 That's fair enough.

01:07:20.000 For the apartment complex.

01:07:20.000 That's fair.

01:07:21.000 You're getting a fucking bitch in a car for 27 grand. 1.00

01:07:24.000 And more apartment complexes are installing those charging stations anyway that you can just leave your car in overnight. 1.00

01:07:31.000 I live in one and you can never actually get to the thing.

01:07:34.000 Because someone's always in there.

01:07:34.000 Why is it?

01:07:35.000 They never move their fucking car. 1.00

01:07:37.000 Oh, they keep it plugged in. 1.00

01:07:38.000 You can go call them and flatten their tires.

01:07:38.000 And I don't know whose it is.

01:07:41.000 Don't do that.

01:07:41.000 I'm just kidding.

01:07:42.000 But I try to think of options for that.

01:07:43.000 Because there's even the options of the place you work might have one.

01:07:47.000 Right outside my building, where we film, is multiple car charging places.

01:07:52.000 Parking, you go to work.

01:07:54.000 So, I'm not saying everyone can do it, but if you can do it, it's a great option.

01:07:58.000 But even still, you can get used gas cars for relatively similar reasons.

01:08:02.000 But they will defend to the death on my show having to get a $60,000 large SUV at an insane interest rate for an eight year loan, eight year term.

01:08:12.000 Crazy.

01:08:14.000 But no, you asked me why they are doing it.

01:08:16.000 It's American, baby.

01:08:18.000 That's American.

01:08:19.000 That's freedom.

01:08:20.000 You need a car to get to your job, and you need a job to get to your car.

01:08:24.000 And our culture is built around the house and car.

01:08:27.000 You're a failure if you don't get a house.

01:08:28.000 You're a failure if you don't get a car. 0.99

01:08:30.000 Yeah. 0.96

01:08:30.000 It is American as it gets. 0.96

01:08:32.000 That is true.

01:08:34.000 And it is true that people want a new one.

01:08:36.000 They want a new one.

01:08:37.000 That's part of the status of owning a vehicle.

01:08:39.000 You want to be able to say it's 2026.

01:08:41.000 Look, it has these new features.

01:08:43.000 It's fun.

01:08:44.000 Apple CarPlay.

01:08:45.000 And people actually care what the person next to them thinks is the stoplight for some reason.

01:08:48.000 I don't know why.

01:08:49.000 Yeah, that's a weird one.

01:08:51.000 It's a weird one, but we do.

01:08:52.000 And we especially do when we're not doing that well.

01:08:55.000 So you want like every single sign that shows that you're doing well. 0.97

01:08:59.000 You know, a nice watch, a nice this, a nice that, a bag, whatever it is, whatever it is that you need, like a reward for this job that sucks.

01:09:08.000 Yeah, oftentimes the poorest people I know are the ones that have more souped up, nicer cars.

01:09:13.000 Yeah. 0.96

01:09:14.000 And then they have a shitty place to live. 0.71

01:09:16.000 But they prioritize that because it's a wealth symbol. 0.97

01:09:18.000 It looks good.

01:09:19.000 They get the expensive clothes, the flashy items.

01:09:19.000 Yeah.

01:09:21.000 That is true.

01:09:22.000 But if you have money, a car is one of the few things that you put money into that you actually enjoy.

01:09:27.000 You actually feel it when you drive it around in it every day.

01:09:30.000 It's exciting, it's fun.

01:09:32.000 I just got my Model X.

01:09:33.000 It goes fast, so I'm happy.

01:09:34.000 Those are great.

01:09:35.000 That's it.

01:09:36.000 They stopped making them.

01:09:37.000 I know, it's really sad.

01:09:38.000 They stopped making the S, too.

01:09:39.000 I was actually sad that day.

01:09:41.000 Me, too.

01:09:41.000 That was a weird thing to get sad about, but I was actually sad that day.

01:09:44.000 Also, I was sad because I knew it was the rise of the robots because they're using it to make these fucking Optimus Prime robots, and they're going to be flooding the streets everywhere. 0.91

01:09:52.000 Yeah. 0.92

01:09:53.000 I honestly think the Model X is one of the best cars ever made.

01:09:56.000 It's a phenomenal car.

01:09:57.000 I love that thing.

01:09:58.000 Tiffany Haddish has one, and she was in the parking lot of the comedy store.

01:09:58.000 It dances.

01:10:02.000 And the wings go up, you know, and it starts dancing, it moves around.

01:10:05.000 I'm like, this is crazy.

01:10:06.000 Like, it actually moves to music.

01:10:08.000 Now that I have one of the last ones ever made, I honestly. 1.00

01:10:12.000 Fuck, man. 0.99

01:10:13.000 I really don't know. 1.00

01:10:14.000 I don't want another car.

01:10:15.000 It's actually really sad.

01:10:16.000 Well, he told me, Elon told me it's super over engineered.

01:10:19.000 He's like, the car is incredible.

01:10:21.000 It's like one of the safest cars you could ever drive.

01:10:24.000 Well, I guess it's the last one I'll ever get.

01:10:26.000 It's a bummer.

01:10:29.000 So, when you are explaining to these people that a car that's just a few years old is just as good as a car that's now.

01:10:37.000 Does anybody go, yeah, you're right?

01:10:39.000 Or is it like a natural inclination?

01:10:41.000 Like, is this just this thing that they want, a status symbol that's in their head that they need in 2026?

01:10:46.000 People are very defensive on the show.

01:10:48.000 I can convince them of smaller things.

01:10:50.000 Getting rid of a car in our culture is usually a big thing to overcome.

01:10:55.000 But I'll see weeks later that they sat on it, they thought about it. 0.93

01:10:59.000 Then the video went uploaded, and millions of people shit all over them in the comments. 0.93

01:11:03.000 And they're like, okay, maybe I should get rid of this car.

01:11:06.000 So some people actually, many people do change their perspective on cars, but that's a hard one to overcome.

01:11:12.000 Telling them to close a credit card is kind of easy.

01:11:15.000 Car is a big one.

01:11:17.000 I've told people to not get a house and they're really close to getting a house.

01:11:20.000 That's something they will not give up because that's another obsession that we have in our country.

01:11:24.000 So, would you say not get a house today because of interest rates?

01:11:28.000 Just interest rates.

01:11:30.000 The overall marketplace, SP 500, it just beats real estate.

01:11:34.000 Commercial real estate is good to get for tax advantages, but the American dream isn't owning a home anymore.

01:11:38.000 It's the freedom of renting because you can live wherever you want, you can move for a job like that.

01:11:43.000 Getting a house, you're stuck in a house.

01:11:45.000 It requires a massive amount of money for a down payment.

01:11:49.000 And It's just a lack of flexibility in a generation and age where people want to be more flexible and travel and explore and take new jobs everywhere.

01:11:57.000 But it also just doesn't make sense as an investment anymore.

01:12:00.000 It doesn't.

01:12:01.000 It used to be the defining trade of the middle class and one of the largest wealth creating things for the middle class.

01:12:08.000 But now, with the incredible stock market that we've had over the past 50 years or so, it beats it every time.

01:12:14.000 If you rent and just put in your money into the stock market instead of that down payment on a house with a little extra for a mortgage, you'll win every time.

01:12:23.000 And then you get stuck.

01:12:24.000 Let's say you got the good interest rate.

01:12:26.000 Everyone with the good interest rate is stuck right now because they're not willing to trade up for a house they actually want, but with a higher interest rate.

01:12:33.000 So homes become like these people's prisons.

01:12:35.000 You can buy a home.

01:12:36.000 That's great.

01:12:37.000 If you know you're going to stay somewhere and it's what you've ever always wanted, there's nothing wrong with doing it, but it is not that actually incredible financial thing that has defined America. 0.97

01:12:50.000 That being said, Americans suck at investing.

01:12:53.000 So if the only way for you to invest, Is put your money in a house that you literally cannot touch. 0.97

01:13:00.000 Maybe it makes sense.

01:13:01.000 Because if instead you need to put an extra 20% to the market if you rent, but Americans just want to go spend that on a vacation, then maybe you're better off in a house because you need that forced investing.

01:13:11.000 Yeah.

01:13:12.000 Well, a lot of people don't feel secure unless they own the home.

01:13:16.000 They don't feel like settled.

01:13:17.000 This is not really my place.

01:13:19.000 I'm just renting it.

01:13:20.000 Yeah, which is true. 1.00

01:13:21.000 But I mean, I just tell them to fuck off. 1.00

01:13:23.000 That's your feelings. 1.00

01:13:25.000 I mean, that is just their feelings.

01:13:26.000 Right.

01:13:27.000 Math is math in the end.

01:13:27.000 Like, I don't know.

01:13:29.000 Like, I own, but that's because it was very affordable for me.

01:13:33.000 It made sense for me.

01:13:35.000 But it doesn't have to for everyone.

01:13:37.000 And that's okay.

01:13:37.000 Right.

01:13:38.000 In renting, you don't have to do maintenance.

01:13:40.000 You don't have to get a new roof.

01:13:41.000 You don't have to deal with the AC going out and all this stuff. 0.98

01:13:44.000 If you're renting for, especially even larger corporations, they're actually even better to rent for than a mom and pa because they'll have someone on standby that'll fix your shit overnight. 0.99

01:13:52.000 Or a mom and pa landlord, you know, it kind of sucks. 0.99

01:13:54.000 It might take a couple weeks. 0.59

01:13:55.000 Right.

01:13:56.000 If they're not good.

01:13:57.000 Yeah.

01:13:58.000 What do you think?

01:13:59.000 When you're talking to these young people that are talking about their future, what do you think about what's happening with AI and the potential for AI to displace jobs and these people that are investing their future in going to school and getting this job that might not even exist?

01:14:15.000 Yeah, totally fair.

01:14:17.000 It's a big fear.

01:14:19.000 So I'm going to start this part by saying I don't 100% want to listen to anyone that says they know what's going to happen.

01:14:27.000 Because how can there's the doom and gloom that says everyone's job's going to go away?

01:14:31.000 And then there's those that say it's going to create a shit ton of new jobs.

01:14:34.000 I don't listen to any of them.

01:14:35.000 No one knows what's on the other side of the hill of AI, but we do know AI is coming.

01:14:40.000 So there is the best things to prepare for it.

01:14:43.000 Trades, very smart.

01:14:44.000 They've been smart for a while, but they're very smart with AI because it's probably not coming for an electrician job.

01:14:50.000 Probably not.

01:14:51.000 Degrees in general, what degree you get in school, has been one of the largest and most consequential decisions that people have been messing up for the past few years. 0.99

01:15:01.000 And it's actually one of the leading causes for that gender wealth divide that is always talked about.

01:15:07.000 When compared for the same job, same person, same experience, which is never compared in that study, It's actually 99%, very similar.

01:15:18.000 But what we see oftentimes, and I feel bad for the women my age with this, is statistically, they've gone and got lower paying degrees and now degrees that are very susceptible to AI, which is going to be very damaging for a large group of people that are going to push them to become even more radical.

01:15:39.000 But women have gone and borrowed a lot more money for degrees that provide a lot less return on investment, like sociology.

01:15:48.000 Psychology, the arts, things like that, where you can't maybe even get a job. 1.00

01:15:52.000 You're going to be a barista, or if you are going to get a job, it's usually a lower paying job.

01:15:56.000 Where men have gone, we've fallen this thing in our society where men have always tried to go to that higher income side and give up a job they like for it.

01:16:06.000 So they'll go into engineering, the maths, the sciences, even if they don't like it, or the trades, very labor intensive.

01:16:13.000 And even though AI, you know, they're susceptible to some things in tech there, it's always been higher paying. 1.00

01:16:19.000 And that's what's made that gender wealth. 0.85

01:16:23.000 Gaps so heavy that and then women post birth is the second highest leading cause. 0.66

01:16:29.000 But when it comes to AI, people are already making the mistakes in the degrees they've been getting over the last 10 years.

01:16:35.000 And now this is just going to accelerate that even further.

01:16:38.000 When it comes to data entry jobs, things that are super easy, even unfortunately, who knows if we'll allow it for therapists, but it's getting there pretty quick.

01:16:46.000 People are willing to trust AI way more than we thought in these psychology degrees and whatnot, writing degrees, things that.

01:16:54.000 Unfortunately, that large sector has gotten, they're much more susceptible to AI.

01:17:00.000 And it's going to lead to, I think it's going to lead to a lot more political radicalization.

01:17:04.000 And that's what scares me more than anything.

01:17:07.000 The, was it the UN?

01:17:11.000 A reputable source said 40% of global jobs are susceptible to being replaced by AI.

01:17:18.000 Now, the more developed countries were a little better, it's a little easier.

01:17:22.000 But we're talking about those that are doing like customer service jobs in India and things like that. 0.98

01:17:26.000 That's, you know, they're going to be damaged.

01:17:28.000 We're going to be a little better in Europe, in the United States, in Canada, Australia, but it's scary.

01:17:28.000 Heavily.

01:17:35.000 And people need to prepare themselves by trying to borrow the least amount possible when they get their degree, go to community college if they can, and go into something that's more AI resistant, which to me is, again, things like trades, things that need that extra creative edge where AI doesn't seem to be able to get there yet.

01:17:57.000 Maybe it'll be able to at some point right now.

01:17:59.000 They're really good at going through numbers and stuff.

01:18:01.000 But that true creative edge actually coming up with something new, that's what I think people should be going towards in college right now.

01:18:08.000 Yeah, I completely agree.

01:18:09.000 Hold that thought.

01:18:10.000 We'll be right back.

01:18:10.000 I have to take a leak.

01:18:11.000 Yeah, you're good.

01:18:12.000 So, one question that I have for you is because you got a degree that's not really a good degree financially.

01:18:18.000 Yeah, well.

01:18:18.000 But close.

01:18:18.000 I'm not out.

01:18:20.000 But going to school for something that's not viable financially. 0.96

01:18:23.000 Why do you think, and particularly women, why do you think so many of them get these degrees in sociology, get these degrees in gender studies, get these degrees in things where you're just not going to be able to make a living? 0.99

01:18:36.000 In what you're going to school for.

01:18:38.000 Yeah, I think you can do a lot of good in a lot of them.

01:18:42.000 So, if you're doing social work like that, and nursing actually does pretty well, but in that lower paid part of medical, you know, you're doing a lot of good.

01:18:53.000 We spent a lot of decades doing, trying to really fix the percentage of college.

01:19:00.000 We were having like men, men, men, men.

01:19:03.000 It was only men going to college. 1.00

01:19:05.000 And we put a lot of effort into women going to college a bit more to catch up, which is fair. 0.96

01:19:10.000 That was good. 1.00

01:19:11.000 I am for that.

01:19:12.000 But. 0.98

01:19:13.000 Once they got there, just fuck why they're doing it, it's harder to say, but they definitely do more gravitate as a cohort towards those lower pain degrees like psychology and whatnot. 0.99

01:19:25.000 And I don't know, men just go to the higher pain degrees. 0.99

01:19:28.000 I don't know if it's something in our culture where men feel like they need to be a breadwinner or whatnot.

01:19:32.000 Yeah, that's what I'm wondering if that's what it is the need to be a provider and to thinking, like, these low paying jobs are not going to be able to give me any money.

01:19:41.000 Yeah.

01:19:42.000 How am I going to provide?

01:19:43.000 How am I going to have a family?

01:19:44.000 Pay the bills.

01:19:44.000 How am I going to?

01:19:46.000 Where's men and women? 0.99

01:19:46.000 Yeah. 0.99

01:19:48.000 Men are starting to kind of fall off that platform, though.

01:19:51.000 I don't know if you've been watching the trends, but now it's closer to like 60, 65% of new degree holders are women, and men are just not going to college anymore.

01:19:51.000 Yeah.

01:20:02.000 They're some of them.

01:20:03.000 65%, really?

01:20:04.000 It's like 60 or 65%.

01:20:04.000 It's pretty crazy.

01:20:06.000 Wow.

01:20:08.000 It's getting pretty intense.

01:20:10.000 And.

01:20:11.000 Well, what are men doing instead? 1.00

01:20:13.000 There's a lot of losers. 1.00

01:20:14.000 There are a lot of losers. 1.00

01:20:17.000 Where they're not getting any education, they're not looking for any kind of job, they're not even collecting unemployment, they're literally just sitting on their ass. 1.00

01:20:24.000 That is a big cohort of people right now. 0.98

01:20:26.000 What do you think that's causing that?

01:20:29.000 Well, there is a lot of the red pill victim mentality.

01:20:33.000 I don't know if I want to fully enable it, but I mean, maybe there's some justification a little bit, but they think that everything's against them.

01:20:41.000 They think that DEI specifically was preventing them from going to work or preventing them from going to school, that schools politically captured.

01:20:52.000 There's a survey done that of people that were choosing not to go to college.

01:20:55.000 30% said that it's because 30 or 40% said it was because college is becoming too politically captured.

01:21:04.000 So there is that.

01:21:06.000 Then they don't have jobs.

01:21:06.000 They don't have skills.

01:21:08.000 They don't have experience.

01:21:09.000 So it's harder to get a job.

01:21:11.000 It's easier to just kind of sit at mom's home, play video games, do drugs.

01:21:16.000 Jesus, that's bleak.

01:21:18.000 It's bleak. 0.97

01:21:19.000 And the gender wars are horrendous right now. 0.62

01:21:21.000 I don't know if you see any of it online, but the gender wars are horrible. 0.81

01:21:25.000 The gender wars. 0.99

01:21:26.000 Oh, yeah. 0.94

01:21:27.000 Young women just being so anti men and young men being so anti women and cheering against each other.

01:21:33.000 It's horrible. 0.66

01:21:36.000 It is horrible.

01:21:37.000 Like uniquely new?

01:21:39.000 Like this is a.

01:21:40.000 Much more than ever before.

01:21:41.000 What do you think is causing that?

01:21:44.000 A lot of it started in the 2016 election.

01:21:47.000 They got a lot of women got very angry that Trump was elected, and they followed something that happened in South Korea as well.

01:21:55.000 Where the women said, no men, no dating, no sex.

01:22:00.000 There was a term for it, but they were just, they cut off everything.

01:22:03.000 And there was a little bit of that movement after the 2016 election here in the United States as well.

01:22:08.000 And then it gained as much traction.

01:22:09.000 But this is very divisive.

01:22:12.000 And it goes back to the algorithm that we were talking about earlier as well.

01:22:16.000 A lot of people get put in those echo chambers where you need to have a villain, and the men are the villain or the women are the villain.

01:22:25.000 The women are the reason men aren't doing well, the men are the reason women aren't doing well.

01:22:30.000 The men have been holding us back forever. 1.00

01:22:32.000 They've been, you know, keeping us in the kitchen and everything like that. 1.00

01:22:36.000 The 4B movement. 1.00

01:22:37.000 Yes. 0.91

01:22:38.000 Women boycotting men.

01:22:40.000 Anti men movement. 0.95

01:22:41.000 4B movement is a radical feminist rebellion that emerged around 2015. 0.97

01:22:45.000 It's named after four Korean terms starting with BI, meaning no. 0.99

01:22:50.000 Bihon, no heterosexual marriage.

01:22:53.000 Bihcholsen, no childbirth. 0.97

01:22:57.000 Biyone, no dating men. 0.90

01:23:00.000 Biseku, no sexual relations with men.

01:23:04.000 Okay.

01:23:06.000 Participants argue this is not about misandry, but rather a drastic method to opt out of an intensely patriarchal society and protect themselves from gender based violence.

01:23:15.000 Such as digital sex crimes, spy cams, and workplace discrimination.

01:23:21.000 So it picked up some pretty big steam here in the United States after 2016.

01:23:25.000 But I got to think that everyone who's saying no dating men and no sexual relationships with men isn't attractive.

01:23:33.000 Probably not.

01:23:34.000 But sexlessness among young people is so high compared to any other generation right now.

01:23:39.000 Very high.

01:23:40.000 Very high virgin rate, which is really odd.

01:23:42.000 We're finding a lot of them identify as Christian, and that's the reason why they're saying, or Catholic, this is the reason why they're saying they're virgin.

01:23:49.000 And I'm like, What's happening? 0.95

01:23:51.000 You don't get horny?

01:23:52.000 It's interesting. 0.56

01:23:52.000 What are you doing? 0.56

01:23:53.000 You don't like people? 0.99

01:23:54.000 I've had a lot of people on my show say they want to have sex but can't have sex. 0.88

01:23:58.000 So I guess they haven't used that cope, the religious cope, but I don't know.

01:24:03.000 But that's another example of the radicalization.

01:24:06.000 So they just blame each other.

01:24:09.000 Like, okay, Trump got elected. 1.00

01:24:10.000 Many of the women in this country that lean to the left didn't like it.

01:24:13.000 So they got very upset.

01:24:14.000 They blame the men for electing him.

01:24:16.000 Men blame women, you know, DEI policies, which, yeah, there are things to complain about.

01:24:20.000 I do get it.

01:24:21.000 Like on both sides, probably, but they've just gone so extreme. 1.00

01:24:24.000 So there's a gender war right now where it's just trying to nuke the other side.

01:24:28.000 And is this spillover into real life as much, or is this a lot of people that spend way too much time on the internet already? 0.98

01:24:34.000 Definitely more that than anything.

01:24:36.000 Definitely more that.

01:24:37.000 But the unfortunate real life consequences lead to that loneliness online because the real life consequences that people are staying inside and on screens and more lonely than ever.

01:24:49.000 So that's the real life impact. 0.60

01:24:51.000 You know, they're not going out and talking about the 4B movement on the corner of the street, but. 0.95

01:24:56.000 Instead of going out like they used to and having more friends, they're sitting inside and complaining about it on Reddit.

01:25:02.000 So that is the real life consequences.

01:25:05.000 It becomes online.

01:25:06.000 Yeah. 1.00

01:25:07.000 It's just so strange that these people don't recognize that you have a finite time to exist and you're spending all your time captured in these fucking stupid echo chambers. 0.99

01:25:19.000 Feels good to be a victim, though, because everyone online that is in your little ecosystem, they give you the thumbs up, they make you feel reassured. 1.00

01:25:28.000 Feels good.

01:25:28.000 Complaining is exciting.

01:25:29.000 People do love to complain.

01:25:31.000 Yeah.

01:25:32.000 It excites you.

01:25:33.000 It gets you going. 1.00

01:25:34.000 Fucking, fucking, meh, fucking, meh. 1.00

01:25:37.000 Whether this is accurate, I think this gives a little insight into the Korean 4B movement. 1.00

01:25:42.000 This is a post on Reddit from two years ago, but this paragraph here is.

01:25:48.000 Oh, about Korea?

01:25:49.000 Yeah.

01:25:49.000 So we're talking about a country where a woman's career can be jeopardized for something as innocuous as wearing a t shirt that reads, Girls Don't Need a Prince, or for liking a women's march post on Twitter, even if it was seven years ago.

01:26:00.000 I'm not exaggerating.

01:26:01.000 Incidents like this have occurred and recently, as recently as last year, we're talking about literal termination of a contract due to a heart made on a post regarding women's safety issues on Twitter dating back to seven or more years ago due to incel gamers throwing a fit.

01:26:18.000 So they have an incel problem in Korea, too.

01:26:20.000 A lot of, also, low replacement rate.

01:26:24.000 Worst in the world, yeah. 1.00

01:26:25.000 Korea is really bad. 1.00

01:26:27.000 Is it worse? 1.00

01:26:28.000 It's worse in the world than Japan. 1.00

01:26:29.000 The world will collapse within a few decades, yeah. 0.99

01:26:31.000 By the end of the century.

01:26:33.000 Yeah, South Korea is done. 1.00

01:26:35.000 But no, it's true. 0.98

01:26:36.000 And like I said, there are valid logics to it.

01:26:40.000 I'm not saying like everyone's just doing it inherently to be evil.

01:26:45.000 Right. 0.86

01:26:45.000 But if your outcome is to become radicalized into something like the 4B movement, no one should be fired from wearing a dress or like in a post. 0.86

01:26:52.000 You know? 0.91

01:26:52.000 Right. 0.91

01:26:53.000 It's crazy.

01:26:53.000 But to become radicalized and start this thing where it divides the genders, because we have more political division in the Gen Z gender than any other generation, more religious division, it's crazy.

01:27:07.000 And to fuel that because things have been not perfect.

01:27:10.000 So when you say political division, so.

01:27:12.000 Is it that young men are going to the right and young women are going to the left?

01:27:16.000 Is that what it is? 0.75

01:27:17.000 Yeah.

01:27:18.000 When they've done tracking and polling of post election results and how people have voted, age groups and gender groups, they've seen that men have moved to the right a little bit, but women dramatically since 2016 have moved to the pretty far left.

01:27:34.000 Young women, not millennial or Gen X or boomer women, especially, but Gen Z women have moved very far to the left.

01:27:44.000 I wonder what changes, if anything, in that when women have children. 0.56

01:27:48.000 Because one of the things that I found is that my friends who wound up having children, my female friends, they almost all started moving to the right.

01:27:57.000 They almost started all recognizing that there's real safety issues, there's real crime issues.

01:28:03.000 They're wondering where their tax money goes.

01:28:05.000 They see corruption and fraud, things that they never really talked about at all when they were single and didn't have a child. 0.99

01:28:12.000 But as soon as they get married, as soon as they have children, then they start going, hey, fuck this place. 0.67

01:28:17.000 You know, they like so many of them wind up moving out of LA right after they had children, and so many of them started moving into a different sort of ideology. 0.97

01:28:27.000 But people have to get married and have kids for that to happen.

01:28:30.000 And we just hit our lowest birth rate in the United States.

01:28:33.000 Is it the lowest ever replacement rate?

01:28:35.000 Yeah, if I'm not mistaken, yeah.

01:28:37.000 It was before the last time we had actual replacement rate was before the Great Recession, and ever since then, it's gone off a cliff. 1.00

01:28:43.000 That's why we need immigrants. 1.00

01:28:45.000 Well, I mean, actually, yes.

01:28:47.000 Well, we do need some immigration. 0.99

01:28:51.000 Because we need a growing population because you don't want to be like South Korea or Japan. 1.00

01:28:51.000 Of course, that's true. 1.00

01:28:57.000 You can't have a collapsing population because you use the argument, sorry, not you, but people could use the argument they'll destroy our culture if we let in all these immigrants. 1.00

01:29:07.000 And yes, of course, that would happen if you just let anyone in, no matter what, uncontrolled, sure. 1.00

01:29:11.000 But South Korea is also going to lose their culture because their population will not exist by the end of the century. 0.56

01:29:17.000 So there's multiple ways to lose a culture, but I'm a big proponent of selective, high skilled, Good proportional immigration.

01:29:27.000 And I think that's the more bipartisan issue.

01:29:29.000 That's where Bill Clinton was in the 90s and whatnot.

01:29:32.000 So I think that's fair. 0.99

01:29:34.000 Open borders is fucking crazy. 0.99

01:29:36.000 I don't know what was going on. 1.00

01:29:38.000 I didn't even realize what was going on.

01:29:40.000 I have friends that were down there that went to the border and then say, you have to come to understand it.

01:29:40.000 It's nuts.

01:29:45.000 You have to see it. 0.99

01:29:46.000 It's fucking insane. 0.98

01:29:47.000 Like you see the numbers of people coming across. 0.99

01:29:49.000 Like, how is this real?

01:29:51.000 And they just, no vetting, right into the country. 0.86

01:29:54.000 Wee. 0.84

01:29:55.000 Yeah.

01:29:56.000 So I'm.

01:29:57.000 On an economic issue, because I always go back to economics.

01:30:00.000 I don't get as fired up about the social stuff, but I do like some kind of immigration for sure.

01:30:05.000 Some people are like completely anti immigration, but I like some kind of immigration because we do need a growing job pool specifically to maintain an economy so that people my age can retire.

01:30:17.000 If the dependency ratio of every person not working for every working person is getting close to one for one in South Korea, in the United States, when we implemented Social Security, it was closer to like 60 to one.

01:30:30.000 Now, the United States is like, it's like five or 10 to one.

01:30:35.000 It's going in the wrong direction.

01:30:37.000 And if for every one working person you have one person not working, the whole system breaks.

01:30:41.000 And that's what we're starting to see in places like South Korea.

01:30:44.000 So we can't become that. 0.98

01:30:45.000 So if people aren't fucking, people aren't making babies, you got to bring some people in, but selective, high skilled. 0.97

01:30:52.000 What gets scary is if you start fucking up an economy enough with really bad policies, you get brain drain and then immigration. 0.99

01:31:00.000 So you see what happens in Italy, Spain, the United Kingdom brain drain. 0.99

01:31:04.000 Yeah.

01:31:05.000 Educated people.

01:31:07.000 They're born there typically, or they even emigrate there and they become very educated.

01:31:12.000 They're the ones that are going to contribute to the tax base, create jobs, do higher skilled jobs, great doctors, everything's like that.

01:31:21.000 But they look around them, the economic policies have failed, so they come to the United States. 1.00

01:31:25.000 And then there's only the immigrants that have come in that aren't able to replace that brain because they come from somewhere where no fault of their own is just less educated. 1.00

01:31:36.000 So, they aren't able to contribute to that tax base. 0.97

01:31:39.000 We're actually starting to see something similar in LA right now with the wealth flight and brain drain.

01:31:45.000 Though the net migration in LA is not looking the absolute worst, people that were contributing there moving away and providing to the tax base versus people that are coming in and aren't being true net contributors is becoming horrendous.

01:32:00.000 And they're looking at like a billion dollar deficit coming up pretty soon for the city of LA.

01:32:05.000 It becomes very scary.

01:32:06.000 So, that's why.

01:32:07.000 I rail against performative policies because I don't want to end up like a place like the UK, where it would rank 51st out of all 50 states, by the way, in terms of GDP per capita, which is absolutely crazy, worse than Mississippi. 0.87

01:32:23.000 And then if you're having immigration while that's happening, all you have left is just that. 0.86

01:32:29.000 Just that. 0.68

01:32:30.000 And all your high skilled people went somewhere else.

01:32:32.000 Same thing is happening in Canada.

01:32:33.000 They become educated in Canada and they go down to Silicon Valley for a high paying job because they don't pay as well in Canada.

01:32:40.000 But if we start reversing that with bad policies, you start looking a little more like LA and their budget's not looking really good.

01:32:48.000 It's interesting how pragmatic financial discussions are problematic.

01:32:54.000 Like people don't like it and they look at it and like, you're not talking really even about politics.

01:33:00.000 You're just talking about pragmatic decisions in terms of like how do you invest your money, how to save your money, how to do that.

01:33:05.000 That becomes right wing.

01:33:07.000 Oh, yeah.

01:33:07.000 That becomes somehow or another cruel.

01:33:11.000 It's like categorized in that way as heartless.

01:33:14.000 Yeah, people will clip that last moment and say I'm anti immigrants.

01:33:17.000 Like, that's going to happen.

01:33:19.000 But it's not.

01:33:20.000 It's this literal economic theory that we're seeing in the real world right now that's tracked and trackable.

01:33:27.000 The Labor Party acknowledges, the left wing Labor Party in the United Kingdom acknowledges the wealth flight and brain drain.

01:33:33.000 This isn't a right wing position.

01:33:35.000 This is just reality.

01:33:37.000 It's interesting, though, that people, like in general, don't think of it that way.

01:33:43.000 People in general think of it like someone who discusses finances, someone who's like very financially astute, gives pragmatic advice.

01:33:50.000 That's a conservative person.

01:33:51.000 That's a bad person.

01:33:53.000 They do think so.

01:33:53.000 They say I'm right wing coded.

01:33:55.000 It's something I see a lot.

01:33:57.000 White wing coded or my vibe is off.

01:34:00.000 Because personal responsibility.

01:34:02.000 Yeah.

01:34:03.000 But what do you think?

01:34:05.000 Why do you think personal responsibility is thought of that way?

01:34:08.000 Is it because people cherish this idea that they're a victim and they hold on to it, that it's a part of their identity?

01:34:14.000 And if you challenge that and say, no, Some of this is your fault. 0.99

01:34:18.000 Then you're being cruel, you're a sociopath, you're a fascist. 0.84

01:34:24.000 There's a large group of people that want people like me or Dave Ramsey to just give them a hug and then complain about the systemic issues that got them there in the first place. 0.97

01:34:33.000 Right.

01:34:34.000 You can vote.

01:34:35.000 That's great.

01:34:36.000 Go vote for a policy change.

01:34:37.000 Wonderful.

01:34:39.000 But you do have a little bit of agency.

01:34:41.000 And I'm not going to talk to you about what policy you should vote for because that's going to require millions of people to overdo a system that you don't like.

01:34:47.000 What you do have control on right now is whether or not you swipe the card somewhere, whether or not you get a high interest rate credit card, or get a bullshit degree from a private institution out of state.

01:34:57.000 You have those controls right now. 0.51

01:35:00.000 And they don't like that.

01:35:03.000 One of the biggest complaints that people like me and Dave Ramsey get is.

01:35:06.000 Why aren't you talking about the system that got you there?

01:35:09.000 But that's not the conversation.

01:35:11.000 It isn't.

01:35:12.000 It's a one on one personal financial conversation.

01:35:15.000 Let those people fix their lives. 0.78

01:35:17.000 Budget.

01:35:19.000 That's why I made a budgeting app, DollarWise, by the way, is for that kind of thing.

01:35:22.000 What is that?

01:35:23.000 I made a budgeting app called DollarWise with my team.

01:35:25.000 It's called DollarWise?

01:35:27.000 DollarWise, yeah.

01:35:27.000 Dollar.

01:35:30.000 So the average person can actually budget and take some personal responsibility instead of just falling on the victim mindset.

01:35:37.000 So, this app, what do you do?

01:35:39.000 You put in your income, you put in your bills.

01:35:41.000 Yeah, yeah.

01:35:42.000 It's that automatic account connections through multiple different services.

01:35:47.000 So, you get your accounts connected and you get to immediate insights that show where your money's going, what you can do to actually improve your life, and the steps you need to take.

01:35:57.000 It fully guides you in that process. 0.97

01:35:59.000 So, were you motivated to do this just based on these conversations you've had with people that don't know what the fuck to do? 0.98

01:36:04.000 That and to make a shit ton of money. 0.95

01:36:05.000 But both have worked pretty well.

01:36:09.000 Which is funny.

01:36:09.000 But yes, no.

01:36:10.000 You're making a shit ton of money by people that can't figure out how to save money.

01:36:13.000 Yeah, but if, hey, if they make more money because they save money and I make more money, that's capitalism.

01:36:17.000 It's a value.

01:36:18.000 You're providing a value.

01:36:18.000 Yeah, exactly.

01:36:19.000 No, I mean, that's the point.

01:36:20.000 Like, I used, did you ever use Mint?

01:36:24.000 You remember Mint?

01:36:24.000 No.

01:36:25.000 Okay, so it was a big budgeting app a long time ago.

01:36:27.000 But for some reason, the service that bought it shut it down.

01:36:30.000 And that's what everyone was using.

01:36:32.000 But even then, I remember stopped using it.

01:36:34.000 Like many people, most people fall off of budgeting apps because they're just burdensome.

01:36:39.000 It takes a long time to figure out the systems, and they're just over engineered for the personal finance nerd that loves every little detail.

01:36:46.000 So, the average person doesn't do it.

01:36:47.000 So, we just built something simple that just shows people immediately where their money is going and what they need to do to change.

01:36:54.000 So, that's what we focused on when we engineered this thing.

01:36:57.000 And so, when you're having all these conversations with all these different people that have like these terrible budgets, doing a terrible job of taking care of themselves, do you ever get this feeling like that you're not?

01:37:10.000 Helping?

01:37:11.000 Like, this is like an insurmountable problem. 0.95

01:37:13.000 You're sticking your finger in a dam and there's a fucking million leaks, and this is not going to work? 0.80

01:37:19.000 To a certain extent, yes. 0.97

01:37:21.000 Luckily, in the United States, we have some tools that help.

01:37:24.000 So, if someone's in that situation where the dam's about to burst, everything's about to just blow up, they can go through bankruptcy.

01:37:31.000 But bankruptcy does not make sense.

01:37:33.000 And this is what a lot of people mess up.

01:37:35.000 Bankruptcy doesn't make sense unless you actually change the behavior that got you there in the first place.

01:37:40.000 Because we've had people that have come on my show.

01:37:42.000 That have been through bankruptcy twice and now are there again.

01:37:46.000 It makes no sense.

01:37:47.000 You can get rid of the dam.

01:37:49.000 You can get rid of it by bankruptcy, but you're going to build up that thing to explode again if you don't actually fix the behavior.

01:37:54.000 So people take shortcuts through credit card consolidation, debt consolidation, personal loans, all that good stuff.

01:38:00.000 Those are good tools. 0.72

01:38:02.000 But if people don't actually fix their behavior first, they're going to fuck it up.

01:38:06.000 So Dave Ramsey is vehemently against debt consolidation for a reason that is fair.

01:38:13.000 I don't like being anti something 100% because personal finances is.

01:38:17.000 Personal, but this is his argument, and it's kind of fair.

01:38:20.000 You build up this much in credit card debt from here to here, and then you can consolidate it into this new debt.

01:38:26.000 So, this is one new debt that consolidated this down to zero.

01:38:29.000 But now, what happens is the credit card limit is still all the way up there.

01:38:33.000 So people now have this debt, and then without changing their behavior, they build the credit cards back to here.

01:38:37.000 So now you have double the debt.

01:38:39.000 That's the issue with that consolidation and not changing the behavior.

01:38:42.000 So his philosophy is correct.

01:38:43.000 But what we try to teach people on my show is that change the behavior that got you in that first stack in the first place.

01:38:51.000 And if you can prove that you can follow a budget for a few months, then you can take that shortcut by consolidating and then probably just close those cards so you can't use them.

01:38:59.000 But the same thing applies for bankruptcy.

01:39:01.000 So that's why our show is simple stuff.

01:39:04.000 You just fix the spending, you get it under control, you live in even Elizabeth Warren's 50 30 20.

01:39:11.000 She's the one that pioneered 50 30 20, which is 50% on needs, 30% on wants, 20% on savings.

01:39:18.000 That's Elizabeth Warren's rule.

01:39:20.000 And she's relatively correct on that.

01:39:22.000 Doesn't apply to everywhere like LA, New York, of course.

01:39:25.000 But if you can follow that and prove you do it for a few months, then you can go through bankruptcy. 0.98

01:39:31.000 You can use a personal loan and that solves the damn issue. 0.98

01:39:34.000 It solves the bigger issue. 0.98

01:39:36.000 Yeah, the changing your behavior thing is very hard for people.

01:39:39.000 It is.

01:39:39.000 And it's also very hard for people when that spending of the money is the only reward you get for a job you hate.

01:39:46.000 Yeah, it is. 1.00

01:39:47.000 And I'm the one talking to them and I'm a fat fuck. 1.00

01:39:49.000 So, like, I get it. 0.99

01:39:50.000 Like, I haven't, you know, fully taken control of my health behaviors and eating behaviors.

01:39:57.000 So, I know that it's hard to fix it.

01:40:00.000 But oftentimes, the people on my show, I've been in the exact same situation.

01:40:04.000 I was when I was 20, 21.

01:40:07.000 And I've seen what it's like on the other side.

01:40:10.000 Just like many people in your position have seen what it's like on the health on the other side.

01:40:15.000 You know how good it is.

01:40:16.000 So you want other people to do it.

01:40:18.000 And since I've been through that personal finance side and gone through the work, I can at least help hold people's hands and show them what it's like to go to the other side of that tunnel, to put in the work, the temporary sacrifice of a few years, and really live the rest of your life in such a better way.

01:40:37.000 Yeah, it's just.

01:40:38.000 Changing behavior requires a change in perspective and it requires something.

01:40:44.000 And for some people, they have to hit rock bottom or they have to have some, you know, they have a birth of a child.

01:40:49.000 Like something rocks them into reality and they go, I, whatever the fuck I'm doing right now, it's not the right path.

01:40:55.000 But it's just so hard for people when they're playing this blame game and they're looking at successful wealthy people as being the problem. 0.99

01:41:02.000 Look at Jeff Bezos and his fucking yacht. 0.99

01:41:04.000 Like that's nothing to do with you. 1.00

01:41:06.000 It's not why you're broke.

01:41:06.000 Yeah.

01:41:08.000 And you should look at him and go, how the fuck did he do that? 0.99

01:41:11.000 How can I do that? 0.99

01:41:12.000 I want a yacht. 0.81

01:41:13.000 Let's go. 1.00

01:41:13.000 Fuck it. 1.00

01:41:14.000 But no one's doing that. 1.00

01:41:16.000 They're instead deciding that they're a victim, deciding that the game is rigged, deciding that there's a cap on their ability.

01:41:23.000 But meanwhile, this is if there's any place on earth where you have the ability to rise from the bottom to the top, this is it.

01:41:33.000 This is the spot.

01:41:34.000 There's no place better.

01:41:35.000 You could say it's not fair, but what does that mean?

01:41:39.000 It's possible.

01:41:41.000 People have done it.

01:41:41.000 You could do it.

01:41:42.000 You just have to figure it out.

01:41:43.000 And you have to spend less time playing video games. 1.00

01:41:46.000 Less time smoking weed, less time doing nonsense, and more time plotting your fucking future. 0.99

01:41:52.000 Figure out what it is. 0.97

01:41:52.000 I think there's also a problem in a lot of people have something that they really want to do that they're not doing, and they're not pursuing that. 0.97

01:42:03.000 And so then they're even more bitter because they're spending time doing this job that they hate, which sucks. 0.91

01:42:07.000 They think it's taking away from their ability to do this other thing, which sucks. 0.82

01:42:11.000 And then they come up with all sorts of rationalizations for why they're not doing it.

01:42:15.000 Yeah.

01:42:16.000 What you said is 100% correct, but let me phrase it back.

01:42:20.000 Yeah.

01:42:21.000 The world isn't fair.

01:42:21.000 It's not fair.

01:42:23.000 Now what?

01:42:24.000 Right.

01:42:25.000 It is what it is.

01:42:26.000 Okay, so accept that.

01:42:26.000 Like it is.

01:42:28.000 Are you going to sit on? It and cry, like that's the only option, right?

01:42:31.000 It's that or do something.

01:42:32.000 You're denying people's feelings, Caleb.

01:42:35.000 You're denying people's feelings, and that's very right coded.

01:42:35.000 I am.

01:42:38.000 Yeah.

01:42:40.000 That is, right?

01:42:41.000 That's the argument, isn't it?

01:42:42.000 It is.

01:42:43.000 It is.

01:42:43.000 Like, I don't know, man.

01:42:46.000 Right coded is fun. 0.98

01:42:48.000 If people just, if they're getting the bullshit degree and they borrowed a shit ton of money for it, that's not my fault. 0.98

01:42:55.000 I didn't do that. 0.99

01:42:56.000 Yeah.

01:42:57.000 Assistant Bezos didn't do that either. 1.00

01:42:59.000 They say, well, sociology and stuff should pay more.

01:43:02.000 Okay, the markets determined it didn't.

01:43:04.000 So now what?

01:43:05.000 You still get to choose what you do, what business you start.

01:43:08.000 You might fail a thousand times, but you have so much more agency than people right now are willing to accept.

01:43:14.000 And that's all I really care about telling people in the end.

01:43:17.000 That's all.

01:43:18.000 You have agency.

01:43:19.000 Take some personal responsibility. 1.00

01:43:20.000 You are not the disabled person that actually does not have agency. 0.77

01:43:23.000 Right. 1.00

01:43:24.000 Because there are people that don't.

01:43:25.000 Right.

01:43:26.000 You're not that.

01:43:27.000 Right.

01:43:28.000 Yeah, it's so important to say.

01:43:29.000 And I think, you know, as much as it's probably frustrating.

01:43:32.000 You know, when I brought it up that you're putting your finger in this dam and there's a hundred holes, I really do think that you have a positive impact because I really do think there's a lot of people.

01:43:43.000 I mean, you get millions of views, there's a lot of people that are watching these conversations and it resonates.

01:43:48.000 And they go, This is me.

01:43:50.000 He's talking to me and he's right. 1.00

01:43:53.000 Fuck. 1.00

01:43:54.000 What do I do? 1.00

01:43:54.000 And at least it puts them in this mindset that a change needs to take place. 1.00

01:43:59.000 Yeah, exactly.

01:44:00.000 And then you give them tools.

01:44:01.000 You give them, like, you explain to them what the steps that they can take. 0.94

01:44:06.000 You know, and that's the fucking crazy thing is they're not getting this from school. 0.96

01:44:12.000 School's not teaching you how to organize your future, which is fucking a critical skill, a critical piece of knowledge. 0.98

01:44:20.000 Like having a path that you can actually follow. 0.89

01:44:24.000 I think it's a lot of the time it's the student counselors there.

01:44:28.000 Cause I remember being in school, in high school, and the student counselor I met with her once a year, and the only conversation is, what do you want to study in college?

01:44:36.000 That's all they cared about.

01:44:38.000 And it's fair for most people, college does still have like a 60% premium on those without a degree on average.

01:44:45.000 But that's the only conversation, and it is becoming less and less valuable as every year goes on.

01:44:50.000 And if that's all school cares about, they don't care to even show you how to. 0.99

01:44:54.000 Okay, I mean, full admission here, and I'm going to look like the most beta pussy in the world, but I don't know how to do a fucking oil change. 0.99

01:45:01.000 I don't. 0.99

01:45:02.000 Why didn't school teach me that?

01:45:04.000 Why?

01:45:05.000 Why wasn't there any life skills?

01:45:07.000 Now, I have the personal responsibility.

01:45:09.000 I can go teach myself that right now, but I have a Tesla, so I don't need to.

01:45:12.000 But why wasn't there anything about actual life?

01:45:17.000 The only thing there was to do was go to college, nothing else.

01:45:22.000 That was the only conversation.

01:45:23.000 When I went to high school, we had an auto shop.

01:45:25.000 Yeah.

01:45:26.000 So I did learn.

01:45:27.000 I think they got rid of it the year before I went.

01:45:29.000 Really?

01:45:29.000 Yeah.

01:45:30.000 Oh, my God.

01:45:31.000 When I went to high school, I went to Newton South High School, and there was this guy who ran the auto shop that was a Mustang enthusiast.

01:45:40.000 That's what he loved, old Mustangs.

01:45:41.000 And he would fix them.

01:45:43.000 And he would take his cars and teach kids how to fix his old Mustangs.

01:45:48.000 He had like 1960s, early 60s, like 65, 66.

01:45:52.000 He liked the small Mustangs. 0.97

01:45:53.000 He was a fucking very interesting guy. 0.98

01:45:55.000 And he would explain to you how spark plugs work. 0.98

01:45:59.000 Like, this is your carburetor.

01:46:00.000 This is why it's jammed.

01:46:03.000 This is how the internal combustion engine works.

01:46:05.000 He would explain it to you.

01:46:06.000 He'd teach you things, teach you general maintenance stuff on cars.

01:46:10.000 And it was very valuable.

01:46:12.000 Teach you how to jack up a car, like how to do it safely.

01:46:15.000 Where's the jacking point?

01:46:16.000 Where's the lift points on the bottom of a frame?

01:46:18.000 Yeah, and home at classes, too.

01:46:20.000 It used to be a big thing.

01:46:20.000 Yeah.

01:46:21.000 Teach you how to cook.

01:46:22.000 It's falling away.

01:46:23.000 And now, of course, now that we don't teach people how to cook, they're complaining about not eating out.

01:46:27.000 So, the disappearance of traditional shop classes did not happen overnight.

01:46:31.000 It happened in distinct phases.

01:46:33.000 70s and 80s budget cuts.

01:46:36.000 Major tax revolts, such as California's Proposition 13 in 1978, decimated public school budgets because maintaining workshops, buying heavy machinery, and securing liability insurance were expensive.

01:46:47.000 Shop programs became easy targets for elimination.

01:46:50.000 1990s college prep push.

01:46:52.000 High schools shifted their focus to standardized testing and four year university preparation, marginalizing vocational training, which meanwhile, Which is really crazy.

01:47:01.000 What you're saying earlier today or earlier on the show was very important.

01:47:05.000 It's like trades might be the only secure pathway.

01:47:09.000 Becoming a carpenter, becoming an electrician, heating and ventilation.

01:47:13.000 People are going to have to have those systems installed and maintained.

01:47:17.000 And we're going to need people for that.

01:47:19.000 And that's a job. 0.99

01:47:20.000 You start your own HVAC company, you can make some real fucking money. 0.99

01:47:24.000 Oh, yeah. 0.99

01:47:25.000 Absolutely.

01:47:26.000 And even things like apprenticeships.

01:47:28.000 If you get an apprenticeship, you have a 90% chance of being retained to a full time position.

01:47:33.000 Get into apprenticeships.

01:47:35.000 Yeah.

01:47:35.000 Like, I know I'm just like a little fat dude with some soft hands, but it's okay to do it.

01:47:41.000 You know, those are good jobs.

01:47:43.000 They're good paying jobs.

01:47:44.000 They're good career position jobs.

01:47:47.000 They are.

01:47:48.000 And if you want a good job, and it's also, it's like, there's a weird thing with degrees.

01:47:54.000 Like, degrees means your value as an intellect, as a person who can think.

01:48:01.000 You're a smart person.

01:48:02.000 You went to school and you got a degree. 0.99

01:48:03.000 But if you have a degree and you're fucking poor, And you know what I'm saying? 0.97

01:48:08.000 And you're depressed, and this guy is a tradesman and he's wealthy and he's making money. 0.98

01:48:14.000 People with degrees still will look down at this.

01:48:17.000 Oh, he's a plumber. 0.99

01:48:19.000 What the fuck does he know about how this country works? 0.99

01:48:21.000 And I'm sorry. 0.99

01:48:22.000 Some of the wealthiest people in our country that have built the largest companies are college dropouts.

01:48:26.000 Bill Gates.

01:48:26.000 It's true.

01:48:28.000 I can't just fully respect the college degree only, especially when you can get the most bullshit degrees now, and especially where the average GPA and passing tests. Have gone substantially higher because our standards are so much lower in universities now. 0.93

01:48:43.000 It's pathetic. 0.83

01:48:44.000 It's becoming harder and harder to respect the degree. 0.98

01:48:47.000 There's good degrees, there really are, but it's getting harder and harder to disrespect it as a blanket statement.

01:48:53.000 Yeah.

01:48:54.000 No, you're absolutely making sense.

01:48:56.000 And it's also education is so readily available.

01:48:59.000 If you want to educate yourself, there's just YouTube alone, you could kind of learn anything.

01:49:05.000 You can learn anything about anything.

01:49:07.000 And if you're really interested in actually doing the work and actually trying to absorb the information, You can get a high quality education without ever stepping into a university.

01:49:17.000 Just with audiobooks, just with YouTube, just with I mean, there's so much knowledge, much more than any other time in human history.

01:49:26.000 So the idea that the only way to get an education is to go to these socially captured, these politically captured environments and be force fed this indoctrination of horseshit by communists who have never had a real job and also be in debt. 0.98

01:49:44.000 An insane amount of money because you're spending more money for that education than you're going to spend on anything else when you're fucking 18 years old. 0.92

01:49:52.000 There's nothing even remotely close to a year in a university degree unless you're buying a new car every year. 0.99

01:49:58.000 Like, what the fuck are you spending that kind of?

01:50:00.000 Like, what is, how much, like, let's, what's Harvard a year right now? 0.99

01:50:05.000 How much per year is Harvard?

01:50:07.000 What is it, 50, 60?

01:50:08.000 I don't know.

01:50:09.000 Way more than that?

01:50:10.000 Depends if you're in state and out of state too, but I don't think it's a state school.

01:50:14.000 But student loan balances people borrow on average ranges from $25,000 to $40,000 for just an 18 year old to sign away.

01:50:21.000 Nuts.

01:50:22.000 Well, through their four year degree.

01:50:25.000 It's crazy.

01:50:26.000 And it's all administrative bloat now, too.

01:50:28.000 It's not even going to anything.

01:50:28.000 Yeah.

01:50:29.000 It's also subsidized.

01:50:30.000 Like the whole thing is gross.

01:50:31.000 $62,000 for undergrads.

01:50:33.000 $62,000 a year.

01:50:35.000 What else are you spending $62,000 a year on?

01:50:37.000 That's what it's all about.

01:50:38.000 Now imagine, what's that, Jimmy?

01:50:40.000 Including housing, health fees, and student services.

01:50:40.000 It's without fees.

01:50:44.000 That's how you.

01:50:45.000 Oh, including housing, health fees, and student services coming to approximately $86,000 to $95,000 before financial aid.

01:50:53.000 So with housing, health fees, and human services, it could get to $95,000. 0.95

01:50:58.000 Thousand dollars a year that's fucking crazy.

01:51:02.000 And if you go through that and you get a degree in gender studies, yes, that's wild. 0.98

01:51:07.000 Now, for a fact, there's a sixty two thousand dollar car out there, but for a fact, they will not lend that car amount to an 18 year old.

01:51:16.000 I don't know why they would do it for a college degree.

01:51:17.000 So, it is kind of new York Times, 1983, about it's titled 1980s grads baby boom to job bust.

01:51:26.000 This sounds a lot like right now, but doesn't mention anything about debt or AI.

01:51:31.000 Yeah.

01:51:32.000 So more than 900,000 of them in the 1980s have discovered that they must put aside college daydreams and settle for jobs that do not require a degree if they want to work at all.

01:51:42.000 So this was when?

01:51:43.000 1983.

01:51:45.000 Whoa.

01:51:46.000 Yeah, they're all going in for jobs and none of the jobs that they want are available.

01:51:51.000 So they're going to have to, you know.

01:51:52.000 They're getting paid for the job.

01:51:53.000 Go back to that.

01:51:54.000 It says, yeah, the Federal Bureau of Labor Statistics has long predicted that the number of college graduates would exceed the number of technical, managerial, and professional jobs available to them.

01:52:03.000 A result in part of a decade and a half long influx of well educated baby boom generation into the labor market.

01:52:13.000 The problem is, like, young kids, if you ask kids, the vast majority of them what they want to do, I think, I know this is in California, it was like overwhelmingly they wanted to be famous.

01:52:26.000 Yeah.

01:52:27.000 I mean, we're in the world of influencers, it makes sense.

01:52:29.000 Everyone's trying to be a TikToker.

01:52:31.000 Well, everyone's also wanting to do what you're doing. 0.96

01:52:33.000 Yeah.

01:52:34.000 You're an entertainer now.

01:52:36.000 You're giving financial advice, but you're also an entertainer.

01:52:39.000 Yeah, it's very cool, and I wish everyone could do it.

01:52:42.000 Most of us aren't lucky.

01:52:43.000 I got lucky.

01:52:44.000 I don't know.

01:52:45.000 I mean, this is not a realistic thing, right?

01:52:46.000 We got to be realistic.

01:52:47.000 But what does that mean?

01:52:49.000 If someone can do it, you can do it.

01:52:51.000 The numbers aren't good in terms of the amount of people that are going to make it, but what are those factors that are keeping people from figuring out how to do it?

01:52:59.000 Well, you know what, though?

01:53:01.000 I wasn't fucking retarded about it, I had a full time job. 0.92

01:53:04.000 And I only allowed myself to go full time on this thing once I proved I had enough income to replace it for a few months consistent. 0.93

01:53:12.000 Most people, they're like, let me just quit my job, borrow some money, and start recording some videos. 1.00

01:53:16.000 Like, you're a moron. 1.00

01:53:17.000 You're going to fail at that. 1.00

01:53:19.000 I was strategic.

01:53:20.000 If I didn't work or if this didn't work for me, I would still have that job because I didn't quit that job.

01:53:26.000 What were you doing?

01:53:27.000 I was a product manager at a tech company.

01:53:30.000 Did you hate it?

01:53:32.000 Kind of.

01:53:32.000 Actually, yeah, that's why I started applying for other jobs, and a YouTuber almost hired me.

01:53:36.000 Then he didn't, so I did it myself.

01:53:38.000 That was kind of the path.

01:53:40.000 So, what was the job that you were going to get hired for, the YouTuber?

01:53:44.000 Do you know Tyler Oliveira?

01:53:46.000 No.

01:53:47.000 Oh, you've probably seen his clips. 1.00

01:53:48.000 He runs around and, like, records, like, oh, look at all these Indians in Frisco, that kind of stuff. 1.00

01:53:52.000 Okay. 0.99

01:53:53.000 Either way, I was going to be like a production manager for him.

01:53:57.000 Good guy, but I just didn't get the job.

01:53:59.000 So, yeah, but I wanted to be a YouTuber.

01:54:01.000 So, you decided I'm going to just go into it myself?

01:54:04.000 Yeah, I just recorded, ordered a bunch of equipment and set up.

01:54:09.000 And started recording Financial Audit.

01:54:11.000 Because it was a show I wanted to see, but it didn't exist yet, so I decided to make it myself.

01:54:16.000 Really?

01:54:17.000 So, no background at all in entertainment?

01:54:19.000 No, I was like making stuff like making music.

01:54:22.000 That's why I went to college making YouTube videos with friends in high school.

01:54:27.000 But in an ideal world, would you be making music?

01:54:31.000 No, I'm way richer than.

01:54:33.000 But is that what you like better than the actual music itself?

01:54:36.000 No, this is so much more fun because it impacts more people's lives.

01:54:39.000 It really does. 0.97

01:54:40.000 Like, that's fucking cool. 0.93

01:54:41.000 I mean, there's a lot of YouTubers, but being able to leave a legacy and actually say that you've helped tens of thousands, if not hundreds of thousands of people actually fix their lives, that's actually something special. 0.97

01:54:53.000 Yeah.

01:54:54.000 That's something special that not a lot of people get to say.

01:54:56.000 So I don't want to give that up.

01:54:58.000 That is cool.

01:54:59.000 But do you still do music at all?

01:55:02.000 Not really.

01:55:03.000 It was like concert band composition.

01:55:05.000 And I'll be honest, I don't think they would let me into the world because I'm right wing coded.

01:55:10.000 And it sounds like a joke, but it's actually real.

01:55:15.000 If you go on the music side of Facebook where they all are different band directors and different things like that, they're all very, very woke, which is cool.

01:55:25.000 I'm down to hang out with them.

01:55:27.000 Grab a beer with them, but they kick you out.

01:55:30.000 Wow.

01:55:31.000 Yeah.

01:55:32.000 It's pretty toxic.

01:55:33.000 But no, I mean, for fun, I write a little on the side, but my passion is this thing.

01:55:38.000 Do you perform music or you just write it?

01:55:40.000 I used to play trombone, but it was mostly writing it.

01:55:43.000 That was the passion.

01:55:44.000 But my passion is building my business now.

01:55:47.000 I have 40 people that work for me here in Austin.

01:55:50.000 You have 40 employees?

01:55:50.000 It's really cool.

01:55:52.000 We're doing a lot of different things.

01:55:52.000 Yeah.

01:55:54.000 We have over 100,000 people to our paid membership on YouTube.

01:56:00.000 So, that's an entire business on its own.

01:56:02.000 It's crazy huge.

01:56:03.000 So, what is the paid membership?

01:56:04.000 What's the difference between the paid membership and the free membership?

01:56:07.000 It's $10 a month, and they get access to.

01:56:10.000 We put on three premium shows that me and my production staff make daily.

01:56:14.000 So, we have a whole almost like network for them to consume behind the paywall.

01:56:18.000 And what are these shows about?

01:56:20.000 It's a variety of things.

01:56:21.000 It's breaking down financial audit episodes.

01:56:23.000 We have a show called Fat and Fatter, where me and one of my talent people or whatever, we.

01:56:30.000 Test food from different restaurants and rank them based on finances.

01:56:33.000 They're all finance based shows.

01:56:35.000 So there's just these really cool, fun things that engage with the community and they love supporting it.

01:56:41.000 So almost 110,000 people a month subscribe to that, which is really cool.

01:56:45.000 That's amazing.

01:56:46.000 Yeah.

01:56:47.000 And then the budgeting app, DollarWise, that we're building, financial audit.

01:56:51.000 And then we have these personal services on our own website as well.

01:56:55.000 So people can apply for personal loans and things like that.

01:56:57.000 So we're trying to really scale something.

01:56:59.000 And that's much more of a passion than writing music.

01:57:02.000 Ever was so it's much more fun.

01:57:04.000 That's very interesting.

01:57:06.000 So, you're doing that.

01:57:07.000 You got the dollar wise app, you have this YouTube thing where people can subscribe.

01:57:12.000 So, but you seem like you've got some plans to build out and to take this even further.

01:57:18.000 We want to scale this budgeting app like a lot, we want to really make it one of the top dogs out there and really provide a value that isn't being met in the marketplace.

01:57:18.000 Oh, yeah.

01:57:28.000 Um, I'd love to build up some other YouTubers at some point.

01:57:31.000 I, you know.

01:57:32.000 We have figured out the algorithm.

01:57:34.000 We figured out what people like.

01:57:36.000 And I want to help other people that want to create different finance content.

01:57:39.000 Because finance content is boring, like you said.

01:57:41.000 Yeah.

01:57:42.000 And we found a way to make it interesting and entertaining.

01:57:44.000 I'd love to help some other people launch their stuff.

01:57:47.000 And then, like the personal financial tools, similar to what Ramsey has, Dave Ramsey, they connect people with mortgages and stuff.

01:57:54.000 We want to make sure we can provide that, but in a way that isn't so limited and stringent to a strict ideology.

01:58:00.000 So there's a lot in the market that's not being met that I really want to build out.

01:58:05.000 And for young people, like to have a resource like that where there's someone who doesn't have a boring, stale sort of perspective that could teach you how to budget yourself and how to, like, take your money and invest it.

01:58:16.000 And then I'm sure there's a ton of online platforms that show you how to cook, that can show you how to shop, how to, you know, how you can save money by going to a grocery store and what's cost effective and getting your nutrition in, but also saving some money.

01:58:35.000 Yeah.

01:58:36.000 I'm sorry.

01:58:36.000 What's the question?

01:58:37.000 No, it's like it's a beautiful time for young people if they access these things.

01:58:42.000 I'm just saying that, like, for young people that are listening to you and, like, I don't know what to do, oh, You're right.

01:58:49.000 Oh, I do spend, like, let me look at the amount of money I spend just getting DoorDash. 0.99

01:58:53.000 Holy shit. 0.98

01:58:55.000 That's actually a large percentage of my check. 0.99

01:58:57.000 And how much would it be if I just went to the grocery store once a week and I got all my food for the week?

01:59:03.000 Jesus Christ, I'd save $300.

01:59:05.000 Here's the reality you don't get to have fun if you don't have a fully funded emergency fund.

01:59:11.000 That's a basic reality.

01:59:13.000 Only 60% of Americans can cover a $400 emergency, meaning 40% can't.

01:59:17.000 That's $400.

01:59:19.000 So, when you say emergency fund, what do you consider an emergency fund?

01:59:23.000 So, there's a debate between three months to six months of everything you need to live for a month.

01:59:27.000 I'm on that six month side because things like the pandemic and shutdowns, we're in that kind of world now.

01:59:32.000 So, you may as well go that full way, get a six month emergency fund that protects you in case of layoffs or just losing money or a medical emergency, whatever it may be.

01:59:42.000 You got a lifeline.

01:59:43.000 But that's basic.

01:59:45.000 Like, that is so critical to life for a sick pet or a broken car that if you don't have that, I don't want to see you in a drive through.

01:59:54.000 That can't be acceptable.

01:59:56.000 Going on a vacation is not acceptable if you can't protect you and your family at the basic level.

02:00:02.000 I'll give you a little bit of grace if you're not fully investing.

02:00:05.000 Okay. 0.99

02:00:05.000 But this is like basic survival shit. 0.99

02:00:08.000 It needs to be just as critical as having like a first aid kit in the house because it's that serious. 1.00

02:00:13.000 And that's what causes Americans to just fuck up their houses financially.

02:00:18.000 An emergency happens, a layoff happens, and they're not ready. 0.96

02:00:21.000 It's scary, and people are not ready.

02:00:24.000 I know.

02:00:24.000 It's like that.

02:00:25.000 The problem is hearing that with young people, it's like that's boring.

02:00:29.000 It is.

02:00:30.000 I know.

02:00:31.000 They don't want to think that way.

02:00:32.000 They just want to go have fun.

02:00:33.000 They want to play video games.

02:00:35.000 They want to go to the bar.

02:00:36.000 Which is fair.

02:00:37.000 But a six month emergency fund isn't that crazy.

02:00:39.000 It's not saving millions for retirement.

02:00:41.000 Do that, then have some fun.

02:00:43.000 Get to three months, then have a little bit of fun while you're saving to six.

02:00:47.000 Just that.

02:00:48.000 Or at least at a minimum, be able to cover your highest insurance deductible or like a one month emergency fund.

02:00:54.000 Have something.

02:00:55.000 The fact that 40% don't have $400.

02:00:58.000 Set aside, not for a rainy day, for an actual emergency is terrifying.

02:01:03.000 Yeah.

02:01:04.000 So, now what are your thoughts on crypto?

02:01:06.000 I like crypto.

02:01:08.000 I have a small amount of Bitcoin in my portfolio.

02:01:11.000 It's pretty good.

02:01:13.000 10% of Americans use it as an investment tool.

02:01:15.000 So, it's still pretty small for the overall American public.

02:01:21.000 But, I mean, I like it in general.

02:01:24.000 Have we hit the full bubble and pullback?

02:01:26.000 I wonder.

02:01:27.000 Well, it's the crypto outside of Bitcoin gets very odd.

02:01:31.000 Like meme coins, and you know, I'm heavily invested in Melania coin.

02:01:36.000 I don't know about you.

02:01:37.000 No, not personally.

02:01:38.000 I'm kidding.

02:01:39.000 Not in my portfolio.

02:01:40.000 There's like things like that where, like, what's going on?

02:01:43.000 Like, who's putting their money into the Hoktua coin?

02:01:46.000 Yes.

02:01:47.000 You know what I mean?

02:01:48.000 It's like this is a very weird gambling thing we're doing.

02:01:51.000 It's like a legal pyramid scheme.

02:01:53.000 Yes, exactly.

02:01:55.000 And it's mostly just used by people for a get rich quick.

02:01:57.000 Real quick. 1.00

02:01:58.000 I don't even know if she made money. 1.00

02:02:00.000 I think she got fucked. 1.00

02:02:01.000 I think she got fucked, and her reputation got destroyed. 1.00

02:02:03.000 Like, people hated her, they were angry at her after. 0.99

02:02:06.000 Yeah, she gets like 5,000 views a video now.

02:02:08.000 I think she got sucked into this idea, you know, somehow or another that it was going to be okay.

02:02:08.000 It's pretty brutal.

02:02:14.000 Like the people that got sucked into the NFT thing.

02:02:17.000 I remember, man, how many conversations did we have about NFTs where I was trying to get someone to explain it to me?

02:02:23.000 Like, no one can explain this to me in a way that makes sense why I can get that same picture and put it on my phone and it's free, but you have that picture on your phone and you own it.

02:02:34.000 And then it died in six months.

02:02:34.000 Yeah.

02:02:35.000 Right.

02:02:36.000 So, but that was one where I was like, what are they trying to sell and how are so many people buying it?

02:02:43.000 Where if you can't explain to me what you're selling, but yet, Millions of dollars.

02:02:43.000 Yeah.

02:02:48.000 I know a guy who made over a million dollars in art NFTs.

02:02:52.000 Yeah, no, it's an actual thing.

02:02:53.000 And I think what every single person that gets in every pump and dump thinks they're going to do is get the pump, but not the dump.

02:03:01.000 They think they're going to be that exception.

02:03:03.000 They're not going to be.

02:03:04.000 It's like day trading.

02:03:06.000 Day trading is even better.

02:03:07.000 And that's still only 85% or 15% win.

02:03:11.000 Only 15% win day trading, which is higher than you'd think.

02:03:14.000 Wait a minute.

02:03:14.000 Yeah.

02:03:15.000 So 85% lose at day trading?

02:03:17.000 Yes, actual like day trading, like inter day trading.

02:03:20.000 It's brutal. 1.00

02:03:21.000 Holy shit. 1.00

02:03:22.000 Those pump and dumps are even worse. 1.00

02:03:23.000 But everyone's a special little snowflake.

02:03:26.000 They think they're going to be the one.

02:03:28.000 They're going to beat the system.

02:03:30.000 Yeah.

02:03:31.000 It doesn't work.

02:03:31.000 But I think there's some good value in like Ethereum or Bitcoin.

02:03:35.000 It's actually being utilized.

02:03:37.000 Isn't it good value?

02:03:38.000 Aren't these meme coins also a good way to launder money?

02:03:41.000 Oh, well, launder actually.

02:03:43.000 That's interesting.

02:03:44.000 I wouldn't be surprised.

02:03:44.000 I bet.

02:03:46.000 So certainly distribute money to people.

02:03:48.000 Like if you made a Caleb coin and I said, what do you think?

02:03:48.000 Sure.

02:03:52.000 I got an idea.

02:03:53.000 Well, you and I collaborate. 0.99

02:03:54.000 I'll finance your Caleb coin and you dump out early and you get all this money from it and fuck all these other people that thought they were going to make money and they're not going to anyway. 0.97

02:04:03.000 And now you've got that money and now we're going to work together to do something else. 0.97

02:04:08.000 Yeah.

02:04:09.000 No, it's crazy.

02:04:10.000 It's a way to move money around in a way that's not directly financially compensating someone, but yet you are.

02:04:15.000 And there's entire websites dedicated to the pump funds.

02:04:18.000 I think it's like pump.fund.

02:04:20.000 Pump.fund.

02:04:20.000 Really?

02:04:21.000 Something like that.

02:04:22.000 You can make a coin, you can invest in a coin.

02:04:23.000 It's all for pumps, but they just, everyone thinks they're going to be a part of the pump.

02:04:27.000 Not the dump.

02:04:29.000 It's crazy.

02:04:30.000 But this is the Wild West of unregulated currency.

02:04:34.000 And my fear is people are going to eventually wind up being stuck in a centralized digital currency that the government controls.

02:04:34.000 Yeah.

02:04:44.000 And it's attached to a social credit score system.

02:04:47.000 And, you know.

02:04:49.000 That's scary.

02:04:49.000 Okay.

02:04:50.000 That's a scary thought.

02:04:51.000 Further down a scary path.

02:04:52.000 Well, people have actually proposed that, saying that we need this to compete with China.

02:04:57.000 I've heard this.

02:04:57.000 Really?

02:04:58.000 Yeah.

02:04:58.000 I've heard this being proposed by politicians.

02:05:00.000 It's quite terrifying because if they can turn your money off or on, if they have it, and turn your ability off or on to buy things, whether you can buy plane tickets or if you're problematic, you've done something that's crazy.

02:05:16.000 But that's where all this control goes to.

02:05:18.000 Sure.

02:05:19.000 It definitely goes to like what's the best way to control people?

02:05:21.000 Completely eliminate their ability to spend money, lock their money.

02:05:25.000 Or still let people smoke meth on the trains.

02:05:28.000 You know, we have a racist system, Caleb, and a lot of these people have been.

02:05:34.000 Victimized from the time they're young. 0.88

02:05:36.000 I've always said that if you want to make America great, really what you've got to do is have less losers. 0.93

02:05:36.000 Yeah. 0.93

02:05:42.000 So figure out what's going on: why are there so many people that are homeless?

02:05:46.000 Why are there so many people that are locked into these crime-infested neighborhoods and gang-infested neighborhoods?

02:05:52.000 And this cycle completes itself over and over again, decade after decade.

02:05:57.000 Invest money in that.

02:05:59.000 You want to make the world a better place?

02:06:01.000 Fix all that.

02:06:02.000 But there's no effort to do that whatsoever.

02:06:04.000 And no politicians ever bring it up, it's never a discussion.

02:06:07.000 Yeah, and it's good to set up incentives in the system as well.

02:06:12.000 Well, so California is moral on a right, a lot of things with their social programs, but because a lot of their social programs and everything they've set up and safety nets, they're 49th in unemployment.

02:06:23.000 Like, it's not great.

02:06:24.000 The incentive isn't there for people to go out.

02:06:27.000 Is that really what they are at 49th?

02:06:28.000 I think they were 50th until recently.

02:06:30.000 Oh, God.

02:06:31.000 Yeah.

02:06:32.000 No, it's not great, but an incredible tech boom and whatnot.

02:06:35.000 But when the incentives are, you know, easy to manipulate and take advantage of.

02:06:41.000 What percentage of people in California are unemployed?

02:06:44.000 Let's find that out.

02:06:44.000 I don't know.

02:06:47.000 It's 48 now.

02:06:48.000 48.

02:06:49.000 California is moving on up 5.3%.

02:06:52.000 But that's also 5.3% of people that are actively looking for jobs.

02:06:56.000 Exactly.

02:06:57.000 They drop off as soon as they stop looking for a job.

02:07:00.000 Which many of the young men are not.

02:07:03.000 They're not doing anything.

02:07:04.000 And how are they making money?

02:07:06.000 I don't know.

02:07:06.000 Parents.

02:07:07.000 I don't know. 1.00

02:07:07.000 It's pretty pathetic, I'll be honest. 1.00

02:07:10.000 You imagine if you're a fucking parent in your 60s. 1.00

02:07:15.000 And your 40 year old son is living at home with you? 0.99

02:07:18.000 No, I was pulling up some nerd stats before coming on here, and I was reading through Bureau of Labor Statistics or Gallup poll that 40% of people aged 18 to 29 regularly receive help from family and relatives.

02:07:36.000 Wow.

02:07:37.000 Which is an incredible percentage of that age group.

02:07:41.000 That's scary.

02:07:42.000 Yeah.

02:07:43.000 Again, the incentive is like, I don't know.

02:07:45.000 When I was 18, I'm not even that old.

02:07:45.000 I don't know.

02:07:48.000 But when I was 18, I was so excited to go out there and be independent and be on my own.

02:07:48.000 I'm 31.

02:07:51.000 That was everything.

02:07:52.000 I was so excited to make my way in this world.

02:07:55.000 I wouldn't want to leech.

02:07:56.000 I wouldn't want to leech on any system.

02:07:59.000 I'd want to, but maybe that's why I'm successful.

02:08:01.000 I don't know.

02:08:02.000 Maybe I am.

02:08:02.000 That definitely has a fact.

02:08:04.000 It's a part of it.

02:08:05.000 It's a factor.

02:08:06.000 But there's a lot of people that just do nothing and they're not looking for anything else.

02:08:09.000 And I don't think we should support those who need help.

02:08:14.000 I'm for robust social safety systems, people that become unemployed.

02:08:17.000 People that need help getting food on the table for their family, that stuff is important.

02:08:22.000 But if we are enabling bad behavior, it doesn't work.

02:08:25.000 And then we have a failed society because people aren't going and creating things.

02:08:28.000 Luckily, we're not there yet, but I just don't want to head there.

02:08:31.000 Yeah.

02:08:31.000 And the recognition of human nature is not cruelty.

02:08:34.000 It's just you really can't help people all the time.

02:08:37.000 They have to be able to help themselves.

02:08:39.000 And one of the best motivating factors for helping yourself is desperation.

02:08:44.000 Yeah.

02:08:45.000 People don't like to hear that, but that's true.

02:08:47.000 If you bail people out every time, they're never going to bail themselves out.

02:08:51.000 And that's just a fact.

02:08:52.000 This doesn't mean that a family that's on hard times, that's down on their luck, shouldn't get social safety nets.

02:08:52.000 Yeah.

02:08:57.000 Of course they should.

02:08:59.000 That's a big part of a community.

02:09:00.000 A community should help its vulnerable people.

02:09:03.000 It's a part of it.

02:09:04.000 But you also have to teach people how to not be vulnerable.

02:09:07.000 I think that's a great part of what you provide.

02:09:10.000 How does this make any sense?

02:09:12.000 What does it say?

02:09:14.000 California holds contrasting unemployment rankings depending on the metric.

02:09:18.000 It ties for the highest unemployment rate in the nation, but places second overall for the best states to work due to strong wage policies and worker rights.

02:09:27.000 But that's also probably why a lot of people are unemployed.

02:09:29.000 Yeah.

02:09:30.000 I mean, those that get a job have it great.

02:09:32.000 I mean, same thing happens in places like France where they have aggressive unemployment.

02:09:36.000 But if you get a job there with the vacation policies and worker rights, it's like the best thing in the world.

02:09:42.000 It's incredible.

02:09:43.000 Like, even in Poland, which is one of the more capitalistic countries in the EU, if you get fired, they still got to let you work for them for a month or two.

02:09:52.000 Yeah.

02:09:52.000 Oh, really?

02:09:53.000 Like, you have to let the employee you fired work for you for a couple months still.

02:09:58.000 Like, it's pretty brutal.

02:09:58.000 So they have to still show up?

02:10:00.000 Yeah, they still have to show up.

02:10:02.000 So when you get fired, you have a two month grace period?

02:10:05.000 Basically, basically.

02:10:07.000 Wow. 1.00

02:10:08.000 Imagine how bad that guy's going to perform when he has to get paid and he's there for two months and you have to deal with this disgruntled asshole kicking around the office. 1.00

02:10:17.000 Yeah. 0.99

02:10:17.000 So that's what I'm talking about when I'm talking about performative policies. 0.99

02:10:20.000 It's nice, it sounds good.

02:10:21.000 I don't morally disagree with most of anything California does.

02:10:26.000 All I care about is outcomes.

02:10:28.000 But politicians don't get elected based on outcomes, they get elected based on what sounds good in an election cycle, what they can promise, the performative things they promise.

02:10:38.000 Outcomes are never tracked.

02:10:39.000 They're not what matters.

02:10:40.000 That outcome is 48th in unemployment.

02:10:42.000 That's the actual outcome.

02:10:44.000 You were a little anti California when I see clips, and you didn't even know it was 48th.

02:10:49.000 Like, that is crazy.

02:10:51.000 Like, we should know that, but outcomes is not what's tracked here.

02:10:51.000 Yeah.

02:10:54.000 We don't track that.

02:10:55.000 It's not in our nature.

02:10:57.000 It's not in the politicians' nature either.

02:10:58.000 Well, it's just such a problem with people that finance and talking about money and talking about jobs is just not sexy.

02:11:05.000 They just don't enjoy it.

02:11:06.000 Yeah, for sure.

02:11:07.000 You know, and it's part of the reason why so many people. Are on these bad paths is that they don't have these thoughts in their head.

02:11:14.000 They don't really understand. 0.98

02:11:15.000 And I think that's one of the more important things about these conversations that you're having is that people do need to hear what the consequences are for fucking up, what the consequences are, and that there's a path forward that you can actually fix your fucking situation. 0.96

02:11:28.000 Everyone, we are so lenient in this country with our bankruptcy protection laws. 0.98

02:11:32.000 It's crazy.

02:11:34.000 We are, if there is a place to escape a bad financial situation you're in, the United States is pretty damn good.

02:11:42.000 Except for student loans.

02:11:44.000 Except for student loans.

02:11:45.000 11% of current federal student loans are under default.

02:11:49.000 That's the biggest of any kind of debt category in the country.

02:11:52.000 It's bad.

02:11:53.000 And people don't understand the consequences. 1.00

02:11:54.000 And you know what's so stupid? 0.99

02:11:55.000 This is what pisses me off because I have people talk to me about it all the time. 1.00

02:11:58.000 They say the student loan system is fucked, and relatively it is, but they get why wrong. 0.98

02:12:04.000 They say this is too expensive. 0.99

02:12:05.000 I can't pay it.

02:12:06.000 And if I don't pay it, then they're going to garnish my wages because of when it defaults.

02:12:11.000 Brother, Republican Donald Trump.

02:12:14.000 Signed in the big beautiful bill the repayment assistance program, which is different than the previous program, but that allows as little as 1% of your income, depending on your income situation, to qualify as the minimum monthly payment.

02:12:28.000 1%.

02:12:29.000 You won't default.

02:12:31.000 Do 1%.

02:12:32.000 But they're complaining that it's too expensive.

02:12:34.000 They're just not willing to look into the actual reality and just say, hey, give me on the repayment assistance program.

02:12:41.000 They just want to be victims, say it's all bad, it's all evil, it's not perfect, but they don't understand why.

02:12:46.000 They complain about the wrong thing. 0.98

02:12:48.000 What's wrong is we'll let you borrow whatever you want to get whatever bullshit degree at whatever college you want to go to. 0.98

02:12:53.000 That's what's wrong. 0.93

02:12:54.000 Every time we raise how much you can borrow for school, schools conveniently raise how much it costs to go to school.

02:13:02.000 When it was cheap to go to school, when everyone was like, back in my day, it was cheap to go to school, it didn't, you couldn't borrow money to go to school.

02:13:11.000 It's set in line.

02:13:12.000 Right, right. 0.88

02:13:14.000 Why wouldn't they charge more for administrative blow in creating, like, Southern schools have, I think in Alabama, a freaking. 0.86

02:13:22.000 Lazy river on their campus. 0.67

02:13:24.000 It's a recruitment tool. 0.91

02:13:26.000 They do that.

02:13:26.000 If you can borrow more money, they will charge more money.

02:13:30.000 What does it say, Jimmy?

02:13:31.000 You can technically get your student loans discharged via bankruptcy.

02:13:35.000 There's just a few different ways to do it.

02:13:36.000 But it's not automatic and takes extra steps and proof of undue hardship.

02:13:41.000 What is that?

02:13:42.000 How do they define undue hardship?

02:13:43.000 Well, you've got to go to a judge.

02:13:46.000 So, like, maybe if you got paralyzed?

02:13:49.000 Honestly, it's going to be case by case, but I've looked it up a couple times and you can't.

02:13:54.000 It's not.

02:13:55.000 It's just difficult.

02:13:56.000 Yeah.

02:13:56.000 It's just impossible.

02:13:58.000 A trudge.

02:13:59.000 It's pretty rare, as far as I know.

02:14:00.000 Yeah, as far as I know as well.

02:14:02.000 Listen, Caleb, I think what you provide is very valuable.

02:14:05.000 Yes, sir.

02:14:05.000 I really do.

02:14:06.000 And then you've found this new avenue where you're entertaining, but you're talking about finances and giving people really good advice, sound advice. 0.99

02:14:17.000 And if you don't follow your advice, people are going to continue down the same fucking shitty road and their life will be ruined. 0.97

02:14:24.000 And I think it's awesome that you do that. 0.98

02:14:26.000 And it's awesome that you figured out a way to do it and make it entertaining and fun.

02:14:30.000 Thank you.

02:14:30.000 I appreciate that.

02:14:31.000 So, my pleasure.

02:14:31.000 Thank you.

02:14:32.000 And thanks for being here.

02:14:33.000 And one more time your app, tell everybody DollarWise.

02:14:36.000 DollarWise.

02:14:38.000 From the App Store, Android as well, so I don't know anything.

02:14:40.000 And your YouTube channel is?

02:14:43.000 Caleb Hammer.

02:14:44.000 Just straight up.

02:14:45.000 And then Instagram, all that stuff is Caleb Hammer.

02:14:46.000 I'm Caleb Hammer.

02:14:48.000 All right.

02:14:48.000 Thanks, sir.

02:14:49.000 That's fine.

02:14:50.000 Bye, everybody.

The Joe Rogan Experience - June 04, 2026

Joe Rogan Experience #2509 - Caleb Hammer

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