Economic policies promoted by U.S. President Ronald Reagan
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Donald Trump's tariffs are benefiting rich elites at the expense of the majority of the population, argues economist Michael Hudson. He explains how the US trade war on China is isolating the United States and encouraging countries to seek alternatives. Ben Norton hosts the interview. VIDEO: https://www.youtube.com/watch?v=jGsLDQQuzU0 Read Michael Hudson's report "Return of the robber barons – Trump's distorted view of US tariff history": https://geopoliticaleconomy.com/2025/04/14/michael-hudson-robber-barons-trump-tariffs/ Topics 0:00 Intro 1:11 Michael Hudson highlights 2:09 Interview starts 2:41 Replacing income tax with tariffs 5:40 Government industrial policy 9:22 Reaganomics 2.0 11:29 Gilded Age 14:54 China's model 17:50 (CLIP) JD Vance calls Chinese "peasants" 18:12 Public finance 22:57 Trade war on China 25:12 (CLIP) Trump demands tribute 25:42 US attempt to isolate China 26:30 USA doesn't have many cards 28:55 Import substitution 30:16 Trump is isolating the US 34:58 US dollar system in crisis 38:03 Reindustrialization 40:06 Trump's bullying strategy 43:26 Destroying the post-WWII system 49:06 Global South vs the West 50:58 Democracy or oligarchy? 56:05 Billionaire oligarchs 56:56 Corruption 58:25 Outro
"In order to have the future we want, we have to build and invent more of the things we need." That's the central claim of Ezra Klein and Derek Thompson's new book, Abundance. They argue that Democrat-run cities and states have suffered self-inflicted wounds that are causing a mass exodus to red states, where life is simply more affordable. To stop the bleeding, Dems need to take action on a bold new vision that cuts through red tape to improve people's lives and address the crises in housing, climate, healthcare and politics. But many on the left are suspicious. Is this just Reaganomics wrapped up in the intellectualized language of the NY Times? Is Abundance the privileged prosperity gospel for white liberals? Show Notes The Abundance Agenda: Neoliberalism's Rebrand Abundance: The Left Hates It Summary of Abundance Critiques Politico: False Choice Between Abundance and Antitrust Learn more about your ad choices. Visit megaphone.fm/adchoices
Big changes - lots of year-end market S&P 500 downgrades. Recession and stagflation April - a quick look at some interesting highlights of April (historically) Bill Gates out with a big prediction The Best Deal Ever! (ELON) PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Big changes - lots of year end market S&P 500 downgrades - Recession and stagflation - April - a quick look at some interesting highlights of April (historically) - Bill Gates out with a big prediction - The Best Deal Ever! (ELON) Markets - Corrections happen - Market jumped off the down worst levels on Monday - is worst priced in? - Earnings season starts 4/11 - JPM to report - Year end price targets - lowering - Yields DOWN - Was that the plan all along? OpenAi - OpenAI on Monday announced it had closed its $40 billion funding round, the most ever raised by a private tech company. - The deal values OpenAI at $300 billion, including the new capital. - The round comes to $30 billion from SoftBank and $10 billion from a syndicate of investors. Google Trends - Stagflation - Keyword Search hit highest point in a long time. - Lots of talk about the potential for higher inflation and softer jobs Friday is the UnEmp Report - Expectations are that the rate will tick up from 4.1% to 4.2% - 145-150k people added to the jobs rolls ---- That would till be good numbers. Tariff Day - AKA Liberation Day - April 2nd is the date that the retaliatory tariffs go on- - Facts say you? (I am not a smart man....) --- Between China and Canada, Mexico, estimates that the tariffs would bring in $150 Billion in 2025. - The US Stock market has lost $5.25 TRILLION during the same time - US GDP is $29 trillion annually - what is $150 BILLION going to do? - The U.S. federal budget deficit for fiscal year 2025 is projected to be approximately $1.9 trillion. Reagan - He is revered...ReaganOmics...... - April 25, 1987 - Radio Address.. - " And today many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot-Hawley tariff greatly deepened the depression and prevented economic recovery. You see, at first, when someone says, Let's impose tariffs on foreign imports,' it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works -- but only for a short time. What eventually occurs is: First, homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs. - https://www.reaganlibrary.gov/archives/speech/radio-address-nation-free-and-fair-trade-4 Something to Consider... - Talk on the street: " Tariffs are a negotiation tactic" (What does that mean anyway) -- Assumption: "US will win the negotiation" - - Has anyone considered: What if it does not? - The thought is that it needs to be "fair" Atlanta GDPNOW - Liked when it looks good - disregarded when looks bad - January 31 initial GDP Forecast for Q was +2.9% - Latest April 1 -3.7%
What do tariffs, the Laffer Curve, and Ferris Bueller's Day Off have in common? More than you'd think. This week, we dive into the world of trade policy, culture wars, and deflated middle-aged fatherhood, all from the basement. From Trump's so-called "Liberation Day" of tariffs to secret WhatsApp groups planning military strikes, this episode examines how America's trade war is about identity, masculinity, and a long-festering grudge against Europe. With a history lesson on Smoot-Hawley, Reaganomics, and the ghost of Arthur Laffer, we ask: if America is only barely exposed to global trade, why the war on Europe? And is this all just economic policy reimagined as culture war th Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.
US Vice President JD Vance gave a speech about globalization that inadvertently revealed the truth about the US empire, the goal behind the new cold war on China, the economics of imperialism, and how the Trump administration is serving billionaire Big Tech oligarchs in Silicon Valley at the expense of the working class. Ben Norton explains. VIDEO: https://www.youtube.com/watch?v=ywmpea6vvOE US Big Tech CEOs admit they want AI monopoly: https://geopoliticaleconomy.com/2025/02/03/us-ai-monopoly-unipolar-world-china/ Topics 0:00 (CLIP) JD Vance excerpt 0:38 US vice president speech 1:03 Preparing for war on China 3:15 Summary of Vance's speech 3:56 (CLIP) Marco Rubio on China "threat" 4:39 Deindustrialization 5:02 (CLIP) JD Vance vows "industrial comeback" 5:41 Uniting billionaires and "populists" 6:26 Neoliberalism 7:01 JD Vance's patron Peter Thiel 8:22 Trump recruits Big Tech billionaires 9:34 For monopoly, against competition 10:21 (CLIP) Peter Thiel loves monopolies 10:35 Elon Musk and Trump 11:05 Billionaire Marc Andreessen 11:47 (CLIP) Trump admin loves Silicon Valley 12:08 Trump coalition: billionaires & workers? 13:37 (CLIP) Techno-optimists vs populists? 14:21 Big Tech manifesto 15:56 Scapegoating China 17:13 (CLIP) JD Vance scapegoats China 17:34 JD Vance calls China "biggest threat" 18:53 (CLIP) JD Vance scapegoats China 19:12 Neoliberal globalization 20:07 (CLIP) JD Vance on globalization 21:18 Neoliberal globalization 22:07 Imperialism & dependency theory 24:11 China's development 24:35 US bans Chinese competitors 26:15 (CLIP) JD Vance on China's AI 26:40 US Big Tech monopolies 27:23 (CLIP) "Competition is for losers" 27:38 Trump's tariffs 28:36 Jake Sullivan's industrial policy speech 29:16 (CLIP) Jake Sullivan on Washington Consensus 31:36 Industrial policy 32:45 Tech war on China 33:31 Trump's strategy 34:01 (CLIP) JD Vance on US shipbuilding 34:53 China's Shipbuilding 35:46 State-owned enterprises 38:07 US government-owned factories 40:32 Industrial policy 43:41 (CLIP) Tax cuts on rich & deregulation 44:07 Reaganism 2.0 44:28 Historical tax rates on rich 45:48 Oligarchs avoid taxes 46:52 Trump boosts deficit & debt 47:38 Fake industrial policy 49:09 (CLIP) JD Vance is "fan" of Big Tech 49:28 Andreessen Horowitz investments 50:30 S&P 500 stock buybacks & dividends 51:03 Reaganomics 51:59 Trumponomics 53:21 Tariffs & wealth transfer 53:55 Outro
Ms. Pat jokes about Raeganomics in her Netflix special, "Y'all Wanna Hear Something Crazy?".
Erin has some tales from her Scottsdale pit stop on the way home to New Mexico, and Bryan is having issues troubleshooting his new espresso machine. Erin breaks down how Reaganomics led to the rise in billionaires in this country, and how the widowed and divorced women of these tech company founders are using their immense wealth to help those in need. Bryan tells us about Love Is Blind's Sara Carton leaving her fiancé at the alter because of lack of knowledge and empathy regarding fundamental issues like Black Lives Matter and LGBTQ+ rights.See omnystudio.com/listener for privacy information.
In this mall, the deals aren't the only thing that's killer. Be sure to stay alive while you shop till you drop in 1986's Chopping Mall.Follow us on Instagram at @thewhorrorspodcastEmail us atthewhorrorspodcast@gmail.comArtwork by Gabrielle Fatula (gabrielle@gabriellefatula.com)Music: Epic Industrial Music Trailer by SeverMusicProdStandard Music License Sources: Chopping MallWiki:https://en.wikipedia.org/wiki/Chopping_Mall Chopping MallIMDb:https://www.imdb.com/title/tt0090837/ JoBlo Horror Originals. “WTF Happened To Chopping Mall?” YouTube, 24 Mar. 2023,https://www.youtube.com/watch?v=lYi6Avw2zEo&t=510s. Accessed 6 Jan. 2025."Reaganomics."The Concise Encyclopedia of Economics, edited by David R. Henderson, Library of Economics and Liberty, https://www.econlib.org/library/Enc/Reaganomics.html. Accessed 6 Jan. 2025.
The title of this podcast, The Storm Before the Calm, is taken from a book by George Friedman, founder of Geopolitical Futures. A good friend of mine gave me this book for Christmas. Initially, I balked at the title. I was not eager to read about “the storm” since we have been living in the eye of a hurricane since January 20, 2025, when Donald Trump took office. The last thing I wanted to do was read anything about Trump. I tackled The Storm, and it's a great book—very insightful. I love the long-view historical perspective. Yes, Trump is in the book, but he's not the storm. We're the storm.Today, we'll be talking history, economics and institutional and socioeconomic cycles. Here are the Time Stamps | We Are the Storm | 0:21 | Don't Worry. It's Just a Phase. | 1:48 | Cycling Through US History | 8:14 | The Rise of Feminism | 11:45 | Backlash in the 21st Centruy | 14:05 | Tired of the Trickle-Down | 19:33 | Common Themes Throughout Our History | 25:00:00Friedman writes that the US has two predictable cycles that date back to the "invention" of the country by the Founding Fathers: the 80-year institutional cycle and the 50-year socioeconomic cycle. Think of them like the tectonic plates shifting before an earthquake. At the end of each 50-year economic cycle, there is division and great upheaval in the country and "it's as if the country is tearing itself apart," Friedman writes. That's where we are today. I was surprised -- and somewhat dismayed but oddly relieved -- to find out that in this decade both of these cycles will shift. Two earthquakes. In 2020, Friedman said that 2025 would be a pivotal year. Well, here we are! The signals of a shift to a new socioeconomic cycle are: great discontent among the people, broken or obsolete economic systems, and a "failed president" at the end of the cycle. This president is elected during the social unrest and upheaval but uses old ideas and old models to solve current problems. Clinging to old models doesn't work and often makes the situation for the people worse. A classic example is President Herbert Hoover clinging to the old models and ignoring the plight of millions of hungry and impoverished Americans. The Great Depression got worse during his term.Hoover was the "failed president" at the end of that cycle and President Franklin Roosevelt was the first president in the new cycle. Roosevelt made sweeping changes to the federal government to tackle the Great Depression, to feed people and put them back to work, build infrastructure and fight fascism in World War II. President Lyndon Johnson built on the New Deal with the Great Society. The middle class and the union movement grew during this cycle. And the rich paid taxes. President Jimmy Carter was the "failed president" at the end of that cycle.We are in the waning years of the cycle that began with President Ronald Reagan. He infamously introduced us to "trickle-down" economics. The theory is that dramatically cutting taxes on the rich would lead to "trickle-down" wealth. Making the rich richer was somehow supposed to enrich the masses. We have been suffering under this failed model for decades. Thanks to 50 years of Reaganomics, the wealth gap in the US is wider than ever, the billionaires are becoming trillionaires, corporate welfare is running rampant while people are hungry, the middle class has shrunk, the cost of housing, automobiles and college has skyrocketed. The Trump/Musk regime is clinging to the failed model that got here -- tax cuts for the rich and deregulation. Is Trump the last "failed president" of the Trickle-Down Era?
FAN MAIL--We would love YOUR feedback--Send us a Text MessageExperience the rise of Reaganomics as we unravel the fascinating tale of Ronald Reagan's Economic Recovery Tax Act of 1981. Imagine the scene: Reagan, beaming under a sunny Californian sky, signing a tax bill poised to reshape the American economy. Join us for an analytical journey through Stephen Hayward's "The Age of Reagan: The Conservative Counter-Revolution," as we dissect the economic strategies and political maneuvers that defined a transformative era. We'll delve into the bold tax reforms, including slashing the highest marginal tax rates and the capital gains tax, that marked a significant departure from previous economic policies.Gain insights into the political lessons from the 1982 midterm elections, where the Republican Party faced a setback despite these groundbreaking tax cuts. We'll explore how the timing of the tax cuts and prevailing economic conditions, such as recession and high unemployment, influenced the loss of 26 Republican seats to the Democrats. Yet, the resilience of the GOP in maintaining a strong presence in the House offers a valuable case study in political strategy. Join us to discover how these historical events continue to resonate, offering timeless lessons in both economic policy and political foresight.Key Points from this Episode:• The Economic Recovery Tax Act signed into law by Reagan in 1981 • Key features of the tax cut and its implications for the economy • The connection between delayed policy effects and the 1982 midterms • Historical context of the GOP's losses and the role of economic conditions • Lessons for modern GOP concerning timely execution of policies in the 2017 Tax Cut bill. • Reflections on the political strategy regarding tax legislation and how it affects the economy and mid-term House races.• Importance of learning from history to shape future governanceOther resources: Want to leave a review? Click here, and if we earned a five-star review from you **high five and knuckle bumps**, we appreciate it greatly, thank you so much!Because we care what you think about what we think and our website, please email David@teammojoacademy.com.
Översiktsserien fortsätter. Det kommer handla om arvet efter Reagan, budgetunderskott, statsskuld, lågkonjunktur, att lösa ut belåningsbranschen, brutna skattelöften, budgetuppgörelser, Newt Gingrichs vrede och nedstängning av federala staten. Bild: President George H. Bush 1989. Källa: WikipediaPrenumerera: Glöm inte att prenumerera på podcasten!Betyg: Ge gärna podden betyg på iTunes!Följ podden: Facebook (facebook.com/stjarnbaneret), twitter (@stjarnbaneret), Instagram (@stjarnbaneret)Kontakt: stjarnbaneret@gmail.comLitteratur översikt USA:s historia- Liberty, Equality, Power: A history of the American People, John Murrin, Paul Johnson, James McPherson, m.fl.- Give me liberty: An American history, Eric Foner- America: A concise History, James Henretta, Rebecka Edwards, Robert Self- Inventing America: A history of the United States, Pauline Maier, Merrit Roe Smith, m.fl.- Nation of Nations: A narrative history of the American republic, James West Davidson, Mark Lytle, m.fl.- The American Pageant, David Kennedy, Lizabeth Cohen, Thomas Bailey- Making America: A history of the United States, Carol Berking, Robert Cherney, m.fl.- America: A narrative history, George Brown Tindall, David Emory Shi- The American Promise: A history of the United States, James Roark, Maichael Johnson, m.fl.- The American People: Creating a nation and a society, Gary Nash, John Howe, m.fl.- Of the People: A history of the United States, James Oaks, Michael McGerr, m.fl.- The enduring vision: A history of the American People, Paul Boyer, Clifford Clark, m.fl.Litteratur för denna era:- Deadlock and disillusionment, Gary Reichard- The age of Reagan, Sean Wilenz- The American Century, LaFeber, Polenberg, Woloch.- American Dreams: The United States since 1945, H. Brands- Recent America: The United States since 1945, Dewey Grantham- Restless Giant, James Patterson Hosted on Acast. See acast.com/privacy for more information.
Mid-Atlantic - conversations about US, UK and world politics
This week's Mid Atlantic explores the passing of Jimmy Carter, the 39th president of the United States, who lived to 100 and left an indelible mark on American politics and humanitarian work. The panel examines his role as a symbol of a bygone era, bridging the post-war optimism of the mid-20th century and the rise of Reagan-era conservatism. Michael Donohue, Zee Cohen Sanchez, and Olisa Jones discuss Carter's moral leadership and contrast it with today's more polarised landscape, where figures like Trump and Elon Musk dominate.The episode also tackles the growing fragmentation of Western politics, examining whether centrism still holds value as populism gains ground globally. From Biden's tenuous legacy to Musk's outsized influence, the conversation probes the future of governance in an age of spectacle and celebrity.Quotes from the Show:“Carter symbolized the end of the New Deal Democrats and the start of Reaganomics.” – Michael Donohue“Kamala's campaign showed the limits of box-ticking without a bold economic message.” – Zee Cohn Sanchez“Populists thrive because they stand for something, even if it's controversial.” – Alyssa Jones“Musk's entry into government is a symptom of a broader celebrity-driven politics.” – Royfield Brown“The American electorate craves authenticity, not polished continuity candidates.” – Alyssa Jones Hosted on Acast. See acast.com/privacy for more information.
This week, Noah Smith and Erik Torenberg discuss Silicon Valley's cultural influence, Marc Andreessen's predictions, what comes after wokeness, tariffs on China, Reaganomics, the 'polycrisis,' the future of industrial policy, and political dynamics involving Donald Trump, Elon Musk, and Paul Krugman. --
We briefly review the bad Christmas takes from both the pro-Christmas and anti-Christmas Evangelical world, we wander momentarily back into Catholics attacking Catholicism, we breeze by the Church Fathers on social media, and finish with Jimmy Carter lovers embracing Reaganomics to stick it to conservatives somehow. But it all makes sense if you would just ignore the obvious and embrace the nuance! Israel, Palestine, Antisemitism, Jews, Catholicism, Jimmy Carter, economy, economics, free market
In this episode of The More Freedom Foundation Podcast, Rob and Ruairi dive into a lively discussion of the 20th century's most iconic economic collapse and the legacy of Franklin D. Roosevelt. Was FDR really the transformative leader who guided the U.S. out of the Great Depression, or are the critiques from libertarians justified? We break down the policies, the myths, and the facts to argue why FDR's presidency stands as a beacon of effective leadership—especially when compared to the Reaganomics era. Join us as we explore how FDR reshaped the role of government and why his impact on America far outshines the ideological allure of Reagan's presidency. Don't miss this engaging debate on history, economics, and what truly makes a president great. Patreon Website Books Twitter TikTok
La théorie du ruissellement (en anglais trickle-down theory) est une doctrine économique qui soutient que les politiques favorisant les plus riches, comme les réductions d'impôts ou les allègements fiscaux pour les entreprises, profitent à l'ensemble de la société à travers un effet de diffusion ou de "ruissellement". L'idée principale est que la croissance économique générée par ces mesures entraînera une augmentation des investissements, des emplois et des opportunités économiques pour toutes les classes sociales. La théorie du ruissellement est associée à des politiques économiques conservatrices, popularisées notamment aux États-Unis sous la présidence de Ronald Reagan dans les années 1980. Connue sous le nom de Reaganomics, cette approche reposait sur quatre piliers :1.Réduire les impôts pour les plus riches et les entreprises.2.Déréguler les marchés pour encourager l'innovation et la compétitivité.3.Réduire les dépenses publiques.4.Laisser le marché fonctionner librement, sans intervention excessive de l'État.Le postulat est que les individus les plus riches et les entreprises, disposant de davantage de ressources grâce aux baisses d'impôts, investiront dans des projets productifs. Ces investissements stimuleront la création d'emplois et l'activité économique, et leurs bénéfices finiront par "ruisseler" vers les couches inférieures de la société. La théorie du ruissellement est très controversée et souvent critiquée pour son manque d'efficacité dans la réduction des inégalités sociales. Les principales critiques sont les suivantes :•Concentration des richesses : Les allégements fiscaux pour les plus riches tendent souvent à aggraver les écarts de revenus, car une partie significative des gains supplémentaires est épargnée ou investie dans des actifs financiers plutôt que réinjectée dans l'économie réelle.•Absence de ruissellement significatif : Plusieurs études ont montré que les bénéfices des baisses d'impôts ne se traduisent pas systématiquement par une hausse des investissements ou des salaires pour les travailleurs.•Impact limité sur la croissance : Les résultats économiques des politiques basées sur cette théorie sont souvent mitigés, avec des effets bénéfiques modestes pour les classes moyennes et populaires. La théorie du ruissellement reste un sujet de débat entre économistes et décideurs politiques. Si certains affirment qu'elle favorise la croissance en stimulant l'investissement, d'autres insistent sur la nécessité de politiques redistributives pour réduire les inégalités et stimuler une croissance économique inclusive. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.
Are bailouts the new “trickle-down” economics? Have government debt and deficits caused capitalism's collapse—thus ending the American Dream?Ruchir Sharma is a well-known columnist for the Financial Times, the author of bestselling books Breakout Nations and The Rise and Fall of Nations, and an investment banker who worked as Morgan Stanley's head of emerging markets for 25 years. His new book, What Went Wrong With Capitalism, traces the roots of current disaffection with our capitalist economy to unabashed stimulus and too much government intervention. Take an example: Sharma writes that the United States federal government has introduced 3,000 new regulations in the last twenty years, and withdrawn just 20 over the same span. He likens the Federal Reserve's constant bailouts—under chairs appointed by presidents from both parties—to the opioid crisis, in which the solution created more problems than the pain it was designed to treat.Sharma joins Bethany and Luigi to explain how constant government intervention leads to inefficient “zombie” firms, higher property prices, housing shortages, massive inequality, and a historic government debt and deficit crisis. Together, they discuss the first step to a cure—a correct diagnosis of the problem—and how to approach the treatment without exacerbating the problems. In the process, they leave us with a renewed understanding of how “pro-business is not the same as pro-capitalism,” a distinction that Sharma says “continues to elude us.”Episode Notes:Link to submit papers for the Stigler Center 2025 Antitrust ConferenceRevisit “Is the Federal Reserve an Engine of Inequality?”, our previous episode on modern monetary theory or the claim that debt doesn't matter.Revisit “Capitalism After the Crisis,” Luigi's article for Foreign Affairs (2009), where he outlines the tensions between a pro-capitalism and a pro-business agenda. Also, check out ProMarket.org, our publication at the Stigler Center that he founded in 2016, with the mission of shedding light on this tension and how to ameliorate it.
How do you achieve the magic formula of low inflation and economic growth? In the 1970s this was beginning to move further and further away from the reach of policy makers using the traditional approach of ‘demand management', In the post-war era fiscal and monetary policy to manage the vagaries of the economic cycle but this approach was undermined by the curse of "stagflation". The late 1970s and 1980s so the emergence of a "new" approach and policy-making saw a big swing towards the use of what became known as supply-side policies. On both sides of the Atlantic Thatcherism and Reaganomics introduced ‘trickle-down' economics to the world and a whole suite of new policies to manage (or not manage!) the economy - but what were they trying to do and did they actually work? In this new special by Pete and Gav, your friendly neighbourhood economists, we dive into the world of supply-side economics. As always we discuss 10 questions that we hope will give you a good overview of what supply-side policies are and the key debates surrounding them. Along the way, you will come across a ‘supply' quiz and find out which economist has actually seen one of our paintings of them! Technical support as always comes from Nic. Enjoy and afterwards, you might think about what kind of graph you might draw on a napkin that would change economics forever!
Reagan vs. Trump: the Myth, the Cult, the RealityCheck out Bob's new book, Hijacked Nation: Donald Trump's Attack on America's Greatness, now available on Amazon.com. Barnes & Noble and other outlets. Paperback: $11; Hardcover: $24. Digital version also available. Here's a direct link: https://amzn.to/4eK8ghZIn this episode, Reagan vs. Trump, we explore the anticipated policies of the Trump administration and their parallels to Ronald Reagan's era. Our guest, Ed Oswald, a legal and tax expert and author, discusses his book 'From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump.' We delve into Reaganomics, the trickle-down theory, GOP strategies, and the potential economic impacts and the reality of Trump's tax cuts and tariffs. We also touch on the 2021 Capitol attack and its aftermath. Join us for an insightful discussion on the evolution of U.S. economic and political policies and the influence of Ronald Reagan on Donald Trump's campaign and key policy positions. Oswald says Trump really is the second MAGA president.Meanwhile, here is a direct link for Oswald's book: https://amzn.to/49B7OAQCHAPTERS:00:00 Introduction: Comparing Trump to Reagan00:29 Guest Introduction: Ed Oswald01:08 Initial Thoughts on Trump's Presidency02:29 The Myth of Reagan and the Cult of Trump06:42 Reagan's Economic Policies and Their Impact16:13 Trump's Economic Policies and Their Consequences21:18 The Role of Tariffs in the Economy26:22 Stock Market Reactions and Future Speculations29:07 Conclusion: Reflecting on Reagan and TrumpAbout Bob Gatty A former journalist and communications consultant, Bob Gatty is the founder and editor of the Lean to the Left blog and host of this podcast, which focuses on progressive politics and the important social issues of our time. Bob is considering significant changes for Lean to the Left in 2025, and is asking for your input. Please take a moment to complete two quick 4-question polls here on YouTube: https://www.youtube.com/@LeantotheLeft/communityDISCLAIMER: Some links in this description are affiliate links, which means if you make a purchase through them, you won't pay any extra – in fact, you may even save with a discount! Using these links helps support this channel, allowing us to keep providing free content to help you on your journey. Thank you for your support.Thanks!
How have the last 40 years of American history—starting from the Reagan era—delivered us to where we are today? Today, we'll explore Reaganomics and its continued implications on the economy, what Bidenomics really was (versus what it attempted to be), and what we're likely to see over the next four years under a second Trump presidency. I also wanted to dig into some of the questions I've received since the election about whether our individual strategies need to shift. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/real-story-economy. Money with Katie's mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Explore the complexities of modern capitalism with our insightful guest, David Stockman, the former budget director under Ronald Reagan. Discover how the legacy of Reaganomics continues to shape our economic landscape, as Stockman sheds light on the successes and failures of past fiscal policies. We're tackling the pressing challenges of federal deficits and monetary policy, offering a comprehensive look at how historical decisions impact today's and future administrations.Uncover the potential consequences of the Federal Reserve's monetary maneuvers on bond prices, interest rates, and market stability. We dive into the intricacies of maintaining low interest rates amidst persistent inflation and the looming specter of stagflation. Through a critical analysis of past and present economic cycles, such as the 2019 panic, we emphasize the delicate balance required to avoid recession and the limitations of the Fed's capabilities in influencing economic outcomes.Gain a global perspective on financial markets as we discuss the roles of hard assets like gold and Bitcoin in uncertain times. We'll also address geopolitical tensions and the potential implications for global debt issues. With a touch of optimism, we consider how artificial intelligence might drive future productivity, offering a possible avenue to navigate current financial challenges. Don't miss our spotlight on David Stockman's Counter Corner newsletter, a treasure trove of in-depth economic analysis and insights.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:
Join hosts Krissy Lenz and Nathan Blackwell, along with returning guest Adam Marshall Rini, as they dive deep into John Carpenter's politically charged sci-fi action film They Live (1988). This cult classic starring WWE legend "Rowdy" Roddy Piper delivers a scathing critique of Reaganomics and consumer culture through the lens of an alien invasion thriller.The hosts explore how They Live serves as a perfect gateway for introducing young audiences to anti-capitalist themes through its memorable combination of professional wrestling swagger and science fiction elements. While the film may be both "undercooked and overcooked," its messaging about class warfare and media manipulation remains startlingly relevant today.The episode features a fascinating discussion about John Carpenter's distinctive directing style, particularly his ability to craft compelling outsider characters and blend Western genre elements into urban settings. The hosts also dive into the film's practical effects, including its innovative black-and-white "alien vision" sequences and the infamous six-minute alley fight scene that has become a pop culture touchstone.Key Topics Discussed:The film's commentary on 1980s consumer culture and wealth inequalityRoddy Piper's transition from WWE superstar to action movie leadThe significance of the iconic sunglasses reveal (30 minutes into the film)Keith David's crucial supporting role and chemistry with PiperThe influence of They Live on modern media and pop cultureComparison to video games like Fallout: New VegasThe movie's lasting impact on anti-establishment messaging in filmWhether you're a longtime fan of John Carpenter's work or discovering They Live for the first time, this episode offers fresh insights into a movie that dares to ask who really controls our society – and what we're willing to do about it. The hosts rate the film on a scale of "sunglasses," leading to an interesting split between nostalgic appreciation and modern critical analysis.Wrap up the episode with some excellent recommendations for further exploration, including Fight Club, Noam Chomsky's "Understanding Power," and Green Day's political punk rock as natural next steps for those intrigued by the themes in They Live. --We couldn't do this without your support of The Most Excellent 80s Movies Podcast! Thank you!Join now for: $5/Month • $55/year • Learn More
Thank you to Democracy Defender-supporter Melissa for the question that produced this week's Q&A Bonus show! Be sure to subscribe at Patreon.com/Gaslit to submit your questions, get all shows ad free, and hear the full bonus episode! Why is DeJoy still in charge? Well, it all comes down to numbers—specifically, the ones the Democrats don't have yet. The USPS Board of Governors is still short of the votes needed to remove Louis DeJoy. There's a glimmer of hope on the horizon with Biden's nominations of former Florida Rep. Val Demings and former Labor Secretary Marty Walsh, but they need to get through Senate confirmation first. Even if that happens, the entire Democratic bloc on the board has to agree to boot DeJoy. And here's the kicker: they'll also need an Independent to back them. Now, about that Independent, Amber McReynolds: she was appointed by Biden. But, plot twist—this Biden appointee has gone on record saying the USPS is doing just fine. So yeah, not exactly a slam dunk for Team “Fire DeJoy.” This is how corruption is allowed to fester—DeJoy stays, he enriches his family through shady deals, and the USPS, along with its overworked staff, remains on the chopping block. It's the Reaganomics playbook: shrink government services, weaken unions, and let privatization sweep in to pick at the bones. All while the people who depend on these services are left with empty mailboxes and a dysfunctional system. Welcome to DeJoy's America! This week's bonus show includes a fiery continuation of Gaslit Nation's interview with Elie Mystal, Justice Correspondent for The Nation and author of the bestselling book Allow Me to Retort A Black Guy's Guide to the Constitution. We discuss one of the most dangerous men in America: Merrick Garland. To listen to the full episode, be sure to subscribe at the Truth-teller ($5/month) level or higher, and to submit a question for our next Q&A bonus show, subscribe at the Democracy Defender ($10/month) level or higher. Discounted annual memberships available. Thank you to everyone who supports our independent journalism, especially during these tough times. We could not make Gaslit Nation without you! Look out for our special workshop How to Make a Podcast publishing October 24th for our supporters at the Democracy Defender level and higher, unless you grabbed the early bird special in September and signed up at the Truth-teller level and higher! Join our live-taping about the psychology of Trump and his MAGA cult with Dr. Bandy Lee, author of The Psychology of Trump Contagion: An Existential Danger to American Democracy and All Humankind, October 29 at 12pm ET! Subscribe at Patreon.com/Gaslit to join our community of listeners, get bonus shows and all episodes ad free, invites to exclusive events, submit questions to our regular Q&As, and more! Discounted annual memberships available! Show Notes: To Restore Abortion Rights, Democrats Must Win the Senate. If Democrats manage to win the White House but lose the Senate, then people in GOP-controlled states will continue to be forced to bring pregnancies to term against their will. https://www.thenation.com/article/politics/to-restore-abortion-rights-democrats-must-win-the-senate/ DeJoy maintains financial ties to former company as USPS awards it new $120 million contract. XPO Logistics pays DeJoy and family businesses at least $2.1 million annually to lease four office buildings in North Carolina https://www.washingtonpost.com/business/2021/08/06/usps-dejoy-xpo-logistics/ Joe Biden Passes 'Essential Stop' in Bid to Save Mail-in Ballots - Attorney https://www.newsweek.com/donald-trump-joe-biden-mail-ballots-2024-election-postal-service-1932369 Senators call on postal board to abandon DeJoy's USPS reforms. The overhaul is harming the Postal Service, Democrats say, though postal leadership says it just needs more time. https://www.govexec.com/management/2024/04/senators-call-postal-board-abandon-dejoys-usps-reforms/396048/ Can Biden fire US Postmaster General Louis DeJoy? https://www.federaltimes.com/federal-oversight/2022/08/24/can-biden-fire-us-postmaster-general-louis-dejoy/ If You Can Keep It: Voting By Mail (1A) https://the1a.org/guests/amber-mcreynolds/ 82 House Democrats Urge Biden to Name Postal Board Nominees to “Protect and Expand” a Public USPS on letter endorsed by 36 public-interest groups https://takeonwallst.com/2024/02/82-democratic-members-of-congress-urge-biden-to-name-postal-board-nominees-to-protect-and-expand-a-public-usps-endorsed-by-36-public-interest-groups/ Watch Live: Postmaster General Louis DeJoy grilled at Senate hearing https://www.youtube.com/watch?v=Ba0pak1UOCo Musk buying votes in swing states https://www.nbcnews.com/news/amp/rcna176075 See you this Wednesday for our phone bank party with Sister District at 6pm ET – we're calling into must-win Arizona! RSVP here to join us: https://www.mobilize.us/sisterdistrictnyc/event/642096/
Send a plot and three pages of dialogue right away! Gita Jackson and Alex Jaffe team up with Eisner-nominated writer and podcaster Jordan Morris for issue 24, featuring the debut of E. S. Pete, the death of a character introduced last issue, and how Booster Gold caused Reaganomics. Chapters: Let's Talk Talent and the Cover (07:00) Let's Talk About 52 #24 (17:39) The Backup (49:50) What's your favorite part of the issue? (53:53) The Blackboard (58:01) Asking The Questions at 52mailbag@gmail.com (01:03:48) A SMALL SELECTION OF THINGS REFERENCED: 52 Geoff Johns Grant Morrison Greg Rucka Mark Waid Keith Giffen Superman Batman Wonder Woman Ted Kord Booster Gold Martian Manhunter Firestorm Charli xcx - 360 Henry Mancini - Baby Elephant Walk Jordan, Jesse, Go! Katy Perry Skeets Phil Jimenez George Pérez Andy Lanning Infinite Crisis Civil War Justice League International Countdown to Final Crisis Ralph Dibny Sue Dibny J. M. DeMatteis Super-Chief Bulleteer Seven Soldiers of Victory Ambush Bug Deadpool Forbush Man Stan Lee Bulletgirl Captain Marvel Firehawk Wolverine Jeff Lemire E.S. Pete Green Arrow Great Ten Gene Luen Yang Elliot S. Maggin Just Imagine… Red Tornado Rocket Red Silver Sorceress Tomorrow Woman Flash (Barry Allen) Crisis on Infinite Earths Hippolyta Aztek Ice General Glory Vibe Citizen Steel Amazing-Man Starman Yazz Crimson Fox Shade, the Changing Man Peter Milligan John Ostrander Martian Manhunter (1998 series) Captain America Arrow Ra's al Ghul Alexander Siddig Lazarus Pit Black Adam Isis Dwayne Johnson Osiris Frankenstein Lex Luthor Everyman Project Legion of Substitute Heroes Matter-Eater Lad X-Men Glob Herman Shark-Girl Shade, the Changing Girl Checkmate Amanda Waller Atom Smasher Suicide Squad Victor Sage Batwoman Dan Jurgens Days of Future Past Chris Claremont Justice League by Keith Giffen Babs Tarr Stripperella Leah Williams Power Girl Gotham City Sirens Punchline Empowered Legion of Super-Heroes Brian Michael Bendis JoJo's Bizarre Adventure Brainiac 5 Ronald Reagan Guy Gardner Matt Fraction Jimmy Olsen (2019 series) Tim Drake Saturn Girl Nura Nal Shadow Lass Gwen Stacy Jason Todd Lady Shiva Dennis O'Neil Youth Group Bowen McCurdy Specter Inspectors Buffy the Vampire Slayer Shaun of the Dead Dragon Ball Z Free With Ads The Godfather (1972) Cool World (1992) Billy Lynn's Long Halftime Walk (2016) Good Mythical Morning 52 Pickup is an Aftermath production, created by Gita Jackson and Alex Jaffe, and edited by Esper Quinn, with original music by Jon Ehrens. If you'd like to follow along, you can check out 52 at your local comic book store or library, or the DC Universe Infinite subscription service. The views and opinions expressed on this show are solely those of the show's personalities, and do not reflect those of DC Entertainment or Warner Bros. Please rate and review our show wherever you can, and send your questions and comments to 52mailbag@gmail.com. Never stop reading comics.
![[Abridged] Presidential Histories](https://ivyfm.s3.amazonaws.com/i320/952770.jpg)
Americans have long had a complicated relationship with taxes. We don't like paying them, but we love the things they pay for. In the decades after World War II, both political parties agreed - taxes are worth it.Then came Ronald Reagan and the anti-tax movement.Michael Graetz, a Professor Emeritus of Law at Yale University and Columbia University and author of The Power to Destroy: How the Antitax Movement Hijacked America, discusses how an American consensus was shattered and a new era of low taxation and deficit spending was begun, and the impact that era will have on Americans today and tomorrow.Support the show
Get ready to rethink everything you know about the Democratic Party! In this explosive episode of Connecting the Dots, I sit down with historian and author Jeremy Kuzmarov to reveal how the party's messaging has quietly embraced militarism—and what it means for America's future. This isn't just another political chat; we're diving deep into the hidden history behind today's headlines, exposing the bipartisan grip of the military-industrial complex on both parties. Jeremy and I break down how Democrats have shaped U.S. foreign policy, fueling wars and global interventions that have real-world impacts on immigration and international relations. If you're ready for a raw, eye-opening conversation on how our political system prioritizes power over peace, you won't want to miss this! Tune in for insights that challenge the status quo and uncover the urgent need for a more balanced, humane approach to politics, both at home and abroad. Watch or Listen now to join the conversation! Find me and the show on social media. Click the following links or search @DrWilmerLeon on X/Twitter, Instagram, Facebook, Patreon and YouTube! Hey everyone, Dr. Wilmer here! If you've been enjoying my deep dives into the real stories behind the headlines and appreciate the balanced perspective I bring, I'd love your support on my Patreon channel. Your contribution helps me keep "Connecting the Dots" alive, revealing the truth behind the news. Join our community, and together, let's keep uncovering the hidden truths and making sense of the world. Thank you for being a part of this journey! Dr. Wilmer Leon (00:00:00): Hey, here are a couple questions. Has the messaging from the Democrats changed over the past few years? Is the messaging more jingoistic, more saber rattling, have they become the party of militarism? Let's find out Announcer (00:00:22): Connecting the dots with Dr. Wilmer Leon, where the analysis of politics, culture, and history converge. Dr. Wilmer Leon (00:00:30): Welcome to the Connecting the Dots podcast with Dr. Wilmer Leon. I am Wilmer Leon. Here's the point. We have a tendency to view current events as though they happen in a vacuum, failing to understand the broader historical context in which they take place. During each episode, my guests and I have probing, provocative, and in-depth discussions that connect the dots between these events and the broader historic context in which they occur, thus enabling you to better understand and analyze the events that impact the global village in which we live. On today's episode. The issue before is militarism and messaging. My guest is a man who holds a PhD in American history from Brandeis University. He's the managing editor of Covert Action Magazine. He's the author of five books on US Foreign Policy. He's the author of a piece at Covert Action entitled DNC Convention Features former CIA director who was in charge of drone programs that killed thousands. He is Dr. Jeremy Komaroff. Jeremy, welcome to the show. Dr. Jeremy Kuzmarov (00:01:39): Thanks so much for having me. Great to be with you. Dr. Wilmer Leon (00:01:41): You open your peace in covert action as follows, Leon Panetta was drowned out by anti-war activists when he spoke at the 2016 convention, but not this time. Former CIA director, Leon Panetta, who was the director from 2009 to 2011, was among the featured speakers on the final day of the DNC in Chicago on August 22nd when Kamala Harris accepted the party's nomination as its presidential candidate. Jeremy, does this represent just a shift in rhetoric, or is this a shift in policy and a shift in direction? Dr. Jeremy Kuzmarov (00:02:25): Well, I think we see a lot of continuity. I mean, Panetta was there in 2016. He's giving the same kind of speech eight years later. In 2016, he was really promoting these anti-Russia themes, anti Putin. This was the forerunner of the Russia gate. They were already attacking Donald Trump as a Russian agents. And his speech in 2024 was the same kind of thing. It was really very jingoistic militaristic in that speech. He was invoking the glory of the Obama administration assassination of Osama Bin Laden or alleged assassination because there are a lot of different theories about what really might've gone on there. And the official story was shown to be a lie. Seymour Hirsch had a piece that was very good, and he compared it to Alice Wonderland, and their rhetoric was so far out there as to what really is known to have happened. And yeah, there are a lot of question mark or they dumped the body at sea, so there are no autopsy and some question if that was even Bin Laden. (00:03:31): Some people believe he died years earlier from renal failure. But in any event, that's the kind of thing they were doing just touting the War on terror. The US military Panetta said something that America made mistake of trying to be isolationist in the 1930s. And there's this kind of insinuation, you can't appease Putin as if he the new Hitler and America was not really isolationist. It was a global empire starting the late 19th century when it acquired the Philippines and Puerto Rico and Cuba and function as a global empire from that time period. So it never really isolationist. And FDR had this major naval buildup in the Asia Pacific that essentially provoked the Pacific War. It was a horrific war. So I mean, he obviously doesn't know his history that well, but this is just theater. Yeah, it's a very hawkish theme. He's a dancing and his speech echoed Kamala Harris' speech, anti-Russia themes, pro-military themes. (00:04:36): So that's what you get nowadays out of the Democratic party. And yeah, I mean there were booze of Panetta in 2016, but it was quiet this time around. It seems that people are just trying to mobilize around Harris and the EM of the anti-war movement. I mean, there were protestors outside of the convention. A lot of that centered exclusively on Israel Palestine. So I don't know. I mean, I think the protestors in 2016 were part of the Bernie Sanders faction. Maybe they had some hope in the party then, but now I think anti-war people have no hope in the Democratic Party. So they left or somewhere outside protesting. Dr. Wilmer Leon (00:05:21): Well, in fact, that was really the crux of my question, Panda's rhetoric versus the convention's response. And does the convention's response, or some might say lack of response, indicate that there's a serious shift in the party, particularly as we look at how easily war mongering legislation gets passed through Congress, through the democratic elements of Congress as it relates to funding for Ukraine and funding for Gaza and more jingoistic rhetoric as it relates towards China? Dr. Jeremy Kuzmarov (00:06:01): Absolutely, and I think it's telling that Robert Kennedy and Tulsa Gabbard are considered more peace candidates and they've made a lot of statements critical of US foreign policy, especially regarding Ukraine. Less so for Kennedy, and I think also Gabbard, Israel, Gaza, but definitely Ukraine. They've both been very critical and called for easing of relation with Russia. And they've warned about the threat of nuclear war and that we're in an era and new Cuban missile crisis, they've compared it to, and they were booted out of the party. I mean, Tulsa, they were treated horribly beyond just debate. I mean, Gabbard, she was in one of the CNN debates or televised debates in 2020 as she was running in the primary. And she was viciously attacked by Hillary Clinton and Kamala Harris and others who dominate the party in kind of Neo McCarthy I term, and they called her a Putin stooge. (00:07:01): And a Bashir saw theologist because she wanted to, she was against the covert operations in Syria and the escalation of conflict. And somehow they called her all these kind of names and really treated her in the way that Joseph McCarthy would recognize or victim of McCarthyism with reminiscence of that. So she was totally driven out of the party. Now you find they're more on Fox News. I mean, I think the Republican, they're trying to capitalize on the disinfection of many pacifists and peace oriented people with the Democrats, and they're trying to recruit them and draw them into the fold. And that's why they brought in Kennedy and gather. But personally, I think that they're just, they're very cynical operative and their Republican party are just trying to get that vote. But they're not really peace oriented party either. And Trump's foreign policy was very bellicose and aggressive in many ways, certainly toward Latin America. (00:08:00): The drone war, Trump escalated the drone war, escalated war in Somalia, and he's very aggressive and very xenophobic and threatens a major escalation, I think with China. So I think it's just a cynical ploy by the GOP to try and get these disaffected people are disaffected with the Democrats and by recruiting Kennedy and Gabbard to create this persona as a new peace party. But I don't think they really are a peace party. And so those of us who are really committed to pacifism, anti imperialistic politics really have nowhere in the mainstream American politics, and I think we should work on developing our own independent parties. Dr. Wilmer Leon (00:08:47): Before I get back to your piece, you mentioned in your earlier answer a reference to people trying to compare former President Trump to Hitler. And I was at the RNC when JD Vance was, his name was placed in nomination and he accepted the nomination. And I was doing my standup after the nomination. And I was saying as I was closing my analysis, I said, I find it very interesting, if not ironic, that a guy who just a couple of years ago was comparing Donald Trump to Adolf Hitler is now his vice presidential nominee, and we'll be standing next to him on stage. I said, how does that happen? And when I said that, there was a guy standing next to me who turned to my cameraman and said, you guys have to leave. You have to leave right now. He was allowing us to use his space, so he was able to tell us that. But my point is, as soon as I said that, you guys got to go, you got to go right now. Explain that because I find it amazing. And only now would something like that happen in our politics. Dr. Jeremy Kuzmarov (00:10:11): Yeah, well, I think it is increasingly out of the Twilight Zone. I mean, well, firstly, I think a lot of the rather is a bit overblown. I mean, I think Trump, there are a certain fascist theme in the GOP and there are concern about ascendant fascism and authoritarianism both among both parties. I mean the scapegoating of immigrants in the GOP, the extreme nationalism, ultra militarism like veneration of the military, that bears fear that the GOP leaning the fascist direction. I mean, I think some of the rhetoric about Hitler may be overblown, but yeah, it's totally ironic that he was calling him Hitler, as you say, and then he's the nominee. So that's just insane. But why did they kick you out? I mean, you were just repeating a fact that is known to be a fact, and that goes to the growing authoritarianism we see that can't, the kind of conversations we're having are not tolerated in the mainstream. And just a journalist doing his job and just reporting on something is being removed that Dr. Wilmer Leon (00:11:22): And can get you arrested and detained in airports and have your home raided by the FBI, as with Scott Ritter and O'Malley Yella and the three, Dr. Jeremy Kuzmarov (00:11:37): Yes, this is, yeah, I think what we're seeing is, yeah, more overt form of authoritarianism. And I think it's showing the flaw of American democracy. I mean, on paper there has been a democracy, but in reality for years and generation dissidents have been ostracized and marginalized and faced a lot of persecution, maybe not physical violence, although I mean under FBI Cual Pro, there were a lot of victims of state repression, people who were unjustly incarcerated sometime for decades, there were people killed. I mean the FBI infiltrated leftists in radical groups with the goal of destroying them and creating divisions. And in the Black Panther, they orchestrated murders. So I mean, there very violent, undersized underbelly of American politics. And that's coming more to the surface more and more. And I mean, you see, look, mark Zuckerberg said that Biden administration told him to censor Dr. Wilmer Leon (00:12:45): The Hunter Biden laptop story. Dr. Jeremy Kuzmarov (00:12:47): Yeah, well, the hunter bought laptop and relate to COVID-19. And without your view on that, people should have a right to express it, but Zuckerman was told to censor viewed that criticized the government position. And then yeah, you have these raids going on Dr. Wilmer Leon (00:13:04): A minute, a minute, a minute because it's important. I think that people really clearly understand that the point that you just made about Zuckerberg, that's not your opinion. He stated that in a letter that he wrote to Congressman Jim Jordan. And so those who want to wait a minute, what is Jeremy talking about? Right? Google it. You can read the letter for yourselves. It was sent last week and Zuckerberg made those very clear statements and was apologetic for having done what he did in censoring those stories on Facebook because he has since come to understand that contrary to, as he was told, those were not Russian propagandist talking points. Dr. Jeremy Kuzmarov (00:13:56): Exactly. Yeah, you're absolutely right about that. And another fact is that Tim Waltz made statements supporting censorship if it was related to misinformation, and that seems to be the line in the Democratic Party, but they use misinformation. Could be anybody who's simply critical of the government. They call it somebody who criticizes government policy in Ukraine or vis-a-vis Russia. They say he's promoting misinformation or Russian propaganda, or the same for the Covid narrative. They question the dominant narrative. And I found the review of waltz's statements. He promoted misinformation. So for instance, he claimed that carried out chemical attacks on his own people, and that was refuted by scientists like Theor Postal did a very detailed scientific study, and I did an article and I interviewed postal and he showed me his data and this guy, the top flight MIT scientist, and he repu these claims, his analysis, and he was very neutral. (00:15:02): He wasn't really on any side of the war, and he wasn't even particularly political. It was a very objective scientific study that based on the angles, those attacks had to have occurred from certain areas that were controlled by the rebels, not the Assad government. And that other attacks didn't think that there were chemical attacks, one of those bombing of a fertilizer plant. In other case, some stuff may have been planted like dead animals to make it look like an attack because people would've been dead. He said, he showed me photos and he had images of photos where people who were on the scene would've immediately been killed if there was actually a chemical weapon attack the way they described it, and they weren't affected or sick in any way. So in any event, that's just an example of waltz can be seen to have promoted misinformation. (00:15:57): So based on his own statements, he should censor himself. But the broader point is the American constitution and the American Republic was founded on the deal to free speech, and that's what we should have. And this cancel culture. I think too often on the left, people support censorship under the GU of a cancel culture. And I think that's very dangerous, and I think people are smart enough to see which ideas are good or bad for themselves. They don't need to have this censorship. It serves no purpose, even for somebody who is promoting bad things or false information, you don't have to censor because people are smart enough to see there's no evidence behind what he's saying, which is often true, sadly, of the US government, and that's why they lose credibility. Dr. Wilmer Leon (00:16:45): I've asked this question of a number of guests, Caleb Moin and I think Dr. Gerald Horn and a few others that talking about censorship in the United States, engagement in censorship, that if you look over history, particularly since World War I, this whole idea of censorship really comes to a height when the United States feels threatened. And then once the perceived enemy is vanquished, then the whole focus on censorship tends to wane if not go away. And so I'm wondering if now because we're seeing heightened censorship, if that's an indication to you how threatened the United States empire feels? Dr. Jeremy Kuzmarov (00:17:34): I think so. Yeah. Censorship goes hand in hand with war. War is the enemy really of democracy. And we've been in a state of permanent war since nine 11, and I think they've manufactured this new Cold War for sustaining the military complex police state, which has to go hand in hand with censorship. And we've seen more authoritarian forms of government, even toward the domestic population, heightened militarized policing in inner cities. We've seen the government stripping funding from vital social programs, and that's automatically going to generate more and more dissent and dissatisfaction with the government and living conditions. So they have to ratchet up censorship and more authoritarian, greater authoritarianism, and that's the only way they could sustain their power, and they've really lost their governing legitimacy. People, if you talk to people from all walks of life, whether in liberal areas, conservative, you find almost universally people distrust the government and they're not happy with the direction of the country, and more and more are speaking out. So they have to censor them and try and control the media and channel any descent they want to channel it and co-opt it. And that's why a lot of the media has been co-opted their CIA or FBI, infiltrators and media, even alternative media. Dr. Wilmer Leon (00:19:06): In fact, to your point about people being dissatisfied with the direction of the country, if you go to real clear politics, those polled 26.9% believe the country's heading in the right direction. 63.4 believe that the country's on the wrong track. So again, I try my best to give as much data as I can to support the positions that are being stated so the people can understand that this is substantive analysis that we're providing because talk without analysis is just chatter, and we don't chatter here. Let's go back to your piece you write, Panetta said that Harris would fit the bill as a tough commander in chief to defend the USA against tyrants and terrorists, according to Panetta. Harris knows a tyrant when she sees one and will stand up to them, unlike Donald Trump, who Panetta suggested had coddled dictators such as Putin and effectively told them they could do whatever they want. Why is that exchange or that recounting by Panetta troublesome to you? Dr. Jeremy Kuzmarov (00:20:18): Well, firstly, yeah, and the statistics you're citing indicate that many Americans are increasingly seeing their own government as tyrannical. And this is the kind of tired rhetoric we've seen over and over to justify these foreign adventures and unjust and unnecessary wars that further divert our treasury away from actually solving the problem in our society. And yeah, we see, Dr. Wilmer Leon (00:20:45): Wait a minute, and many will tell you, because I've been having this conversation for at least eight years, that that's the intent, that the objective has always been to heighten the sense of insecurity within the country so that social program funding social safety net funding could be shifted away from the public to the private military industrial complex. And they talked about this when Obama came into office, they talked about this, I know I have it backwards. When Clinton came into office, they talked about this when Biden came into office, they said the narrative is more subtle with the Democrats, but the objective is still the same. Dr. Jeremy Kuzmarov (00:21:32): And the rhetoric, as you see, they're really attacking Trump from the right and they're positioning themselves as more hawkish. And that's why a lot of the neoconservatives have moved into the Democratic party. And William Christol, who this neo-conservative, intellectual, and a great cheerleader for the Iraq war, he sent out a tweet, Leon Panetta quoting Ronald Reagan at the Democratic Convention. This is my Democratic convention or a CIA director quoting Ronald Reagan. And yeah, you see from that statement you read, Trump is somehow soft on the Russian, but if you actually look at Trump's policy toward Russia, he pulled out of the INF treaty, which is a very good arms limitation treaty. He ratcheted up these sanctions from hell on Russia. He ratcheted up arm sales to Ukraine, for instance. He sold javelin anti-tank missiles, which Obama had up to that point hadn't sold. So he would not soft at all. (00:22:31): And he was plotting regime change. I mean, there's a lot of continuity in foreign policy. You see a lot of continuity among administration. So Trump's approach really was not very different from Obama. He's just kind of expanding on things Obama was doing. And then Biden takes it to a further level of provoking all out war and attacking Russia directly. So the rhetoric is meaningless, but yeah, it's designed to inculcate fear. I agree with your analysis that they just try and make us fearful and on edge whether it's of the next disease pandemic or the next threat. I mean, they're always playing up the threat of North Korea or Iran. I mean, look at North Korea. I mean North Korea was bombed back to the Stone Aid by the United States during the Korean War and the US pumps South Korea with weaponry and stores nuclear weapons there. I mean, obviously North Korea is going to respond. (00:23:27): I mean, developing a nuclear weapon is their only way to save their country and survive as a nation. I mean, they see what happened to Libya, but our media doesn't present it in that way, or our political elites, they present it like North Korea as some major threat to us led by this crazy dictator. But they give no context for why North Korea would invest in nuclear weapons or missiles and how a lot of their weapon development is just designed to protect themselves from the threat of renewed invasion and being destroyed again, that they were in the Korean War, but they never give the history of the context. So the public who believes that rhetoric as in fear of North Korea one day, Iran, another day, Putin is presented in the most demonized way, conceivable a totally kind of cartoonish way as this evil Hitler type figure. So we're supposed to fear him one day, and that's how they do it, and that's how they justify this huge military budget that's approaching a trillion dollars now. And yeah, I mean the government spends a pittance on social welfare programs and education and healthcare infrastructure. I mean, that's what the government should be doing, should be helping to create a better society, better living conditions here at home. But instead, they spend a trillion on weapons. And that comes back. And now you have the law like the USA Patriot Act and 1290 D program where all that Pentagon weaponry gets put into our police forces who become more like occupying armies in inner cities and their mistreatment minority groups. So it's an ugly picture. Yeah. Dr. Wilmer Leon (00:25:13): You mentioned Libya, and I think we can tie this to your piece. You mentioned Libya, and people need to remember that the execution of Libby and leader Muammar Kadafi took place under the Obama administration. Hillary Clinton was his Secretary of state, and it was Hillary Clinton, and I believe Samantha Power that convinced then President Obama to execute Kadafi. And so if we understand a lineage of thought from Hillary Clinton, her predecessor Madeline Albright, she was a student of Brzezinski who was a Russia phobe. And so there's a lineage of thought within the State Department, and now we have to understand that Vice President Harris is an acolyte of Hillary Clinton. Dr. Jeremy Kuzmarov (00:26:18): And Hillary Clinton is a very dangerous figure. And I wrote a book on Bill Clinton and I did a lot of research on their career bill's career as the governor of Arkansas. So I learned a lot about Hillary, and even from that time, she's very corrupt individual. Clinton was tied with the national security establishment. He oversaw a major covert operation in Arkansas to the Nicaragua and Counter-revolutionaries, and they laundered a lot of money through illicit Proceed, and they were bringing back drugs as part of these arm smuggling operations. And Hillary worked for the Rose law firm and was representing clients who were involved in money laundering in Arkansas banks. And she was always known as a hawk. So she very unprincipled corrupt person who was involved in also all kinds of shems to raise money for Clinton's campaigns that should have put her in prison. (00:27:16): And then she was always known as a warhawk. She evolved into a major warhawk. There was a very good article in the New York Times, the Rare Good article, New York Times magazine called Hillary the Hawk, and it surveyed her career going back to the Kosovo War. She was a big proponent of the bombing there. She supported the Iraq war, every war she supported, and her hawkishness came out on Libya where she was gloating after Kadafi was lynched. She gloated, we saw he died and she was so happy about it and giggling. And I mean that was a disgrace comparable to Iraq. I mean, Libya was a well-functioning country under CA's rule. I mean, he may have had certain authoritarian features, but he used Libya's oil resources to develop their economy to invest in education. I met a number of Libyans who were able to get free education abroad that Libyan government paid for their education abroad, and they came back to work to develop their country. Dr. Wilmer Leon (00:28:20): Wait a minute, wait a minute. To that point, I was teaching at Howard University at the time, and I came across some Libyan students and I asked them who was paying their tuition and they didn't understand the concept of tuition. They were saying, well, wait a minute. Why would you pay to go to college? Help us understand. They could not put their head around Dr. Jeremy Kuzmarov (00:28:50): Paying Dr. Wilmer Leon (00:28:51): For tuition. And I believe, I don't think it's a stretch for me to say that at the time that Kadafi was the leader of Libya, that Libya was the most one of, if not the most stable country on the continent. It had one of the strongest economies on the continent. And Kadafi was developing his country, developing his agriculture. He was, as they called it, greening the desert. Libya had some of the purest water in the world, some of the deepest water, the water table. And one of the big issues was he saw himself as an African, not an Arab. Dr. Jeremy Kuzmarov (00:29:36): And I visited Zambia, my ex-wife was from Zambia, and I visited there in 2007 and Kadafi came during my visit and he was greeted as a hero because he was using Libby as well, resources to promote development projects across the African continent. And he was seen as somebody who stood up for African and was carrying on the tradition of Pan-Africanism figures who revered in Africa like Kwame Nama and Nelson Mandela. And he was seen an heir to that tradition. And then he was overthrown and treated worse than a dog. And Libya has now seen the return of slavery, violent extremism has come into the country, just pure chaos. And a lot of Libyan have had to flee to Europe and then the European under perilous conditions in these boats. And then Europeans complain about immigration. I mean, they turn Libyan to a hellhole and the cost in lives, and it's just sickening. (00:30:38): And Clinton was just laughing all about it and thought it was funny. And I think Kamala Harris seems to be on that intellectual level. She laughs at inappropriate moments. I've seen her. She doesn't seem to have a good grasp of world affairs, and she's close with some terrible leaders around the world, like the Washington Post report that she has developed as vice president, an unusually close relationship with Ferdinand Marcos Jr. And he's the son of one of the worst dictator of the US support in the Cold War Fernan Marco Sr. Who looted the Filipino treasury and killed who knows how many dissidents. And his son seems to be picking up where the father left off. He jailed Walden Bellow, who's a great intellectual in the Philippines, who is running for an opposition party, and they're building up US military bases in Philippines to confront China. And Harris went to ink some base deal a couple of years ago, and there were a lot of protesters for her visit. But yeah, this is one of the dictators she's very close with. So she's following this imperialistic tradition, and yeah, there should be, well, again, a lot of people have left the Democratic party. They see no hope in it, but it's troubling when this is supposedly the more liberal and humane party and this is what they're doing. Dr. Wilmer Leon (00:32:07): And folks, we're connecting the dots here. That's the purpose of this podcast, is connecting, linking dots, linking historic events so that you can see the trend, you can see the pattern, you can understand what's really going on behind the scenes. Let's go to Vice President Harris's speech at the convention. She says, as commander in chief, I will ensure America always has the strongest, most lethal fighting force in the world, and I will fulfill our sacred obligation to care for our troops and their families. She'll always honor their sacrifice as she should, but the strongest, most lethal fighting force in the world that now Jeremy seems to be really throwing good money after bad because the issue now, at least in terms of the geopolitical landscape, is economic. It's not militarism. It's the United States that seems to be using militarism as its only weapon. And I use that euphemistically against this unipolar to multipolar shift with the rise of bricks and the Chinese cooperation organization, their fighting an economic war with militarism. Dr. Jeremy Kuzmarov (00:33:40): Yeah, and actually it was ironic that she made those statements and that week the New Yorker published these photos from 2006 Haditha Massacre where the US military massacre, all these Iraqi civilian, and there were these horrible photos you may have seen of children who had been shot by us Marines or soldiers. So having the most lethal military force in the world, what does that mean? You go into a country like Iraq and shoot up women and children. I mean, is this something to strive for? And then as you say, this military force is getting us nowhere. I mean, it's just causing backlash against the United States. I mean, yeah, look, in Africa, all these new governments have come in and they're kicking out the US military. They don't want the bases in their country. Like in Niger, for example, a huge drone base that was removed. And I mean Ukraine Dr. Wilmer Leon (00:34:40): Just recently, a couple of soldiers within the last couple of days were harassed Incaa. And Dr. Horn was saying that this is not an isolated incident, that when you see something like this happening on the streets of tur or as many still know it as Turkey, that this is an indication that the people are rising up, not the leadership, the people. Dr. Jeremy Kuzmarov (00:35:08): Absolutely. And we see, yeah, the United States is a paper tiger. I mean, look at Ukraine, billion and billion, the weaponry and Russians are gaining more and more territory every day. It's reported that even as Ukraine is taking the war into Russia, Russia's taking more territory in Eastern Ukraine every day than they were before. Israel is doing nothing in Gaza. They just leveled the place killed. According to the Lancet report, now it's about a month ago, 186,000 civilians. Now they're attacking people in the West Bank, but they've achieved nothing militarily and the United States wars were all failure in the last generation. You have Libya. I mean, they turn countries into chaos, but it's ultimately they don't achieve the broader goal they set out. I mean, look at Afghanistan 20 years and they achieved nothing, and the Taliban came back in and it's just Dr. Wilmer Leon (00:36:04): Money. Well, Lockheed Martin and McDonald Douglas made a hell of a lot of money in Afghanistan. They achieved something. Dr. Jeremy Kuzmarov (00:36:10): Yeah, that's all they Dr. Wilmer Leon (00:36:11): Achieved. Stock value went pretty high. Dr. Jeremy Kuzmarov (00:36:15): And I think the public needs to channel their revolt against those company in the military industrial complex. Their hard-earned taxpayer dollar. They're getting absolutely nothing for it. People are getting killed around the world that weaponry has coming, being sent to us police forces after the military used equipment. It's creating a more authoritarian environment here. And a few fat cats, what they used to call merchants of death are getting rich. And there should be a revolt against those people because they've grown rich off the misery and death of other humans. And it's not a way to run an economy or society rooted in violence and just the wealth of tiny number off the misery of everybody else. And horrific weapon we've never seen in human history, the kind of horrific weapon they're developing now. It's unfit for humanity, and there is movements to try and get universal bans on certain kinds of weapons, and that should certainly be supported as well Dr. Wilmer Leon (00:37:17): In her speech. She also said, let me say, I know there are people of various political views watching tonight, and I know you know, I promise. Oh no. And I want you to know, I promise to be president for all Americans. You can always trust me to put country above party and self to hold sacred America's fundamental principles from the rule of law to free and fair elections to the peaceful of power. Well, when you look at the data and you look at the polling, an overwhelming majority of Americans, even Jewish Americans, want an end to the United States involvement in the genocide in Gaza. Now, she's saying that she promises to be the president of all Americans, but she and I put this on her because this was her convention, would not allow a Palestinian spokesperson, a representative of that position on the stage. Is that tone deaf or is it evidence that she's a Zionist and she's down with the, Dr. Jeremy Kuzmarov (00:38:37): Or both? Well, I think it's an illusion. They were trying to claim at the convention that she was working tirelessly for a ceasefire and for peace in the Middle East. And that's simply a lie the Biden administration has. It's been a joint US Israeli operation in Gaza. And we should recognize that Israel is basically a proxy of the United States empire in the Middle East that the US has used Israel. The reason they've given all those weapons to the Israelis over years now is that Israel has served the key function for the US Empire in the Middle East and accessing Middle East oil. Israel provides US military bases, and it does a lot of the dirty work for the US Empire going back years. For instance, in the six day war, the Israelis humiliated the US nemesis, Kamala del Nassar, who was like Kadafi, started as a pan arabist, and he was in the mold of Nassar who had moved to nationalize the Suez Canal and nationalize the oil resources and was forged alliances with Syria and forged the United Arab Republic with Syria and was promoting Arab unity so the Arab states could go strong in the face of Western imperialism and reclaim control of their chief natural resource oil. (00:39:58): And obviously the CIA tried to overthrow Nassar. They even sent in Kermit Roosevelt, a coup master who had been in Iran, but he failed. But Israel did the job in the sixth day war. They humiliated Nassar. And by that point, Israel was getting a lot of the US weapons already starred in the Kennedy administration where he basically opened the spigots. And Johnson was a huge supporter militarily of Israel. And Israel also carried a lot of covert operations in Africa that have served US interests, including countries like in Congo where they help access the mineral wealth of the Congo. So Israel has gone after the Assad dynasty was an enemy of the United States and West because they were more alive with Nassar in whose day and the Soviet Union, and they're more nationalistic so that the regime the US doesn't like and they've used Israel to Israel has been bombing Syria for a long time now and has tried to gone after Asad. (00:40:57): So these are just examples of how Israel does some of the dirty work of the United States and functions as a proxy of the United States. So the country basically are arm in arm together, and they may pay for public relations purposes. If Netanya has seen a bit extreme among some of their base or among some of the electorate, they may try and take a public distance or say they're trying to moderate his behavior, but I think that's more for public relations. They continue to provide him the weapons he needs, and they're not going to do anything. The last president who had a kind of even handed approach in the Middle East was to some extent with Dwight Eisenhower, who when Israel and Britain and France invaded Egypt, and after Nassar nationalized the Suez Canal, Eisenhower imposed sanctions on Israel and threatened why their embargo and even to punish Israel and the United Nations, but they would never do that today. (00:41:55): They're just giving cover and the weapons and diplomatic support in the UN for Israel's conduct and ethnic cleansing or genocide, whatever you want to call it. And I think they support the US imperialists support the project of a greater Israel, the Israeli far right that their goal is to expand the Israeli polity to basically remove the Palestinian and to use their land for broader projects, canal building to increase the water resource in Israel, access offshore oil. And the US supports that. Could they want a stronger Israel because that's their proxy in the Middle East and the US wants to dominate the Middle East and its oil resources for the next several generations, and they need Israel for that. Dr. Wilmer Leon (00:42:46): We could spend a whole nother hour on this next question, but if you could just clarify a point that you made that you just made. You mentioned Kermit Roosevelt, you mentioned the United States going in and overthrowing Nassar, and you said they failed in, oh, you said they failed in Iran. Dr. Jeremy Kuzmarov (00:43:09): Sorry. They failed in Egypt. They succeeded in Iran. Dr. Wilmer Leon (00:43:12): See, okay, see that. Okay. Kermit Roosevelt and Norman Schwartzkoff Sr went in and overthrew Muhammad Ek and installed the S Shah. That's why I wanted clarification. I thought you said, and I could have misunderstood you. I thought you said they failed in Iran. Dr. Jeremy Kuzmarov (00:43:32): No, and my point was they succeed in Iran, Kermit Roosevelt with a coup master. Then they sent him to Egypt to get rid of that thorn in their side, Albu master, because his pan-Arabism. But there he failed. Nassar was very popular, and he couldn't work the same magic, or they didn't have the right people to get rid of him. So that's when Israel stepped in and it was beefed up by us armed supplies. And in six days, they humiliated him and they provoked that war. It's been admitted by top Israeli leader than generals that they provoked that war. They humiliated Nassar, and three years later he died. And he was replaced by Anmar Sadat, who was much more west and abandoned his Pan Arab ideology. Dr. Wilmer Leon (00:44:16): And also, again, this could be a whole nother show, but just quickly, you were talking about Israel being a US proxy, and you've mentioned this before, but I think it's folks, we're connecting the dots here, pay attention. We're connecting the dots. Ukraine is operating in a similar fashion as a US proxy in that part of the world as Israel is acting in the Middle East. And so because look, folks, the Ukraine war is lost. It's lost. And people say to me, Wilmer, you said that the war would be over in two years. And I was right as Putin wound up negotiating with, I'm drawing a blank on the Ukrainian president's name, Zelensky, vmi Zelensky. And he holds up the paper and says, we negotiated a settlement. The US sends in Boris Johnson to say, we're not going to accept this. The West will not. Hence the war is ongoing. Ukraine has no tanks of its own. They're now having to go into their prisons and empty their prisons to send convicted murderers to the frontline. They don't have an army of their own anymore. They don't have artillery of their own anymore. They don't have jets of their own anymore. Everything they're using comes from NATO and comes from the West. And it's a very same situation in Israel. Again, that could be a whole show of itself, but I just wanted to quickly connect the dots between the proxies in Israel and the proxies in Ukraine. Dr. Jeremy Kuzmarov (00:46:05): And I would add the point that the United States and the people of those countries should understand, and I think this is American Jews should understand that the United States doesn't care about the people. They're using them for their own agenda. And look, Ukrainian has suffered terribly through their lines with the United States. They never would've gone to war with Russia, Ukraine and Russia got along. They had some issues, but they resolved it. And maybe the Ukrainian felt slight in some way toward the Russians, but they weren't stupid enough to take up arms against the Russians and annihilate themselves. But they thought because they had the United States and all these weapons that they could take on the Russians, and they made the same mistake as Napoleon or Hitler. I mean, the Russians are, I spent time in Russia. They're very patriotic people, and they will defend their country. (00:46:58): And this was a war provoked by the United States that basically used, and the Russians know this, that the US was using Ukraine, a battering ram against Russia, and they're going to defend themselves. And the Israeli case, look, the Israelis Israeli security has suffered tremendously. Now they're inviting attacks from all their enemies and they've shed so much blood, they're going to invite vengeance and retaliation against them, the security situation, very poor in Israel. I would not want to live in Israel, and they could invite one day their own destruction. Already, they've compromised the moral of their society. Israel was founded as a haven for Jewish people, and a lot of the very idealistic people were part of the original Zionist movement. I mean, the kibbutz was a concept of a cooperative model of an economy. But look at Israel today. It's this armed military state that is pariah around the world because of the atrocity that's carried out with support by the United States doing the United States dirty work. (00:48:05): And it's eviscerated its own democracy. I mean, it's become very repressive there. Journalists who are trying to report on what's going on in Gaza have been, I don't know. I think they've been certainly blacklist, if not jailed or shot. I mean, it's just a evolved, a violent authoritarian state. That's king of assassination. Mossad carries out assassinations around the world. It's hate and fear. It has an extreme right-wing government, this is not the ideal of a lot of the original Zionists. And a lot of American Jews are very uncomfortable the direction of that society they should be, and it could invite their own destruction one day. So I mean, that's a lesson you can take. If you lie with the empire, they'll use you for their own purpose and ultimately they'll spit you out. I mean, ask the Kurds, ask the Hmong and Lao, they've used proxies in other countries, and those proxies got totally destroyed like the Hmong and Laos or the Kurd, and they'll abandon them when it doesn't suit their agenda. They may find somebody else. And Ukrainian society has been destroyed. 500,000 youth have been killed. They don't even have enough people. How are they going to run their economy when all the youth of the country have been killed? Others had to flee. They don't want to fight the front lines. Yeah, they've sacrificed them as ponds in this war. It's sad. And Dr. Wilmer Leon (00:49:29): Lindsey Graham, Senator Lindsey Graham goes to Ukraine and encourages the Ukrainians to fight and to continue to fight. And let me just give you a quick analogy. Imagine a boxing match, and one of the cornermen is getting paid not for the win, but for the number of rounds his fighter engages in. And so that's Lindsey Graham, he's the corner man, his guy. Both of his eyes are damn near shut. He can't breathe. His lips are swollen. His head has all kinds of knots on it, and he keeps sending his guy out there to get slaughtered because he gets paid by the round instead of the knockout. Is that a fair analogy? Dr. Jeremy Kuzmarov (00:50:20): Absolutely. Yeah. And I studied the history of the Vietnam War, and one thing I remember and I used to show students the TV history of the Vietnam War, and they had one, it was made in the eighties. They had one segment on the Secret War in Laos, like what I was saying with the Hmong who they used to fight the left-wing, Beth Lao and William Colby came on, was interviewed some years later. He was the CIA director. And he said, oh, well, that was a great project for us. The Hmong lasted 10 years is exactly what you're saying. Yeah, they lasted 10 round, but then they got killed. All of them. The Hmong were decimated, and they had to send, that's what the Ukrainians are doing, the hm. Had to send 14 year olds to the front lines. And a sea operative said, started to feel bad. (00:51:06): He is like, we're sending these 14 year olds on these planes to be killed, and I know they'll be killed. And I'm telling their parents, I'm patting them on the back and they'll be killed next week. And that's what's happening with Ukraine. And Graham won't send his own kids. I mean, if they're the real reading the fight, fight a war, you have to fight. If you're a real man, you'll fight it because there's a real reason your community's under attack or there's a real threat of Hitler. But instead they manufacture these wars and cowardly send and manipulate other people to fight and die. And that's the worst form of cowardice and manipulation I could think of in human society Dr. Wilmer Leon (00:51:45): As we wrap this up and folks we're connecting dots. And if you don't like what we're saying, if what we're saying makes you angry, as Malcolm said, if my telling you the truth makes you angry, don't get angry at me. Get angry at the truth. And you can look all of this up. I want to get back to your piece you quoted, and you mentioned this earlier, but Panetta quotes Ronald Reagan at a speech at the DNC, and he emphasized the isolationism never was and never will be an acceptable response to government. You write, Panetta ended his speech by highlighting that Harris was a good choice to reinvigorate American world leadership as she worked with 150 foreign leaders as vice president served on the Senate Intelligence Committee, worked closely with VMI Zelensky of Ukraine to fight against Russia. And you go on a number of things. You say that Panetta provided a litany, my word, not yours, of misinformation and disinformation in that part of his speech. How so? Dr. Jeremy Kuzmarov (00:53:00): Well, I mean, the whole speech is disinformation because he has this mythical, romantic view of the killing of bin Laden that's not rooted in the reality. And then, yeah, he's claiming the US was an isolationist in the thirties, but the US was a global empire starting the late 19th century. And in the 30, the FDR had been the head of the secretary. I forget his position, but it was with the Navy, and he headed the Navy and he was a big naval enthusiast, and he initiated a massive naval buildup in the Asia Pacific. And then he historian believed that the key factor that provoked a Japanese counter response and led to the Pacific War. So where's the isolationism? I mean, it's not the accurate history, but I mean these conventions just about political theater. But I mean, yeah, quoting Reagan. I mean, Reagan is the icon of the Republican. That's not even your party. So what is he doing quoting Reagan? Reagan? Dr. Wilmer Leon (00:54:04): Well, he's Dr. Jeremy Kuzmarov (00:54:05): The thing that bar a right wing extremist. Dr. Wilmer Leon (00:54:07): Barack Obama said that Reagan was his favorite Dr. Jeremy Kuzmarov (00:54:09): President. I know. And it shows how far to the right the whole American spectrum has been because Reagan, when he came up in the sixties, was viewed as a right wing extremist, certainly by people in the anti-war and countercultural movement. And his whole theme was to attack the mess at Berkeley. And the student, how dare they question the Vietnam War. And then when he came in, he veered American politics sharply to the right. He cut the corporate tax rate and he ramped up us militarism in Central America, and he wanted to avenge the Vietnam War. They call them Rambo Reagan. And you can't get, this is like an icon of militarism and fascism, and they're quoting him. So I mean, what kind of party is this? And we have two right-wing parties in our country. The political spectrum has shifted so far to the right, and it's created dystopia. (00:55:04): We're discussing here where we invest trillion dollars on warfare, these morally bankrupt wars. And our own societies is filled with pathologies and majors, social ills, and we never address them. So they grow worse and worse. And we're not investing in our youth and education. I mean, where I live, the teachers are so poorly paid, it is just a disgrace. And you have third world conditions like the schools. They were protests in my state a few years ago, and I covered those protests for local newspaper. And there were people showing me on their phone who taught in schools in rural areas. I traveled in Africa and third world country. Then what they're showing me is from a third world country. There were no proper sanitation in their school. There were not enough seats for the students. And these are high school teachers trying to keep them in school. So I mean, the government is failing its citizens, and this is Reaganomics 1 0 1, so we've got to get beyond that. But they're touting this guy as a hero. That's terrible. Dr. Wilmer Leon (00:56:06): And again, I think this will be the final question, but the longer we talk, the more questions because of your insight, you mentioned that we're dealing with two right wing parties. Are we dealing with two right wing parties that are representing different interests of the right winging elite? Dr. Jeremy Kuzmarov (00:56:30): Yes, absolutely. The GOP has always been rooted in the oil industry, the extractive industry, because their environmental policy is very favorable to big business and extractive industries and big oil. I think the military industry that hedged their bets now with both parties traditionally, like in the Reagan era, the Republican and the Reagan Republican got a lot of support in states that had big military industry. Like California used to be a center of the Republican domination and states like Arizona and the Southwest. But I think the Democrats under Clinton started courting the military contractors, and now they hedge their bets on both parties. I mean, there are a certain cultural issue, the right wing, the evangelical churches who were very gung-ho about things like against abortion. That's a certain spectrum that supports the Republican party. The Democrats go for this diversity, and they court the African-American vote, but they do so really based more on symbolism than actually delivering for the black population. (00:57:45): I think something that the black population, I think we'll see more and more than maybe leaving the Democrat. They're not getting anything. They're just getting the symbolism of some black elected officials, but they're not getting benefits to their communities. And there have been studies about this, and I heard Michael Eric Dyson, who was it? Yeah, it was Michael Eric Dyson came to where I live, and he gave a talk. He had done a study, it was him, it was, sorry, TVIs Smiley who used to work for PBS. He did a big study on black America in the state of black America, and he found it got worse under Obama, a certain core thing like income and business ownership and education because the Democrat weren't delivering on concrete social program that would benefit their community. So it's more of the symbolism and that's how they get votes. Dr. Wilmer Leon (00:58:38): And as we get out, I want to read this quickly because again, folks here on connecting the dots, we connect the dots, we provide data to support statements made. You talked about the defense industry funding both parties and Dave Calhoun, who was the CEO of Boeing. When asked in July of 2020 who Boeing would prefer Trump or Biden Boeing, and this is from CNBC, Boeing CEO. Dave Calhoun said that he was confident that whoever wins the White House in November, whether it's Donald Trump or Vice President Biden will continue supporting the defense industry. I think both candidates, at least in my view, appear globally oriented and interested in the defense of our country. And I believe they will support the industries. They'll do it in different ways and they'll have different terms, different teams for sure. But I don't think we're going to take a position on one being better than the other. And Dr. Jeremy Komarov, that I think is clear evidence of the points you made that we're dealing with two wings on the same bird. Dr. Jeremy Kuzmarov (00:59:56): Absolutely. And viewers can go to open secrets.com and look at, well-known politician where they get their money. I mean, look up Joe Biden because I've done it. You'll see he gets a ton of money from Lockheed Martin. And yeah, the Democrats in some, I think they're getting more, Democrats now are getting more from the military contractor because they're even more hawkish, especially on Ukraine. That's been a big boon for a company like Boeing and Lockheed and surveillance industry. So I think they like Democrats even more now. And Democrats are positioning themselves to the right and more hawkish on foreign policy and even the border. I have an article next week on the border issue. Democrats are more to the right than Republican as far as spending on border surveillance. And that's a big, big industry, border surveillance drones, and that's part of the military industrial complex. Dr. Wilmer Leon (01:00:53): So I said, this was the last question. This is the last question, and you can just answer this, yes or no, all this conflation of the border, whether you're Donald Trump or whether you're Kamala Harris, whether you're Joe Biden or whoever, all of this talk about the border building, the wall security systems, drones a lot of money on the border. They don't talk about the US foreign policy that is driving people from Columbia, from Guatemala, from Mexico to the border because the United States policy is decimating their economies. And quick point people, you can look this up. About three weeks ago, Chiquita Brands was convicted in federal court in Florida of sponsoring death squads in Columbia. And now Chiquita Brands has to pay millions of dollars in reparations and damages to these victimized families in Columbia. Kamala Harris isn't talking about that. Donald Trump is, you want to deal with the border, deal with the decimation of these. Why are, ask the question, why are Haitians coming here? Because the United States is trying to rein, invade Haiti again, Jeremy, that in and of itself is another show. 30 seconds, am I right? Dr. Jeremy Kuzmarov (01:02:16): Yeah, absolutely. And there's no debate about that, and it's been a bipartisan in foreign policy that caused that vast immigration. And also you have to look, that caused the wreckage in those economies and societies, and you have to look at the free trade agreement. The Clinton administration promoted the nafta, and that helped decimate Mexican agriculture and forced a lot of the Mexicans to come to the United States. So nobody questioned the free trade laws. That's a big factor inducing immigration, including, especially from Mexico. So they ought to address revising those laws and creating a fairer world economy, but that might erode us primacy and the primacy of dollar, and they don't want that. So it's better to beef up the border, boost the coffer, the Lockheed Martin, instead of doing that, Dr. Wilmer Leon (01:03:10): Dr. Jeremy Komarov. In fact, here's one of the books. War Monger. I got it. Dr. Jeremy Kuzmarov (01:03:17): Oh, great. Thank Dr. Wilmer Leon (01:03:17): You. Oh, hey, man. Great. Great work. Great, great work. Dr. Jeremy Kumar, thank you so much for joining me today. Dr. Jeremy Kuzmarov (01:03:25): Thank you. Great conversation. Dr. Wilmer Leon (01:03:28): Hey folks. Thank you all so much for listening to the Connecting the Dots podcast with me, Dr. Wimer Leon. Stay tuned for new episodes every week. Also, please follow and subscribe. Leave a review, share the show, follow us on social media. You can find all the links below in the show description. Remember, this is where the analysis of politics, culture, and history converge, talks without analysis is just chatter, and we don't chatter here on connecting the dots. See you again next time. Until then, I'm Dr. Wimer Leon. Have a great one. Peace. We're out Announcer (01:04:11): Connecting the dots with Dr. Wilmer Leon, where the analysis of politics, culture, and history converge.
What a CreepSeason 26, Episode 7Ronald Reagan, trickledown economics & welfare queensIt's time to talk about President Ronald Reagan's “trickle-down economics” tax policy, which has been described as the most enduring failed policy idea in American politics. And that leads into Reagan's narrative of “the welfare queen,” the undeserving women who are freeloading off of the American taxpayers, AND THAT feeds into the bigger story of people living in poverty who don't want to work. What a creep.Sources for this episodeCBSGeorgetown LawNew AmericaNew York TimesPBSThe Roosevelt InstituteWashington PostWikipedia (Reaganomics)Wikipedia (Trickledown economics)Wikipedia (Welfare queens)What a Creep episodes on ReaganPart one: Reagan and his mental health policiesPart two: Reagan and the AIDS crisisBe sure to follow us on social media. But don't follow us too closely … don't be a creep about it! Subscribe to us on Apple PodcastsTwitter: https://twitter.com/CreepPod @CreepPodFacebook: Join the private group! Instagram @WhatACreepPodcastVisit our Patreon page: https://www.patreon.com/whatacreepEmail: WhatACreepPodcast@gmail.com We've got merch here! https://whatacreeppodcast.threadless.com/#Our website is www.whatacreeppodcast.com Our logo was created by Claudia Gomez-Rodriguez. Follow her on Instagram @ClaudInCloud
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This episode of Going Green (a SPACES podcast story) explores the historical roots, policies, and corporate actions that lead to the energy crisis of the 1970s and President Jimmy Carter's energy policies that aimed to combat the crisis. We examine the evolution of environmental policy in the United States during the Reagan era. The impact of Reaganomics, the role of the Heritage Foundation, and the deregulation and budget cuts that affected environmental programs are also discussed. The episode also highlights significant environmental disasters and the growing awareness of climate change during this period. Subscribe to SPACES PodcastEpisode Extras - Photos, videos, and links to additional content I found during my research. Episode Credits:Production by Gābl MediaWritten by Dimitrius LynchExecutive Produced by Dimitrius LynchAudio Engineering and Sound Design by Jeff AlvarezArchival Audio courtesy of: C-SPAN, ThamesTv, CBS News, PBS NewsHour, Miller Center, Movieclips, Free To Choose Network, Larry Bergan
This week the guys kicks things off discussing the extravaganza 50 cent brought to Shreveport, LA with his new film studio. Just Robyn has a date (3:42). A continuation of last weeks segment of which cartoon characters you want to sleep with (7:55). How to respond to an altercation with a guest on the podcast (12:31). Skai Jackson DV charge (19:05) New Jersey resident Anthony Collins charged with manslaughter after killing a man for making racial slurs towards his family (25:38). Judge Kenneth King in hot water after treating 16 year old on field trip with jail time for sleeping in courtroom (33:10). Florida couple robbed for casino winnings (38:19). Tyrese Gibson in news for cosplaying as Marvin Gaye (41:15). Hollywood Nicky breakdown how Ronald Reagan finessed America and put the nation in an economic downward spiral (46:29). Is Michael Rubin out of line for speaking on black culture (51:55). Actress Garcelle Beauvais dating app woes (55:40). Hollywood Nicky hatred for Savanah James (58:12). August Alsina in the media again for sexuality (1:04:32) Simone Biles biological mother wanting to be back in her life (1:07:44) and much more with guest host Just Robyn so tune in......
We would love YOUR feedback--Send us a Text MessageReady to uncover the legacy of one of America's most influential presidents? Join us as we explore the transformative impact of Ronald Reagan's conservative counterrevolution. We'll take you back to the pivotal 1980 election, examining the shift away from progressive dominance and toward Reaganomics. This is our fourth installment of Pivotal Tuesdays Series. We offer the conventional viewpoint which will be offered by Margaret O'Mara's Pivotal Tuesdays book and the conservative and politically incorrect viewpoint will be offered from Steven Hayward's, Political Incorrect Guide to the Presidents, Part 2If you are a conservative, you dont want to miss this insightful episode packed with historical reflections and powerful nuggets of wisdom!Key Points from the Episode:Learn how Reagan's economic reforms, dedication to the Constitution, and efforts in ending the Cold War not only restored American confidence but also cemented his place as one of the greatest American leaders.We'll also discuss Reagan's landslide 1984 re-election, where he triumphed across 49 states but faced a divided Congress that posed significant challenges. Despite these hurdles, Reagan pushed forward with initiatives in judicial originalism and federalism, and we dissect the ideological tensions of the time, including the notable Indiana congressional district dispute. Discover how his enduring economic policies laid the groundwork for future prosperity, even in the face of legislative obstacles.Lastly, we delve into Reagan's proposed constitutional amendments and his uncompromising anti-abortion stance. Compare his views on abortion with Lincoln's on slavery, and see how his Economic Bill of Rights remains pertinent in today's fiscal environment. We'll also touch on the complexities of his second term, including the Iran-Contra affair, and reflect on how Reagan's principles continue to shape contemporary conservative thought. Don't miss this comprehensive look at Reagan's enduring influence on American politics.Other resources: Want to leave a review? Click here, and if we earned a five-star review from you **high five and knuckle bumps**, we appreciate it greatly, thank you so much!Because we care what you think about what we think and our website, please email David@teammojoacademy.com, or if you want to leave us a quick FREE, painless voicemail, we would appreciate it.
JD Vance made his first speech as Donald Trump's VP pick at the Republican National Convention; CNBC's Eamon Javers reports on Senator Vance's reception at the RNC in Milwaukee, and former SEC Chair Jay Clayton explains how Vance's new economic conservatism works–or doesn't work–with the Republican preference for Reaganomics. Meanwhile, President Joe Biden has tested positive for Covid-19, but he's still campaigning. Plus, ChatGPT scored a 98% on a medical exam that most first year residents score a 70% on. Former FDA Commissioner Dr. Scott Gottlieb says, some AI LLMs are good at providing differential diagnoses when presented with detailed lab results. Eamon Javers - 07:30Jay Clayton - 16:56Dr. Scott Gottlieb - 31:04 In this episode:Eamon Javers, @eamonjaversScott Gottlieb, @ScottGottliebMDBecky Quick,@BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinKatie Kramer,@Kramer_Katie
The Running Man, starring Arnold Schwarzenegger, resembles the Richard Bachman (Stephen King) novel it was based on in name only. Naturally, since its lead is the "Austrian Oak," it is a testosterone-fueled action movie with a light sprinkling of dystopian allegories. That said, it crushes both of those elements. Certainly, The Running Man's dire warnings may feel satirical, but viewed through a contemporary lens, they are wildly prescient. Deep fake technology, live executions being fed to the masses in the form of a game show, and an America run by corporate greed are not just plausible, we're living through most of it. In the 1980s, when the country was high on Reaganomics, The Running Man's themes sadly failed to resonate with audiences. On a budget of nearly $30 million, it grossed just north of $38 million. That, unlike Cadre Cola, does not hit the spot. Now, sit back, get energized with a Hazing Arizona from Walter Station Brewery, and let's start running! I, the Thunderous Wizard (@WriterTLK), Bling Blake, Capt. Cash, and Chumpzilla love this saw. It's a part of us, and now we're gonna make it a part of you! This Week's Segments: Introduction/Plot Breakdown – The year is 2019. The finest men in America don't run for President. They run for their lives! (0:00) Lingering Questions – We need one kill. Which Stalker do we pick for the job? (35:03) The "Captain Freedom's Workout" Trivia Challenge – I challenge the field to trivia about the movie. (55:18) Recommendations – We offer our picks for the week and next up: We continue Dystopian Flops with some B-grade Gun-Fu in Equilibrium! (1:05:24) And, as always, hit us up on Threads, Twitter, Facebook, or Instagram to check out all the interesting factoids from this week's episode! You can find this episode of Hops and Box Office Flops on all your favorite pod catchers!
Don't buy into the Mitt Romney hype of 2012 or Reaganomics or the Neo-Liberals or the Right Wing or the Conservatives. The ones who feel entitled are the corporations, the wealthy, and those who do the least. --- Send in a voice message: https://podcasters.spotify.com/pod/show/politicsdoneright/message
We're joined by President Ronald Reagan's Budget Director, David Stockman. He tells us what real estate investors and everyday people need to know. Stockman served as Reagan's Director of Office, Management and Budget from 1981 to 1985. He tells us to expect higher inflation and interest rates for longer, maybe even the rest of the decade. Don't expect rate cuts for a long time. The US is moving toward an unsustainable debt situation, with $100T in public debt expected within twenty-five years. We have embedded deficits. Learn why the recession has been postponed. David also reveals what will inevitably pull the trigger to potentially start the recession. Hint: Household budgets. Pandemic stimulus programs gave citizens $3T. Half of it has now been spent. He was also one of the founding partners of Blackstone. David Stockman tells a story about President Reagan's personal touch with him. You can subscribe to David Stockman's Contra Corner for free here. Resources mentioned: David Stockman's Contra Corner For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Complete episode transcript: Keith Weinhold (00:00:01) - Welcome to our Ivory Coast, Keith Whitehill. There are some dire warning signs for the future of our economy. We're joined by none other than the father of Reaganomics. To break it down with us. Today is late. President Ronald Reagan's budget director joins us. When is this perpetually postponed recession coming? Why? Inflation and high interest rates could carry on for the rest of the decade. And what it all means to your finances and real estate today on get Rich education. Robert Syslo (00:00:34) - Since 2014, the powerful get Rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from past real estate, investing in the best markets without losing your time being a flipper or landlord. Show host Keith Wine, who writes for both Forbes and Rich Dad Advisors and delivers a new show every week. Since 2014, there's been millions of listeners downloads and 188 world nations. He has A-list show guests include top selling personal finance author Robert Kiyosaki. Get Rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener. Robert Syslo (00:01:08) - Phone apps build wealth on the go with the get Rich education podcast. Sign up now for the get Rich education podcast or visit get Rich education.com. Corey Coates (00:01:19) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Keith Weinhold (00:01:35) - We're going to drive from Glen Burnie, Maryland, to Glen County, California and across 188 nations worldwide. I'm Keith Reinhold, and you're listening to get Rich education. We're going bigger picture this week before we talk to President Reagan's money guy in the white House. Understand that today's guest was also one of the founding partners of Blackstone, and they are in the real estate business. You're going to get a lot of deep, uniquely qualified insights today. And I'll tell you what's going on around here. Lately, things have been feeling awfully presidential between last week's program and now this week's program. Hey. Stars and stripes forever. Semper fi. Rah! Now, as the greatest detonation in the history of the world, how in the heck are we, as the United States, going to keep financing our debt now, you can think of a treasury, also known as a bond, as an IOU, as we take on debt to fund our government spending programs. Keith Weinhold (00:02:42) - Really, what we do is issue then these IOUs to the rest of the world and then down the road. We need to pay back these IOU holders, treasuries, holders, whatever we've borrowed with interest on top of that. That's a really simple way to describe how it works. Think of a Treasury as an IOU. Well, we have $9 trillion in treasuries that need to be rolled over at higher interest rates just this year alone. Okay. Well, how does the market look for that sort of thing? Well, a lot like before you decide to sell a piece of real estate, you would want to know how that buyer's market looks. How is the buyer's market for us selling more treasuries, which is basically us issuing more IOUs? How is that world interest level in our treasuries? Well, this is a time when the world is selling treasuries. We're trying to get rid of them. Well, why would they buy more when we keep printing like crazy, debasing the dollars that they will eventually get their treasuries repaid in down the road? Case in point, China is down to just over 700 billion of treasuries that they're holding. Keith Weinhold (00:04:01) - Well, they were 3 trillion not too long ago, more than four times that Russia and Iran sold all of their treasuries. Other countries are shedding them too, like Japan. It gets even worse than that because the number one holder of our own debt is our own fed. And then it gets even worse than that. Yet, because even our own fed is rolling treasuries off of their balance sheet. So who is going to finance this often irresponsible US spending the 10 trillion or $11 trillion every single year for the next ten years that we have obligations toward already, and it looks like all those are going to be at higher interest rates, too. Now, I am not telling you how to think about us as the United States, for example, sending foreign aid to multiple nations. That's up to you to decide whether it's Ukraine or the Middle East or Taiwan that gets political. And that is beyond the scope of GR. We are an investing show. What I'm saying is that backdrop that I just gave you, that's something that you need to take into consideration, is you weigh those foreign aid decision types. Keith Weinhold (00:05:20) - Speaking of getting worse, do we at least have competent decision makers today? Now, as we'll talk to the father of Reaganomics here shortly, someone that served in an earlier era. Here's a clip from this era that really went viral lately, but it's apropos to play it here. This is Jared Bernstein today. He chairs President Joe Biden's Council of Economic Advisers. How much confidence does this instill? And remember, this guy chairs the economic advisers to today's president. Jared Bernstein (00:05:56) - The US government can't go bankrupt because we can print our own money. Voice (00:06:00) - Like you said, they print the dollar. So why? Why does the government even borrow? Jared Bernstein (00:06:04) - Well, the, so the I mean, again, some of this stuff gets some of the language that the, some of the language and concepts are just confusing. I mean, the government definitely prints money and it definitely lends that money, which is why the government definitely prints money. And then it lends that money by, by selling bonds. Is that what they do? They they, the. Jared Bernstein (00:06:34) - Yeah. They, they they sell bonds. Yeah. They sell bonds. Right. Because they sell bonds and people buy the bonds and lend them the money. Yeah. So a lot of times, a lot of times at least to my year with MMT, the, the language and the concepts can be kind of unnecessarily confusing. But there is no question that the government prints money and then it uses that money to so, yeah, I guess I'm just I don't, I can't really, I don't, I don't get it. I don't know what they're talking about. Keith Weinhold (00:07:08) - Well geez. How's that for clarity and confidence from today's major decision makers on our economy? Gosh. Now, in my opinion, back in 2020, our government, they set up the wrong incentive structure to deal with the pandemic. Remember things like the PGP, the Paycheck Protection Program, remember mortgage loan forbearance and the eviction moratorium. See when that type of aid is given, well, then the result is that citizens don't learn that they need to keep some cash handy, and then that behavior that gets rewarded gets repeated in that behavior is handouts. Keith Weinhold (00:07:53) - And then the expectation for more handouts. 56% of Americans don't even have $1,000 for an emergency expense. Well, see, they're not really incentivized to in the future. If in a crisis, everyone just gets another taxpayer funded handout, but then see those same people that got that handout get hurt in the long run. Anyway, with the longer run inflation that the handout created, don't let there be one day of austerity for the least prepared American, I guess. Instead, bail them out and add on to everyone's debt load, which you know that right there. That seems to be the playbook. Like that is the protocol of the day that is not responsible, in my view. Now, the minutes of the latest fed meeting, they said that some fed officials would be open to raising interest rates if inflation doesn't let up. I mean, that news alone that sent stocks plunging like they were riding the Tower of Terror, giving the Dow its worst day in a while. I'll discuss that more with the father of Reaganomics, David Stockman, today. Keith Weinhold (00:09:01) - It's the kind of episode that can stretch your thinking here. Now, what is Reaganomics? Well, one thing that you should know is that it's committed to the doctrine of supply side economics. You probably heard that term before. And really what that's all about is lowering taxes, decreasing regulation, and allowing free trade and what was called the Reagan budget. That's something that his budget director Stockman expected would help curtail the welfare state. And he gained a reputation as a tough negotiator for that. He lives on the Upper East Side of Manhattan today, and it's kind of funny with macroeconomic discussions. You'll notice something here, the word million, that doesn't even come up that much anymore. It's simply a number that is too small. It is more like billion and trillion. And hey, let's see if the term three orders of magnitude above trillion comes up today. Quadrillion, or even the one after that quintillion. Is that where we're going next? We'll see. before we meet David Simon, I've gotten more questions about something, because the national average bank account pays less than 1% on your savings. Keith Weinhold (00:10:18) - And where do you really get a decent yield on your savings, even beyond the 5% in an online only savings account or a CD, which that does not outpace true inflation? For years now, I've reliably been getting 8%. What I do is keep my dollars in a private liquidity fund. You can do this to your cash generates up to an 8% return. The minimum investment amount is just 25 K, and you keep getting paid until you decide that you want your money back. And the private liquidity fund has a decade plus track record, and they've always paid their investors 100% in full and on time. And I would know this because I am an investor with them myself. So see what it feels like to earn 8%. A lot of other great listeners are any investing involves risk, even dollars at a brick and mortar bank. So to learn more, just text the word family to 66866. Learn more about the liquidity fund. Get 8% interest. Just do it right now while you're thinking about it. Keith Weinhold (00:11:23) - Text family to 66866. Let's meet David Stockman. A Wall Street and Washington insider and Harvard grad. Today's guest is a former two time congressman from Michigan, a prolific author, and he is none other than the man known as the father of Reaganomics. He was indeed President Ronald Reagan's budget advisor. Welcome to the show, David Stockman. David Stockman (00:11:54) - Great to be with you. And, that was a while back. But I think there's some lessons from that time that we would be well advised to try to apply today, that's for sure. Keith Weinhold (00:12:05) - Well, it's an illustrious title that you'll never shake. It's a pleasure to have you here. And David is a real estate investing show. At times we need to step back and look at the bigger picture. And now on the economy, one seems to get a different answer depending on who they speak with. You have a highly qualified opinion. What do both investors and citizens need to know today about the condition of the American economy? David Stockman (00:12:29) - I don't think the outlook is very promising, but I think it's important to understand what that means for real estate investors, because the fact is, if you're in real estate and I know many of your listeners or viewers are very knowledgeable and sophisticated, there's really two ways to look at real estate. David Stockman (00:12:49) - One is as a property that generates a flow of cash or income that is highly reliable, and that you can count on and produces a rate of return on the invested capital that's attractive. That's one way. The second way is that if you invest at the right time, when perhaps interest rates are falling and therefore multiples or cap rates are becoming more attractive and property values are rising rapidly, mainly because of easy money and lower interest rates, then there's a huge opportunity for capital gains. As another way of generating return on capital. But those are two obviously very different tracks. The capital gains route by old invest, improve flip flop the gain and move on or the, you know, income based rent and earnings based, approach to property. Now, I think the reason I went through this is pretty elementary, of course, is that the macro environment is very different between the first strategy and the second strategy. And therefore, the important thing to understand about the macro environment is which environment are you in and is it conducive to strategy a the income strategy or b the capital gains strategy? I would say right now we're totally in an incomes strategy environment, the first route. David Stockman (00:14:34) - And that's because as we've gone through several decades of easy money, of rapidly rising asset values, of ultra low interest rates, very high multiples, in terms of property values to income that has generated trillions and trillions of capital gains for smart real estate investors. But I think we're out of that environment, and we're in an environment now where we're stuck with massive public debt and deficits. We're stuck with a, central bank that is, basically painted itself into a corner, created so much fiat credit, generated so much liquidity into the economy that now it will be struggling with inflation for years to come. Which means, notwithstanding Wall Street's constant belief that rate cuts are coming tomorrow, there won't be rate cuts for a long time to come. And what we're facing, therefore, there is likely higher rates for longer. A environment in which property values are flat if not declining, and therefore the capital gains route is not going to work very well. But if you have good properties with good tenants and good cash flows and, rental flows, real estate mine works out pretty well. David Stockman (00:16:05) - But you have to understand the macro environment. And that's one of the things that I work on daily when I, publish my daily newsletter, which is called, David Stockman's Contra Corner. Keith Weinhold (00:16:19) - You can learn more about Contra Corner, David's blog, before we're done today. David, you have a lot of interesting things to say. There we are in this environment where rates have been higher, longer. It sounds like you believe that is going to continue to be the. Case is rate cuts will be postponed is a little more difficult question. It's some crystal ball stuff. But can you tell us more about that? What can we expect for inflation in interest rates for the rest of this 2020s decade, which has about six years to go? David Stockman (00:16:48) - There's going to be high rates for most of this decade because we have so much inflation and excess demand built into the economy. We really went overboard, especially after 2020 with the pandemic lockdowns and then these massive stimulus program, something like $6 trillion of added stimulus, was injected into the economy in less than 12 months. David Stockman (00:17:16) - That created a undertow of inflation that is still with us. And despite all the hopeful commentary that comes from Wall Street, if you look at it year to date, I don't look at just the CPI because the headline number is somewhat volatile and can be pushed and pulled a lot from a month to month based on nonrecurring conditions. But if you look at something called the 16% trimmed mean CPI, it's just the same CPI, but it takes out the lowest 8%, the highest 8% of price observations each month out of the thousands in the market basket. What it does is basically takes the extreme volatility out of the top and the bottom, and gives you a trend that is more reliable if you're looking like on a quarter by quarter or year by year or even multi year basis, well, I mentioned this is important because the trim means CPI is still running at about 4.3% during the first four months of this year to date. That's not a victory over inflation. That's double what the fed says his target is. And frankly, the Fed's target is a little bit phony. David Stockman (00:18:35) - I mean, what's so great about 2% inflation if you're a saver and your savings are, you know, shrinking by 30% over the course of a decade, so they're going to have a tremendous wrestling match with inflation, not just for a few more months, but I think for several more years in this decade, I don't see the federal funds rate, which is kind of the benchmark rate for overnight money coming down below 5% very soon, or if at all. And that's because with inflation running at 4% or better, if you have a 5% money market rate, you're barely getting a return on capital, especially if you factor in taxes. You know, it's like it's a rounding error and that doesn't work over time. I mean, you're not going to get long term savings. You're not going to get long term capital investment. If the return is after inflation and taxes are either non-existent or negative, as they've been for quite a while. So even though everybody would like to hope we're going back to the good old days of 0% over 90 money or 1% money, which they got so used to over the last couple of decades. David Stockman (00:19:55) - It was bad policy. It wasn't sustainable. It caused a huge amount of bubbles and distortions in our economy. But once we finally got to the end of that in March 2022, when the fed had to finally pivot and say, yeah, inflation isn't transitory, it's, embedded, we got to do something about it. People think we're going right back to where we were, and that's the key thing to understand. We are not going right back to where we were, in part because of all this inflation business I've talked about, but also in part because they got so used to borrowing money on Capitol Hill and practically zero interest rates that they are now, you know, they have built in deficits of 2 trillion or more a year. And, we are going to be pushing into the bond pits, massive amounts of new government debt. There's no consensus to do anything about it. You know, if the Republicans talk about reforming the entitlements, the Democrats say you're throwing grandma out the snow. If the Democrats talk about raising revenue, the Republicans talked about, you're going to get slaughtered with higher taxes. David Stockman (00:21:12) - And then everybody's for more wars and more defense and the bigger and bigger national security budget. And that's all she wrote. If you don't do with revenue, you don't do it national defense and entitlements. The rest of it is rounding errors. And so we're stuck with these massive additions to the debt. Now, everybody knows the public debt. Is 34 trillion. Ready? Yeah. What I'd say they don't understand is that by the end of this decade, you ask about the decade, right? Will we close to 60 trillion of debt. And, if you look at the last CBO, projection they do every year at long term projection, and CBO actually is more optimistic than it is warranted in any way. In other words, their long term assumptions I call rosy scenario. There's no more recessions for the next couple of decades. Inflation is well-behaved, interest rates stay low. Full employment lasts indefinitely and forever. Well, this doesn't happen. Look at the real world. Over the last 20 or 30 years, we've been all over the lot. David Stockman (00:22:18) - So if you look at the CBO forecast, which is I'm just saying here is exceedingly optimistic. They never are the less are projecting that the public debt and they don't even write this number down in their report because it's too scary, will be $100 trillion before the middle of this century. Keith Weinhold (00:22:41) - That's a. David Stockman (00:22:42) - Trillion. Yeah. Now, if you ask people today who are market savvy, I like a lot of your viewers. Where are the Treasury bills, notes and bonds today? Well, if you average it all out, it's about 5%. I don't think it's going to come down much. It'll vary a little bit up and down over time, but let's just say it stays at 5%. That means the carry cost of the public debt of a couple decades will be 5 trillion a year. The interest okay. It's staggering. That's almost as much as the whole federal budget is spending this today at, you know, about 6.6 6.7 trillion. So that's where we're heading, a massive debt crisis because they built in a structural deficit that the politicians and I call it the unite party. David Stockman (00:23:33) - They fight about silly things, but they agree on the big things which are leading to this outcome. The unit party has no ability to do anything about this structural deficit or the march from the 34 trillion that we're at today to 60 trillion by the end of the decade, and 100 trillion of public debt by mid-century. Now, for a real estate investor, that's probably the most important number you're going to hear. You know, at least this week or maybe this month or even this year, because what it means is that the amount of new government debt flowing into the bond pits, that'll have to be financed and that can't be monetized by the fed anymore because there's too much inflation, is going to put constant, enormous pressure upward on interest rates. And of course, higher interest rates mean lower property values. That's just basic real estate math. That's the environment we're heading into, which means good properties with good income and good rental flows are really the only way to go. Keith Weinhold (00:24:55) - Yeah, well, there's an awful lot there. Keith Weinhold (00:24:57) - And with this persistent higher inflation that you expect, the way I think about it is the higher the rate of inflation, the more that moves a person's dollars out of a savings account and instead out onto the risk curve. Well, David alluded to a problematic economy. We're going to come back and talk about more of those warning signs and what you can do about it. You're listening to Get Resuscitation, the father of Reaganomics and Ronald Reagan's budget director, David Stockman, I'm your host, Keith Reinhold. Role under this specific expert with income property, you need Ridge Lending Group and MLS for 256 injury history from beginners to veterans. They provided our listeners with more mortgages than anyone. It's where I get my own loans for single family rentals up to four Plex's. Start your pre-qualification and chat with President Charlie Ridge. Personally, they'll even customize a plan tailored to you for growing your portfolio. Start at Ridge Lending group.com Ridge lending group.com. Speaker 7 (00:26:06) - This is author Jim Rickards. Listen to get Rich education with Keith Reinhold and don't quit your day dream. Keith Weinhold (00:26:23) - Welcome back to Get Ready. So we're talking with the father of Reaganomics. His name is David Stockman, President Reagan's budget advisor. David, you've been talking about a problematic economy and places we can look and the outcomes that that can create. Why don't we talk about some more of those where we're here in a period where we feel like it's an official recession postponed, for example, are there other places that we should be looking? Is it the sustained inverted yield curve that we had for almost two years, the longest one ever, and a Great Recession predictor? Or is it that we're on the precipice of implosion from a debt to GDP ratio that's at 122%. It actually spiked to 133% when Covid first hit. Or for example, is it something and you've already touched on it a bit, is it more of that federal spending on our debts, interest payments alone each year, which had almost $900 billion for that interest line item that now even exceeds the massive $800 billion that we spend each year on national defense, or should we be looking at somewhere else? So what's out there that's really problematic and what's overblown? David Stockman (00:27:28) - Okay. David Stockman (00:27:29) - That's great. And all of those things you mentioned you should be looking at, it depends on your time frame. But I think on the initial question, where is this postponed recession? Why hasn't that happened? The place to look is somewhere that I think most Wall Street analysts aren't focused on, but they should be. And that's a series published by the Federal Reserve that tracks household balance sheets, in other words, liabilities and assets. But there's a particular series that I think is critically important to look at, and it's basically bank deposits, checking account savings accounts plus money market funds. This is all the liquid cash accounts of the household sector, not long term investments in real estate or stocks or bonds, but the short term money. It's the spendable money that households have now, what happened during the pandemic and lockdowns. And then the 6 trillion Is stems that were injected into the economy, like some kind of fiscal madness was going on in Washington, created a total aberration in the amount of cash in the economy, in the household sector, in these accounts that I just mentioned, normally right before the lockdown started and the stimulus was injected, you know, the level of cash accounts was about 12 trillion. David Stockman (00:29:00) - Within two years it was up to 18 trillion. And normally that cash balance grows about the same rate as the economy. In other words, as incomes go up, people save a small share of their income that goes into various bank accounts. There tends to be a lock step relationship. But what happened during that two year period was there was so much extra cash sent out to the households with the $2,000 checks in the $600 a week extra stimulus money, and then the, trillions that went, you know, for things like the Small Business Administration loan program, which was all forgivable, was about almost upwards of $1 trillion. You know, we could itemize all the others. But this enormous government, unusual cash flow into the economy added to these bank accounts enormously. And then something else happened. The geniuses in Washington, led by Doctor Fauci, decided to shut down half of the service sector, the economy. I'm talking with restaurants and bars and gyms, malls and movies and and all the rest of it. David Stockman (00:30:09) - So all of a sudden, the normal money that people would have been spending on the service venues, which is a big part of total spending, was stopped. It was kind of forced into artificial savings, sort of government mandated savings. Now, if you put the two together, there was about 2 trillion, extra transfer payments sent out to the public during that two year period. And there was a little over a trillion of normal service spending, restaurants in, etc. that didn't happen because there was a closed sign on the door, compliments of Doctor Fauci, or people were scared to death to go out because, you know, they created all this fear that Covid was some form of black death, which it really wasn't for 95% of the population. In any event, if you put the extra free stuff from the government, 2 trillion and the for savings because of these lockdowns, trillion, you have 3 trillion of unusual cash that flowed into the economy on top of the normal production. Income and profits and spending that would have otherwise gone on. David Stockman (00:31:26) - Now that 3 trillion temporarily ended up in this account, that I'm just talking about the cash balances of the household sector and its peak, there was about 2.8 trillion extra compared to what would been be the normal case in a regular economy. In a normal economy, that money has been slowly spent down by the household sector, even as the fed has tried to put the screws to the economy. In other words, there was so much extra cash in the system that even as the fed raised interest rates from 0 to 5% and did their darndest to slow things down, all of that excess that was built up during the pandemic period was available to spend. It was spent. And here's the key point. About half of it is now been spent. In other words, there's only about a trillion and a half of the nearest 3 trillion left. Now that is what's delayed the recession. If that big, massive 3 trillion nest egg had been there and the fed began to push rates up as it normally did in a normal cycle, we would have been in recession months ago. David Stockman (00:32:41) - But what has delayed or deferred the recession is this, cushion, this huge macro piggybank of cash that the government inadvertently or adversely is the case may be generated, during the pandemic period. So that's new. See that? Nobody looks at that because normally it's not a factor. You know, the cash balances are a pretty, prosaic, neutral part of the economy. They're not where you look for the leading edge of where the cycle was going or where new developments may turn up tomorrow. But this time, because of this total aberration of what happened to government transfer payments plus the lockdowns, we have a, X factor, let's call it in the macro picture that is confusing people. It's leading a lot of people to abdicate this no landing scenario. In other words, you know, there's not going to be a recession. We're just going to go on to bigger and better things. And, the fed will get inflation under control and then we can be back to happy times again. No, they're missing. David Stockman (00:33:56) - The elephant in the room is this massive aberrational unusual one time cash balance that was, generated by these policies. And that still has a little ways to go now. I think at the rate it's being run down, you can almost calculate it a couple hundred billion dollars, a quarter sometime next year, all of that extra cash will be out of the system. And then people will be back to spending only what they're earning. And frankly, earnings they're not. I'm talking about wage and salary earnings, are advancing barely at the inflation rate at the present time. So when we get back to about zero real growth in earnings, we're going to finally see the recession. Keith Weinhold (00:34:45) - I think one of the big takeaways here is that all these artificial economic injections really take time to unwind. David Stockman (00:34:56) - Exactly. You have to look at, you know, they always say, well, when the government changes policy, fiscal policy, you tighten or you loosen or monetary policy they raise or lower interest rates. They got QE or they got cute putting money in or taking money out that there's lag and lead times in all of this. David Stockman (00:35:18) - The problem is, none of the great economic gurus who talk about this really know whether the lag time is 12 months, 25 months, 50 or 5, and it varies. I mean, the circumstance has changed so much in a world GDP of 104 trillion, a domestic economy with 28 trillion of GDP, and all the complex factors that are moving back and forth in today's world, especially as it's enabled by technology and global trade and the internet and all the rest of it, nobody knows the lag times. And as a result, it's very hard to predict when the, brown stuff is going to hit the fan, so to speak. On the other hand, you don't have to know the exact date. You really need to understand the direction, the flow of things. And if you're in an environment that isn't sustainable because you're borrowing like crazy or interest rates or artificially. Low or stock price multiples are way the L2 ie or cap rates on real estate or you know, abnormally low. Then what you have to say is we're going to a different state. David Stockman (00:36:35) - It's not going to be as conducive as the current state, and we have to be prepared for it, even if we are not sure whether that's 12 months from now or 24 months. But it's going to change. So one thing you can be sure of, there is a famous economist back in my day when I worked on Capitol Hill earlier on, he was Nixon's chief economic adviser in the early 70s. And he famously formulated an aphorism, I guess, which said anything that is unsustainable tends to stop. Okay, that's what I know about the lag times. We're in unsustainable financial, fiscal and monetary environment. And the trends that it has given rise to are going to stop and and not in a good way. Keith Weinhold (00:37:24) - He even fed Chair Jerome Powell has confessed as much as that. This situation is indeed unsustainable, the exact word that he used. Well, David, this has been great in winding down as Ronald Reagan's budget director. Can you share any anecdote, story or quote from you spending time personally with Ronald Reagan? And the reason I ask is because he is perhaps the most revered president of the past few generations. Keith Weinhold (00:37:52) - That might mean a lot to our listeners here. David Stockman (00:37:54) - He should be revered, and not only because he was a great president and a great communicator, and did a lot of important things in policy. Some of them got implemented, and a lot of them were frustrated by Washington and the politicians and the Democrats and everybody else. But also, he was a great human being. And my story about that was when I was budget director, in the fifth year of the Reagan administration, we had our first child, and my wife was in the hospital. At that point in time, President Reagan was in Europe on a very important big international, series of meetings. But, somebody in the white House told him that our daughter had been born. And so he took the time out of his schedule for a call from Germany, the hospital where my wife was, and said he would like to talk to her and, congratulate us on our new arrival. But my wife was in a room with another, a new mother. David Stockman (00:38:53) - She the other person answered the phone and she said to my wife, there's some joker on the phone with President Reagan. And sure enough, he was there. and he took the time to congratulate my wife. And, so that's the kind of, person he was. He really was a great human being. Keith Weinhold (00:39:13) - Wow. Yeah. That really shows that he can still be warm and heartfelt, even while doing some key international negotiations there. Potentially. Well, we mentioned it earlier. I can tell you, the audience, that David is a regular author and contributor to his Contra Corner blog and letter, and you can get access to that for free. This is information coming from the father of Reaganomics to you. If you think you would find it a value. David, tell us how our audience can connect with you there. David Stockman (00:39:44) - Just Google David Stockman Contra corner I publish, I have a website, issues a newsletter every day. It comes automatically in the email. I also have a Substack version. You can sign up for either one, the email from my site or from Substack. David Stockman (00:40:02) - And every day we try to publish something on these issues that we've been talking about. One day it might be Wall Street, another day it might be Capitol Hill, another day it might be, you know, the war in Ukraine. All of these things matter. All of these things influence the environment that investors have to function in. So we try to comment on a variety of those issues based on, you know, the long experience that I've had, both not only in Washington, but also I was on Wall Street, for about 20 years. I was one of the founding partners of Blackstone, for instance. And we were in the real estate business in a major way, even then. Keith Weinhold (00:40:44) - Well, we absolutely love that. And I sure am appreciative of your time. It was great connecting with you. And thanks for being on the program today, David. David Stockman (00:40:53) - Very good. Enjoyed it. Keith Weinhold (00:41:01) - Yeah. Deep insights from the father of Reaganomics. Stockman thinks we'll be struggling with inflation for years to come. Keith Weinhold (00:41:08) - There won't be rate cuts for a long time. He sees real estate values as flat or declining, so have good tenants with steady income streams. Of course, in our favoured real estate segment here, residential 1 to 4 units where you can get 30 year fixed rate debt. Higher mortgage rates tend to correlate with higher prices, just like it has for the last three years and almost every period before that too. But there could be more pain for the commercial sector then, and assets that are tied to floating rate debt. And if you're aligned with David Stockman on that, you might want to look at your helocs, because after a fixed rate period, their rates tend to float along with the fed funds rate. So be cautious with Helocs and ask David for specifics. He doesn't see the federal funds rate coming down below 5% anytime soon, and you probably know that is the interest rate that a whole bunch of other interest rates are based off of. And that rate is currently at about 5.3%. By the way, there is projected to be more than 100 t more than $100 trillion of public debt before the middle of this century. Keith Weinhold (00:42:22) - That's less than 25 years away. I mean, these figures just become unfathomable sometimes. Pandemic wrought inflation that really occurred due to this greater supply of dollars that was introduced chasing a reduced supply of goods. And there were fewer goods because people got paid to stay at home not producing anything. Plus, what had been produced often could not be shipped either. David discussed the 16% trimmed mean CPI, and I've got to say, as much as I am a student devotee in studying inflation, I had never heard of that from his vantage point to find recession signs, look at household balance sheets and what's delayed the recession is that those pandemic measures put an extra 3 trillion bucks into households, and households still have about 1.5 trillion left to spend, which could further delay a recession. He projects that it's sometime next year that all of that extra cash will be out of the system. When you talk to how many people got this recession predictions so horribly wrong? Back in October 2022, Bloomberg Economics forecast a 100% chance of a recession by the following fall, which is almost a year ago now. Keith Weinhold (00:43:48) - Well, a 100% chance that left no room for anything else to happen. And they really whiffed on that one. Now, you know, I've got to add something here. A personal note if I can, but I'll give you a lesson along with it. And that is that at times like today, where I found myself one degree of separation from one of the most revered presidents in all of American history, I sometimes have some difficulty understanding how I keep having the opportunity to share time with people like today's guest. Now, I'm certainly not a PhD economist. And in fact, on the flip side, I've also never been a person that's been so poor and destitute that I was dying of hunger. But I do come from a modest place. When I flew the coop and left my parents home, I rented my first pathetic place to live a $325 a month pool house in the back of my landlord's property at 852 Spruce Avenue in Westchester, Pennsylvania. Yeah, a pathetic little pool house right next to the landlord's swimming pool. Keith Weinhold (00:45:04) - I mean, I was living really pathetically there for a while as I was struggling just to do things like find gainful employment and figure out the world and find a steady income. Yeah, it was 325 a month plus electric and the one small heater that was there, it was electric and it was really expensive to run. And on the coldest days, it wouldn't even adequately heat my pathetic little pool house that I ended up living in for 18 months. And just because I couldn't figure a way out of that situation for a while, I mean, I was too ashamed to ever bring a girl back there to that sad pool house. It was just one sink for the whole place. Combined kitchen and bathroom sink in the bathroom. I mean, most of my friends, they got their driver's license at age 16 and they soon had their own car. I didn't own a car until I was aged 22 or 23, and it's not because I lived in an urban area and walked. Everywhere use public transit there in Pennsylvania. Keith Weinhold (00:46:02) - It just took me a long time to afford a beater car and pay for insurance. I really needed a car and couldn't afford one. So really my point here is that sometimes I have to wonder how I got here from there. And I think what it is is taking an interest in real estate and investing. And despite just having a humble bachelor's degree in geography, it's really about becoming an autodidact, meaning self-taught. And it's easy to teach yourself when you find what interests you. And let me point to two other things besides adopting an auto didactic ethic to help me turn the corner into being in a place where I can have conversations like the one that I've had today. It was getting around aspirational friends. Like I've mentioned before, that showed me how I can start with a bang buy with little money. On my first home, I could put a 3.5% down payment on a fourplex, live in one unit and rent out the other three. And I will give myself some credit for doing those things. And then really, the third thing is that stroke of luck element, like just 4% of world inhabitants have been. Keith Weinhold (00:47:15) - I was one of that 4% that was born in the United States. And then I had two great, married, stable, supportive parents to cultivate the right environment for me. And well, today was just one of those days where I sort of nudged myself and I'm glad that it happened. Most importantly, I trust that you got value from today's show and that you do every single week here. Check out David Stockman's Contra Corner. Next week, we'll look for signs of distress in real estate as we delve inside the foreclosure market and how you can find discounted deals there. Until then, Idaho's Keith Wayne hold don't quit your day trip. Speaker 8 (00:48:02) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively. The. Keith Weinhold (00:48:30) - The preceding program was brought to you by your home for wealth building. Keith Weinhold (00:48:34) - Get rich education.com.
We've already had more inflation in this young 2020s decade than the entire 2010s. If the next forty years have as much inflation as the last forty, gas will cost $13.38 per gallon, the average home $1.88 million, and the average rent $59,000 annually. Inflation impoverishes most people. You can profit from it 3 ways at the same time. Watch the free 3-part video series: GetRichEducation.com/TripleCrown. The 30-year fixed rate mortgage is a uniquely American construct. It virtually exists nowhere else in the world. I compare this to mortgage terms in Europe, Canada and Australia. In much of the world, homeowners have had their mortgage payments double overnight! Trends that won't soon be disrupted: more inflation, people need to live somewhere, there aren't enough places to live. That's so simple! Invest in it. Rents are increasing the most where little new supply has been added. There's a myth that gigantic institutional investors are gobbling up all the single-family rental homes. But they only own 3% of the market. Mom & pops own 80%. Single-family rents are up 3.4% per CoreLogic. Detached SFHs are up more than attached types. Property prices and rents are positively correlated. Some people falsely think that they move inversely. Resources mentioned: Profit from inflation 3 ways: GetRichEducation.com/TripleCrown For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Complete episode transcript: Welcome to GRE! I'm your host, Keith Weinhold. Learn how the misery of INFLATION is altering BOTH your quality of life and the return on ALL of your investments… … also, many people are now having their mortgage payments DOUBLE overnight and IT'S creating pain, then, what are the factors affecting the future direction of RENTS - all that, and more, today on Get Rich Education! ______________ Welcome to GRE! You're listening to one of the longest-running and most listened-to shows on real estate investing. This is Get Rich Education. I'm your host, Keith Weinhold - the voice of RE since 2014. I don't know if you fully realize how much inflation is steering all of your investments - and it's emphatic at a time like this when the dollar is down 25% cumulatively just in the last four years. Gosh! And I've got some jaw-dropping inflation fact to share with you soon. We'll get to inflation's RE affects shortly. But here's what I mean. In stocks, they keep riding up on a wave of optimism, anticipating a Fed interest rate cut - largely due to future INFLATION expectations. Yes, there's jobs & GDP and some other factors. But the stock market - which is a FORWARD-looking market - it moves based on what's expected to happen 6 to 12 months from now. STOCK investors know that rate cuts open the floodgates to get us closer to the “easy money” days again. That's why - as backwards as it is, the worse the economy looks, the lower that inflation tends to be, and then, in turn, the lower that interest rates can go, which the stock market likes. So a worsening economy often pumps up the stock market. Soooo backwards. Just look at what happens historically. Recessions sound bad. Yet what happens is that rates get cut in a recession - because the economy needs the help. But nearer-term, it's this ongoing expectation of the rate cut - that's been looming out there for months but hasn't happened - which CAN keep propelling the stock market to higher highs. It's already hit all-time highs here recently. You can make the CASE that stocks should keep floating higher from here… based on that premise. Before we look at real estate & inflation. Understand this. Inflation has already widened the divide between the affluent and the deprived. That divide has gone from a gully to a canyon. But... my gosh! Here's the stat that I want to share with you. And you're really going to get a sense for the gravity of what you're living through this decade. We've already seen more inflation in the first 51 months of the 2020s decade than in the ENTIRE decade of the 2010s. Already. This gets really interesting. Let's look at about the last four decades here. Alright, in the 1990s decade, America had 34% cumulative inflation. Let's go ahead and… we'll associate this decade with President Bill Clinton. We won't tie any President to the inflation number because there are lag effects and other factors. A President really can't take the credit or blame, in most cases. Just marking the era here. So, 34% inflation in the 1990s. The 2000s decade saw the GFC and… 29% inflation. Most of those were George W. Bush years. The 2010s decade saw lower inflation → Just 19%. So that's under 2% a year. These were mostly the Obama years here in the 2010s. Little flex there from the former Commander in Chief. Then the 2020s decade → have seen, like I alluded to, and under Joseph Robinette Biden, Jr. - yes, as the oldest sitting president ever, it's easy to forget that he's a “junior. In this young 2020s decade, we have, 21% cumulative inflation. Already. So this figure is after just the first 51 months of this decade, if we're counting from 2020… and this is largely due to supply shortages from the COVID pandemic. So 21% ALREADY this decade… and just 19% ALLLL of last decade which was a full decade. That's the impact. That's reflective of what you see in home prices and rent prices and utilities, transportation, labor, and almost every facet of your life.… and what you see in your weekly Costco bill and Trader Joe's bill. Who have we left out here? A one-term president, so far? Does somebody feel left out. Yes, that is the actual person of one Donald John Trump. Psssshhh! All of those figures I cited are from the BLS, and I've been rounding to nearest whole percent. But get this! Inflation over the next forty years could make the LAST 40 years seem like a picnic. That's partly because we're $35T in debt and that figure now grows by $1T every single quarter… every 90 to 100 days. So we MUST keep dollar-printing to help pay it back. But just, if the last forty years repeats itself, by the year 2064, which is the next forty years, we'll see these prices. Prepare for a future that looks like this: Gas at $13.38 per gallon The home price at $1.88 million Average rent at $59,000 per year And the average salary at $104,000 That is if inflation over the next 40 years, looks like that last 40 years. Also, note how salaries don't keep pace with prices. That $104K average salary in the year 2064 doesn't sound as high-flying as those other figures. Well, this is all really frustrating for consumers… and even debilitating to one's standard of living. Remember, this latest wave of inflation brought us the biggest YOY increase in homelessness - based on HUD figures. and why you need to invest in something that reliably BENEFITS from inflation and pays you an income at the same time. Look, here's really, the deal. Dollars are abundant. So then isn't it a paradox that a major spike in the supply of dollars would create more homelessness? Well, you know that dollars are there for your taking - because so many more have been brought into existence. Dollars are abundant. So as they cycle through the economy, rather than going through the consumer motions, you can build your diverter. That's where the world of abundance exists, so get into that flow. Ultimately, REAL capital is scarce. Your time and energy are scarce. Natural resources are scarce. Labor is scarce. What's frustrating is that money ought to reflect that scarcity if it is going to accurately convey the value that enables people to make capital accumulation decisions. And alas, we're doing our measuring in dollars and the dollar is not remotely scarce. The middle class and poor often have wages that don't track inflation, yet they disproportionately suffer the higher consumer prices. The investor class owns assets that float up with inflation. And GRE listeners will do even better than that. As income property owners with mortgages, we're winning three ways at the same time with the Inflation Triple Crown. That's your dollar diverter. Alright, so that's longer-term inflation. I've been talking in terms of decades - both the past and with an extrapolation into the future to 2064 there - and it's really rather sobering. Well, what's the more CURRENT inflation situation? The situationship? Ha! What's the situationship now? In trying to quiet it down to their 2% target, the Fed has run into so many hurdles that you'd think they were training for this summer's Olympics in Paris. After it peaked over 9% two full years ago now, inflation's been bouncing near 3-and-a-half-percent for a year and they just keep having trouble getting it lower than that. Hmmm... would we say that this could turn into Jerome Powell's three-quarters life crisis? We'll see. Rising inflation is one of the key factors that brought down the Roman Empire. They famously experienced hyperinflation after a series of emperors lowered the silver content of their currency, called the denarius. Today, some lament that the dollar isn't backed by gold, silver, or anything else. But it is. It's backed by the world's most powerful military, strongest economy, reserve currency status, international trade agreements, and you also… must pay your taxes in dollars. Dollars are still liquid and useful… but perpetually debased, so get them and then transition out of them. Yet, at the same time, we're also the greatest debtor nation in world history. The easiest way to pay it all back is to simply print more and inflate more. So that's why it's almost inevitable that dollars will keep being worth less... and BTW, the two words “worth less” sound awfully close to the word “worthless”. Ha! That's where we keep heading. Until you can send a Venmo request to the Fed to compensate you for your loss in purchasing power, we need to actually do something about this. And the dollar that you had when you started listening to me today could very well now only be worth 99 cents. Ha! We can either have our standard of living degraded by inflation or we will decide to profit from it. So, if you haven't yet, check out GetRichEducation.com/TripleCrown. Rather than impoverish you, learn how you can make inflation CREATE wealth for you three ways at the same time with that free, 3-part Inflation Triple Crown video series. Good learning there. It's free & easy to watch, again, at GetRichEducation.com/TripleCrown Inflation seemingly seeps into everything. Inflation took down the commercial sector - Apt buildings & offices. Apts are down 30-40% in the last two years. It's all because inflation made the Fed panic and jack up those rates. If that's not jaw-dropping enough. Office values are down 80%+ in the last two years. 80%+, 90%+ in some cases. Of course, office RE got the double-whammy of the inflation-induced interest rate hikes AND the Work-From-Anywhere movement. That leaves residential 1-4 unit properties in good standing - and still impacted by inflation, but LESS impacted by inflation. Yeah, your 1-4 unit RENTS are up - and I'll talk more about rent later in the show today. inflation also jacked up your expenses like insurance, utilities, maintenance & repair cost and more. But as we move away from the inflation conversation now, of course, one big reason that 1-4s have stayed resilient is the American privilege of LTFIRD - and the fact that it's 30 years for most US properties. In fact, in 2022, 89% of homebuyers applied for the 30-year. I think that you're about to get more appreciation for this… perhaps than you've ever had. The 30-year FRM is a UNIQUELY American construct. And, BTW, some people don't seem to know what the word “unique” means. You've probably heard people misusing this word all the time. Unique does not mean something that's sort of different. Unique means “ONE of a kind”. Unique means something that does not exist ANYWHERE else. What do I do here on this show? Besides giving you the occasional geography lesson as a side dish to your real estate, I do this with vocabulary, grammar, and syntax as well, don't I? Even though my own is surely imperfect. Anyway, the reason that the 30-year mortgage can exist is due to our deep financial markets - especially our secondary market for mortgage-backed securities, where your loan gets packaged up and purchased by a bond investor - a bit like Ridge Lending Group President Caeli Ridge & I touched on last week. The reason that mortgage-backed securities are attractive to investors in the U.S. and across the globe is because their government sponsorship makes them safe investments over long periods of time. They also provide a fixed payout to the MBS holder. And see, the rate on the 30-year fixed-rate mortgage tracks closely to 10-year Treasurys because “U.S. real estate is almost as good an investment as a U.S. Treasury bond.” They've got Fannie & Freddie insurance. And that entire MBS process now has more guardrails in it than we had before the Global Financial Crisis. We're talking about the foundation here - really - of where you get your big lumps of money from - the 30-year FRM and its uniqueness. Compared to the world, the US has very little variable rate debt. Less than 4% of American mortgage borrowers have debt that's on rate terms of a year or less. Over 96% of US debt is LTFRD, defined as 10 years or more. That is virtually unparalleled worldwide. To compare us to some other developed nations, mortgage borrowers in Germany - just 47% of them have long-term fixed debt - and none of them can get 30-year debt. Long-term debt, again, defined as ten years or more, Is little to ZILCH for mortgage borrowers in Canada, the UK, Ireland, Italy, Sweden, Finland, Australia, and other developed nations like them. In Canada, the most common mortgage terms reset to the prevailing market interest rate every five years. In Finland, their mortgages reset annually or faster. Gosh, can you imagine if your mortgage rate reset every year like it does for the Finns? Sheesh, that's more often than some people lose the remote control or rearrange their furniture. OK. So what's this really mean? Ya gotta… pour one out for most mortgage borrowers in the rest of the world. They can't lock in their mortgage interest rate for the long-term. So with rates doubling or tripling, starting from 3 years ago, it's totally ruined a lot of foreign homeowners. Look, what if you're middle class and your monthly mortgage payment soars from $1,893 on Tuesday up to $3,415 on Wednesday? That's what's happening elsewhere. It can go up 50% overnight and nearly double overnight in Australia, Europe and elsewhere. But in the mortgage-advantaged US, we're safe. If we buy at an 8% mortgage rate on a 30-year fixed amortizing loan today—just the plain, vanilla loan: If rates rise to 10% later, you're happy to be locked-in at 8% If rates fall to 6% later, you'll refinance Note that I refrain from saying "just refinance". I don't like the word "just". You'll still need hours to provide documentation and your credit score will be checked. But it's worth it. You won't “just refinance”. Ha! You'll refinance. So think of it this way then, you can alter your deal with the bank whenever you want—and usually with no prepayment penalty. Yet the bank can't alter it on you. What did Darth Vader say to Lando Calrissian in the “Empire Strikes Back?”. I am altering the deal, pray that I don't alter it any further. Ha! We better not play that clip here. I don't know the copyright laws with LucasFilm or Disney there. Ha! But you're not a dark lord of the Sith for doing it… for altering the deal on the bank. You're playing within the rules. This is almost an unfair advantage for Americans. The bottom line here - with this unique American advantage, is that, as rates change, you get to play both sides of the game. And that's why we add smart properties with loans. We turn that into wealth, with compound LEVERAGE. Now, mere compound interest, that's a vehicle for you to rely on more for your shorter-term funds, your cash or what you're keeping more liquid. Long-term wealth is build through compound LEVERAGE. Short-term funds - that's for compound INTEREST. And… your bank is getting rich off of YOU. The national average bank account pays less than 1% on your savings. If your money isn't making about 4-5% today, you're losing your hard-earned cash to inflation. What I do, is keep my dollars in a private LIQUIDITY FUND. You can do this too. Your cash generates up to an 8% return with—COMPOUND INTEREST—year in and year out instead of earning less than 1% sitting in your bank account - or even 4-5% elsewhere. The minimum investment is just $25K. You keep getting paid until you decide you want your money back. This private LIQUIDITY FUND has a decade-plus track record - and they've always paid their investors 100% in full and on time. I would know… because, I'm an investor with them myself. See what it feels like to earn 8%. A lot of other GRE listeners are. To learn more, just text the word FAMILY to 66866 to learn more about Freedom Family Investments' LIQUIDITY FUND. Get 8% interest! Just do it right now, while you're thinking about it. Text FAMILY to 66866. More straight ahead, including what's happening with rents. I'm Keith Weinhold. You're listening to Get Rich Education. _____________ Welcome back… you're listening to Episode 503 of Get Rich Education. I'm your host, Keith Weinhold. We've got a poll result, from our Get Rich Education Instagram Page. The poll question was simple. “When buying property, what's more important?” The purchase price or the mortgage rate. 71% of you said the purchase price. 29% of you said the mortgage rate. Of course, both are important, but I think that the PURCHASE PRICE is the best answer - because your purchase price stays fixed for the life of your ownership period, and you can CHANGE your fixed mortgage rate and make it malleable… whenever it suits your needs. As we talk about where the OPPORTUNITY is today, though multifamily apartments are going to bottom out sometime and therefore, at some point, they'll make a wise investment - who REALLY knows - maybe the time for larger apartments is now… … one opportunity is… giving good people OPTIONS during a housing affordability crisis. And what's going on right now is that… let me put it this way… when people have a hard time affording their own home today, basically (ha!) people are having a hard time transitioning from resenting their landlord to bickering with an HOA. Ha! That's kind of how the world works. Seemingly everyone would rather be bickering with an HOA rather than resenting their landlord. A lot of renters want to be buyers… they can't… and that isn't expected to change anytime soon… as prices will likely stay elevated… and mortgage rates are staying higher, longer too. These things are ALMOST “knowns”. It's often wise… to invest in trends that are known. Nothing's completely predictable, but when you're looking for a place to park your investment dollars, a few other things… are known… right now. And AI is not expected to change what I'm about to tell you… anytime soon. VR - virtual reality is not about to change what I'm about to tell you anytime soon. AR - augmented reality isn't either. Machine learning won't imminently disrupt this. And that is, that… everyone expects more long-term inflation. At what rate, no one knows. People will need to live somewhere… and there are not enough places to live. Those three facts, right there, are so simple. I love simple. Ha! One reason I love simple things is that I can remember it. So many investors - investors in all types of things, say, from tech EFTs to junior mining stocks to crypto - you can make money there. But, at times, investors will unnecessarily go out on the risk curve and GUESS and speculate… at a future trend. Some are right. They're often wrong, and adopting too much of that approach… that's exactly when your risk-adjusted return goes down throughout your investor life. Instead, you can get great returns - real estate pays 5 ways-type of returns - in these trends that I just described that are near certainties. Why guess? When instead, you can almost be certain. Often times, the certain thing is right… there. It's often easier, like I think I brought up on the show once before, inspired by Jeff Bezos - don't ask what will change in 10 years. The more insightful question and profitable question that fewer people think to ask is actually - “What will be the SAME in ten years?” Well, when we talk about rents and the fact that tenants WILL keep paying you to live somewhere ten years from now, the trend that's taking place here in the mid-20s decade - here in the mid 2020s, is that… Rents are increasing the most where there hasn't been enough new supply added - up 5-6% in parts of the Northeast including New York and Boston - Seattle too… and parts of the Midwest. Detroit and Honolulu rents are each up about 5%. Rents are decreasing the least, and even declined - where they've added lots of new supply recently, like Austin, Texas and Miami, where they're down 3% or more in each. New Orleans is another major city that's down - at minus 1%. But among the larger cities, Austin, Texas is the WORST performer in the nation right now. If you're listening to this either this week or you're listening to this ten years from today, if you want to know future rent trends, look at where they're adding supply. Especially in apartments. But all these new apartments will fill up and nationally, they're building fewer apartments this year than last year's apartment-building boom. When we talk about rents and who owns SINGLE-FAMILY HOMES, there are a few myths that I want to help bust for you here. There seems to be this misconception or misinformation that GIANT Wall Street firms are buying up all the SFRs. That's just not true. Now, there is more participation from the big firms than there has been historically, but those that own 1 to 9 SFRs… which is our definition of mom & pop investors here… constitute 80% of the SFR market. 80% own one to nine units. Now, you might own more than 9. In fact, 14% are in that next tier up, owning 10 to 99 SFRs. Then 3% - known as small national investors own between a hundred and a thousand. And, what's left, the big institutional investors - those that own 1,000+ SFRs - and you've heard of some of these companies - Invitation Homes, and another is American Homes 4 Rent. Progress Residential, Blackstone, First Key Homes - all those big players own just 3% of the market. So again, 80% are the small ones - the mom & pops… a highly fractured market. There are a total of 82 million SFHs in the United States. Out of all of them, do you have any idea what percent are OOed and how many are rentals? It's 83% OOed and 17% of the single-families are rentals. So about one-sixth of SFHs are rented out. Now, here's the thing. Some people tend to think of mom and pop single-family rental operators as unsophisticated charity case workers who never raise rents. That's part of the perception out there. But that narrative has never really been true, and, in fact, the COO of American Homes 4 Rent - his name's Bryan Smith - recently brought up this key point on their recent earnings call. He said that while historically mom and pops hadn't always priced directly to market because of a lack of market data, "they've migrated into a strategy that's closer to ours." How is this and why is this? Anymore, why ARE mom & pops raising rents just about as aggressively as the big institutional players. It's really increased transparency on the rents that landlords are asking… through internet listing sites like Zillow. It's not that mom and pops didn't increase rents before. (I mean… just look at what happened with rising rents in the 1970s and 80s before institutions were in the sector.) But when there's a lack of rent amount transparency, it takes longer for operators to discover and adjust to market pricing-- especially for smaller players in a deeply fragmented market. That's the part that's changing. But see, increased transparency works both ways. It's good for you and bad for you as a property investor. This information helps tenants too. In upswing markets, operators may push rents faster than they would otherwise. But in a downswing market, operators may cut or keep rents flat faster in order to lease the unit. Because tenants can easily see what other LLs are charging and compare features. When you price too high, units sit vacant and generate no income. Since renters benefit from increased transparency too, if they see two similar homes, they're usually picking the better deal. And increased transparency is why NEW lease rent growth is cooling off. In fact, CoreLogic just released their latest SF Rent Index report last week. It showed that, nationally rents are up 3.4%, which coincidentally, happens to be the same as the latest CPI inflation number. Detached properties are seeing more rent growth than ATTACHED ones - like townhomes. If you think about it, that makes sense. Townhomes are in less demand now. Because the homeownership dream, is when one moves out of the apartment & buys a detached house. And since that's so unaffordable to buy here in the 2020s decade, that's why more people are willing to pay more for to rent the detached type. Note that SFR rent growth has moderated since mortgage rates spiked-- further dispelling the sticky myth that rents boom when home sales fall. Remember - when homes price growth is really hot - like it was in 2021 and 2022 - near 15% - rent growth tends to be hot too. It was ALSO near 15%. And when home price growth is moderate, like it is now, well, rent price growth is moderate too. Prices and rents move together. They're POSITIVELY correlated. Some people think they move inversely… and we're looking at history over hunches again - what REALLY happens here. So though you're almost certainly going to get nominal rent growth over time, it's not a good thing for you to count on it in the short-term - it NEVER is, in any era. The time for you to push rents is, of course, in any market, when you go for NEW leases. A new lease with a new tenant is going to be higher than a renewal lease. It's the ol' - this has been a good tenant for three years, so I don't want to push the rent too hard & lose them. To review what you've learned today, inflation is affecting ALL of your investments, 30-year FRMs are a UNIQUE American advantage… …it's wise to invest in future trends that are KNOWN, if you want to know what is going to happen with rents in the near future, look where they've added supply. Less new supply correlates with more rent growth… and large institutional investors own just 3% of SFRs. If you enjoy the show, please, tell a friend about it. Isaiah on LI had the most flattering comment. Over there, he wrote and called GRE “The best podcast on the planet.” I… really don't think that I can take credit for that, though… I'd like to think we're a good resource for building your wealth through REI and regularly informing you, giving you ideas that you've never thought about before that add real value to your life. You've heard of Bidenomics. The first portmanteau type that I ever heard about a President's economic policies is REAGANomics, though it was a little before my time. Here on the show next week, with us, will be none other than “The Father of Reaganomics”. Yes, late President RONALD REAGAN'S Budget Director will be here next week. Basically, he was Reagan's “Money Guy”. His name is David Stockman and he often met with the President in the Oval Office, advising Reagan on economic affairs. I have asked David Stockman, if besides talking about the condition of today's economy next week, he'll also discuss real estate - and he agreed to do so. That's “The Father of Reaganomics”. You can look forward to he & I together next week here on the show. You might be one of the listeners that's been here every single week since 2014 - just like I've been here for you. A new podcast is published every Monday. If you want more our DQYD E-mail Letter is published and sent about weekly, that's typically been on Thursdays lately. Then, there are many new videos published each month over on our Get Rich Education YouTube Channel. Those are the main three places that you can find us. Until next week, if you enjoy listening, I really appreciate if you would told a friend about the Get Rich Education Podcast. Until then, I'm your host, KW. Don't Quit Your Daydream!
Celebrated author of the award-winning book, The Color of Money: Black Banks and the Racial Wealth Gap, Mehrsa Baradaran states that when the Emancipation Proclamation was signed in 1863, Blacks had 0.5% of the nation's wealth. This statistic makes sense, since Blacks weren't allowed to own capital as enslaved people — their bodies were, indeed, the capital used to develop lending in this country. Fast-forward more than 160 years to today, Black households currently have a total wealth of just over 4% - not much growth, especially when U consider that one-in-four Black households overall have no wealth or in debt, compared to about one-in-ten U.S. households. What if our nation's financial systems were rigged — not by evil puppet masters or villains — but by law-abiding judges, lawyers, policy makers and lobbyists? In Baradaran's latest book, The Quiet Coup: Neoliberalism and The Looting of America, the acclaimed professor of law at the University of California, Irvine argues that our political and economic systems of government have shifted in recent decades to yield more complex laws and regulations designed to benefit the rich and powerful—while at the same time, proclaiming smaller government and less regulation. The result has been a large section of Americans left poor and disenfranchised. Join us as I SEE U host Eddie Robinson chats with one of our country's leading intellectuals and legal scholars, Mehrsa Baradaran. We examine how the Civil Rights movement and the push for economic justice by Black activists led to a so-called neoliberal movement. Baradaran explores this ideology of neoliberalism and explains how it infected our politics to ensure and maintain a dominant system of economic power over democracy – a movement she says is far from over, and even accelerating.
From trickle down Reaganomics to union busting to decimating the middle class and more, Ronald Reagan is responsible for many of the shifts that occurred at the end of the 20th century that caused the major inequalities we see in America today.
Our series on the Ideas Behind American Elections has reached 1980 and the election of Ronald Reagan. David and Gary discuss whether Jimmy Carter was always doomed, what made Reaganomics different and how Reagan succeeded in being an optimist and a scaremonger at the same time. Did this election really inaugurate a new era in American politics – and if so, are we still living in it?To sign up for our free fortnightly newsletter to accompany this and future series, just click on the top link in our Link Tree: https://linktr.ee/ppfideasComing up: 2008 and the election of Barack Obama Hosted on Acast. See acast.com/privacy for more information.
Discover the fascinating history behind the influential Laffer curve with the renowned economist #ArthurLaffer. This curve played a pivotal role in the Reagan revolution, transforming global economics. Dive into the concept that excess taxation can hinder government revenue, unraveling the counterintuitive nature of economics. Join the Empowered Investor Cruise for exclusive insights from experts and gain strategies for wealth building. Don't miss the chance to explore this captivating journey and register at https://empoweredinvestorlive.com/ And today's conversation is between Jason and Arthur Laffer which covers a range of topics related to taxation and economics. They begin by discussing Arthur's Laffer curve concept, which explores the relationship between tax rates and tax revenues. They also examine the impact of tax policies on different groups in society and the economy. The discussion then shifted to the effects of tax policies on property markets, using California's Prop 13 as an example. Finally, they discuss the political career of former President Reagan, highlighting his leadership style and adaptability. Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class: Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com
The election of 1936 saw FDR re-elected in a landslide. It was also an election in which fundamental questions about the future direction of America were at stake. David and Gary discuss what made it a turning point for American democracy and ultimately for the wider world. Could the power of the Supreme Court be tamed? What was the true nature of economic freedom? And what threatened the New Deal - dissent at home or looming dangers abroad?To sign up for our free fortnightly newsletter to accompany this and future series, just click on the top link in our Link Tree: https://linktr.ee/ppfideasComing up: The election of 1980 and the arrival of Reaganomics. Hosted on Acast. See acast.com/privacy for more information.
“I had a split-second decision to make. Do I rush him, or duck and live to fight another day?” ~ John MilesGuest Bio: John Miles is a leading authority on intentional behavior change, personal growth, and mattering. He is a keynote speaker, author, top-rated show host, and the founder and CEO of Passion Struck®. His award-winning podcast, Passion Struck with John Miles, consistently ranks among the world's top 100 shows and the #1 Alternative Health podcast. Recognized as one of the top thinkers in personal mastery and a Premier 100 Leader, his influence extends far and wide. With over two decades of corporate and military leadership experience, he's the trusted advisor sought after by some of the world's most prominent companies and visionary entrepreneurs.SHOW NOTES: Website: https://johnrmiles.com/Book: https://passionstruck.com/Podcast: https://passionstruck.com/passion-struck-podcast/Instagram: https://www.instagram.com/john_r_miles/LinkedIn: https://www.linkedin.com/in/milesjohn/ REMARKABLE LISTENER SPECIAL OFFER(S):Visit John's website at https://passionstruck.com/passion-struck-book/# and order his upcoming book, Passion Struck: Twelve Powerful Principles to Unlock Your Purpose and Ignite Your Most Intentional Life, today to receive over $300 in free bonus content. CORE THEMES, KEYWORDS, & MENTIONS:passion, oldest child, traumatic brain injury, Jim Quick, brain, brain trauma, vision issues, fear of rejection, paper route, fear of public speaking, leadership, Ronald Reagan, Reaganomics, entrepreneurship, life turning point, US Naval Academy, Division 1 cross country, division 1 track and field, rugby, integrity, covering up, facing your problems, dealing with you problems, Angela Duckworth Grit, West Pointe, intentionality, abuse of power, FBI, CIA, Arthur Allen, Enron scandal, employee disengagement, Lowe's, Dell, inner voice, Holy Ghost, Holy Spirit, burnout, feeling stuck, home invasion, losing a friend to suicide, hope, Dell CAP consumer advisory panel, EMDR, cognitive therapy, visualization exercises, mindfulness, me-search, mesearch, “me”-search, luminaries, loneliness, empty people, broken people, life crafting, PITA (pain in the ass), setting boundaries, apathetic and stuck, indifferent, DisengagementSupport the showWant Even More?
Discover the fascinating history behind the influential Laffer curve with the renowned economist #ArthurLaffer. This curve played a pivotal role in the Reagan revolution, transforming global economics. Dive into the concept that excess taxation can hinder government revenue, unraveling the counterintuitive nature of economics. Join the Empowered Investor Cruise for exclusive insights from experts and gain strategies for wealth building. Don't miss the chance to explore this captivating journey and register at https://empoweredinvestorlive.com/ And today's conversation is between Jason and Arthur Laffer which covers a range of topics related to taxation and economics. They begin by discussing Arthur's Laffer curve concept, which explores the relationship between tax rates and tax revenues. They also examine the impact of tax policies on different groups in society and the economy. The discussion then shifted to the effects of tax policies on property markets, using California's Prop 13 as an example. Finally, they discuss the political career of former President Reagan, highlighting his leadership style and adaptability. Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class: Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com
I hope this podcast finds you well. I am writing to you today to outline the third episode of Season 10 of the Pair of Kings podcast (hosts Sol Thompson (@solthompson) and Michael Smith (@_smithstagram) cc'd on this release) and discuss potential avenues for exploration and continued collaboration. Topics DiscussedThe new podcast dress code and the necessity of changing the modern perception of wearing suits - both casually and formally.Chrome Hearts Tastefluencers and Sol's borderline parasocial relationship with a couple of Japanese Needles and Chrome Hearts collectors.The inability for the best dressed people to take good fitpics.Replica fashion dogwhistles.The death of the "capital S" Supermodel in current fashion and the differences in both casting and fashion media coverage.Reaganomics only applying to the fashion market.Michael's new Rick Owens shoe pickups.Sonic the Hedgehog putting that shit on.Stolen valor on raw denim.Helmut Lang.Yoshitomo Nara.Marc Jacobs. Grunge revival by way of bucking 2023's biggest trend in "Quiet Luxury".There's a lot more, but I hope this outline helps you get a sense of the conversation that took place. I hope you enjoy the future collaborations between Sol and Michael. I'll leave it up to you to continue the conversation, either on Discord or in the Insta DMs.Lots of love,Sol ThompsonMessage us with Business Inquiries at pairofkingspod@gmail.comSubscribe to get early access to podcasts and videos, and participate in exclusive giveaways for $4 a month Links: Instagram TikTok Twitter/X Sol's Instagram Michael's Instagram Michael's TikTok
Discover the fascinating history behind the influential Laffer curve with the renowned economist #ArthurLaffer. This curve played a pivotal role in the Reagan revolution, transforming global economics. Dive into the concept that excess taxation can hinder government revenue, unraveling the counterintuitive nature of economics. Join the Empowered Investor Cruise for exclusive insights from experts and gain strategies for wealth building. Don't miss the chance to explore this captivating journey and register at https://empoweredinvestorlive.com/ And today's conversation is between Jason and Arthur Laffer which covers a range of topics related to taxation and economics. They begin by discussing Arthur's Laffer curve concept, which explores the relationship between tax rates and tax revenues. They also examine the impact of tax policies on different groups in society and the economy. The discussion then shifted to the effects of tax policies on property markets, using California's Prop 13 as an example. Finally, they discuss the political career of former President Reagan, highlighting his leadership style and adaptability. Key Takeaways: Jason's editorial 1:34 Welcome Arthur Laffer 2:22 Guess how old Jason is in this picture with Arthur 3:08 The "Laffer Curve" on a napkin 4:07 Join the cruise! Sigh up at https://empoweredinvestorlive.com/ Arthur Laffer interview 5:27 What is the Laffer curve? 9:15 Is there an optimum tax rate? 10:42 Balancing economic activity and productivity 11:43 Where we are today and where we're going 13:03 How long does the Laffer Curve work it's way into the economy 15:04 Howard Jarvis and Prop 13 17:07 Reaganomics 19:13 What the future looks like Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class: Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com
Original Air Date 10-5-2022 Today, we take a look at the life and legacy of President Ronald Reagan, the last transformational U.S. president who's regime we are still living in. Between his neoliberal economics, anti-government ideology and white supremacist appeal to authoritarians, he did more to shape the last 40 years of the politics of the country and conservative movement than anyone else. Be part of the show! Leave us a message or text at 202-999-3991 or email Jay@BestOfTheLeft.com Transcript BestOfTheLeft.com/Support (Get AD FREE Shows and Bonus Content) Join our Discord community! SHOW NOTES Ch. 1: 40 years later, is this the end of Reaganomics? - Make Me Smart - Air Date 12-14-21 It's been just over 40 years since newly elected President Ronald Reagan declared, “In this present crisis, government is not the solution to the problem, government is the problem.” Ch. 2: The Democracy We Think We Live In - On the Media - Air Date 8-9-19 Adam Serwer [@AdamSerwer], staff writer at The Atlantic, on the catastrophic, deadly idea that "only white people are fit for self-government." Ch. 3: General Motors Proves Trickle Down Theory Only Works If You Shower With Gold Water - The Thom Hartmann Program - Air Date 12-3-18 General Motors admits what we all know, after receiving a massive tax cut, the auto maker is laying off thousands of American employees and closing it's plants. Ch. 4: The Lasting Impact of Reagan's Firing of Air Traffic Controllers (1/2) - The Real News Network - Air Date 8-4-14 Prof. Joseph McCartin and former PATCO spokesperson Elliot Simons discuss the anniversary of the firing and Ronald Reagan's betrayal Ch. 5: When American Presidents Go to Trial - On the Media - Air Date 9-9-22 Rick Perlstein [@rickperlstein], a journalist and author of The Invisible Bridge: The Fall of Nixon and the Rise of Reagan, explains the continuing impact of Gerald Ford's decision to pardon Richard Nixon for his crimes. Ch. 6: Ronald Reagan “Terrifying Words - ‘I'm from the government and I'm here to help.'” - Professor Buzzkill History Podcast - Air Date 5-13-21 We scrutinize Reagan's famous quote "the nine most terrifying words in the English language are ‘I'm from the government and I'm here to help'” in today's episode. Where and when was it coined? What is its broader meaning? Ch. 7: How Ronald Reagan's Regime Led To The Jan 6th Capitol Riot - The Majority Report - Air Date 7-17-21 The Capitol insurrection on January 6th was a long time coming. Back in 1980, Ronald Reagan's campaign was laying the groundwork for what would become Donald Trump's platform. MEMBERS-ONLY BONUS CLIP(S) Ch. 8: America's Right Turn with Rick Perlstein - Why Is This Happening? - Air Date 9-1-20 How did America's modern conservative movement come to power? Historian and author Rick Perlstein's prolific work has traced the arc of modern electoral politics, and specifically has laid out how modern conservatism arose. Ch. 9: Why the "Reagan Regime" Endures - The United States of Anxiety - Air Date 3-7-22 Presidencies are rarely transformational, and neither Biden nor Trump have lived up to their supporters' dreams. So what does it take to really change our politics? Host Kai Wright is joined by political theorist Corey Robin to confront that question. FINAL COMMENTS Ch. 12: Final comments on my first debate about Reagan MUSIC (Blue Dot Sessions) SHOW IMAGE: Description: A large portrait of former American President Ronald Reagan in a dark suit and red tie is framed on a wall in a dim, museum-like room. His smiling face is softly lit with a spotlight. Credit: “President Ronald Re[a]gan” by LunchboxLarry, Flickr | License: CC BY 2.0 | Changes: Slightly cropped Produced by Jay! Tomlinson Visit us at BestOfTheLeft.com Listen Anywhere! BestOfTheLeft.com/Listen Listen Anywhere! Follow at Twitter.com/BestOfTheLeft Like at Facebook.com/BestOfTheLeft Contact me directly at Jay@BestOfTheLeft.com
President Biden is pitting his plan for the U.S. economy against so-called ‘MAGAnomics’, the economic ideas that defined the Trump era. Mark Blyth, political economist at Brown University, said the clash is all about who wins and who loses as the U.S. decarbonizes. On the show today, Blyth explains what Bidenomics actually means and why it’s not the easiest message to sell to voters. Plus, how the United States let go of its industrial base and what it will take to re-industrialize for a clean energy future. Then, strikes across the country are putting President Biden's pro-union reputation to the test. And, we'll get into what rising oil prices that could mean for the Fed and the American consumer. Later, a listener's perspective on why many Americans don't feel the economy is all that strong. Plus, a bonus fantasy writing vocab lesson. And, the thing you probably didn’t know about cows? Here’s everything we talked about today: “40 years later, is this the end of Reaganomics?” from Make Me Smart “Opinion | What Biden Can Learn from Roosevelt's ‘New Deal'” from The New York Times “Biden Administration Investment Tracker” from the Center for American Progress “Bidenomics and Its Contradictions” from The Wall Street Journal “The ‘Bidenomics’ plan, explained” from CNN Politics “UAW strike tests ‘Union Joe’s cred” from Politico “The Fed's Next Challenge: $100 Oil” from The Wall Street Journal “Amazon (AMZN) to Hire 250,000 Holiday Workers, Boost Hourly Pay to $20.50” from Bloomberg We want to hear your answer to the Make Me Smart question. You can reach us at makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.
Love it or hate it, this is President Biden's economy and he's taking credit for it. In recent weeks, Biden has been rolling out his economic pitch to Americans. It started with a high-profile speech in Chicago where he branded his policies as “Bidenomics” and positioned them in opposition to trickle-down “Reaganomics.” Since then, Biden and his campaign surrogates have fanned out across the country to make their pitch. This is coming at a time when Americans are quite pessimistic about the economy. In recent polls, less than a third of Americans say the economy is good. But still, economic data paints a relatively strong picture. The unemployment rate -- according to data out last Friday -- stands at 3.6 percent. That's close to a 50-year low. And inflation, although it remains somewhat high, has fallen to 4 percent from a high of 9 percent last summer. In this installment of the podcast, Galen speaks with Jeanna Smialek, who covers the Federal Reserve and economy for the New York Times, and Neil Irwin, chief economic correspondent for Axios. They discuss how much of Biden's approach to economic policy is actually new, what it looks like on the ground and why Americans are so pessimistic. Learn more about your ad choices. Visit megaphone.fm/adchoices
President Joe Biden on Wednesday pitched his economic plan, which he’s branded “Bidenomics.” Remind anyone of “Reaganomics”? The association between the terms— and contrasts between the philosophies — may just be the point. Also on the program: a surge in labor action, electric grids at risk, discord within OPEC+ and racial bias in home appraisals.
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