Podcasts about Stockman

Click on the podcast for a chat about Montana history, values, ranching, business, and banking, with Bill Coffee, CEO of Stockman Bank. Stockman is Montana's largest family-owned bank, founded by Bill’s grandfather in the early 1950’s. The post Montana Banking, with Bill Coffee, CEO of Stockman Bank first appeared on Voices of Montana.

The Father of Reaganomics, David Stockman, joins us to explore the complex world of international trade and its impact on investors.  Key insights include: Challenging conventional wisdom about trade policies Understanding economic forces that drive investment opportunities Gaining expert perspective on global economic trends Stockman provides a candid analysis of current trade strategies, revealing: The true drivers of economic competitiveness Potential pitfalls of protectionist approaches Critical insights for strategic investors The episode cuts through political noise to offer clear, actionable economic intelligence for informed decision-making. Smart investors look beyond headlines to understand the deeper economic forces shaping their financial future. Resources: Check out David Stockman's Contra Corner Newsletter Show Notes: GetRichEducation.com/553 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.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 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad 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 Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, I sit down with a long time White House occupant who was the official economic advisor to an ex president. We get the real deal on tariffs and what they mean to you. Trump gets called out and the ominous sign about what's coming six months from now, today on, Get Rich Education.   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 passive real estate investing in the best markets without losing your time being the flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads of 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 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  1:14   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  1:30   Welcome to GRE from Brookline, Massachusetts to Brooklyn, New York and across 188 nations worldwide. I'm Keith Weinhold, and you are listening to get rich education, just another shaved mammal behind this microphone here. I recently spent some time with the father of Reaganomics, David Stockman, in New York City, and sometimes an issue so critical surfaces that real estate investors need to step back and understand a broader force in the economy. Three weeks ago, here, I told you how the second and third way, real estate pays you. Cash flow and ROA are sourced by your tenants employment and the future of your tenants employment is influenced by tariffs and other policies of this presidential administration. This is going to affect rates of inflation and a whole lot of things. Now, an organization called the American Dialect Society, they actually name their word of the year, and this year, it is shaping up to be that word, tariff. In fact, Trump has described that word as the most beautiful word in the dictionary. And I think we all know by now that a tariff is an import tax that gets passed along to consumers when it comes to materials used in real estate construction that's going to affect future real estate prices. Well, several key ones so far were exempted from recent reciprocal tariffs, including steel, aluminum, lumber and copper exempted. Not everything was exempted, but those items and some others were but who knows if even they are going to stay that way. And now, when it comes to this topic. I think a lot of people want to make immediate overreactions in even posture like they're an expert in become an armchair economist, and I guess we all do a little of that, me included. But rather than being first on this and overreacting, let's let the policy which Trump called Liberation Day last month when he announced all these new tariffs. Let's let policy simmer a little and then bring in an expert that really knows what this means to the economy and real estate. So that's why I wanted to set up this discussion for your benefit with the father of Reaganomics and I today. In fact, what did Reagan himself say about tarrifs back in 1987 this is part of a clip that's gained new life this year. It's about a minute and a half.    Speaker 1  4:13   Throughout the world, there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. Now there are sound historical reasons for this. For those of us who lived through the Great Depression, the memory of the suffering it caused is deep and searing, 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 at work. Price, but only for a short time. What eventually occurs is first, home grown 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 industry shut down, and millions of people lose their jobs.    Keith Weinhold  5:50   Now, from what I can tell you as a listener in the GRE audience, maybe you're split on what you think about tariffs. In fact, we ran an Instagram poll. It asks, generally speaking, tariffs are good or bad? Simply that 40% of you said good, 60% bad. Over on LinkedIn, it was different. 52% said they're good, 48% bad. So it's nearly half and half. And rather than me taking a side here, I like to bring up points that support both sides, and then let our distinguished guests talk, since he's the expert. For example, if a foreign nation wants to access the world's largest economy, the United States, does it make sense for them to pay a fee? I mean, it works that way in a lot of places, when you want to list a product on eBay or Amazon, you pay them a fee. You pay a percentage of the list price in order to get access to a ready marketplace of qualified buyers. All right. Well, that's one side, but then the other side is, come on, let's look at history. Where have tariffs ever worked like Where have they ever been a resounding, long term success? Do they have any history of a sustained, good track record? I generally like free trade. Then let's understand there's something even worse than a steep tariff. There are quotas which are imposed, import limits, trade limits, and then there are even all out import bans. What do terrorists mean to the economy that you are going to live in and that your tenants live in? It's the father of Reaganomics, and I on that straight ahead on Get Rich Education. I'm your host. Keith Weinhold.   you know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back, no weird lock ups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text, family to 66866, to learn about freedom, family investments, liquidity fund, again. Text family to 6686   Hey, you can get your mortgage loans at the same place where I get mine, at Ridge lending group and MLS, 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at Ridge lendinggroup.com, that's ridgelendinggroup.com.    Hey   Robert Helms  9:28   Hey everybody. It's Robert Helms of the real estate guys radio program. So glad you found Keith Weinhold in get rich education. Don't quit your Daydream.   Keith Weinhold  9:48   when it comes to White House economic policy like tariffs, taxes and inflation, don't you wish you could talk to someone that's often been inside the White House. Today, we are even better. He was the official advisor to an ex president on economic affairs, a Wall Street and Washington insider and Harvard grad. Today's guest is also a former two time congressman from Michigan. He's 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. He was first with us last year, but so much has happened since. So welcome back to the show. David Stockman,    David Stockman  10:26   very good to be with you, and you're certainly right about that. I think we're really in uncharted waters. Who could have predicted where we are today, and therefore it's very hard to know where we're heading, but you have to try to peer through the fog and all the uncertainty and the noise and the, you know, day to day ups and downs that's coming from this White House in a way that we've never seen before. And I started on Capitol Hill in 1970 so I've been watching this, you know, for more than a half century, actually, quite a while. And man, it's important to go through all this, but it's sort of uncharted waters.    Keith Weinhold  11:04   Sure, it's sort of like you wake up every day and all you do know is that you don't know. And David, when it comes to tariffs, I want to give you my idea, and then I want to ask you about what the tariff objective even is. Now, to be sure, no one is asking me how to advise the President. I'm an international real estate investor, but I do most of my business in the US, and I sure don't have international trade policy experience. It seems better to me, David, that rather than shocking the world with new tariffs that kick in right away, it would have been better to announce that tariffs begin in, say, 90 days, and then give nations space to negotiate before they kick in. That's my prevailing idea. My question to you is, what's the real objective here? What are terrorists proposed to do? Raise revenue, onshore companies merely a negotiation tactic? Is the objective? Something else?    David Stockman  12:00   Well, it might be all of the above, but I think it's important to start with a predicate, and that is that the problem is not high tariffs abroad or cheating by foreign competitors or exporters. There is a huge problem of a chronic trade deficit that is not benign, that does reflect a tremendous offshoring of our industrial economy, the loss of good, high paying industrial and manufacturing jobs. So the issue is an important one to address, but I have to say, very clearly, Trump is 100% wrong when he attempts to address it with tariffs, because foreign tariffs aren't the problem. Let me just give a couple of pieces of data on this, and I've been doing a lot of research on this. If you take the top 51 exporters to the United States, our top 51 trade partners, and this is Mexico and Canada and the entire EU and it's all the big far eastern China, Japan, South Korea, India, you know, all the rest of them. If you look at the and that's 90% of our trade, we have 2.9 trillion of imports coming in from all of those countries, and the tariff that we Levy, this is the United States, on those imports, is not high. It's higher than it was in the past, mainly because of what Trump did in the first term, but it's 3.9% now compared to bad times historically, decades and decades ago. That's relatively low. But here's the key point, if we look at the same 51 trading partners in terms of the tariffs they levy on our exports to China and to the EU and to Canada and Mexico and South Korea and all the rest of them. The tariff average, weighted average that they levy is 2.1% so let me restate that the average US tariff is about twice as high 4% around things as what our partners imposed 2% now the larger point is whether it's 4% or 2% doesn't make a better difference. That's not a problem when it comes to 33 trillion of world trade of which we are, you know, the United States engages in about five and a half trillion of that on a two way basis, import, export, in the nexus of a massive global trading system. So he's off base. He's wrong. The target is not high tariffs or unfair foreign trade. Now there are some people who say, Well, you're looking at monetary tariffs. So in other words, the import duty they levy on, you know, exports to South Korea or India or someplace like that, right? And that, the real issue, supposedly, is non tariff barriers. For instance, you know, some governments require you that all procurement by government agencies has to be sourced from a domestic supplier, which automatically shuts out us suppliers who might want that business. Well, the problem is we're the biggest violator of the non tariff barrier in that area. In other words, we have something like $900 billion worth of state, federal and local procurement that's under Buy America policies, which means EU, Mexico, Canada, China, none of them can compete. Now I mention that only as one example, because it's the kind of classic non tariff barrier, as opposed to import duty that some people point to, or they point to the fact that while foreign countries allegedly manipulate their currency, but you know the answer to that is that number one, overwhelming, no doubt about it, largest currency manipulator in the world, is the Federal Reserve. Okay, so it's kind of hard to say that there's a unfair trade problem in the world because of currency manipulation. And then there is, you know, an argument. Well, foreign governments subsidize their exporters. They subsidize their industrial companies, and therefore they can sell things cheaper. And therefore that's another example of unfair trade, but the biggest subsidizer of tech industry, and of a lot of other basic industry in the United States is is the Defense Department. You know, we have a trillion dollar defense budget, and we put massive amounts of dollars in, not only to buying, you know, hardware and weapons and so forth, but huge amounts of R and D that go into developing cutting edge technologies that have a lot of civilian applications that, in fact, we see all over the world. That's why we're doing this broadcast right now. The point is that problem is not high tariffs because they're only low tariffs. The problem is not unfair trade, because there's all kinds of minor little interferences with pure free markets, but both, everybody violates those one way or another due to domestic politics. But it's not a big deal. It doesn't make that big a difference. So therefore, why do we have a trillion dollar trade deficit in the most recent year, and a trade deficit of that magnitude that's been pretty continuous since the 1970s the answer is three or four blocks from the White House, not 10,000 miles away in Beijing or Tokyo. The answer is the Federal Reserve has in the ELLs building there in DC, not far from the White House. Yes, yes, right there, okay, the Eccles building the Fed has a huge, persistent pro inflation bias, sure. And as a result of that, it is pushed the wage levels and the price levels and the cost levels of the US economy steadily higher, and therefore we've become less and less competitive with practically everybody, but certainly a lower wage countries nearby, like Mexico or China, far away. And you know, there's, it's not that simple of just labor costs and wages, because, after all, if you source from China, you've got to ship things 10,000 miles. You've got supply chain management issues, you've got quality control issues, you've got timeliness issues. You have inventory carry costs, because there's a huge pipeline, and of course, you have the actual freight cost of bringing all those containers over. But nevertheless, when you factor all that in, our trade problem is our costs are too high, and that is a function of the pro inflation policies of the Fed. Give one example. Go back just to the period when the economy was beginning to recover, right after the great recession. And you know the crisis of 208209 and I started 210 unit labor costs in manufacturing in the United States. Just from 210 that's only 15 years, are up 55% that's unit labor costs. In other words, if you take wage costs and you subtract productivity growth in that 15 year period, the net wage costs less productivity growth, which is what economists call unit labor costs, are up 53% and as a result of that, we started, you know, maybe with a $15 wage difference between the United States and.China back in the late 1990s that wage gap today is $30 in other words, the fully loaded way at cost of average wages in the United States. And I'm talking about not just the pay envelope, but also the payroll taxes, the you know, charge for pension expense, health care and so forth. The whole fully loaded cost to an employer is about $40 an hour, and it's about $10 in the United States and it's about $10 an hour in China. Now that's the reason why we have a huge trade deficit with China, because of the massive cost difference, and it's not because anybody's cheating. Is because the Fed, in its wisdom, decided, well, you know, everybody will be okay. We're going to inflate the economy at 2% a year. That's their target. It's not like, well, we're trying to get low inflation or zero inflation, but we're not quite making it. No, they're proactive. Answer is, we've got to have 2% or the economy is not going to work. Well, well, 2% sounds well, that's a trivial little number. However, when you do it year after year, decade after decade, for a long period of time, and the other side is not inflating at the same rate, then in dollar terms, you have a problem, and that's where we are today. So this is important to understand, because it means the heart of the whole Trump economic policy, which is trying to bring manufacturing home, trying to bring industry back to the United States, a laudable objective is based on a false diagnosis of why this happened, and it is unleashed ball in the china shop, disruption of global economic flows in relationships that are going to cause unmitigated problems, even disaster in the US economy. Because it's too subtle, when you think about it, the world trade system just goods. Now, we've not even talking about services yet, or capital flows or financing on a short term basis. The World Trade in goods, merchandise, goods only is now 33 trillion. That is a hell of a lot of activity of parts and pieces and raw materials and finished products flowing in. You know, impossible to imagine directions back and forth between dozens and dozens of major economies and hundreds overall. And when you start, you step into that, not with a tiny little increase in the tariff. To give somebody a message. You know, if our tariffs are averaging 4% that's what I gave you a little while ago. And you raise tariffs to 20% maybe that's a message. But Trump didn't do that. He raised the tariff on China to 145% in other words, let's just take one example of a practical product, almost all the small appliances that you can find in Target or even a higher end retail stores United States or on Amazon are sourced in China because of this cost differential. I've been talking about this huge wage differential. So over the last 20, 25, years, little it went there now 80% of all small appliances are now sourced in China, and one, you know, good example would be a microwave oven, and a standard one with not a lot of fancy bells and whistles, is $100 now, when you put 145% tariff on the $100 landed microwave oven is now $245 someone's going to say, Gee, are we going to be able to sell microwaves at $245 they're not certain. I'm talking about a US importer. I'm talking about someone who sells microwaves on Amazon, for instance, or the buyers at Walmart or Target, or the rest of them, they're going to say, wait a minute, maybe we ought to hold off our orders until we see how this is going to shake out. And Trump says he's going to be negotiating, which is another whole issue that we'll get into. It's a lot of baloney. He has no idea what he's doing. Let's just face the facts about this. So if orders are suddenly cut back, and the flow that goes on day in and day out across the Pacific into the big ports in Long Beach in Los Angeles is suddenly disrupted, not in a small way, but in a big way, by 20, 30, 40, 50% six or seven months down the road, we're going to have empty shelves. We're going to have empty warehouses. We're going to have sellers who suddenly realize there's such a scarcity of products that have been hit by this blunderbuss of tariffs that we can double our price and get away with it.   Keith Weinhold  25:00   Okay, sure. I mean, ports are designed. Ports are set up for stadium flows, not for surges, and then walls and activity. That just really doesn't work.   David Stockman  25:08   And let me just get in that, because you're on a good point. In other words, there is a complicated supply line, supply chain, where, you know, stuff is handed off, one hand to another, ports in China, shipping companies, ports here, rail distribution systems, regional warehouses of you know, people like Walmart and so forth, that whole supply chain is going to be hit with a shock. Everything is going to be uncertain in terms of the formulas that everybody uses right now, you know that you sell 100 units a week, so you got to replace them at the sales rate, and you put your orders in, and know that it takes six weeks to get here, and all this other stuff, all of the common knowledge that's in the supply chain that makes it work, and the handoffs smooth and efficient From one player in the supply chain to the next, it's all going to be disrupted. But the one thing we're going to have is we're going to have shortages, we're going to have empty shelves, and we're going to have price which I'm sure that Trump is not going to start saying price gouging of a you know, right? But that's not price gouging. If you have a you know, go to Florida. We have a hurricane. Where we live in Florida and New York, we have a hurricane. All of a sudden the shelves are empty and there's no goods around, because everybody's been stocking up getting ready for the storm. And then all of a sudden, the politicians are yelling that somebody's price gouging, because they raised their prices in a market that was in disequilibrium. Well, that's not price gouging. That's supply and demand trying to find a new balance basic economics. You know, when the demand is 100 and the supply is 35 okay, but I'm kind of getting ahead here, but I think there's very good likelihood that there's going to be a human cry right before, you know, maybe in the fall or right before Christmas, about price gouging and Trump then saying, Well, I was elected to bring prices down and bring inflation under control. It's out of control because all of these foreigners raised their prices. And no, they did, and it was the tariff that did it, and all the people in the supply chain are trying to take advantage of the temporary disruptions. So I think people have to understand, and I can't say this, and I don't like to say it, because I certainly didn't think the other candidate in the last election had anything to offer in terms of dealing with our serious economic problems in this country. I'm talking about Harris. But the fact is, Donald Trump has had a wrong idea for the last 40 to 50 years of his adult life. In that core idea is that trade deficits are a sign of the other side cheating. They're a sign that you're being exploited or taken advantage of or ripped off, or it's not at all okay. Trade deficits are a consequence of cost differences between different jurisdictions, and to the extent that we've artificially, unnecessarily inflated our costs. We need to fix the problem at the source. He ought to clean house at the Federal Reserve. But the problem is, Trump wants lower interest rates when, in fact, the low interest rates created all the inflation that led to our loss of competitiveness and the huge trade deficits we have today. So to summarize, it is important to understand, do not have faith in Trump's promise that we're going to have a golden age of economic prosperity. We are going to have a economic disaster, and it's a unforced error. It's self inflicted, and it's the result of the wrong fundamental idea of one guy who's in the oval office right now throwing his considerable weight around and pushing the economy into upheaval that really is totally unnecessary. He should have done what he was elected to do, and Matt's work on getting production up and costs down, that's not going to be solved with tariffs. David, I have another important point to bring up. But before we do just quickly, are those two to 4% tariffs you mentioned earlier. Those are the tariff levels pre Trump second term correct.    We could clarify that those are for the year 2023 that was the latest full year data that we have with great deal of granularity.    Keith Weinhold  29:56   The point I want to bring up is there any history? That tariffs actually work. Some people cite the Smoot Hawley Tariff Act from the 1930s and that it drove us deeper into the Great Depression. And David, on the one hand, when we think about, do tariffs actually work? If Indonesia can make shoes for us for $11 why would we want to onshore an activity like that? That is a good deal for us. And then, on the other hand, you have someone like Nvidia, the world's leading semiconductor company, they announced plans to produce some of their AI supercomputers entirely on American soil for the first time recently. And you have some other companies that have made similar announcements. So that's a small shred of evidence that tariffs could work. But my question is, historically, do tariffs actually work?    David Stockman  30:44   That's a great question, and there's a huge history. And you can go back all the way the 19th century, where Donald Trump seems to be preoccupied, but what he fails to recognize is that they worked in the 19th century because they were revenue tariffs. It wasn't an effort to, like, bring jobs back to America. We were booming at the time. Jobs were coming to America, not leaving, and it was the federal government's main source of revenue. Because, as you know, prior to 1913 there was no income tax, right? So that was one thing. Okay, then when we got into the 20th century and host World War Two, it became obvious to people that the whole idea of comparative advantage, going all the way back to Adam Smith, and that enhanced a global trade where people could specialize in whatever their more competitive advantage is, was a Good thing. And so we had round after round of negotiations after World War Two that reduced tariff levels steadily, year by year, decade by decade. So by the time we got to the 1990s when China, then, you know, arose from the disaster of Mao and Mr. Dang took over and created all the export factories and said, It's glorious to be rich and all these things is we got red capitalism. But if we start in the 1990s the average tariff worldwide, now this is weighted average on all goods that are bought and sold or imported and exported, was about 9% and there were have been various free trade deals done since then. For instance, we had NAFTA, and the tariffs on Mexico and Canada and the United States went to zero. We had a free trade deal in 212 with South Korea. This never comes up, but the tariff on South Korean goods coming the US is zero. The tariff on us, exports going to South Korea is zero because we have a free trade agreement, and it's worked out pretty well with South Korea. Now we're not the only ones doing this. Countries all over the world. The EU is a total free trade zone in economy almost as big as the United States that used to have tariff levels between countries. Now it's one big free trade zone. So if you take the entire world economy, that 9% weighted average tariff of the early 90s, which was down from maybe 2025, 30, pre World War Two in this Smoot Hawley era, was down to 2.25% by the time that Donald Trump took office, the first time around in 2017 now 2.25% is really a rounding error. It's hardly when you have $33 trillion worth of goods moving around, you know, container ships and bulk carriers and so forth all around the world, and air freight and the rest of it, rail. 2% tariff is not any kind of big deal, as I say in some of the things I write, it's not a hill of beans. So somehow, though 45 years ago, Trump got the idea that tariffs were causing a problem and that we had trade deficits, not because our costs were going up owing to bad monetary policy, but because the other guy was cheating. Remember, this is Trump's whole view of the world. It's a zero sum game. I win, you lose, and if I'm not winning, is because you're cheating. Okay? In other words, I'm inherently going to win. America's inherently going to win unless the other guy is cheating. Now, Trump sees the world the same way that I think he looked at electrical and plumbing contractors in the Bronx, you know, in the 1980s and 1990s when he was developing his various Real Estate projects. These are pretty rough and tumble guys. It's a wild, easy way to make a living. So there's a lot of, you know, there's a lot of pretty rough baseball that's played that mentality that the other guy is always trying to screw me, the other guy's always cheating, the other guy's preventing me from winning, is, is his basic mentality. And it's not Applicable. It's not useful at all to try to understand the global economy. Try to understand why America's $29 trillion economy is not chugging along as strongly and as productively as it should be, why real wages are not making the gains that workers should be experiencing and so forth. So he ought to get out of this whole trade, tariff trade war thing, which he started, I don't know how he does, it's a little late, and focus on the problems on the home front. In other words, our trade problem has been caused by too much spending, too much borrowing, too much money printing on the banks of the Potomac. It's not basically caused in Beijing or Tokyo or Seoul or even Brussels, the European Union. And we need to get back to the basic and the real culprit, which is the Federal Reserve and its current chairman, Paul, if he wants to attack somebody, go after the Fed. Go after Paul. But ought to give them a mandate to bring inflation to zero and to stop fooling around with everything else and to stop monetizing the public debt that is buying government debt, take care of your own backyard first before you start taking, yeah, sure, yeah, exactly. You know, I've been in this for a long time. I start, as I said, I started on Capitol Hill. There have been a lot of protectionist politicians, but they always argued free trade is good, but it has to be fair trade. And you know, we have this example in our steel industry, for instance, where we producers abroad are competing unfairly for one reason or another. But the point I'm getting to is they always said this is an exceptional case. Normally we would go for free trade, but we got to have protection here. We got to have a temporary quota. Even when I was in the Reagan administration, we had a big argument about voluntary quotas on Japanese car exports, and I was totally against it. I thought the US industry needed to get its act together, get its costs down. Needed to get the UAW under control, because it had pushed wages, you know, way, way, way too high terms of total cost. But they argued, yeah, well, you're right, but we have to have 10 years in order to allow things to be improved and adjusted and catch up. So this is only temporary. This is just this. Yes, this is protectionism, but it's temporary. It's expedient that we can avoid and so therefore we'll make an exception. But there is no one, and most of these people were, you know, in the payroll of the unions, or they were congressmen from south to South Carolina going to bad for the textile industry, or congressman from Ohio going to bat for the steel industry, whatever, but there was no one who ever came along and said tariffs are big, beautiful things, and we need to have permanent high tariffs, because that's the way we're going to get prosperity back in United States. It's a dumb idea. It's wrong. It's disproven by history and people. Even though Trump has done a lot of things that I like you know, he's got rid of dei he's got rid of all of this green energy, climate crisis nonsense, all of that that he's done is to the good when you come to this basic question, how do we get prosperity in America? The answer is, through free market capitalism, by getting the government out of the way, by balancing the budget and by telling the Fed not to, you know, inflate the economy to the disadvantage that it has today. That's how you get there. And Trump is not a real Republican. Trump is basically what I call a status. He's for big government, right wing status. Okay, there's left wing, Marxist status, then there's right wing status. But you know, all of this tariff business is going to create so much corruption that it's almost impossible to imagine, because every day there's someone down there, right now, I can guarantee it at the, you know, treasury department or at Commerce department saying, but we got special circumstances here in terms of the parts that we're making for aircraft that get assembled in South Korea or something, and we need special relief. Yes, every industry you're doing is putting in for everybody's going to be there the lobby. This is the greatest dream that the Washington lobbyist community ever had. Trump is literally saying he put this reciprocal tariff. You saw the whole schedule. That he had on that easel in the White House on April 2, immigration day. It was called Liberation Day. I called it Demolition Derby Day. There was a reciprocal tariff for every single country in the world based on a phony formula that said, if we have $100 million deficit with somebody, half of that was caused by cheating. So we're going to put a tariff in place closes half of the difference. I mean, just nonsense, Schoolboy idiocy. Now it is. I mean, I know everybody said, Oh, isn't it great? We've finally got rid of the bad guys, Biden, he's terrible, and the Democrats, I agree with all that, but we replaced one set of numb skulls with another set. Unfortunately, Republicans know better, but they're so intimidated, apparently buffaloed by Trump at the moment, that they're going along with this. But they know you don't put 145%tariff on anything. I mean, it's just nuts. David, I feel like you're telling us what you really think and absolutely love that.    Keith Weinhold  41:04   Interestingly, there is a Ronald Reagan clip about tariffs out there in a speech that he gave from Camp David, and it's something that's really had new life lately. In fact, we played the audio of that clip before you came onto the show today, Reagan said that he didn't like tariffs and that they hurt every American worker and consumer as Reagan's economic advisor in the White House. Did you advise him on that?    David Stockman  41:27   Yes, I did. And also I can give you a little anecdote that I think people will find interesting. Yeah, the one time that he deviated in a big way from his free trade commitments was when he put the voluntary export quota on the Japanese auto industry. That was big. I don't remember the exact number, but I think it said they couldn't export more than 1.2 million cars a year, or something like that the United States. And the number was supposed to adjust over time, but we had huge debates in the Cabinet Room about those things, and at the end of the day, here's what he said. He said, You know, I've always been for open trade, free trade. I've always felt it has to be fair trade. But, you know, in this case, the Japanese industry came to us and asked for voluntary quotas, so I didn't put up a trade barrier. I'm only accommodating their request. Well, the Japanese did come to him and ask. They did, but only when they were put up to it by the protectionists in the Reagan administration who, on this took them on the side, you know, their negotiators and maybe their foreign minister. I can't remember exactly who commerce secretary and said, If you don't ask for voluntary quotas, we're going to unleash Capitol Hill and you're going to get a real nasty wall put up against your car. So what will it be? Do you want to front for voluntary quotas? Are we going to unleash Congress? So they came to Reagan and said they were the Japanese industry said they're recommending that he impose voluntary restraints on auto exports. That was just a ruse. He wasn't naive, but he believed what you told him. He believed that everybody was honest like he was, and so he didn't understand that the Japanese industry that was brought to meet with him in the Oval Office had been put up to, it been threatened with, you know, something far worse, mandatory quote is imposed by Congress. But anyway, it's a little anecdote. What happened? On the other hand, he continued to articulate the case for small government sound money. We had deficit problems, but he always wanted a balanced budget. It was just hard to get there politically. And he believed that capitalism produces prosperity if you let capitalism work and keep the government out of the marketplace. And there is no bigger form of intervention and meddling and disruption in the capitalist system, in the free market, in the marketplace, than quotas on every product in every country at different levels. They're going to have 150 different countries negotiating bilaterally deals with the United States. That's the first thing that's ridiculous. They can't happen. The second thing is they're going to come up with deals that don't amount to a hill of beans, but they'll say, we have a deal. The White House will claim victory. Let me just give one example. As we know, one of the big things that Trump did in the first administration was he renegotiated NAFTA. And NAFTA was the free trade agreement between Mexico, Canada, United States. Before he started in 2017 the trade deficit of the US with Mexico and Canada combined with 65 billion. And he said, That's too big, and we got to fix NAFTA. We have got to rebalance the provisions so that the US comes out, not on the short end of the stick 65 billion. So they negotiated for about a year and a half, they announced a new deal, which he then renamed the United States, Mexico, Canada agreement, usmca, and, you know, made a big noise about it, but it was the same deal with the new name. They didn't change more than 2% of the underlying machinery and structure, semantics. Well now, so now we fast forward to 2024 so the usmca Trump's pride and joy, his the kind of deal that he says he's going to seek with every country in the world is now four years into effect. And what is the trade deficit with Canada and Mexico today, it's 230 5 billion okay? It's four times higher now than it was then when he put it in place. Why? Because we have a huge trade deficit with Mexico. Why because, you know, average wages there are less than $10 an hour, and they're $40 an hour here. That's why it has nothing to do with a bad trade deal. It has to do with cost differences.    Keith Weinhold  46:27   David, this has been great, and as we're winding down here, we have a lot of real estate investor listeners tell us what this administration's overall policies, not just tariffs, but overall policies, mean for future employment, and then tell us about your highly regarded contra corner newsletter.    David Stockman  46:45   Well, those are that's a big question. I think it doesn't mean good, because if they were really trying to get America back on track our economy, they would be fighting inflation tooth and nail to get it down to zero. They would be working day and night to implement what Musk came up with in the doge that is big spending cuts and balancing the budget. They're not doing that. They're letting all these announcements being made, but they're not actually cutting any spending. They would not be attempting to impose this huge apparatus of tariffs on the US economy, but they're not doing that. So I'm not confident we were going in the wrong direction under Biden, for sure, and we're going in an even worse direction right now under Trump. So that's the first thing. The second thing is, I put out a daily newsletter called David stockman's Country corner. You can yes signers on the internet, but this is what we write about every day, and I say A plague on both their houses, the Democrats, the Republicans. They're all, in many ways, just trying to justify government meddling, government spending, government borrowing, government money printing, when we would do a lot better if we went in the opposite direction, sound money, balanced budgets, free markets and so forth, so. And in the process, I'm not partisan. You know, I was a Republican congressman. I was a budget director of the Reagan administration. I have been more on the Republican side, obviously, over my career than the Democrats, but now I realize that both parties are part of the problem, and I call it the uni party when push comes to shove, the uni party has basically been for a lot of wars abroad and a lot of debt at home, and a lot of meddling in the economy That was unnecessary. So if you look at what I write every day, it tries to help people see through the pretenses and the errors of the unit party, Democrats and Republicans. And in the present time, I have to focus on Trump, because Trump is making all the noise.    Keith Weinhold  48:59   100% Yes, it sure has kept life and the news cycle exciting, whether someone likes that news or not. Well, David, this has been great. In fact, it sounds a lot like what Reagan might have told me, perhaps because you were a chief economic informant for him, smaller government, letting the free trade flow and lower inflation. Be sure to check out David stockman's contra corner newsletter if you like what we've been talking about today, just like it was last year, David, it's been a real pleasure having you on GRE today.    David Stockman  49:30   Well, thank you very much. And these are important issues, and we've got to stay on top of them.   Keith Weinhold  49:41   Oh, yeah. Well, David Stockman truly no mincing words. He doesn't like tariffs. In summary, telling GRE listeners that the problem with trade imbalances is inflation attack that instead quell inflation, don't impose tariffs. A lot of developing nations and China have distinct advantages over manufacturing in the United States, besides having the trained labor and all the factories and systems in place, think about how many of these nations have built in lower costs they don't have to deal with these regulatory agencies, no EPA, no OSHA, and not even a minimum wage law to have to comply with. And here in the US get this, 80% of American workers agree that the US would benefit from more manufacturing jobs, but almost 75% disagree that they would personally be better off working in a factory themselves. That's according to a joint Cato Institute in YouGov survey. It's sort of like how last century, Americans lamented the demise of the family farm, yeah, but yet, they sure didn't want to work on a farm themselves. Now there are some types of manufacturing, like perhaps pharmaceuticals or computer chips that could likely be onshore, because those items are high value items. Their value can exceed the cost of being produced in the USA, but a lot of these factory goods, not again. If these topics interest you do a search for David stockman's contra corner, or you can directly visit David stockman's contra corner.com. Big thanks to the father of Reaganomics, David Stockman on the show this week. As for next week, we're back more toward the center of real estate investing. Until then, I'm your host. Keith Weinhold, don't quit your Daydream. Y   Unknown Speaker  51:42   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   Keith Weinhold  52:02   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long. My letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called The Don't quit your Daydream. Letter, it wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text GRE to 66866, while it's on your mind, take a moment to do it right now. Text GRE to 66866   The preceding program was brought to you by your home for wealth, building, getricheducation.com.  

Enjoy this sermon from Jenn Stockman on May 4th, 2025. 

I read Farah Stockman's article in the NYT on why attacks on DEI will cost us all, and thought, “Yes, and ‘everyone' includes harm to our healthcare workforce, our patients, and their families.” So we're delighted that Farah Stockman, pulitzer prize winning journalist, author of American Made: What Happens to People When Work Disappears, and editorial board member at the New York TImes joins us to set the bigger picture for this discussion.  Farah provides clear examples from the Biden administration, in which having the most diverse cabinet in history was critical to building bridges, empathy, and inspiring others to feel included. We are also pleased to welcome Ali Thomas, a hospitalist, member of the Baha'i Faith, leader of anti-racism efforts in the Pacific Northwest, and founder of the BIPOC Health Careers Ecosystem.  Ali talks about the history of affirmative action, which started as a program for Whites, the importance of diversity in the healthcare workforce, the history of allyship and cross cultural collaboration, and his own efforts to provide opportunity and support for historically oppressed groups in his own community to obtain healthcare careers. And Ken Covinsky, avid baseball fanatic, joins us and notes that the day we record (April 15) is Jackie Robinson day.  Many may be familiar with the story of Jackie Robinson breaking the color barrier in major league baseball in 1947, but may not be aware of the tremendous adversity Jackie Robinson faced, and persistence he displayed, off the field. We address many things, including: The movement in Corporate America and institutes of higher education to implement DEI programming in the wake of George Floyd The general agreement in America of the value of diversity, and disagreement, unpopularity, and backlash about DEI as it was implemented How the pursuit of diversity and excellence are not in tension, they are aligned and necessary for each other What we can do to build bridges across differences There was so much we hoped to talk about and didn't get to, but I will link to now, including: Ali's mom's personal history with and study of school desegregation in South Carolina, Farah's mom's pioneering work as a speech language pathologist, and Ken's perspectives on the importance of studying ageism and racism in research. What a Wonderful World could be sung in irony at this moment.  I hope we all take it literally, with the hope this podcast ends with. -Alex Smith

STOCKMAN BANK CEO BILL COFFEE TRT: 4:44 FORBES: ONE OF WORLD'S BEST BANKS

Rich Porter owns and operates Porter Cattle Company, a grazing and backgrounding operation, located north of Emporia, Kansas. He receives around 7,000 head of three-weight, high-risk calves from the southeast annually and grows them to roughly 800 pounds.Rich holds degrees in chemical engineering, business and law, but for the last five decades, he has been a student of agriculture. His knowledge and ingenuity in the areas of beef production, conservation and management are an inspiration for many.RIch was recently honored with the Livestock and Meat Industry Council's 2025 Stockman of the Year award during their annual Stockmen's Dinner in Manhattan, KS.

Send us a textAnnie and Jeremy sat down in Elko, NV, at the historic Stockman's Casino.  Annie was a part of the Outside Circle's mental health panel discussion held during the event each year. Annie was born and raised out side of Jordan Valley, OR, she is a fourth generation rancher and an incredible poet.  She shares about her old fashion upbringing and her difficult early years. With great courage Annie shares what life was like after losing her mom at a young age and how that has shaped her and her siblings. You can find her on Instagram (oregon_annie) and check out where you might see her share her gift of poetry.For more info about Wild Courage and how you can get connected, check us out at www.thewildcourage.org

Welcome back to another heartwarming episode of the Made for Mothers Podcast with your host, Mariah Stockman. Today, we're diving into a topic that touches the heart of every ambitious mom out there—imposter syndrome and limiting beliefs. Mariah opens up about how these feelings, while often seen as negative, can actually signal exciting growth and new opportunities. She shares personal stories and insights, showing us that rewriting our old narratives can lead to empowerment and success. The episode is packed with encouraging advice, practical strategies, and the undeniable importance of community support to help moms overcome these challenges and thrive in both business and family life. So, if you're ready to shed those doubts and step into a bolder version of yourself, this episode is for you!On Today's Episode:Understanding Imposter Syndrome: Recognizing it as a sign of growth rather than a setback.Confronting Limiting Beliefs: Identifying and rewriting narratives that hold mothers back.Practical Growth Strategies: Encouraging messy action and continual personal development.The Power of Community: Leveraging support from the Made for Mothers community.Actionable Advice: Taking small, imperfect steps to achieve bigger goals.Mariah concludes with a motivational call to action, urging listeners to challenge their own limiting beliefs and embrace growth through community support and personal effort. The episode is a rallying cry for moms everywhere to recognize their potential and push beyond the boundaries set by society and themselves.Ways to Connect Outside the Podcast Follow CEO & Founder on Instagram: @mariahstockman Follow Made for Mothers on Instagram:@madeformothers.co Join the Virtual Village: A community and monthly membership for business owning mamas! Special promo for our podcast listeners, get 20% off your first quarterly enrollment with code TWENTYOFF at https://www.madeformothersco.com/membership SHOP CEO MAMA MERCH designed just for business-owning mamas https://shopmadeformothers.com/

In this episode Madeline Stockman, Coordinator for Missionary Discipleship Formation, shares personal adventures accompanying U.S. Military servicemen and women on their journeys of faith through the Reach More movement.

Join us as we dive deep into the current dynamics of the beef industry with Julie Ellingson, the Executive Vice President of the North Dakota Stockman's Association. With high demand for beef juxtaposed with recent drought challenges, we unravel the complexities of this sector that is more vital than ever to local economies and beyond. Julie brings her expert knowledge to discuss the impact of recent legislation, particularly concerning property taxes, and how they affect ranchers. Hear about the innovative strategies the Stockman's Association is employing in response to recent wildfires with their "Out of the Ashes" disaster relief initiative.We also tackle broader trends influencing consumer choices between beef and its substitutes, offering a glimpse into the future of the beef market. Through enhanced promotional efforts and agricultural education, the beef industry continues to adapt and thrive. This episode is an insightful look into the trials and triumphs that characterize today's ranching landscape, a must-listen for anyone interested in agriculture's evolving role.Don't forget to subscribe to our podcast for more industry insights and to stay updated on future episodes!Follow at www.americalandauctioneer.com and on Instagram & FacebookContact the team at Pifer's

Welcome back to Season 2 of the Made for Mothers Podcast! Your host, Mariah Stockman—boy mama, CEO, and founder of the Made for Mothers community—is back with a pep talk you didn't know you needed.This episode dives deep into why stepping into the room—whether in-person or virtually—is the ultimate act of leadership for moms in business. Mariah shares the raw truth about business burnout, the mental load of motherhood, and how community is the solution we've all been craving.You'll walk away feeling empowered, seen, and ready to show up confidently—whether you're building your business, leading a community, or dreaming of starting your own chapter of Made for Mothers.On Today's Episode:The reality of business burnout and how to overcome itWhy community is a non-negotiable for CEO momsHow stepping into the room boosts your business and mental healthThe power of showing up and creating a habit of leadershipHow borrowed audiences, referrals, and collaborations happen through communityWhy visibility and vulnerability are key to building your businessThe magic of “biz besties” and how they impact your bottom lineWays to Connect Outside the Podcast Follow CEO & Founder on Instagram: @mariahstockman Follow Made for Mothers on Instagram:@madeformothers.co Join the Virtual Village: A community and monthly membership for business owning mamas! Special promo for our podcast listeners, get 20% off your first quarterly enrollment with code TWENTYOFF at https://www.madeformothersco.com/membership SHOP CEO MAMA MERCH designed just for business-owning mamas https://shopmadeformothers.com/

In today's solo episode, Mariah Stockman, boy mama and CEO of Made for Mothers, shares her personal journey of strategic pauses, community building, and redefining her professional identity alongside motherhood. After a brief hiatus, Mariah returns to the podcast with fresh insights and heartfelt stories from her recent transitions—selling her home, moving with a toddler, and recalibrating her business model to better align with her life as a mom. This episode is a deep dive into the challenges and triumphs of balancing motherhood with a CEO's ambition, highlighting the power of community and the importance of pausing to recalibrate.In This Episode, You'll Learn:The significance of taking strategic pauses in life and business.How motherhood can redefine personal and professional identities.The importance of community for mothers and entrepreneurs.Strategies for building and nurturing a supportive community.The role of personal challenges in shaping a more focused and fulfilling career.Ways to Connect Outside the Podcast Follow CEO & Founder on Instagram: @mariahstockman Follow Made for Mothers on Instagram:@madeformothers.co Join the Virtual Village: A community and monthly membership for business owning mamas! Special promo for our podcast listeners, get 20% off your first quarterly enrollment with code TWENTYOFF at https://www.madeformothersco.com/membership SHOP CEO MAMA MERCH designed just for business-owning mamas https://shopmadeformothers.com/

After the 2024 election America is still grappling with its decision.Pulitzer Prize winning journalist from the New York Times, Farah Stockman offers an analysis of the situation.This conversation was recorded in December 2024.Resources mentioned in this episode:American Made: What Happens to People When Work Disappears - Farah Stockman's book.Follow Tulaine on:InstagramLinkedinXProduced by the New Profit and Hueman Group Media.Views and opinions expressed during the podcast are those of the individuals expressing them and do not necessarily reflect those of New Profit or Hueman Group Media Hosted on Acast. See acast.com/privacy for more information.

Our guests in this episode are Marnie Stockman and Nick Coniglio, co-founders of Lead It Like Lasso, who have transitioned from diverse backgrounds into impactful leadership roles. They emphasize the importance of personal leadership, which begins with self-awareness and understanding one's core values.Key points discussed include:Leadership is Life: Everyone has the potential to lead by understanding themselves and their values.Curiosity and Problem Solving: Embracing curiosity fosters innovation and helps overcome challenges.Building Support Networks: Surrounding oneself with a supportive community enhances personal and professional growth.Listen to the podcast to find out more.

Hey friend. Have you been estranged from your child and don't know what to do? Perhaps this Christmas is a little more than you can take. In this episode of The Bridge Between Us, host Melinda Patrick and guest Gretchen Stockman talk about things parents can do to get through the painful season - especially when you have been estranged from your child.   Gretchen Stockman is a licensed marriage and family therapist but more important than that - she is a mother who is all too familiar with the pain of being estranged from her children.  Our prayer for you today is that you will be helped and equipped to 'light a candle and give the enemy a big kick!' Listeners will discover: *The healing that comes from dragging our pain into the light *The power of having a Kingdom mindset. *Ways to minister to a friend who has been estranged from their child *What to do this Christmas season to give the Enemy a big kick!   A few of favorite quotes from the episode: We can get hyperfocused on the loss and not be able to attend to all of the blessings, all of the other people that are in our life. - Gretchen Stockman I can hurt really bad and I can feel all the feelings but I can still have a wonderful life and a fulfilling and meaningful existence. - Gretchen Stockman We are fighting the good fight of faith...we are interceding for our children. They need us to be stable, solid, and committed. - Gretchen Stockman Our children may run from our presence but they can't run from our prayers. - Melinda Patrick Being fully present being able to love, is one of the best, most richest parts of life. - Gretchen Stockman     Connect with Gretchen Stockman: livrite@livrite.com  https://livrite.com/bewholecoaching/   Other mentions: Restored Hope Network Shoulder to Shoulder support group - contact Gretchen Stockman (livrite@livrite.com) Dr. Joshua Coleman's book - Rules of Estrangement: Why Adult Children Cut Ties and How To Heal the Conflict Karen Wheaton   Order Melinda Patrick's new book The Daring Rescue: Joining Jesus Christ In His Pursuit Of Your LGBTQ-identified Child's Heart here.   Stay up to date by signing up here to receive our newsletter. To share your thoughts: Leave a note in the comment section below or send me an email to: melinda@melindapatrick.org Leave an honest review on ITunes or your favorite podcast app. Your ratings and reviews help get this message of hope into the hands of hurting families and I read each one.

Elon Musk and entrepreneur-politician Vivek Ramaswamy presented their ambitious proposal to shrink federal spending and reduce government inefficiencies in Washington this week. Dubbed the Department of Government Efficiency (DOGE), their initiative proposes saving $2 trillion in federal spending, though specifics were notably scarce. The pair met with members of Congress, primarily Republicans, to gauge support and discuss the viability of their plan. Among those in attendance was Representative Tom Cole, a seasoned Republican from Oklahoma and the incoming House Appropriations Committee chair, who offered measured skepticism. Cole, reflecting on his conversations with Musk and Ramaswamy, noted their effort to understand "the full scope" of their proposal and the extent of executive authority they might wield. His remarks hinted at the constitutional limitations the duo could face. "How much would be done by executive action?" he asked, underscoring Congress's constitutional role in appropriations. Appropriations remain at the heart of federal spending, requiring Congress's active involvement. Legislative attempts to bypass this process, such as impoundment, often encounter resistance from the judiciary and Congress itself. The 1974 Budget Control and Impoundment Act, a legislative response to President Nixon's unilateral actions during his impeachment crisis, fortified Congress's role in spending decisions. Musk and Ramaswamy's DOGE initiative must therefore navigate not just political, but legal constraints. History suggests that lofty goals to overhaul federal spending have faced immense challenges. The proposed $2 trillion in savings is ambitious, but the absence of specific strategies raises doubts about its feasibility. To understand the hurdles facing DOGE, it's crucial to examine the lessons of past efforts to reform government spending. Efforts to reform federal spending have long been central to Republican policy agendas. During his 1980 presidential campaign, Ronald Reagan criticized the ballooning federal debt, which was nearing $1 trillion at the time—a figure that seemed unthinkable then. Reagan entrusted his first Office of Management and Budget (OMB) director, David Stockman, with implementing steep budget cuts. Stockman targeted social programs with fervor, equating budget excesses to moral failings. Yet, Stockman's efforts quickly ran into opposition from Democrats and even some Republicans. Reagan's broader fiscal policy, which included large tax cuts and increased military spending, further undermined his administration's deficit-reduction goals. By the end of his first term, the national debt had doubled, and by the time Reagan left office, it had tripled. Stockman, disillusioned, exited the administration and later published a memoir, The Triumph of Politics: Why the Reagan Revolution Failed, chronicling his frustrations. Reagan's later attempts to streamline government included appointing J. Peter Grace to lead a commission on government efficiency. Though the commission unearthed useful recommendations, its impact was marred by revelations about Grace's company, W.R. Grace & Co., having paid minimal taxes. These optics undermined public confidence in the commission's efforts.

Special counsel Jack Smith may be stepping aside from his prosecutorial persecutions of Donald Trump -- at least, for the time being. But he leaves behind a trail of destruction. And one such victim, Steve Stockman, former congressman, says he spent three years in jail due to Jack Smith's unjust investigations and prosecutions that came largely in defense of Barack Obama. Stockman apparently made the political mistake of using his congressional platform to investigate Obama -- and for that, he had to pay. Stockman talks about his time in jail and his dealings with Jack Smith, whom he describes as "Obama's enforcer" and a very evil man.

In this episode, ⁠Krish Palaniappan⁠, ⁠Marni Stockman⁠, and ⁠Nick Coniglio⁠ discuss their journey as founders of Lifecycle Insights, a SaaS platform. They explore the importance of leadership, the challenges of starting a business, and the critical role of sales and marketing. The conversation delves into the significance of validation in product development and effective strategies for gathering honest feedback from potential customers. The hosts emphasize the need for iterative development and the importance of understanding customer needs to ensure business success. Nick Coniglio and Marnie Stockman discuss the critical aspects of leadership, stakeholder management, and the importance of character skills in the startup environment. They emphasize the need for identifying key stakeholders, understanding the fluid nature of gatekeepers, and the significance of leading oneself, especially in small teams. The discussion also covers the learning curve associated with leadership, the mistakes made along the way, and how to navigate leadership in a diverse and remote work environment. Ultimately, they highlight that character and communication are essential for effective leadership in today's world. Takeaways • Founders should focus on building relationships and communication. • Sales and marketing are essential for business growth. • Validation is crucial before launching a product. • Engaging with the user community leads to better product development. • Iterative development allows for continuous improvement. • Listening to customer feedback is vital for success. • Sales should be integrated into the product development process. • Asking the right questions leads to valuable insights. • Detaching from your product helps in receiving honest feedback. • Understanding your target market is key to validation. • Identifying key stakeholders is crucial for product success. • Leadership is essential, even for small teams. • Everyone is a leader in their own right. • Leadership skills can be learned and developed. • Character skills are becoming increasingly important. • Good leadership focuses on team growth and development. • You cannot please every user; focus on core needs. • Mistakes in leadership provide valuable learning opportunities. • Communication is key to effective leadership. • Be open to feedback and adapt your approach. Chapters 00:00 Introduction to Leadership and SaaS 03:22 Founders' Journey: From Employees to Entrepreneurs 08:45 The Birth of Lifecycle Insights 14:36 Writing a Book: Sharing Experiences 20:47 Sales and Marketing: The Lifeblood of Business 25:10 Understanding Validation in Startups 31:01 Effective Validation Strategies 37:15 Asking the Right Questions for Validation 41:12 Identifying Key Stakeholders 48:00 The Importance of Leadership in Startups 53:10 Learning from Leadership Mistakes 57:48 Navigating Leadership in a Diverse World 01:01:00 The Role of Character in Leadership

This week on the Pet Buzz, Petrendologist Charlotte Reed talks with Dr. Jonathan Stockman. Dr. Stockman is an Associate Professor at Long Island University in the Department of Clinical Veterinary Sciences about cooking for your pets and with Dr. Lisa Lunghofer of The Grey Muzzle Organization about Senior dog adoption.

Episode 472 von TMNT - Der Talk. Das Hauptthema diesmal ist die 2012-Cartoon-Folge "Die einsame Verwandlung des Baxter Stockman". Besucht auch meinen Blog unter http://tmnttalk.blogspot.com oder schreibt mir an tmnttalk1984@gmail.com.

Episode 472 von TMNT - Der Talk. Das Hauptthema diesmal ist die 2012-Cartoon-Folge "Die einsame Verwandlung des Baxter Stockman". Besucht auch meinen Blog unter http://tmnttalk.blogspot.com oder schreibt mir an tmnttalk1984@gmail.com.

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:

Enjoy this sermon from Jenn Stockman on October 6, 2024. 

In this week's episode, Jeff is joined in studio by Marnie Stockman and Nick Coniglio, co-authors of the book 'Lead It Like Lasso'. The discussion covers the unique challenges of leading in the educational sector and the importance of networking, collaboration, and vulnerability in leadership. Marnie and Nick share their journey of transitioning from familiar roles to starting their own company, highlighting the significance of core values, culture, and vision in achieving success. They delve into the concept of connecting and the power of peer groups, emphasizing that nurturing relationships and self-accountability are key components of effective leadership. This episode is great for leaders focusing on personal growth to help ensure that their students become the best version of themselves. Enjoy!

Deze week een heerlijk weerzien met zangeres en pianiste Astrid Stockman. Haar nieuwe voorstelling Spreekuur gaat binnenkort in premiere en ook in het spelprogramma De Verraders laat ze al enkele weken zien dat er ook een slimme speler in haar schuilt. Astrid brengt sowieso het beste in ons naar boven en daarom waren deze 2u ook voor ons genieten. Tijdens het eerste deel gaat het over haar intense deelname aan De Verraders waarin we onszelf ook de vraag stellen hoe goed we zelf zouden kunnen bedriegen en in het tweede deel wederom een mooi overzicht van haar artistieke carriere. Topvrouw! Tickets voor haar show via astridstockman.com

Access the entire episode for a gift of any amount: https://beyondlabels.supportingcast.fm/Follow on InstagramFollow on TwitterSubscribe on RumbleSubscribe on YouTubeFind Joel Here: www.polyfacefarms.comFind Sina Here: www.drsinamccullough.comDISCLAIMER

“Can we use generative AI in a way that teaches us something that we might not have known otherwise, and in that learning… create something that actually has the potential to increase agency for all inside of the system?” Good question, Angela Stockman! It is, in fact, one of many good questions that Stockman, the author of *The Writer's Guide to Pedagogical Documentation,* raises as our guest on *The Resonance Test.* In this episode, Stockman joins Kristen Heist, Senior Director of Innovation Consulting at EPAM Continuum, and our Brian Imholte to dig deep into Gen AI and education. Part of that digging involves the art of *asking questions.* Heist says that while building a tutor with input from educators, teachers have been “pushing us to design tools that follow the principles of Socratic method” and not just giving the answers to students. Stockman agrees saying that teachers don't want to see “learners leaning on AI tools just to generate answers or to produce work in ways that you know undermine their opportunity to sharpen their own saw.” The hope is that students will become keen enough to create whole new ways of doing things—and that teachers will, too. Part of teachers' craft, says Heist, is “learning what works for their students, learning what their students understand, learning who their students are.” But the reality is that teachers are extremely time-constrained. And this makes personalization a challenge. Stockman says that for teachers “who are working with sometimes over one hundred students in a single day,” personalization is “kind of unrealistic”—but a GenAI tutor can truly help. The real focus is where GenAI tools can, as Heist says, “elevate the teacher's craft,” as opposed to replacing what they're currently doing. And let's not forget data! Stockman says that AI is “helping us scoop the data out of their lived learning experiences. We don't have to bring learning to a halt in order to assess what's going on and it can help us with the interpretation of massive amounts of qualitative data.” If you have questions about GenAI and EDU, and you know you do, listen up. Host: Alison Kotin Engineer: Kyp Pilalas Producer: Ken Gordon

Episode 465 von TMNT - Der Talk. Das Hauptthema diesmal sind "TMNT#48" und "TMNT#49" von IDW Comics. Besucht auch meinen Blog unter http://tmnttalk.blogspot.com oder schreibt mir an tmnttalk1984@gmail.com.

9:00 - UM-Tester Endorsement Offer Gets National Attention - Stockman Bank's Remington Fire Fund full 2537 Thu, 29 Aug 2024 16:01:00 +0000 DPb2U2vCf0zQ8uVhATo9iKI4B6rTZwzC Montana Talks with Aaron Flint 9:00 - UM-Tester Endorsement Offer Gets National Attention - Stockman Bank's Remington Fire Fund Montana Talks with Aaron Flint ON DEMAND 2020

To get live links to the music we play and resources we offer, visit www.WOSPodcast.comThis show includes the following songs:Bree Noble - The Human Race FOLLOW ON SPOTIFYCathy Hutch - Share the Light FOLLOW ON SPOTIFYMiss Queue - I Feel it in My Bones FOLLOW ON SPOTIFYRenee Allsbrook - Wandering FOLLOW ON SPOTIFYRiverHouse Music - Settle Down FOLLOW ON SPOTIFYPJ Brunson - GlassMan FOLLOW ON SPOTIFYWheel House - When It All Goes Down FOLLOW ON SPOTIFYLittleFox - Death Bloom FOLLOW ON SPOTIFYAlicia Stockman - Little Dog FOLLOW ON SPOTIFYLisa Marie Simmons, Marco Cremaschini - The Last Supper FOLLOW ON SPOTIFYFor Music Biz Resources Visit www.FEMusician.com and www.ProfitableMusician.comVisit our Sponsor Bandzoogle at bandzoogle.comVisit our Sponsor Ed & Carol Nicodemi at edandcarolnicodemi.comVisit our Sponsor Miss Queue at missqueueband.comVisit our Sponsor Reel Magic at profitablemusician.com/magicVisit www.wosradio.com for more details and to submit music to our review board for consideration.Visit our resources for Indie Artists: https://www.wosradio.com/resources

In today's show, Andy brings us an update from the Pro Farmer Crop Tour, Dustin visits with Casey Anderson of the Iowa Beef Industry Council about the Stockman and Stewardship workshop, and Riley has the latest South America update with Greg McBride of Allendale.

To get live links to the music we play and resources we offer, visit www.WOSPodcast.comThis show includes the following songs:Raggedy Anne - Love of a Good Man FOLLOW ON SPOTIFYAlicia Stockman - Another Breakup Song FOLLOW ON SPOTIFYKatie Ainge - Fond of You FOLLOW ON SPOTIFYEmmeleine - Coming For You FOLLOW ON SPOTIFYSierra Levesque - U ARE MY DRUG FOLLOW ON SPOTIFYLorna Brooks - Dawns a New Day FOLLOW ON SPOTIFYNY PodCat - Summer Love FOLLOW ON SPOTIFYKara Cole - I'M A MESS FOLLOW ON SPOTIFYLetting Up Despite Great Faults - Powder FOLLOW ON SPOTIFYEvan Pace - Don't Tiptoe FOLLOW ON SPOTIFYFor Music Biz Resources Visit www.FEMusician.com and www.ProfitableMusician.comVisit our Sponsor Bandzoogle at: http://www.bandzoogle.comVisit our Sponsor Sarah Lucie at sarahlucie.comVisit our Sponsor ROYO at profitablemusician.com/royoVisit www.wosradio.com for more details and to submit music to our review board for consideration.Visit our resources for Indie Artists: https://www.wosradio.com/resources

In the latest episode of Outside Insights, I had the pleasure of interviewing the dynamic duo, Marnie Stockman and Nick Coniglio, tech leaders, co-founders of Lifecycle Insights and co-authors of “Lead It Like Lasso“. During our conversation, we dove into their unique approach to leadership, drawing inspiration from none other than the TV character, Ted Lasso. From their journey co-founding and scaling Lifecycle Insights, Marnie and Nick shared a wealth of wisdom. Finding Inspiration from Ted Lasso Who would have thought that a fictional soccer coach could provide profound leadership insights? Marnie and Nick did. They admired Ted Lasso's positive, people-focused philosophy and saw many parallels to their own leadership experiences. Their book aims to help readers cultivate these qualities, encouraging them to become more effective and authentic leaders. Marnie and Nick believe that effective leadership starts with leading yourself—aligning with your core values and being true to who you are. They highlighted that a lack of authenticity can create a sense of mistrust among employees, something that can tank your team's morale. In a past life I was a football coach who converted to a high school soccer coach. I was not technical enough to lead quite like Ted Lasso, but I did it in my own way! I blogged about it here, if you want to check it out. The Importance of a “Personal Operating System” One of the standout tools they mentioned from their book is the “personal operating system” exercise. This exercise helps team members understand each other's strengths, weaknesses, and work styles, fostering better alignment and collaboration. It's a practical way to nurture individual strengths, much like Ted Lasso does with his team. Longtime listeners know how much I value tools that help people understand themselves and their values—I absolutely loved learning about this one. An Outside Insights Must: Balancing Work and Life Marnie and Nick also stressed the importance of self-care to maintain balance. They engage in activities that rejuvenate them, such as exercise, learning new things, and spending quality time with family. Nick enjoys playing golf, while Marnie finds relaxation in knitting. These hobbies help them stay grounded and maintain their well-being amidst the demands of their professional lives. This episode was a treasure trove of leadership wisdom and practical advice. Marnie and Nick's book, “Lead It Like Lasso“, offers a refreshing take on leadership. For those seeking to enhance their leadership skills and become more authentic, empathetic, and effective leaders, this Outside Insights episode, and their book, are invaluable resources. Book Recommendations For other books to add to your summer reading list, check out a few other titles we discussed on the podcast below:“

JT Stockman joins the podcast! Car crashes, friends getting roofied, and hitchhiking.. PLUS JT's Aunt saw Galyn headline in Montana, and the boys find out that a girl they hung out with after a show in kansas passed away a few days later.. What an episode! Enjoy!

Enjoy this sermon from Jenn Stockman on June 16, 2024

Farah Stockman is a Pulitzer Prize winning journalist and member of the New York Times editorial board. She's also the author of the great book American Made: What Happens to People When Work Disappears.Her book chronicles the closure and relocation to Mexico of a Rexnord bearing plant in Indianapolis in the wake of the 2016 presidential election. It focuses particularly on the lives of three workers in the plant. American Made is a detailed a moving portrait of the reality of industrial life in the 21st century American Heartland. She joins me to discuss on the podcast this week to discuss this important book.Buy the book: https://www.amazon.com/American-Made-Happens-People-Disappears-ebook/dp/B08YN77FLS/?&_encoding=UTF8&tag=theurban-20 Subscribe to my newsletter: https://www.aaronrenn.com/

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.

As has been established on the podcast before, Mike was briefly in high school with Ted Lasso actor Jason Sudeikis, and also knew the coach who inspired the character.  Marnie and Nick are writing a book on the show, and Mike was fortunate enough to have the opportunity to share what he knows on the subject - and so much more. We also bring back for reference parts of our famous #KroenkeOut episode and our interview with Jeff Polaschek.

On this week's episode of Crew Call, Steve Post and Todd Gordon discuss Christopher Bell's rain-shortened victory in the Coca-Cola 600 along with Kyle Larson's disappointing 'Double' attempt. Danny Stockman, crew chief for Jesse Love on the NASCAR Xfinity Series, joined the show as the team prepares for back-to-back road racing weekends at Portland and Sonoma. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Show Notes: https://wetflyswing.com/610  Presented by: Yellowstone Teton Territory Sponsors: https://wetflyswing.com/teton    Curtis Fry, co-owner of Fly Fish Food, gives us a behind-the-scenes look at the acquisition of Jimmy's All Seasons Angler and shares what sets a great fly-tying shop apart from the rest. But that's not all. Curtis also delves into the everyday philosophy that drives their business, the importance of being prepared for your next fly shop visit, and how to navigate the choppy waters of online feedback. Whether you're a seasoned angler or just getting your feet wet, this episode is packed with valuable advice to enhance your fly fishing journey. Episode Chapters with Curtis Fry on Jimmy's All Seasons Angler 7:29 - Curtis discusses the acquisition of Jimmy's All Seasons Angler, a renowned fly fishing shop for over 40 years. Jimmy's became well-known for its focus on fly tying, making it a staple in the community, especially during the winter Saturday demo sessions. The shop's reputation and Jimmy's desire to retire presented Curtis and his business partner, Cheech, with the opportunity to take over. The transition occurred in June 2023, with Jimmy truly stepping back to enjoy more fishing. Curtis and Cheech focused on retaining the shop's essence while implementing significant improvements. They revamped the interior, greatly expanded the fly and fly tying selections, and introduced more brands and products. 18:34 - Curtis talks about the importance of community and relationships in the fly fishing industry. He explains that their approach includes offering high-quality, free content, such as fly-tying tutorials, to engage with the community. 21:41 - Curtis highlights the importance of immediate feedback in today's consumer-driven world, noting that poor customer service quickly becomes known, especially with more options available for consumers. He emphasizes the need for businesses to excel in customer service and social media engagement. 26:41 - We dig into the unique qualities of Jimmy's All Seasons Angler, particularly its emphasis on fly tying compared to other shops. Curtis highlights the extensive planning and analysis in selecting their product mix and managing inventory. He points out the importance of understanding consumer behavior, especially with the shift towards online shopping. 32:33 -  Curtis advises how fly fishing beginners can get started, particularly emphasizing the value of visiting local fly shops like Jimmy's. He said first understand where and how they plan to fish. He also recommends beginners familiarize themselves with the basics of the type of fishing they're interested in and then explore fly tying through resources like the fly tying tutorials on their website. Beyond basic tutorials, Curtis mentions their "Skill Builder" series on YouTube, which delves into more specific techniques. 36:37 - Curtis mentions that even beginners who have done some basic fly tying, like zebra midges or pheasant tails, can find suitable dry flies to use during specific hatches like the beta hatch, which has been very good recently. 38:16 - The conversation shifts to comparing fishing in the Provo area with other locations such as Henry's Fork and South Fork. Curtis points out that Provo's proximity to populated areas makes it busier, but notes its walk-and-wade accessibility. However, he suggests that areas like Henry's Fork offer a wider variety of water and fewer people, appealing more to destination anglers. 40:06 - Curtis advises that newcomers to fly shops should keep an open mind, as everyone can have a bad day, and emphasizes the importance of being ready to answer questions to help shop employees provide the best guidance. He also suggests that beginners should be willing to set aside any need to appear knowledgeable, as this attitude can hinder learning and the reception of valuable advice. 42:15 - Curtis outlines the selection process for their lineup of boats, ranging from entry-level float tubes to high-end drift boats. He mentions that float tubes despite their simplicity are still very useful, especially for accessing high mountain lakes. Curtis also shares his favorite float tube model, the slash float tube from Dave Scadden Paddlesports. This model is distinctive for using a standup paddleboard's rigid style to create a platform that sits between two pontoons, serving as the seat. 47:15 - Curtis reveals they have four "shop dogs", a 65-pound Sheepadoodle named Gwen, a jet-black Poodle named Zeppelin who is notably annoying, and an English Bulldog named Scotty. Additionally, there's Squatch, a Wirehaired Pointing Griffon, brought in by Curtis's colleague, Cheech. 48:60 - We talk about their Shop Talk Podcast. Curtis acknowledges that their podcasting efforts are the least consistent part of their projects, but they still maintain a dedicated space for it. Despite the irregular schedule, he enjoys producing it. 50:41 - Curtis advises beginners in fly fishing to take a guided trip early on, emphasizing how such an experience could significantly flatten the learning curve. He notes that while not everyone can afford it, investing in at least one guided trip can offer personalized learning opportunities, tailored to the beginner's needs. 52:40 - Curtis shares the potential expansion plans for Fly Fish Food, which has a strong presence in various locations and is considering further growth. 58:35 - Curtis recommends Stockman's Restaurant in Idaho Falls, a reputable steakhouse known for its quality beef. Show Notes: https://wetflyswing.com/610 

On this episode of the Astonishing Healthcare podcast, Casey Stockman, PharmD, Vice President of PBA Services, joins host Justin Venneri and shares her insights on the complexities of high-cost cell and gene therapies (CGTs), glucagon-like peptides (GLP-1s), and much more. Given the advancements in drug development and million-dollar-plus price tags for many of the CGTs, it is crucial for health plans to navigate the challenges of covering these therapies. Casey discusses outcomes-based agreements, annuity or mortgage models for payment plans, and the concept of risk pooling.She addresses concerns surrounding GLP-1s, specifically the expanded FDA approval for reducing major cardiovascular events, affordability and overall uptake of GLP-1s among Medicare patients, and the potential impact of rising utilization on total medical expenses. Casey also emphasizes the benefits of modern technology, such as JUDI®, in solving real hurdles for health plans by improving the coordination of benefits for dual-eligible members and having the flexibility to meet regulators' intent.Last, Casey shares an astonishing journey from provider to payer to patient.For more information and this episode's transcript, visit Capital Rx Insights!

Dedicated to Southern Miss sports! Weekdays 1 - 2 p.m. on select SuperTalk Mississippi stations. This show is a production of SuperTalk Mississippi Media. Learn more at SuperTalk.FM

It's been a minute, but it is LASSO TIME! We get to revisit our favorite manager in this discussion with Marnie Stockman and Nick Coniglio. These two have written an excellent leadership book that ties together all the lessons from Ted Lasso called LEAD IT LIKE LASSO. We really enjoyed diving into their backgrounds, how they came to write the book and some of their favorite moments from our favorite show. Strong recommend on this book! Buy Lead it Like Lasso here! https://leaditlikelasso.com/ FEATURING: Craig McFarland BUY OUR TEA: ⁠⁠⁠⁠⁠https://www.whimsytea.shop/product/breakfast-with-the-boss/535?cp=true&sa=true&sbp=false&q=false⁠⁠⁠⁠⁠ BUY SOME MERCH! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.reverieapparel.shop/frn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Email the show at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠frontrowlasso@gmail.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Follow on Twitter at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/PBBFRN⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the Facebook group at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/groups/3161086474176010 --- Support this podcast: https://podcasters.spotify.com/pod/show/pbbfrn/support

Lead It Like Lasso by Marnie Stockman https://amzn.to/3W4yCEG Leaditlikelasso.com When Ted Lasso was hired as the new gaffer (coach) for AFC Richmond, the team, the town, and the entire country made it no secret that they thought he was just a clueless “wanker.” But it was clear, even early on, that Ted knew a thing or two about being a good leader. It's not about the wins and losses but about helping others become the best versions of themselves. Much like Ted Lasso the show, Lead It Like Lasso takes an entirely different approach to leadership. The foreword alone will shock you. The lessons outlined are not just for business leaders. Rule #1 - Leadership is Life! These tools can be applied in the board room, the locker room and the living room. You might want to have a pencil (or your own whiteboard) on hand to work through the activities: Define your core values and learn how culture impacts your ability to level up Create a clear vision and purpose for your life to reach your goals Build your own personal operating system and communication guide Adopt effective communication strategies to build your network Envision your legacy and outline a plan to make it happen This not your grandmother's leadership book. Heck it isn't even Ted's grandmother's leadership book. This book feels like having your own personal Ted Lasso breaking down leadership lessons in a way that will make you smile - inspiring action you can take right away. The authors offer leadership lessons from their own successful startup, the lives of the team at AFC Richmond, and top leaders of industry. Level up and lead your life like Lasso. Believe.

Robert F. Kennedy Jr. and economist David Stockman dissect Trump's economic policies in this episode. David Stockman, a Republican economist, was the Director of the Office of Management and Budget under President Ronald Reagan. Stockman is also the New York Times and Wall Street Journal bestselling author of The Great Deformation --- Send in a voice message: https://podcasters.spotify.com/pod/show/rfkjr/message

David Stockman destroys the myth that the economy boomed under Trump. Not only were his policies bad, they helped enlarge the government. He spearheaded the Covid lockdowns, oversaw greater spending, and the national debt rose $8 trillion under his reign. Well-meaning conservatives have been fooled. However, this is also the nature of the system and its evils: the rogue Federal Reserve, the Military-Industrial-Complex or Warfare State, and the Welfare State. Under Trump, the rising tide "lifted all yachts" as wealth inequality and neofeudalism increased. Watch on BitChute / Brighteon / Rokfin / Rumble / Substack Geopolitics & Empire · David Stockman: Trump Empowered the Fed & the Warfare/Welfare State #401 *Support Geopolitics & Empire! Become a Member https://geopoliticsandempire.substack.comDonate https://geopoliticsandempire.com/donationsConsult https://geopoliticsandempire.com/consultation **Visit Our Affiliates & Sponsors! Above Phone https://abovephone.com/?above=geopoliticseasyDNS (use code GEOPOLITICS for 15% off!) https://easydns.comEscape The Technocracy course (15% discount using link) https://escapethetechnocracy.com/geopoliticsPassVult https://passvult.comSociatates Civis (CitizenHR, CitizenIT, CitizenPL) https://societates-civis.comWise Wolf Gold https://www.wolfpack.gold/?ref=geopolitics Websites Contra Corner https://www.davidstockmanscontracorner.com Trumps' War on Capitalism https://www.skyhorsepublishing.com/9781510779327/trumps-war-on-capitalism About David Stockman David A. Stockman is the ultimate Washington insider, starting a career in Washington in 1970, when he served as a special assistant to US Representative, John Anderson of Illinois. In the early seventies he was executive director of the US House of Representatives Republican Conference and was elected as a Michigan congressman in 1976 before joining the Reagan White House in 1981. Serving as budget director, he was one of the key architects of the Reagan Revolution plan to reduce taxes, cut spending, and shrink the role of government. He joined Salomon Brothers in 1985 and later became one of the early partners of the Blackstone Group.The author of The Triumph of Politics, Stockman has numerous New York Times bestsellers under his belt. Born in Ft. Hood, Texas, he attended Michigan State University and Harvard Divinity School and then went to Washington as a congressional aide in 1970. He lives with his wife Jennifer Blei Stockman, and they have two daughters, Rachel and Victoria. He lives & works in New York City and Miami. *Podcast intro music is from the song "The Queens Jig" by "Musicke & Mirth" from their album "Music for Two Lyra Viols": http://musicke-mirth.de/en/recordings.html (available on iTunes or Amazon)

Bak is joined by comedian, JT Stockman discussing dumb things guys do to look cool!Follow JT Stockman: @jt_stockmanFollow The FeedBak: @thefeedbakSubscribe to The FeedBak YouTube ChannelFollow Record Play: @recordplayliveAll episodes and show notes available at thefeedbak.comThe FeedBak Podcast is also available on Spotify, Stitcher, Google Play and wherever you listen to podcasts.

Ep. 744 #Livecast -  Alicia Stockman (25 Days of Christmas) If you would like to donate to our PanCAN Fundraiser please visit: https://donate.tiltify.com/9cf1849d-0189-45d5-b67f-cccd672e5e6e Listen to our Radio Show Station Here: https://www.mixcloud.com/indiefusionradio/ Thank you Everyone for joining us! You can take the podcast on the go on Spotify! https://open.spotify.com/show/5dZ2LgaPYqKWWEKhlkjndO?si=391967b92f544265 If you are interested in supporting Live and Amplified, please check out our Socials! https://linktr.ee/LiveandAmplified We are a Music based Multi-Media Project, We feature independent musicians giving them the opportunity to showcase and talk about original content. if you have any questions or comments please send them to LNAMusicReview@gmail.com

Its our annual Thanksgiving show and we chat about people in the industry who have to work holidays and year round! Plus we give some thanksgiving cooking tips and talk what we are thankful for, we are joined by Director of Conferences services and catering Matt Stockman from Hammock Beach resort!