Podcasts about glass steagall

This Day in Legal History: Glass-Steagall SignedOn June 16, 1933, President Franklin D. Roosevelt signed the Banking Act of 1933 into law—a pivotal piece of Depression-era legislation better known by the names of its congressional architects: Senator Carter Glass and Representative Henry Steagall. The law's timing was not accidental; it came just months after the catastrophic banking failures that had shuttered thousands of banks and evaporated public trust in the financial system. At its core, the act sought to restore that trust through structural reform, not just emergency patchwork.The most well-known feature of the law was the creation of the Federal Deposit Insurance Corporation (FDIC), which for the first time guaranteed Americans' bank deposits up to a set amount. This singular policy innovation helped stem the tide of bank runs and brought stability to the retail banking sector almost overnight.But the law went further. In what became known as the Glass–Steagall provisions, it imposed a formal separation between commercial banking and investment banking. The rationale was simple: banks that take deposits and issue loans should not also be speculating in stocks, bonds, or other risky assets. The aim was to curtail the kind of speculative behavior that had, in part, fueled the 1929 crash.This firewall between different banking functions endured for decades, until its gradual erosion and eventual repeal under the Gramm-Leach-Bliley Act of 1999. Critics of deregulation would later argue that dismantling Glass–Steagall helped set the stage for the 2008 financial crisis.So, why does June 16 matter? Because it marks the day Congress decided that the rule of law—not just market forces—would govern American finance. It's a reminder that even in moments of deep economic despair, institutional design and legislative action can restore public confidence. The legacy of the 1933 Banking Act lives on every time someone deposits a paycheck without worrying if their bank will still be open next week.President Donald Trump has ordered a major escalation in deportation operations by Immigration and Customs Enforcement (ICE), targeting the largest U.S. cities like Los Angeles, Chicago, and New York. The initiative, described by Trump as the "single largest Mass Deportation Program in History," comes amid widespread protests and legal opposition. Trump framed the policy as necessary to remove "millions" of undocumented migrants but also pledged to soften its impact on sectors like agriculture and hospitality, which rely heavily on immigrant labor.ICE is now arresting roughly 2,000 undocumented individuals daily, a significant increase from the Biden administration's rates. Trump aide Stephen Miller has pushed for even higher daily arrests, aiming for 3,000. This surge coincides with a drop in the number of foreign workers, contributing to an overall labor force decline.In response to protests—particularly in Los Angeles—Trump deployed National Guard troops and up to 700 active-duty Marines to secure federal property, sparking backlash from local leaders. California Governor Gavin Newsom has sued the administration, challenging the legality of the troop deployment. A federal appeals court is currently reviewing a lower court's restriction on the National Guard's use.Trump Orders ICE to Expand Deportations in Largest US CitiesSenate Republicans are preparing to unveil their draft of President Trump's sweeping $3 trillion economic package, aiming for passage by Independence Day. But one key detail remains conspicuously unresolved: the state and local tax (SALT) deduction cap.The draft, expected Monday, reflects weeks of intraparty negotiation. Finance Committee Chair Mike Crapo has been trying to thread the needle between budget hawks, business-friendly Republicans, and clean energy holdouts. While the bill includes permanent extensions of key Trump-era business tax cuts—like R&D deductions, interest expensing, and full depreciation—the SALT cap remains a political landmine.The House version, passed earlier this year, raised the SALT cap to $40,000 in a bid to placate Republicans from high-tax states like New York, New Jersey, and California. Senate GOP leaders, by contrast, are floating either retaining the $10,000 cap or leaving it blank for now. Majority Leader John Thune admitted there's little appetite among senators from low-tax states to raise it.The SALT cap is more than a tax policy footnote—it's a litmus test for how seriously Republicans take their own rhetoric on fiscal responsibility. Repealing or expanding the cap would disproportionately benefit wealthy households in blue states while blowing a hole in federal revenues. It's a strange hill for a so-called “populist” party to die on.House Speaker Mike Johnson is pressuring the Senate to keep the $40,000 cap, warning that anything less could tank the bill in the House. It's a delicate dance between appeasing suburban Republicans and not torching whatever remains of fiscal conservatism.Meanwhile, energy companies are watching closely to see how the bill handles the phase-out of clean energy credits. Foreign investors are lobbying against the "Section 899 revenge tax," and Medicaid work requirements face their own internal friction. States may not be ready to implement them, and pushback is mounting over penalizing low-income parents.Senate to Unveil Trump Tax Bill Draft With SALT Fight UnresolvedA federal judge in Boston is weighing whether to block President Trump's latest move to bar foreign nationals from studying at Harvard University, as part of a broader legal fight over immigration, education, and executive power.The administration's proclamation—signed earlier this month—cites national security concerns and temporarily suspends the entry of international students bound for Harvard. It also directs the State Department to consider revoking visas for those already enrolled. The measure follows Homeland Security Secretary Kristi Noem's earlier attempt to strip Harvard's certification to host international students, which the court temporarily blocked.Harvard, which counts nearly 6,800 international students (about 27% of its student body), argues that the Trump administration is engaging in unconstitutional retaliation. The university claims it's being punished for resisting White House efforts to control its governance, curriculum, and ideological direction—an alleged violation of First Amendment protections.Trump's proclamation, and the broader freeze on $2.5 billion in Harvard funding, mark an unprecedented federal offensive against the country's oldest and wealthiest university. Harvard is now seeking a broad injunction to protect its ability to host foreign students while its lawsuits proceed.The Justice Department, for its part, is asking the court to treat Trump's proclamation separately from Noem's earlier actions, arguing it rests on different legal grounds and doesn't expel current students—at least not yet.The outcome of today's hearing could have profound implications, not just for Harvard, but for how far a sitting president can go in leveraging immigration law to reshape higher education.Harvard to urge judge to bar Trump from closing doors for international students | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Jon Hartley and Randal Quarles discuss Randy's career as a lawyer and in policy (including his time as Federal Reserve Vice Chair for Regulation) and topics such as the global financial crisis, Glass-Steagall, banking regulation, lender of last resort, Basel III, the Dodd-Frank Act, capital requirements, the potential relaxation of Treasuries in the Supplementary Leverage Ratio (SLR), deposit insurance after the Silicon Valley Bank regional banking crisis, and stablecoin regulation. Recorded on May 29, 2025. ABOUT THE SPEAKERS: Randal Quarles is the Chairman and co-founder of The Cynosure Group.  Before founding Cynosure, Mr. Quarles was a long-time partner of the Carlyle Group, where he began the firm's program of investments in the financial services industry during the 2008 financial crisis. From October 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system's first Vice Chairman for Supervision, charged specifically with ensuring stability of the financial sector.  He also served as the Chairman of the Financial Stability Board (“FSB”) from December 2018 until December 2021; a global body established after the Great Financial Crisis to coordinate international efforts to enhance financial stability. In both positions, he played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, successfully preventing widespread global disruption of the financial system.  As FSB Chairman, he was a regular delegate to the finance ministers' meetings of the G-7 and G20 Groups of nations and to the Summit meetings of the G20.  As Fed Vice Chair, he was a permanent member of the Federal Open Market Committee, the body that sets monetary policy for the United States. Earlier in his career, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department's activities in financial sector and capital markets policy, including coordination of the President's Working Group on Financial Markets. Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs, where he had a key role in responding to several international crises.  Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, a member of the Air Transportation Stabilization Board, and a board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon is also the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star, among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.  ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

In this solo deep-dive episode of Breaking History, Matt Ehret tackles the untold history of Canada, exposing the imperial roots of Confederation and the British Crown's long war on republicanism. Broadcasting from Alberta, Matt unpacks how Canada's formation in 1867 was engineered to thwart U.S.-style sovereignty, tracing British counter-revolutionary strategies through figures like Lord Alfred Milner, Mark Carney, and Sir John A. Macdonald. Through historical analysis and biting insight, Matt reveals how pro-British networks derailed movements for Canadian-American unity, crushed visionary infrastructure projects like the Bering Strait rail link, and weaponized cultural identity against liberty itself. He highlights unsung Canadian nationalists, compares economic models of empire vs. republic, and makes the case for an Alberta revival rooted in real independence, not just secession. From Franklin and Lincoln to Russia and China, Ehret draws powerful global parallels to today's moment, calling for bold reforms like Glass-Steagall, a return to national banking, and a vision-driven economy. This isn't just Canadian history, it's a blueprint for reclaiming sovereignty from the empire, one idea at a time.

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly take a deep dive into the settlement of charges by the OCC with two former top audit executives at Wells Fargo for their oversight failures during the bank's fake accounts scandal. The Wells Fargo banking scandal is a cautionary tale of unchecked corporate misconduct and the critical role of auditor accountability. This scandal, which erupted due to Wells Fargo's creation of fake accounts driven by unrealistic sales targets, exposed the bank's dysfunctional corporate culture and raised questions about the efficacy of internal audits and the broader implications of regulatory actions. They discuss the scandal as emblematic of the broader issues stemming from repealing the Glass-Steagall Act, which blurs the lines between investment and consumer banking, fostering an environment where misconduct could thrive. Kelly points to the enormity of banks' post-Glass-Steagall repeal as a breeding ground for potential misconduct and highlights the negligence of Wells Fargo's leadership in failing to curb unethical practices. Both Fox and Kelly underscore the necessity for a comprehensive reevaluation of compliance and audit roles to prevent future scandals of this magnitude. Key highlights: Settlement of OCC Charges in Wells Fargo Impact of Regulatory Actions on Auditors Unethical Sales Goals Impacting Corporate Culture Glass Steagall Act Repeal: Wells Fargo Impact Resources: Matt in Radical Compliance Tom Instagram Facebook YouTube Twitter LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

Chris critiques the Dodd-Frank Act and the repeal of Glass-Steagall, arguing that both have contributed to the financial crises and the consolidation of power within Wall Street. He discusses the historical context of these regulations, the role of government in forcing banks to make risky loans, and the implications of these policies on the economy. www.watchdogonwallstreet.com

There is a long history of regulation and deregulation where big scandals provide the catalyst for new rules, and then the realization that the rules are possibly excessive has caused them to be rolled back. In finance the 1933 Glass-Steagall provisions came in the wake of the 1929 Crash. The 2002 Sarbanes-Oxley Act was a reaction to the Enron and WorldCom scandals. Dodd-Frank was enacted in 2010 after the 2008 financial crisis. Good regulation can bring all sorts of benefits, but excessive regulation, does little to serve the public interest, and creates financial costs and frustration for businesses and the public. Elon Musk has vowed to dismantle thousands of federal regulations as the co-head of the Department of Government Efficiency, or DOGE, saying the nation's financial security depends on it. Is he right, and if so, what rules need to go first? Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel: Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Business Inquiries ➡️ sponsors@onfinance.org Additional Reading: https://regulatorystudies.columbian.gwu.edu/brief-history-regulation-and-deregulation An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments | Journal of Political Economy: Vol 81, No 5 https://www.cato.org/publications/policy-analysis/jones-act-burden-america-can-no-longer-bear#conclusion https://worksinprogress.co/issue/how-madrid-built-its-metro-cheaply/ Milton Friedman Video: https://www.youtube.com/watch?v=dZL25NSLhEA A history of regulation and deregulation: https://regulatorystudies.columbian.gwu.edu/brief-history-regulation-and-deregulation Weird Laws Around the World: https://www.farandwide.com/s/weird-laws-world-4961c1ede8d749bf

BRICS plans to transform the international monetary and financial system, and discussed policies at the 2024 summit in Kazan, Russia. Can it successfully challenge the dominance of the US dollar? Political economist Radhika Desai is joined by Ben Norton and former central banker Kathleen Tyson, author of the book "Multicurrency Mercantilism". VIDEO: https://www.youtube.com/watch?v=X7ejfZdPboo This is part of the show Geopolitical Economy Hour. You can watch other episodes of the program here: https://youtube.com/playlist?list=PLDAi0NdlN8hMl9DkPLikDDGccibhYHnDP You can follow Kathleen on Twitter/X here: https://x.com/kathleen_tyson_ Topics 0:00 Highlight 1:24 Intro: 2024 BRICS summit in Kazan, Russia 7:33 Evaluating BRICS proposal to improve financial system 16:47 De-dollarizing trade vs capital markets 24:50 Can a global currency solve the Triffin dilemma? 29:10 Investment flows from poor to rich 30:44 Capital controls 37:16 Could Special Drawing Rights (SDRs) be a new global reserve currency? 42:17 Can a currency backed by a basket of commodities help settle trade imbalances? 48:38 Financial deregulation, Glass-Steagall, and China 53:21 HSBC splits between West and East 55:18 How can central banks de-dollarize reserves? 1:02:35 Controlling finance 1:09:01 What can China do with its huge surplus? 1:16:11 Outro

Buff or bust: why do we study history? In this podcast, we explore the value of studying history and discuss why it's more than a pastime meandering through past times. From crucial analogies and timeless lessons to methodologies for ensuring hindsight is always 20/20, we take a look at why history matters. A few things we mentioned in this podcast: - Why Study History? https://www.lse.ac.uk/International-History/Degrees/why-study-history - Banking Act of 1933 (Glass-Steagall) https://www.federalreservehistory.org/essays/glass-steagall-act For more information on Aleph Insights visit our website https://alephinsights.com or to get in touch about our podcast email podcast@alephinsights.com

Harley Schlanger rejoins the program to discuss the crashing markets and the escalating wars worldwide. What is the real motive behind the wars and why is war always accompanying worldwide monetary changes. We discuss the warring factions and how this all plays into what we are seeing today. You can follow Harley and his daily updates at https://laroucheorganization.com/HarleySchlangerReport   Links Mentioned in previous shows: Leela: Learn more about Leela's Quantum Tech at https://bit.ly/3iVOMsZ or at https://SarahWestall.com/shop Miles Franklin: Learn more how you can convert your IRA or buy precious metals by emailing info@MilesFranklin.com - tell them ‘Sarah sent me” and get the best service and prices in the country.   Consider subscribing: Follow on Twitter @Sarah_Westall Follow on my Substack at SarahWestall.Substack.com See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma MUSIC CREDITS: “In Epic World” by Valentina Gribanova, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Brighteon | CloutHub | Odysee | Rumble | Youtube | Tube.Freedom.Buzz   Biography of Harley Schlanger Harley Schlanger is a top political activist for the LaRouche Foundation Worldwide.  He is currently stationed in Germany, moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update    

In this episode of Building Texas Business, I sit down with Rob Holmes of Texas Capital Bank. Rob shares the bank's dramatic turnaround story since he became President and CEO in 2021 amid challenges, including a failed merger. Rob explains how Texas Capital improved its standing through strategic moves like fortifying capital levels and attracting talent from global institutions. We explore Texas Capital's community focus through initiatives increasing volunteerism and launching a charitable foundation. Rob highlights how their junior program brings diverse talent while nurturing a vibrant culture. Wrapping up, Rob discusses maintaining liquidity amid regional banking stress, their strong capital position, and diversification that sets them apart. SHOW HIGHLIGHTS Rob and I discuss the transformation of Texas Capital under Rob's leadership since 2021, highlighting the strategic moves that improved the bank's financial standing and attracted top-tier talent. Rob explains how Texas Capital's strong capital position and strategic diversification helped it navigate the regional banking stress of 2023. We explore Texas Capital's commitment to community engagement, including extensive volunteer hours, the founding of a new charitable foundation, and various philanthropic activities across Texas. Rob elaborates on the bank's innovative junior program, which has attracted diverse and talented professionals to Texas Capital. We discuss the importance of maintaining a respectful, collaborative workplace culture and the value of in-office collaboration for fostering a strong, healthy culture and achieving better customer outcomes. Rob shares insights on the challenges facing the banking industry, such as regulatory inconsistencies, the inverted yield curve, technology integration, and commercial real estate risks. We discuss Texas Capital's strategic initiatives to expand services, including public finance and equity research in oil and gas. Rob reflects on the lessons he has learned from his career, emphasizing the importance of candor, transparency, and servant leadership. Rob recounts personal anecdotes about his first jobs and leisure pursuits, offering a glimpse into his personal life and leadership style. We touch on the role of media in shaping perceptions of regional banks and the distinct advantages of regional banks in serving local communities and businesses. LINKSShow Notes Previous Episodes About BoyarMiller About Texas Capital GUESTS Rob HolmesAbout Rob TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Chris: In this episode, you will meet Rob Holmes, President and CEO of Texas Capital. Rob shares an inspiring story on how Texas Capital has rebuilt itself and become the first full-service financial services institution headquartered in Texas. Rob, I want to thank you for joining me here on Building Texas Business. Welcome to the show. Thank you very much. Let's start. I know you're the CEO Building Texas Business. Welcome to the show. Thank you very much. Let's start. I know you're the CEO of Texas Capital. Tell the listeners a little bit about what Texas Capital is and the type of services it provides here in Texas. Rob: Great. Well, thank you very much for having me. So Texas Capital had a very proud founding in the late 90s by Texas business people to found a bank to serve Texas businesses with local decision making. After all, the banks failed in the late 80s and they had a very proud run and 05 went public and did very well. Then about the mid teens we kind of started going a little sideways and by the time I got there the bank needed to be kind of rebuilt and so we had a failed merger with a bank about a third our size and that tells you anything, and really because of COVID. But after that they needed new leadership and so what we did was we started over and we went fast. So we raised a perpetual deferred deal with sub-debt securitization, got out of a line of business correspondent banking that attracted a lot of capital and improved the capital by about 270 basis points in about eight weeks, and that's my bet as we run the bank very conservatively. We also brought in a lot of new talent. So the entire operating committee is new. We have a new junior program we can get into that later. But then we started on the journey to build and this is kind of interesting. I think you'll find it interesting. We're the first full service financial services firm ever to be headquartered in Texas and if you think about it it makes perfect sense. So in the 80s you had Glass-Steagall and stuff. You had a lot of big banks. They failed. They were replaced by larger institutions from out of state that saw this as a very attractive market. But the in-market banks never went into the full service direction. So regional banks are made from community banks and they get bigger and they didn't have the products and services. They just had NIM banks, if you will Sure. Chris: Well, that's an impressive thing to have a claim to being the only one headquartered in Texas. I would not have thought that, you know, given some of the other Texas yeah. So I mean you're not kidding when you said a full restart just a few years ago. Rob: Full restart. So we have think about who we're able to attract, and this says more about Texas than Texas Capital. But the woman that runs treasury services for us ran treasury services for JPMorgan Chase globally. Our chief risk officer was the head of risk for JPMorgan's investment bank and then chief risk officer was the head of risk for JP Morgan's investment bank and then chief risk officer for the commercial bank and then head of risk for real estate globally. Our head of ops was a head of ops and tech for Stan O'Neill at Merrill Lynch. The CEO Started in the mailroom, ended up reporting as CEO head of ops and tech for Merrill Lynch. I think he can do it here and that so and that just kind of it keeps going. Our CHRO came from Cilindes and our CIO has an impressive background. Our head of commercial banking all of them had bigger jobs at much larger institutions. Chris: Yeah, what that tells me, Rob, is that those people saw a bright future in the business climate in Texas to make those kind of moves to join you and the Dallas headquarters. Rob: There's no doubt about it and, by the way, I wouldn't have tried this anywhere else, I mean for sure. So, as you know, texas is eighth largest economy in the world, second largest workforce, youngest workforce, fastest growing. We've created 46,. We've created more jobs in 46 last 48 months, so it's a very attractive place to be overall? Chris: What was it about just speaking to you? I know you joined in 2021, that based on the career you had built to that moment where you saw this as the right opportunity for you. Rob: I was very happy where I was. So I was primarily in the investment bank at JPMorgan Chase, but my last 10 years I ran the large corporate bank and the commercial bank ended up taking that to 22 countries. So I ran that business. Globally it was over $180 billion in assets. It was a third treasury, a third lending and a third investment banking. Great business, great people. But when this bank kind of went sideways, I had two or three people call me and say, hey, I'm thinking about this, would you come run it? And it surprised me. I'm like, why are you calling me? But then I started looking at it and, like you, I'm from Texas. I commuted to New York for 25 of the 31 years that I worked for JP Morgan. But people kind of said, why don't you come home and build something special with where you're from? And that, through more and more dialogue, became very appealing to me and I did not know and shame on me that as bad a shape as a bank was when we got there. But it ended up being a blessing because you know like today it'd be very difficult to do what we did. I mean to have a board, investor base, regulators, constituents. Let you reinvest. We reinvested over a third of our non-interest expense and then more, and we said to the investor community and the board and others that we're going to have negative operating leverage for about a year and a half. That'd be very hard to do in this climate, right? And so the other thing we had to do became a blessing because you had to do it all at once, and so I'm glad that's behind us. Today the bank is. It used to have just mono banking, like a community or regional bank. Today we have segmentation, so you have business banking for small businesses, middle market banking for a little larger businesses, a little more sophistication, and then we have a corporate banking group like a money center bank. And when you have a corporate banking group you have to have industry expertise. So we have energy, diversified FIG, government, not-for-profit healthcare, tmt and mortgage, so we have the industry expertise of any money center bank right here in Texas. And then we have private wealth and then we rebuilt all of treasury. So it's a brand new bank. We have a new payments platform, new lockbox, new card, new merchant, new digital onboarding that we came up with. And so we people say the banks can't compete on technology like with the big bank, but we can because we have one platform. Those big banks have many platforms because they're a combination of many banks. We can go in that if you want. And then we have one platform. Those big banks have many platforms because they're a combination of many banks. We can go in that if you want. And then we have, as I said, private wealth, investment banking, and we can go into as many of those areas as you want. Chris: So you basically built it like you said. As businesses are coming to Texas, you're ready to serve whatever need they have. Rob: For sure. So we want to be very relevant to our clients and we are a one-stop shop, so you won't outgrow us. We were a top 10 arranger of bank debt for middle market companies in the years. We've done about $110 billion of notional trades in about 18 months. Wow, it's profitable. Chris: So what's your vision for the future, then for Texas Capital, and kind of, how are you working to achieve? Rob: that it's actually pretty simple. It's maturing the platform that we built. So we are the number one lender to Texas-based businesses of any Texas-based bank. Now that's new. We've had tremendous success. Business owners and decision makers love the local decision making. They love the fact that when they hire us, they're getting a very talented, experienced MD working for them instead of maybe the money center bank, whatever, a VP or something assigned to it. They just like the local decision making, local access. But the go forward strategy is People ask me this all the time what's next? And they think that we have a big bang answer. The big bang answer is delighting clients and banking the best clients in our markets, and we've always said, or I've always said we'll be defined by our clients, and so we have been blessed to have clients be attracted to the strategy and platform. So we're going to just do more of what we've done. Chris: So what I like about that strategy is the simplicity. I think there's a lesson there for entrepreneurs and other business owners in what you've done in the last few years, and that to me is get the foundation right and your core right Correct, and then do the fundamentals really well. Right, it's blocking and tackling is what you're doing. Rob: It's executing now for sure. And I had one CEO of a very renowned New York financial firm ask him to come see me. They had heard about what we were doing and he wanted to understand it because we actually we took what he would say was the very best person from his sales and trading floor who had been there 18 years. He didn't understand how we could attract that person because that person drove a U-Haul to Dallas with his wife and kids before we were even open. And he said tell me your strategy. And I went through it and, to be honest with you, I was hoping he would like it because I was pretty long the strategy. And so he did. And I said what do you think? He said I think y'all are going to be very successful. And this was early on. And I said why is that? He said do you have a differentiated strategy with differentiated talent in a differentiated market? And I think that's true. But then he said what do you think? And I said well, our talent's really. This is back in 21. Now we've done all these things, but I said that the talent is really good, but we've got to do everything with this jersey on now and delight our clients with TCB jersey, not another jersey. And he said look, rob, do it once, it'll be hard, do it three times, you'll be good. The fifth time you're an expert and I kind of he kind of and he's pretty renowned. It was a pretty simple lesson but it's kind of true. And now we have done it and we are good at what we're doing. But we still can mature the platform, that treasury platform we talked about. It's literally second to none. We're doing open banking for clients. We're doing a digital onboarding. You can open a commercial account tomorrow at a money center bank. That take eight weeks or six weeks. But that platform to scale to get the most out of it, I mean we could run it without any more investment for five years. So we got to scale the business and, by the way, it's happening. So that treasury platform is it's called P times V, price times volume that's how many transactions are going through the factory or warehouse financial transactions. That's usually for a bank it's a 2% business at best. It grows the economy, it grows the GDP. We're going 17%, quarter over quarter, year, quarter after quarter. That's remarkable Because of new clients moving to the platform. So it is scaling but we just need to continue to do that Right. Chris: So you talked about the platform a couple of times. What type of I guess technology or emerging technologies do you see having the biggest impact in the banking industry over the next, say, three to five years? Rob: I think real-time payments, I think open banking, and people don't really understand what open banking is. What open banking is? It's actually very simple, so think well, here's, here's one simple way. Part of it is you don't have to leave your internal financial platform to go to our platform. We'll put an API on yours and so you can just push a button and be into our system and send ACH or wire or what. So I think AI, I think open banking and I think real-time payments. Okay. Chris: Well, I can speak from experience, as we transitioned to Texas Capital a year ago and, to your point of the ease of that transition and being able to deal with decision makers made it seamless. Good Well thank you. It's been a great relationship for us, for sure. Rob: Good Well thank you. Chris: What you're saying is true, Well, thank you. It's been a great relationship for us for sure. Good, Well, thank you. I can attest to that. What you're saying is true, Well, thank you. Let's talk a little bit about where you see corporate leadership whether that's your C-suite or just the company as it exists and community impact. What type of initiatives is Texas Capital working on to be a meaningful member of the community? Rob: Yeah, well, that's a. Thank you very much for the for the easy pitch. So I think we do. We bat way above our weight in community impact. So we do tens of thousands of hours of employee volunteer in the community. We, as part of this transformation, when we were investing in the platform, we took time to also found our first foundation. We never had a foundation before. So we have a foundation and we do volunteer hours and we just were part of the group that bought Opal Lear Newhouse. We were the first one to open a branch in West Dallas. We gave the founding seed money for Southern Gateway in Dallas. We're big supporters of Rodeo here in Houston. Last year I think we sponsored the opening night, so I think you're going to see us pretty much all over the state of Texas in terms of giving and more than just money but time, resources, expertise to philanthropies. We hosted a great event about three weeks ago. People came from all over the country and it was for veterans and we had veteran not-for-profits and we had veteran-owned businesses and we just brought them together and talked about issues and how they could work together and synergies between the two and advancing veterans on a go-forward basis, and the people that came would just blow you away and the feedback of it. I happened to be out of town on a three-day weekend afterwards out of the country and somebody approached me and I didn't know them and they didn't know me, but I guess they'd seen my picture or something and they thanked me for having that veteran event. Wow, and so it had a far, far impact. It will do things like that. We have a nonprofit event in every city, getting nonprofits together, helping them learn how to raise money and trade best practices, and we do that and we'll do that in every city during the summer. So you know, our giving is good, Our volunteer hours are fantastic, Our sharing of expertise is good. Our investment in the community is great, Good. Chris: Let's circle back to because that kind of made me think of team building, right, so you talked about basically a wholesale change with the team around you. What are some of the things that you look for to make sure you're you know, through that recruiting and hiring process, that you're getting the right person for the position? Rob: Yep, so this is a great question and this was the key to what we've done so far and how we're going to reach our 25 goals. So in September of 21, when we announced a strategic plan, which was pretty dramatic, we said we're not going to achieve our financial goals until 25. With that came a lot of change and a lot of talent. So 80% of the people at the firm are new since I got there. That's 80% of over 2,000 people. So that's a lot of change, managing through a lot of change through a transformation, through a regional quote, unquote regional banking practice that I'd love to talk about, regional banking practice, regional banking stress that I'd love to talk about transformation. So there's a lot going on there, both internally and externally, that we had to manage through. And what we did is we started at the top and the bottom, so we put new leadership with new skill sets and new expectations and new goals of banking the best clients in our markets instead of just being a bank, etc. And we also started a junior program. It was the first junior program in the history of the bank. Chris: You mentioned that earlier, so tell us a little more about the junior program. Rob: It's awesome If you have a kid and they want to get into finance and they don't want to go to New York but they want to work at a great financial services firm to have them join us. So we post in. So I got there in January of 21. It so I got there in January 21. It's COVID Nobody's in the office. We'd just been through this internal stress with the failed merger, new CEO, the whole bit. I said we need a junior program. We posted 60 positions. We got 800 applications. We hired 60-something. A third of those had their masters. That wasn't required. The average GPA was over 374. So people love what we're doing right. The next year there's over 2,000 applicants and our junior program is great. And, by the way, I helped build one in the investment bank in my last firm and one in the commercial bank in my last firm. I thought they were both very good. This one's awesome. So you come in, you go through four or five months of training and then you go into your line of business. But we probably hired you after your internship the summer before, if that makes sense. Sure, the program has some of the diverse classes I've ever seen in banking and we didn't do that. This may be controversial. We do that on purpose. We did that because we hired the best people Exactly and they're the most diverse classes, and so we're really excited about that. And then the attrition rate there isn't nearly what we thought it would be. We built it for a higher attrition rate because those kids usually leave a large percentage after third year. Sure. They're not leaving. Rob: They like it, so that's been kind of fun. It's a good problem, right, it's a great problem and we'll use all of them. And, by the way, after that change you should just know the attrition stuff has dramatically slowed as the transformation slowed. We got all the talented people in place that we needed so we are ahead of corporate America, finance and Texas companies for attrition and excited about that in the new culture here. ADVERT Hello friends, this is Chris Hanslick, your Building Texas business host. Did you know that Boyer Miller, the producer of this podcast, is a business law firm that works with entrepreneurs, corporations and business leaders? Business law firm that works with entrepreneurs, corporations and business leaders. Our team of attorneys serve as strategic partners to businesses by providing legal guidance to organizations of all sizes. Get to know the firm at boyermillercom and thanks for listening to the show. Chris: Well that you know that low attrition rate leads to what you talked about earlier better customer experience, more stability. Rob: We need stability. Chris: Everybody needs stability. Yeah, for sure. Okay, so you mentioned regional banking stress. Tell me what you're referring to about that. Rob: Yeah, last spring of 23,. Eb failed, first Republic and the like. We were fortunate. So, november of 22, we sold a business to Truist for $3.5 billion with a very big premium on it. With the sale of that we became if you compare us to any $100 billion bank or above in the country or any Texas public bank we have the third most capital and I think in the next quarters we'll have the second most but third and we're number one in equity tangible common equity assets. So we're the least levered. We have third most capital. Our highly liquid assets are like 29% our cash and securities. Our AOCI problem, which is the mark on the bond portfolio. Banks are struggling with that. We're very good there. So our capital, our liquidity, et cetera, was very strong. So we didn't experience outflows of deposits or anything. What we did experience was a rotation, like every bank in the country, from non-interest-bearing deposits to interest-bearing deposits. So all banks if you want to call this cost of goods sold went up. But the regional banks for us the reason I wanted to come back and talk about that people call it a regional banking crisis. It was not. It had to do with certain banks were of the size that they define regional banks that had the wrong strategy, the wrong concentrations, and they failed, right. That's not because they're regional banks, right, they just happen to be that size. By the way, credit Suisse failed too. It is a global bank, right. So you know, I think this is sometimes where the media gets the message wrong and puts fear into the market, and they love it, and they love it and so I'm really proud of what the regional banks do and how they serve their clients in market and their local communities, giving back to their communities, being Main Street lenders, and I'm really proud of. You know how we do that. I think I told you before we went on the air. We're the number one lender of Texas-based businesses, of any Texas-based bank. That's a big deal because these money center banks they may be in the state or super regionals in the state or even regionals in the state but, if they decide, oh you know what, it's not okay to bank an energy company, they don't Well, guess what? We have those decisions here. We don't have somebody else deciding our social norms. Chris: Right, right, that's a great selling point. Going back to the kind of the junior program and this new team, let's talk about culture, I mean. So how would you define the culture at Texas Capitol and kind of, what do you think you've done to kind of foster that and what do you see as necessary to keep it growing? I think? Rob: the culture is transparent, curious, candid and relentless dissatisfaction, as my general counsel calls it. So, look, we've made a lot of change. We'll continue to make a lot of change. We just hired somebody to run public finance for us. We didn't have that before. Lot of change we just hired somebody to run public finance for us. We didn't have that before. We started into the foray of public equity, research and oil and gas. We're going to keep growing and building, doing things that serve our clients and our clients' needs. But the one thing that we kind of talk about a lot is and I'll say it little softer is you know just no jerks allowed. You could talk about, you can talk about Ivy League. You know culture and they have you know big words, but the simple thing is like we're gonna treat people with respect, period. Right now. You can be tough and you can be hard, but you gotta be fair, right, and you gotta be polite. And you know you can be hard but you've got to be fair and you've got to be polite and you can have high expectations while being compassionate. So we have high expectations, we are moving fast, but we do treat people with respect and we like working with one another and that's been part of the fun is, we've been in office because we think that's how you build a career and not a job, and that's how you collaborate to serve your client and that's what's best for our clients and best for employees. And we like being with one another. We don't want to work remote from a beach and not share life's experiences with our colleagues. Chris: Yeah, couldn't agree more. I mean, we got back to the office in May of 2020. I believe, and my partners here, you're a part of an organization for a reason. Organizations are a group of people together, right, correct, and we learn from each other. We can collaborate in a customer service-related industry. Like you and I are in the customer does better when we're collaborating to serve them, you and I are in the customer does better when we're collaborating to serve them, and we do that when we're together. Yep Hands down, no question. And we've been like you. We've been in office in person for a while now and you read as much as I do for the last six, seven months. You just see the pendulum swinging back because the other organizations are realizing they're losing customer satisfaction, they're losing engagement with their people. You can't have a culture if you're not together. In my view, or you can. Actually, you can have a culture. It's just not a healthy one in my view. Yeah, it's really bad, that's right. Rob: So, look, looking back, it seems like a really easy decision and, by the way, I was back in the office in 2022. But at this room, I didn't get there until January 21. Nobody's back in the office. You meant 22 as well. Yes, I did. I did. Excuse me, I did, but you know I got here in 21. We went back to office Memorial Day the Tuesday after Memorial Day of 21. And it was a harder decision then. It seems easy now Because, like even the day before, there was rumors of everybody in our ops organization that they were going to protest and walk out. You know at 901 and we decided, we made a conscious decision that this is what they're going to do and we wanted the people that wanted to be in the office right, and we may lose some people, and that's fine, and it would be harder in the short term, but the people that would be attracted to the platform and the business and us would be people that wanted careers, not jobs, and, by definition, those are the better employees, right, and I think those people attract those people and that's how we were able to transform so much while other people were sitting at home. Chris: Yeah. Now to your point. I mean, if you have a long-term strategy right, then you're willing to go through some short-term pain to get the right people that are going to help you achieve that For sure. A little bit about just your thoughts on what are some of the biggest challenges you think facing the banking industry as we sit here today and maybe for the foreseeable future. Obviously, for the last couple of years, every month everybody's watching the Fed, so that may be part of the answer. But just what do you see as the challenges? Rob: Yeah, so there's plenty for most industries though, too. So one is, and this is an excuse, but it is a challenge. The regulatory body needs to come together and be consistent and apply things consistently. That'd be helpful. We have an inverted yield curve now for the longest time, one of the longest periods in history, you know the two years four, seven something. The 10 years four two something. That makes banking very hard for a lot of technical reasons we can go into. For most banks, technology is a problem. Most banks are an aggregation of multiple banks. They're not like us that has one technology platform. That's, by the way, brand new and totally modern. Banks have not been willing to. It's been a cost cutting game because a lot of banks this is why our strategy is so good NIM banks. So net interest margin, which is loan only, the model of taking a deposit and making a loan and achieving a return above your cost of capital through cycle, I think is very difficult and that's why we supplemented our platform. You know loans, investment banking, private wealth. You know all the different things we do for a client so that we can achieve that return, because a lot of the banks to have that return would have to maybe make a riskier loan to get a higher spread or what have you? So I think the NIM banking model to get a higher spread or what have you? So I think the NIM banking model especially after spring of 23, is hard. I think the technology spend is hard. I think there's a lot of banks that have too much commercial real estate. So our commercial real estate is a very small percentage of our total capital. Regulators want you to be maybe 250 or 300%. There's a lot of banks that are 400. That's too much, yeah. And when you have that much commercial real estate, remember a lot of its construction loans, and so the construction loans. You made that decision today and you're funding it in two years. So you're going to you're that that concentration, because those paydowns are, you know, like a five-year low and commercial real estate is going to keep growing. So banks marginal loan the dollar to make the next loan. The cost just went up, so they're going to slow down their lending while the commercial real estate gets absorbed. They can't be relevant to their clients with anything other than the loan product and if they're not doing that, they're going to slow down their growth and slow down lending. They can't be relevant to their clients with anything other than the loan product, and if they're not doing that, they're going to slow down their growth and slow down lending. They don't have the margin to spend on technology. Chris: And those are some of the problems. Yeah, there's cascades, right, totally. Let's turn a little bit to just kind of you and leadership. How would you describe your leadership style today and maybe how you feel like it's evolved over your career? Rob: I think you've got to do what you want other people to do. So I'm in Houston today. We're seeing six clients we talk all the time about it's about the client, not us. Ops exists to serve a client, technology exists to serve a client. It's not for the bank. And so we have become pretty client obsessed at Texas Capital, delivering the best outcomes for our clients. I mean, like the one deal I think I told you about, we sole managed the largest debt deal in the country last year. The largest sole managed debt deal in the country last year. That's after a money center bank failed doing it. We gave the client the best advice, knowing they'd probably go with the other bank. They did. The other bank failed them. They came back to us and we did it. Now we have a client for life. So give the client the right advice, do the right thing for the client, but your people have to see you do what you want them to do. So I'm with clients. We are aggressively serving clients, but we've managed the place very conservatively. And then I think candor and transparency is really important. Chris: I think those are great qualities, anything that you could point to. I always think people I'll speak for myself, but I think I hear it in others as well a setback or failure that you encountered, that you learned from, that made you better as a leader, as a business person, anything that comes to mind, that where you look back and go, wow, that was transformational. Because of that, how long do you have? Rob: No, I think we talked about junior program, one that always comes to mind because there's early on the program of what early on my career was. When I was a junior, you know, I talked to that junior class a lot and one of the things I tell them is be careful, because you know, building your brand sometimes is too easy, like you know, if you do something great, like I had some successes early on as being a good client guy, then I was the client guy, but also my brand that I got early on was, as a junior was I wasn't very good at details and as a junior an analyst associate your only job was details Right, and so I learned the hard way that maybe I needed to focus on the details. Now I would suggest that the people that work with me think I'm too focused on the details. But that's because I learned the hard way as a junior and people corrected me Right and I'm not sure if they corrected me the wrong way or right way. That was the old days, but they certainly made an impression. So I think that was one of the things I learned is details matter and details are important, and I learned it as a junior and that stayed with me throughout my career. The other one was one I think is interesting is later on, when we were talking about a promotion, one of my bosses told me that I think this is really important for people to know, because I think it's true. He said rob, I don't it, my vote doesn't matter. The vote that matters is everybody else on the floor that works with you, because I'm not promoting you unless they want you promoted, right and so I do think that you know that's a pretty good lesson too. Chris: Yeah, kind of well servant the well, servant leadership, for sure, and that kind of team mentality For sure, team mentality. And I've said forever, I think the lessons you remember the most are the ones you learned the hard way. For sure, so the details right. Chris: So he's like I'm not going to let that happen again. For sure, that's great. Well, I appreciate you sharing those up, but I think it's a great quality leadership to have that vulnerability and humility about you for sure. So I'm going to kind of move away from the business stuff. Okay, to wrap things up, I want to know what was your first job, my? Rob: first job was uh bagging groceries and stocking grocery shelves in high school I did the same thing, did you? Chris: yeah, uh, it was hot and yeah, I tell people we had to wear like black pants. Oh, yeah, these kids get to wear shorts. Now I'm like this is going easy on them. Rob: Yeah, I think one day one of the guys got mad at me because they made me restack all the remember when people used to return the glass bottles. Yeah, and it was in a cage in the back of the alley of the grocery store. It was about 110. And nobody had organized them for about three months and I got fine job. Chris: Very good. All right, you're born and raised in Texas, so do you prefer Tex-Mex or barbecue? Rob: Both Like a brisket taco. Yeah, that's pretty good. Yeah, yeah, I like that All right. And last thing if you could take a 30-day sabbatical, where would you go and what would you do? I'd probably spend half of it fly fishing in Montana and half of it quail hunting in South Texas. There you go, Just not this time of year. Not this time of year. That's right. Chris: Rob, I want to thank you for taking the time. I mean, I had no idea the details behind the transformation at Texas Capital and obviously what you and your team are doing and have done is nothing short of remarkable. So thanks for sharing that. Rob: Well, thank you, I think you know. We think Texas does deserve its own full-service financial services firm. Chris: Well, I'm glad you're delivering it. Thank you, take care. And there we have it another great episode. Don't forget to check out the show notes at boyermiller.com forward slash podcast and you can find out more about all the ways our firm can help you at Boyermiller.com. That's it for this episode. Have a great week and we'll talk to you next time. Special Guest: Rob Holmes.

How does legislation enacted in 1933 impact your life today?   Does that influence get bigger or smaller if you hear that legislation was repealed in 1999?   The truth is this one piece of regulation has dramatic repercussions on how you approach creating the financial future you want.   As they say, those who do not learn from history are doomed to repeat it. Are we repeating one of the biggest mistakes in American history?   The only thing we can say is what you think is the mistake probably isn't. Listen in to peak behind the curtain.   00:00 Introduction: The Impact of the 1929 Stock Market Crash 00:22 Alex's Story: A Personal Tale of Financial Turmoil 03:51 Understanding the Glass Steagall Act 06:56 The Lax Enforcement and Repeal of Glass Steagall 08:48 Personal Experience: Working in Finance 11:10 The Great Depression and the Glass Steagall Act 13:01 Modern Financial Speculation and Regulation 16:31 The Alternative Financial System   p.s. Due to more recent changes in banking regulation, the reserve requirements for banks are super low. Chances are your bank might have 0 reserves (source). How does that make you feel?   Links mentioned in the episode: Grab your very own copy of Five Smooth Stones here: https://www.wealthwisdomfp.com/shop (physical and digital versions available) Schedule a Discovery Call with us here: https://www.wealthwisdomfp.com/call   Watch this episode on YouTube here: https://youtu.be/IyaKng6nHTI 

Harley Schlanger rejoins the program to discuss the endless wars and the Zionist agenda overtaking the western world. We also discuss who is behind the depopulation agenda and the hypocritical green agenda that only serves to control people, not to help the environment. You can follow Harley and his daily updates at https://laroucheorganization.com/HarleySchlangerReport   Links Mentioned in previous shows: MasterPeace: Remove Heavy Metals including Graphene Oxide and Plastics at https://masterpeacebyhcs.com/my-account/uap/?ref=11308 NuM&trix: Turn back time with NuM8Trx, the world's most effective collagen building treatment. But now at https://purebellavita.com/pages/sarah-num8trx Miles Franklin: Learn more how you can convert your IRA or buy precious metals by emailing info@MilesFranklin.com - tell them ‘Sarah sent me” and get the best service and prices in the country. Consider subscribing: Follow on Twitter @Sarah_Westall Follow on my Substack at SarahWestall.Substack.com See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma MUSIC CREDITS: “In Epic World” by Valentina Gribanova, licensed for broad internet media use, including video and audio     See on Bastyon | Bitchute | Brighteon | CloutHub | Odysee | Rumble | Youtube | Tube.Freedom.Buzz   Biography of Harley Schlanger Harley Schlanger is a top political activist for the LaRouche Foundation Worldwide.  He is currently stationed in Germany, moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update    

This episode explores the profound influence of Reaganomics and its enduring legacy in American economic policy with tax expert and former US Treasury attorney Ed Oswald. He is the author of a new book, “From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump”. Oswald discusses the transition from Reagan's tax reforms to Trump's tax policies, highlighting the continuity in supply-side economics and its implications for fiscal policy and the national debt.Please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored  with any questions, comments, or suggestions. About this episode's guest: Edwin G. OswaldEdwin G. Oswald is a partner with the law firm of Orrick, Herrington & Sutcliffe LLP, resident in Washington D.C. He served as an attorney-advisor in the United States Treasury's Office of Tax Legislative Counsel during the Clinton Administration. He is a Fellow of the American College of Tax Counsel and a frequent lecturer on financing State and local infrastructure and the federal taxation of municipal debt. The book is a personal project of Mr. Oswald's and the views and opinions expressed herein are those of the co-authors and do not represent the views and opinions of Orrick.What's covered in EP238Reagan's economic policies and their impact on the US deficit. (0:00)Supply-side economics and its impact on US deficits. (6:55)Reaganomics and its impact, and the impact of Clinton administration policies (e.g. NAFTA, repeal of Glass-Steagall). (16:14)Reagan and Trump similarities, tax cuts, and budget. (26:24)Tax policy and its impact on the economy. (33:22)TakeawaysReagan's economic policies, particularly his tax cuts, have had a lasting influence on American politics, setting a precedent followed by later administrations, including Trump's.Ed Oswald argues that supply-side economic policies from Reagan to Trump show a consistent belief in tax cuts for the wealthy as a means to stimulate economic growth, despite debates about their effectiveness and impact on the national debt.In Ed's view, addressing the US debt will likely require a balanced approach of tax increases and spending cuts.Links relevant to the conversationEd's book: https://www.amazon.com.au/Ronald-Donald-Reagan-Became-Trump/dp/1476690324Ed's bio: https://www.edwingoswald.com/Recent episode with Dan Mitchell on US debt:https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

In this episode, Xavier Bonilla has a dialogue with Nelson Lichtenstein about the failures of the Clinton presidency. They discuss his collaboration with Judith Stein for the book, why Clinton focused on economic issues, Al From, Democratic Leadership Council (DLC), and the impact of Ross Perot on the 1992 Presidential election. They talk about important figures in Clinton's economic team, failures of healthcare, economic negotiations with Japan and NAFTA. They also talk about the 1994 Crime Bill, repealing Glass-Steagall, legacy of the Clinton presidency, and many more topics. Nelson Lichtenstein is Research Professor in the Department of History at University of California-Santa Barbara (UCSB), where he directs the Center for the Study of Work, Labor, and Democracy. He has his Bachelors from Dartmouth College and Ph.D. from the University of California, Berkeley. He has held fellowships from the National Endowment for the Humanities, the Rockefeller and Guggenheim Foundations, the University of California, and from the Fulbright Commission and the Oregon Center for the Humanities. He has also been elected to the Society of American Historians and received the Sidney Hillman Foundation's Sol Stetin Award for lifetime achievement in labor history. He is the author of numerous books including his most recent book (co-authored with Judith Stein), A Fabulous Failure: The Clinton Presidency and the Transformation of American Capitalism. Twitter: @nelsonlichtens1 Get full access to Converging Dialogues at convergingdialogues.substack.com/subscribe

Table of contentsNote: links take you to the corresponding section below; links to the original episode can be found there.* Laura Duffy solves housing, ethics, and more [00:01:16]* Arjun Panickssery solves books, hobbies, and blogging, but fails to solve the Sleeping Beauty problem because he's wrong on that one [00:10:47]* Nathan Barnard on how financial regulation can inform AI regulation [00:17:16]* Winston Oswald-Drummond on the tractability of reducing s-risk, ethics, and more [00:27:48]* Nathan Barnard (again!) on why general intelligence is basically fake [00:34:10]* Daniel Filan on why I'm wrong about ethics (+ Oppenheimer and what names mean in like a hardcore phil of language sense) [00:56:54]* Holly Elmore on AI pause, wild animal welfare, and some cool biology things I couldn't fully follow but maybe you can [01:04:00]* Max Alexander and I solve ethics, philosophy of mind, and cancel culture once and for all [01:24:43]* Sarah Woodhouse on discovering AI x-risk, Twitter, and more [01:30:56] * Pigeon Hour x Consistently Candid pod-crossover: I debate moral realism with Max Alexander and Sarah Hastings-Woodhouse [01:41:08]Intro [00:00:00]To wrap up the year of Pigeon Hour, the podcast, I put together some clips from each episode to create a best-of compilation. This was inspired by 80,000 Hours, a podcast that did the same with their episodes, and I thought it was pretty cool and tractable enough.It's important to note that the clips I chose range in length significantly. This does not represent the quality or amount of interesting content in the episode. Sometimes there was a natural place to break the episode into a five-minute chunk, and other times it wouldn't have made sense to take a five-minute chunk out of what really needed to be a 20-minute segment. I promise I'm not just saying that.So without further ado, please enjoy.#1: Laura Duffy solves housing, ethics, and more [00:01:16]In this first segment, Laura, Duffy, and I discuss the significance and interpretation of Aristotle's philosophical works in relation to modern ethics and virtue theory.AARON: Econ is like more interesting. I don't know. I don't even remember of all the things. I don't know, it seems like kind of cool. Philosophy. Probably would have majored in philosophy if signaling wasn't an issue. Actually, maybe I'm not sure if that's true. Okay. I didn't want to do the old stuff though, so I'm actually not sure. But if I could aristotle it's all wrong. Didn't you say you got a lot out of Nicomachi or however you pronounce that?LAURA: Nicomachian ethics guide to how you should live your life. About ethics as applied to your life because you can't be perfect. Utilitarians. There's no way to be that.AARON: But he wasn't even responding to utilitarianism. I'm sure it was a good work given the time, but like, there's like no other discipline in which we care. So people care so much about like, what people thought 2000 years ago because like the presumption, I think the justified presumption is that things have iterated and improved since then. And I think that's true. It's like not just a presumption.LAURA: Humans are still rather the same and what our needs are for living amongst each other in political society are kind of the same. I think America's founding is very influenced by what people thought 2000 years ago.AARON: Yeah, descriptively that's probably true. But I don't know, it seems like all the whole body of philosophers have they've already done the work of, like, compressing the good stuff. Like the entire academy since like, 1400 or whatever has like, compressed the good stuff and like, gotten rid of the bad stuff. Not in like a high fidelity way, but like a better than chance way. And so the stuff that remains if you just take the state of I don't know if you read the Oxford Handbook of whatever it is, like ethics or something, the takeaways you're going to get from that are just better than the takeaways you're going to get from a summary of the state of the knowledge in any prior year. At least. Unless something weird happened. And I don't know. I don't know if that makes sense.LAURA: I think we're talking about two different things, though. Okay. In terms of knowledge about logic or something or, I don't know, argumentation about trying to derive the correct moral theory or something, versus how should we think about our own lives. I don't see any reason as to why the framework of virtue theory is incorrect and just because it's old. There's many virtue theorists now who are like, oh yeah, they were really on to something and we need to adapt it for the times in which we live and the kind of societies we live in now. But it's still like there was a huge kernel of truth in at least the way of thinking that Aristotle put forth in terms of balancing the different virtues that you care about and trying to find. I think this is true. Right? Like take one virtue of his humor. You don't want to be on one extreme where you're just basically a meme your entire life. Everybody thinks you're funny, but that's just not very serious. But you don't want to be a boar and so you want to find somewhere in the middle where it's like you have a good sense of humor, but you can still function and be respected by other people.AARON: Yeah. Once again, I agree. Well, I don't agree with everything. I agree with a lot of what you just said. I think there was like two main points of either confusion or disagreement. And like, the first one is that I definitely think, no, Aristotle shouldn't be discounted or like his ideas or virtue ethics or anything like that shouldn't be discounted because they were canonical texts or something were written a long time ago. I guess it's just like a presumption that I have a pretty strong presumption that conditional on them being good, they would also be written about today. And so you don't actually need to go back to the founding texts and then in fact, you probably shouldn't because the good stuff will be explained better and not in weird it looks like weird terms. The terms are used differently and they're like translations from Aramaic or whatever. Probably not Aramaic, probably something else. And yeah, I'm not sure if you.LAURA: Agree with this because we have certain assumptions about what words like purpose mean now that we're probably a bit richer in the old conception of them like telos or happiness. Right. Udaimnia is much better concept and to read the original text and see how those different concepts work together is actually quite enriching compared to how do people use these words now. And it would take like I don't know, I think there just is a lot of value of looking at how these were originally conceived because popularizers of the works now or people who are seriously doing philosophy using these concepts. You just don't have the background knowledge that's necessary to understand them fully if you don't read the canonical text.AARON: Yeah, I think that would be true. If you are a native speaker. Do you know Greek? If you know Greek, this is like dumb because then you're just right.LAURA: I did take a quarter of it.AARON: Oh God. Oh my God. I don't know if that counts, but that's like more than anybody should ever take. No, I'm just kidding. That's very cool. No, because I was going to say if you're a native speaker of Greek and you have the connotations of the word eudaimonia and you were like living in the temper shuttle, I would say. Yeah, that's true actually. That's a lot of nuanced, connotation and context that definitely gets lost with translation. But once you take the jump of reading English translations of the texts, not you may as well but there's nothing super special. You're not getting any privileged knowledge from saying the word eudaimonia as opposed to just saying some other term as a reference to that concept or something. You're absorbing the connotation in the context via English, I guess, via the mind of literally the translators who have like.LAURA: Yeah, well see, I tried to learn virtue theory by any other route than reading Aristotle.AARON: Oh God.LAURA: I took a course specifically on Plato and Aristotle.AARON: Sorry, I'm not laughing at you. I'm just like the opposite type of philosophy person.LAURA: But keep going. Fair. But she had us read his physics before we read Nicomachi.AARON: Think he was wrong about all that.LAURA: Stuff, but it made you understand what he meant by his teleology theory so much better in a way that I could not get if I was reading some modern thing.AARON: I don't know, I feel like you probably could. No, sorry, that's not true. I don't think you could get what Aristotle the man truly believed as well via a modern text. But is that what you? Depends. If you're trying to be a scholar of Aristotle, maybe that's important. If you're trying to find the best or truest ethics and learn the lessons of how to live, that's like a different type of task. I don't think Aristotle the man should be all that privileged in that.LAURA: If all of the modern people who are talking about virtue theory are basically Aristotle, then I don't see the difference.AARON: Oh, yeah, I guess. Fair enough. And then I would say, like, oh, well, they should probably start. Is that in fact the state of the things in virtue theory? I don't even know.LAURA: I don't know either.#2 Arjun Panickssery solves books, hobbies, and blogging, but fails to solve the Sleeping Beauty problem because he's wrong on that one [00:10:47]All right, next, Arjun Panixery and I explore the effectiveness of reading books in retaining and incorporating knowledge, discussing the value of long form content and the impact of great literary works on understanding and shaping personal worldviews.ARJUN: Oh, you were in the book chat, though. The book rant group chat, right?AARON: Yeah, I think I might have just not read any of it. So do you want to fill me in on what I should have read?ARJUN: Yeah, it's group chat of a bunch of people where we were arguing about a bunch of claims related to books. One of them is that most people don't remember pretty much anything from books that they read, right? They read a book and then, like, a few months later, if you ask them about it, they'll just say one page's worth of information or maybe like, a few paragraphs. The other is that what is it exactly? It's that if you read a lot of books, it could be that you just incorporate the information that's important into your existing models and then just forget the information. So it's actually fine. Isn't this what you wrote in your blog post or whatever? I think that's why I added you to that.AARON: Oh, thank you. I'm sorry I'm such a bad group chat participant. Yeah, honestly, I wrote that a while ago. I don't fully remember exactly what it says, but at least one of the things that it said was and that I still basically stand by, is that it's basically just like it's increasing the salience of a set of ideas more so than just filling your brain with more facts. And I think this is probably true insofar as the facts support a set of common themes or ideas that are kind of like the intellectual core of it. It would be really hard. Okay, so this is not a book, but okay. I've talked about how much I love an 80,000 hours podcast, and I've listened to, I don't think every episode, but at least 100 of the episodes. And no, you're just, like, not going to definitely I've forgotten most of the actual almost all of the actual propositional pieces of information said, but you're just not going to convince me that it's completely not affecting either model of the world or stuff that I know or whatever. I mean, there are facts that I could list. I think maybe I should try.ARJUN: Sure.AARON: Yeah. So what's your take on book other long form?ARJUN: Oh, I don't know. I'm still quite confused or I think the impetus for the group chat's creation was actually Hanania's post where he wrote the case against most books or most was in parentheses or something. I mean, there's a lot of things going on in that post. He just goes off against a bunch of different categories of books that are sort of not closely related. Like, he goes off against great. I mean, this is not the exact take he gives, but it's something like the books that are considered great are considered great literature for some sort of contingent reason, not because they're the best at getting you information that you want.AARON: This is, like, another topic. But I'm, like, anti great books. In fact, I'm anti great usually just means old and famous. So insofar as that's what we mean by I'm like, I think this is a bad thing, or, like, I don't know, aristotle is basically wrong about everything and stuff like that.ARJUN: Right, yeah. Wait, we could return to this. I guess this could also be divided into its component categories. He spends more time, though, I think, attacking a certain kind of nonfiction book that he describes as the kind of book that somebody pitches to a publisher and basically expands a single essay's worth of content into with a bunch of anecdotes and stuff. He's like, most of these books are just not very useful to read, I guess. I agree with that.AARON: Yeah. Is there one that comes to mind as, like, an? Mean, I think of Malcolm Gladwell as, like, the kind of I haven't actually read any of his stuff in a while, but I did, I think, when I started reading nonfiction or with any sort of intent, I read. A bunch of his stuff or whatever and vaguely remember that this is basically what he like for better or.ARJUN: Um yeah, I guess so. But he's almost, like, trying to do it on purpose. This is the experience that you're getting by reading a Malcolm Gladwell book. It's like talib. Right? It's just him just ranting. I'm thinking, I guess, of books that are about something. So, like, if you have a book that's know negotiation or something, it'll be filled with a bunch of anecdotes that are of dubious usefulness. Or if you get a book that's just about some sort of topic, there'll be historical trivia that's irrelevant. Maybe I can think of an example.AARON: Yeah. So the last thing I tried to read, maybe I am but haven't in a couple of weeks or whatever, is like, the Derek Parfit biography. And part of this is motivated because I don't even like biographies in general for some reason, I don't know. But I don't know. He's, like, an important guy. Some of the anecdotes that I heard were shockingly close to home for me, or not close to home, but close to my brain or something. So I was like, okay, maybe I'll see if this guy's like the smarter version of Aaron Bergman. And it's not totally true.ARJUN: Sure, I haven't read the book, but I saw tweet threads about it, as one does, and I saw things that are obviously false. Right. It's the claims that he read, like, a certain number of pages while brushing his teeth. That's, like, anatomically impossible or whatever. Did you get to that part? Or I assumed no, I also saw.AARON: That tweet and this is not something that I do, but I don't know if it's anatomically impossible. Yeah, it takes a little bit of effort to figure out how to do that, I guess. I don't think that's necessarily false or whatever, but this is probably not the most important.ARJUN: Maybe it takes long time to brush his teeth.#3: Nathan Barnard on how financial regulation can inform AI regulation [00:17:16]In this next segment, Nathan Barnard and I dive into the complexities of AI regulation, including potential challenges and outcomes of governing AI in relation to economic growth and existential security. And we compare it to banking regulation as well.AARON: Yeah, I don't know. I just get gloomy for, I think justified reasons when people talk about, oh yeah, here's the nine step process that has to take place and then maybe there's like a 20% chance that we'll be able to regulate AI effectively. I'm being facetious or exaggerating, something like that, but not by a gigantic amount.NATHAN: I think this is pretty radically different to my mainline expectation.AARON: What's your mainline expectation?NATHAN: I suppose I expect like AI to come with an increasing importance past economy and to come up to really like a very large fraction of the economy before really crazy stuff starts happening and this world is going very anonymous. Anonymous, anonymous, anonymous. I know the word is it'd be very unusual if this extremely large sector economy which was impacted like a very large number of people's lives remains like broadly unregulated.AARON: It'll be regulated, but just maybe in a stupid way.NATHAN: Sure, yes, maybe in a stupid way. I suppose critically, do you expect the stupid way to be like too conservative or too like the specific question of AI accenture it's basically too conservative or too lenient or I just won't be able to interact with this.AARON: I guess generally too lenient, but also mostly on a different axis where just like I don't actually know enough. I don't feel like I've read learned about various governance proposals to have a good object level take on this. But my broad prior is that there are just a lot of ways to for anything. There's a lot of ways to regulate something poorly. And the reason insofar as anything isn't regulated poorly it's because of a lot of trial and error.NATHAN: Maybe.AARON: I mean, there's probably exceptions, right? I don't know. Tax Americana is like maybe we didn't just kept winning wars starting with World War II. I guess just like maybe like a counterexample or something like that.NATHAN: Yeah, I think I still mostly disagree with this. Oh, cool. Yeah. I suppose I see a much like broader spectrum between bad regulation and good regulation. I agree it's like very small amount. The space of optimal regulation is very small. But I think we have to hit that space for regulation to be helpful. Especially in this especially if you consider that if you sort of buy the AI extension safety risk then the downsides of it's not this quite fine balancing act between too much whether consumer protection and siphoning competition and cycling innovation too much. It's like trying to end this quite specific, very bad outcome which is maybe much worse than going somewhat slowering economic growth, at least somewhat particularly if we think we're going to get something. This is very explosive rates for economic growth really quite soon. And the cost of slowing down economic growth by weather even by quite a large percentage, very small compared to the cost of sort of an accidental catastrophe. I sort of think of Sony iconic growth as the main cost of main way regulation goes wrong currently.AARON: I think in an actual sense that is correct. There's the question of like okay, Congress in the states like it's better than nothing. I'm glad it's not anarchy in terms of like I'm glad we have a legislature.NATHAN: I'm also glad the United States.AARON: How reasons responsive is Congress? I don't think reasons responsive enough to make it so that the first big law that gets passed insofar as there is one or if there is one is on the pareto frontier trading off between economic growth and existential security. It's going to be way inside of that production frontier or whatever. It's going to suck on every action, maybe not every act but at least like some relevant actions.NATHAN: Yeah that doesn't seem like obviously true to me. I think Dodge Frank was quite a good law.AARON: That came after 2008, right?NATHAN: Yeah correct. Yeah there you go. No, I agree. I'm not especially confident about doing regulation before there's some quite bad before there's a quite bad warning shot and yes, if we're in world where we have no warning shots and we're just like blindsided by everyone getting turned into everyone getting stripped their Athens within 3 seconds, this is not good. Both in law we do have one of those shots and I think Glass Seagull is good law. Not good law is a technical term. I think Glass Steagall was a good piece of legislation. I think DoD Frank was a good piece of legislation. I think the 2008 Seamless Bill was good piece of legislation. I think the Troubled Assets Relief Program is a good piece of piece of legislation.AARON: I recognize these terms and I know some of them and others I do not know the contents of.NATHAN: Yeah so Glass Eagle was the financial regulation passed in 1933 after Great Depression. The Tropical Asset Relief Program was passed in I think 2008, moved 2009 to help recapitalize banks. Dodge Frank was the sort of landmark post financial cris piece of legislation passed in 2011. I think these are all good pieces of legislation now. I think like financial regulation is probably unusually good amongst US legislation. This is like a quite weak take, I guess. It's unusually.AARON: So. I don't actually know the pre depression financial history at all but I feel like the more relevant comparison to the 21st century era is what was the regulatory regime in 1925 or something? I just don't know.NATHAN: Yeah, I know a bit. I haven't read this stuff especially deeply and so I don't want to don't want to be so overcompensant here but sort of the core pieces which were sort of important for the sort of the Great Depression going very badly was yeah, no distinction between commercial banks and investment banks. Yes, such a bank could take much riskier. Much riskier. Things with like custom deposits than they could from 1933 until the Peel Glass Eagle. And combine that with no deposit insurance and if you sort of have the combination of banks being able to do quite risky things with depositors money and no deposit insurance, this is quite dangerously known. And glassy repeal.AARON: I'm an expert in the sense that I have the Wikipedia page up. Well, yeah, there was a bunch of things. Basically. There's the first bank of the United States. There's the second bank of the United States. There's the free banking era. There was the era of national banks. Yada, yada, yada. It looks like 19. Seven was there was some panic. I vaguely remember this from like, AP US history, like seven years ago or.NATHAN: Yes, I suppose in short, I sort of agree that the record of sort of non post Cris legislation is like, not very good, but I think record of post Cris legislation really, at least in the financial sector, really is quite good. I'm sure lots of people disagree with this, but this is my take.#4 Winston Oswald-Drummond on the tractability of reducing s-risk, ethics, and more [00:27:48]Up next, Winston Oswald Drummond and I talk about the effectiveness and impact of donating to various research organizations, such as suffering-focused S-risk organizations. We discuss tractability, expected value, and essentially where we should give our money.AARON: Okay, nice. Yeah. Where to go from here? I feel like largely we're on the same page, I feel like.WINSTON: Yeah. Is your disagreement mostly tractability? Then? Maybe we should get into the disagreement.AARON: Yeah. I don't even know if I've specified, but insofar as I have one, yes, it's trapped ability. This is the reason why I haven't donated very much to anywhere for money reasons. But insofar as I have, I have not donated to Clrcrs because I don't see a theory of change that connects the research currently being done to actually reducing s risks. And I feel like there must be something because there's a lot of extremely smart people at both of these orgs or whatever, and clearly they thought about this and maybe the answer is it's very general and the outcome is just so big in magnitude that anything kind.WINSTON: Of that is part of it, I think. Yeah, part of it is like an expected value thing and also it's just very neglected. So it's like you want some people working on this, I think, at least. Even if it's unlikely to work. Yeah, even that might be underselling it, though. I mean, I do think there's people at CRS and Clr, like talking to people at AI labs and some people in politics and these types of things. And hopefully the research is a way to know what to try to get done at these places. You want to have some concrete recommendations and I think obviously people have to also be willing to listen to you, but I think there is some work being done on that and research is partially just like a community building thing as well. It's a credible signal that you were smart and have thought about this, and so it gives people reason to listen to you and maybe that mostly pays off later on in the future.AARON: Yeah, that all sounds like reasonable. And I guess one thing is that I just don't there's definitely things I mean, first of all, I haven't really stayed up to date on what's going on, so I haven't even done I've done zero research for this podcast episode, for example. Very responsible and insofar as I've know things about these. Orgs. It's just based on what's on their website at some given time. So insofar as there's outreach going on, not like behind the scenes, but just not in a super public way, or I guess you could call that behind the scenes. I just don't have reason to, I guess, know about that. And I guess, yeah, I'm pretty comfortable. I don't even know if this is considered biting a bullet for the crowd that will be listening to this, if that's anybody but with just like yeah, saying a very small change for a very large magnitude, just, like, checks out. You can just do expected value reasoning and that's basically correct, like a correct way of thinking about ethics. But even I don't know how much you know specifically or, like, how much you're allowed want to reveal, but if there was a particular alignment agenda that I guess you in a broad sense, like the suffering focused research community thought was particularly promising and relative to other tractable, I guess, generic alignment recommendations. And you were doing research on that and trying to push that into the alignment mainstream, which is not very mainstream. And then with the hope that that jumps into the AI mainstream. Even if that's kind of a long chain of events. I think I would be a lot more enthusiastic about I don't know that type of agenda, because it feels like there's like a particular story you're telling where it cashes out in the end. You know what I mean?WINSTON: Yeah, I'm not the expert on this stuff, but I do think you just mean I think there's some things about influencing alignment and powerful AI for sure. Maybe not like a full on, like, this is our alignment proposal and it also handles Sris. But some things we could ask AI labs that are already building, like AGI, we could say, can you also implement these sort of, like, safeguards so if you failed alignment, you fail sort of gracefully and don't cause lots of suffering.AARON: Right?WINSTON: Yeah. Or maybe there are other things too, which also seem potentially more tractable. Even if you solve alignment in some sense, like aligning with whatever the human operator tells the AI to do, then you can also get the issue that malevolent actors can take control of the AI and then what they want also causes lots of suffering that type of alignment wouldn't. Yeah, and I guess I tend to be somewhat skeptical of coherent extrapolated volition and things like this, where the idea is sort of like it'll just figure out our values and do the right thing. So, yeah, there's some ways to push on this without having a full alignment plan, but I'm not sure if that counts as what you were saying.AARON: No, I guess it does. Yeah, it sounds like it does. And it could be that I'm just kind of mistaken about the degree to which that type of research and outreach is going on. That sounds like it's at least partially true.#5: Nathan Barnard (again!) on why general intelligence is basically fake [00:34:10]Up next, Nathan Barnard is back for his second episode. And we talked about the nature of general intelligence, its relationship with language and the implications of specialized brain functions on the understanding of human cognitive abilities.NATHAN: Yes. This like symbolic like symbolic, symbolic reasoning stuff. Yeah. So I think if I was, like, making the if I was, like, making the case for general intelligence being real, I wouldn't have symbolic reasoning, but I would have language stuff. I'd have this hierarchical structure thing, which.AARON: I would probably so I think of at least most uses of language and central examples as a type of symbolic reasoning because words mean things. They're like yeah. Pointers to objects or something like that.NATHAN: Yeah, I think it's like, pretty confidence isn't where this isn't a good enough description of general intelligence. So, for instance so if you bit in your brain called, I'm using a checklist, I don't fuck this up vernacular, I'm not making this cool. Lots of connects to use words like pointers as these arbitrary signs happens mostly in this area of the brain called Berkeley's area. But very famously, you can have Berkeley's epaxics who lose the ability to do language comprehension and use the ability to consistently use words as pointers, as signs to point to things, but still have perfect good spatial reasoning abilities. And so, conversely, people with brokers of fascia who fuck up, who have the broker's reason their brain fucks up will not be able to form fluent sentences and have some problems like unsigned syntax, and they'll still be able to have very good spatial reasoning. It could still, for instance, be like, good engineers. Would you like many problems which, like, cost engineering?AARON: Yeah, I totally buy that. I don't think language is the central thing. I think it's like an outgrowth of, like I don't know, there's like a simplified model I could make, which is like it's like an outgrowth of whatever general intelligence really is. But whatever the best spatial or graphical model is, I don't think language is cognition.NATHAN: Yes, this is a really big debate in psycholinguistics as to whether language is like an outgrowth of other abilities like the brain has, whether language whether there's very specialized language modules. Yeah, this is just like a very live debate in psycholinguistics moments. I actually do lean towards the reason I've been talking about this actually just going to explain this hierarchical structure thing? Yeah, I keep talking about it. So one theory for how you can comprehend new sentences, like, the dominant theory in linguistics, how you can comprehend new sentences, um, is you break them up into, like you break them up into, like, chunks, and you form these chunks together in this, like, tree structure. So something like, if you hear, like, a totally novel sentence like the pit bull mastiff flopped around deliciously or something, you can comprehend what the sentence means despite the fact you've never heard it. Theory behind this is you saw yes, this can be broken up into this tree structure, where the different, like, ah, like like bits of the sentence. So, like like the mastiff would be like, one bit, and then you have, like, another bit, which is like, the mastiff I can't remember I said rolled around, so that'd be like, another bit, and then you'd have connectors to our heart.AARON: Okay.NATHAN: So the massive rolling around one theory of one of the sort of distinctive things that humans have disabilities is like, this quite general ability to break things up into these these tree structures. This is controversial within psycholinguistics, but it's broadly an area which I broadly buy it because we do see harms to other areas of intelligence. You get much worse at, like, Ravens Progressive Matrices, for instance, when you have, like, an injury to brokers area, but, like, not worse at, like, tests like tests of space, of, like, spatial reasoning, for instance.AARON: So what is like, is there, like, a main alternative to, like, how humans.NATHAN: Understand language as far as this specificity of how we pass completely novel sentences, as far as where this is just like this is just like the the academic consensus. Okay.AARON: I mean, it sounds totally like right? I don't know.NATHAN: Yeah. But yeah, I suppose going back to saying, how far is language like an outgrowth of general intelligence? An outgrowth like general intelligence versus having much more specialized language modules? Yeah, I lean towards the latter, despite yeah, I still don't want to give too strong of a personal opinion here because I'm not a linguistic this is a podcast.AARON: You're allowed to give takes. No one's going to say this is like the academic we want takes.NATHAN: We want takes. Well, gone to my head is.AARON: I.NATHAN: Think language is not growth of other abilities. I think the main justification for this, I think, is that the loss of other abilities we see when you have damage to broker's area and verca's area.AARON: Okay, cool. So I think we basically agree on that. And also, I guess one thing to highlight is I think outgrowth can mean a couple of different things. I definitely think it's plausible. I haven't read about this. I think I did at some point, but not in a while. But outgrowth could mean temporarily or whatever. I think I'm kind of inclined to think it's not that straightforward. You could have coevolution where language per se encourages both its own development and the development of some general underlying trait or something.NATHAN: Yeah. Which seems likely.AARON: Okay, cool. So why don't humans have general intelligence?NATHAN: Right. Yeah. As I was sort of talking about previously.AARON: Okay.NATHAN: I think I think I'd like to use go back to like a high level like a high level argument is there appears to be very surprised, like, much higher levels of functional specialization in brains than you expect. You can lose much more specific abilities than you expect to be able to lose. You can lose specifically the ability a famous example is like facebindness, actually. You probably lose the ability to specifically recognize things which you're, like, an expert in.AARON: Who does it or who loses this ability.NATHAN: If you've damaged your fuse inform area, you'll lose the ability to recognize faces, but nothing else.AARON: Okay.NATHAN: And there's this general pattern that your brain is much more you can lose much more specific abilities than you expect. So, for instance, if you sort of have damage to your ventral, medial, prefrontal cortex, you can say the reasoning for why you shouldn't compulsively gamble but still compulsively gamble.AARON: For instance okay, I understand this not gambling per se, but like executive function stuff at a visceral level. Okay, keep going.NATHAN: Yeah. Some other nice examples of this. I think memory is quite intuitive. So there's like, a very famous patient called patient HM who had his hippocampus removed and so as a result, lost all declarative memory. So all memory of specific facts and things which happened in his life. He just couldn't remember any of these things, but still perfectly functioning otherwise. I think at a really high level, I think this functional specialization is probably the strongest piece of evidence against the general intelligence hypothesis. I think fundamentally, general intelligence hypothesis implies that, like, if you, like yeah, if you was, like, harm a piece of your brain, if you have some brain injury, you might like generically get worse at tasks you like, generically get worse at, like at like all task groups use general intelligence. But I think suggesting people, including general intelligence, like the ability to write, the ability to speak, maybe not speak, the ability to do math, you do have.AARON: This it's just not as easy to analyze in a Cogsy paper which IQ or whatever. So there is something where if somebody has a particular cubic centimeter of their brain taken out, that's really excellent evidence about what that cubic centimeter does or whatever, but that non spatial modification is just harder to study and analyze. I guess we'll give people drugs, right? Suppose that set aside the psychometric stuff. But suppose that general intelligence is mostly a thing or whatever and you actually can ratchet it up and down. This is probably just true, right? You can probably give somebody different doses of, like, various drugs. I don't know, like laughing gas, like like, yeah, like probably, probably weed. Like I don't know.NATHAN: So I think this just probably isn't true. Your working memory corrects quite strongly with G and having better working memory generic can make you much better at lots of tasks if you have like.AARON: Yeah.NATHAN: Sorry, but this is just like a specific ability. It's like just specifically your working memory, which is improved if you go memory to a drugs. Improved working memory. I think it's like a few things like memory attention, maybe something like decision making, which are all like extremely useful abilities and improve how well other cognitive abilities work. But they're all separate things. If you improved your attention abilities, your working memory, but you sort of had some brain injury, which sort of meant you sort of had lost ability to pass syntax, you would not get better at passing syntax. And you can also use things separately. You can also improve attention and improve working memory separately, which just it's not just this one dial which you can turn up.AARON: There's good reason to expect that we can't turn it up because evolution is already sort of like maximizing, given the relevant constraints. Right. So you would need to be looking just like injuries. Maybe there are studies where they try to increase people's, they try to add a cubic centimeter to someone's brain, but normally it's like the opposite. You start from some high baseline and then see what faculties you lose. Just to clarify, I guess.NATHAN: Yeah, sorry, I think I've lost the you still think there probably is some general intelligence ability to turn up?AARON: Honestly, I think I haven't thought about this nearly as much as you. I kind of don't know what I think at some level. If I could just write down all of the different components and there are like 74 of them and what I think of a general intelligence consists of does that make it I guess in some sense, yeah, that does make it less of an ontologically legit thing or something. I think I think the thing I want to get the motivating thing here is that with humans yet you can like we know humans range in IQ, and there's, like, setting aside a very tiny subset of people with severe brain injuries or development disorders or whatever. Almost everybody has some sort of symbolic reasoning that they can do to some degree. Whereas the smartest maybe I'm wrong about this, but as far as I know, the smartest squirrel is not going to be able to have something semantically represent something else. And that's what I intuitively want to appeal to, you know what I mean?NATHAN: Yeah, I know what you're guessing at. So I think there's like two interesting things here. So I think one is, could a squirrel do this? I'm guessing a squirrel couldn't do this, but a dog can, or like a dog probably can. A chimpanzee definitely can.AARON: Do what?NATHAN: Chimpanzees can definitely learn to associate arbitrary signs, things in the world with arbitrary signs.AARON: Yes, but maybe I'm just adding on epicentercles here, but I feel like correct me if I'm wrong, but I think that maybe I'm just wrong about this, but I would assume that Chicken Tees cannot use that sign in a domain that is qualitatively different from the ones they've been in. Right. So, like, a dog will know that a certain sign means sit or whatever, but maybe that's not a good I.NATHAN: Don'T know think this is basically not true.AARON: Okay.NATHAN: And we sort of know this from teaching.AARON: Teaching.NATHAN: There's like a famously cocoa de guerrilla. Also a bonobo whose name I can't remember were taught sign language. And the thing they were consistently bad at was, like, putting together sentences they could learn quite large vocabularies learning to associate by large, I mean in the hundreds of words, in the low hundreds of words which they could consistently use consistently use correctly.AARON: What do you mean by, like, in what sense? What is bonobo using?NATHAN: A very famous and quite controversial example is like, coco gorilla was like, saw a swan outside and signed water bird. That's like, a controversial example. But other things, I think, which are controversial here is like, the syntax part of putting water and bird together is the controversial part, but it's not the controversial part that she could see a swan and call that a bird.AARON: Yeah, I mean, this is kind of just making me think, okay, maybe the threshold for D is just like at the chimp level or something. We are like or whatever the most like that. Sure. If a species really can generate from a prefix and a suffix or whatever, a concept that they hadn't learned before.NATHAN: Yeah, this is a controversial this is like a controversial example of that the addition to is the controversial part. Yeah, I suppose maybe brings back to why I think this matters is will there be this threshold which AIS cross such that their reasoning after this is qualitatively different to their reasoning previously? And this is like two things. One, like a much faster increase in AI capabilities and two, alignment techniques which worked on systems which didn't have g will no longer work. Systems which do have g. Brings back to why I think this actually matters. But I think if we're sort of accepting it, I think elephants probably also if you think that if we're saying, like, g is like a level of chimpanzees, chimpanzees just, like, don't don't look like quantitatively different to, like, don't look like that qualitatively different to, like, other animals. Now, lots of other animals live in similar complex social groups. Lots of other animals use tools.AARON: Yeah, sure. For one thing, I don't think there's not going to be a discontinuity in the same way that there wasn't a discontinuity at any point between humans evolution from the first prokaryotic cells or whatever are eukaryotic one of those two or both, I guess. My train of thought. Yes, I know it's controversial, but let's just suppose that the sign language thing was legit with the waterbird and that's not like a random one off fluke or something. Then maybe this is just some sort of weird vestigial evolutionary accident that actually isn't very beneficial for chimpanzees and they just stumbled their way into and then it just enabled them to it enables evolution to bootstrap Shimp genomes into human genomes. Because at some the smartest or whatever actually, I don't know. Honestly, I don't have a great grasp of evolutionary biology or evolution at all. But, yeah, it could just be not that helpful for chimps and helpful for an extremely smart chimp that looks kind of different or something like that.NATHAN: Yeah. So I suppose just like the other thing she's going on here, I don't want to keep banging on about this, but you can lose the language. You can lose linguistic ability. And it's just, like, happens this happens in stroke victims, for instance. It's not that rare. Just, like, lose linguistic ability, but still have all the other abilities which we sort of think of as like, general intelligence, which I think would be including the general intelligence, like, hypothesis.AARON: I agree that's, like, evidence against it. I just don't think it's very strong evidence, partially because I think there is a real school of thought that says that language is fundamental. Like, language drives thought. Language is, like, primary to thought or something. And I don't buy that. If you did buy that, I think this would be, like, more damning evidence.#6 Daniel Filan on why I'm wrong about ethics (+ Oppenheimer and what names mean in like a hardcore phil of language sense) [00:56:54][Note: I forgot to record an intro segment here. Sorry!]AARON: Yeah. Yes. I'm also anti scam. Right, thank you. Okay, so I think that thing that we were talking about last time we talked, which is like the thing I think we actually both know stuff about instead of just like, repeating New York Times articles is my nuanced ethics takes and why you think about talk about that and then we can just also branch off from there.DANIEL: Yeah, we can talk about that.AARON: Maybe see where that did. I luckily I have a split screen up, so I can pull up things. Maybe this is kind of like egotistical or something to center my particular view, but you've definitely given me some of the better pushback or whatever that I haven't gotten that much feedback of any kind, I guess, but it's still interesting to hear your take. So basically my ethical position or the thing that I think is true is that which I think is not the default view. I think most people think this is wrong is that total utilitarianism does not imply that for some amount of suffering that could be created there exists some other extremely large arbitrarily, large amount of happiness that could also be created which would morally justify the former. Basically.DANIEL: So you think that even under total utilitarianism there can be big amounts of suffering such that there's no way to morally tip the calculus. However much pleasure you can create, it's just not going to outweigh the fact that you inflicted that much suffering on some people.AARON: Yeah, and I'd highlight the word inflicted if something's already there and you can't do anything about it, that's kind of neither here nor there as it pertains to your actions or something. So it's really about you increasing, you creating suffering that wouldn't have otherwise been created. Yeah. It's also been a couple of months since I've thought about this in extreme detail, although I thought about it quite a bit. Yeah.DANIEL: Maybe I should say my contrary view, I guess, when you say that, I don't know, does total utilitarianism imply something or not? I'm like, well, presumably it depends on what we mean by total utilitarianism. Right. So setting that aside, I think that thesis is probably false. I think that yeah. You can offset great amounts of suffering with great amounts of pleasure, even for arbitrary amounts of suffering.AARON: Okay. I do think that position is like the much more common and even, I'd say default view. Do you agree with that? It's sort of like the implicit position of people who are of self described total utilitarians who haven't thought a ton about this particular question.DANIEL: Yeah, I think it's probably the implicit default. I think it's the implicit default in ethical theory or something. I think that in practice, when you're being a utilitarian, I don't know, normally, if you're trying to be a utilitarian and you see yourself inflicting a large amount of suffering, I don't know. I do think there's some instinct to be like, is there any way we can get around this?AARON: Yeah, for sure. And to be clear, I don't think this would look like a thought experiment. I think what it looks like in practice and also I will throw in caveats as I see necessary, but I think what it looks like in practice is like, spreading either wild animals or humans or even sentient digital life through the universe. That's in a non as risky way, but that's still just maybe like, say, making the earth, making multiple copies of humanity or something like that. That would be an example that's probably not like an example of what an example of creating suffering would be. For example, just creating another duplicate of earth. Okay.DANIEL: Anything that would be like so much suffering that we shouldn't even the pleasures of earth outweighs.AARON: Not necessarily, which is kind of a cop out. But my inclination is that if you include wild animals, the answer is yes, that creating another earth especially. Yeah, but I'm much more committed to some amount. It's like some amount than this particular time and place in human industry is like that or whatever.DANIEL: Okay, can I get a feel of some other concrete cases to see?AARON: Yeah.DANIEL: So one example that's on my mind is, like, the atomic bombing of Hiroshima and Nagasaki, right? So the standard case for this is, like, yeah, what? A hundred OD thousand people died? Like, quite terrible, quite awful. And a lot of them died, I guess a lot of them were sort of some people were sort of instantly vaporized, but a lot of people died in extremely painful ways. But the countercase is like, well, the alternative to that would have been like, an incredibly grueling land invasion of Japan, where many more people would have died or know regardless of what the actual alternatives were. If you think about the atomic bombings, do you think that's like the kind of infliction of suffering where there's just not an offsetting amount of pleasure that could make that okay?AARON: My intuition is no, that it is offsettable, but I would also emphasize that given the actual historical contingencies, the alternative, the implicit case for the bombing includes reducing suffering elsewhere rather than merely creating happiness. There can definitely be two bad choices that you have to make or something. And my claim doesn't really pertain to that, at least not directly.#7: Holly Elmore on AI pause, wild animal welfare, and some cool biology things I couldn't fully follow but maybe you can [01:04:00]Up next, Holly Elmore and I discuss the complexities and implications of AI development and open sourcing. We talk about protests and ethical considerations around her, um, uh, campaign to pause the development of frontier AI systems until, until we can tell that they're safe.AARON: So what's the plan? Do you have a plan? You don't have to have a plan. I don't have plans very much.HOLLY: Well, right now I'm hopeful about the UK AI summit. Pause AI and I have planned a multi city protest on the 21 October to encourage the UK AI Safety Summit to focus on safety first and to have as a topic arranging a pause or that of negotiation. There's a lot of a little bit upsetting advertising for that thing that's like, we need to keep up capabilities too. And I just think that's really a secondary objective. And that's how I wanted to be focused on safety. So I'm hopeful about the level of global coordination that we're already seeing. It's going so much faster than we thought. Already the UN Secretary General has been talking about this and there have been meetings about this. It's happened so much faster at the beginning of this year. Nobody thought we could talk about nobody was thinking we'd be talking about this as a mainstream topic. And then actually governments have been very receptive anyway. So right now I'm focused on other than just influencing opinion, the targets I'm focused on, or things like encouraging these international like, I have a protest on Friday, my first protest that I'm leading and kind of nervous that's against Meta. It's at the Meta building in San Francisco about their sharing of model weights. They call it open source. It's like not exactly open source, but I'm probably not going to repeat that message because it's pretty complicated to explain. I really love the pause message because it's just so hard to misinterpret and it conveys pretty clearly what we want very quickly. And you don't have a lot of bandwidth and advocacy. You write a lot of materials for a protest, but mostly what people see is the title.AARON: That's interesting because I sort of have the opposite sense. I agree that in terms of how many informational bits you're conveying in a particular phrase, pause AI is simpler, but in some sense it's not nearly as obvious. At least maybe I'm more of a tech brain person or whatever. But why that is good, as opposed to don't give extremely powerful thing to the worst people in the world. That's like a longer everyone.HOLLY: Maybe I'm just weird. I've gotten the feedback from open source ML people is the number one thing is like, it's too late, there's already super powerful models. There's nothing you can do to stop us, which sounds so villainous, I don't know if that's what they mean. Well, actually the number one message is you're stupid, you're not an ML engineer. Which like, okay, number two is like, it's too late, there's nothing you can do. There's all of these other and Meta is not even the most powerful generator of models that it share of open source models. I was like, okay, fine. And I don't know, I don't think that protesting too much is really the best in these situations. I just mostly kind of let that lie. I could give my theory of change on this and why I'm focusing on Meta. Meta is a large company I'm hoping to have influence on. There is a Meta building in San Francisco near where yeah, Meta is the biggest company that is doing this and I think there should be a norm against model weight sharing. I was hoping it would be something that other employees of other labs would be comfortable attending and that is a policy that is not shared across the labs. Obviously the biggest labs don't do it. So OpenAI is called OpenAI but very quickly decided not to do that. Yeah, I kind of wanted to start in a way that made it more clear than pause AI. Does that anybody's welcome something? I thought a one off issue like this that a lot of people could agree and form a coalition around would be good. A lot of people think that this is like a lot of the open source ML people think know this is like a secret. What I'm saying is secretly an argument for tyranny. I just want centralization of power. I just think that there are elites that are better qualified to run everything. It was even suggested I didn't mention China. It even suggested that I was racist because I didn't think that foreign people could make better AIS than Meta.AARON: I'm grimacing here. The intellectual disagreeableness, if that's an appropriate term or something like that. Good on you for standing up to some pretty bad arguments.HOLLY: Yeah, it's not like that worth it. I'm lucky that I truly am curious about what people think about stuff like that. I just find it really interesting. I spent way too much time understanding the alt. Right. For instance, I'm kind of like sure I'm on list somewhere because of the forums I was on just because I was interested and it is something that serves me well with my adversaries. I've enjoyed some conversations with people where I kind of like because my position on all this is that look, I need to be convinced and the public needs to be convinced that this is safe before we go ahead. So I kind of like not having to be the smart person making the arguments. I kind of like being like, can you explain like I'm five. I still don't get it. How does this work?AARON: Yeah, no, I was thinking actually not long ago about open source. Like the phrase has such a positive connotation and in a lot of contexts it really is good. I don't know. I'm glad that random tech I don't know, things from 2004 or whatever, like the reddit source code is like all right, seems cool that it's open source. I don't actually know if that was how that right. But yeah, I feel like maybe even just breaking down what the positive connotation comes from and why it's in people's self. This is really what I was thinking about, is like, why is it in people's self interest to open source things that they made and that might break apart the allure or sort of ethical halo that it has around it? And I was thinking it probably has something to do with, oh, this is like how if you're a tech person who makes some cool product, you could try to put a gate around it by keeping it closed source and maybe trying to get intellectual property or something. But probably you're extremely talented already, or pretty wealthy. Definitely can be hired in the future. And if you're not wealthy yet I don't mean to put things in just materialist terms, but basically it could easily be just like in a yeah, I think I'll probably take that bit out because I didn't mean to put it in strictly like monetary terms, but basically it just seems like pretty plausibly in an arbitrary tech person's self interest, broadly construed to, in fact, open source their thing, which is totally fine and normal.HOLLY: I think that's like 99 it's like a way of showing magnanimity showing, but.AARON: I don't make this sound so like, I think 99.9% of human behavior is like this. I'm not saying it's like, oh, it's some secret, terrible self interested thing, but just making it more mechanistic. Okay, it's like it's like a status thing. It's like an advertising thing. It's like, okay, you're not really in need of direct economic rewards, or sort of makes sense to play the long game in some sense, and this is totally normal and fine, but at the end of the day, there's reasons why it makes sense, why it's in people's self interest to open source.HOLLY: Literally, the culture of open source has been able to bully people into, like, oh, it's immoral to keep it for yourself. You have to release those. So it's just, like, set the norms in a lot of ways, I'm not the bully. Sounds bad, but I mean, it's just like there is a lot of pressure. It looks bad if something is closed source.AARON: Yeah, it's kind of weird that Meta I don't know, does Meta really think it's in their I don't know. Most economic take on this would be like, oh, they somehow think it's in their shareholders interest to open source.HOLLY: There are a lot of speculations on why they're doing this. One is that? Yeah, their models aren't as good as the top labs, but if it's open source, then open source quote, unquote then people will integrate it llama Two into their apps. Or People Will Use It And Become I don't know, it's a little weird because I don't know why using llama Two commits you to using llama Three or something, but it just ways for their models to get in in places where if you just had to pay for their models too, people would go for better ones. That's one thing. Another is, yeah, I guess these are too speculative. I don't want to be seen repeating them since I'm about to do this purchase. But there's speculation that it's in best interests in various ways to do this. I think it's possible also that just like so what happened with the release of Llama One is they were going to allow approved people to download the weights, but then within four days somebody had leaked Llama One on four chan and then they just were like, well, whatever, we'll just release the weights. And then they released Llama Two with the weights from the beginning. And it's not like 100% clear that they intended to do full open source or what they call Open source. And I keep saying it's not open source because this is like a little bit of a tricky point to make. So I'm not emphasizing it too much. So they say that they're open source, but they're not. The algorithms are not open source. There are open source ML models that have everything open sourced and I don't think that that's good. I think that's worse. So I don't want to criticize them for that. But they're saying it's open source because there's all this goodwill associated with open source. But actually what they're doing is releasing the product for free or like trade secrets even you could say like things that should be trade secrets. And yeah, they're telling people how to make it themselves. So it's like a little bit of a they're intentionally using this label that has a lot of positive connotations but probably according to Open Source Initiative, which makes the open Source license, it should be called something else or there should just be like a new category for LLMs being but I don't want things to be more open. It could easily sound like a rebuke that it should be more open to make that point. But I also don't want to call it Open source because I think Open source software should probably does deserve a lot of its positive connotation, but they're not releasing the part, that the software part because that would cut into their business. I think it would be much worse. I think they shouldn't do it. But I also am not clear on this because the Open Source ML critics say that everyone does have access to the same data set as Llama Two. But I don't know. Llama Two had 7 billion tokens and that's more than GPT Four. And I don't understand all of the details here. It's possible that the tokenization process was different or something and that's why there were more. But Meta didn't say what was in the longitude data set and usually there's some description given of what's in the data set that led some people to speculate that maybe they're using private data. They do have access to a lot of private data that shouldn't be. It's not just like the common crawl backup of the Internet. Everybody's basing their training on that and then maybe some works of literature they're not supposed to. There's like a data set there that is in question, but metas is bigger than bigger than I think well, sorry, I don't have a list in front of me. I'm not going to get stuff wrong, but it's bigger than kind of similar models and I thought that they have access to extra stuff that's not public. And it seems like people are asking if maybe that's part of the training set. But yeah, the ML people would have or the open source ML people that I've been talking to would have believed that anybody who's decent can just access all of the training sets that they've all used.AARON: Aside, I tried to download in case I'm guessing, I don't know, it depends how many people listen to this. But in one sense, for a competent ML engineer, I'm sure open source really does mean that. But then there's people like me. I don't know. I knew a little bit of R, I think. I feel like I caught on the very last boat where I could know just barely enough programming to try to learn more, I guess. Coming out of college, I don't know, a couple of months ago, I tried to do the thing where you download Llama too, but I tried it all and now I just have like it didn't work. I have like a bunch of empty folders and I forget got some error message or whatever. Then I tried to train my own tried to train my own model on my MacBook. It just printed. That's like the only thing that a language model would do because that was like the most common token in the training set. So anyway, I'm just like, sorry, this is not important whatsoever.HOLLY: Yeah, I feel like torn about this because I used to be a genomicist and I used to do computational biology and it was not machine learning, but I used a highly parallel GPU cluster. And so I know some stuff about it and part of me wants to mess around with it, but part of me feels like I shouldn't get seduced by this. I am kind of worried that this has happened in the AI safety community. It's always been people who are interested in from the beginning, it was people who are interested in singularity and then realized there was this problem. And so it's always been like people really interested in tech and wanting to be close to it. And I think we've been really influenced by our direction, has been really influenced by wanting to be where the action is with AI development. And I don't know that that was right.AARON: Not personal, but I guess individual level I'm not super worried about people like you and me losing the plot by learning more about ML on their personal.HOLLY: You know what I mean? But it does just feel sort of like I guess, yeah, this is maybe more of like a confession than, like a point. But it does feel a little bit like it's hard for me to enjoy in good conscience, like, the cool stuff.AARON: Okay. Yeah.HOLLY: I just see people be so attached to this as their identity. They really don't want to go in a direction of not pursuing tech because this is kind of their whole thing. And what would they do if we weren't working toward AI? This is a big fear that people express to me with they don't say it in so many words usually, but they say things like, well, I don't want AI to never get built about a pause. Which, by the way, just to clear up, my assumption is that a pause would be unless society ends for some other reason, that a pause would eventually be lifted. It couldn't be forever. But some people are worried that if you stop the momentum now, people are just so luddite in their insides that we would just never pick it up again. Or something like that. And, yeah, there's some identity stuff that's been expressed. Again, not in so many words to me about who will we be if we're just sort of like activists instead of working on.AARON: Maybe one thing that we might actually disagree on. It's kind of important is whether so I think we both agree that Aipause is better than the status quo, at least broadly, whatever. I know that can mean different things, but yeah, maybe I'm not super convinced, actually, that if I could just, like what am I trying to say? Maybe at least right now, if I could just imagine the world where open eye and Anthropic had a couple more years to do stuff and nobody else did, that would be better. I kind of think that they are reasonably responsible actors. And so I don't k

Economist Noah Smith and Erik Torenberg discuss the legacy and failings of Bernie Sanders' movement with regards to privatization, student loans, healthcare, and the wealth gap. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they've found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you've never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don't just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It's free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today's major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today's most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You'll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- Timestamps (00:00) Episode Preview (01:32) The Bernie movement's evolution (05:00) Factionalism and aggression marking the approach of socialists (15:36) Glass-Steagall litmus test (19:00) Sponsors: Daffy | NetSuite (21:11) Can neoliberalism work? (22:34) Biggest mistakes of privatization: the non-profit industrialization complex (26:18) Lack of industrial policy is a pro-finance policy (27:30) Chief neoliberal shill (30:05) How Biden is carrying forward the legacy of Bernie's movement (34:10) Inflation killed student loan relief (besides the courts) (41:00) How Bernie bungled his egalitarian movement (48:45) Wealth tax (50:55) Healthcare

In this week's Win-Win episode, I chat to legendary thinker and speaker Simon Sinek about the nature of competition in business, and in particular, the key ingredient of all enduring companies and leaders: The Infinite Mindset. We also explore the pros and cons of short-term goals, the power of enemies, Moloch Traps, how to be a better speaker, the need for optimism, and so much more.    Chapters 00:00:00 - Intro 00:01:21 - What is the Infinite Game? 00:06:45 - Misaligned incentives 00:10:23 - Infinite Mindset in business 00:17:23 - Simon's worthy rival 00:21:30 - Good and evil 00:24:24 - Why we need an enemy 00:27:08 - The Moloch trap 00:31:56 - Existential threats 00:38:01 - The priorities of business 00:44:10 - Ethical fading / People before profit 00:50:14 - Finding the businesses to support 00:51:50 - "Find your Why" test 00:56:18 - Public speaking 01:00:54 - Being an optimist 01:02:45 - Winning the infinite game Simon's Biography: Simon is a visionary thinker, who is probably best known for his TED Talk on the concept of WHY, which has been viewed over 60 million times, and his video on millennials in the workplace which has gone on to be seen hundreds of millions of times. He continues to share inspiration through his bestselling books, including global bestseller Start with WHY and New York Times bestsellers Leaders Eat Last and The Infinite Game, as well as his podcast, A Bit of Optimism. In addition, Simon is the founder of The Optimism Company, a leadership learning and development company, and he publishes other inspiring thinkers and doers through his publishing partnership with Penguin Random House called Optimism Press. Links ♾️ The Infinite Game by Simon Sinek https://simonsinek.com/books/the-infinite-game/ ♾️ Finite and Infinite Games by Dr. James Carse https://en.wikipedia.org/wiki/Finite_and_Infinite_Games ♾️ Find Your Why by Simon Sinek https://simonsinek.com/books/find-your-why/ ♾️ Leaders Eat Last by Simon Sinek https://simonsinek.com/books/leaders-eat-last/ ♾️ Milton Freidman NYT OpEd https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html ♾️ Ethical Fading https://www.youtube.com/watch?v=2ztNE1CvnV4 ♾️ Banking Act of 1933 (Glass-Steagall) https://www.federalreservehistory.org/essays/glass-steagall-act ♾️ Start with Why by Simon Sinek ♾️ Simon's TED Talk: https://simonsinek.com/books/start-with-why/ https://www.youtube.com/watch?v=qp0HIF3SfI4 ♾️ The Art of Presenting Course https://simonsinek.com/product/the-art-of-presenting-with-simon/ ♾️ Simon Sinek podcast w/ Dr James Carse https://simonsinek.com/podcast/episodes/the-infinite-game-with-dr-james-carse/ The Win-Win Podcast Poker champion Liv Boeree takes to the interview chair to tease apart the complexities of one of the most fundamental parts of human nature: competition. Liv is joined by top philosophers, gamers, artists, technologists, CEOs, scientists, athletes and more to understand how competition manifests in their world, and how to change seemingly win-lose games into Win-Wins.    Credits ♾️  Hosted by: Liv Boeree ♾️  Produced & Edited by: Raymond Wei ♾️  Audio Mix by: Keir Schmidt

Today's guest is Malcolm Turner   Malcolm has over 25 years in the financial services industry but specializes exclusively in commercial lending. In 2007, he co-founded Castle Commercial Capital LLC, a national commercial mortgage banker and brokerage based in Southfield, MI.   Show summary: In this episode, Sam interviews Malcolm Turner, co-founder of Castle Commercial Capital LLC. Malcolm shares his journey into commercial lending, starting with his background in financial services and his transition from residential lending to commercial lending. He discusses the challenges and opportunities in the current market, emphasizing the importance of finding the right financing options for different types of deals. Malcolm also talks about the benefits of bridge lending and gives examples from the self-storage industry.    -------------------------------------------------------------- Intro [00:00:00]   Starting a Commercial Mortgage Brokerage [00:00:49]   Surviving the Financial Crisis and COVID [00:03:21]   Specializing in Multifamily and Bridge Loans [00:05:46]   The importance of speed and time in closing deals [00:11:34]   The risk and challenges of unbankable deals [00:15:40]   Strategic repositioning of a hotel property [00:19:16]   The challenges and opportunities in the current market [00:22:27]   Using premier properties to feed applications and keep occupancy high [00:23:34]   The importance of meeting with a finance guy ahead of a deal [00:24:36]   -------------------------------------------------------------- Connect with Malcolm: YouTube: @CastleCommercialCapital  LinkedIn: linkedin.com/in/malcolmturner/  Facebook: https://www.facebook.com/malcolm.a.turner  Twitter: @CastleLoans   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Malcolm Turner (00:00:00) - A lot of people that were doing bridge loan deals that shouldn't have. Mm. And so now with the price increases, okay, they're not competitive and it's like, oh, bridge loans are bad. No, that deal should have never been in a bridge loan in the first place.   Sam Wilson (00:00:14) - Welcome to the How to scale commercial real estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Malcolm Turner has over 25 years in the financial services industry. He specializes, though, exclusively in commercial lending. In 2007, he co-founded Castle Commercial Capital, LLC. They are a national commercial mortgage banker and brokerage based in Southfield, Michigan. Malcolm, welcome to the show.   Malcolm Turner (00:00:46) - Thanks, Sam. Thanks for having me on. I'm honored to be here.   Sam Wilson (00:00:49) - Absolutely. Malcolm, The pleasure is mine. There are three questions I ask every guest who comes on the show in 90s or less. And you tell me, where did you start? Where are you now and how did you get there?   Malcolm Turner (00:00:58) - I started in.   Malcolm Turner (00:01:01) - Well, how far you want to go back? I started in financial services as a financial advisor. And then the laws changed with Glass-Steagall, where everyone got in everyone's backyard. You know, insurance guys selling brokerage and broker, selling insurance and got into residential lending. That was a tremendously lucrative at the time. You couldn't do deals fast enough. There wasn't enough appraisers to do them at that time. This is oh five, oh six, and was having a conversation with my pastor and his office one day about me doing the right thing for a client, which meant putting him in a fixed rate FHA loan, and my manager wanted me to put them in an option arm that would have blowed up three years later had we, you know, you know, new had a crystal ball. And I was like, Yeah, but this guy is a single guy. First deal. We should do the right thing, right? Oh, there you go, Malcolm Talking about that. Do the right thing. Stuff, you know, and I said to my pastor, why he's doing the right thing.   Malcolm Turner (00:01:57) - A batch of dishonor. And he says, Well, if you were going to do a company, you know, mortgage broker, brokerage, how would you do it? I'm like, well, do commercial because commercial is about the numbers. It's not about the kitchens and the bathrooms. It's the math. You know, And we talked about I said, you set up an office and you have to build relationships with lenders and do this, that and the other. And that's about all it would take. It goes, Great, let's do it. I was like, Oh, I thought we were talking hypothetical. He's like, No, I love you like a brother and I trust you with money. We should do it. And I was like, okay. I was like, Well, I love you too, man, and I trust you. But the only thing about mortgages. So we would be doing all the work and we're splitting the money and I don't want to mess up our relationship.   Malcolm Turner (00:02:41) - And he's like, Yeah, you're right, Malcolm. I totally get that. Tell you what, you you don't have to train me. I get it. I'll be humble, let you coach me. Um, let's build a legacy for our families, and I'll fund it. And you set it up, and then we'll be evenly yoked. I was like. Okay. And that's how Castle Commercial Capital was born 16 years ago.   Sam Wilson (00:03:06) - Wow. That's a that's an unconventional story. I love that getting into lending in 2007 doesn't seem like the most favorable time to start a company like that.   Malcolm Turner (00:03:21) - It was not. Our saving grace was the residential market crashed first. Commercial really didn't get pounded until 2010. That's about when the, you know, it finally caught up to commercial. You know, but since then, we've survived the great financial crisis. We survived Covid. You know, we've even survived just the latest rate increase over the last year because there's been quite amount, quite a bit of turmoil, especially on my side of the table.   Malcolm Turner (00:03:54) - You know, lenders have gotten and all lenders are going out of business. You know, when lending stopped during Covid and in March of 2020, by the time June and July rolled around, some of those lenders didn't make it, you know, and we're still here. So I'm I'm I'm glad to do that. But, I mean, that's not because I'm special or anything like that. But I've always recognized like when Covid hit, I said, okay, no one's funding right now. Not sure when they're going to kick up. So let's redo our website. It's a great time to do it. Let's redo our marketing. As a matter of fact, let's come out with a commercial mobile lending app. Let's do that. You know, and so I've always tried to stay out front and say, okay, you know, like Wayne Gretzky said, you know, he's great because he skates to where the puck is going. Not to where the puck is, you know. And that's up the side.   Malcolm Turner (00:04:51) - And then we just wrote our book financing the Bankable deal, you know, And so I was at the commercial, the National Commercial Mortgage Brokers Conference in Vegas last year, and I was talking to a bunch of commercial lenders and saying, Hey, I'm writing this book. Where do you guys think the market is going and what's it doing? And, you know, did I cover everything? You know, Is there anything I missed? And one of the guys was somewhat skeptical. And we had a breakout session the next day. And during the breakout session, he found out everyone on the panel had done business with me. But him. He was like, Wait a minute, you did business with him. You did along with him. And both of the guys going, Yeah, he sure did. Yes, he does. They're like, Well, okay, well, you got to get us in there, right? You know? And I was like, Yeah, okay. You know, that's awesome.   Sam Wilson (00:05:38) - That's awesome. Well, tell me this. What what is the type of lending that you specialize in now?   Malcolm Turner (00:05:46) - Right now, most of our business is multifamily. Most of our businesses are multifamily and we kind of slid into the bridge loan, the bridge lending space because you know, the market for deals. That are picked over and everyone's fighting for. If the market is this big, those deals are this big.   Sam Wilson (00:06:09) - Right.   Malcolm Turner (00:06:10) - And so there's another you know, this is a stat a lot of people don't know, but like 85% of commercial loan applications are denied. Yeah. Believe that are denied. Right. That doesn't mean that the other that the the 15% are great and the other 85% are terrible. You know, there's probably another 25%. Of those deals that are doable. They just don't know how to do them when their bank says no. Right. Right. And so I was at a a commercial multifamily meetup and a banker was doing the presentation on financing. And at the end of it, they said someone asked the question, well, outside of there were a small community bank outside of you guys doing loans, who else can do them? Another way to do multifamily as well, the small banks and big banks.   Malcolm Turner (00:07:02) - And I was like, That's it. And they were like, Yeah, just just those two. And that was from their perspective, Right, Right. And I was like, okay. So I posted in the group on their Facebook page. There's seven alternative ways of financing deals between Fannie Mae, Freddie Mac, USDA, FHA, HUD, Right. Private lending, bridge lending. There's a whole smorgasbord of options, you know, and everyone's getting in the business. You have insurance companies, pension funds, hedge funds that are setting up mortgage funds. So there's plenty of capital in the marketplace. Now, deals, on the other hand, is another story, but there's plenty of capital to get to get deals done right. Just no matter what, it's going to cost you. And then if you're buying, can I price my deal where the cost of capital makes sense, you know?   Sam Wilson (00:07:54) - Right. Right. That that's the the kicker right there. Can I price my deal where the cost of capital makes sense? And, you know, there's a lot of fear, I think, in the marketplace right now.   Sam Wilson (00:08:09) - What are we on? And you would know this stat better than me, but I read it maybe. A month ago. That year to date, transaction volume in the multifamily space was down 75% nationally. The rising interest rates are a concern, as you said. You know, you guys have weathered through that. But having, you know, specializing in the bridge lending space, there's a lot of people that look at bridge lending now, especially with a, you know, suspiciously. They look at it and go, oh, absolutely. Bridge lending. Don't I got to go? Like, that's not for me. Tell me why it still is a good option for the deals you guys are getting done.   Malcolm Turner (00:08:51) - Well, I think you start with when is it inappropriate? Mm. Right. If you have a cherry deal, it's cash on like crazy. You got tremendous occupancy or expense ratio is is fantastic. The property condition is great, the location is great. You know, you don't need a bridge loan.   Malcolm Turner (00:09:16) - And what I've seen is for convenience and speed and just, you know, again, convenience because it's not as many hoops to jump through. A lot of people that were doing bridge loan deals that shouldn't have. Mm. And so now with the price increases, okay, they're not competitive and it's like, oh, bridge loans are bad. No, that deal should have never been in a bridge loan in the first place.   Sam Wilson (00:09:39) - Right.   Malcolm Turner (00:09:40) - You know, so for me I look at if the deal has something wrong, if it's got what we call heron on the deal, poor occupancy, poor cash flow, you know, there's all time. There's a situation where there's a time sensitive thing going on. Like, for example, I had to deal with closed where there was two partners, two guys partnering on a deal. They own the property probably about 5 or 6 years when I was getting a divorce. And and, you know, sometimes you see it coming. Sam Right. You sort of know the handwriting's on the wall, right? And the one partner says, Look, if you're getting divorced, we got to get out of this partnership because I don't want your wife winning, winning your half of the deal, and I can't be partners with her.   Malcolm Turner (00:10:28) - Right. You couldn't make it work. I sure as hell can't. Right. So. So they were looking to get out fast. Their property manager was my client. So I have been he's been I do commercial real estate meetup here locally in Southfield, Michigan. And this guy's been coming to my meetups a couple of years and he had about ten rental properties. And so we did a portfolio loan, cashed out of his cash, a bunch of equity out of his residential. And then literally 45 days later, these guys said, Hey, hey, Rob, do you know anybody that might want to buy this property? Because we got to get out fast. And he was like, Hey, me, me, me, me, me. Right. He's already been the property manager and he had the cash and he knows what the issues were with, with the property, right. And there were certain things they were they should have done, but they weren't doing. They could have made it more profitable.   Malcolm Turner (00:11:25) - And so he knew where it could go. So we financed that deal, got those guys out, and we closed in like 30 days.   Sam Wilson (00:11:33) - Wow.   Malcolm Turner (00:11:34) - You know, and for the speed for closing that quickly and beating the attorney right to the courthouse, you know, he got that property at like a 15 know 18% discount to value. Right? Right. So for some sellers. Speed and time. Let's just say time is more important than money. Right, Right, right. And so, you know, you have to say and play a blue ocean strategy. And say, okay, where am I looking at deals that no one else is looking at and then how do I make that work? And then that's where a bridge loan could come in. And even if the deal is is fine and there's no pressing issues like these two partners had, you might still offer that lower price. But I will close quickly. I will close in three weeks. I will close in 30 days or less, you know, and see if they bite now, if they don't bite.   Malcolm Turner (00:12:32) - And he says, okay, fine, you didn't you know, you didn't bite. I guess I won't have to go the traditional route, you know, because there's going to be a higher cost with the bridge loan. Sure. Right. But if I'm getting an 18% discount off a value. I don't care.   Sam Wilson (00:12:47) - Right.   Malcolm Turner (00:12:48) - The math works, right?   Sam Wilson (00:12:50) - Well, hopefully the math works, because even if it's a discount, if the current cash flows don't cover the, you know, the current expenses, then it becomes an interesting, interesting equation.   Malcolm Turner (00:13:02) - Well, right. That's where the math has the math. Right. Right. And I say that in my in my book. The math has to work. Right. Right. And you can't fall in. And one of the mistakes sometimes investors will make is they'll they'll find a deal or maybe it's a deal that been paying on for a long time. It finally comes available. They get a shot at it and it's a bad deal. And I'm telling them it's a bad deal.   Malcolm Turner (00:13:28) - They got other advisers telling them it's a bad deal and somehow they still trying to make it work. I remember I had a guy shop a deal to me three times in two years. In the first time, I was like, Yeah, I don't think this is going to work. He didn't listen. He went to someone else, you know, didn't work, pay some guys money up front to quote unquote pre-approval or some nonsense. Okay. And came back to me. And then the third time, a real estate commercial real estate brokerage here in town say, hey, Mac, I got a client coming in tomorrow. He's got this big deal downtown Detroit. We're trying to make it work, you know, I know it's short notice, but can you meet me in my office at 10:00? Because he doesn't have his financing set. And I was like, sure, sure. I walked up to the meeting and the guy's name the broker's name was Levi, right. And I was like, Hey, Levi, how are you doing? Is that good? He's like, Malcolm.   Malcolm Turner (00:14:20) - I was like, Mike. And Mike was like, Hey, Malcolm, how are you doing? I'm like, Good. He was like, Oh, you know, each other. I was like, Oh, yeah, right. And we went to talk about the deal and he was like, Yeah, I got the spreadsheets. Like, It's okay, Mike. I got everything on your deal. I don't throw that stuff away. So everything you submitted to me is all those financials still the same? Yeah. Okay. Well, your options. The options I gave you six months ago. The options I gave you a year or two years ago. I'm probably the ones you still should take. And he wasn't willing to listen. He was so in love with this deal. He just couldn't let it go.   Sam Wilson (00:14:57) - Mm hm. And it was a deal that should have just been let go, is what it sounds like. It was just a bad deal.   Malcolm Turner (00:15:04) - It was. Well, it wasn't.   Malcolm Turner (00:15:05) - I won't say it was a bad deal, per se. It wasn't a great deal for him. Right. And he ended up losing it. Someone else got it. And, you know, long story short, it was a deal that was probably like a million and a half. And I just saw it. It sold for like 5.20.   Sam Wilson (00:15:22) - Wow.   Malcolm Turner (00:15:23) - So, you know. But but if I you know, they always say, you know, there's there's more than one way to skin a cat. Sometimes there's only one. There really is only one. And if I say this is how you make it work and that's how you get it done and the guy doesn't want to do it was nothing I can do. I can only advise.   Sam Wilson (00:15:40) - You can only advise. Let's talk a little bit about your financing, the UN bankable deal book. And again, you know, this kind of goes obviously hand in hand with bridge loans, things like that, that help get some of these deals across the across the finish line.   Sam Wilson (00:15:56) - But what are un bankable deals and why? What's compelling about those that makes people even want to buy them? I mean, if banks are looking at it going way, way, way too much risk, kind of like you looking at it going, Hey. That's a that's a challenging deal. Like what? What's the motivation behind someone trying to get deals like that done And what's the what's the I mean, just give me some color behind that if you can.   Malcolm Turner (00:16:21) - Sure, sure, sure. I mean, from my perspective, a good bankable deal has got some hair on it that scares the willies out of everybody else. So one, you're not going to have a lot of competition when it comes to negotiating the deal, because most people, I think, don't think it's possible. Right. To you know, like I said, it may have cash flow issues or occupancy issues. And the question becomes, does your team because I believe teamwork makes the dream work. Right? Does your commercial real estate team have a plan? To turn that property around.   Malcolm Turner (00:16:59) - You know, sometimes that that property, that own banker will deal is a hotel that's failing miserably as it is a lot of hotels right now, Sam, that are in trouble. A lot of the biggest category of deals in foreclosure and forbearance. Our hotel deals. Okay.   Sam Wilson (00:17:18) - It's not it's not office space.   Malcolm Turner (00:17:21) - No, it's hotels. It's hotels.   Sam Wilson (00:17:25) - Tough. Why?   Malcolm Turner (00:17:26) - Because if I'm, um. Ford. Okay. And I'm leasing 50,000ft², and I've got a five year lease, right? I'm paying my bills. Right? Right. For may try to negotiate with the landlord, but I'm paying my bills. Yeah, okay. In a hotel, though, right? It's consumer based. So Right. So the consumers are like, Yeah, that area's not that hot anymore or we don't like that property anymore or it's not managed well. It can drop like a hat. You know? And so as an investor, though, sometimes we know in commercial it's about highest and best use. Right.   Malcolm Turner (00:18:14) - So one of my examples in my book is about strategic repositioning. I had a client, she bought one of these, um, drive in like motel type places. You know, we're talking about, you know, the movies. You pull up to it, that's where everybody hides out and trying to hide from the FBI. You're on the lam. One of those type hotels. And she closed off the place. She put wrought iron fencing all around it. She made it senior only because seniors only need about that much square footage. Right. She took the wall out and the and the back of the unit in between. So she made two units. One one unit is like their living area and the other unit is a bedroom. Sure. Bedroom, private bath. Right. The other one was like a little living area with a kitchenette. Okay. She provided housekeeping for them. She provided meals for them three squares a day, all for all inclusive price of, like 2500 a month.   Sam Wilson (00:19:15) - Wow.   Sam Wilson (00:19:15) - Okay.   Malcolm Turner (00:19:16) - The square footage was only 432ft². We? You know, that thing was cash flow and like crazy, right?   Sam Wilson (00:19:30) - I'm sure it was.   Malcolm Turner (00:19:32) - You know, And so she's like, let me do it again. And so that's where now if she goes to get a loan for multifamily. That's not going to work there. Look, this is a hotel, right? You're going to have to do some renovations to it. We don't know about your experience doing that, you know? How successful is it you're going to change the use? What about. But if somebody has a plan and they've got it worked out and she had a chef that would come in in the in the clubhouse of the of the place, he would cook meals for all the residents on a daily basis. It worked out. It cost her like $5 a meal. Wow. Right. The maid service, same thing. And the great thing about the maid service. They're all seniors, right? They're on fixed income. They loved the fact that meals, housekeeping, everything was included for her.   Malcolm Turner (00:20:26) - She knew her property was going to get kept up because the maids going in there cleaning everybody stuff. And if somebody was having a rough time, if they were sick or they weren't doing well, the maid would know first. Sure. And say, Hey, Mrs. Johnson, And you know, Unit three B is struggling. You may want to call her adult children, have them come check on her. You know, So it was a way to better manage the property as a property manager because the maid was giving her all the gossip on what was going on with the place, you know, and every unit was maintained well, and she made a really good profit. Oh, and she gave them cable, right? Because she gave them like basic cable. And the only thing those tenants had to pay for was their own cell phone.   Sam Wilson (00:21:08) - Wow.   Malcolm Turner (00:21:09) - Wow. And that was not a bankable deal. But that was where, you know, and I believe she bought that property all in between the renovations and the purchase was like a mill one.   Malcolm Turner (00:21:23) - And I think the value of our cash flow was something like 2.4. Wow. And then when I met her, she wanted to cash out, refi and then go buy her another one. Sure. And I was like, Absolutely.   Sam Wilson (00:21:37) - Absolutely. Yeah. Because you got the model. I mean, that's it. And I think that's what I'm hearing you say here is anything that is outside of the ordinary, it's not maybe cash flow positive and or if it is cash flow positive, the value add plan has not yet been implemented. A heavy value add plan has not yet been implemented. So what you need are a couple of things. Tell me if I'm wrong, but you need someone with a skill set to implement the heavy value add plan. Yes. And then, you know, obviously, you know, that's really it. In the second part is to have that plan. So if you have those two things inside of a deal, maybe that non-traditional or the lender's traditional lenders won't look at, you need to go to the non-traditional route, which is through maybe somebody like yourself that helps specialize in that.   Malcolm Turner (00:22:27) - Okay. And there's money for you know, there's money for all of that. And as lenders who aren't scared. Of a value add project. Right. They're not scared of even if it's like a straight, like obviously repositioned, but also just, you know, this is a property that maybe market rents are 1200 a month and the current rents are like 700, 800 bucks. The owner is like, you know, 82 years old. And he just didn't feel like putting everyone on a new lease. So the whole rent roll is month to month. You know, it's on the market and the bank is like, Yeah, yeah, we didn't want to do that. But if you've got a guy that's got, let's say, 4 or 5 properties already in the area, he's bringing in applications, right? Rental applications from those other properties. Okay. He knows I can fill up those 20 units easy, no time. You know, I know guys, they do self storage like that. They'll have a great location and they'll they'll have one property.   Malcolm Turner (00:23:34) - That's the real big marketing property. It's on such a great corner that property is always filled and they use those extra locations to fill other self storage. They got like 5 or 6 other self-storage units that are not on great locations, so therefore they were cheaper.   Sam Wilson (00:23:50) - Right.   Malcolm Turner (00:23:51) - Right. And they use the one premier property, right? The trophy property to feed the applications and keep the occupancy high and the other self-storage properties that they have.   Sam Wilson (00:24:02) - That's awesome. I love it. I love it. Malcolm, I've learned a lot from you here today. Learned about bridge lending. You learned about the times when it's a good application and a good opportunity to use that. Talking about your book Financing the Unbreakable Deal, we've talked a lot about the advantages of using bridge lending, convenient speed. The yeah, just went kind of through a lot of those details on that. I've learned a lot from you. Certainly appreciate you taking your time to come on the show today. If our listeners want to get in touch with you and learn more about you, what is the best way to do that?   Malcolm Turner (00:24:33) - They can find us on YouTube.   Malcolm Turner (00:24:36) - We have a YouTube channel, Castle Commercial capital. You can find us on YouTube. Our website is Castle Commercial Capital. I also have my book website, which is financing them. Bankable deal. They can learn more about the value that's in our book and if they want to book consultation, I offer this to all of your listeners there. They can have a free consultation for half an hour with me to discuss the deals that they're working on and future deals, because one of the best ways to be really effective with your financing and I put this in my book is to meet with your finance guy ahead of the deal and say, Hey, here's where financing is at, here's where it's going, here's the best deals to get done, and then go out in the marketplace and see which. And it's amazing. Sometimes I'll have a conversation with someone. And literally three days later, I found just the deal you were talking about. Really? Yeah. But it's like and I'll end with this, it's like getting a car, you know? I got a black Toyota Venza, XLE.   Malcolm Turner (00:25:36) - Not a whole lot. I'm on the road. Most. We don't even know what that car is. I didn't know what it was. I fell in love with it when I saw it. Right now, I see them all the time. Every day. Right? Right. It's like once you get an eye. For certain types of deals. You see them. You know, I've got an eye for commercial real estate. You know, I personally like to buy single tenant leased properties that are vacant. So every time I'm driving down the street and I see an empty McDonald's or a former Baskin-Robbins or a close Starbucks, I'm like, ha ha ha. And then I'm reading What's the other tenants around that? And most people just drive by those places, right?   Sam Wilson (00:26:15) - I love it. I love it. Malcolm, thank you for taking the time to come on the show today. We'll make sure we include the links to your book and to your website there as well. There in the show notes.   Sam Wilson (00:26:25) - I certainly appreciate your insight and your time.   Malcolm Turner (00:26:27) - Hey, thanks for having me on, Sam. I appreciate. It was fun.   Sam Wilson (00:26:30) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.

The global economy has become increasingly, perhaps chronically, unstable. Since 2008, we have heard about the housing bubble, subprime mortgages, banks “too big to fail,” financial regulation (or the lack of it), and the European debt crisis. Wall Street has discovered that it is more profitable to make money from other people's money than by investing in the real economy, which has limited access to capital—resulting in slow growth and rising inequality. What we haven't heard much about is the role of natural resources—energy in particular—as drivers of economic growth, or the connection of “global warming” to the economic crisis. In The Bubble Economy, Robert Ayres—an economist and physicist—connects economic instability to the economics of energy. Ayres describes, among other things, the roots of our bubble economy (including the divergent influences of Senator Carter Glass—of the Glass-Steagall Law—and Ayn Rand); the role of energy in the economy, from the “oil shocks” of 1971 and 1981 through the Iraq wars; the early history of bubbles and busts; the end of Glass-Steagall; climate change; and the failures of austerity. Finally, Ayres offers a new approach to trigger economic growth. The rising price of fossil fuels (notwithstanding “fracking”) suggests that renewable energy will become increasingly profitable. Ayres argues that government should redirect private savings and global finance away from home ownership and toward “de-carbonization”—investment in renewables and efficiency. Large-scale investment in sustainability will achieve a trifecta: lowering greenhouse gas emissions, stimulating innovation-based economic growth and employment, and offering long-term investment opportunities that do not depend on risky gambling strategies with derivatives. Robert U. Ayres, an American-born physicist and economist, is Emeritus Professor of Economics and Political Science at INSEAD, the international graduate business school. He is the author or coauthor of many books, including (with Benjamin Warr) The Economic Growth Engine: How Energy and Work Drive Prosperity. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The global economy has become increasingly, perhaps chronically, unstable. Since 2008, we have heard about the housing bubble, subprime mortgages, banks “too big to fail,” financial regulation (or the lack of it), and the European debt crisis. Wall Street has discovered that it is more profitable to make money from other people's money than by investing in the real economy, which has limited access to capital—resulting in slow growth and rising inequality. What we haven't heard much about is the role of natural resources—energy in particular—as drivers of economic growth, or the connection of “global warming” to the economic crisis. In The Bubble Economy, Robert Ayres—an economist and physicist—connects economic instability to the economics of energy. Ayres describes, among other things, the roots of our bubble economy (including the divergent influences of Senator Carter Glass—of the Glass-Steagall Law—and Ayn Rand); the role of energy in the economy, from the “oil shocks” of 1971 and 1981 through the Iraq wars; the early history of bubbles and busts; the end of Glass-Steagall; climate change; and the failures of austerity. Finally, Ayres offers a new approach to trigger economic growth. The rising price of fossil fuels (notwithstanding “fracking”) suggests that renewable energy will become increasingly profitable. Ayres argues that government should redirect private savings and global finance away from home ownership and toward “de-carbonization”—investment in renewables and efficiency. Large-scale investment in sustainability will achieve a trifecta: lowering greenhouse gas emissions, stimulating innovation-based economic growth and employment, and offering long-term investment opportunities that do not depend on risky gambling strategies with derivatives. Robert U. Ayres, an American-born physicist and economist, is Emeritus Professor of Economics and Political Science at INSEAD, the international graduate business school. He is the author or coauthor of many books, including (with Benjamin Warr) The Economic Growth Engine: How Energy and Work Drive Prosperity. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/environmental-studies

The global economy has become increasingly, perhaps chronically, unstable. Since 2008, we have heard about the housing bubble, subprime mortgages, banks “too big to fail,” financial regulation (or the lack of it), and the European debt crisis. Wall Street has discovered that it is more profitable to make money from other people's money than by investing in the real economy, which has limited access to capital—resulting in slow growth and rising inequality. What we haven't heard much about is the role of natural resources—energy in particular—as drivers of economic growth, or the connection of “global warming” to the economic crisis. In The Bubble Economy, Robert Ayres—an economist and physicist—connects economic instability to the economics of energy. Ayres describes, among other things, the roots of our bubble economy (including the divergent influences of Senator Carter Glass—of the Glass-Steagall Law—and Ayn Rand); the role of energy in the economy, from the “oil shocks” of 1971 and 1981 through the Iraq wars; the early history of bubbles and busts; the end of Glass-Steagall; climate change; and the failures of austerity. Finally, Ayres offers a new approach to trigger economic growth. The rising price of fossil fuels (notwithstanding “fracking”) suggests that renewable energy will become increasingly profitable. Ayres argues that government should redirect private savings and global finance away from home ownership and toward “de-carbonization”—investment in renewables and efficiency. Large-scale investment in sustainability will achieve a trifecta: lowering greenhouse gas emissions, stimulating innovation-based economic growth and employment, and offering long-term investment opportunities that do not depend on risky gambling strategies with derivatives. Robert U. Ayres, an American-born physicist and economist, is Emeritus Professor of Economics and Political Science at INSEAD, the international graduate business school. He is the author or coauthor of many books, including (with Benjamin Warr) The Economic Growth Engine: How Energy and Work Drive Prosperity. Learn more about your ad choices. Visit megaphone.fm/adchoices

Harley Schlanger returns to the program to discuss the current banking crisis and how it compares to 2008. We discuss the BRICS and the movement of countries worldwide to the new banking system accelerating the demise of the western system. We discuss history leading up to this point and both the actions that is harming and could help the situation. You can follow Harley daily on his daily report at https://LaRoucheOrganization.com/HarleySchlangerReport or at harleysch@gmail.com Follow on my Substack at SarahWestall.Substack.com See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma Protect your IRA and other assets, contact info@MilesFranklin.com - Tell them "Sarah Sent Me" and get the best service and prices in the country. MUSIC CREDITS: "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio     See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV     Biography of Harley Schlanger Harley Schlanger is a top political activist for the LaRouche Foundation Worldwide.  He is currently stationed in Germany, moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update    

Harley Schlanger returns to the program to discuss the current banking crisis and how it compares to 2008. We discuss the BRICS and the movement of countries worldwide to the new banking system accelerating the demise of the western system. We discuss history leading up to this point and both the actions that is harming and could help the situation. You can follow Harley daily on his daily report at https://LaRoucheOrganization.com/HarleySchlangerReport or at harleysch@gmail.com Follow on my Substack at SarahWestall.Substack.com See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma Protect your IRA and other assets, contact info@MilesFranklin.com - Tell them "Sarah Sent Me" and get the best service and prices in the country. MUSIC CREDITS: "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio     See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV     Biography of Harley Schlanger Harley Schlanger is a top political activist for the LaRouche Foundation Worldwide.  He is currently stationed in Germany, moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update    

Welcome to episode 143 of Activist #MMT. Today I talk with historian, author, and Harvard master's graduate, Emily Ruhl, on her new paper and master's thesis, In League with the Devine: How Religion Influenced Nazi Perpetrators of the Holocaust. This is the first of a three-part episode. You will find my full and detailed question list at the bottom of today's show notes. Also, be sure to see the list "audio chapters" in all three parts to find exactly where each topic is discussed. (Here are links to parts two and three. A list of the audio chapters in this episode can be found right below [above the full-question list].) (In order to preserve both my podcast and sanity as I proceed through the Torrens graduate program, I've decided to slow my podcast from one episode a week to once a month.) The Nazi Party started by trying to resist and reject all religion, but soon, religion became a fundamental part of the Party's strategy of coercing and propagandizing everybody, from members of the public, to the highest ranking figures in both religious and political institutions, into accepting the brutal and systematic murder of eleven-million souls. The Nazi religion took elements of Christianity, Protestantism, and Paganism, to make one geared not to brotherly love, but primarily to erasing non-Aryans from the Earth. This Nazi pseudo-religion served both as coercion – you must kill the unworthy, or at least stand back while others do – and also as a salve, to come to terms with what you've just done. As you'll hear in the cool quote for part two (the first minute before the opening music), that salve can make the difference between sanity and insanity, and life and death. The Nazi's didn't want to murder eleven million people, they had to, because God said they had to. It was "unfortunate, but necessary." My primary goal for this interview is to demonstrate how this is parallel to mainstream economics, which is also a tool to justify suffering, this time in the form of austerity. Instead of a gun to the head at point blank range, austerity is mass deprivation and exploitation, resulting in a slow and torturous death by despair, starvation, exposure, and untreated sickness and injury – not to mention wasted potential. We currently have the ability to provide all with what they desperately need, including healthcare, education, decent food and shelter, un-poisoned water, and breathable air. As illuminated by Kate Raworth's doughnut, if we are to continue existing as a species, then we must provide the desperate with what they most desperately need. At the same time, we also have to stop the very few on top from using the vast majority of our precious and limited resources to needlessly lavish themselves. Unfortunately, we are instead digging ourselves into an even deeper ecological crisis, when we should be getting off fossil fuels entirely, and restructuring society so we don't require as much. On our current path, in the not-too-distant future, it may indeed become unfortunate but necessary to choose who must be deprived in order for the rest to live. Of course, given our obscene and still growing inequality, the most powerful few will be the ones to make those decisions, and the least powerful many will be the sacrificed. This is the lifeboat economics of the tragedy of the tragedy of the commons. Instead of the around eleven million murdered by the Nazi Party, mainstream economics is little more than a religion to justify what may ultimately result in the death of not millions, but billions. Austerity is genocide at a slower pace. As if riding in a bus hurtling towards a cliff, we as a species currently face a binary choice, between having a terrible accident, and plunging off into oblivion. As Mark Twain said, "History never repeats itself, but it does often rhyme." There is still time to learn from that history. We can choose another path. On a completely unrelated side note, while attending her master's program, writing her master's thesis and working full time, Emily also wrote… an entire fantasy novel. You can find out more about it, and read the entire first chapter, at her website, emilyruhlbooks.com. In order to preserve both my podcast and my sanity as I proceed through Torrens University and Modern Money Lab's graduate program in MMT and ecological economics (

We are joined for the full hour by geopolitical financial expert and financial historian, Nomi Prins, to discuss her new book, “Permanent Distortion: How Financial Markets Abandoned the Real Economy Forever,” which highlights the huge gap between the high-flying stock market, versus back down here on earth, where average people struggle to make ends meet.Nomi Prins is an economist, author, geopolitical financial expert and financial historian. She is the author of several books, including Collusion: How Central Bankers Rigged the World, All the Presidents' Bankers, Other People's Money: The Corporate Mugging of America, and It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street. Her latest book is Permanent Distortion: How Financial Markets Abandoned the Real Economy Forever.The idea of “Permanent Distortion” is that when the financial system needs it, it gets the money. And lot of it. And in an uncapped way. And in an unregulated way. And in a non-transparent way. When the real economy needs it, it's years of debate.Nomi PrinsThere's no such thing as, “This bailout didn't cost taxpayers money.” Because…money that goes into the banking system does not go into the real economy. Which means there is a shortfall in the real economy. Which means that money cannot be reallocated into the real economy. Whether that is to build bridges, or hospitals, or to enhance our education system, or help workers. Because it's going somewhere else.Nomi PrinsThere are people that will say, “Well, SVB (the failure of Silicon Valley Bank) has nothing to do with Glass-Steagall,” and that's just simply wrong. Any over-leverage in the banking system that can take down the rest of the banking system— or that can create that sort of lack of confidence, instability, creation of money to save it that doesn't go into the real economy— is a part of that problem.Nomi PrinsThere's a huge propaganda machine. And it's interesting that the destabilization of the real economy comes so frequently from the speculation of the paper economy.Ralph NaderIn Case You Haven't Heard1. In Israel, the planned judicial reform law has sparked nothing less than a popular uprising, with Haaretz reporting that as many as half a million protesters have taken to the streets. Prime Minister Netanyahu is wheeling and dealing like mad to cling to power. Barak Ravid reports that Netanyahu sacked the Minister of Defense after he called for suspending the judicial reform push. Itamar Ben-Gvir, leader of perhaps the most extreme party in the right-wing coalition government, has threatened to quit the coalition if the judicial overhaul is delayed – but may have been appeased by a promise from Netanyahu to make the National Guard answerable directly to Ben-Gvir, per the Jerusalem Post. Axios reports that Jewish Democrats in Congress met with the Israeli Ambassador and warned him that if the bill is pushed through, it will be harder for them “to talk about Israel the same way they used to.”2. A new paper published in the Harvard Environmental Law Review – by David Arkush of Public Citizen and Donald Braman of the George Washington University Law School – posits whether fossil fuel companies should be charged with homicide. The authors argue these corporations “have not simply been lying to the public, they have been killing members of the public at an accelerating rate, and prosecutors should bring that crime to the public's attention.”3. In the wake of the Silicon Valley Bank collapse, Senate Health, Education, Labor, and Pensions Committee Chairman Bernie Sanders has introduced legislation that would bar big bank executives from serving on Federal Reserve Boards. Chairman Sanders said “The Fed has got to become a more democratic institution that is responsive to the needs of working people and the middle class.”4. The Huffington Post reports that Rep. Ilhan Omar has introduced a bill to “Condemn Anti-Muslim Hate.” The bill was crafted to honor the 51 Muslims killed in Christchurch, New Zealand in 2019, and it was introduced on the first day of Ramadan. Omar is quoted saying “We...know that this increase in hate is not isolated to only Muslims. Church bombings, synagogue attacks, and racial hate crimes are also on the rise. In order to confront the evils of religious bigotry and hatred, we must come to understand that all our destinies are linked.”5. An investigation by Morgan Baskin of DCist found that “local developers are buying rent-controlled apartments, clearing out existing tenants, and marketing to housing choice voucher holders” because the DC Housing Authority engages in routine over-payments. In so doing, these developers are “eroding affordable housing.”6. In Brazil, Democracy Now! reports that the Lula government has successfully removed “almost all illegal gold mining operations…from Yanomami Indigenous territory.” Lula campaigned on the promise to remove these mining operations, which have “displaced people, devastated the land and food resources, and contaminated rivers with mercury.”7. Ever have a hard time canceling a subscription or recurring fee online? In a video by More Perfect Union, FTC Chair Lina Khan explained how the agency is taking aim at a pervasive corporate manipulation tactic nicknamed “click to subscribe, call to cancel” in which companies make it easy to sign up for a service, but make it very difficult to cancel it. The new rule – called “click to cancel” – would mandate that (1) it must be as easy to cancel a service as it is to sign up for it and (2) consumers must be able to cancel using the same method they used to sign up.8. From PBS: In Florida, Governor DeSantis is expanding the “Don't Say Gay” censorship law to high-schools. Supporters of this bill had previously insisted that it was only intended to curtail discussions of sensitive topics for young children. This expansion clearly undermines that argument.9. In Chicago, the International Committee of the Democratic Socialists of America hosted Cuban Ambassador Lianys Torres Rivera at the 35th Ward - 8th District Office for a meeting with local elected officials and faith leaders. They discussed the harmful U.S. embargo and strengthening goodwill between the people of Cuba and the United States. This meeting was attended by Cook County Commissioner Anthony J. Quezada and Aldermen Carlos Ramirez-Rosa, Byron Sigcho Lopez, and Rossana Rodriguez.10. From the New York Times: At a chocolate factory in Reading, Pennsylvania, a massive explosion has left at least seven dead and more missing. Activists are calling for a thorough and swift investigation into the factory's owners, the R.M. Palmer Company. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

Harley Schlanger rejoins the program to discuss the ongoing battle cries for war, the lying media propaganda machine, and the reality on the ground. We discuss the Ukraine war, Russia, China, and the poor strategy that is weakening America. Instead we need to prepare for a new paradigm and strengthen America, let the genius of the American people flourish rather than oppress them. Raise our children with compassion, love and adult supervision instead of the childish supervision and hawkish exploitation they are receiving now. He share his vision of how American can once again be a strong nation if we start to turn things around now. You can see Harley's daily updates at Harley's Daily Update See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma Protect your family and your assets with Silver & Gold - Contact info@milesfranklin.com, tell them "Sarah sent you" and receive excellent service and the lowest prices in the country, guaranteed! MUSIC CREDITS: "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update      

Harley Schlanger rejoins the program to explain the organized targeting, censoring and eliminating of journalists and politicians who dare to think differently or question the narrative of the globalist regime and the Biden administration. The cabal have crossed the line so far away from basic human norms that any one still functioning with the ability to critically think needs to join the fight to remove these maniacs from power. Sane people need to take the reigns to initiate worldwide diplomacy, reclaim basic human rights and put humanity back on the path towards freedom and prosperity for everyone. You can follow Harley Schlanger at Harley's Daily Update   Please help us fight for Freedom of Speech, consider donating @ givesendgo.com/DefendingFreeSpeech Important Proven Solutions to Keep from Getting Sick Even if you Received the mRNA Shot Contact Miles Franklin for the best service and the lowest prices guaranteed @ info@MilesFranklin.com - Tell them "Sarah Sent Me" MUSIC CREDITS: "Silent Bleak Night" by Humans Win & "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio     See on Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can follow Harley Schlanger at Harley's Daily Update      

Robert Barwick is the Research Director of the Australian Citizens Party and has been revealing the influence of big banks at the core of our politics for decades. In this interview we explored: How lobbyists control the direction of Australia's politics How Australia's cash ban was defeated Australia's 'bail in laws' that steal the savings of Australians The immorality of Uber The kind of protest that works Banks have a goal of eliminating cash Australia won't survive without cash The true extent of bank branch closures in Australia How 'bail in' laws work by shifting accountability from the banks to the customers Glass-Steagall laws and Obama's fake regulation after the GFC The corporate assassination of AusPost's CEO Christine Holgate The dysfunction of Australia Post The machinery of political parties Decentralised finance and cryptocurrency Are Australian house prices a giant bubble? How to keep banks accountable and fix the property market Choose your medicine: crash, hyperinflation or depression Are 'renters' still 'losers'? Watch the full interview at: https://discernable.io/robert-barwick-banks-that-run-the-world ------------------------------------- DISCERNABLE The Video Archive: https://discernable.io Prefer audio? Search for 'It Is Discernable' on Spotify and Apple Podcasts Join our Private Community: https://discernable.locals.com Purchase tickets (and replays) to our Town Halls: https://discernable.io/townhall ROBERT BARWICK https://twitter.com/RobbieBarwick https://citizensparty.org.au https://www.youtube.com/c/CitizensPartyAU

In this episode we are joined by Diane Sare who is in the midst of her campaign as an Independent running for US State Senate in New York State against Chuck Schumer. In this episode we discuss the crazy, backwards primary process, her fight against Schumer, Malthusianism, nuclear energy, the co2 shortage, Glass-Steagall, speculative banking vs legitimate investment, the Ukrainian blacklist, upstate vs downstate New York politics, decentralization and more! Diane's website is https://www.sareforsenate.com/ Follow on Twitter https://twitter.com/DianeSare

Last Sunday night, as cryptocurrency prices plummeted, Celsius Network — an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi — announced it was freezing withdrawals “due to extreme market conditions.”Earlier this week, Bitcoin dropped 15 percent over 24 hours to its lowest value since December 2020, and Ether, the second-most valuable cryptocurrency, fell about 16 percent. Last month, TerraUSD, a stablecoin — a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna — collapsed, losing 97 percent of its value in just 24 hours, apparently destroying some investors' life savings. The implosion helped trigger a crypto meltdown that erased $300 billion in value across the market. These crypto crashes have fueled worries that the complex and murky crypto banking and lending projects known as DeFi are on the brink of ruin.Eighty nine years ago today the Banking Act of 1933 — also known as the Glass-Steagall Act — was signed into law by Franklin D. Roosevelt. It separated commercial banking from investment banking — Main Street from Wall Street — in order to protect people who entrusted their savings to commercial banks from having their money gambled away. Glass-Steagall's larger purpose was to put an end to the giant Ponzi scheme that had overtaken the American economy in the 1920s and led to the Great Crash of 1929. Americans had been getting rich by speculating on shares of stock and various sorts of exotica (roughly analogous to crypto) as other investors followed them into these risky assets — pushing their values ever upwards. But at some point Ponzi schemes topple of their own weight. When the toppling occurred in 1929, it plunged the nation and the world into a Great Depression. The Glass-Steagall Act was a means of restoring stability.It takes a full generation to forget a financial trauma and allow forces that caused it to repeat their havoc. By the mid-1980s, as the stock market soared, speculators noticed they could make lots more money if they could gamble with other people's money, as speculators did in the 1920s. They pushed Congress to deregulate Wall Street, arguing that the United States financial sector would otherwise lose its competitive standing relative to other financial centers around the world. In 1999, after Sandy Weill's Travelers Insurance Company merged with with Citicorp, and Weill personally lobbied Clinton (and Clinton's Treasury secretary Robert Rubin), Clinton and Congress agreed to ditch what remained of Glass-Steagall. Supporters hailed the move as a long-overdue demise of a Depression-era relic. Critics (including yours truly) predicted it would release a monster. The critics were proven correct. With Glass-Steagall's repeal, the American economy once again became a betting parlor. (Not incidentally, shortly after Glass-Steagall was repealed, Sandy Weill recruited Robert Rubin to be chair of Citigroup's executive committee and, briefly, chair of its board of directors.) Inevitably, Wall Street suffered another near-death experience from excessive gambling. Its Ponzi schemes began toppling in 2008, just as they had in 1929. The difference was that the U.S. government bailed out the biggest banks and financial institutions, with the result that the Great Recession of 2008-09 wasn't nearly as bad as the Great Depression of the 1930s. Still, millions of Americans lost their jobs, their savings, and their homes (and not a single banking executive went to jail). In the wake of the 2008 financial crisis, a new but watered-down version of Glass-Steagall was enacted — the Dodd-Frank Act — which has been further diluted and defanged by Wall Street lobbyists.Which brings us — 89 years to the day after Glass-Steagall was enacted — to the crypto crash. The current chair of the Securities and Exchange Commission, Gary Gensler, has described cryptocurrency investments as “rife with fraud, scams, and abuse.” Yet in the murky world of crypto DeFi, it's hard to understand who provides money for loans, where the money flows, or how easy it is to trigger currency meltdowns. There are no standards for issues of custody, risk management, or capital reserves. There are no transparency requirements. Investors often don't know how their money is being handled or who the counter-parties are. Deposits are not insured. We're back to the Wild West finances of the 1920s. In the past, cryptocurrencies kept rising by attracting an ever-growing range of investors and some big Wall Street money, along with celebrity endorsements. But, as I said, all Ponzi schemes topple eventually. And it looks like crypto is now toppling. So why isn't this market regulated? Mainly because of intensive lobbying by the crypto industry, whose kingpins want the Ponzi scheme to continue. The industry is pouring huge money into political campaigns. And it has hired scores of former government officials and regulators to lobby on its behalf — including three former chairs of the Securities and Exchange Commission, three former chairs of the Commodity Futures Trading Commission, three former U.S. senators, and at least one former White House chief of staff, the former chair of the Federal Deposit Insurance Corporation, and more than 200 former staffers of federal agencies, congressional offices and national political campaigns who have worked in crypto. Former Treasury Secretary Lawrence Summers advises crypto investment firm Digital Currency Group Inc. and sits on the board of Block Inc., a financial-technology firm that is investing in cryptocurrency-payments systems.In a famous passage from his 1955 book The Great Crash 1929, my mentor, Harvard professor John Kenneth Galbraith, introduced the term “bezzle” (derived from embezzlement). Galbraith observed that the bezzle in a financial system grows whenever people are confident about the economy, and reveals itself when confidence ebbs: At any given time there exists an inventory of undiscovered embezzlement which … varies in size with the business cycle. In good times, people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances, the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression, all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks.Crypto is pure bezzle — as is now being revealed. If we should have learned anything from the crashes of 1929 and 2008, it's that regulation of financial markets is essential. Otherwise they turn into Ponzi schemes filled with bezzle — leaving small investors with nothing and endangering the entire economy. It's time for the Biden administration and Congress to stop the crypto bezzle. What do you think? This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertreich.substack.com/subscribe

Senator Richard Black and Harley Schlanger return to the program to inform the people of the danger of our current situation with Russia, Ukraine, and World War 3. Senator Black explains the history of the region and how NATO, led by the United States, is pushing the world into World War 3. He shares details and informs listeners of the importance of understanding the situation and contacting your representatives. The western media is not sharing the truth and is doing a huge disservice to the American people and to the world. Harley Schlanger also joins the program to explain the central bankers main role in the conflict. Every major conflict has been instigated by the central bankers as a means of controlling the world's monetary system during currency resets. The problem is that this time, the stakes are much higher. You can follow Harley Schlanger at https://laroucheorganization.com/presenter/harley-schlanger or email him directly at HarleySch@gmail.com You can follow Senator Richard Black on his Twitter @SenRichardBlack Protect your family and your assets with Silver & Gold - Contact info@milesfranklin.com, tell them "Sarah sent you" and receive excellent service and the lowest prices in the country, guaranteed! Please help us fight for Freedom of Speech, consider donating @ givesendgo.com/DefendingFreeSpeech Important Proven Solutions to Keep from Getting Sick Even if you Received the mRNA Shot See exclusives and more by becoming a member. You can sign up at SarahWestall.TV or at Ebener MUSIC CREDITS: "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV     Senator Richard Black Biography Senator Richard Black is a retired Republican member of the Virginia State Senate and was the most vocal politician in the country against the Syrian conflict. His experiences in the military provide him a unique perspective to intelligently speak on the realities of the region. Black was a career military officer. He served in both the U.S. Marines and in the U.S. Army JAG Corps. He served a total of 31 years active and reserve, rising from the rank of private to full colonel. Later he served as the Chief of the Army's Criminal Law Division at the Pentagon focusing on Africa and the Middle East.   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can see more of Harley on his daily updates and blog at LaRoucheOrganization.com      

Harley Schlanger rejoins the program to debate and discuss the true intentions of China and Russia. We disagree on some points and agree on others. But most importantly, we agree on where we want to go in the future. Debates and conversations like this are critical to moving our country and world into a new enlightened period where peace and prosperity can coexist for all countries and human beings. You can learn more about Harley's Schlanger's current work at SchillerInstitute.com Please help us fight for Freedom of Speech, consider donating @ givesendgo.com/DefendingFreeSpeech Important Proven Solutions to Keep from Getting Sick Even if you Received the mRNA Shot Contact Miles Franklin for the best service and the lowest prices guaranteed @ info@MilesFranklin.com - Tell them "Sarah Sent You" MUSIC CREDITS: "War" by Biggrez & "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can see more of Harley on his daily updates and blog at LaRoucheOrganization.com      

Harley Schlanger rejoins the program to debate and discuss the true intentions of China and Russia. We disagree on some points and agree on others. But most importantly, we agree on where we want to go in the future. Debates and conversations like this are critical to moving our country and world into a new enlightened period where peace and prosperity can coexist for all countries and human beings. You can learn more about Harley's Schlangers current work at SchillerInstitute.com Please help us fight for Freedom of Speech, consider donating @ givesendgo.com/DefendingFreeSpeech Important Proven Solutions to Keep from Getting Sick Even if you Received the mRNA Shot Contact Miles Franklin for the best service and the lowest prices guaranteed @ info@MilesFranklin.com - Tell them "Sarah Sent You" MUSIC CREDITS: "War" by Biggrez & "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can see more of Harley on his daily updates and blog at LaRoucheOrganization.com      

Harley Schlanger returns to the program to discuss the Ukraine war, what is actually going on in the country and how the Great Reset ties into the conflict. We also discuss the disgusting and incredible fleecing of America occurring right now by the Globalists, the Federal Reserve and the Biden Administration who are determined to destroy the United States and all Western Countries. You can see more of Harley Schlanger at LaRoucheOrganization.com Solutions to keep from getting sick and to reverse mRNA damage - Dr. Joe Nieusma Support the show by signing up for Ebener (what is Ebener??)! Sign up at SarahWestall.com (bottom of each page) C60Complete Black Seed Oil & Curcumin Gel Capsules - World's best anti-inflammation supplement - What You Need for 5G protection! Watch my shows on your TV! Roku, Apple TV, Google TV, Amazon and more! Sign up at SarahWestall.TV - subscribers have access to many exclusives videos including a new current video with Harley Schlanger! Censorship is serious. To stay informed of all the latest episodes, sign up for my weekly newsletter @ SarahWestall.com Silver is an important insurance policy, especially now. Email info@MilesFranklin.com, tell them Sarah sent you, and they have guaranteed to me that you will receive great service and the lowest price in the industry, period.  MUSIC CREDITS: Motivation Underscore by Media Music Group "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can see more of Harley on his daily updates and blog at LaRoucheOrganization.com   See more information on great products, including the C60 BlackSeed Oil Gel Caps, Telomere Lengthening, Zeolite Detox, and much more @ http://SarahWestall.com/Shop

Harley Schlanger returns to the program to discuss the Ukraine war, what is actually going on in the country and how the Great Reset ties into the conflict. We also discuss the disgusting and incredible fleecing of America occurring right now by the Globalists, the Federal Reserve and the Biden Administration who are determined to destroy the United States and all Western Countries. You can see more of Harley Schlanger at LaRoucheOrganization.com Solutions to keep from getting sick and to reverse mRNA damage - Dr. Joe Nieusma Support the show by signing up for Ebener (what is Ebener??)! Sign up at SarahWestall.com (bottom of each page) C60Complete Black Seed Oil & Curcumin Gel Capsules - World's best anti-inflammation supplement - What You Need for 5G protection! Watch my shows on your TV! Roku, Apple TV, Google TV, Amazon and more! Sign up at SarahWestall.TV - subscribers have access to many exclusives videos including a new current video with Harley Schlanger! Censorship is serious. To stay informed of all the latest episodes, sign up for my weekly newsletter @ SarahWestall.com Silver is an important insurance policy, especially now. Email info@MilesFranklin.com, tell them Sarah sent you, and they have guaranteed to me that you will receive great service and the lowest price in the industry, period.  MUSIC CREDITS: Motivation Underscore by Media Music Group "Do You Trust Me" by Michael Vignola, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Odysee | Rumble | Freedom.Social | SarahWestall.TV   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley reports on European major news and conferences where he often attends with world leaders.  Harley's reports, analysis, journalistic analysis and videos are presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents.  You can see more of Harley on his daily updates and blog at LaRoucheOrganization.com   See more information on great products, including the C60 BlackSeed Oil Gel Caps, Telomere Lengthening, Zeolite Detox, and much more @ http://SarahWestall.com/Shop

Kenny hangs out with Chris Markowski, founder of Markowski Investments and the host of the Watchdog on Wall Street radio show and podcast, which he has been hosting for over 20 years. You've seen him on CNN, Fox Business, CNBC, and countless other outlets. The two chat about changes on Wall Street, the DotCom Bubble, overvalued stocks, and the Greater Fool theory, Y2K, the repeal of the Glass Steagall act and the 2008 Crash. Plus: the work involved in building a client's portfolio, how to protect retail investors from getting ripped off, and more! Check us out at WeissRatings.com

DU 1/5/22: There are many lies being spread by financial talking heads in the media about what is behind the inflation that is eating up your paycheck and savings. What is not being discussed is how the flow of an unprecedented volume of trillions of dollars to the biggest banks, to cover their speculative losses, is the actual driver of hyperinflation. This is a scandal! As Goldman Sachs, JP Morgan Chase and Citigroup are rolling over tens of billions in overnight loans from the NY Fed -- of which they are the majority shareholders -- there has been a cut-off of credit to firms engaged in physical economic activity. This began before COVID and Green New Deal legislation. It must be ended by re-enacting Glass Steagall banking separation.

Weimar Germany 1923 Comes Again Global Glass - Steagall To End Hyperinflation by RogueNews

Steve, Eric and Patrick check in with former OTS regulator William K. Black and former FCIC consultant Art Wilmarth about the history of financial crime and bank regulation from Glass-Steagall to Dodd-Frank, what the billionaire class and the Federal Government have done to undermine those efforts and what work is left to be done.

Harley Schlanger rejoins the program to discuss the fight patriots are waging in Washington D.C. Who is behind the takeover of America and why we must be vigilant to defeat our common enemy; our very lives depend on us defeating them. Schlanger is not convinced this is our last stand, but is convinced that the freedom of the world depends on us and we must fight with all that we have; time is running out quickly. You can see more of Harley Schlanger at LaRoucheOrganization.com     C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! See my shows on Roku, Apple TV, Google TV and more! Sign up at SarahWestall.TV - subscribers have access to many exclusives videos! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Sign up for my newsletter & other platforms @ http://SarahWestall.com MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio     See part 2 on Video at Bitchute or Odysee   See more information on great products, including the C60 BlackSeed Oil Gel Caps, Telomere Lengthening, Zeolite Detox, and much more @ http://SarahWestall.com/Shop     Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents. He is on the NutriMedical Report Show weekly and does Simulcast Videos with Dr Bill Deagle MD host of the shows.  

Harley Schlanger rejoins the program to discuss the fight patriots are waging in Washington D.C. Who is behind the takeover of America and why we must be vigilant to defeat our common enemy; our very lives depend on us defeating them. Schlanger is not convinced this is our last stand, but is convinced that the freedom of the world depends on us and we must fight with all that we have; time is running out quickly. You can see more of Harley Schlanger at LaRoucheOrganization.com C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! See my shows on Roku, Apple TV, Google TV and more! Sign up at SarahWestall.TV - subscribers have access to many exclusives videos! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Sign up for my newsletter & other platforms @ http://SarahWestall.com MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio     See part 1 on Video at Bitchute or Odysee   See more information on great products, including the C60 BlackSeed Oil Gel Caps, Telomere Lengthening, Zeolite Detox, and much more @ http://SarahWestall.com/Shop     Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents. He is on the NutriMedical Report Show weekly and does Simulcast Videos with Dr Bill Deagle MD host of the shows.  

Art Wilmarth is Professor Emeritus at The George Washington University Law School and author of Taming the Megabanks: Why We Need a New Glass-Steagall Act. The book traces the evolution of the US banking sector from the late 19th century to today, and demonstrates that universal banks were at the center of the great Depression and the Great Recession of 2007-09. In this episode, Art makes the case for reestablishing a clear structural separation between banks and the capital markets and for prohibiting nonbanks from issuing short-term financial claims, like money market mutual funds, that function as deposit substitutes.

Harley Schlanger rejoins the program to discuss the political Coup D'état that is being attempt right now in the United States. Harley explains what steps have led up to this and what we can expect to come. It is important for everyone to know that the President's administration knew of this plan and is countering strong. Our very Republic is on the line if this Coup D'état is successful. Harley shares what we have in store if this treasonous coup is not shut down. You can follow Harley Schlanger on his blog @ Harley.LaRouchePAC.com See my shows now on Roku, Apple TV, Google TV and more! Sign up at SarahWestall.TV - subscribers will have access to many exclusives videos! C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Sign up for my newsletter & other platforms @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio     Get the latest discount codes on the very best products at the Independent Journalist Shop:    Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents. He is on the NutriMedical Report Show weekly and does Simulcast Videos with Dr Bill Deagle MD host of the shows.   See the full show on Odysee...    

Colonel Black, past Virginia Senator, JAG Officer & past head of the Criminal Law Division at the Pentagon, joins the program with Harley Schlanger, top political activist for the LaRouche Foundation, to discuss the planned military coup currently taking place in the United States. Both Colonel Black and Harley Schlanger provide insight as to who is planning the coup and why. They name names and talk straight about the danger the United States faces if a military coup ever takes place. They also stress the importance that current military personnel understand what is being planned and prepare to only follow legal orders, not orders from rogue military leaders intending to commit high treason. You can see more of Colonel Black at https://SenatorBlack.com and Harley Schlanger at https://Harley.LaRouchePac.com Please support the CSPOA, the nations Sheriffs, and our constitutional rights by donating @ SheriffFund.com - the funds will be used to educate Sheriffs on how to defend our rights including against mass vaccinations. Learn more at CSPOA.org or at SheriffFund.com Note: Use the direct link: https://constitutional-sheriffs-and-peace-officers-association.snwbll.com/giving-portal if you get a safety error - this should not be occurring, but it is to some.  Snowball fundraising application is one of the most widely used fundraising applications for charities. It should be safe.    C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio     Get the latest discount codes on the very best products at the Independent Journalist Shop:    Colonel Black Biography Colonel Black was a career military officer. He served in both the U.S. Marines and in the U.S. Army JAG Corps. He served a total of 31 years active and reserve, rising from the rank of private to full colonel. He is a graduate of the U.S. Army War College, Command and General Staff College, and Naval Aviator's Flight School. Black served as a pilot in the US Marines during the Vietnam War, earning the Purple Heart medal. He flew 269 combat helicopter missions with HMM-362, which operated out of Ky Ha, Vietnam. After the war, he left the service and earned a law degree, returning to military service as a prosecutor with the U.S. Army Judge Advocate General's Corps. Black later headed the Army's Criminal Law Division at the Pentagon, before retiring from the military in 1994. Colonel Black also served as a member of the Virginia State Senate, representing the 13th District, which encompasses parts of both Loudoun and Prince Williams Counties, from 2012 to 2020. He decided not to seek re-election in 2019, instead retiring at the end of his term. Learn more about Colonel Black and his work at SenatorBlack.com   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central bank...

Colonel Black, past Virginia Senator, JAG Officer & past head of the Criminal Law Division at the Pentagon, joins the program with Harley Schlanger, top political activist for the LaRouche Foundation, to discuss the planned military coup currently taking place in the United States. Both Colonel Black and Harley Schlanger provide insight as to who is planning the coup and why. They name names and talk straight about the danger the United States faces if a military coup ever takes place. They also stress the importance that current military personnel understand what is being planned and prepare to only follow legal orders, not orders from rogue military leaders intending to commit high treason. You can see more of Colonel Black at https://SenatorBlack.com and Harley Schlanger at https://Harley.LaRouchePac.com Please support the CSPOA, the nations Sheriffs, and our constitutional rights by donating @ SheriffFund.com - the funds will be used to educate Sheriffs on how to defend our rights including against mass vaccinations. Learn more at CSPOA.org or at SheriffFund.com Note: Use the direct link: https://constitutional-sheriffs-and-peace-officers-association.snwbll.com/giving-portal if you get a safety error - this should not be occurring, but it is to some.  Snowball fundraising application is one of the most widely used fundraising applications for charities. It should be safe.    C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio     Get the latest discount codes on the very best products at the Independent Journalist Shop:    Colonel Black Biography Colonel Black was a career military officer. He served in both the U.S. Marines and in the U.S. Army JAG Corps. He served a total of 31 years active and reserve, rising from the rank of private to full colonel. He is a graduate of the U.S. Army War College, Command and General Staff College, and Naval Aviator's Flight School. Black served as a pilot in the US Marines during the Vietnam War, earning the Purple Heart medal. He flew 269 combat helicopter missions with HMM-362, which operated out of Ky Ha, Vietnam. After the war, he left the service and earned a law degree, returning to military service as a prosecutor with the U.S. Army Judge Advocate General's Corps. Black later headed the Army's Criminal Law Division at the Pentagon, before retiring from the military in 1994. Colonel Black also served as a member of the Virginia State Senate, representing the 13th District, which encompasses parts of both Loudoun and Prince Williams Counties, from 2012 to 2020. He decided not to seek re-election in 2019, instead retiring at the end of his term. Learn more about Colonel Black and his work at SenatorBlack.com   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central bank...

American Hero and NSA whistleblower, Bill Binney, and World thought leader, Harley Schlanger, joins the program to discuss the very serious times we are now facing in the United States and worldwide. The extensive spying on Americans, with no one immune, has enabled traitors in the U.S. government and their allies worldwide to collude to take down the United States from within. The control structure they have created includes the NSA, intelligence, big tech, media, and the banking and pharmaceutical cartels. The data they collect, with their mass spying, enables their control structure to maintain power and to shut down any opposition in their way. This is why you are seeing massive purges (i.e. account deletions, loss jobs, jail time, etc..) of anyone who disagrees with them. You can see more of Bill Binney at https://agoodamerican.org/ You can see more of Harley Schlanger at https://harley.larouchepac.com/ Please support the CSPOA, the nations Sheriffs, and our constitutional rights by donating @ SheriffFund.com - the funds will be used to educate Sheriffs on how to defend our rights including against mass vaccinations. Learn more at CSPOA.org or at SheriffFund.com Note: Use the direct link: https://constitutional-sheriffs-and-peace-officers-association.snwbll.com/giving-portal if you get a safety error - this should not be occurring, but it is to some.  Snowball fundraising application is one of the most widely used fundraising applications for charities. It should be safe.    C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Get the latest coupons for the best cutting edge products at https://SarahWestall.com/shop Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio       See more information on great products, including the C60 BlackSeed Oil Gel Caps, Snake Oil, and much more @ http://SarahWestall.com/Shop   William Binney Biography: William Edward Binney is a former highly placed intelligence official with the United States National Security Agency (NSA) turned whistleblower who resigned on October 31, 2001, after more than 30 years with the agency. He was a high-profile critic of his former employers during the George W. Bush administration. Binney continues to speak out during Barak Obama's presidency about the NSA's data collection policies, and continues to give interviews in the media regarding his experiences and his views on interception of communication of American citizens by governmental agencies. In a legal case, Binney has testified in an affidavit that the NSA is in deliberate violation of the U.S. Constitution.  See his full biography at www.whistleblower.org/bio-william-binney-and-j-kirk-wiebe   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's propose...

American Hero and NSA whistleblower, Bill Binney, and World thought leader, Harley Schlanger, joins the program to discuss the very serious times we are now facing in the United States and worldwide. The extensive spying on Americans, with no one immune, has enabled traitors in the U.S. government and their allies worldwide to collude to take down the United States from within. The control structure they have created includes the NSA, intelligence, big tech, media, and the banking and pharmaceutical cartels. The data they collect, with their mass spying, enables their control structure to maintain power and to shut down any opposition in their way. This is why you are seeing massive purges (i.e. account deletions, loss jobs, jail time, etc..) of anyone who disagrees with them. You can see more of Bill Binney at https://agoodamerican.org/ You can see more of Harley Schlanger at https://harley.larouchepac.com/ Please support the CSPOA, the nations Sheriffs, and our constitutional rights by donating @ SheriffFund.com - the funds will be used to educate Sheriffs on how to defend our rights including against mass vaccinations. Learn more at CSPOA.org or at SheriffFund.com Note: Use the direct link: https://constitutional-sheriffs-and-peace-officers-association.snwbll.com/giving-portal if you get a safety error - this should not be occurring, but it is to some.  Snowball fundraising application is one of the most widely used fundraising applications for charities. It should be safe.    C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! Consider supporting this channel by joining Patreon at https://Patreon.com/SarahWestall - receive exclusive interviews, eBooks, coupons, and more! Get the latest coupons for the best cutting edge products at https://SarahWestall.com/shop Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw MUSIC CREDITS: "The Battle of 1066" by Patrick Patrikios - licensed for broad internet media use, including video and audio       See more information on great products, including the C60 BlackSeed Oil Gel Caps, Snake Oil, and much more @ http://SarahWestall.com/Shop   William Binney Biography: William Edward Binney is a former highly placed intelligence official with the United States National Security Agency (NSA) turned whistleblower who resigned on October 31, 2001, after more than 30 years with the agency. He was a high-profile critic of his former employers during the George W. Bush administration. Binney continues to speak out during Barak Obama's presidency about the NSA's data collection policies, and continues to give interviews in the media regarding his experiences and his views on interception of communication of American citizens by governmental agencies. In a legal case, Binney has testified in an affidavit that the NSA is in deliberate violation of the U.S. Constitution.  See his full biography at www.whistleblower.org/bio-william-binney-and-j-kirk-wiebe   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's propose...

Harley Schlanger rejoins the program to discuss the ongoing global economic destruction we are seeing play out all over the globe. We discuss history, how we got here, who the players are, and their final goals. He explains that the City of London's strings are behind most of the chaos and how China, Russia, Israel, Japan and the United States all play into their overall world domination goals. This interview discusses the big picture and helps to clear up confusion created by the increased level of disinformation campaigns geared towards average citizens. Disinformation is enacted to keep people confused and unprepared to protect themselves or to fight back against the real enemies. We are in a very serious situation and are approaching C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! their end game. It's time for everyone to understand what is going on and to prepare to act in your best interest and to align yourself with others fighting for the same cause. You can see more of Harley's great research and information at https://Harley.LaRouchePAC.com Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw       See more information on great products, including the C60 BlackSeed Oil Gel Caps, Snake Oil, and much more @ http://SarahWestall.com/Shop   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents. He is on the NutriMedical Report Show weekly and does Simulcast Videos with Dr Bill Deagle MD host of the shows.   See Part 1 on Youtube https://youtu.be/OcO1qCJqVJM

Harley Schlanger rejoins the program to discuss the economic reset and the ongoing global economic destruction we are seeing play out all over the globe. We discuss history, how we got here, who the players are, and their final goals. He explains that the City of London's strings are behind most of the chaos and how China, Russia, Israel, Japan and the United States all play into their overall world domination goals. This interview discusses the big picture and helps to clear up confusion created by the increased level of disinformation campaigns geared towards average citizens. Disinformation is enacted to keep people confused and unprepared to protect themselves or to fight back against the real enemies. We are in a very serious situation and are approaching C60Complete Black Seed Oil & Curcumin Gel Capsules - Proven 200x more effective than Vitamin C! their end game. It's time for everyone to understand what is going on and to prepare to act in your best interest and to align yourself with others fighting for the same cause. You can see more of Harley's great research and information at https://Harley.LaRouchePAC.com Stay informed on the latest shows by signing up for my weekly newsletter @ http://SarahWestall.com Follow me on Twitter @ https://twitter.com/westall_sarahw       See more information on great products, including the C60 BlackSeed Oil Gel Caps, Snake Oil, and much more @ http://SarahWestall.com/Shop   Biography of Harley Schlanger Harley Schlanger is a top political activist for Lyndon LaRouche and Helga Zepp-LaRouche of the LaRouche Foundation Worldwide.  He is currently stationed in Germany, recently moved from home offices in Houston, Texas USA.   Harley report on European major news and conferences where he often attends with world leaders.  The main websites for updates are www.LaRouchePAC.com and EIR Executive Intelligence Review www.LaRouchePUB.com, where reports, analysis, journalistic analysis and videos are FREE Infographic, FREE Cannabis eBook, FREE Hottest Jobs eBook. Don't miss the wave! presented for your enlightenment and empowerment of real World Issues and Solutions.  He talks about Glass-Steagall to wall the depositors money from greedy central banks, currencies backed by Gold, and stability in international trade with China's proposed Belt and Road infrastructure programs worldwide on the sea and land from Asia to all continents. He is on the NutriMedical Report Show weekly and does Simulcast Videos with Dr Bill Deagle MD host of the shows.   See Part 2 on Youtube https://youtu.be/0ObOzJFMeQY