Podcasts about economic

Yascha Mounk and Martin Wolf also discuss the impact of artificial intelligence on the economy—and humanity. Martin Wolf is Associate Editor and Chief Economics Commentator at the Financial Times, London. In this week's conversation, Yascha Mounk and Martin Wolf discuss what Trump's pick of Kevin Warsh could mean for the Fed, whether “TACO” (Trump Always Chickens Out) is a sustainable pattern, and how Trump's economic ambitions compare to those of truly revolutionary leaders. If you have not yet signed up for our podcast, please do so now by following ⁠this link on your phone⁠. Email: leonora.barclay@persuasion.community Podcast production by Jack Shields and Leonora Barclay. Connect with us! ⁠Spotify⁠ | ⁠Apple⁠ | ⁠Google⁠ X: ⁠@Yascha_Mounk⁠ & ⁠@JoinPersuasion⁠ YouTube: ⁠Yascha Mounk⁠, ⁠Persuasion⁠ LinkedIn: ⁠Persuasion Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Truth Be Told with Booker Scott – Congressional budget delays weaken emergency preparedness, threaten FEMA response, and leave communities vulnerable during crises. Political theater replaces stewardship as agencies are held hostage to ideological fights. Economic gains and civic institutions are put at risk while education drifts from free inquiry. The piece calls citizens to vote, serve locally, defend liberty, and restore responsibility in...

Our speaker is Francisco Rodriguez who is a Senior Research Fellow at the Center for Economic and Policy Research and the author of the recent book The Collapse of Venezuela: Scorched Earth Politics and Economic Decline, 2012-2020.I want to learn from Francisco about the importance of sanctions to explain the catastrophic performance of Venezuela's economy for the past 20 years. I also want to hear about whether the US should encourage a negotiated settlement between members of the regime and its opposition to create a functioning civil society. Get full access to What Happens Next in 6 Minutes with Larry Bernstein at www.whathappensnextin6minutes.com/subscribe

Can an economic strike send an effective message to the government? Kara and Scott discuss the ways people can use their wallets to protest, including a new resource from Scott himself.  Plus, Kara is not impressed with Tim Cook's call for de-escalation in Minnesota. Then, will landmark lawsuits over social media addiction lead to any lasting change? And the S&P 500 crosses the 7,000 mark for the first time, ahead of major Big Tech earnings from, Meta, Microsoft, and Tesla. Also, Kara's new CNN show has a name: Kara Swisher Wants to Live Forever! You can pre-order Vivian Tu's book Well Endowed here, and can listen to Networth and Chill here. Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠. Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠. Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠. Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠. Send us your questions by calling us at 855-51-PIVOT, or email pivot@voxmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Patrick T. Harker, former President of the Federal Reserve Bank of Philadelphia and current Wharton Professor of Operations, Information, and Decisions, draws on his experience to discuss why monetary policy has clear limits, the need for political follow-through on fiscal and workforce issues, and how investments in education, skilled trades, and digital innovation are essential for securing the nation's long-term economic future. Hosted on Acast. See acast.com/privacy for more information.

In The City's Defense: The Bank of England and the Remaking of Economic Governance, 1914-1939, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War Responding to mass unemployment and volatile exchange rates, the Bank expanded its reach into areas outside the traditional scope of central banking, including industrial policy and foreign affairs. It designed a system of economic governance that reinforced the preeminence of sterling as a reserve currency. Drawing on a range of archival evidence from national governments, private corporations, and international organizations, Yee reevaluates our understanding of Britain's impact on the global economic order. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Xi Jinping is purging again. Generals once seen as untouchable are gone, rivals erased, loyalty enforced through fear. Is this the move of a leader under real threat or the paranoia of a man who has ruled too long and trusts no one? To find out more, Venetia talks to Political Scientist Shanshan Mei from RAND Corporation.UK Prime Minister Keir Starmer has been to Beijing, the first British leader to do so in eight years, talking trade, visas and whisky tariffs while security concerns barely made the script. We hear from The Telegraph's Ben Riley-Smith, behind the smiles come burner phones, burner laptops, fears of honey traps and even planes being bugged. Economic opportunity versus national security. Values versus power. Meanwhile Britain faces its own reckoning. Spies in Parliament. Phones hacked inside Downing Street. A vast Chinese mega embassy rising in central London amid warnings from MI5. Venetia is joined in the studio by The Telegraph's Gareth Corfield and Rozina Sabur to discuss the extent of the national security threat posed by China.Read Rozina Sabur's hacking scoop: https://www.telegraph.co.uk/news/2026/01/26/china-hacked-downing-street-phones-for-years/Read Gareth Corfield's embassy scoop: https://www.telegraph.co.uk/news/2026/01/12/revealed-china-embassy-secret-plans-spy-basement/Read Colin Freeman's analysis: https://www.telegraph.co.uk/news/2026/01/27/general-zhang-youxia-chinas-nuclear-secrets/Producer: Peter ShevlinExecutive Producer: Louisa Wells► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditorContact us with feedback or ideas:battlelines@telegraph.co.uk @venetiarainey@RolandOliphant Hosted on Acast. See acast.com/privacy for more information.

Simon Constable faults Prime Minister Starmer's lack of leadership, criticizing the British leader's failure to articulate vision or direction as the United Kingdom drifts through economic and political uncertainty.1849 MONET

Ann Stevenson-Yang and Gordon Chang comment on the low spirits and isolation of mainland Chinese singles, examining the demographic and social crisis as young people struggle with loneliness and economic pressures.

Stay informed on current events, visit www.NaturalNews.com - Special Report on Military Minerals Supply Chain (0:10) - Gold and Silver Market Analysis (0:47) - Introduction to Stable Coins and Their Risks (3:41) - Critique of Stable Coins and Government Control (12:28) - Alternatives to Stable Coins and Government Control (27:21) - The Day That Maga Died (1:00:16) - Conservative Influencers and Government Violence (1:11:29) - The Future of Conservative Politics (1:11:49) - Gold and Silver Pricing Trends (1:23:18) - Government Execution Squads and Freedom of Speech (1:24:17) - Government Weaponization and Civil War (1:27:06) - Alex Jones' Trial and Principle (1:28:56) - ICE Agents and Legal Rights (1:33:11) - Government Death Squads and Civil War (1:39:20) - Alex Jones' Altercation with ICE (1:40:24) - Conservative Reactions to Alex Jones' Death (1:47:33) - Kyle Seraphin's Background and FBI Experience (1:55:45) - Law Enforcement Training and ICE Operations (2:14:34) - Government Corruption and Financial Fraud (2:19:02) - Systemic Breakdown and Governmental Dysfunction (2:20:07) - The Role of States and Local Governments (2:33:29) - Historical Parallels and Future Scenarios (2:35:59) - Economic and Infrastructure Vulnerabilities (2:38:36) - Geopolitical and Cybersecurity Concerns (2:46:03) - Military and Resource Dependence (2:48:40) - Final Thoughts and Community Building (2:51:24) Watch more independent videos at http://www.brighteon.com/channel/hrreport  ▶️ Support our mission by shopping at the Health Ranger Store - https://www.healthrangerstore.com ▶️ Check out exclusive deals and special offers at https://rangerdeals.com ▶️ Sign up for our newsletter to stay informed: https://www.naturalnews.com/Readerregistration.html Watch more exclusive videos here:

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.In today's episode, we look at the pulse of the economy through economic indicators. Plus, Robbie sits down with Sitewire's Bryan Kester for an interview that includes an exploration of how permitting friction, underestimated rehab complexity, and weak pre-funding diligence (not land or labor) have become the true constraints on housing supply, and what smarter underwriting and process discipline look like as the market adapts. And we close by talking about reaction to the latest FOMC meeting.Thank you to Truework, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIE solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage.

US President Donald Trump's border czar Tom Homan vows to stay in Minneapolis, despite calls to end immigration operation. The Assembly of First Nations cautions Indigenous travellers about entering the US, despite treaty rights. Two men killed in a shooting on a remote Cree Nation of Mistissini in Quebec; community in lockdown. UK prime minister Keir Starmer in Beijing to improve trade relationship with China. Economic trade issues expected to dominate discussion as Canada's Premiers meet with Prime Minister Mark Carney today. A Marketplace probe finds some “Canadian” products are actually made in the U.S.

Setting up an IC-DISC the right way can mean the difference between maximizing tax savings and having issues down the road. In this episode of The IC-DISC Show, I sit down with Brian Schwam, IC-DISC specialist and tax attorney, to walk through the complete IC-DISC setup and compliance process from start to finish. This conversation was inspired by a CPA request for a comprehensive guide covering every step of the IC-DISC journey. Brian breaks down the entire process chronologically, from the initial consultation to determine if a business qualifies, through the critical formation steps that can make or break your IC-DISC. We cover proper capitalization requirements, the infamous 90-day election window, why non-interest bearing bank accounts matter, and the draconian 60-day payment rule that catches many businesses off guard. He explains the difference between simple and transaction-by-transaction calculations, sharing an example where detailed analysis increased a client's commission from $4 million to $17 million on $100 million in export sales. Whether you're a CPA learning about IC-DISC for the first time or a business owner considering this strategy, Brian's systematic approach demonstrates why working with a true specialist matters when navigating these complex regulations.     SHOW HIGHLIGHTS A detailed transaction-by-transaction calculation increased one client's IC-DISC commission from $4 million to $17 million on the same $100 million in export sales. Missing the 90-day election filing window requires a private letter ruling costing $35,000-$40,000 to fix, making it cheaper to just set up a new IC-DISC. The 60-day payment rule requires paying at least 50% of your estimated commission in cash or promissory note within 60 days of year-end to avoid disqualification. Setting up an IC-DISC with no par value stock is a fatal error that will cause the IRS to reject your election, regardless of everything else done correctly. A non-interest bearing bank account is essential because even $1.50 of interest income can disqualify your IC-DISC if no commission is paid that year. Export sales typically need to reach $3-5 million before an IC-DISC makes economic sense, though exceptions exist for businesses with exceptionally high profit margins.   Contact Details LinkedIn - Brian Schwam LINKSShow Notes Be a Guest About IC-DISC Alliance Brian SchwamAbout Brian TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Brian. Welcome to the podcast. Brian Hey, good morning David. Good to be here. Dave: So I, I now refer to you as the Bob Hope of the podcast because I believe that Bob Hope holds the record for the most appearances on the Johnny Carson Show. So that's why you're like the Bob Hope of the podcast. You have more appearances than anyone else with today's appearance. Brian That's good company to be in if you're of a certain, if you're of a certain age. Dave: Yeah. And I'm not even sure you and I are quite old enough to even be of that certain age. Brian I probably never saw him on Johnny Carson. Dave: Yeah, me too. So this is an episode that was requested by a CPA of one of our clients who was retiring and he had a new. Partner taken over and he said, Hey Dave, can you send over a link to the episode that just goes through all the details of the IC disc from start to finish? And I'm like, well, we don't have that episode, but it's a great idea. So that's what's behind this. So let's start at the very beginning. Somebody calls you up and says, Hey Brian, I need an IC disc, or I want an IC disc. What's the very first step? Brian Very first step for me is to say why. Dave: Okay, Brian tell me about your business. Dave: Okay. Brian You know, do you have qualified export receipts? Do you have qualified export property? That those are very complex areas. And some people might think they do when they don't, and others might think they don't when they do. Dave: Okay. Brian And more likely than not, they heard about IC disc from. Somebody they met at a, you know, business leader meeting or something and somebody said, oh, hey, I have an IC disc. You should have one. Dave: Okay. Brian And not everybody can utilize one, but there's many out there that can utilize 'em that do not. Dave: Okay. And do you charge anything for that consultation? Brian No, because to me it's just a fact finding. Dave: Okay. So step one, figure out if their fact pattern warrants having an IC disc. Brian Right? Right. Well, it's, it's actually, that's one step. If you deter, if we determine that yes, an IC disc makes sense because they do have qualified export property, they do have qualified export receipts, then we have to talk about volumes. Because, you know, if you have 500,000 of export sales, most like more likely than not. Disc isn't gonna make sense. Dave: Economic sense when Brian you factor Right. Economic, the Dave: costs Brian not right. There's not enough benefit to offset the cost at that, at that level, most likely. Of course. It [depends on what, what it is they're selling. Dave: Sure. Do you have a rule of thumb you typically use? Is it like three or 5 million where it typically makes sense or every case Brian For most, for most businesses, that's sort of the range that where it starts to make sense, but there are always exceptions to that. Dave: Sure. Brian So like I had a client that had, you know, 600,000 of export sales, but their bottom line profit was 80%. Dave: Okay. Brian So in that instance, hey, it made sense, but for most companies that have 600,000 of export sales, it, it probably doesn't make sense. Dave: Okay. So let's say they have 5 million of exports, good margins, looks like it makes economic sense. What's the next step then? Brian Well then we talk about what is the tax structure of that exporting company? Is it a flow through entity? Is it a C Corp? And how is it owned? Sometimes [00:04:00] it's owned by a foreign company that makes things way more complicated. Okay. It's owned by a combination of different shareholders, some of which are individuals, some of which are corporations. So that can be complicated. And sometimes it's just a, it's just a pass through entity that's owned by, you know, let's say it's an S corporation that's owned by a family owned. Dave: Sure. Brian You know, so you, you can have a lot of different fact patterns and that will dictate a lot of things with, with respect. Dave: Okay. Brian To how the disc is organized. Dave: Might that also be the time? You inquire as to whether multiple discs might make sense for their structure, or do you typically just focus on kind of getting the initial disc in place and then exploring that over time? Brian Probably the latter. Dave: Yeah. Brian Initially I, you know, the goal is, you know, do you have enough activity? Do you have the right kind of activity? What kind of benefit is it that you think you can, we can get for you? And then, okay, if the answer to all those are in the positive, then it's like, okay, how should this disc be owned based on what we're trying to achieve and where should it be set up? Because that also can have a lot of negative surprises if you set it up in the wrong place. Dave: Yeah. So let's say and I think there's some rules of thumb like if if the. Exporting company is a C corp, you typically don't want the C Corp to own the disc, is that correct? Brian That is, that is correct. And that's because a C corporation pays tax on a dividend. It receives from the IC dis, so effectively there's no benefit. Dave: Okay. So with a C corp, typically it would be the individuals, individual or [individuals that Brian are Oh, the, the shareholders typically, Dave: yeah. Brian You know, possibly a management group could be involved as well, but typically we're talking about the shareholders of the C corporation. Dave: Yeah. And the shareholders of the disc do not necessarily have to mirror the shareholders of the C corp. Right. Brian That is sort of up in the air. I, I prefer that to be the case, but it doesn't have to be the case. Dave: Yeah, like in a simple example, census C Corp owned by one person and when they set it up, they wanna add a couple key employees to it. Brian Yeah. That, that, that's probably fine. You know, there's some old revenue rulings out there from the early 1980s that have a bad fact pattern, which the IRS held that the structure created gift tax issues, but that was like a mom and a dad and a son and a daughter, and mom and dad set up a disc and then gave the stock to the son and the daughter. And, and so that, that's, I see that's a bad fact pattern. What you described is a completely different fact pattern. There's no donative intent in that fact Dave: pattern. Yeah. Okay. In Brian fact, that I have a client that started out where the disc and the C Corp was. It did have mirror ownership, but over time, that has changed dramatically. But still, there's no donor of intent because we have all these unrelated families that own shares in the company in this quote company. And when there have been redemption opportunities over the years, they have the choice redeemed, the disc shares redeemed. The, the C corp shares redeemed them both. So some of like kept their dis shares, but gotten rid of the C Corp shares and vice versa. But really without the donative intent, plus some court case you know, precedent, I, I'm not [00:08:00] so concerned about that issue. Dave: Okay. Now let's switch gears and let's say it's a flow through an S-Corp partnership et cetera. Do you typically want the individuals to own it in that situation? Say that the company has three shareholders, would you just make them the three owners of the disc? More often than not, no. Okay. And why is that? Brian Because it, you get the same benefit by making the disc a subsidiary of the S corporation without some of the extra complexity associated with having the disc be owned by the shareholders. Now that, that's, that's preferred, but there are also situations where that doesn't make sense. Dave: Okay. Brian So let's say the, the S corporation is in California and the shareholder lives in Texas, or Florida. Or Nevada. Dave: Okay. Brian So they might want that dividend income flowing directly to them so that there's [00:09:00] no state Oh. So that there's no state income tax on the dividend. Dave: Sure, sure. Brian Okay. Okay. Yeah. So again, it's just another fact you need to uncover in the process of trying to figure all this out. Dave: Okay, so you've met with the client, you've figured out a disc makes sense, you've dug further you figured out the ownership structure of the disc. That makes sense. So then I guess you have to figure out where to incorporate, huh? Brian Yeah. And that again, there are good states and bad states. Dave: Okay. Brian Some states will tax an IC dis as a regular C corporation, you wanna avoid those states. Some states don't have an income tax at all, and those are good states to deal with. Dave: Okay. Brian And the three, you know, I'd say there's three states that are predominantly viewed as positive, and that would be Delaware, Texas, and Nevada. Okay. They're all fairly similar. For filing. And, and none of them have a corporate income tax on the dis so that's, that's all good in terms of not adding additional costs to the, the structure. Dave: Okay. So I'm in Texas and thus you, it seems like most of my clients end up incorporating in Texas. Do you just so here we are January 8th. We're recording this of 2026. So do you just do you just get around to doing it anytime before the end of the year and then you could use the disc the whole year? Is that how it works? Brian It's not how it works. It's generally a prospective opportunity. So you wanna get that entity formed as quickly as possible. Dave: Okay. Yeah. I've had people, I've heard [00:11:00] people say that if you don't do it on January 1st, you just have to wait till the next year. Brian No. That, well, that's certainly not true. And from any date forward that you set it up, you can certainly get benefits or shipments. Okay. That they, but one other item that I forgot to mention earlier, they also like to ask if the, if the related supplier entity, which is the exporter, if they're an accrual based company or a cash basis, Dave: ah, Brian that's an, that's an incredibly important issue Dave: Sure. Brian Dealt with. That's why. Dave: Okay. Brian Because the disc is an accrual base taxpayer by default. Dave: Yeah. Okay, we'll get into that when we get further around the, Brian okay. Dave: I think about when I was a kid, there was a, there was a Saturday morning TV series I think called schoolhouse Rock. And one of the episodes was how, how a bill becomes a Law [00:12:00] And there's the whole steps, the Brian episode, everybody remembers. Dave: Yep. Yep. So everybody our age at least. Okay, so you've got the disc set up and say you do it in Texas and let's say they make the decision January 8th, takes a few days to, you know, just kind of get stuff, you know, information from the client set up. And let's say you get it set up January 15th, so then they're good to go, huh? They can just start using that disc and away we go. Anything else? Ha. That has to be done Or is it, is it that some Brian on the, on the surface, yes, that's true. Dave: Okay. Brian But beneath the surface, there's other things that have to take place. Dave: Okay. What's the next thing that has to happen after you've formed the disc? Brian Well, you have a, there's a 90 day window to file a disc collection with the IRS. That's probably the most critical thing that has to happen. You have to file an actual paper form with the IRS to elect disc status for the company, because the company, when you set it up, it's just a corporation. Without that election, it's not a disc. Dave: And that election, is this the famous form 48, 76 dash a, is that said election, Brian famous or infamous in some cases, Dave: yes. Yeah. Okay. So you have to, so you just well, you just go to the IRS website. Download the form, send it in, bing, bam. Boom. You're done. You're good to go. Brian Not exactly. Dave: Okay. That's the Brian first Dave: step. Brian Skip. That's the first step. But the I mean, first of all, when you're setting up the disc, you have to make sure you incorporate it properly. Dave: Okay. Brian I kind of glossed over that. Dave: And what are some of the elements of proper incorporation? Brian Well, for example, when you go to a, the Texas website or any other secretary of State website to organize the company, because it can be done all online, [00:14:00] like the default is always, you know, no par value stock, right. Brian If you just select the default, you are going to have a problem because Okay. Dis rules require, you know, par or stated value of $2,500 on the, issued an issued an outstanding stock of, of the disk. So I had a client that came to me years ago. They had set up a company in, well, they used Wyoming, which is also possible to use, and it's not a bad jurisdiction. And they had, he had his quote unquote friend that who was an attorney, set it up for him. And there were some issues with the DISC collection and it went back and forth and then ultimately took a look at the articles of incorporation and it had, you know, $1 power stock, 1000 shares. Dave: Ah, that's a problem. Brian That's, [00:15:00] yeah. So no matter what happened with the disc election and the back and forth with the IRS, the disc election was ultimately never approved because the entity didn't meet the requirement. Having enough outstanding capital stock. So you have to have one and it can only have one class of shares. So there are, you know, there are some hoops you have to jump through in terms of not doing things incorrectly or doing things correctly. So you have to make sure there's one class of stock, $2,500 par value. There can't be foreign sales corporation in the same patrol group, which years ago was a big deal, but now it's not really a big deal because those have been gone for many years and almost nobody has one left. Not, not really an issue there. And what, you know, those are the formation matters that, that mattered, that are important to make sure you, you meet when you form the entity. Okay? If it's formed wrong, right from the get go, you have a problem. If [00:16:00] it's formed correctly, then the next step is yes, file a disc election. Dave: And, but before you file the disc election, there's a step we're missing, right? Doesn't the DISC election require. To put the corresponding EIN for the distance. Oh yes. I mean, I just assumed we, yeah, you obviously you have to apply for an ID number for the new entity that does not come automatically with the incorporation. Brian 'cause that's done with the state as opposed with the IRS yes. Dave: Yeah. And that's become more challenging. It used to be pretty easy to get an EIN you could apply under a corporate name or Brian yeah. But there, there's a, you know, there is an online portal with the IRS to get an EIN for a domestic company. So it's not, it's not Dave: terrible. Yeah. Brian It's not terrible. Dave: Yeah. So you have the EIN that you need for the 48 76 ae. Brian Right. Dave: You have you have 90 days, Brian you have the proper capitalization. Dave: Yeah. Brian You figured out who's gonna own the disc because the, the disc collection is. Signed, you know, it's not just made by the disc entity. It's made by the disc entity, then consented to by the shareholder. So you have to make sure that all that takes place. I can't tell you the number of times where somebody filled out part one, the disc signed it, and then the shareholder forgot the consent to it. And if you don't do the 48 76 dash eight correctly, you get it filed timely. It's an extremely expensive fix to try and get that Dave: rectified. Brian Generally, you have to try to get a private letter ruling, which will grant an extension of time to file the late disc collection. Dave: Okay. Brian And that's that's an expensive process. It's a 25 to $30,000 exercise to [00:18:00] file the private letter, really. Plus you have to pay a user fee to the IRS of 10,000, 11,000. Dave: Wow. Yeah. It seems that seems inconvenient at, at best. Brian And for most companies, they're better off just setting up a second dose Dave: Sure. Brian As opposed Dave: to process, Brian because how much volume there is. Dave: Yeah. Yeah. And I understand the IRS itself refers to these as a, a paper entity. So I guess since it's a paper entity, that's it. No need to fuss around with a bank account or actually have to capitalize it with actual money is there. Brian It's, it's recommended, but you're right, it's not required. There's no requirement in the disk rules to set up a bank account. Dave: Okay. Brian So there it could simply have. A receivable receiv for the capital stock. And that can be, its working capital doesn't have to have a bank account, but that's sort of a misnomer that people think it must have a bank account. Okay. In the original regulations, that was a requirement, but when the regulations are finalized, the requirement was removed. Dave: Okay. But practically speaking, it you probably wanna have a bank account. Brian Yes. Practically speaking, it makes all the sense in the world to have a bank account, a non-interest bearing bank account. Dave: And why is the non-interest bearing important? Brian Well, it, it has to do with one of the annual requirements of a disc. That 95% of its receipts have to be qualified export assets. I'm sorry, receipts. And so let's say in a year the company decides. You can't always decide not to use the DIS even though you've got it in place. So let's say the company says, well we're not gonna use the, this year we had a loss. In our business there's no using. Dave: Okay. Brian We say, okay, and then the DIS bank account earned a dollar 50 of interest income. Dave: Okay, Brian well 100% of the receipts are now not qualified receipts. Okay. Income and no other revenue. If there was a non-interest bearing bank account, it would just have no receipts and then it would be fine. But the earning, the dollar 50 of interest would disqualify that. Dave: Okay. So non-interest bearing account and then I guess the dollar amount in the bank account, what you start with, $2,500 initially. Brian Yeah, pretty much keep it there forever. Dave: But, but it doesn't matter if you end up, oh, if you're a little lazy and you forget to distribute all the money and you end up with 50 grand at the end of the year, that, that's not a problem, is it? Brian It is. Dave: It is. Everything's a problem Brian with you, Brian, because everything, 'cause the, these rules are draconian and everything can become a problem. So a commission dis anyway, a comm, [00:21:00] you know, a paper entity commission dis doesn't need $50,000 of working capital. And the IRS would hold that, that that's not a qualified export out. Like having too much working capital in DIS will cause it to fail. The other test, which is the 95 qualified export asset test 2,500, you know, an amount of cash equal to the capital stock is fine. Dave: Sure. Brian Amounts above that start to, you know, raise questions as to whether. That's reasonable working capital or not? Given that the entity's a paper entity, it doesn't really have any expenses. Maybe some bank fees. That would be about it. In most cases, it really doesn't need cash sitting. Dave: Yeah. Yeah. So maybe 3000, 3,500 to account for some bank fees or, Brian yeah, at most, yeah, we start getting about 5,000. It really starts to [00:22:00] look questionable. Dave: Okay. Oh, I just realized, I think in the initial assessment there was a step we forgot and that's, do they want to make it a buy sell disc or a commission disc? What percentage of your clients are commission discs? Mine a hundred percent. That's Brian 99%. Dave: Yeah. So we're just stepping ahead assuming that it would be a commission disc, Brian right. I mean, the only time you would really have a buy sell disc. 'cause if you have a business where. They're buying inventory from unrelated parties. And all the inventory is manufactured in the US and all of it is export. Dave: Yeah. Brian Okay. That, that, that I do have, like I said, two clients that have adopted that structure. One was commissioned disc with an S-corp and they converted, they merged the S-corp into the disc and just became an operating disc. You know, and that's a little different than a buy sell disc. I mean, an operating disc. People think of buy, sell dis an operating disc for the same thing. They're really not. I mean, 'cause you could have a, the equivalent of a commission disc, but have it be by sell where it could buy product from its related exporter and then export it. Dave: Okay. Brian It's possible that, that, that tho that fact pattern, I don't have any clients in. Dave: Okay. Brian It's possible. Dave: Okay. So we've got the election filed and then at some point the IRS will send the taxpayer letter approving the election, right? Brian Correct. That is, that was true. Dave: And then so we've got the, the B and usually it makes more sense to have the disc bank account at the same bank as the operating company, right? Brian It typically does, Dave: yes. Yeah. And we'll get into that when we get further into the operation of the disc. Okay. So it's all set up. And elections filed, election approved. So now certainly we're done with incorporation and government governance matters, right? Brian No. No, Dave: not yet. Brian Not yet. Not yet. Okay. We still have to make sure there's a a call, a related supplier agreement or disc commission supplier agreement in place between the, the exporting entity or entities and the disc itself. This document is, it's not, again, it's not required in the regulations, but it is recommended. It gives the related supplier a lot of flexibility in how it uses the disc and if it uses the disc and it gives it unilateral powers to decide not to use the disc. It also lays out the, you know, sort of boil legal boilerplate language about an inter intercompany agreement between the two business. Dave: So you could just go to chat GPT and have them spool up a one page sales agent agreement. Is that right? Brian Maybe. I don't know. I haven't tried that 'cause I don't wanna teach chat GPT how to, how to do that, but because every time you ask it a question, you teach it, right? Dave: Sure. Brian General, no, it's a pretty specific agreement and it has very specific provisions in it. Provisions and so somebody that knows what they're doing really needs to draft them. Dave: Okay. Okay. So this is kind of pointing away from just having your general corporate attorney who's never heard of a disc, do all that quote paperwork. Brian Yeah. I never recommend. I always recommend that a specialist do it, namely myself take care of it. Dave: Okay. Yeah. 'cause you are, in addition to having an accounting background, you're also a tax attorney, correct? Brian Correct. Dave: Correct. Okay. Brian Yeah. And you know, some of the documents that need to be created, yeah. That can be done by a general corporate attorney like bylaws and those as well and or other organizational documents that aren't disc specific can only be done by any attorney. But but if, but really it doesn't make sense to split that work up amongst different attorneys. Dave: Okay. Sure. Brian It all sort of be done by the same party to make sure that it's, that everything gets taken here. Dave: Okay. Brian And timely because there's a 90 day window to get this, in my opinion, to get this all done. Dave: Yeah, to co to coincide with the election filing. Brian Right. Because typically I don't provide any of the documents, including the election, to the, to the client until all these things are done. Dave: Yeah. Oh, I see. Sure, sure. Because then there's, Brian you know, they have to sign the disc election and there's all these other documents they need to sign and put in a minute book. And so rather than piecemeal it, we just give it to them all at once. Dave: Okay. So they've got their binder with all their signed documents or a signed copy of the 48 76 A that was filed a copy of the approval from the IRS. So now finally, are we ready to get started using our disc? Is there. Brian Collection the I. Yeah. As you've probably seen in the news, things are changing at the postal service as far as postmarks and what they can be relied on as when something was considered filed. So they're not promising the postmark things that they, you drop them in the mail anymore. Dave: Oh, really? Okay. I hadn't heard that. Brian Yeah. So it's recommended to go, like, walk it to a counter and have it hands stamped with [00:28:00] a postmark. Yeah. But more importantly, and unfortunately not everybody listens to this, send the form certified mail return receipt requested. 'cause many times document is sent to Kansas City and they lose track. Oh, we never got your dis election. We can't process your dis return, whatever. And then there's proof that it was sent and then they have to, you know, find it basically. Dave: Okay. Or Brian at least accept it, maybe even if they never find. Dave: Yeah. Brian But there's one other thing about the disc and that we didn't talk about and, and I'm reminded of it because something you asked me in passing last week, which is something about the year end of the disc, the year end of the disc must coincide with its principal shareholder. So if I have a C corp that's a fiscal year, but the owners of the disc aren't gonna be [00:29:00] individuals, that disc will be a calendar year disc. Dave: Sure. Brian Not be a fiscal year company. And you know, if. It's owned by, let's say an S corp that has a fiscal year, then the disc will have a fiscal year. It, it must have the same year as its principalship. Dave: Okay. Yeah. Good. Thanks for the reminder of that. Brian And sometimes the disc collection gets filled out incorrectly. Somebody assumes one thing and, and then when a return is filed, the IRS, they're like, they, they dunno what to do. Yeah. Yeah. Okay. Alright. Now finally, do we have a little bouncing baby disc to be delivered to its proud parents? I think so. Dave: Okay. Okay. Okay. Brian And that's usually, it's usually about three to five months after it was formed. Dave: Okay. Brian Is when it started eating solids. Dave: Okay. Alright, so now we've got the disc set up and 9:45 AM I'm, I'm sorry, I keep touching my watch and it says the time, apparently it's time to just take off my watch. Okay. So now, so let's just say that they have not yet set up the bank account. They've done everything else, and now it's time to set up the bank account so they, you know, call their local banker. They get it set up at the same bank, so it can be on the same online banking platform. And then they fund it. And does it matter where the funding comes, comes from for that bank account? Can they just like say the company. I mean, can just anybody fund it? Say there's three shareholders, can just one shareholder write a check for $2,500 to fund it? Or how does that all look? Brian Well, I mean, there, there will be a subscription agreement that shows how much each shareholder owes for their shares, and each shareholder should pay for them. Okay. Can't just be one. Dave: Okay. So we have the bank account set up, we're ready to go. And so now we're at the end of the year, or approaching the end of the year. Let's say we're in November of 2026. Anything we need to do before the end of the year Brian for an accrual based taxpayer? No. Okay. There's nothing paid to do, but before the end of the year. Dave: And what about for a cash basis? Brian For a cash basis, taxpayer, if we want a deduction in 2026. We need to pay the DIS in 2026, so Dave: we Brian would need to gather information in order to estimate a DIS commission for 2026 before the end of the year. Dave: Okay. So cash basis, that's what we need to do by the end of the year. Accrual basis. Basis, no. Do I need to do [00:32:00] anything by the end of the year? Brian You don't need to. You have an option to, if you'd like to, if you wanna have an idea of what the disc commission might be, or you actually wanna pay it before the end of the year, but there's no requirement. Dave: Yeah. And if you don't, and if you don't pay it by the end of the year, you get a deferral benefit Brian possibly. Dave: Yeah so say, say you did a hundred million of exports and your commission was $20 million. You just get to defer that whole thing till the next year, right? Brian No, Dave: no. Brian, all you say is No. Every good idea have you just say No. Brian It could defer 10% of it to the next year because only the income related to 10 million of export sales can be deferred, and it'd be a little less than 10% because the disc wasn't there the whole year. So we'd have to prorate that 10 million for the number of days the disc existed. And then some sliver can be deferred, but the rest of it is gonna be taxed to the shareholders as a deemed dividend Dave: in the current year. In the Brian current. Dave: Okay. Brian Then not taxed when physically distributed in the following. Dave: Okay, so we have an accrual tax payer. We get into the to 2027, and let's say they're extending their corporate return and they're planning to file that in August of 27. So we're done. We don't have anything else to do before August. Right? Brian That's not true either. Dave: Brian, Brian you're Dave: killing me. Brian Yeah, well, it, I mean, it depends. If nothing was done before the end of the year, then something needs to be done within the first 60 days after the accrual base taxpayer. Or, you know, let's say the cash base taxpayer says, I don't [00:34:00] care if I get my deduction next year, so I'm not gonna pay anything this year. Something needs to be paid at this within 60 days of the end of the year. Dave: So is this one of those things like the sales agent agreement, that that's just recommended? Brian No, this is required. Dave: Required. Okay. Brian Yeah. This is required. This is, this is one of the hot buttons the IRS will try to use to disqualify your disc. Dave: Okay. Brian So the disc accrues a receivable at the end of the year, even though it doesn't know the amount at the end of the year for all, for, for disc purposes and books an an accrual for the income at the end of the year. That accrual or the receivable is only a qualified export asset if, if the payment rules around that receivable or satisfy. Dave: Okay. Okay. Brian One Dave: rule Rules. Rules. There's always rules. Brian Yeah. It's very draconian. You have a 60 day rule and a 90 day rule. 60 day rule says you must pay a reasonable estimate of the disc commission to the disc within 60 days of the end of the year in cash or. It could be cash, it could be a note. Dave: And reasonable is just any old amount. You just put your finger in the air and ah, I think a hundred dollars is reasonable. Brian Again, that's not the case. There is a safe harbor for what is reasonable, and that safe harbor is f at least 50% of the final commission amount that you Dave: determine. But how do you know that in February Brian you have, Dave: if you're not preparing the corporate, Brian you have to try to compute an estimate before the end of FE Dave: and you have to nail it exactly at 50%. So if you think the commission's gonna be $1,217,412, you need to pay exactly 50% of that, Brian at least. [00:36:00] Dave: Oh, at least. So you could pay more. At Brian least you could pay more. And we always recommend maybe paying 75 to 80%. Dave: Okay. Brian Because if you pay whatever you pay. That amount is gonna be your limit. So if you thought it was gonna be a million and you paid 500,000 and it turns out to be 1,000,500, too bad. So sad, you only paid 500,000, you're capped at a million. Dave: Okay? I mean, that's the safe harbor. I suppose there might be circumstances where, where one could argue that they maybe the first year of the disc, and you know, they, they, Brian you can argue it, you can try to argue it, but there's no guarantee that the IS will accept any of the arguments. And the private letter rulings that exist from the 1970s would imply that they, they're really not going to accept just about any rationale for being reasonable other than that 50% bright [00:37:00] line safe harbor. Dave: Okay so you make the payment, Brian make that payment, and. Dave: Can you just book a journal entry? Do you, do you actually have to really move the money? It sounds like a hassle. Brian I mean, in, in general you have to, you have to either create a note or move cash. Dave: Okay. Brian Okay. Dave: But that might be a lot of money though. Like what if, what if it's like $2 million and million? The company only has a million dollars in the bank. Brian They could use the same capital multiple times. Dave: Oh, okay. Brian And roundtrip the money as many times as they need to, or like I said, use the, use the promissory note. Dave: Okay. Brian Short term promissory note to satisfy that requirement because it does say cash or property. Dave: Okay. So we get through February, we've made our, our 60 day payment. We've, we've, you know, sh sh we've, we, instead of doing 50%, we did about 80% of what we thought it was gonna be to give us some cushion, and now we can go take a vacation till the till the corporate returns ready. Brian Yeah. I, I, I think so. Dave: Okay. Brian I think so. Dave: Okay. So it's time to now. So it's time. Now, if they extend that corporate return, I guess they're gonna have to extend the disc return as well. Brian Well, the disc return is due September 15th as a matter of course. Dave: Oh, Brian are handy. There are no extensions. So really as far as the disc and its compliance goes, once you make that 60 day payment, there's really not much you can or should do or are able to do until the related entities tax return. Prepared. [00:39:00] So a lot of times they'll say, well, that's not gonna be done till September 15th, and we have to have a discussion about how that doesn't work because the disc return has to be done by September 15th, but in order to do the disc return, you need to basically a completed within it supplier returns. So then we have to work backwards from September 15th to figure out like when's the latest they can have that, that other return done in order Dave: to Brian get the disc return done. Now that's relatively easy in the past through context because all those pass through returns are also due September 15th on extension. Dave: Sure. Brian Whereas a C corporation, it's not so easy because the extended due date for a C corporation, if it's a calendar year is October 15th. So it may be that you have to file a disc return with a made up number on time and then amend it after. Okay. After September 15th. I've done that a number of times. Dave: Okay. So that makes sense. Brian Because as is good as CPAs are, they're deadline driven. So if a return is due October 15th, they're unlikely to have it done by the end of August. Dave: Yeah. Okay. So it's time to file the disc return. I assume the CPA firm probably has that disc return and their standard tax software with all the other forms. So you just have the CPA go ahead and prepare the disc return. I've looked at it, it's a short return. It's like 10 pages long. So you just go ahead and have the CPA prepare the disc return, then bing, bam, boom, you're done. Brian Could do that. Dave: Okay. Is there a drawback to doing that? Brian Yeah, it would probably be wrong. Dave: Okay. Why do you say that? Now, remember [Brian, we have a lot of CPAs who we have very good relationships with that we share clients, you know, saying that they're probably gonna do it wrong. I mean, heck, I don't really wanna annoy all my great CPAs we work with Brian Well, okay, but it, well, it's just a fact. It'll probably okay Dave: be Brian wrong because they might see one or two or three a year. They, they think they know what all the different terms on the district return mean, but they're not as familiar with that as they are with a S Corp return or a partnership return, or 1120. So they do what they think is right, and it may be right, it may not be right. So again, I, in my opinion, you want a specialist preparing the district return. Dave: Okay. Brian Okay. Because we know exactly how it's supposed to be filled out. And then if, if the calculation is done on a transaction by transaction [00:42:00] basis, there's this schedule P that gets attached to the return. Well, if you don't do a T by T, there's one Schedule P. If you do a T by T, there could be thousands of them. So I don't think CPAs and their software are equipped to complete thousands of schedule Ps and attach Dave: Yeah. Brian To the district. Dave: No, good point. And you're, you're getting your your enthusiasm to get to T by t had me, you got a little ahead of me. 'cause I was gonna ask, so client says, Hey, we have a desk. Our accounting department's busy. What's just the bare minimum of information we need to send you? What's the bare minimum? Brian Bare minimum would be qualified export sales. Dave: They just need to send you a number. Brian Yes. Dave: Then you take that number and how hard can it be? Right. Just take the, Brian it's not, it's not necessarily that hard at that point. Dave: Yeah. But say the profit on those sales [00:43:00] is the average profit of the company and taxable profit. And you compute the disc commission, you go through the Schedule P and compute the disc commission and pick the higher of the two numbers that you, that you compute. So you would just be like the final draft, corporate return and that total export number, you know, dollar amount for the year. And, and that's really all you need to, to do. That's Brian the bare bone. That's the bare bones, yeah. Dave: Okay. And that's what some people would call the standard calculation or a simple calculation, Brian I'd call it simple. Yeah. Dave: Okay. And that's also known as the 4% 50% calculation in some circles. Right. How does that work? Brian Well, it's also known as the safe harbor calculation in certain circles as well. Back to that, Dave: back to that safe harbor again. Brian Yeah. But that's actually not a safe harbor, so that's why I bring that up. Dave: Okay, well Brian that's the safe harbor calculation. I'm like, no, it's not. It's just the [00:44:00] calculation. There's nothing safe harbor about Dave: it. Okay. Brian Okay. It's just the rules that are found in the code and regs for computing and disc commission, and they're the two predominant methods. 4% of sales and the 50% of net profit, Dave: you just cherry pick whichever one works better. Brian Yeah, but the 4% method has limitations. So Dave: more limitations probably. Why? Why can't this just be simple? You said it was the simple calculation and now you're already telling me there's inherent complexity. Brian Even if it's simple, it's not totally simple. Dave: Okay. Okay, Brian so the, and I've seen this done wrong. Millions, well, not millions, hundreds of times, and I can say it is hundreds of times. Client computes the 4% method just by choosing 4% of sales. They don't look at what their net income is on the, on the [00:45:00] activity. They just say, oh, I'm allowed to use 4% of sales. The limit there is you cannot create a loss. There's something called the no loss rules. You can't create a loss with a disc commission if one doesn't already exist. So if the profit on, say, on the sales are 2% of sales, you can't take 4% of sales. You're limited to 2% of sales. And if, for example, you have a loss of the company, you're limited to zero. But I've seen situations where that's completely ignored. Dave: Okay? Brian Properly computed this commission of 4% of sales, but it should have been something less or possibly zero. Dave: Okay? So more complexity, but the good news, that's the extent of the complexity. One, schedule P, 4%, 50%, you know, make sure you, you don't create a loss. Now we're, we're all done. Pop. You [00:46:00] know what, what? Dusted and dusted and delivered we're, we're good to go. They've maximized their dis commission, right? And we're all done. They have a nice 10 page return to send to the IRS. Which by the way, can they file that electronically, that return? Brian Fortunately, there are no provisions for electronic filing of the disc return. It must be, Dave: what is this, the 1970s or something? Brian Pretty much Dave: Okay Brian with, with regard to the disc? Yeah. And, and some other forms. Yeah. But the, the, the benefit of that, here, I'll give you a benefit. The benefit of the fact that you must file a paper return is they can have an electronic signature on it. Okay. It doesn't have to have a wet signature. Dave: Okay? Okay. Brian So you could theoretically, for example, send your client the return using DocuSign, have them sign it. You print it, you file it for, Dave: okay. Okay. But, but now we're finally done. It's signed, it's done. And they say, boy, thank you very much, Brian. You've done, your team did a great job, and boy, I really appreciate, you know, we had 10 million of exports. We have all kinds of variability in our profit margins. And, but thank you very much. You, you created the amazing $400,000 or you calculated the 400,000 disc commission. Thank you very much. I couldn't imagine you went above and beyond. I couldn't imagine you could have done anything more. And then what do you say? Do you graciously say, oh, you're welcome. It was our pleasure. Brian I would graciously say, you know, we, we've just computed your minimum disc commission. Dave: Okay, Brian not your maximum. Because you have Dave: vast, lemme guess. Lemme guess. There's more complexity coming. Brian More complexity, which relies on more data being. Pulled from the client's [00:48:00] records to, to allow for a calculation of the DISC commission at a more detailed level, ideally at a line item by invoice level, Dave: line item. That sounds like a lot of work. Brian It can be. Can be a Dave: lot. What if the client says, our accounting department's busy? Sounds like we're gonna have to spend weeks gathering all this data for you. Eh, it's just, we're too busy, it's not worth it. What do you say then? Brian I gu I almost can guarantee you it will be worth it. Okay. Because looking at the detail is likely to cause at Disconnect commission to be anywhere from 50 to three, 400% higher than what it otherwise would've been. Now, unfortunately, in that first year, since you've already filed with a certain number, you're limited to two times what you paid in that 60 day window. But going forward. You know, there's no limit. Dave: Okay. Brian Whatever we compute can be your disc commission. So different industries have different amount of variability and t and transaction by transaction calculations have different impacts depending upon the industry, the profitability of the business, how many products they have, who they sell to. But it can vary. But I'll give you an example of one that we worked on recently where company had a hundred million of export sales. They took 4% of sales, and they've been taking 4% of sales year after year, after year, after year, after year, Dave: okay. Brian They brought us in like three weeks before the district return. Dave: Okay. Brian And we went through the calculations and we actually calculated 17 million Dave: as opposed to 4 million. Brian As opposed to four. Dave: [00:50:00] Yikes. That's a big difference. Brian It's a huge difference. And fortunately they were, you know, well, I mean they were very pleased with the result. And so now on a going forward basis, we're not doing 4% of sales. Dave: Okay? But you still have this. But if they were able to get a $17 million commission, then that means their corporate taxable income must have been at least 17 million. 'cause didn't I hear you say the disc commission cannot cause a loss. Brian It cannot cause a loss at the level at which you're computing the commission. So there's no, you're killing me, Brian. Just more complexity. Yeah. Well, it's very complex area. There's, there's no overall no loss rule. Like if you, you can, as long as you're meeting the rules as they're written, you can cause your entity to go into a loss position. Now, this particular instance, it did not do that, but [00:51:00] you could do that. Dave: Okay. And then if you get into a loss position, there are other non disc complexities that come into play that impact whether you want to maximize the loss in that entity or you want to target a particular loss in that entity. And that's not something that we get involved with, but we're certainly sensitive to it. Sure. Sure. And so you're saying for this client, even though I've heard some people say you've got the simple calc and then the hard calc. And so you'd wonder why would anyone do the hard calc? Well, it's because their commission went from 4 million to 17 million, which saved them hundreds of thousands of dollars. You created hundreds or millions of dollars with additional tax savings. Brian Right, right. Dave: Okay. Brian And by the way, after the first conversation we had with them, they said, oh [00:52:00] yeah, this is not something we can do. The accounting department said, this is not something we can do. Then the owner said, this is something you're gonna, Dave: it's funny how that, how that works. Okay. And then I'm guessing this extra work. You, you're probably gonna have to create another schedule P or two. So now the disc return, it's gonna be 10 pages. It's what? 20 pages? Is that kind of a typical page count? Brian No, it could be Dave: no. Brian Thousands of pages. Dave: Thousands. I mean, Brian, a ream of paper is 500. So thousands would be reams of paper. Brian Yes. I've had some returns that have like 15 binders of paper. Dave: Yikes. Brian Yeah. Just goes in a big box and I'm sure the IRS types, all those schedule Ps into their, Dave: I'm sure they do. Okay. So the return gets filed, so the return's ready. You take that box, you just slap a you print off a postal label online, drop it off at the post office. And you're done, right? You just give it to carrier, Brian understand, Dave: carrier, carrier your house or whatever. Brian Well, you can send it via FedEx. You can send it via UPS. And actually, in some ways, I think that might be better these days than the postal service. Dave: And why do you have to do that? Can you just slap, I mean, if you have your 15 binders, couldn't you just put a hundred stamps, you know, on the, the box and ship it in because they'll get it, right? I mean, it's not like they're gonna lose it or anything. Brian They might, they could very well lose it. And you definitely want proof of delivery and you want proof of mailing. So again, it's a certified mail if you're using the postal service or if you're using a private carrier like FedEx, you know, you get all that documentation about when it was shipped and when it was delivered.[00:54:00] Dave: Okay, well now at least we're finally done. Right? You ship it off. The CPA pulls the numbers from the disc return, puts it on the corporate and shareholder returns. Now we're done. It's gone to the IRS. We never have to think about it again. Right. Brian I'm not sure if that's a trick question or not, but in some ways that could be true, Dave: right? Yeah. But it, but I guess you could get audited, right? Brian Could get audited by an agent who has no idea what they're doing, which is typically the case. Dave: So that's why you want your CPA defending you in that case. 'cause then it's like the blind leading the blind. Brian No, I think it's better if someone with site is involved. So again, the specialist who did the disc work should represent the taxpayer or be involved with the representation of taxpayer in the case of the audit. Dave: Okay. Brian And the should be involved. Because really what's under, what's really in question is the [00:55:00] deduction on that entity's tax return. The dis itself doesn't pay tax. So they rarely audit a dis quote. Dave: Okay? So if I break it down, you to do it really right? You need a specialist to guide you on the initial structure of the disc. You need another specialist to set up the, the disc. You need another specialist to do all the paperwork, make sure the document's correct another specialist to prepare the return, and then another specialist to defend you. So is that about right? So do you need like five different people to make sure everything's done right? Brian? Isn't there some way that you could just have one person that could just do it all for you and be done with it? Brian Well, of course. Dave: Okay. Finally, finally, I get a simple answer, Brian right? So if you, if you engage a disc specialist, that [specialist should be able to do all that. Dave: Okay? Brian Okay. Now, not every disc specialist is created equally. Dave: Sure. Brian You know, I brought up during our conversation that there are some non disc things that can also add complexity to the situation. Not every disc specialist will be sensitive to those things. Not every disc specialist will understand those things. So the benefits that like our organization brings is that. Least myself in particular, I didn't always just do IC disc work. I, I, I have a well-rounded knowledge of all of the, of the tax world. And so I am sensitive to non disc things. You know, for example, you know, another example, oh, a company has a lot of export sales. You would think it's a no brainer. They should have a dis, they should use the dis. They should, they, they should want to convert that ordinary income to qualified dividend [00:57:00] income. Well, what if the S-corp is owned by an ebit? What if there are passive shareholders? All of those things impact whether the disc commission actually helps or hurts their tax situation. And I would get, I would venture a guess that, you know, if you went out and Googled, you know, I see this specialist, you would find a handful. At most that understand all that stuff and how all it all interplays together as opposed to the multitude of those that won't understand any of it. Dave: Okay. Brian So I think a, a disc specialist that is sensitive to all the other tax rules is, is definitely something that is valuable. Dave: And you probably want someone with some experience who's done maybe, you know, what a dozen disc returns in their career, maybe 50 if they're really good. Like how many, how many have we done organization wide? Probably Brian probably 10,000. Dave: 10,000? Well, that's a lot more than 50. Brian Yes. Over the years it's probably close to that number. And we've probably claimed billions of dollars of just deductions and saved clients, hundreds of millions of dollars of tax. And, and I'm proud to say that every dollar we've ever claimed we've. Okay. Dave: So Brian I've never had an adjustment from the IRS. Dave: Well, that sounds like a, a good a good record. So bottom line, Brian that's, that's the best you can come up with a good record. I'd say it's Dave: well, I didn't wanna say a perfect record. I didn't want to jinxy. Brian No, but it's, it's, it's, it's pretty outstanding record. Dave: Yeah. It's a, it's an impressive record Brian because there are also just providers out there that say, well, you know, Dave: it's the Wild West. Brian The wild west, the IRS doesn't really understand it, so let's be as aggressive as possible. And, and that's not the way we approach it. Dave: Yeah. Wow. Well, this has been this has been a lot. So really it's that simple. So the person who wants to just do all this themselves, we've laid out the whole playbook for them. Brian Yeah. The only simple thing they have to do is call us. Dave: There you go. That is it. Yeah. And, and oh, the other thing, not only are you the Bob, hope you now have moved from number two to number one for the most experienced icy disc guy. I know now that Neil Block is retired. Brian Well, that's, I don't know if that's a plus or not. Whether I'll take it just means I've been doing it a long time myself. So Dave: yeah, Neil was, I think my second, first or second guess. And and I was just happy. 'cause his billing rate back then was like $1,500 an hour. I was just glad I didn't get a bill a month later for him being on the podcast. But he, [01:00:00] he did it for exactly 50 years at one firm, baker and McKinsey in Chicago. He had one office, one phone number, like the whole 50 years. Brian Yeah. That's, Dave: that is something you don't see much anymore. Brian Definitely not, no. It's, but it's very, that's. That's very cool. And Neil is a very, you know, is a very intelligent savvy guy. Dave: Yeah, that is for sure. Well, Brian, anything else that we didn't cover that you can think of? Brian I can't think of anything. I think we covered a, a great deal here. Dave: Okay. Brian Can't think. Dave: Well, I, I'll let Brian we omitted. Dave: Well, great. Well, hey, thank you so much for your time. Really appreciate it. And I'll let you get back to your, your exploration of your yard there. Brian Yeah. I feel like, it's funny I shrunk the kids. Dave: I know. Well, hey, well, well again, thanks again, Brian. We all appreciate your time. Brian You're welcome. Have a good day. Dave: You too.

President Trump takes his economic message to Iowa, trying to refocus on affordability after weeks of distractions ranging from Greenland to Venezuela and fallout from federal shootings in Minnesota.Nearly a year after a deadly midair collision near Washington, D.C., investigators say deep, systemic failures at the FAA allowed known risks to go unaddressed until it was too late.And NPR has obtained documents showing the Trump administration quietly loosened nuclear safety and environmental rules to fast-track new reactors, raising concerns about oversight and public trust.Want more analysis of the most important news of the day, plus a little fun? Subscribe to the Up First newsletter.Today's episode of Up First was edited by Rebekah Metzler, Russell Lewis, Brett Neely, Mohamad ElBardicy, and Alice Woelfle.It was produced by Ziad Buchh, Nia Dumas, Ava Pukatch and Christopher Thomas.We get engineering support from Neisha Heinis. Our technical director is Stacey Abbott.Our Supervising Producer is HJ Mai.(0:00) Introduction(01:55) Trump Economic Message(05:43) DC Helicopter Crash Report(10:02) New Nuclear RegulationLearn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

President Trump touts his first-year economic wins as U.S. allies make trade deals behind the scenes, the White House switches things up in Minnesota, and another government shutdown looms as Senate Dems hold up a funding bill. Get the facts first with Morning Wire. As hundreds of thousands remain affected by this week's winter storm, Morning Wire is coming to you as audio-only. We look forward to coming back to video as soon as safely possible! - - - Ep. 2603 - - - Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 - - - Today's Sponsors: Goldbelly - Go to https://goldbelly.com and get 20% off your first order with promo code WIRE. HelloFresh - Go to https://HelloFresh.com/morningwire10fm to get 10 free meals + a FREE Zwilling Knife (a $144.99 value) on your third box. Offer valid while supplies last. - - - Privacy Policy: https://www.dailywire.com/privacy morning wire,morning wire podcast,the morning wire podcast,Georgia Howe,John Bickley,daily wire podcast,podcast,news podcast Learn more about your ad choices. Visit podcastchoices.com/adchoices

Gene Marks reports small business remains robust with tariffs manageable, as entrepreneurs adapt to trade policy changes and maintain confidence despite ongoing economic uncertainties and supply chain adjustments.1930 CHINATOWN MOTT STREET

Bob Murphy is a Senior Fellow at the Mises Institute and Chief Economist at Infineon. In this conversation, we discuss Federal Reserve policy, tariffs, and what's really happening in the U.S. economy. We break down the housing market, inflation, and what it all means for your wallet—plus Bob's Austrian economics perspective on gold, bitcoin, and the road ahead.=======================BitcoinIRA: Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Take 3 minutes to open your account & get connected to a team of IRA specialists that will guide you through every step of the process. Go to https://bitcoinira.com/pomp/ to earn up to $1,000 in rewards.=======================As markets shift, headlines break, and interest rates swing, one thing stays true — opportunity is everywhere. At Arch Public, we help you do more than just buy and hold. Yes, our dynamic accumulation algorithms are built for long-term investors… but where we really shine? Our arbitrage algos — designed to farm volatility and turbocharge your core positions. The best part of Arch Public's products is they are free! Yes, you heard that right, try Arch Public for free! Take advantage of wild moves in assets like $SOL, $SUI, and $DOGE, and use them to stack more Bitcoin — completely hands-free. Arch Public is already a preferred partner with Coinbase, Kraken, Gemini, and Robinhood, and our team is here to help you build smarter in any market. Visit Arch Public today, at https://www.archpublic.com, your portfolio will thank you.=======================0:00 – Intro1:52 – Why gold has outperformed bitcoin5:06 – Fed vs White House: power, politics, & “independence”17:03 – Tariffs, trade deficits, & inflation outlook22:06 – Stablecoins: why they matter & key risks28:34 – Economic data: what to trust?

Katy Faust of Them Before Us The Greater Than Campaign Pro-Child Politics: Why Every Cultural, Economic, and National Issue Is a Matter of Justice for Children Raising Conservative Kids in a Woke City Them Before Us Them Before Us: Why We Need a Global Children’s Rights MovementThe post Children's Rights and a Campaign to Overturn Obergefell's Same-Sex Marriage Ruling – Katy Faust, 1/28/26 (0283) first appeared on Issues, Etc..

Demand has been surging for copper around the world - from renewable energy projects, to AI data centres, to infrastructure networks. Production, however, has struggled to keep pace, pushing prices close to record highs in late 2025 and early 2026.As the value of the metal has risen, criminals have increasingly targeted copper for theft - stripping it from telephone cables, railway power lines and solar panels. The resulting damage and disruption is costing economies billions.If you'd like to get in touch with the team, our email address is businessdaily@bbc.co.ukPresented and produced by Russell PadmorePicture: Train passengers look at a train information board at Zwolle station in Zwolle on the first of December 2025 after an extensive track damage caused by an attempted copper theft disrupted train services. Credit: Getty Images)

January 28, 2026: In today's episode, I zoom out to help you see what's really shaping the future of work. Before we talk about AI, leadership, or organizational strategy, we need to understand the forces happening outside our companies. Because work doesn't evolve in isolation—it's shaped by powerful external trends in technology, society, economics, and more. That's why I walk through the STEEPLE framework: a futurist tool designed to help leaders move from reacting to predicting—and from predicting to designing. STEEPLE stands for Social, Technological, Economic, Environmental, Political, Legal, and Ethical forces. Together, these seven domains explain how work is changing and what leaders need to prepare for over the next five-plus years, especially in an AI-driven world. We explore how AI is becoming the central nervous system of organizations, why skills are replacing job titles, how identity and purpose are reshaping careers, and why the economic contract between employers and employees is being rewritten in real time. I also share why the future of work isn't something organizations "deliver" to employees—it's something that's co-created, requiring accountability on both sides. If you're trying to make sense of rapid technological change, shifting employee expectations, and what leadership really means in the age of AI, this episode gives you a practical framework to understand what's coming—and how to design for it.

Gold, copper and silver have gone parabolic. The dollar is falling. And yet, hydrocarbons remain at an inflation adjusted all-time lows. Is the world being complacent due to the narrative of the oil glut, food glut, and natural gas glut. However, as our guest Jeff Currie says "if you have to scrape the data for evidence of a glut, perhaps there isn't one" Are we headed for a great repricing? Are we on the precipice of inflation and macro-economic turmoil. As tech companies plow their free cash flow into assets, will the investors return to hydrocarbons?

This Badlands Media special coverage features President Donald Trump delivering extended remarks focused on the launch and expansion of “Trump Accounts,” a new program designed to provide every American child with a government-seeded investment account at birth. The speech outlines the structure of the accounts, including initial funding, contribution limits, and long-term growth projections, while highlighting major private-sector commitments from business leaders, corporations, and philanthropists. The remarks also revisit recent tax policy changes, including the elimination of taxes on tips, overtime, and Social Security benefits, as well as deductions tied to American-made vehicle purchases. Additional discussion covers domestic manufacturing growth, artificial intelligence infrastructure, energy needs, regulatory reform, and post-disaster rebuilding efforts in California. Throughout the address, the emphasis remains on wealth creation, private investment, economic confidence, and restoring what is repeatedly described as the American Dream through ownership, opportunity, and long-term financial stability.

This Badlands Media special coverage features full remarks delivered at a Trump rally in Iowa, highlighting reflections on the first year of the administration and the policy priorities driving the current agenda. The address focuses on economic indicators including inflation reduction, job growth, investment inflows, stock market performance, and tax policy changes such as no tax on tips, overtime, and Social Security. The speech also covers border enforcement, crime reduction, drug cartel designations, and law enforcement support, alongside discussion of military strength, energy independence, and trade policy centered on tariffs and domestic manufacturing. Significant attention is given to agriculture, ethanol, biofuels, and international trade agreements benefiting American farmers. The rally includes commentary on healthcare costs, housing policy, regulatory rollbacks, and federal relief for farmers, as well as calls for voter participation in upcoming midterm elections. The remarks frame these developments as part of a broader effort to restore economic stability, national security, and American confidence.

In this conversation, Chris Alfano, founder and CEO of 360 Mining, discusses the innovative approach of using natural gas for Bitcoin mining. He explains the challenges faced by off-grid mining companies, the economic benefits for oil and gas companies, and the importance of emissions reduction. Alfano highlights the operational complexities and infrastructure requirements of their business model, as well as the potential for scaling and international expansion. The conversation also touches on the technology stack used in their operations and the possibility of integrating AI into their business.Takeaways360 Mining uses natural gas for Bitcoin mining.The company differentiates itself by co-locating with natural gas generators.Economic benefits for oil companies include creating new markets for uneconomic gas.Emissions reduction is a key selling point for their service.The rental model has proven successful for providing mining infrastructure.Operational complexity requires thorough site analysis and monitoring.The company aims to distribute hashrate across various locations.There is significant potential for scaling in the Bitcoin mining industry.International expansion is being explored, particularly in Argentina.AI integration is a future consideration, but not a current pivot. Chapters00:00 Introduction to Crowd Health and Voltage Sponsorship01:05 The Evolution of 360 Mining04:05 Understanding 360 Mining's Business Model06:50 Economic Value Proposition of Bitcoin Mining09:56 Emissions Reduction and Environmental Impact13:01 Innovative Business Strategies in Bitcoin Mining16:11 Operational Challenges in Off-Grid Mining18:50 The Role of Gas Quality in Mining Efficiency22:12 Positioning in the Bitcoin Economy24:56 Future Prospects and International Expansion27:58 AI and the Future of Bitcoin Mining32:47 bp-introoutro_v2.mp4KeywordsBitcoin mining, natural gas, 360 Mining, oil and gas, emissions reduction, economic benefits, off-grid mining, rental solutions, infrastructure, technology stack

Trump is clearly focused on building a legacy in his second term with his domestic vanity projects and dramatic foreign interventions. But his actual legacy is shaping up to be defined by his lack of progress on affordability.Read the article here: https://mises.org/mises-wire/trumps-embrace-economic-leftism-will-destroy-legacy-hes-desperately-trying-buildBe sure to follow the Guns and Butter podcast at https://Mises.org/GB

This morning's show spans hard-hitting local and national news, political accountability, and expert financial analysis. Hour 1 opens with the Kirkwood Tesla vandalism case, media bias critiques, and Kim St. Onge on crime and youth gangs. Hour 2 explores the economy, central bank digital currency, and regional business updates. Hour 3 highlights Minnesota scams, remote learning, and civic responsibility. Hour 4 features Jimmy Failla on comedy and late-night politics, Charles Payne on economic growth and market strategy, and a whistleblower exposing alleged election fraud in Arizona. Across the show, the team combines investigative reporting, expert insight, and engaging commentary to keep listeners informed and empowered. Hashtags: #MarcCoxMorningShow #LocalNews #MediaAccountability #Economy #MinnesotaScams #JimmyFailla #CharlesPayne #ElectionSecurity

Patrick T. Harker, former President of the Federal Reserve Bank of Philadelphia and current Wharton Professor of Operations, Information, and Decisions, draws on his experience to discuss why monetary policy has clear limits, the need for political follow-through on fiscal and workforce issues, and how investments in education, skilled trades, and digital innovation are essential for securing the nation's long-term economic future. Hosted on Acast. See acast.com/privacy for more information.

Episode Summary: In this episode of the Develop This! Podcast, host Dennis Fraise sits down with Aaron Brossoit, Partner & CEO, and Bethany Quinn, President of Golden Shovel Agency, as part of the Develop This! 2026 Crystal Ball Series. Together, they explore how the economic development landscape is rapidly evolving—and what professionals must do now to prepare for 2026 and beyond. The conversation dives into the game-changing role of artificial intelligence, the growing importance of community engagement, and why economic developers must become champions of their own organizations and regions. Aaron and Bethany discuss how communities often misdiagnose their challenges due to limited perspective, and why stakeholder engagement is essential for identifying real opportunities. They also unpack how websites are no longer standalone tools but part of a much broader digital and storytelling strategy that includes technology, virtual reality, and authentic community branding. Key themes include business retention and expansion, workforce attraction, and the rising importance of energy availability as a deciding factor for economic growth. The episode emphasizes that creativity, adaptability, and embracing technology are no longer optional—they are essential for stretching limited budgets and competing in a crowded marketplace. Key Takeaways Economic development is under increasing pressure from workforce and talent challenges. Artificial intelligence is transforming how communities market themselves and make decisions. Economic developers must actively champion their organizations and their missions. Stakeholder engagement is critical for accurately identifying community needs and barriers. Many communities misdiagnose their challenges due to a lack of an outside perspective. A website is only one part of a comprehensive economic development strategy. Technology can help stretch limited budgets and increase impact. Energy availability is becoming a major factor in economic growth decisions. Storytelling and digital presence are essential for showcasing community strengths. Creative solutions are required to attract both businesses and workforce in 2026 and beyond.  

Economic pressure rarely comes from a single source. It builds through policy shifts, innovation waves, and global relationships that test long-held assumptions. In this episode, host Paul Fahey speaks with Carl Tannenbaum, Chief Economist at Northern Trust, to reflect on the forces that defined 2025 and what they signal for the year ahead. They examine trade policy shifts, geopolitical strain, and the unwinding of global supply chains. The conversation also explores fiscal pressure across advanced economies, inflation expectations, and the evolving role of central banks. Together, they look at how artificial intelligence is influencing productivity, labor markets, and long-term investment decisions heading into 2026. Key takeaways: Why trade policy changes and tariffs reshape investment decisions and supply chain planning Global security concerns are influencing fiscal priorities and cross-border cooperation AI-driven productivity gains alongside labor market disruption for early career workers How the rising debt burdens and interest costs are pressuring government budgets How inflation trends, wage pressures, and central bank independence shape market outlooks And more! Connect with Carl Tannenbaum: LinkedIn: Carl Tannenbaum About Carl Tannenbaum: Northern Trust: Carl Tannenbaum

AMPED is a Louisville non-profit that uses music and technology to empower young people. In November, they opened a new Tech and Learning Center in the city's West End. Dave Christopher, Senior is AMPED's president and founder. He joins us to discuss how the new building, at 17th Street and West Market, will help the organization carry out its mission to serve the community.

Maybe it's time to give up on these misleading politicians and instead just concentrate on our individual freedoms! Trump spoke at the world economic forum and made some really good humorous arguments, and also some really confusing points.Finally there appears to be some quantitative evidence about the effectiveness of tariffs. The Ron Paul podcast brings this to our awareness.Clip Used: 'Give Me Greenland!' - Angry Trump Threatens Europe With TariffsBy: RonPaulLibertyReportFollow Us:YouTubeTwitterFacebookBlueskyAll audio & videos edited by: Jay Prescott Videography

In this episode of Dividend Cafe, Brian Szytel discusses the mixed performance in the markets on January 27th, with the Dow significantly down while the S&P and Nasdaq saw gains. Notable mentions include a major AI deal, significant declines in healthcare stocks due to an executive order on Medicare payments, and high volatility in the silver market. Economic indicators discussed include a cooler-than-expected Richmond Fed Index, a significant drop in consumer confidence to its lowest level since May 2014, and a slightly better-than-expected rise in home prices. Szytel also touches on the Trump administration's new executive order on proxy advisors and its impact, as well as the limitations of market prediction platforms. The episode concludes with a brief mention of the upcoming FOMC decision. 00:00 Introduction and Market Overview 00:25 Tech and Healthcare Sector Highlights 01:14 Economic Indicators and Consumer Confidence 02:13 Housing Market Update 02:29 Proxy Advisors and Market Predictions 04:13 Upcoming FOMC Decision 04:31 Conclusion and Sign-Off Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Welcome to The Blathering LIVE on The Napzok Network. Part ramble, part rant, part joy, part anger -- but all done in the fashion of an old school radio show with segments and live listener calls. The on-air sign goes on, and the show goes from there. The live episodes are recorded on Ken's YouTube, Twitch, and Facebook channels.Get Ken's Comedy Album⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ IN MY DAY⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Purchase Ken's book ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Why We Love Stars: The Great Moments That Built A Galaxy Far, Far Away.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Enjoy ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Moonagers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠kennapzok.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

One of the biggest risks people face when trying to understand the economy, investing, or personal finance isn't a lack of information. It's the illusion of being informed—while quietly limiting the sources that shape your thinking. We live in a world where information is everywhere. Podcasts, X threads, YouTube clips, newsletters, reels. But abundance doesn't equal diversity. In fact, the algorithms behind social media are designed to do the opposite: they show you more of what you already agree with. Over time, your worldview narrows—not because you chose it to, but because it was curated for you. I noticed this years ago when I started listening to alternative asset podcasts. At first, it felt refreshing—new ideas, new language, new opportunities outside the mainstream. But after a while, something became obvious. Many of these shows were operating inside an echo chamber. Different hosts. Same conclusions. Same narratives. Same villains. Same heroes. It was as if they were all listening to one another and simply regurgitating the same ideas, reinforcing them in a closed loop until they felt like truth. And to be fair—knowing many of these hosts personally—that's often the business model. Audience reinforcement is rewarded. Dissent is not. Ever since then, I've made a conscious effort to study people I don't naturally agree with. Not because I want to adopt their views—but because I want to stress-test my own. This matters more now than ever because social media accelerates groupthink at scale. When an idea gains traction online, disagreement quickly becomes social friction. It's easier to conform, retweet, and nod along than to pause and ask, “What if this is wrong?” I once had a conversation with Robert Kiyosaki where he told me he actually gets worried when everyone in the room agrees about the economy. When viewpoints converge too neatly, it's usually a sign that critical thinking has been replaced by consensus comfort—and that's exactly where blindsides are born. If your goal is to get closer to the truth, you must seek out opinions that challenge your own. That includes people you disagree with—especially people you disagree with. Truth doesn't emerge from unanimity. It emerges from tension. And that applies to me as well. Daon't let me—or anyone else—be your sole source of information. No matter how much you trust someone, outsourcing your thinking is always a risk. I can tell you from personal experience that in economics and personal finance, narrow perspectives lead to surprises you only recognize in hindsight. Those are the moments people regret most—not because they lacked intelligence, but because they lacked perspective. Financial education is critical. But a real curriculum doesn't just confirm what you already believe. It exposes you to competing frameworks, conflicting data, and uncomfortable questions—and forces you to think for yourself. That's how you build conviction that actually holds up when the world changes. This week's episode of Wealth Formula Podcast examines this groupthink problem on a broader scale throughout society with an author who wrote a bestseller on our inherent appetite for misinformation. It's a fascinating conversation that will surely get you thinking about the way you view the world. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  You can imagine people who are conflict avoidant, probably not so likely to post online, as opposed to people who are conflict approaching who love a fight, right? If that’s, if those are the folks who are more likely to post, that’s gonna shape our information space in really, really important ways. Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California today. Uh, wanna remind you before we begin, there is a website associated with this podcast called wealthformula.com. That’s where you go if you wanna get more involved with, uh, the show, with the community, uh, specifically, um, if you are interested. There is a sign up there for something called investor club, which if you aren’t a credit investor, you sign up basically, uh, you, uh, get onboarded and then you can see potential deal flow that’s not available to the public. And, uh, lots of things going on in there. Real estate, we’ve had stuff in the aircraft spaced, um, interesting stuff. You should check it out for sure. If you are, uh, enter credit investor. And again, that is wealthformula.com. Just click on investor Club. Now today, let’s talk a little bit of, you know, just let’s talk a little bit about one of the biggest risks that people face when trying to understand the economy of investing personal finance. It’s not lack of information, right? These days, there’s an enormous amount of information. It’s just the illusion of being informed while quietly limiting the sources that shape your thinking in the first place. So we live in this world. I live in this world too, where information is everywhere. You got podcasts, you got X, you got YouTube newsletters, reels, random emails. Abundance of information doesn’t really equal diversity. In fact, the algorithms behind social media are designed to do the opposite. They just show you more of what you already agree with, and that is a little bit of a problem because over time your worldview really starts to narrow. And not because you chose to narrow it necessarily, but because it was curated for you. You know, I noticed this myself, uh, several years ago when I started listening to podcasts like my own. Even before I started my podcast. And what happens is that you get, initially you get kind of interested ’cause the stuff resonates with you. You get some ideas, you get new language, new opportunities outside the mainstream. But after a while you start to realize, or I start to realize that, you know, these shows were sort of operating inside of an echo chamber. They’re saying the same thing, different house, same conclusions, same narratives, villain. Same heroes, you know, it was as, again, it was as if they were all listening to one another and, and simply regurgitating the same ideas and reinforcing them, uh, in a, in a closed loop. Um, and when you do that, it starts to feel like truth. And to be fair, knowing many of these hosts personally, that is kind of the business model. You know, audience reinforcement is rewarded, descent is not so ever since then. You know, I’ve actually made a conscious effort to study people. I don’t, uh, naturally agree with. I actually don’t listen to any other personal finance podcasts, uh, that are sort of in this alternative space because I already know kind of what our narratives are. I wanna know what others think. I wanna, uh, I, it’s not necessarily that I’m looking to adopt their views, but because I wanna kind of, you know, challenge my own and this matters more now than ever. Again, because of social media. How that accelerates group think at scale. You know, when an idea gains traction online, um, you know, disagreement quickly becomes social friction. Now I think the thing to do is, you know, always be questioning yourself and asking the question really, what if I’m wrong? What if this narrative is wrong? And it reminds me actually once, uh, you know, I’ve had a chance to spend a little time with Robert Kiyosaki. Period, uh, different, different times, and I still. Kind of consider him a mentor. And I remember being at a table with him, a bunch of people talking about, you know, where the, where the economy was, what’s going on. And he looked at me and he says, this is what gets me nervous. I said, what, what gets you nervous? And he says, everyone here, everyone here, even people who normally disagree with one another, are agreeing with each other. Uh, the point is that when some of these, you know, viewpoints converge too neatly. Uh, it’s usually a sign, uh, that, you know, that critical thinking has kind of been replaced, and that’s exactly where you start to get blindside and where, you know, there’s a danger there that there’s something that no one’s, no one else has really even mentioning anymore. So if your goal is to get closer to the truth, you actually have to seek out opinions that challenge your own, and that includes. People you disagree with, especially people you disagree with. Because you know, truth doesn’t really emerge from unanimous thought. It emerges from sort of that tension and challenging, and that applies to me as well. You know, if I’m the only personal finance podcast you listen to, you probably shouldn’t be because I have, you know, made my own conclusions based on what I’m thinking and what I’m listening to. I try to get people. Um, you know, from different spaces talking about stuff, but the reality is that, you know, everyone’s biased. I’m biased too. So, um, you know, I can tell you from personal experience, uh, that in economics and in personal finance, the problem is that when you have these narrow perspectives, um, they often lead to. To prizes. Uh, you can’t, you know, they only recognize in hindsight, and those, uh, those are the moments that most people, I think, regret more than anything. Not because they lacked intelligence necessarily, but they lacked perspective, right? Listen, financial education is critical and we, we know that that’s the point of doing the show in the first place, but, you know, any real curriculum is, isn’t there, just to confirm what you already believe. I, I, if you, it should expose some competing frameworks. And, you know, different questions or different takes on things and, and that’s how you know, if you listen to those and you listen to those arguments, that’s how you can really build conviction that you can stand behind. And even if you’re wrong, you say, yeah, you know, I heard the other argument too. I didn’t buy it, but I guess I was wrong. Believe me, I’ve been wrong, uh, more than once myself. So the reason I bring that all up is because this week’s, uh, episode of Wealth Formula podcast really examines. Greater than just the idea of, you know, personal finance and macro economics and that type of thinking, but a greater problem, which is group think in general on a broader scale throughout society. And my, uh, my guest is a, a woman who wrote a best seller on this topic. It’s fascinating stuff. I think it’ll get you think. Make sure to listen in and we’ll have that interview right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it. At result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealthformulabanking.com. Welcome back to the show everyone. Uh, today my guest on Wealth Formula podcast is Professor Dana Young, who’s a professor of communication and political science at the University of Delaware, where her research explores how media psychology and identity shape belief systems she’s the author of Wrong, how media politics and Identity drive our appetite for misinformation and examines why people clinging to false narratives, and how understanding identity can improve persuasion. Our work helps decode the emotional and cognitive forces behind how we process risk, truth, and decision making. Welcome, professor Young. Great. Thanks so much for having me. Thanks for that intro. Someone has done their homework. I like that. Well, I try to, uh, well, let’s start with this. You know, one of the central arguments, uh, that you have is that people often believe things, not because they’re true, but because those beliefs serve as an identity function. Interesting concept, which I can kind of see in, uh, when you watch TV these days, can you, can you talk a little bit about that? Sure. And, and realize this is not happening at a conscious level. This isn’t something that we are thinking about. We’re not thinking, I wanna believe things that are untrue, but make me feel like I’m a part of my team. It doesn’t work that way. It is the, the truth, value of the things that we perceive is contingent on how those beliefs serve our team. Mm-hmm. So if there are things that our team believes. Those are the things that sort of historically, based on evolutionary psychology, those are the belief systems that would’ve made us probably really good members of our, of our tribe. Mm-hmm. That would’ve, um, if we had embraced those beliefs that would have. Give an indication to the shared members of our team that we are a good team member and therefore they should protect us. They should protect me, I will protect them. There’s a reciprocity there. So that belief sharing with our teammates is something that historically has served us well. And when it comes to survival, we really prioritize our social motivations above all else, because that is such a huge predictor of what allows us to survive and thrive. Is being a part of a community. And so, yeah. So the empirical validity of those claims is a little bit beside the point. The obvious, uh, the, the things that I think about there, I guess the, the sort of analogy there is like, you know, being a a, like I’m a big football fan, right? So I’ve been a big fan of the Minnesota Vikings for my entire life, although I’ve not lived there in from, you know, three quarters of my life. I grew up as a kid and that was my team. People come in, right? People go out. They’re people who, you know, were never there at the beginning, but I still root for them. Yeah. Yeah. And I still believe in them. And so, yeah, it, it reminds me of the sort of a, uh, you know, this tribal thing you’re talking about. The other place you see it, uh, is, is in politics. Uh, you know, when I, when I think about like, the way the parties have changed without getting political at all here. The, the, there’s some very, very significant changes that have happened in the ideologies, uh, or maybe not in the ideologies, but in the actuality of these parties and what they believe. They’ve changed so much in the last 30 or 40 years, yet the same people believed, uh, or identify as those party members. Is that kind of what you’re getting at? Yes, and, and because I’m a political scientist and political communication scholar, a lot of my interest in this area was born out of my concerns about our political, the political moment that we’re in, and how we really lack. A shared reality that’s necessary for democratic governance. Um, we, and we are seeing that literally there are dozens of examples every single day of different perceptions of reality across the left and the right. And so, so that was sort of why I tried to understand this, um, in the first place. But the. What you can glean from these theoretical dynamics, um, extend far beyond politics, right? To, as you were saying, and everything from economics to health, to the environment. Um, but because the shift that I think has been most impactful in this area regarding political identity is that in the United States, the. How the parties, what the parties are made up of, who the parties are made up of has changed dramatically over the last half century. And so rather than being these sort of loose coalitions of interest groups that would kind of come together and perhaps share a platform on specific policies, the way that the parties have shifted, especially sort of after the Civil Rights Movement made it that. Individuals began to identify with political parties based on like fundamental characteristics of who they are. Things like race, religion, geography, and, and fundamental aspects of culture. And so you have two political parties that actually look very different from one another in their racial and ethnic and religious and geographic sort of composition that is not good for democracy. Because we actually do not want our political parties to map onto such primal aspects of identity. ’cause it creates sectarianism and opens the door for dehumanization and violence, all kinds of bad stuff. But it also really tends to fuel some of these identity-based processes that we’re talking about because when you look around and everyone on your, in your political party. Lives like you do. They look like you do they worship like you do? They have the same hobbies as you. They drive the same kind of car. You know, those kinds of things. Like there’s a lot of that overlap that really makes your political identity take on a life of its own, and that life is increasingly. Um, unrelated to policy and more about kind of culture and aesthetics. So all of these caricatures that we think about of the left and the right, the, there’s. Stereotypes for a reason. They exist for a reason and they are so exaggerated through as a result of this political party shift over time. And, um, uh, as I talk about in the book, these differences are also exploited by our media environment. It’s really good for targeting and target marketing to have these kinds of divisions, uh, not great for democracy. Um, but they, these identities become further exacerbated. The more media we consume that tends to play into these identities. Yeah. It, it’s interesting to me, I think sometimes when you, when you think about what people believe mm-hmm. And then, you know, and then. Identifying those beliefs with like a, a political party or something like that. It’s interesting to think of the actual identification of the party coming first. Yeah. And then the beliefs following. Based on the identification. So that’s almost like religion, right? Exactly. Exactly. Right. And that’s a lot of the, the metaphors that we’ve been drawing from in political science. A lot of political scientists have been writing about this, really drawing upon the sociology of religiosity and how it operates because it, it, you’ll notice there’s another similarity too, that people will. Have this large identity as like a Catholic, right? Like I was raised Catholic. It’s, it’s part of who I am. Now. Do I believe everything that they say at church? No, but my identity as a Catholic is still very big. I, I, I will let it drive certain things, but I’m gonna write off other things as like. Not as important as my overarching identity. In the same way that we will find people who have a Democrat or Republican identity, and they live like a Democrat. They live like a Republican. However, when it comes to their actual policy positions. They don’t necessarily agree with their party platform. And that actually is where I get a little more optimistic because even though these caricatures seem so distinct when you drill down to actual policy positions, Americans have a lot in common. Those divides are not as giant as we think they are. I’m curious in terms of understanding the United States versus other countries, um, we, we seem to have a certain polarity which. It’s relatively new. I would say that, you know, even compared to, um, being a kid in, in the eighties, um, feeling like, you know, there was these two parties, but they seemed to get along pretty well. Mm-hmm. And for the most part, they were both kind of near the center. Yeah. And, um, but there’s this, there’s a much bigger division now. Um. What, I guess what drives the, the changes and when you look at different countries, like if you can compare and contrast like Sure. Are there certain specific variables Yes. That about our culture that that makes us who we are. Yes. Yeah. So that first question, um, I, I think that what’s really important is that when you think about how our political parties used to operate, um, in the aftermath of the Civil War, the two parties. We’re kind of in agreement when it came to racial issues in a way that was not good for African Americans in this country. Once the great migration happened and you had blacks from, from former slave states moving north and west, there was real pressure on leaders in those cities to advance or civil rights. Platforms, civil rights legislation, and to advance the rights of African Americans. That really put pressure on the parties in such a way that then it was the Democratic Party who became the party of championing civil rights. Then there was a response from the Republican party that was framed in terms, right, in terms of. State’s rights. That really drove the sorting of different kinds of people into the parties. It’s also fascinating to look at how religiosity and religion. Play a role here because during this very moment under the Nixon administration, there were efforts to revoke the tax exempt status of certain Christian schools that were sort of defacto segregated schools that were in violation of the policy at the time, which was to integrate those, the school system well. Those Christian parents were very unhappy with this, you know, revoking their tax exempt status. And there was a man named Paul Wyrick who came in and said, you know what, this is a moment to really bring together these two issues regarding race and religion. And he mobilized and created a grassroots movement out of this effort to sort of like protect our schools. And that actually became the conservative group, the Heritage Foundation. So that, that bringing together sort of the, the project of evangelical Christianity with this sort of move in opposition to integration that has a long history in our country. To your second piece though, about why the United States is, is. Special. Um, one, we have our, our history of slavery is not fundamentally unique, right? There are many countries that also practice slavery. I think the role that slavery already p played in the founding of our nation was important to keep in mind in terms of how the, the issue of race played into these shifts across political parties. And two, probably the biggest thing of all is that we have a. Two party system in countries that are dealing with some of these same pressures related to race and ethnicity, immigration, right? Where you see some of this polarization happening on ideology and a lot of those places they have multi-party systems. Which play a real amazing role at buffering some of these dynamics. So it’s not black or white, yes or no left, left or right. Uh, so we are uniquely positioned to have a hell of a time with polarization. When I, um, uh, I, you already sort of referenced, um, media. Mm-hmm. Um, you know, like when you think about polarization or you think about like. Re um, sort of constantly, um, emphasizing the things that you already suggest that you believe, uh, social media in particular is, I mean, is just pounding away at that, right? Yeah. I mean, sure. I just think about like my own feed, the things that I Yeah. You know, respond to or the things that I, you know, show affirmative, uh, reactions to the next thing. You know, like on x, you know, on Twitter, which I’ve been in. You know, doing more of, that’s all I get. Right? Sure. And it’s interesting because the next thing you know, you feel like. Everybody agrees with you. Sure, sure. And you’re like, oh, this is, this is amazing. I’m so Right. Right. No one has, right. No one believes the opposite of me. Right. Yeah. And it feels amazing. What role is that playing? Uh, I guess in, in your view? Social media dynamics are, are really fascinating because let’s, let’s realize, talk for a second about why it is that a lot of the content that we’re exposed to on social media is so divisive and identity evoking. Um. The reason that that happens is because the algorithms really just want us to be more and more engaged, obviously, because the only way that they’re able to, to micro target us with ads, et cetera, is by making use of the data points, the breadcrumbs that we have left behind. The only time that we leave those data points that we leave those breadcrumbs is when we do things. So if we’re just lurkers, we are not serving them at all. If we’re just hanging out looking at stuff, if we are actively liking or doing an angry thing, or writing or sharing, that’s what they need. So the algorithm is going to prioritize the content that is sort of outrage inducing, especially because negative emotions are exceptionally sticky. And there’s been some amazing work by um, uh, Jay Van Beil and his team who studied the sort of virality of different kinds of content online. And they found that the kind of content that is especially suited to virality is content that is both moral. Emotional that makes claims about what ought to be and what ought not to be, but is also like really emotionally and effectively evocative. And the kinds of content that tends to check those boxes is the content that is identity activated. Us versus them. They are doing this awful thing to us. Our way of life is under threat. Um, they are the bad guys. We are the good guys. So that’s how that happens, right? So that’s the kind of content that tends to be privileged across these platforms. That’s a piece of the puzzle. Another piece of the puzzle is that the kinds of people who tend to produce the most content online. Are weird, uh, as someone who posts online, uh, I, I just offended myself, but that’s fine. Um, the people who post a lot online tend to be more ideologically extreme. They also tend to have certain kinds of personality traits that maybe aren’t great is some of my work is looking at the, the trait of conflict orientation. You can imagine people who are conflict avoidant. Probably not so likely to post online as opposed to people who are conflict approaching who love a fight, right? If that’s, if those are the folks who are more likely to post, that’s gonna shape our information space in really, really important ways. Well then you get responses that are much more aggressive too, right? Like sure. In either direction. Sure. Something that’s kind of lukewarm. No one really cares to respond to it. Right. That’s exactly right. And then, and then those, those particular posts are rewarded by the media companies themselves because they’re getting all sorts of attention rising the top and those influencers who getting paid for that. So yeah, I mean, that’s the thing that really, that’s where I, I, I get to the point sometimes with this work where I, I’ve, I do feel a bit demoralized because I don’t necessarily see. Where there are really empowered agents to who can work within the system, we have to try to dismantle the incentive structure. So you know, if there are entrepreneurs out there who can think about ways to incentivize different kinds of content, I applaud that kind of development there. There are some, of course, who, who do the sort of, um. Positivity posts, you know, posts for good and viral videos about people help helping other people, and there is some indication that those also, they’re people love those. Those do go viral, but they don’t have the immediacy of the outrage, I guess, that when you think about, you know. The implications of this is really just, you know, I guess polarization, maybe some misinformation. Even misinformation is difficult because Sure. You don’t even actually know what is real information anymore. You don’t have like, sure. You know, when I was a, again, going back to being a kid in the eighties, it’s like you had one set of. Set of facts, you know? That’s right. But now that’s, there’s lots of different sets of facts, and in reality it’s hard to know what’s real. You just, you know, you just, you, you believe something and the next thing you know, something comes out and it, boy, that wasn’t real at all. Um, yeah. And, and let’s just, I’ll pause you for a second because, you know, as someone who studies misinformation, I, I have been through quite a journey with how I’ve thought about digital technologies, right? Yeah. Whereas. When I first started in this field 20, 25 years ago, I really lamented the fact that there were these voices on high at the news organizations who got to gatekeeper. They were the ones who decided what was true and what was not. And because of the way that they produced the news, that tended to reinforce certain kinds of official narratives. You know, there were times when conspiracies were exposed later on, when we learned that Wow. They did not tell us the truth, right? So early on I thought, oh wow, digital technologies are gonna be revolutionary, citizen journalists and iPhones. Mm-hmm. And in 2011, we saw the Arab Spring and we watched all these, these, you know, dictatorships. Topple. And then we saw the real tide shift with misinformation, with and disinformation deliberate efforts to exploit those. The lack of gatekeepers to exploit the, the lack of professional, quote unquote truth tellers, and really just make hay of our information space. And now sometimes it’s amazing, right? Because sometimes. The official account is not true, and other times the official account not only is true, but belief in the official account is necessary for us to sort of make progress as a society, right? So. The trouble is we don’t know which time is which. Well, well that, that’s, that’s what I was gonna say. I mean, I, I used to actually kind of in my own rein, have this narrative that, you know, certain sources were true and certain not, but even, yeah. You know, even after, you know, things that happened during COVID, for example. Yeah. Um, um, you know, the Wuhan Laboratories and, and things like that, that, you know, everybody looked at as a. A conspiracy theory and all this stuff, right? A tinfoil hat theory, a tinfoil hat, and you brought it up and you were crazy and everybody, you know, and, and the next thing you know, that’s the truth. That’s what happened. Yeah. So it, I think you’d even take people, um, it, it makes people who, uh, believe in the system, not believe in the system anymore. And, and I think that’s kind of where a lot of people are headed. That’s where the huge danger is. Yeah. And, and I think one area of research that is so. That is empowering and is hopeful. I have a, a doctoral student who is doing her dissertation on this. It’s a, it’s a concept called intellectual humility, which is just the extent to which we acknowledge that our beliefs and our perceptions of the world could be wrong. And what happens is when you operate in an intellectually humble way when you have beliefs, but you also are open to the fact that new information could come in at any moment, that could tell you that the things that you thought were true are not true. When you live that way, you tend to. Be closer to empirical truth than the people who are intellectually arrogant because the people who are intellectually arrogant, they’re so sure they’re right and they’re never looking to update their views. Yeah. You know, curiously on that too, like what, what does a research show about like highly educated or quote unquote intelligent people? Are they just as vulnerable? Are they more vulnerable? Because of this. And you know, in some ways I would think they’re almost more vulnerable. Yeah. And, and I think that it depends. So when we look at individual level factors and how they interact with susceptibility to MIS and disinformation, all of these different, so there’ll be psychological traits that interact with education level, that interact with what kinds of things you then are exposed to. So it is complicated. It’s complicated. So it tends to be the case that people who are. Perhaps more educated are more likely to seek out information from more like legacy journalistic sources. Yeah, yeah. Right. Yeah. Right. So, and on average, those sources tend to have more things that are empirically true than if you’re just sort of like looking on the internet for whatever you can find. Um, in fact, there’s also some research that shows that the people who report, um, quote unquote doing their own research. They are statistically more likely to believe misinformation, which actually makes sense because when you think you’re doing your own research, you’re actually doing what we call selecting on the dependent variable, which is you are looking for the information that confirms what you think is true. That is just what we tend to do. Unless you’re doing a controlled experiment. Yeah. You’re not actually looking for information that contradicts your beliefs. So, you know, we do this, this is, uh, a lot of times, um, you know, we talk about, uh, personal finance and mm-hmm. And macroeconomics and stuff. How does this translate over to like, beliefs about. Economy, the, you know, ’cause these are, these are important things that, again, there is incredibly different, uh, views on. Sure. You know, um, an example now, uh, an example is that everyone, you know, whether, whatever you believe the pol policy or not, that, that, that, that tariffs were going to drive inflation, a hundred percent inflation was gonna skyrocket. The last CPI number comes under like under three right? 2.7%. Yeah. Like what, what, tell me how this all applies to that kind of news, that information. Yeah, so, so I, I’m going to make a, a couple points that I think will, will get to your question. Yeah. Because, you know, a, a lot of what I have landed on is this role of social identity, right? In shaping belief systems and. One thing that I’m sure you’re familiar with is that when the party in the White House switches overnight from Democrat to Republican, people’s perception of how the economy is doing as a function of political party flips over. So when the White House went from Biden to Trump in January, 2025, overnight, Republicans went from thinking the economy was in the trash to thinking the economy was doing excellent, and Democrats did the opposite. So is that an actual empirical observation of the world, or is that an expression of their. Perception that their team is in charge. Therefore, things must be better. Or now my team is no longer in charge, so now things must be worse. Right. That’s the big one. We see that. You know, I’m. Every election back to who, however long this has been tracked, we see this. Um, another thing that I think is interesting is in terms of people’s perceptions of whether or not the economy is good or bad, that is very much shaped by who we’re talking to and what information we’re exposed to. So this, this in invites a whole host of questions about how should elites talk about. Economic health, right? You had under Biden, Biden trying to tell people, the economy is doing really well, the economy is doing great. Look at all these metrics. The economy is doing great. And so you have Democrats saying, oh yeah, the economy is doing well, and Republicans saying, I am looking at how much things cost. I am looking at, you know, various things in my bank account. I’m gonna say the economy is not doing well. I also think that Biden is not a great president, so I tend to think that things aren’t going well when the other party’s in charge. And then you look now under Trump. Trump is in a bit of a pickle, right? Because he is saying the economy is doing well. He’s saying, look at these metrics, look at these numbers, and you have this sort of. Viral perception among people that we are in a stagnant economy. I even heard my 15-year-old, we were at Costco and we got, you know, their pizza slices are like $2. We got pizza slices and she said, well. You can get a whole dinner for $8 in this economy, Rick. I was like, what? Economy? But, but those perceptions are so, and it, it’s also very, very difficult to figure out where did that perception come from? Yeah, yeah. How do we isolate the source of that perception that this economy is, is not good. Yeah. Well then certainly like behaviors follow, right. And yeah. So I guess, yeah. I guess that’s like, I mean, I’m sure that’s a completely different thing. Like, I mean, how do, how do these, you know, different perceptions. Party based perceptions Sure. Ultimately influence the economy because of the way people think of the economy. Exactly. Right. And how, how do mm-hmm. When it comes to what have tariffs done, right? Mm-hmm. Like I’m not an economist. I do not know what tariffs have done. My understanding from my media exposure is that there are, on some certain kinds of items, prices have gone up a bit, but that some of the other. Like at the grocery store, for example, some of the price increases that we see there are not the result of tariffs. So then what are they the result of when it comes to how we attribute responsibility and blame, that is also very much shaped by our social identity. So if it helps me to think my grapes are expensive because of Donald Trump, then that’s what I’m going to think. Give us your sort of final thought here. Mm-hmm. Just in terms of, you know, what’s, what’s the learning. Here and how can we apply this to our own thinking? So, so I, I like to leave things on, on a kind of positive note because there is a lot to be concerned about in such a fractured information space. Um. One of the things that has been bringing me some, some hope that I think we could carry with us into how we think about what it is that people yearn for, what it is that people want. Even in this, this very splintered environment, I am convinced that even though all of our technology is creating atomized spaces for us to become our most exaggerated version of our self. I think what we really crave as human beings are shared experiences, opportunities for us to share experiences together, whether that be media content that we then want to talk about, whether those be events. There is a reason why football is still such a successful, um. Kind of entertainment. Right? And there’s also a reason why when there are cultural stories that allow us to all talk about them, like the couple at the cold play concert that was outed or whatever, there are reasons why those moments just catch fire. And I think it is because despite the fact that our technology platforms are trying to give us. Atomized, individualized, discreet spaces. At the end of the day, we really do want to share things with one another. Good stuff. Uh, professor Young, uh, uh, Dana Young, it, the book again is Wrong. How Media, politics and Identity Drive Our Appetite for Misinformation. Thank you so much for being on Wealth Formula Podcast. Great. Thanks so much. It was fun. We’ll be right back. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to you. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealthformulabanking.com. Welcome back to the show everyone. Hope you enjoyed it. Again, just make sure that you are getting multiple sources of information. Whether that comes to, you know, this show really is about personal finance and macroeconomics and only politics and all that is not what I’m into, but the point is. That, uh, when it comes to, uh, when it comes to anything including personal finance and microeconomics, make sure you have multiple sources of information. Listen to the arguments and, uh, you know, make a decision that you can live with, whether you’re right or wrong. That’s it for me this week on Wealth Formula Podcast. This is Buck Joffrey signing up. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

Democracy might be a brief historical blip. That's the unsettling thesis of a recent paper, which argues AI that can do all the work a human can do inevitably leads to the “gradual disempowerment” of humanity.For most of history, ordinary people had almost no control over their governments. Liberal democracy emerged only recently, and probably not coincidentally around the Industrial Revolution.Today's guest, David Duvenaud, used to lead the 'alignment evals' team at Anthropic, is a professor of computer science at the University of Toronto, and recently co-authored 'Gradual disempowerment.'Links to learn more, video, and full transcript: https://80k.info/ddHe argues democracy wasn't the result of moral enlightenment — it was competitive pressure. Nations that educated their citizens and gave them political power built better armies and more productive economies. But what happens when AI can do all the producing — and all the fighting?“The reason that states have been treating us so well in the West, at least for the last 200 or 300 years, is because they've needed us,” David explains. “Life can only get so bad when you're needed. That's the key thing that's going to change.”In David's telling, once AI can do everything humans can do but cheaper, citizens become a national liability rather than an asset. With no way to make an economic contribution, their only lever becomes activism — demanding a larger share of redistribution from AI production. Faced with millions of unemployed citizens turned full-time activists, democratic governments trying to retain some “legacy” human rights may find they're at a disadvantage compared to governments that strategically restrict civil liberties.But democracy is just one front. The paper argues humans will lose control through economic obsolescence, political marginalisation, and the effects on culture that's increasingly shaped by machine-to-machine communication — even if every AI does exactly what it's told.This episode was recorded on August 21, 2025.Chapters:Cold open (00:00:00)Who's David Duvenaud? (00:00:50)Alignment isn't enough: we still lose control (00:01:30)Smart AI advice can still lead to terrible outcomes (00:14:14)How gradual disempowerment would occur (00:19:02)Economic disempowerment: Humans become "meddlesome parasites" (00:22:05)Humans become a "criminally decadent" waste of energy (00:29:29)Is humans losing control actually bad, ethically? (00:40:36)Political disempowerment: Governments stop needing people (00:57:26)Can human culture survive in an AI-dominated world? (01:10:23)Will the future be determined by competitive forces? (01:26:51)Can we find a single good post-AGI equilibria for humans? (01:34:29)Do we know anything useful to do about this? (01:44:43)How important is this problem compared to other AGI issues? (01:56:03)Improving global coordination may be our best bet (02:04:56)The 'Gradual Disempowerment Index' (02:07:26)The government will fight to write AI constitutions (02:10:33)“The intelligence curse” and Workshop Labs (02:16:58)Mapping out disempowerment in a world of aligned AGIs (02:22:48)What do David's CompSci colleagues think of all this? (02:29:19)Video and audio editing: Dominic Armstrong, Milo McGuire, Luke Monsour, and Simon MonsourMusic: CORBITCamera operator: Jake MorrisCoordination, transcriptions, and web: Katy Moore

Experience a once-in-a-lifetime preview of "Mama Hay, The Journey of a Healer, The Real Story of Dr. Sebi" with Dr. Sebi’s son, Abdul, and unlock powerful insights into healing and legacy. Be moved by Motivational Speaker David Grogan as he reveals the keys to emotional healing, and gain invaluable economic wisdom from Dr. Brooks Robinson of Black Economic OrgsSee omnystudio.com/listener for privacy information.

For two decades, the economics of the open web rested on a simple bargain: platforms indexed content, publishers got traffic, and monetization happened downstream. AI breaks that loop by delivering answers without the click.This week, I'm joined by Doug Leeds, former head of IAC Publishing and now CEO of RSL, to unpack what comes next. We talk about why the old traffic-for-content deal is collapsing, why pay-per-crawl is a dead end, and how collective licensing could create a new economic layer for publishers and creators. A conversation about leverage, incentives, and whether the web can adapt to AI without losing the ability to fund original work

Summary  In this episode of Gary's Gulch, dive into a heartfelt journey of personal growth, agency, and financial independence. Host Gary reflects on his childhood challenges, military career, and the lessons he's learned about true wealth and legacy. Highlighting Aaron Chapman's "Redneck Economics," Gary urges listeners to find their unique genius and use it to build a better future. Explore the power of entrepreneurship, parenting, and the pursuit of self-reliance in today's world. A must-listen for those seeking inspiration to take control of their financial destiny and personal growth..   Episode Highlights 00:00:13 - Launch of "Redneck Economics" 00:01:08 - Power of unconventional language 00:02:35 - Real estate vs. stock investing 00:03:15 - Agency and control over future 00:03:52 - Influence of Ayn Rand's "Atlas Shrugged" 00:06:06 - Economic challenges in the 1980s 00:07:00 - Personal financial journey 00:11:05 - The choice for Naval Academy 00:15:00 - Impact of the Great Recession 00:16:25 - Realization on financial independence 00:18:21 - Importance of legacy and time 00:20:47 - Shift from materialism to family 00:22:02 - Significance of choosing time with family 00:23:05 - Personal story about father's impact 00:25:38 - Investing in self and God 00:26:48 - Final thoughts on agency and impact   Links and Resources from this Episode Connect with Gary Pinkerton https://www.paradigmlife.net/  gpinkerton@paradigmlife.net https://garypinkerton.com/  https://clientportal.paradigmlife.net/WealthView360     Keywords Gary's Gulch   Redneck Economics   Aaron Chapman   Passive Investing   Financial Freedom   Rental Real Estate   Cash Flow   Control Over Future   Atlas Shrugged   Ayn Rand   Self-Reliance   Agency   Entrepreneurship   Financial Journey   Family Legacy   Importance of Time   Business Owners   Philanthropy   Inflation   Interest Rates   Paul Volcker   2008 Recession   Dot Com Crash   Stock Market   Wealth Management   Human Agency   Charlie Kirk   Freedom Preservation  

This week Joey and Keith get to know Big José. They dive right into great topics like books, fantasy football prizes, tying shoes, surfing, and olympic lifting. Links Ü&Ü Hoodie Massenomics x Ünpaid and Ünderrated Colab Get Your Own Keith Head Follow The Podcast On Instagram @unpaid.underrated.podcast Online UnpaidInternPodcast.com On Youtube @Unpaid.Underrated.Podcast Our Guest On Instagram @bostonjoseluis Our Hosts @keithhoneycutt73 or his orange gym, @thenowhinecellar @joey_mleczko Special Guest: Big José.

Economic data Tuesday moved markets, though @CharlesSchwab's Joe Mazzola believes it's Wednesday that will have the week's biggest mover potential. He explains how Mag 7 earnings in Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) can rattle markets and how it can "tip the scale" for the rotation trade. Cooper Howard has his eyes on the Fed and ways the FOMC can show a widening divide on their interest rate stance.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

When I got this episode on the calendar a month ago, my vision was, “Let's get three of the smartest, most thoughtful liberals I can find on the topic of economic statecraft, and we'll do a full assessment of the first year of Trump's second term.” The idea was to take each of the domains — tariffs and the trade war, export controls, industrial policy — and do two things: get an accurate picture of what's actually happened, and hear how Biden admin insiders and Democratic thinkers see them. Where are there continuities between administrations? Where have their expectations been overturned? And what lessons are they incorporating into their own worldviews?Then, in a totally novel example of economic statecraft, we grabbed Maduro and seized Venezuelan oil; we had to discuss that too.As a result, we're doing a lot in this episode, and we leave some important questions out: the legal challenges to the current tariff regime, for example. But I think readers will come away from this episode with a clear view of the old and new tools of US policy in the realm of economic statecraft.Our guestsDaleep Singh is an economist who served in two separate periods in the Biden Administration as Deputy National Security Advisor for International Economics.Peter Harrell served as Senior Director for International Economics at the White House, jointly appointed to the National Security Council and the National Economic Council.My colleague, Arnab Datta is Director of Policy Implementation at IFP. He's also the Managing Director of Policy Implementation at Employ America.We cover a lot of ground in this episode. Here's our table of contents:We discuss* What is economic statecraft?* Venezuela* China and tariffs* Trade deals* Industrial policy* Lessons learnedThe full transcript for this conversation is at www.statecraft.pub This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.statecraft.pub

Welcome to another rousing edition of the Tom Bilyeu Show Live! In this episode, Tom Bilyeu and co-host Drew dive deep into the latest headlines shaking the world—from global politics and economics to heated debates around government spending, immigration policy, and the true cost of regulation. They start by unpacking a flurry of international headlines, including escalating tensions in the Middle East, Trump's controversial “Peace Board” and the rumors swirling around America's military strategy and alliances. The conversation quickly turns to domestic issues, as Tom Bilyeu and Drew candidly discuss California's open approach to healthcare for undocumented immigrants, the fallout from Congress's new budget, and the economic realities most Americans are facing. Expect sharp analysis of everything from ICE's media optics to the politics of meme culture at Davos, Elon Musk's side-eye at Trump, and the age-old debate of how much regulation is too much. You'll hear why overregulation could be strangling Europe's entrepreneurial spirit, and get a no-holds-barred assessment of government intervention—from hotel junk fees to historic examples like the GI Bill and the perils of bureaucratic overreach. If you're looking for unfiltered, passionate, and insightful takes on the forces shaping our world—and a few laughs along the way—this episode promises to bring both the heat and the nuance you crave. Let's dive in! Quince: Free shipping and 365-day returns at https://quince.com/impactpod HomeServe: Help protect your home systems – and your wallet – with HomeServe against covered repairs. Plans start at just $4.99 a month at https://homeserve.com Shopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impact Incogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impact Sintra AI: 72% off with code IMPACT at https://sintra.ai/impact Huel: High-Protein Starter Kit 20% off for new customers at https://huel.com/impact code impact Bevel Health: Visit https://bevel.health/impact and use code IMPACT to get your first month free. Ketone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription order Cape: 33% off your first 6 months with code IMPACT at https://cape.co/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tom Pique: 20% off at https://piquelife.com/impact What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business: join me here at ZERO TO FOUNDER:  https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business: see if you qualify here.:  https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox: sign up here.: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu's Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Tik Tok: https://www.tiktok.com/@tombilyeu?lang=en Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu Learn more about your ad choices. Visit megaphone.fm/adchoices

Mark Simon Simon offers a harsh retrospective on US-China relations, arguing that the engagement strategy dating back to 1972 has never really worked for the United States. He dismisses the economic trade-off of "cheap stuff at Walmart" as a poor return for allowing China to flood US markets. Simon specifically criticizes the George H.W. Bush administration (and Brent Scowcroft) for making a grand strategic and moral mistake; he contends that by ignoring "blood on the streets," the US propped up a regime that it should have realized could not be changed, missing a critical opportunity to do better.1930S HONG KONG

Stay informed on current events, visit www.NaturalNews.com - Minnesota Protests and Civil Unrest (0:00) - Medical Cures and AI Technology (3:22) - Trump Execution Squads and ICE Agents (8:03) - Escalation of Violence and Civil War (37:41) - Silver Market and Economic Instability (50:37) - Text-to-Speech Technology Demonstration (1:22:11) - Wartime Home Front Essential Skills Course Introduction (1:28:20) - Health Ranger Store Products and Testing (1:29:19) - DMSO and SV 40 Depopulation Conspiracy (1:31:09) - Historical Context and Suppression of DMSO (1:44:33) - Economic and Political Implications (1:44:51) - Marjorie Wildcraft's Background and Course Content (1:49:18) - Preparation for Food Scarcity and Inflation (2:13:13) - Technological Advancements and Local AI (2:27:10) - Universal Basic Ignorance and Self-Reliance (2:27:29) - Final Thoughts and Call to Action (2:39:08) Watch more independent videos at http://www.brighteon.com/channel/hrreport  ▶️ Support our mission by shopping at the Health Ranger Store - https://www.healthrangerstore.com ▶️ Check out exclusive deals and special offers at https://rangerdeals.com ▶️ Sign up for our newsletter to stay informed: https://www.naturalnews.com/Readerregistration.html Watch more exclusive videos here:

MeidasTouch host Ben Meiselas reports on Donald Trump getting thrown under the bus by JD Vance who admits that Donald Trump has not been able to quickly turn around the economy and Meiselas speaks with University of Michigan Professor Justin Wolfers about the long term damage Donald Trump is doing to the economy. Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast Cult Conversations: The Influence Continuum with Dr. Steve Hassan: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

John Chang gives listeners a wide-ranging outlook on the 2026 commercial real estate landscape, drawing from recent industry webcasts, capital market data, and his upcoming conversations with investors at NMHC. He explains why rising cap rates and falling borrowing costs have reset real estate returns to some of the most attractive levels seen in over a decade, even as broader economic uncertainty grows. John breaks down how slowing job creation, shifting migration patterns, and heavy Sunbelt development are creating near-term pressure for multifamily—especially Class B and C assets—while lower-development markets continue to show resilience. He also explores why institutional capital is quietly flowing back into commercial real estate, what gold prices may be signaling about investor sentiment, and where he sees risks and opportunities across multifamily, retail, office, industrial, and self-storage heading into 2026. Visit ⁠www.tribevestisc.com⁠ for more info. Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/BESTEVER  Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on the Mark Levin Show, the situation in Iran is dire for the Iranian people. There's a holocaust taking place in Iran where the regime is brutally suppressing protests. The victims are primarily young people who simply want basic freedoms. Thousands are imprisoned, tortured, raped, summarily executed, or already dead with communications cut off. America needs to act decisively against this seventh century barbarian regime. Meanwhile, Tukey's Erdogan is trying to wipe out the Kurds. As time goes on, the urgency and immediacy for helping the Iranian people lessens in the public mind and among the decision-makers. Already, the media are losing interest. This is very worrisome. Later, the Wall Street Journal's accidental admission reveals that tariffs are not merely taxes but tools of foreign policy and diplomacy. The Constitution assigns Congress the power of the purse while granting the President plenary power over foreign policy and national security. Tariffs often intertwine these areas, making judicial intervention impractical and unwise, as courts would end up deciding case-by-case whether a tariff is more about national security or taxation, leading to endless litigation. Furthermore, the Islamo Nazi Iranian regime's leader Khamenei is executing protesters, even non-protesters on the streets. The media and politicians are growing bored of this and moving on from the issue despite the continuing atrocities. Economic pressure is insufficient, as Iran's economy is already nearly collapsed - Khamenei must be eliminated and sent to hell. Meanwhile, the Syrian leader is a mass murdering terrorist, not a reformer – he's horrifically slaughtering the Kurds while ISIS roams free in Syria due to actions by Erdogan and others. Finally, a candidate has every right to challenge election results, as President Trump did in 2020. Any candidate may legally question an election, claim it was stolen, or pursue alternate slates of electors - none of these actions are criminal. Jack Smith's criminal prosecution of Trump was a major assault on the Constitution and the Republic. Learn more about your ad choices. Visit podcastchoices.com/adchoices