Podcasts about Treasury

David Bahnsen fills in for Brian Szytel with the Dividend Cafe daily recap, noting the Dow rose 537 points (over 1%) while the Nasdaq fell 22 basis points, underscoring a market rotation away from semiconductors and some technology (semiconductors down almost 5%) toward more traditional/value areas. Healthcare led with a 2.3% gain, followed by consumer staples up 2% and materials up 1.66%, while energy fell 1.4% and technology fell 1.1%, reflecting unusually wide dispersion. The 10-year Treasury closed at 4.6%, down 4 basis points, alongside a broader bond rally with yields lower across the curve. Bahnsen highlights intense attention on the upcoming Fed meeting and argues there is too much focus on the Fed versus the real economy, with more commentary to follow. 00:00 Welcome and Host Swap 00:08 Market Rotation Snapshot 01:00 Sector Winners and Losers 01:36 Rates and Bond Rally 02:07 Fed Hype and Real Economy 02:45 Tomorrow Coverage Preview 02:49 Ask TBG and Sign Off Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Keith welcomes back Todd Drowlette, star of A&E's The Real Estate Commission, to help demystify commercial real estate for residential investors.  They explore which sectors are most resilient to disruption from AI, automation, and Amazon, why certain office and warehouse assets still work, and how service-based retail like nail salons and quick-service restaurants can offer durable returns.  Todd breaks down the basics and advantages of triple net (NNN) leases, key considerations in office-to-residential conversions, and how rising interest rates are reshaping commercial deals.  He also shares negotiation tactics from large commercial transactions that investors can immediately apply to their next rental property purchase. Episode Page: GetRichEducation.com/616 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.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Unlock truly passive real estate income—visit flockhomes.com/GRE today to see if your properties qualify for a 721 exchange with Flock Homes. To get in the best physical, mental, and professional shape of your life, go to DanielThomasHind.com and apply for Daniel's intensive 1-on-1 coaching for burnt-out entrepreneurs and executives. 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— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. We're talking with the star of the A&E show, the Real Estate Commission today. What real estate sectors are safe from AI, robots, and Amazon disruption? How many deals on the commercial side are still going to implode due to mortgage rates resetting higher? And some of the best negotiation techniques from $100 million deals that you can use in your own deals, and more today on Get Rich Education. You know, Mid South Homebuyers, that top Memphis turnkey provider. I learned that a secret weapon behind their explosive growth is more than just you buying their properties. It's an executive coach. For nine years now, their CEO Terry Kerr and his COO Pat Nix have worked privately with a coach who I've now learned from too, and he doesn't market himself online anywhere. After 12 years behind the scenes, that coach is now making himself available exclusively for GRE listeners, his name is Daniel Thomas Hind. If you're a hard-charging business owner or investor who wants to get in the best shape of your life, physically, mentally, and professionally, you can fill out an application for a free consult. This is private one-on-one coaching for those willing to go to uncommon lengths to achieve uncommon results. Thanks to Daniel, we've all become better leaders, better operators, and better men. It started by showing up for ourselves. Now it's your turn. Go to DanielThomashHind.com. H-I-N-D. That's DanielThomashHind.com and sign up before spots fill. What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056 They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge. While it's on your mind, start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Speaker 1  2:19   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  2:35   Welcome to GRE from Peoria, Illinois to Peoria, Arizona, and across 188 world nations. I'm Keith Weinhold, and you're listening to Get Rich Education. Though we're a show centered on how to build wealth through residential real estate investing, today we're talking mostly about the commercial side with a guest that's more comfortable investing in commercial real estate than he is residential. We'll learn why. He is the star of the new real estate show called the Real Estate Commission that airs on A&E Network. Todd Drowlette, because he was here with us last year shortly before the show debuted, and he had so many interesting things to tell us then. That's why he's back. Now we know that residential real estate is positioned well at surviving the boom in artificial intelligence's influence because everybody still needs a place to live. You can't download a kitchen or living room, and a chatbot can't replace a roof. But some types of commercial real estate are vulnerable to AI. I'm going to ask Todd which types and businesses are the most resilient to survive AI, robots, and Amazon, because there surely are some. He does a good job of making commercial real estate approachable to those that have never invested in it before.   Keith Weinhold  3:59   Contrary to the narrative, he also likes to talk about why office real estate is not dead. Occupying both worlds, I will ask him about office to residential conversions and also get his take on what is happening with commercial loans because apartment investors have been feeling the pain ever since mortgage rates doubled and nearly tripled in 2022. I'll ask about commercial loans blowing up and just how much more of that is expected to happen because the pain is certainly not over there. Let's meet this week's guest. A series on A and E Television and streaming launched last year called The Real Estate Commission, and it's going well enough that it's gearing up for season two. The star of that show is with us today. He was with us last year just before the show debuted, and that's when he shared all kinds of interesting insights with us, like why. A gas station is on a certain side of the road. He's perhaps the most prolific commercial real estate broker in the nation. He's managing director at Titan Commercial Realty Group in New York, closing deals totaling over $2 billion all across commercial real estate sectors. He's represented everyone from local startups to national reits. Hey, welcome back to Get Rich Education, Todd Drowlette.   Todd Drowlette  5:26   Thank you so much for having me back. I appreciate it. It's always great to talk to you.   Keith Weinhold  5:30   Yeah, same. It was so interesting when you were here last year, and I do want to ask you about how it's going with the A and E show later. Most of our listeners own single family rentals or small multifamily, and I think the commercial side, Todd. Frankly, it it intimidates some people. I know I've thought of it that way before. What are some of the misconceptions that the residential side seems to have about the commercial side?   Todd Drowlette  5:56   So a big misconception is that you have to be smart to do it. You certainly do not. A lot of people also think you have to already be a multimillionaire to do it, right? So the same way with residential, there's levels to it. There's levels to commercial real estate. So I say there's pros and cons, right? So in commercial real estate, if you have an office building or a shopping center or a ground lease, you rent to a McDonald's, whatever. You don't get phone calls at two in the morning saying my hot water tank just exploded, my furnace isn't working. So you still get property management calls, but they're typically from you know Monday through Friday, nine to five type of thing, and you don't need millions of dollars. People think you do. It's like you can buy a small two or three tenant office building or a two or three tenant retail shopping center, maybe something has a nail salon, hair salon in it. Depending on the market you're in, that could be a couple $100,000 to buy. If you're in a tertiary town in the United States, if you're in a major metro, it could be a million, 2  million bucks. But the rent is commiserate with what you're paying. So if you can make an 8 or 10% return, a lot of banks will finance startup people as long they're looking in commercial at the quality of the tenant and what the lease is. So you could have no experience, but if you're going to rent to a Hertz rental car, a Starbucks, a McDonald's, even if you personally have like say a 750 credit score, it's decent. It's not a perfect credit score, but you're financeable. They're lending in commercial real estate based on the credit and the length of the leases, not necessarily on your own financials. And a lot of people don't realize that, and they think, "Oh, bank's never going to approve me because I've never done commercial real estate before. Well, nobody's ever done anything until they do it, right? So as long as you start small, banks will lend to people, you know, on smaller things, there's a ton of pros to being in commercial real estate compared to residential. There's less competition. It's easier to repeat deals because once you know one tenant's looking for something, then you can find the next thing they're looking for, and it's a small knit group. You know, if there's 3 million real estate agents in the United States, I would say across the entire country, maybe 10,000 of us are commercial real estate agents.   Keith Weinhold  8:05   Yeah.   Todd Drowlette  8:06   So if you get into commercial, once you get into that network of people with a deal with the tenants and the whatever, you know, if you're in, you're in. If you're out, you're out. That was a very long answer to a very short question.   Keith Weinhold  8:16   Well, some people even have one of the same hangups about residential real estate investing-they think just to buy income property takes an awful lot of money, not realizing you can start with a single-family home of less than 300k or even less than 200k still today and make a small down payment on it. And you know, Todd, I think one thing that refines commercial real estate for some people and piques interest among residential investors is one of the first things that they learn when they're finding out about commercial real estate investing is the triple net lease. Oftentimes, you see that abbreviated NNN out there, and how that can make things somewhat more hands off for that commercial real estate investor. So, can you tell us about triple net leases?   Todd Drowlette  9:00   I sure can. Number one, the funny thing about triple net leases: none of the three things the N's represent start with an N. So your triple nets are literally your real estate taxes, your insurance, and your commonary maintenance. None of which start with an N. Yet it's called N N N.   Keith Weinhold  9:14   It's kind of like reading, writing, and arithmetic. The 3r is what only one of them starts with an R. It's a terrible acronym, but yes.   Todd Drowlette  9:22   Exactly. So there's different types of triple net properties. So essentially, a triple net property, unlike most residential, where you're responsible, you get X amount of rent, and then out of that rent for your income, you're going to subtract out your school tax, your property tax, your property insurance, liability insurance, you know, snow plowing, lawn mowing, all that type of stuff, right? So triple net properties, you have absolute net properties, which is the best thing you can own from a landlord's perspective. Those are things that are called absolute ground leases or an absolute net lease. Typically, you'll see those in like many gas stations. Will be that a lot of McDonald's. Deals are that where essentially you own a piece of property, you buy a piece of property, and you go here. You have X amount of time to put your building up, do construction, get your approvals. You're going to pay me X per month in a ground rent. You build your own building, you own your own building, you're responsible for it, and I just own the dirt. And those are typically 10 to 20 year leases with options. The downside of a triple net ground lease is you can't depreciate anything because it's just ground, right? So you don't get the depreciation you get with other properties, but you have no risk other than the credit of the tenant. So if you're signing a lease with the United States Postal Service and it's the federal government, you know you're getting that. Those will trade typically about one percentage point higher than U.S. Treasuries because there's very, very little risk in it. But there is some risk, so as an investor, you need a little bit better return than the guarantee of a U.S. Treasury.   Todd Drowlette  10:54   Then you have roof and structure triple net properties, where basically, okay, the roof and the structure I'm responsible for as the landlord. Anything inside of that, or you're responsible for, and then the tenants pay the proportionate share of, like I said, the taxes, the snow plowing, whatever. If that's a multi-tenant building, then you run the risk. Oh, tenant moves out as the landlord, you got to pick up that percentage. If if you have a 10,000 foot building and someone's in 2000 feet and they move out, well, now you're responsible for 20% of that tax and CAM and insurance bill until you replace it with a new tenant. But typically, if you're investing in small strip centers, smaller office buildings, which people say office is dead, I've made a fortune in office. Office is not dead. You just have to own the right office in the right place. A lot of downtown offices are dead, where they're moving to the suburbs for drugs and a lot of other issues. But typically, you know, strip centers today, people are buying those for 8% returns to as much as 10, 12% and a lot of times they're vacancy. That's upside you can add into it as well. But again, these are all things that you can get into for a couple $100,000 down, and there's way more room for error than people think there is. As long as you have a professional that's looking at the lease for you before you buy it, you know you just want to make sure the guarantee is on the lease that you have corporate guarantees. But typically, if a bank will finance it, they're also looking at that. But it's not as scary as people think it is, and it's really a strong alternative to investing in single-family homes. Not that I'm knocking single-family homes. There's pros and cons to literally everything you do in life, as you know. 100.   Keith Weinhold  12:28   A triple net lease, where in commercial property the tenant covers three main expenses or nets: property taxes, insurance, and the maintenance and repairs. And in a lot of the situations, like Todd is describing, that really leaves landlords responsible for little more than the mortgage, really increasing the passivity here. And you know, tenants that are willing to shoulder a triple net lease, I don't think of them as taking on those extra costs for nothing. I think about it is in exchange, tenants typically pay lower rent then, and the tenant also gets more control over the property in a triple net arrangement.   Todd Drowlette  13:08   That's a generally safe thing to say, but I hate saying this. I can't believe I'm even saying this, but you know they say location, location, location. So it really depends on the market. The biggest mistake people make to go, oh, I get asked all the time, should I invest in land? I'm like, hell no, raw land. I go when I develop stuff, I have a use for it. Once I get the approvals, then I'll close and buy the land. Land banking stuff and just going and buying land and hoping it goes up in value. I have a number one rule that I always say to people, and it's anytime you can buy $1 for 50 cents, you buy it, but you don't buy property for $1 hoping it goes to $2 because there's no guarantee that that'll happen. In raw land, you know you have a guaranteed. You're paying taxes every year, so just paying taxes on something that's also not returning you anything is a terrible investment, in my opinion. You're speculating. If you want to speculate, just go to the casino, play roulette, pick black or red, and you have roughly a 50-50 shop minus the three greens, but there's a lot easier ways to make money than buying raw land. But shopping centers, triple net properties, there's definitely ways for people to get into that that are much lower risk, and they're not as scary as you'd think. And many banks will finance them.   Keith Weinhold  14:18   Now, if you had to buy one commercial asset today, what would that be? I know that might depend on some factors, but generally, I've got to say, industrial comes to mind for me as one of the hottest commercial real estate asset classes in quite a while.   Todd Drowlette  14:32   So I would pick two strategies. One would be high bay warehouse, whether it's specifically industrial or just warehouse, but things with high ceilings, open floor plans, like you know, a 20,000 foot warehouse, 30,000 feet, something in that range, that a lot of people want that type of use. Warehouse rents have been increasing way faster than office or retail rents have been in the same markets. And as things get more and more automated, you still need to ship stuff. You still need to. Stuff you still need to get things to people's houses, so with the whole AI boom and the crazy things that are happening, I think there's going to be a lot fewer people with jobs sooner than people realize. But I do think the warehouse is a good thing to be invested in, especially if it's on main streets. It could be retail, could be warehouse, could be whatever. The second thing I'll say that's very low risk are any businesses that Amazon can't compete with you for. So, a small strip center that's two or three tenants, that's a hair salon, a nail salon, service type business, retail tenants, because it's a turnover business. So, like nail salons, they're never going to come to your house and do your nails unless you're a billionaire, because they can make more money with people coming to them in back-to-back appointments. So any type of service business tenant that you can have, and typically nail salons, hair salons, they don't usually go out completely. Usually, if they don't want to do it anymore, they'll sell the business to somebody else, and you keep a tenant. From an ownership standpoint, there's very low turnover and having to pay new brokerage fees or do give tenant fit-ups or free rent to like get their business up and running. So I would either go high bay warehouse with loading docks like 18 foot, 20 foot or higher ceilings, open floor plans, overhead doors, 20, 30,000 square feet, or two or three tenant strip malls with high traffic counts, good suburban locations that have service type businesses. Those are your two. Would be very hard to lose as long as you don't overpay when you buy them.   Keith Weinhold  16:25   This is such an interesting thing to say when you think about a resilient business, something that can't easily be disrupted by AI or Amazon, which something like a nail salon would fit into. Tell us about some of those other types that might fit into a small retail center that are resilient that way.   Todd Drowlette  16:45   End caps, so any kind of like a Popeyes, a McDonald's, anything that's drive-through or food. Even you're starting to see, you know, the Tesla robots, and you're seeing more and more of that. However, people will still buy the food. So whether the employees are actually still in there, it's all robots. They still physically need a place that's close and convenient for people to drive to, or even the food delivery apps. Like a lot of the retail restaurants now are telling me 30, 40% of their orders are delivery through like Uber Eats and whatever. But those are great tenants to have because they're still making money, and as the world's changing, they're adapting. And I want tenants that adapt to the changing world. And honestly, they can afford to pay more. This is terrible. But from a strictly landlord perspective, the fewer employees they have, you don't have workers' comp claims, you don't have the insurance, you don't have all those things. The more you can afford to pay rent to landlords. So as the world's changing, those type of retail, small strip centers, end caps, fast food, QSR type food, quick serve retail. Those are definitely things that I would be considering if I was someone getting into this, and they're things that I also own. So I always recommend what I would do myself.   Keith Weinhold  17:55   Right, and with that commercial tenant, if they're serving fast food, yes, it's not like their customer has to physically show up there at that business for that business to thrive.   Todd Drowlette  18:06   And actually, if you have them as a tenant, because of the delivery, like with a drive-through, you're typically only working off one or two miles. But Uber Eats or these other meal services, they're now going out five, six, even seven miles in some places. So that actually means their sales could be higher. And another thing I didn't mention, but now I'm thinking, a lot of restaurant tenants will pay a percentage rent. So actually, as their sales go up, even though there's not more infrastructure, you know, strains from more customers coming in and out of your property, as they're doing the meal delivery, you're actually potentially be getting cut of that as a landlord with percentage rent, which is a thing that doesn't exist in residential real estate, obviously, there's multiple streams of income for triple net properties at times when you have percentage rent that doesn't exist in warehouse, where it's in retail. It doesn't exist in office, doesn't exist in warehouse, doesn't exist in residential. So that can be a nice bonus, and you see that with supermarkets, restaurants, different types of retailers pay percentage run.   Keith Weinhold  19:05   Okay, so in a sense, Todd, we've been talking about going against the flow, if you will, in being in businesses that are resilient toward disruption from AI or Amazon. But while we're talking about industrial real estate, warehouses do come to mind for me soon afterward, I think generations ago maybe industrial had the connotation of a dirty factory. But today, when I think about warehouses, I think about Amazon fulfillment centers or AI data centers. So, what is the business like for investing in those sort of warehouse deals, and how do those deals even get put together for these warehouse types.   Todd Drowlette  19:42   So you have two types. So you have people who do spec building. So there's guys that will go out and say, "Hey, I'm in the warehousing business, and they'll go through. They'll get approvals and they'll say they'll buy 10 acres, 20 acres, 30 acres, and they'll say, "Okay, we're going to." Put I'm making this up. 500,000 square feet of warehouse on this. They'll go get approved, but they basically will put up a spec building of 40,000 50,000 feet, and then they'll lease it. Depending how long it takes them to lease it, then they'll build the next one. Once you kind of have one building up, it's much easier to prelease. If you just have a piece of dirt and say, hey, I'm going to do a warehouse building here. Unless you have a direct in specifically with Amazon, and they're like, hey, we need to be in Skoda, New York, you know, at this exit within 10 miles of that. And it's like anything. Once you do something for someone once, they're working across the whole country. So if you're particularly good in a specific region as developer, they will often say, "Hey, find me a spot here, here, because they're in the business of getting open and running data centers. They don't care if you're making a profit on the real estate, and they're not set up to locally go through the approvals, know the politicians, know the process, that whole thing. So there's opportunities like that. If you don't know anyone from a hole in the wall, if you have a big piece of property and you start with whatever you're comfortable with to spec out a warehouse, 10,000 feet, 5000 feet. See how long it takes. Do you lease that in six months? Does it take three months? Does it take a year? And then you can kind of take some of the profits from that, either refinance, or if you have a construction loan, then build the next one, build the next one, and build the next one. You can kind of build out as the demand comes along.   Keith Weinhold  21:22   You're listening to Get Rich Education. We're talking to the star of the A and E show, the Real Estate Commission, Todd Drowlette. So much when we come back. He's going to update us on what's happening with office to residential conversions, how much higher interest rate pain is still going to surface in some of these deals, and a negotiation tactic or two that you can use for your own residential deals. I'm your host Keith Weinhold. Flock Homes helps you retire from real estate and landlording, whether it's one problem property or your whole portfolio, through a 721 exchange, deferring your capital gains tax and depreciation recapture. It's a strategy long used by the ultra wealthy. Now, mom and pop landlords can 721 the residential real estate request your initial valuation. See if your properties qualify at flockhomes.com/gre. That's flockehomes.com/gre. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. And full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed, but with a track record of consistent, on-time investor payouts, they built real credibility.   Todd Drowlette  24:15   Well, I'll tell you about some of the pitfalls, and I'll tell you the huge opportunities. If you have office buildings that are vacant, you know, particularly in downtown municipalities like in Albany, New York, you know, our state capital in New York. Politicians and the government right now are creating a lot of incentives to convert those, where they're putting up grant and giving away millions of dollars to private developers that you don't have to repay. So there's a huge opportunity to have people take on a lot of the risk for you to do it. Some of the pitfalls people get into are you want to pick the right office building to do it for. So you want to a make sure that that office building either has on site parking garages or on site parking because I've seen people try to do it and that. Downtowns where there's no parking, and you can put a lot of money in a building with no parking. And if you're not in New York City, where people are used to, and you're competing against suburban apartments, that's a tough sell. So that's number one. Number two, for whatever reason, people really want in office buildings and downtown settings floor-to-ceiling windows. So you really want to pick office buildings that already have floor-to-ceiling windows because it can be very expensive. If you get over three floors, it can be very expensive to cut out windows and make them larger. And another, this is a huge money potential pitfall if you're not careful. Many municipalities and states have different codes for elevators for residential buildings than they have for office. It makes no sense to me, but office buildings. It has to do with fitting the elevator has to be large enough that you can get a stretcher if someone had a heart attack and needed to be wheeled out. Ah, for some reason, residential buildings require larger elevators, and if your shaft isn't big enough and your car isn't big enough. You could have a million dollars or more of an unexpected expense to either make the shaft bigger. Some buildings you can't even do it.   Keith Weinhold  26:08   Well, but if it was originally set up for-   Todd Drowlette  26:09   It doesn't make any sense either. This is new. If you have an office building that's 30 stories tall, people could have heart attacks in the middle of the day at the office. So how is that any different than if they're at home in an apartment and have a heart attack, so it doesn't make any sense to me why the code is different for the fire code. But in New York State, the fire code is different, and that can be astronomically expensive, or it can literally stop your project dead in the tracks if it just becomes cost prohibitive to do it.   Keith Weinhold  26:34   That's something that I never would have thought about. I generally like to see office to residential conversions revitalizing central business districts in our cities. You know, you talked about the parking before having less need for parking. If people can walk to work and where they work, that increases the walkability of an area. I like so many things about office to residential conversions, despite all the hardships and the pitfalls you have to avoid.   Todd Drowlette  27:01   Oh, they're great. You just want to make sure you're picking the right building. So my point is, if you have five or 10 vacant office buildings, mostly vacant office buildings, just make sure you're choosing the right one. And before you buy it, do your due diligence and go through with contractors and engineers and architects that understand all the codes and say, hey, the other positive thing that saves money in office conversions is most office buildings. If you have an elevator bank, typically have bathrooms directly across from the elevator bank, so water and sewer can be very expensive when you're running apartments. So having central lines going up through usually concrete floors can save you a ton of money in the design and the layout of how you place the units and do it around central bathrooms, but typically larger office buildings will have plumbing and sewer on different parts of the floor. So it just means you have to go less distance and it saves money. And a lot of office buildings, even older ones, have higher ceilings, which today is very desirable for apartments. So if you can have a building that has natural light, high ceilings, and you can get grant money to do it, that's definitely something people should look into. And even with a smaller building, I've seen people in New York people are converting 5000 foot office buildings into like five units. You know, there's money to be made. You just have to buy right. I always say, you know, if you can buy $1 for 50 cents. Buy it. Don't buy $1 and hope it goes to $2 A   Keith Weinhold  28:25   lot of these physical limitations, oftentimes in the office to residential conversion, and Todd in the residential world, oftentimes apartment buildings have been problematic. A lot of these syndicators have had their deals blow up because in 2022 or earlier they got five to seven year fixed rate debt. Those deals are coming due. The mortgage payments double, and a lot of times the operator just can't meet it, and it blows up. And apartment building values have been down about 30% nationally, largely for that reason, even though an apartment building owner gets a commercial loan, I still want to know from the commercial side and the commercial use type how much higher interest rate pain do you see that has surfaced and is still going to surface.   Todd Drowlette  29:17   So, I'll answer this by quoting my grandmother. She said, "Anytime you want to cook, whatever size pot you think you need, pick twice that size pot and start using that.   Keith Weinhold  29:29   Yeah.   Todd Drowlette  29:29   So I say the same thing when you're financing a deal or you're writing it out and seeing what your returns are. I always say to people, make sure that you have a big enough cushion in there for all the things you can never predict in commercial loans, there's a ton of guys that are about to lose their shirts, and you're starting to see it because, unfortunately, I don't know if it's true in residential real estate, but in commercial real estate, I've seen guys go from nothing to 50 million, 100 million, $200 million net worths, but I've also seen. Lose everything. So what happens in commercial real estate that you don't want to do is so many people say OPM, use other people's money, use other people's money, use other people's money, which is fine as a strategy. But what you don't want to do is cross collateralized loans. So if you have one property and then you go, oh, let me refinance that and then buy a next property and I'll refinance that and buy the next property, and then the bank's like, okay, we'll refinance that, but we're going to now tie all these properties together as one mortgage, or you're going to cross guarantee these properties. Right. The problem with that is, the people who do that strategy, if you started at that, you know, in 2021 when interest rates, you could get things at three and three quarters percent. Well, commercial loans are five-year loans typically, and they might have 20 or 20-five-year amortizations. So, unlike a residential mortgage that's a 15 or 20 or 30-year self-amortizing loan, they're not. At the end of five years, you have a balloon payment that you have to pay off. So, if interest rates are going down, that's amazing because if your tenants are the same, and even if your rents didn't change, and you bought something at 6% and now it's at 5% Your cash flow goes up significantly, and nothing happened other than your refinance. The problem is you have a ton of guys right now, guys, women, people that were financing stuff five years ago at three and three quarters, and now interest rates are hanging six and a quarter, six and a half, depending on the property, is might maybe seven. Same tenant, same everything. You're giving the keys back to the bank because you're broke now. Because all of a sudden you're financing, you squeeze too much out of the deal. I always say you can take on the in in or you can take on the out, but you can't have both. So when people are financing stuff, they just need to make sure. Like here's another thing I'll go off on. A lot of people will buy stuff with tax credits, and you see even with residential apartments, a lot of guys are financing that, selling people tax credits. Economies and things change and things move. If a deal is so tight that you need the tax credits to make the deal make sense, yeah, don't do the fricking deal because tax credits should be an added bonus. That's just, hey, that's a nice adding to the cushion. So many people have razor thin margins. They go, oh well, I do the tax credits. If I can get 70 cents on the dollar, this is how I make the money. I tell people I will have nothing to do with tax credit deals unless it's strictly a bonus. The deal has to stand on its own, and always assume in the course of five years interest rates could go up three points or down three points. Most people will not listen to me and will not do that. If you do that, you'll never get killed and you won't lose a property. It's super conservative, but there's enough money you can make, and if you buy it right, that's how you can afford to figure that spread in when you're financing something. But just so many people get greedy, and I just think back to my friend Bob Bear, who died. I met him when he was like 70-five. He was a billionaire, self-made, and he used to say to me, "It's not what you make; it's what you keep. And when people would ask how rich are you, he knew how rich he was. He would say, "I don't owe anybody in the world a dime.   Todd Drowlette  32:59   And to me, my entire strategy is I don't owe anybody in the world a dime. So I personally look at deals and say, out of my own cash flows, what can I buy? And instead of buying four properties a year, I might buy one property a year. But if I'm buying that and compounding my returns, I'm not paying interest to the banks. So it's just a different strategy. I sleep at night. I'm like the multimillionaire next door. I don't live extravagantly. I don't drive Ferraris and Rolls Royces. That's just not my thing. But I sleep at night and I have peace, which is important to me, knowing I don't owe anybody in the world a dime. But will I get as rich as the guy who's risking everything? No. But real estate to me is musical chairs, and the music always stops at some point. And there's never enough chairs for everybody. But if you're somebody who's in a cash position, which you're going to be going through in the next six months to a year, on the residential and commercial, I think there's going to be blood in the streets. And I think people who are sitting in cash are going to have like a once in a lifetime opportunity to buy things at a deep discount.   Keith Weinhold  34:02   Philosophically, we're different in one way. I use debt and leverage to grow larger, but ensuring that I do have enough income to cover the mortgage and all the operating expenses. But Todd, to your analogy about your grandmother in selecting a bigger pot than what she would need to cook whatever she's going to do, when it does come to debt, the last time I bought an apartment building myself, which wasn't recent, I could have chosen seven-year fixed-rate debt with a balloon at the end, or 10-year fixed-rate debt with a balloon at the end. The 10-year fixed-rate debt cost me one quarter of a percent more in mortgage rate, which dented my cash flow during the entire duration of that loan. But I did indeed choose that 10-year loan in order to have that much more certainty, and I sure am glad that that's what I did.   Todd Drowlette  34:54   That's always the game because it's people think that rich people know what you don't, or it's inside. Whatever I'm like. Number one, if you sit in a room with a bunch of rich people, yes, they will work against you if it benefits them to work together. But if it doesn't, you have egos and separate interests that are all competing. And there's always that thing of I know very very rich people who could buy and sell me 100 times over, and I also know that you don't know what you don't know, and the world has gotten so complicated, and financial markets are all intertwined globally. Anyone to be able to predict, it's like it's a crapshoot when you're like, okay, do I take seven years? Where do I think interest rates will be in seven years? It's hard to say where interest rates going to be tomorrow. You ask a banker tomorrow, they can't tell you. So it's like, what's your best educated guess of seven or 10 years? What's the better play? But I always go the conservative route.   Keith Weinhold  35:43   I think it's easier to predict the future direction of capital prices than it is interest rates. Myself,   Todd Drowlette  35:50   but I will say also, I am the exception. And if you have 100 other guests on here in the next year, well, 50-one more guests in here the next year, yeah, they would all say Todd's an idiot. That's terrible advice. If you want to get rich, literally leverage, leverage. Just do it intelligently, and I acknowledge that. I don't see the world the way other people do, but my end game is to be rich and comfortable, and to sleep at night with peace. And that's why I choose to do what I do, realizing I'm giving up. It's the you know what are you giving up to what do you gain benefit analysis, and I'm realizing I'm giving up some upside in my total potential net worth. But I like peace, and you know I had anxiety for years. I don't have it anymore, and I live my life to be as anxiety free as I can possibly be.   Keith Weinhold  36:34   That's interesting, and that certainly works for you, Todd. What's one negotiation tactic that you get from dealing with, well, let's say Decca or Centa million dollar commercial deals that our listeners could use the very next time that they buy a rental property.   Todd Drowlette  36:53   So the number one mistake I think people make is they assume what's motivating the other person, and they assume it's always price. So anytime I'm going to negotiate a deal from someone, whoever has the most information always wins, and whoever doesn't need the deal always wins. Yeah. So I want to know as much about that other person on the other side as I am. Are they going through a divorce? Are they desperate? Do they hate each other? Is it a partnership breakup? Did somebody inherit it and they live five states away and don't even know what this thing is worth that they have. So the number one thing from a negotiating standpoint is understand exactly who you're negotiating with and what's motivating them. From an actual tactic standpoint, just think logically through whatever the process is, and you can always go up. You can't go down. So the key is to offer as little as you can without insulting the person, so they don't even respond. So figure out what that fine line is, and before you go into the negotiation, know what your walk away number is. That's just the point you're not getting over. The fast way to lose in a negotiation is to get stuck in a bidding war. There's nothing I want so much that I'm going to overpay for it. So when people go, "Well, if somebody else is interested, I go then sell it to them. Yeah, I don't need it. Sell it to them. And then the other thing I'll say is, if you start the negotiation, this is the one piece. Say your number and shut up. So many people are scared of silence. And then, right, if the person doesn't immediately respond, they go, "Oh, well, I guess I offered you 500,000 I mean, I guess I could go 550. As soon as you talk after you give a number, you're negotiating against yourself. So throw the number, let it land wherever it lands, and do not talk until that person responds to you. That's like the number one mistake I see people do. They throw out a number, they get nervous with the silence, and then they immediately go up in their offer. That person could have been thinking, "Oh my God, did I forget to call back my whatever? And they're not even thinking about the number you just threw out. But people just assume, oh God, the number was too low, and then they negotiate against those. Do not do that.   Keith Weinhold  38:48   Risk the awkward silence. And yes, to your point about learning more about the other side, terms are often more important than price for sure. Well, Todd, you know a lot of commercial real estate content in mainstream media it tends to focus on these big institutional deals. But what has made your A and E show interesting, the Real Estate Commission, is what it's called. Is it focuses more on sort of leasing and this negotiation that we're just touching on there, and that's what makes you interesting. So tell us about what audiences can expect for season two of the Real Estate Commission on A and E.   Todd Drowlette  39:24   So, season two, you will 100% see real landlords, real brokers, real investors. You'll see real retailers. You'll see people relocating their offices in New York City. You'll see stuff in upstate New York. It's generally in the Northeast. In the first season, we helped a kitchen cabinet manufacturer relocate their suburban offices in Philadelphia. I sold a 50-unit HUD property that has a HAP contract you might be familiar with. That was crazy going through a bankruptcy foreclosure proceeding two year. That was crazy. Yeah, so you are going to. See more of that. It's a documentary. It's not a reality show, so you're watching the deal as it unfolds. Some things have happy endings. Some things have terrible endings, but they're real endings either way. So people will see a lot of that of deals happening in the Northeast. And if someone's listening and they're a business owner and they want to be part of the show, they can apply. We're announcing the casting will be open for about three weeks across the U.S. They can go to the realestatecommission.com/forward/tv and they can apply to be part of the show.   Keith Weinhold  40:32   Now, since you started this last year, I want to ask: Has this A and E exposure helped you generate more business and create traffic? I would really think so.   Todd Drowlette  40:42   Yeah, I wasn't sure. You know how because you never anything new. You never know, right? Like I put time and energy into it. It definitely did. Definitely, people start to notice you, which is a little weird. I was in a cell phone store, and they literally it was playing, and the guy's like, "Oh, it's you! Like, and then everybody who's walking in, he's like, "Hey, look, it's the guy on TV. He's right here. That was like kind of an awkward. Like, I'm like, "Okay, this is weird. Guy was excited, so that was fine. It's an adjustment of things, but it definitely has increased our overall visibility and people reaching out to do deals with us for sure.   Keith Weinhold  41:18   Is there any last resource you'd like to tell our audience about.   Todd Drowlette  41:21   I would just quickly announce the first season did so well. We're actually doing a spinoff show that'll also air on A and E called the Real Estate Commission New York that we're casting in upstate New York as well as New York City for brokers, agents, home sellers, home buyers that will actually document real buyers, real sellers, same thing. It'll follow our format, which I know there's a million shows on TV about real estate. Those are reality shows, not docu series. And I'll say, without going into the details, there's a very big difference between those two and what you're actually seeing on camera and what's happening. That will air in March of 2027, back to back with our show, I will make cameos in that. But I'm executive producing that show, so from your residential audience, that's a show they should tune into. I think they'll get a lot out of it.   Keith Weinhold  42:12   Congratulations! Your show has had so much success that it's setting the template for another show, and it has been most interesting since we first had you here last year to follow this along, Todd Drowlette. It's been a valuable chat. Thanks so much for coming back onto the show.   Todd Drowlette  42:28   I'd love to come back anytime, and thank you so much for having me on again. I appreciate it.   Keith Weinhold  42:38   Drowlette is spelled D R O W L E T T E. Todd and I talk a good bit off mic as well. In addition to the elevators, sometimes he emphasizes how cumbersome to impossible HVAC system compatibility is when you're doing office to residential building conversions. Too, you just never seem to hear about an easier than expected office to residential property conversion. It is most interesting and rare that Todd is not much of a leverage guy at all. Whereas in the vein of financially free beats debt free, I like to approach deals where the interest cost is lower than the expected opportunity cost. When it comes to negotiating, some of Todd's approach, you know, it's similar to what prominent hostage negotiator Chris Voss shared with you here on the show a few years ago. That silence is powerful in negotiating. In fact, if you feel like you need to say something to fill the silence. Use what Chris Voss calls the mirroring technique, and the mirroring technique that is simply repeating what the other party just said, kind of like a parrot would. For example, if you're trying to buy a property and the seller says that the best they can do is sell it to you for 550k and a delayed 90-day close. Reply with 550k and a 90-day close, and then listen to see if the seller comes down from there. Or instead, you can simply say nothing and just sit there with the silence like Todd recommended. The reason I like these particular negotiating techniques right here is that they're easy to remember and they're easy to do. You either remain silent or, per the mirroring technique, you just repeat the last words that the other party said. Thanks to Todd Drowlette today, you can check out the real estate commission on A and E Coming up here on the show soon. Back to residential, where for the first time ever on the show here we discuss what might be the greatest real estate cash flow strategy because it's becoming quite popular today. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 1  45:08   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.   Keith Weinhold  45:36   The preceding program was brought to you by your home for wealth building getricheducation.com  

Jul 24, 2026 – Jim Welsh of Macro Tides sees U.S. stock markets locked in a sideways chop as sector rotations offset semiconductor weakness, with the S&P at a critical technical juncture. He expects Treasury yields to climb, possibly surpassing...

Bonds are supposed to be the brakes in a portfolio—but should those brakes be BND, a shorter-term fund, CDs, or a Treasury ladder? Don explains why duration, yield stability, and personal comfort make the answer more nuanced than one ticker.The Friday questions keep coming: pairing AVGE with VT, moving $5 million from real estate into a retirement portfolio, understanding an emerging-markets fund that became legally non-diversified, and building 529s for grandchildren.The final stretch is all planning: Roth conversions and IRMAA, choosing a HELOC over a 401(k) loan, and resisting the urge to let the tax tail wag the retirement dog.00:00 A full inbox of financial questions02:30 BND versus short bonds, CDs, and Treasury ladders06:45 AVGE plus VT—or unnecessary overlap?10:23 Moving $5 million from real estate into markets14:51 When an index fund becomes legally non-diversified18:18 Building 529s and Roth head starts for grandchildren22:16 Roth conversions, RMDs, and IRMAA25:23 HELOC or 401(k) loan for renovations?28:01 The tax tail and a long Roth-conversion planQuestions? Comments? Click!

Former senior Treasury official David Pearl argues that Australia's decline is not fate but the product of bad choices made by the people running our institutions.He contends that Treasury, once feared for its razor-sharp scrutiny of policy, has been captured from above by secretaries who treat emissions reduction as a moral imperative rather than a trade-off, and who withhold the true cost of the energy transition — a figure he puts as high as $1 trillion.David Pearl is a former assistant secretary of the Australian Treasury and now a full-time writer and commentator on economic and cultural policy. He spent some three decades in the federal bureaucracy, with postings to the OECD in the late 1990s and a period as the Treasurer's representative in the United States, working across taxation, fiscal management and energy policy. He writes regularly for The Australian and The Spectator Australia and appears frequently on Sky News, where he has been among the most persistent critics of Treasury's modelling of the renewable energy transition.

────────────────────────────────────────[00:02:09]House Passes $1.5 Trillion NDAA With Israeli Military Merger — Only Seven Republicans Voted NoJosh Brechen, Tim Burchard, Eli Crane, Harriet Hageman, Anna Paulina Luna, Thomas Massey, and Chip Roy; no debate and no separate vote on the merger provision.────────────────────────────────────────[00:14:05]The NDAA Gives Israel an Executive Agent Inside the Pentagon With Precedent Authority Over US Defense OfficialsNo other US ally has this; the agent could overrule offices like the Defense Technology Security Administration; Kucinich: not a merger, a takeover.────────────────────────────────────────[00:20:57]Netanyahu Publicly Took Credit for the NDAA Provision — Puts Defense Department Above State DepartmentRuns through the whole government; anyone inside DOD who pushes back can be overruled; Massey: no debate, no vote, no representation.────────────────────────────────────────[00:46:08]23,380 American Jews Serve in the IDF vs. 15,000 in the US Army — Britain and Canada Show the Same PatternBritish Jews: 2,069 in IDF, 180 in British Army; Canadian Jews: 1,542 in IDF, 680 in Canadian; Israel commands 11.5x the loyalty of the UK and 14x that of Germany.────────────────────────────────────────[00:48:10]Ron Lauter, Head of World Jewish Congress and Kevin Warsh's Father-in-Law, Threatens to Destroy Any Anti-Zionist PoliticianHe pledged to fund opponents and demand FARA registration; FCC chair Brendan Carr's wife is an executive at Palantir.────────────────────────────────────────[01:10:50]Trump's Ultimatum: For Every Ship Shot at in the Strait, He Will Destroy One Bridge or Power PlantTargeting civilian infrastructure punitively is a war crime; he made no equivalent promise for every American life taken.────────────────────────────────────────[01:19:24]Trump Called the War a Skirmish and Bragged It Only Killed 18 US SoldiersHe claimed every soldier died saying they can't let Iran have a nuclear weapon; they were there because he ordered them; he had already claimed to destroy Iran's nuclear program.────────────────────────────────────────[01:45:36]The Oil Crack Spread Hit $70 a Barrel — All-Time Record; Prior to the War It Was $10-15Crack spread is refinery profit margin; at $70 it exceeds the pre-war price of crude itself; Goldman Sachs warns oil could reach $120.────────────────────────────────────────[01:55:22]Median Household Income Would Be $40,000 Higher Today If the US Had Stayed on the Gold StandardSteve Forbes: growth rates declined 33% since abandoning the standard; gold is the constant — when its price changes, the currency's value has changed.────────────────────────────────────────[01:56:07]Fed Chair Kevin Warsh Plans to Change the Inflation Yardstick to Hide Rising Prices From Trump30-year Treasury yield above 5% longer than any point since 2007; Shiller P/E in the low 40s vs. low 30s at the 1929 crash; interest payments approach $1 trillion per year. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:02:09]House Passes $1.5 Trillion NDAA With Israeli Military Merger — Only Seven Republicans Voted NoJosh Brechen, Tim Burchard, Eli Crane, Harriet Hageman, Anna Paulina Luna, Thomas Massey, and Chip Roy; no debate and no separate vote on the merger provision.────────────────────────────────────────[00:14:05]The NDAA Gives Israel an Executive Agent Inside the Pentagon With Precedent Authority Over US Defense OfficialsNo other US ally has this; the agent could overrule offices like the Defense Technology Security Administration; Kucinich: not a merger, a takeover.────────────────────────────────────────[00:20:57]Netanyahu Publicly Took Credit for the NDAA Provision — Puts Defense Department Above State DepartmentRuns through the whole government; anyone inside DOD who pushes back can be overruled; Massey: no debate, no vote, no representation.────────────────────────────────────────[00:46:08]23,380 American Jews Serve in the IDF vs. 15,000 in the US Army — Britain and Canada Show the Same PatternBritish Jews: 2,069 in IDF, 180 in British Army; Canadian Jews: 1,542 in IDF, 680 in Canadian; Israel commands 11.5x the loyalty of the UK and 14x that of Germany.────────────────────────────────────────[00:48:10]Ron Lauter, Head of World Jewish Congress and Kevin Warsh's Father-in-Law, Threatens to Destroy Any Anti-Zionist PoliticianHe pledged to fund opponents and demand FARA registration; FCC chair Brendan Carr's wife is an executive at Palantir.────────────────────────────────────────[01:10:50]Trump's Ultimatum: For Every Ship Shot at in the Strait, He Will Destroy One Bridge or Power PlantTargeting civilian infrastructure punitively is a war crime; he made no equivalent promise for every American life taken.────────────────────────────────────────[01:19:24]Trump Called the War a Skirmish and Bragged It Only Killed 18 US SoldiersHe claimed every soldier died saying they can't let Iran have a nuclear weapon; they were there because he ordered them; he had already claimed to destroy Iran's nuclear program.────────────────────────────────────────[01:45:36]The Oil Crack Spread Hit $70 a Barrel — All-Time Record; Prior to the War It Was $10-15Crack spread is refinery profit margin; at $70 it exceeds the pre-war price of crude itself; Goldman Sachs warns oil could reach $120.────────────────────────────────────────[01:55:22]Median Household Income Would Be $40,000 Higher Today If the US Had Stayed on the Gold StandardSteve Forbes: growth rates declined 33% since abandoning the standard; gold is the constant — when its price changes, the currency's value has changed.────────────────────────────────────────[01:56:07]Fed Chair Kevin Warsh Plans to Change the Inflation Yardstick to Hide Rising Prices From Trump30-year Treasury yield above 5% longer than any point since 2007; Shiller P/E in the low 40s vs. low 30s at the 1929 crash; interest payments approach $1 trillion per year. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

The yield on a 30-year Treasury bond has been hovering above 5% for a couple weeks — the longest stretch since the Great Recession. One reason is Treasury bonds are competing with Big Tech debt. We'll explain, with help from one reporter's shady gym membership deal. Also in this episode: AT&T attributes strong earnings to service bundles, a customs broker updates us on shipping logistics amid tariff changes, and Kai explains why Fed economists want to keep inflation expectations "anchored."Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today's episode:30-year Treasury yields stick above 5%China's consumer economy is losing steamAT&T's service bundles make for an earnings boonInside the "tariff whirlpool" with a brokerage managerWhat “anchored inflation expectations” mean for the Fed

The yield on a 30-year Treasury bond has been hovering above 5% for a couple weeks — the longest stretch since the Great Recession. One reason is Treasury bonds are competing with Big Tech debt. We'll explain, with help from one reporter's shady gym membership deal. Also in this episode: AT&T attributes strong earnings to service bundles, a customs broker updates us on shipping logistics amid tariff changes, and Kai explains why Fed economists want to keep inflation expectations "anchored."Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today's episode:30-year Treasury yields stick above 5%China's consumer economy is losing steamAT&T's service bundles make for an earnings boonInside the "tariff whirlpool" with a brokerage managerWhat “anchored inflation expectations” mean for the Fed

On Wednesday, July 22, Brian Szytel reports a quiet, mostly flat market day: the Dow and S&P 500 were flat, the Nasdaq fell about 0.4%, the 10-year Treasury yield rose roughly three basis points to 4.66%, and WTI oil gained about 2.5% amid continued Middle East turmoil. With no economic news, he discusses a Goldman Sachs white paper on global demographics, noting slowing or negative population growth in the developed world (Japan and China already peaked; Europe close), and that U.S. demographics are relatively better due to immigration, supporting a premium equity multiple alongside higher productivity. He also notes U.S. multinationals' foreign revenue share has declined since the 2010s. Finally, he explains the S&P can be positive while momentum/semiconductor names enter a bear market because money rotated into other sectors, shown by equal-weight S&P strength versus cap-weight weakness. 00:00 Market Wrap Snooze Fest 00:48 Why So Quiet Today 01:14 Goldman Demographics Paper 02:00 GDP Growth Headwinds 03:14 Emerging Markets Reality Check 03:52 US Valuation Premium Case 04:21 Global Revenue And Dollar Talk 04:52 Tech Bear Market Question 05:16 Rotation Explains The S&P 05:53 Closing Thoughts And Thanks Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Join Jim and Greg for the Tuesday 3 Martini Lunch as they discuss Twitch streamer Hasan Piker's love and admiration for Mao Zedong, New York Mayor Zohran Mamdani's threat to have Israeli Prime Minister Benjamin Netanyahu arrested, the U.S. Treasury stopping nearly $100 million in payments bound for dead people, and Daniel Ortega scrapping elections […]

In this episode we answer emails from The Nameless One, Jebenizer, and C.M. We discuss practice drawdown portfolios, an unusual deferred pension cash build-up situation and how to handle it, assets that benefit from inflation, and simple rules for contributions and rebalancing that reduce taxes and stress.  And we share an update about Frank's Mom.Links:Father McKenna Center Donation Page (please mention Risk Parity Radio in the comment section with your donation):  Donate - Father McKenna CenterRose Vasquez Memorial:  Rose Vasquez Memorial Service July 15, 2026Bigger Pockets Money Podcast #1:  The Secret to a 5% Safe Withdrawal Rate | Frank VasquezBigger Pockets Money Test Risk Parity Style Portfolio:  We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)Afford Anything Podcast #618:  They Ran Out of Money. I Didn't. Here's Why.Afford Anything Risk Parity Portfolio Blueprint:  Afford Anything frank-vasquez-risk-parity-portfolio-BluePrint.pdf - Google DriveSlide Deck:  Afford Anything Episode 618 RPR Basics Slide Deck.pdf - Google DriveVideo Summary:  Afford Anything Episode 618 Video Summary.mp4 - Google DriveBreathless Unedited AI-Bot Summary:A retirement portfolio is one thing on paper and something else entirely when you have to live with it. We start with a quick personal update, then jump into listener emails that turn risk parity investing into hands-on decision-making you can actually copy and test. Along the way, we talk about the “Top of the T-shirt” charity campaign and why we keep the show sponsor-free, then pivot into the kind of practical portfolio questions that show up right before retirement.One listener builds a $10,000 drawdown portfolio as a practice run while still in the accumulation phase. The rules are clear: rebalance annually, withdraw 5% of the original amount every year, increase that withdrawal by CPI, and do not save it. We dig into why this simple experiment is so effective for building confidence with withdrawals, rebalancing discipline, and the real emotions that come with spending from an investment account. We also connect it to the Golden Ratio portfolio concept and how diversified asset allocation can support higher safe withdrawal rates.Another listener has a rare situation: a deferred pension option that forces pension payments into a tax-deferred account earning a flat 4%, creating a growing cash-like allocation with limited liquidity. We explain how to treat that cash as part of the total portfolio right now, how it can change your stock and bond mix, and what to do when the funds become available. We also tackle inflation hedging for retirement planning, including why Treasury bonds suffer in inflation, how value stocks like property and casualty insurers can help, and why managed futures can be a powerful inflation hedge.If you like clear rules, real portfolios, and honest trade-offs, subscribe, share the episode with a friend, and leave a review so more do-it-yourself investors can find us.Start with this DescriptionSupport the show

1. Trump Administration's 50% Tariff on Canadian Goods Main points: The administration argues that Canada has unfairly discriminated against U.S. products, particularly: American automobiles Alcohol products Dairy exports The tariff is presented as a way to protect: American workers Manufacturers Farmers Domestic industries The policy reportedly uses Section 338 of the Tariff Act of 1930, a rarely used authority allowing tariffs on countries deemed to discriminate against U.S. commerce. Not all Canadian goods would be affected: Energy products Fish Critical minerals Other strategic goods are reportedly exempt. The commentary argues that Canada depends more on access to the U.S. market than vice versa and predicts Canada may eventually negotiate. 2. Minnesota Welfare Fraud and IRS Investigation Main points: Fraud could total in the billions of dollars The "Feeding Our Future" fraud scandal and broader allegations involving public benefits programs. Treasury Secretary Scott Bessent is said to have announced: IRS audits of financial institutions Investigations by FinCEN (Financial Crimes Enforcement Network) A federal task force to examine money laundering tied to the fraud Follow the path of funds after they were allegedly stolen and determine whether: Banks Money service businesses Financial intermediaries knowingly facilitated money laundering or ignored suspicious activity. Please Hit Subscribe to this podcast Right Now. Also Please Subscribe to the The Ben Ferguson Show Podcast and Verdict with Ted Cruz Wherever You get You're Podcasts. And don't forget to follow the show on Social Media so you never miss a moment! Thanks for Listening X: https://x.com/benfergusonshowYouTube: https://www.youtube.com/@VerdictwithTedCruzSee omnystudio.com/listener for privacy information.

Join Jim and Greg for the Tuesday 3 Martini Lunch as they discuss Twitch streamer Hasan Piker's love and admiration for Mao Zedong, New York Mayor Zohran Mamdani's threat to have Israeli Prime Minister Benjamin Netanyahu arrested, the U.S. Treasury stopping nearly $100 million in payments bound for dead people, and Daniel Ortega scrapping elections in Nicaragua for good.First, Jim and Greg react to a clip of Hasan Piker calling the Chinese communist dictator Mao Zedong "one of the great leaders of this world" and "a man who changed the entire universe," insisting he never has and never will criticize him. Jim and Greg remind us that Mao's Great Leap Forward starved tens of millions of his own people to death in what's considered the deadliest famine in history.Next, they dig into Mamdani saying on a New York Times podcast that Prime Minister Netanyahu "belongs in The Hague" and wanting to arrest Netanyahu if he visits the city for September's U.N. General Assembly. Jim says the mayor has no legal authority to do so, and President Trump has already said that Netanyahu will not be taken into custody on American soil.Then, Jim and Greg welcome some good news as the Treasury stopped nearly $100 million in payments to deceased recipients, more than triple what was caught before Trump returned to office. The Treasury says its new verification system could stop up to $350 million in fraudulent payments before the year is out. Jim and Greg agree that while this may be a drop in the bucket compared to the national debt, any improvements should be celebrated.Finally, they cover Nicaraguan President Daniel Ortega abolishing elections, effectively extending his term indefinitely and closing off any path for the opposition to take over. Jim and Greg note the 80-year-old has been around for decades. The Reagan administration famously supported the Contra freedom fighters against Ortega's Sandinista government in the 1980s.Please visit our great sponsors: BetterHelpDon't let stigma stand in the way of support. Start therapy with BetterHelp. Sign up and get 10% off at https://BetterHelp.com/3MLLarinecoRight now, Larineco is offering our listeners up to 50% off at https://BuyLarine.com/3MLNew episodes every weekday. 

Join Jim and Greg for the Tuesday 3 Martini Lunch as they discuss Twitch streamer Hasan Piker's love and admiration for Mao Zedong, New York Mayor Zohran Mamdani's threat to have Israeli Prime Minister Benjamin Netanyahu arrested, the U.S. Treasury stopping nearly $100 million in payments bound for dead people, and Daniel Ortega scrapping elections […]

Jeffrey Epstein maintained close and mutually useful relationships with author Michael Wolff and political strategist Steve Bannon during the years after his 2008 conviction. Wolff conducted extensive interviews with Epstein and remained in contact with him while gathering material about Donald Trump, becoming both a chronicler of Epstein's world and, at times, an adviser on how Epstein might navigate mounting media scrutiny. Bannon's relationship appears to have gone even further, with the two men regularly exchanging political advice, arranging travel and discussing international contacts. Bannon also recorded hours of interviews with Epstein for a proposed documentary and privately described the project as media training aimed at pushing back against the trafficking allegations and rebuilding Epstein's reputation. The communications portray Epstein, Wolff and Bannon as men who recognized the value of one another's information, access and influence, even as Epstein's history as a convicted sex offender was already publicly known.Steven Mnuchin's connection to Jean-Luc Brunel was more indirect and should not be overstated as a proven personal partnership. Corporate records listed Mnuchin as the official New York state contact for Next Management Corporation, a company formed by Jean-Luc and Arnaud Brunel, meaning his name was attached to receiving legal documents and handling official filings for the business. Mnuchin's representatives later said he did not remember meeting the Brunel brothers, had never done business with them and did not know why he had been listed in that role, although they acknowledged his longtime friendship with Faith Kates, who later co-founded Next Model Management with the Brunels. The records nevertheless placed a future Treasury secretary in an official corporate role connected to Brunel, the modeling agent who became one of Epstein's closest associates and was accused of using the modeling industry to procure vulnerable young women and girls.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

In this episode, we discuss how Cheap U.S. Treasury valuations may explain part of the optics behind today's tight credit spreads, but fundamental and technical factors remain the primary drivers for market moves. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to CMR2026-0521-5513952-T

In this episode, Craig Jeffery speaks with Arjun Krishnan of Valorean Technologies about the automation spectrum in treasury, moving from rules-based processing and analytics to AI assistance and autonomous agentic systems. They discuss practical AI use cases including cash forecasting, hedge management, fraud detection, payment processing, document processing, reconciliation, and natural language interfaces, while emphasizing clean data, strong controls, explainability, and human oversight as treasury teams evaluate how to apply enterprise AI responsibly.   Book Mentioned: Enterprise AI for Treasury: A Guide to Agentic Implementation: https://amzn.to/4vTH8Fv Company Websites: Strategic Treasurer: https://strategictreasurer.com Valorean Technologies: https://valorean.ai/

Is the economy good or bad? Dr. Peter C. Earle, PhD economist and senior director of research at the American Institute for Economic Research, has a better question: good for whom? In this episode, Jon Herold sits down with Earle to unpack why a single headline never captures how millions of households actually experience the same economy. They dig into the indicators worth watching (inflation, Treasury yields, and a few wonky ones you probably ignore), then turn to the shiny stuff: gold and silver. What really drives prices up, why central banks are stacking bullion to shed dollar exposure, and what a hypothetical return to commodity-backed money might mean for your wallet. It is short, sharp, and refreshingly free of easy answers. Earle resists tidy predictions because, as he puts it, nobody knows what is coming. Grab a coffee and get a little more in the weeds on money, metals, and macro.

When in-house counsel are “hair on fire” busy and severely resource constrained, why should they choose you as outside counsel? In this episode, you'll hear a former GC and big‑law partner break down exactly how to become the trusted, go‑to lawyer that general counsel actually want to hire and introduce to their peers.   In this episode, Steve Fretzin and Chaka Patterson discuss: Adaptability and rainmaking in a changing legal market The real day-to-day life of in-house counsel What GCs value most in outside counsel relationships Using investment banker and consultant strategies for BD Deepening and expanding relationships inside client organizations   Key Takeaways: Long-term success in private practice is less about raw legal talent and more about adaptability, relationship depth, and how well you understand your clients' business realities. In-house counsel are often overwhelmed and resource-constrained, so outside lawyers who proactively leverage their firm's tools, people, and knowledge to lighten that load stand out quickly. Treating in-house lawyers as whole people—with careers, families, and aspirations—rather than as “a piece of business” is a major differentiator and often the true reason work moves firms. The best rainmakers think like investment bankers and management consultants: they invest early in relationships, arrive with insight (not “What's keeping you up at night?”), and burrow into organizations so they're never reliant on a single contact. Asking satisfied clients for warm introductions—and systematizing how those introductions are made and followed up—turns existing matters into a steady pipeline of new in-house relationships.   "Anytime you can help somebody solve a problem of any kind, you have delivered real value." —  Chaka Patterson   Check out my new show, Be That Lawyer Coaches Corner, and get the strategies I use with my clients to win more business and love your career again.   Join the Be That Lawyer Community and connect with ambitious lawyers who are serious about growing their book of business, strengthening their brand, and becoming confident, consistent rainmakers.   Ready to go from good to GOAT in your legal marketing game? Don't miss PIMCON—where the brightest minds in professional services gather to share what really works. Lock in your spot now: https://www.pimcon.org/   Thank you to our Sponsor! LEX Reception: https://www.lexreception.com/partners/bethatlawyer Rankings.io: https://rankings.io/ Lawyer.com: https://www.lawyer.com/   Ready to grow your law practice without selling or chasing? Book your free 30-minute strategy session now—let's make this your breakout year: https://fretzin.com/   About Chaka Patterson: Chaka Patterson is an experienced attorney and business strategist with over three decades of leadership spanning private practice, public service, and corporate executive roles. Highly educated with degrees from Amherst College, Harvard Law School, and the University of Chicago (M.B.A.), he has served as a partner at leading law firms and held key executive roles, including General Counsel at Adtalem Global Education and Vice President of Treasury and Investor Relations at Exelon Corporation. Today, he leverages this deep expertise in law, finance, and corporate governance through Chaka Strategy, where he coaches and advises legal professionals navigating complex career and business transformations.   Connect with Chaka Patterson: Website: https://chakastrategy.com/ LinkedIn: https://www.linkedin.com/in/chaka-patterson/   Connect with Steve Fretzin: LinkedIn: Steve Fretzin Twitter: @stevefretzin Instagram: @fretzinsteve Facebook: Fretzin, Inc. Website: Fretzin.com Email: Steve@Fretzin.com Book: Legal Business Development Isn't Rocket Science and more! YouTube: Steve Fretzin Call Steve directly at 847-602-6911   Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

This Day in Legal History: The Declaration of SentimentsOn July 20, 1848, at the close of the two-day Seneca Falls Convention in upstate New York, roughly a hundred people signed the Declaration of Sentiments—the founding document of the organized women's rights movement in the United States. Drafted principally by Elizabeth Cady Stanton, it was a deliberate and pointed act of legal argument: Stanton modeled it on the Declaration of Independence, echoing Jefferson's cadences but adding two words that changed everything—”that all men and women are created equal.”The genius of the document was to take the nation's own founding logic and turn it on the exclusion of half the population. It then catalogued, in the form of a bill of particulars against “man” rather than King George, the specific legal disabilities women lived under. Married women had no right to their own property or wages—under the common-law doctrine of coverture, a wife's legal identity was absorbed into her husband's. Women could not vote, were barred from most professions and higher education, had almost no rights to their own children in the event of separation, and were governed by laws they had no voice in making. The Declaration listed these as concrete legal grievances, not vague complaints, framing the denial of women's rights as a violation of the country's stated principles.The most controversial demand was the resolution calling for women's suffrage, which passed only narrowly and with the public support of Frederick Douglass, who attended the convention. The significance of July 20, 1848 is that it launched a legal and political campaign that would take seventy-two years to win the vote, with the Nineteenth Amendment in 1920, and far longer to dismantle coverture and the web of laws built on women's legal subordination. It's a reminder that constitutional principles are not self-executing—that “all men are created equal” had to be argued, expanded, and fought for by the people the original text left out.A federal appeals court has struck down New Jersey's ban on assault firearms and high-capacity magazines, the first time any federal appeals court has invalidated a state assault-weapons ban. Sitting en banc, the Philadelphia-based Third Circuit ruled 10-5 that the state's prohibition on semi-automatic rifles—not just AR-15s, but the whole category—violates the Second Amendment, as does its ban on magazines holding more than ten rounds. The reasoning flows from the Supreme Court's recent framework, which asks whether a gun regulation is consistent with the nation's historical tradition of firearms regulation; the majority concluded these bans are not. What makes this a genuinely big deal is the split it creates. Just last week, a different federal appeals court upheld Illinois's ban on semi-automatic weapons—so we now have appeals courts squarely disagreeing on whether these bans are constitutional. That kind of circuit split is precisely the condition that draws the Supreme Court in, and the Court is already poised to take up whether bans on semi-automatic rifles violate the Second Amendment. The significance is that a question affecting roughly a dozen states with similar laws is now barreling toward a definitive answer. For the moment, New Jersey's ban is unenforceable as to these weapons, but the durability of that outcome—and of assault-weapons bans nationwide—now depends on what the Supreme Court does next.US appeals court declares New Jersey's ban on assault rifles unconstitutional | ReutersA federal judge has ruled that the Trump administration cannot rely on a White House budget-office regulation to cancel billions of dollars in grants simply because those grants no longer match its priorities. U.S. District Judge Indira Talwani in Boston sided with a coalition of Democratic-led states, rejecting the administration's claim that a clause in Office of Management and Budget regulations gave it authority to revoke funding whenever an agency's focus shifts. Here's the underlying principle. When Congress appropriates money for a program and an agency awards grants under it, the government generally can't just take that money back on a whim—grant recipients have relied on it, and the terms for termination are limited. The administration's theory was that an OMB regulation let it terminate grants it deemed “inconsistent with agency priorities,” effectively a roving power to defund causes it disfavors. Judge Talwani found the regulation didn't authorize anything of the kind. The significance connects to a theme we keep returning to: the limits of executive power over money that Congress has already directed. The administration has repeatedly tried to redirect or withhold funds to reshape policy without going through Congress, and courts have repeatedly pushed back. This ruling reinforces that a president's control over federal spending, though real, is bounded—an agency can't retroactively pull grants just because political priorities changed.Trump administration cannot cancel grants for disfavored causes, US judge rules | ReutersA federal judge has declined to block Meta from laying off 26 employees who claim the company's AI tools singled them out for termination because they have disabilities or took medical leave. U.S. District Judge William Orrick in Oakland ruled that the workers hadn't shown the “irreparable harm” needed for an emergency order halting the layoffs, which are set to begin July 22, and that the merits of their novel claims will be decided in private arbitration. The allegations are striking. The plaintiffs—engineers, managers, researchers, and designers suing anonymously—say Meta used a suite of internal AI systems to score and rank employees onto a termination list, including an assistant called “Metamate,” an employee-trained “second brain” that tracked workers' communications, and a productivity score drawn from scanning keystrokes, screen content, emails, and browser history. Meta denies wrongdoing and insists humans, not algorithms, made the layoff decisions. This is a frontier legal question: when an employer uses AI to help decide who gets cut, and those tools allegedly disadvantage people with disabilities or on leave, is that illegal discrimination? The judge's refusal to block the layoffs was procedural—losing a job usually isn't “irreparable” because money damages can fix it—but he pointedly noted the case raises “serious questions” and said he might reconsider based on more evidence about how AI was actually used. The significance is that algorithmic management is colliding with anti-discrimination law, and courts are just beginning to work out who's accountable when the machine does the ranking.US judge won't block Meta from laying off workers who filed AI discrimination lawsuit | ReutersAnd finally, the IRS's top lawyer has been forced out after refusing White House demands that would have drawn him into tax audits of particular taxpayers. Ken Kies, who served as the agency's acting chief counsel and as Treasury's assistant secretary for tax policy, told administration officials their requests would violate a federal law that bars the president, the vice president, and other White House officials from ordering the IRS to conduct or terminate an audit of any specific taxpayer. That statute is a direct legacy of Watergate-era abuses, when presidents tried to sic the tax agency on their enemies, and tax professionals regard it as the single most important safeguard against weaponizing the tax code. Kies apparently stood on that law—and lost his job for it. The story connects directly to one we covered recently: the administration's $1.8 billion “anti-weaponization” settlement that would have given the president and his family immunity from IRS audits, which a federal judge struck down as a collusive arrangement with no basis in law. The significance is about the fragile independence of tax administration. The protections that keep audits free from political direction only work if the officials inside the agency are willing to enforce them—and when the person who says “no” to an unlawful demand is pushed out, it sends a chilling message to everyone who remains. Top US tax lawyer forced out after White House clash over tax audits | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Business and finance news from the Asia-Pacific. Oil climbed to the highest level in more than a month and bonds fell as US and Iranian attacks escalated, renewing inflation concerns. Stocks stabilized after a technology-led selloff rattled markets last week. Treasury 10-year futures slipped 7/32, with trading in the cash market shut during Asian hours Monday because of a holiday in Japan. Government bonds in Australia and New Zealand also declined on concern that higher oil prices will stoke inflation. Equities were mixed. Nasdaq 100 futures rose 0.2% after Friday’s selloff, as Moonshot AI told investors it plans to go public within six months after its latest model challenged perceptions of US leadership in artificial intelligence. MSCI’s Asia Pacific equity index was little changed, while South Korea’s Kospi index fell 2.8% as traders returned following a holiday on Friday. For a look at the markets, Bloomberg TV Host Avril Hong spoke to Homin Lee, Senior Macro Strategist at Lombard Odier. Brent rose as much as 3.8% to $91.42 a barrel, the highest level since June, with back-and-forth strikes that have expanded beyond military targets. For an outlook of how the oil story is impacting the Asia-Pacific, Bloomberg TV Host Paul ALlen spoke to Illiana Jain, International Ecnomist at Westpac Banking Corporation.See omnystudio.com/listener for privacy information.

Bonds Continue to Demonstrate Their Value While much of the attention has centered on stocks, the bond market has quietly delivered strong performance over the past two years. Bonds remain an important component of diversified portfolios because they help reduce risk, generate income, and provide stability during periods of market uncertainty. Since October 19, 2023, the total returns across the 11 major bond indices have been notably strong. That date marked the recent peak in the 10-year Treasury yield, which closed at 4.99%. Since then, Treasury yields have fluctuated significantly, falling to 3.62% in September 2024 before climbing back to approximately 4.5% in July 2026. Even with those fluctuations, today’s yield remains below the 2023 peak. Because bond prices generally move in the opposite direction of yields, declining benchmark yields have supported positive returns across much of the fixed income market. Several bond sectors have produced returns exceeding 20% during this period. Looking ahead, inflation and Federal Reserve policy will continue to play an important role in bond performance. Monitoring these factors will help determine how bonds continue to support clients’ long-term investment strategies. Inflation Shows Encouraging Signs of Normalization The latest Consumer Price Index (CPI) report provided an encouraging surprise. Monthly CPI declined by 0.4%, meaning prices actually fell during the month. This is significant because inflation discussions often focus on prices increasing at a slower rate rather than prices declining outright. Typically, inflation “coming down” simply means prices are still rising, but at a slower pace. This latest report was different. Consumers experienced actual price declines, something not seen on a monthly basis since the COVID era and a relatively rare occurrence over the past decade. Much of the decline was driven by lower gasoline prices following easing energy markets after geopolitical tensions earlier in the summer. Although oil prices have recently moved higher again, they remain well below previous peaks, suggesting that the recent decline may represent what a more normalized energy environment could look like. Perhaps even more encouraging was the strength of consumer spending. Retail sales increased by 0.22% during the same month that prices declined. When adjusted for lower inflation, consumers effectively purchased approximately 0.62% more goods and services than the previous month. This is an important distinction. During periods of rising energy prices, households often spend more filling their gas tanks while reducing purchases elsewhere, a phenomenon economists call demand destruction. Instead, the latest data indicates consumers continued spending across the broader economy while benefiting from lower prices. Although one report does not establish a long-term trend, the combination of falling prices and healthy consumer demand offers a positive glimpse into how the economy could perform as inflation continues to moderate. The outlook remains favorable for consumers, financial markets, and interest rates if this broader normalization continues. Greg Powell, CIMA® President and CEO Wealth Consultant Email Greg Powell here Bobby Norman, CFP®, AIF®, CEPA® Managing Director Wealth Consultant Email Bobby Norman here Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Ty Miller, AIF® Vice President Wealth Consultant Email Ty Miller here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth in this presentation may not develop as predicted. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post Feeling Richer? first appeared on Fi Plan Partners.

Warsh admitted monetary policy caused inflation. Bessent thinks silver certificates still redeem at Fort Knox. And import prices are up 7.1%.This is episode is sponsored by Function. Join at https://functionhealth.com/peter and use code PETER25 for a $25 credit.This episode is also sponsored by Pebl. Go to https://hipebl.ai to get a free estimate.Treasury Secretary Scott Bessent told Fox viewers that old silver and gold certificates can still be redeemed at Fort Knox. Gold certificates were repudiated in 1933 and silver certificates in 1968. Peter Schiff argues that if the man who signs the currency does not know basic monetary history, there is no reason to trust his assurance that the gold in Fort Knox is all there.Markets confirmed the AI bubble is deflating. SpaceX fell 13.25% on the week to close below $124, under its $135 IPO price, and anyone who bought the post-IPO high near $225 is down 45%. Only about 5% of the company trades today, but lockups expire through year end and take the float to roughly 40%, an eightfold increase in supply. Gold closed at $4,017 and silver at $55.83, which Schiff calls a head fake created by the false narrative that war is bad for gold.The honest inflation numbers tell a different story than the CPI: import prices are up 7.1% year over year and export prices are up 10.2%, against a reported 3.5%. Kevin Warsh admitted in Senate testimony that monetary policy caused the inflation, then offered a plan that amounts to talking about it while the Fed's balance sheet grew another $7.4 billion. Schiff also covers Trump selling paid early access to market-moving posts and explosive new FOIA emails showing Euro Pacific Bank was shut down for publicity, with the Australian Tax Office driving the operation to protect a journalist facing his defamation suit.Chapters:00:00 Trump Posts Paywall01:23 Market Week Wrap07:42 Gold Silver War09:52 Inflation Data Reality23:30 Warsh Hearing Grifts37:59 AI Jobs and Progress40:22 Trump Post and Fox Fallout44:05 FOIA Trail and Censorship Claims50:31 Nine Fraud Bank Shutdown Emails57:07 Operation Atlantis PR ExposedFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffFree Reports & Market Updates: https://www.europac.comBook Store: https://schiffradio.com/booksSign up for Peter's most valuable insights at https://schiffsovereign.comSchiff Gold News: https://www.schiffgold.com/news#PeterSchiffShow #FortKnox #InflationOur Sponsors:* Check out Chilipad and use my code GOLD for a great deal: https://sleep.me* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai* Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

World Heath Disclosure David Eells 7-19-26 (audio) Restored Republic via a GCR Update as of Sat. 18 July 2026 by Judy Byington, Welcome To The Great Awakening Next 48 Hours, Critical Next Ten Days, Historic Next 30 Days Changes Civilization “Most don't realize how hard it is to speak the truth to a world full of people who don't realize they're living a lie.”…Edward Snowden Judy Note: On Thurs. 16 July 2026 a ceasefire was activated in Israel – confirming a global reset of Mid East stability. Hamas freed the last living Israeli hostages, while Israel released 2,000 Palestinian prisoners. It all happened just as Q predicted: “Israel would be last.” Though the next day on Fri. 17 July 2026, the US Navy resumed a full naval blockade on Iranian ports in the Strait of Hormuz. The day before Iran had bombed a US Military base, ensuring a permanent break of the ceasefire. Trump's attack was mainly financial. The blockade was costing Iran $400 million a day, while US Central Command (CENTCOM) pounded targets in wave after wave of strikes on bridges, trains and other infrastructure that would affect any trade Iran could do outside the country. Of course, Iran refusing peace and making war would keep them out of the Global Currency Reset and financial system. Trump declared, “We gave them a chance… they shot first. Big mistake.” It was a typical Trump reaction. Because of the Global Military Alliance led by the US President and Commander-in-Chief, Deep State Elites were finally collapsing, while Sovereigns of the World were reaching out to grasp peace and Constitutional Law under God, governed by We The People. Q said it best on Telegram today: “The UN is now obsolete, because Trump is doing their job for them. The UN does not carry out its intended function, so Trump unilaterally took over as the new UN.   “Trump created the Board of Peace, brokered all the peace deals worldwide, and is shutting down threats to the people of the world, like Iran's nukes, the American cartels, ISIS in Syria, Yemen, Nigeria, etc. “Trump is using tariffs and military precision, to operate as the UN is supposed to. Trump is now the new global peacemaker, whether you like it or not. “Nothing gets done at the UN, so Trump took matters into his own hands.” Trump had already assured that Free Energy was on it's way to every household, and with the Global Currency Reset (GCR) that just launched, currencies across the World were trading at a 1:1 with each other as backed by gold and other assets. Our financial future was safe and finally away from the fiat dollar. The GCR had caused the Deep State's privately owned IRS to find it's grave, while their Illuminati's over taxing of the American people suddenly vanished. The Cabal's Federal Reserve now held a new position under the US Treasury where at last, bankers would be held accountable for their actions. The Deep State Elite's petrodollar was dead, Oil Monopoly, dismantled. When announcements came about the new financial system, Stock Markets would collapse; banks fail; the old wealth, evaporate. Though, The People would thrive with the new gold/asset-backed currencies of 209 nations. The Health Industry around the World was being forced to actually help the body heal itself using light and sound frequencies of free Med Bed treatments. Trump was placing Med Beds in hospitals and other facilities worldwide. Thus, these health providers would have the tools to promote health and no longer could tear down our bodies through dependence on their expensive drugs, surgeries and other over priced medical procedures. With Trump's Thursday Executive Order that released free Med Bed treatments to the public, Big Pharma was finally facing accountability through massive legal consequences for their crimes. For centuries they had forced on the population, dependency on drugs that not only didn't heal the body, but actually contributed to ill health. Peace and Freedoms wouldn't come easy. Mr. Pool Q on Telegram said that the next 48 hours were critical. The next ten days were historic. The next 30 days would change civilization.   Within the next 24 hours, seven trumpets were set to sound over every phone, tablet, TV, radio and communication device on Earth to introduce seven Emergency Broadcast System (EBS) messages in 22 languages that explained what's going on. And, what was actually going on? Liberty and Peace were winning. The Great Awakening was here. One of the Liberties that Trump had already given People of the World (that they were yet to know about) was that of good health through Med Beds. Trump's Military Alliance was opening up Med Bed Centers around the World to give free regenerative treatments that healed the body without drugs. On Fri. 17 July 2026 a nurse from Walter Reed Military Hospital leaked her testimony on Med Beds. She had worked in Walter Reed's Med Bed Wing for seven years: She contacted us through an encrypted channel 48 hours ago. Her identity has been verified by three independent sources. She worked at Walter Reed National Military Medical Center from 2017 to 2024 — in a section that does not appear on any public floor plan. She calls it “Sub-Level 3.” Situation Updates: Fri. 17 July 2026 Situation Update: Byington Bombshell Report: America Now Sovereign Under Constitutional Law – Trump Signs EO Releasing Free Regenerative Med Beds to Public | Politics | Before It's News Fri. 17 July 2026: BREAKING FREE: Mind Control, S-----c Ritual A---e, and Jenny Hill's Extraordinary Journey in Twenty Two Faces [JUDY BYINGTON] – amg-news.com – American Media Group Thurs. 16 July 2026 Situation Update (video): WTPN SITUATION UPDATE FEATURING RESTORED REPUBLIC & MORE   A Quantum Space Q Phone will be provided free of charge to all people on Earth. It will be used for internet connectivity on the new Starlink Satellite System: texting, calling, banking, voting and much more, such as used as a credit tool and to make both local and international financial transactions of retail consumption and commercial business. On Thurs. 16 July 2026 Hamas freed the last living Israeli hostages, Israel released 2,000 Palestinian prisoners and the ceasefire in Iran and the Middle East was active. Fri. 17 July 2025, Edward Snowden: Two years ago today, President Trump was shot on stage in Butler Pennsylvania. Trump was putting his life on the line by being President. Since then we have seen: • 2025 security lapse at Trump National Golf Club • 2025 Air Force One security incident • February 2026 Mar-a-Lago Secret Service shooting • March 2026 Mar-a-Lago no-fly zone violation • 2026 White House Correspondents' Dinner shooting • 2026 National Mall Secret Service shooting • 2026 White House Memorial Day Weekend shooting • Multiple threats by Iran. Possible Timing: …Juan O Savin (JFK Jr.?) On Tues. 14 July 2026: GCR and QFS live in 209 nations. Tier 4B funds Med Bed networks. White Hats seize last Fed strongholds. Deep state cartel exposed hiding healing tech. Health revolution ignites! On Wed. 15 July 2026: Zim payouts build Med Bed centers everywhere. Rescued children from tunnels get instant healing erasing t-----e. Big Pharma collapses. Innocent healing begins now! On Thurs. 16 July 2026: Mass arrests hit Pentagon traitors. Med Beds confirmed with Alliance after decades hidden. Veterans and jab injured get priority. On Fri. 17 July 2026: Starlink locks EBS. Med Bed training done. Sick care empire ends. Regenerative tech restores perfect health. Humanity reclaims life! On Sat. 18 July 2026: 48-hour blackout starts. Banks dark under QFS. Supplies ready for darkness. Med Bed systems stand by. Cabal grip on health shattered! Sun. 19 July 2026 OPERATION FINAL-SEAL: Military tribunals go LIVE. 47 Deep State arrests BEGIN. Final rescues free hundreds more children. Victims to Med Beds for renewal.   On Mon. 20 July 2026: Free QFS app appointments begin. At appointments, those with Humanitarian projects receive priority for Med Bed treatments. EBS tests global success. On Tues. 21 July 2026: QFS links Med Bed codes. Patriots priority access. DNA repair on. Aging reverses, diseases vanish. On Wed. 22 July 2026: Alliance rolls out Med Beds worldwide. Free for all after EBS. Children and critical first. Cancer and chronic illness gone. Golden age dawns! On Thurs. 23 July 2026 FINANCIAL RESET: Petrodollar DIES. Quantum system LIVE. Federal Reserve FINISHED. Martial Law declared. Black Hawk helicopters conduct Capitol storm drills in Washington, D.C., signaling full readiness for Martial Law enforcement. At the Same Time Global activation sequence begins. BRICS Alliance goes live alongside NESARA–GESARA implementation and full roll out of the Quantum Financial System (QFS). On Fri. 24 July 2026: EBS launches truth broadcast. Mass arrests as nightmare ends. Med Beds activate for rescued, veterans, then all. Pain ends, paradise starts! On Sat. 25 July 2026 ANNOUNCEMENT: Trump reveals 2020 election PROOF. Declassified documents. Video evidence. MASS ARRESTS: Tribunals execute verdicts. Deep State REMOVED. On Sun. 26 July 2026: NESARA GESARA gives free Med Bed access. No one left behind. Elite tech for masses. Patriots whole again. Alliance promise kept! On Mon. 27 July 2026: Trump confirms victory. QFS and Med Beds anchor Republic. No income tax, tariffs only. Deep state extinct. Health and f Possible Timing of Med Bed Activation: On Sat. 27 June 2026: The first 1,500 Med Bed units activated in hidden US facilities. Initial sessions delivered complete reversal of advanced cancers, spinal and brain regeneration, and age reversal of 20 to 40 years within two-hour treatments using quantum frequencies that interface directly with the body's intelligence and eliminate all Cabal-introduced toxins and pathogens. On Sun. 28 June 2026: Med Bed Centers in Nevada, Ohio and Georgia activated that specialized in DNA genome repair, metabolic reset eliminating obesity and fatigue, and age reversal. On Mon. 29 June 2026: Trump ordered synchronized Med Bed expansion with QFS activation, along with income tax abolition for middle class Americans. This delivered both financial and physical sovereignty to patriots. On Tues. 30 June 2026: Global deployment reaches over 8,300 Med Bed centers across 209 QFS-aligned nations. Success rates top 99 percent for previously incurable conditions. On Wed. 1 July 2026: Public registration opens via QFS portals in key regions. On Tues. 7 July 2026: Tesla Med Beds activate in secure facilities. On Wed. 8 July 2026 sources confirmed hidden technologies including Tesla Free Energy and suppressed medical advancements known as Med Beds officially began unveiling to the general public. On Fri. 10 July 2026: More QFS funded Med Bed centers activate in humanitarian hubs. Veterans from Cabal wars receive full restoration. On Sat. 11 July 2026 EBS protocols engage with Med Bed centers opening worldwide. On Sun. 12 July 2026: Med Beds opened free restoring health and youth everywhere.   On Tues. 14 July 2026: 8000+ Med Bed centers activate worldwide. QFS ensures free access prioritized for awakened patriots and light workers. On Wed. 15 July 2026: First Med Beds activate in Texas, Florida bases for veterans, traumatized children. On Fri. 17 July 2026: Final calibrations complete on Med Bed units powered by Tesla free energy. On Sat. 18 July 2026: Trump confirms Med Beds as cornerstone of new sovereign QFS healthcare. QFS unlocks massive funding for over one thousand Med Bed centers globally. Starlink blocks all Cabal sabotage. Wealth transfers fuel expansion. On Sun. 19 July 2026: Miraculous cures emerge with cancer patients recovered, diseases vanishing, and age reversal visible. Suppressed tech truth explodes. Tribunals advance from Med Bed evidence exposing Cabal atrocities. Awakening surges! On Mon. 20 July 2026: Redemptions provide endless resources for Med Bed rollout everywhere. Free QFS app appointments begin. Full public Med Bed access expands. Those with Humanitarian projects receive priority. On Tues. 21 July 2026: EBS tests confirm readiness as Med Beds enter public phase under military guard. Trump calls it the ultimate defeat of deep state medical control. World awaits total health freedom! On Wed. 22 July 2026: Huge healing events launch worldwide in secure sites. Children and elderly regain vitality. Leaked footage crushes media blackouts. Arrests of medical figures escalate with swift justice for deliberate harm! On Thurs. 23 July 2026: Free global Med Beds access starts for all. Smart systems slash wait times. Longevity treatments begin. GESARA promises fulfilled as Republic rejoices and Cabal power crumbles! On Fri. 24 July 2026: Every neighborhood gets Med Bed hubs with clean energy. Tech shared globally ending health inequality. Patriots celebrate end of sickness weaponization. Deep state illness control shattered!   On Sat. 25 July 2026: Global celebrations mark Med Beds era and restored Republic. Trump credits the tech for crushing Cabal remnants. Transformed citizens power the Great Awakening to final victory for patriots! On Tues. 28 July 2026: Med Beds online free worldwide. On Thurs. 30 July 2026: Starlink frequencies bring healing to remote areas instantly. On Sat. 1 Aug 2026: Trump's epic Independence event unveils Restored Republic and QFS rebirth. Freedom rings worldwide. On Mon. 3 Aug 2026: Home frequency Med Beds activate via Starlink. Instant healing 24/7 everywhere. Golden Age of Health and Abundance begins. Global Currency Reset: Judy Note: On Fri. 17 July 2026 several different sources indicated that the Admiral's Group has begun their exchanges, Tier3 Native Americans have received 90% of their monies and Bond Holders were scheduled to receive the balance of their exchange this weekend. Tier4b (us, the Internet Group) were next and expected to be notified to set exchange/redemption appointments at by the early part of next week. Fri. 17 July 2026 MarkZ: Indian Nations are 90% done exchanging. Bond Groups receive their balance this weekend. Tier4a should be finishing exchanging this next week – then Tier4b (us, the Internet Group). Fri. 17 July 2026 Med Bed Activation on Telegram: On Mon. 20 July 2026 Free QFS app appointments begin. Redemptions provide endless resources for Med Bed rollout everywhere. Full public Med Bed access expands. Those with Humanitarian projects receive priority. Thurs. 16 July 2026  Bruce, The Big Call The Big Call Universe (ibize.com)  667-770-1866 A source said Tier4b (us, the Internet Group) could be notified over the weekend and start exchanges Mon. 20 July. Judy Note: No one knows the exact date for notification of appointments for Tier4b (us, the Internet Group) to exchange foreign currencies, but deadlines shown in the above Timing indicate it to be very soon. We have been told that Wells Fargo, which is controlled by the Chinese Elders – (the ones who own the gold behind the Global Currency Reset) – will send out emails to currency and bond holders worldwide telling them how to set redemption & exchange appointments. It is advised to exchange/redeem your foreign currency at an official Redemption Center (RC) rather than a bank. You can only redeem Zim at a RC, the Dinar Contract Rate can only be given at a RC and banks will offer you lower exchange rates than what you can obtain at a RC. You can only set up your new wallet (bank account) at a RC. It was my understanding that most banks were under control of the Cabal and would soon play a different roll in the Global Financial System.   Mass Arrests: On Mon. 7 July 2026 Operation Military Cleanse was activated:  847 Pentagon officials detained  234 Generals and high-ranking officers arrested  678 Military operatives removed from active duty  4,000 Troops deployed across 19 states for domestic operations  50 States coordinated simultaneously Charged With:  Treason against the United States  Coordination with foreign adversaries  Conspiracy to overthrow the government  Crimes against Humanity  Violation of Military Code of Justice What We Think We Know as of Sat. 18 July 2026:   Med Beds Thurs. 16 July 2026 BREAKING: TRUMP JUST SIGNED EXECUTIVE ORDER 2026-1947. MEDBED TECHNOLOGY DECLASSIFIED FOR CIVILIAN USE. THE PHARMACEUTICAL INDUSTRY HAS 90 DAYS. …Tier4b ISO 20022 on Telegram July 15, 2026. 04:00 AM EST. This was signed in silence. No press conference. No cameras. No media briefing. Executive Order 2026-1947: “Declassification and Civilian Deployment of Electromagnetic Regeneration Technology.” THE ORDER STATES:  All frequency-based healing technology currently classified under Department of Defense medical programs is hereby declassified for civilian research and deployment.  The FDA is prohibited from blocking, delaying, or interfering with the distribution of electromagnetic regeneration devices to the American public.  Pharmaceutical companies have 90 days to disclose all suppressed clinical trials involving frequency-based treatments — or face criminal prosecution under 18 U.S.C. § 1001.  Military medical facilities currently operating regeneration technology will begin civilian intake within 120 days. THE PANIC: Pfizer stock dropped 14% in pre-market trading. Johnson & Johnson emergency board meeting called at 5:00 AM. Moderna CEO sold $47 million in personal shares before market open. They KNEW this was coming. They tried to sell before the collapse. WHY NOW?: Trump's medical advisors presented him with a 3,400-page classified report documenting 61 years of suppressed frequency healing research. The report contained: — 847 successful clinical trials hidden from the public — 12,000+ patients fully cured of terminal conditions using electromagnetic frequency — Cost analysis showing MedBed treatment at $0.003 per session vs. $150,000 average cancer treatment Trump read the cost analysis. Then he signed the order. THE TIMELINE:  Day 1-30: Full declassification of all research documents  Day 31-60: FDA forced to approve frequency-based devices  Day 61-90: Pharmaceutical disclosure deadline (criminal penalties)  Day 91-120: First civilian MedBed centers open in 12 states THE DEEP STATE RESPONSE: They are already trying to k--l this. Three major media outlets received calls from pharmaceutical lobbyists at 5:30 AM demanding they do NOT report on EO 2026-1947. CNN has been silent. NBC has been silent. ABC has been silent. Their silence IS the confirmation. If this order was fake, they would be laughing at it on every channel. Instead — total blackout. Total silence. Total panic. THE TRUTH: The pharmaceutical industry just received its death sentence. 90 days. That's all they have left. After that, the technology that cures cancer in 42 minutes will be available to every American citizen. They had 61 years of profit. 61 years of human suffering. 61 years of suppression. It ends now. Fri. 17 July 2026 Fox News: MAJOR PUSH ON CAPITOL HILL: WAR ON FRAUD RAMPING UP, BILLIONS STOLEN FROM TAXPAYERS Social media investigator Nick Shirley testified today exposing rampant fraud — from Somali day care scandals in Minnesota to massive Medicaid scams in NYC with Dr. Oz. DOJ milestone: Trade Fraud Task Force hit over $1 BILLION in recoveries in under a year. Dr. Oz & others highlighting adult day care mills, fake billing, durable medical equipment scams (twice as many in parts of Florida as McDonald's), and personal care services as NYC's top “job.” This isn't red or blue, it's right vs. wrong. Hardworking taxpayers are getting robbed. Every dollar stolen is one less for real Americans. Restored Republic via a GCR Update as of Sun. 19 July 2026 by Judy Byington, On Sat. 4 July the Constitutional Republic Restored, While US Inc. Dissolved On Thurs. 16 July the Quantum Financial System Went Live Worldwide Also on Thurs. 16 July President Trump signed Executive Order 2026-1947 – a Declaration That Med Bed Technology Had Been Released to the Public. Global Martial Law Was Not Only The Only Way, But Was On It's Way The Republic of United States of America Was Being Restored Trust The Plan Save The Children _____________________________________________________ Judy Note: The Constitutional Republic has been restored. The Global Currency Reset to gold/asset-backed currency of 209 nations has been released. Med Bed technology – giving the body the ability to heal itself – was being released. The Illuminati Cabal, who for centuries had been working towards having complete control over our society, didn't like those ideas, and was fighting back big time. Trust The Plan. “On Sat. Evening 18 July 2026 the White House in Washington DC turned all red, signifying Mass Arrests were in motion.” …Q “In the coming hours, the World as we see it will be changed forever as Michael Jackson emerges on the Emergency Broadcast System – alive and ready to speak. It's time for the whole World to know the truth.” …Emergency Broadcast System on Telegram “The US Army Special Forces raided a hidden Obama property in the Virginia countryside, where they discovered “The Lucifer Codex.” The files proved that Obama was the high priest who personally opened the main hell portal under Washington DC in 2009.” …Martial Law on Telegram Temporary Martial Law has been raised to maximum alert nationwide. The EBS is preparing to release the first decoded pages within hours.   Prepare for ten days of communication darkness. We are in a silent war – the final battle of the planet. In the next couple of weeks the World will change and tremble. One of the most dramatic changes: Free Med Bed Treatments will soon be available to the general public across the Globe. The non invasive treatments, which generally take under an hour, use certain wave lengths to help the body heal itself. Since 2019 the American Medical Association has been actively fighting against allowing the public to have the healing treatments, saying they will create a financial crisis to the healthcare industry and force a complete overhaul of our medical, health insurance and pharmaceutical companies. In 2019 the American Medical Association (WHO) sent an internal email to every licensed physician in America – 847,000 doctors: The email acknowledged the positive effects of Electromagnetic therapy (Med Beds), but threatened the doctors with loss of license and criminal prosecution if they used it because of the financial affects it would have on the medical, insurance and pharmaceutical industries. The Email: “Updated Clinical Guidelines: Non-Pharmaceutical Electromagnetic Interventions — Position Statement: The AMA acknowledges that peer-reviewed evidence supports the biological efficacy of PEMF therapy in tissue regeneration, pain management, and immune modulation. However, widespread adoption would destabilize existing treatment revenue models and insurance reimbursement structures. Any physician who recommends, prescribes, endorses, or refers patients to electromagnetic frequency-based therapy will face immediate license revocation, removal from insurance networks, and potential criminal liability under state medical practice statutes.” The bottom line was that your doctor knew that frequency heals, that the MedBed principle was scientifically valid, that most of what he prescribed managed symptoms, not cured disease. He cannot tell you because his license would be revoked and he would face criminal liability by the American Medical Association. On Thurs. 16 July 2026 at 03:17 am Geneva time the World Health Organization deleted over 14,000 pages from their database – all related to the documented clinical effectiveness of electromagnetic frequency therapy on human disease (Med Beds). The deletion happened 14 hours after President Trump signed Executive Order 2026-1947 – a declaration that Med Bed Technology was now released to the public.The WHO knows that once MedBed technology enters civilian deployment, every document they ever buried becomes evidence of a crime against humanity. On a brighter side: “A senior Treasury Department official claims that the Quantum Financial System was live and the Global Currency Reset was happening now. Everything you know about money is about to change forever.” …Tier4b ISO20022 on Telegram The senior US Treasury official contacted us 48 hours ago through a secure channel. Her identity verified by six independent financial intelligence sources. She worked in Treasury's Special Financial Operations Division 2008-2026. She calls it “The Awakening.” Her words. Unedited: “July 4, 2026. U.S. Corporation dissolved. Constitutional Republic restored.” “July 16, QFS went live globally. Every major bank connected. Old system dead.” “GCR happening now. Every currency revalued. Gold-backed. Transparent.” “NESARA/GESARA implemented across 209 countries. Debt jubilee. End of Fed.” “Saint Germain Trust ($890 trillion) is being activated. Going to the people.” “I have the activation codes. I have the account numbers. I have the proof that this is happening right now. In 18 years, I witnessed:”  The QFS development from concept to deployment  209 countries signing onto NESARA/GESARA  The Saint Germain Trust verification ($890 trillion)  The U.S. Corporation dissolution documents  The Constitutional Republic restoration protocols “Trillions stolen by Fed. People enslaved by debt. We had the solution. I couldn't sleep. For 18 years.” WHY SHE'S TALKING NOW: “Activation complete. If I speak, people understand what's happening. I have 18 years of documentation. QFS architecture. Proof old system finished.” “The banks will announce the revaluation. The media will call it a crisis. It's not a crisis. It's liberation. I am ready to testify. Under oath. Before Congress. Before the world.” HER FINAL MESSAGE: “To every person who lost their home to the Federal Reserve: Your debt is forgiven. Your home is yours. The jubilee is here.” “To every person who worked their entire life for money that's about to be worthless: You will be compensated. The Saint Germain Trust is for you.” “To the Federal Reserve leadership: Your time is finished. The QFS is live. You cannot stop it anymore.”   OPERATION FINANCIAL FREEDOM ✓ ACTIVATED PHASE 1: QFS Activation ✓ LIVE (July 16) PHASE 2: Currency Revaluation ⟳ JULY 25 – AUGUST 8 PHASE 3: Wealth Distribution ⟳ AUGUST 15 – SEPTEMBER 30 PHASE 4: New Economy ⟳ OCTOBER 1 The Quantum Financial System is live. The Global Currency Reset is happening. NESARA/GESARA is being implemented. The old system is dead. The new system is born. The people are being liberated. Trump knows. The military knows. The intelligence agencies know. They are protecting the transition. PREPARE FOR ABUNDANCE. PREPARE FOR FREEDOM. PREPARE FOR THE NEW EARTH. The financial reset is here. The Tier 4B activation is complete. Everything changes now. Right now Military Forces are positioning for activation of the EBS. Systems are being readied, Global shutdown protocols are in motion. The Blackout is nearing. Disclosures are on the horizon. Large scale arrest Since 2007 the US Military has been using Red Light Therapy (Med Beds) to extend the operational lifespan of it's soldiers. There were discovered to be thousands of pages of foreign IP address sending and receiving data to election precincts and servers outside the United States during the 2020 Election. CISA, DHS, the FBI, and the CIA knew all about it because they were in on it. The Deep State rot runs deep, but not for much longer. The Mar-a-Lago unredacted search warrant CONFIRMS that the Biden DOJ, FBI, and GSA engineered and manufactured the plot to frame Donald J. Trump! On Thurs. 16 July 2026 the U.S. military went deep into Iran and expanded operations. Bridges and supply routes were no more. Airports went up in smoke. Infrastructure vaporized. The IRGC was being wiped out. The goal was to destroy Iran's infrastructure and its military capability would collapse. When its military broke, its regime would fall. The old world of Iranian tyranny was dead. The New World of American dominion begins. The oil runs freely. The cash was rolling in. Peace comes. …Nesara Gesara QFS on Telegram. The CIA knew about cures for cancer 50 years ago. …Nesara Gesara on Telegram Nick Shirley just went on national television and dropped this revelation: The Chinese and Korean Mafia is LOOTING MEDICAID and running a kickback scheme in NYC A nurse from one of America's hardest-hit C---D hospitals in NYC described gross medical mismanagement where clueless healthcare workers were straight-up k-----g patients. Survival wasn't about medicine — it was about whether your caregiver actually knew what they were doing. Medicare paid hospitals MORE when patients died. The system incentivized death over life.   Possible Timing: “On Sat. 18 July 2026 at 3:17 AM EST the RV/GCR exploded – Iraq, Vietnam, Zimbabwe, all revalued sky-high while the Cabal's Federal Reserve Note collapses in real time.” …Dr. Jim Willie Patriot Truth Archive on Telegram Global Currency Reset: Sat. 18 July 2026 The dollar is dead, the reset is here, and the traitors are about to lose everything. …Patriot Truth Archive on Telegram Dr. Jim Willie just went nuclear: the United States Corporation is bankrupt, the fiat dollar has been deliberately crashed by white hats, and the quantum financial system flipped live overnight. The RV/GCR exploded at 3:17 AM EST today Sat. 18 July 2026 – Iraq, Vietnam, Zimbabwe, all revalued sky-high while the cabal's Federal Reserve Note collapses in real time. Willie laid it out raw: The BRICS nations, led by Trump's secret alliance with Putin and Xi, just pulled the trigger. Over 209 countries locked into gold-backed currencies, the SWIFT system is offline forever, and the Rothschild central banks are being seized as we speak. NESARA/GESARA fully activated – all bank debt, mortgages, credit cards, student loans WIPED OUT starting tomorrow morning. Redemption centers on full lockdown, military guarding Tier 4B notifications going out within hours. The real bombshell? GITMO executions began at dawn – top bankers, Fed chairs, and deep state money launderers hanged for treason after the gold standard was restored. Med Beds rolling out next week, suppressed energy tech released, and the biggest wealth transfer in human history is hitting patriot accounts first. Trillions in restitution flowing to those who held the line and printed fake money. America is being shaken awake – power outages are tactical, internet blackouts cover the arrests, and the EBS is primed for the 10 Days of Darkness starting any moment. The storm isn't coming – it's here. The fake Biden corpse regime ends this week, Trump sworn in on the real Constitution, and the Republic rises from the ashes of their burned-out corporation. Anons, this is the moment we bled for. The dollar dies so we can live free. The evil empire of debt slavery is over. They stole our wealth for 150 years – now we take it all back with interest. The Hat is dropping truth like napalm: the shock is just beginning, and the cabal is screaming as their money turns to dust. Get ready for the greatest week in history. Notifications any second. Redemption appointments flood in. The Golden Age starts NOW. The shaking isn't destruction – it's liberation. Nothing can stop what's coming. Patriots are about to be richer than kings while the wicked burn. NCSWIC. Judy Note: No one knows the exact date for notification of appointments for Tier4b (us, the Internet Group) to exchange foreign currencies, but deadlines shown in the above Timing indicate it to be very soon. We have been told that Wells Fargo, which is controlled by the Chinese Elders – (the ones who own the gold behind the Global Currency Reset) – will send out emails to currency and bond holders worldwide telling them how to set redemption & exchange appointments. It is advised to exchange/redeem your foreign currency at an official Redemption Center (RC) rather than a bank. You can only redeem Zim at a RC, the Dinar Contract Rate can only be given at a RC and banks will offer you lower exchange rates than what you can obtain at a RC. You can only set up your new wallet (bank account) at a RC. It was my understanding that most banks were under control of the Cabal and would soon play a different roll in the Global Financial System. What We Think We Know as of Sun. 19 July 2026: Sat. 18 July 2026 Fox News: Nick Shirley just went on national television and dropped this revelation: The Chinese and Korean Mafia is LOOTING MEDICAID and running a kickback scheme in NYC “In Queens, adult day cares [have] pharmacies set up, it's this big racket where they BILL all these people with medical beneficiary numbers from seniors in the adult day cares. They make so much money from Medicaid, THEY GIVE KICKBACKS to the seniors.” “So you have these Korean and Chinese mafias, quite literally, looting the government from Medicaid, and then giving the kickbacks to the seniors!”   INGRAHAM: “So wait, the old people get the money themselves?” SHIRLEY: “Well, they make so much money, these pharmacies and these little day cares, that they then have a referral program set up for these seniors. So it's like bringing a friend will give you a hundred bucks.” Med Beds Sat. 18 July 2026 YOUR DOCTOR KNOWS. HE WAS TOLD TO STAY QUIET. HERE'S THE EMAIL THAT PROVES IT. …Tier4b ISO20022 In 2019, an internal email was sent to every licensed physician in the American Medical Association network. 847,000 doctors received it. The subject line read: “Updated Clinical Guidelines: Non-Pharmaceutical Electromagnetic Interventions — Position Statement” The email contained one directive: “Any physician who recommends, prescribes, endorses, or refers patients to electromagnetic frequency-based therapy will face immediate license revocation, removal from insurance networks, and potential criminal liability under state medical practice statutes.” Your doctor read that email. And then he looked you in the eye and said: “There's nothing else we can do.” THE EMAIL WAS NOT ABOUT SAFETY. Buried in paragraph 14 — the paragraph no one reads — was this sentence: “The AMA acknowledges that peer-reviewed evidence supports the biological efficacy of PEMF therapy in tissue regeneration, pain management, and immune modulation. However, widespread adoption would destabilize existing treatment revenue models and insurance reimbursement structures.” Read that again. Slowly. They ACKNOWLEDGED it works. Then they BANNED doctors from using it. Not because it's dangerous. Because it's too effective. WHAT YOUR DOCTOR ACTUALLY KNOWS: Every physician trained after 2005 was taught — in medical school — that:  Cells respond to electromagnetic stimulation (this is in every biophysics textbook)  PEMF accelerates bone healing (FDA approved since 1979 for fractures)  Transcranial magnetic stimulation treats depression (FDA approved 2008)  Electrical stimulation regenerates nerve tissue (published in Nature, 2019) They ALREADY know frequency heals. They use it in narrow, controlled applications where pharmaceutical profits aren't threatened. But the moment you ask: “If magnets can heal my bones, can they heal my cancer?” Your doctor goes silent. Changes the subject. Writes another prescription. Because he read the email. And he chose his license over your life.   THE DOCTORS WHO REFUSED TO STAY QUIET: Dr. Jerry Tennant — Published “Healing is Voltage.” Proved that every disease correlates with a measurable voltage drop in affected tissue. Restore the voltage, cure the disease. His medical license was “reviewed” three times. Dr. Dietrich Klinghardt — Documented frequency therapy curing Lyme disease in 85% of patients. Lost hospital privileges at two institutions. Dr. Thomas Lodi — Achieved 90%+ cancer remission using integrative frequency protocols. Forced to relocate his practice to Mexico. Dr. Lee Merritt — Spoke publicly about suppressed electromagnetic healing. Removed from every medical board she served on. They didn't lose their careers because they were wrong. They lost their careers because they were RIGHT — and they refused to be silent. THE MATH OF SILENCE: Average doctor salary: $350,000/year Average medical school debt: $241,000 Years to pay off debt: 13 years Cost of losing license: Everything They designed a system where speaking the truth costs a doctor their entire life's investment. 13 years of training. $241,000 in debt. Their home. Their family's security. The AMA didn't just threaten doctors. They built a financial prison that makes silence the only rational choice. Your doctor is not evil. He is trapped. But YOU are not trapped. You don't have a license to lose. You don't have $241,000 in debt holding you hostage. You have nothing to lose by knowing the truth. THE TRUTH: Your doctor knows that frequency heals, that the MedBed principle is scientifically valid, that most of what he prescribes manages symptoms, not cures disease. He cannot tell you. The email made sure of that. 847,000 doctors received one email. 847,000 doctors chose silence. The email has been leaked. The silence is over. Your doctor knew. Now you know too. On Thurs. 16 July 2026 at 03:17 am Geneva time the World Health Organization deleted over 14,000 pages from their database – all related to frequency healing. …EBS activated with Trump on Telegram A digital forensics team monitoring the World Health Organization's public research database flagged a mass deletion event. 14,247 pages of archived research — removed in a single batch operation. Every deleted file had one thing in common: They documented the clinical effectiveness of electromagnetic frequency therapy on human disease. THE DELETED FILES INCLUDED:  1,847 peer-reviewed studies on PEMF (Pulsed Electromagnetic Field) therapy showing 70-94% efficacy in tissue regeneration  3,200 pages of WHO internal memos from 1998-2015 discussing “the frequency problem” — their own term for the threat that non-pharmaceutical healing posed to global health economics  6,400 pages of clinical trial data from 11 countries showing frequency-based cancer remission rates between 67-89%  2,800 pages of correspondence between WHO directors and pharmaceutical executives discussing “containment strategies” for frequency healing research HOW WE KNOW: The Wayback Machine captured snapshots of 4,100 of these pages before deletion. Digital forensics teams archived another 7,300 through automated scraping protocols that were triggered by the mass deletion event. They deleted 14,247 pages. We recovered 11,400. They failed. WHAT THE MEMOS REVEAL: A 2003 internal WHO memo — now recovered — contains this exact sentence: “If electromagnetic frequency therapy achieves mainstream clinical adoption, the global pharmaceutical revenue model becomes unsustainable within 18-24 months. Containment is not optional. It is existential.” Signed by three WHO department heads. Names redacted in the original. Digital forensics has identified two of the three. A 2011 memo is more direct: “Recommend classification of all PEMF efficacy data as ‘inconclusive' regardless of outcome metrics. Peer review panels must be briefed accordingly.” They didn't suppress the research because it didn't work. They suppressed it because it worked TOO WELL. WHY NOW: The deletion happened 14 hours after Executive Order 2026-1947 was signed – Trump's declaration that Med Bed Technology was released to the public. This is not coincidence. This is panic. The WHO knows that once MedBed technology enters civilian deployment, every document they ever buried becomes evidence of a crime against humanity. They are destroying evidence. In real time. Right now. But the internet never forgets. And neither do we. THE NUMBERS THEY TRIED TO ERASE: — Breast cancer: 78% complete remission using 10.5 Hz PEMF (WHO Study WH-2007-4491, now deleted) — Type 2 diabetes: 64% reversal using 7.83 Hz exposure, 30 min/day for 90 days (WHO Study WH-2012-8823, now deleted) — Alzheimer's: 41% cognitive restoration using Gamma frequency 40 Hz stimulation (WHO Study WH-2014-1157, now deleted) — Chronic pain: 91% elimination using Alpha frequency 10 Hz (WHO Study WH-2009-3340, now deleted) These are not alternative medicine claims. These are the WHO's OWN studies. Conducted with their own funding. Showing their own results. And they just tried to delete them from existence. THE QUESTION: If frequency healing doesn't work — why delete 14,000 pages at 3AM? If MedBeds are “conspiracy” — why panic after a presidential executive order? If electromagnetic therapy is “pseudoscience” — why did the WHO spend 17 years studying it and then HIDE the results? Their actions are the confession. The deletion IS the proof. They spent 20 years hiding the cure in their own database. Then they tried to burn the database. The fire came too late. We already have the files. Share this. The evidence is secured. The deletion failed. Sat. 18 July 2026 BREAKING: JAPAN JUST BECAME THE FIRST COUNTRY TO OFFICIALLY APPROVE MEDBED TECHNOLOGY FOR PUBLIC HOSPITALS. THE MEDIA BLACKOUT IS TOTAL. …Tier4b ISO20022 on Telegram July 17, 2026. Tokyo, Japan. The Japanese Ministry of Health, Labour and Welfare just issued Directive MHLW-2026-7714: “Authorization of Electromagnetic Frequency Regeneration Devices for Clinical Deployment in National Healthcare Facilities.” This is not a trial. This is not a study. This is FULL APPROVAL. Starting September 1, 2026, electromagnetic frequency regeneration chambers will be installed in 340 national hospitals across Japan.   [Incomplete text due to character limit. Please see UBM website for links and full text]

In this episode of The Canadian Macro Investor Podcast, Simon and Dan break down the latest Bank of Canada rate decision and monetary policy report. They discuss why the Bank of Canada held rates steady, how the bond market is increasingly driving borrowing costs, and why housing is becoming a more important risk in the central bank’s outlook. They also look at Canada’s increasingly divided housing market, with Ontario and B.C. under pressure while several other provinces continue to hit new highs. The discussion covers condo weakness in Toronto and Vancouver, the impact of unsold inventory, rental market dynamics, CMHC MLI Select, and how mortgage products and government policy are shaping real estate investment. From there, they shift to the U.S. rate outlook and why the Fed may have less room to raise rates than prediction markets or futures markets suggest. They discuss rising U.S. Treasury bill issuance, the potential role of stablecoins in creating demand for short-term government debt, and why higher inflation targets may become more politically and financially attractive over time. Finally, they dig into the AI investment boom, including new Chinese open-weight models, pressure on OpenAI and Anthropic’s business models, data centre constraints, Tourmaline’s proposed Alberta data centre opportunity, and what semiconductor drawdowns may be signaling for broader markets. Tickers discussed: TOU.TO, SMH, NVDA, TSM, AVGO, AMD, MU, ASML, META, QQQ Watch the full video on Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

Something bigger is happening around XRP—and it isn't just one headline. Ripple President Monica Long has been recognized as one of the most influential leaders in stablecoins as RLUSD continues gaining momentum. MoonPay has connected FedNow to its platform, bringing real-time 24/7 payments another step closer to digital assets. Franklin Templeton now leads tokenized Treasury issuers with $1.6 billion in on-chain AUM growth, while Citadel Securities has made its first major crypto investment with a $400 million commitment to Crypto.com focused on tokenized securities and derivatives. At the same time, the CLARITY Act continues advancing in Washington, providing the regulatory framework institutions have been waiting for. These aren't isolated stories. They're all pointing in the same direction. In today's episode of **On The Chain**, Jeff and Chip connect the dots behind XRP, Ripple, RLUSD, FedNow, tokenization, stablecoins, institutional adoption, and why the financial system appears to be converging faster than ever before. We also go **Around the World**, breaking down today's biggest geopolitical stories, including election integrity, Scott Bessent, Marco Rubio, government oversight, Canada, and the global developments shaping markets and policy. **If you want to understand what's happening—not just the headlines, but how they all fit together—this is the episode you don't want to miss.** ━━━━━━━━━━━━━━━━━━━━ ## SUPPORT ON THE CHAIN ☕ Badassery Coffee [https://badasserycoffee.com](https://badasserycoffee.com)

In this podcast, Jandevman gives us an overview of what they do at Liquidy, how the project originated, and how they ended up building on THORChain.Swap now https://swap.thorchain.org/THORChain is a decentralized crypto exchange. THORChain is the first and biggest DEX for Bitcoin. You can use any self custody wallet to swap and there's no KYC required.Timestamps:00:00:00 Intro00:02:00 Kenton update — Keplr should be working! More integrations are coming!00:03:00 Affiliate page widget is ready for testing00:04:00 Air Canada story00:06:00 Jandevman introduction00:10:00 What was so different about Kujira that attracted you to it?00:13:00 Jandevman rebuilt everything from scratch00:16:00 Treasury discussion — what were the assets?00:17:00 What was MantaDAO?00:19:00 Website walkthrough00:21:00 Valuation breakdown — comparing Liquidy to TradFi00:23:00 Kenton explains NAV and asks about redemptions00:24:00 Financial reports and analytics breakdown00:26:00 Expense breakdown00:27:00 Revenue sources00:29:00 Governance process breakdown00:30:00 Simple majority or supermajority?00:31:00 Veto power through a multisig00:32:00 Bonk comparison00:36:00 Raising external capital?00:38:00 Growing the treasury00:39:00 How does market making work?00:43:00 Why isn't the LQDY token on the base layer?00:45:00 How many wallets support secured assets?00:47:00 Which other wallets should support secured assets?00:48:00 What other financial primitives will LQDY be involved in?00:52:00 Will LQDY get involved in lending?00:55:00 What other assets will be acquired?00:56:00 What about Auto Rujira?00:57:00 Liquidity swap router breakdown00:59:00 What's the difference between the swap router on Rujira and LQDY?01:02:00 Comparing different liquidity pools01:07:00 Will redacted functionality be available?01:09:00 bRUNE breakdown01:11:00 What is a good APY for users?01:13:00 Will STO use the LQDY API?01:15:00 Is there anything else you'd like to add?01:18:00 Transparency discussion01:19:00 Proposal discussion01:22:00 Everything is on-chain01:27:00 Thoughts on inflation01:30:00 The model is beautifully simple01:33:00 We need to do this again!01:34:00 Conclusion

Friday, July 17, 2026 Today, multiple 2020 election deniers met this week at the White House ahead of Trump's address; the ex-wife of the ICE officer who shot a 26-year-old Colombian man in Maine has come forward to say that he had mental health issues and was abusive in their relationship; Todd Blanche says he will meet with Epstein survivors so he can get his nomination to Attorney General out of committee; JD Vance's security detail is fed up with last-minute personal and family trips; White House officials were asked to surrender their phones in a wide-ranging leak investigation; 103 House Democrats voted against aid to Israel including Nancy Pelosi; Kegseth says the flyovers will continue until morale improves after buzzing beachgoers in Florida; the McCains are raising money to re-elect Democrat Katie Hobbs as governor of Arizona; Donald's teleprompter operator made six figures betting on his speeches; the Treasury will begin minting $1 coins with Trump's face after snubbing the Harriet Tubman $20 bill; plus Allison and Dana deliver your Good News. Thank You, OneSkin Get 15% off OneSkin with the code DAILYBEANS at  https://www.oneskin.co/dailybeans #oneskinpod #ad Thank You, AG1http://DRINKAG1.com/DAILYBEANS to get a free AG1 Travel Case with 7 free AG1 Travel Packs in your Welcome Kit with your first AG1 subscription order while supplies last. The Daily Beans is proud to partner with Miles Taylor and our friends at DEFIANCE.org For a limited time, members of the Daily Beans community can receive a FREE 3-month full membership to DEFIANCE.org and gain access to one of the fastest-growing pro-democracy movements in America. Join here: https://www.defiance.org/beans Join The Daily Beans and give a gift today to ensure The Trevor Project can continue its crucial work in the face of continued challenges. Donate to The Trevor Project - Daily Beans Podcast Guest: John FugelsangTell Me Everything|John Fugelsang Sirius XM Progress 127 Weekdays at 12 AM ET The John Fugelsang Podcast, John Fugelsang|Substack, @johnfugelsang|Bluesky, @JohnFugelsang|TwitterSeparation of Church and Hate by John Fugelsang The Latest Breakdown:BREAKING: EXCLUSIVE: FBI Admits it has Epstein Files Training Videos StoriesElection denial activists briefed at White House ahead of Trump's primetime speech | MS NOW In Arizona, the McCain name is now raising money for a Democrat | MS NOW A House vote makes it clear: Israel's support among Democrats is starting to buckle | US politics | The Guardian AG pick Blanche to meet with Epstein survivors after 2 GOP senators hedge on nomination | CNBC ICE agent who killed man in Biddeford identified as former Maine law enforcement officer | Portland Press Herald Vance's security detail ‘fed up' with hastily arranged personal and family travel requests | MS NOW Exclusive: Officials asked to turn over phones at the White House as Wiles, Patel lead intensifying leak probe | CNN Politics US Mint to begin producing $1 coins featuring Trump | POLITICO Navy's elite Blue Angels won't be reprimanded after video shows low flyover at Florida beach | CBS News White House teleprompter operator made more than $100K betting on Trump's speeches: Sources | ABC7 New YorkGood Trouble Event near you: mobilize.us/john-lewis-actions/map Learn More at goodtroubleliveson.org →GoodTroubleLivesOn.org/ July 17-19 →Urge Democrats to Oppose and Stop Trump's Crypto Corruption | Indivisible Guide →Defiance.org/beans →Show up for our Libraries - action.ala.org →How to help those impacted by the Venezuela earthquakes|AP →Oppose House Amendment to Defund the Peace Corps! →Stand With Minnesota →ICE List  →iceout.org Good NewsSan Bernardino County - Facebook SBCounty - San Bernardino, CA | Instagram dana-goldbergs-southwest-funnyfest Oct 9 -Email Dana@DanaGoldberg.com for sponsorship informationTour - DANA GOLDBERGTickets for Dana Goldberg: Outrageous - Sep 23 - Den Theater - Chicago  →Share your Good News & Good Trouble - The Daily Beans →Beans Talk audio -beans-talk.simplecast.com →Email Dana LGBTQ Owned eating establishments in your area - hello@mswmedia.com Subject: “Dana's Project” Subscribe to the MSW YouTube Channel - MSW Media - YouTube Our Donation Links The Trevor Project - trevorproject.org/beans Blue Wave California - https://secure.actblue.com/donate/msw-bwc Donate to Public Citizen - https://citizen.org/beans/ Donate to It Gets Better / The Daily Beans Fundraiser Pathways to Citizenship link to MATCH Allison's Donationhttps://crm.bloomerang.co/HostedDonation?ApiKey=pub_86ff5236-dd26-11ec-b5ee-066e3d38bc77&WidgetId=6388736 Join Dana and The Daily Beans in support of Human Rights Campaign http://onecau.se/_ekes71National Security Counselors - Donate, ActBlue.com/donate/msw-bwc, WhistleblowerAid.org/beans   Dr. Allison Gill - The Breakdown | Allison Gill, Mueller, She Wrote @muellershewrote.com - Bluesky, MSW & The Daily Beans Podcast @muellershewrote - Instagram, MSW Media - YouTube →Federal workers - email AG - fedoath@pm.me Dana Goldberg - Dana is on Patreon! 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Today's Headlines: Trump's Big Boy speech was overhyped, overproduced, and deeply disappointing — with NBC and ABC refusing to air it. In true Donald fashion, he threatened to shut down both networks and the content itself were his greatest hits of repeatedly disproven 2020 election claims delivered at an off-pace that makes more sense now that we know his teleprompter operator was placed on leave for making $100,000 on Kalshi bets predicting the content of Trump's speeches — a guy who has operated Trump's teleprompter since 2016, personally takes his last-minute edits, and was questioned about how the January 6th speech came together. The actual upshot of the speech is that the administration plans to release thousands of declassified 2020 election documents and send letters to states they suspect of malfeasance, giving themselves cover to deploy election monitors and potentially troops in November. Meanwhile, Todd Blanche reluctantly met with Epstein survivors after Republican Senator Thom Tillis threatened to withhold his confirmation vote unless he did — survivor Liz Stein called it a box-checking exercise that had "absolutely nothing to do with them," Tillis immediately tweeted his commendation, and Blanche's confirmation is now essentially assured, which is the least surprising outcome imaginable. In a surprising shift, a hundred House Democrats — a third of the caucus — voted to cut off military aid to Israel, up significantly from 37 last time, right after California congressman Ro Khanna was detained for over an hour by armed Israeli settlers and soldiers in the West Bank and released only after contacting the US embassy, with Ambassador Mike Huckabee calling it a stunt. In other news, the cyclosporiasis parasite outbreak has been traced to shredded iceberg lettuce at Taco Bell supplied by Taylor Farms across five states, with over 5,000 cases and 4,000 in Michigan alone. The Treasury's top tax policy official was pushed out after raising concerns that a White House request could violate IRS law carrying a five-year prison sentence — following the law cost him his job, which is exactly why the law exists. And eleven Republican lawmakers sent a formal letter to the WNBA demanding accountability for "racially motivated" attacks against Caitlin Clark, because weaponizing women's sports never goes out of style. Resources/Articles mentioned: CNN: Live updates: Trump delivers speech, claims declassified documents show US election vulnerabilities ABC News: White House teleprompter operator made more than $100K betting on Trump's speeches: Sources WSJ: Authorities Link Parasitic Outbreak to Taylor Farms Lettuce Supplied to Taco Bell CNN: Todd Blanche holds tense meeting with Epstein survivors after key GOP senator's ultimatum  ESPN: In letter, lawmakers seek 'accountability' from WNBA on Clark Axios: Measure to cut Israel aid fails in bipartisan House vote The Hill: Khanna accuses Israeli military of ‘lying' about West Bank incident that led to detainment WSJ: Top Treasury Tax Official Ousted After Clashes With White House Over IRS Audits Subscribe to the Betches News Room and join the Morning Announcements group chat. Go to: betchesnews.substack.com Morning Announcements is produced by Sami Sage and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

President Donald Trump recently made a point to express admiration for Australia's retirement system — and he says he's got his Commerce and Treasury secretaries working on a strategy to implement it in the United States. Future Effects correspondent David Brancaccio joins to explain Australia's “super” system of mandatory savings, and what it could mean for Social Security. But first: why new home construction jumped in June.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in today's episode:Why is Trump interested in Australia's retirement system?

For four decades, real estate investors built incredible wealth simply by holding assets as the 10-year Treasury yield plummeted from 15.68% in 1981 to near zero in 2020. This long-term interest rate tailwind artificially compressed cap rates and drove massive property appreciation, rewarding passive ownership over actual operational skill.That 40-year economic cheat code is officially over, and the market will no longer automatically generate wealth for passive landlords. To survive this new landscape, investors must pivot away from speculation and focus on active operation, forcing net operating income (NOI), and securing favorable debt structures to protect and grow their capital.KEY TOPICS DISCUSSEDThe historical impact of the 10-year Treasury on commercial real estate valuations.Why the 40-year buy and hold real estate wealth cycle has effectively ended.Commercial real estate cap rate compression and net operating income fundamentals.Transitioning your mindset from a passive landlord to a skilled real estate operator.Specific strategies for forcing appreciation and increasing property income streams.The severe danger of utilizing floating rate bridge debt in high-interest environments.Investing in necessity-based retail and demand-driven commercial real estate assets.KEY TAKEAWAYSAsset values over the last several decades were historically driven by falling interest rates, not operational genius.You must conservatively underwrite real estate deals for today's current interest rates, avoiding the trap of hoping for future rate cuts.Wealth is now generated by actively increasing Net Operating Income (NOI) through strategic property improvements, leasing, and expense reductions.Protect your capital by strictly buying assets at a basis that falls well below their current replacement cost.Avoid relying on financial engineering and instead invest in asset classes with strong, inherent consumer demand acting as a natural backstop.CONNECT & TAKE ACTIONImagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.

President Donald Trump recently made a point to express admiration for Australia's retirement system — and he says he's got his Commerce and Treasury secretaries working on a strategy to implement it in the United States. Future Effects correspondent David Brancaccio joins to explain Australia's “super” system of mandatory savings, and what it could mean for Social Security. But first: why new home construction jumped in June.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in today's episode:Why is Trump interested in Australia's retirement system?

Plus: The SEC is overwhelmed with complaints about its plan to scrap required quarterly earnings updates. And the Treasury's top tax official is removed over clashes with the White House over IRS audits. Daniel Bach hosts.  Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Book a call with Travis: https://calendly.com/travis-eib/30-minute-callBook a call: https://remnantfinance.com/calendarOut Print the Fed with a 1% target per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEIn this episode, Hans welcomes back Travis McBride, a former Navy helicopter pilot turned insurance professional, for his third appearance and a conversation about annuities, guaranteed lifetime income, and why the order of your returns matters more than the average. Fresh off the birth of his son, Travis opens up about how fatherhood reframes the way he thinks about mortality and protecting the people who depend on you.From there they get into sequence of return risk, including a live demo where shuffling the exact same 30 years of returns swings the outcome from $2.2 million left over to fully broke in 14 years, and why a guaranteed income floor lets you stay on the compounding curve right when it's most powerful.Chapters:00:00 – Opening segment03:10 – Re-anchoring on why we plan: it's about the next generation05:25 – Why $500K of SGLI won't set a family up10:15 – What an annuity actually is: the inverse of life insurance14:40 – The power of setting an income floor18:30 – A brief history of annuities, from Rome to the modern pension gap20:15 – When to consider an annuity: the 50 to mid-70s window21:15 – No medical underwriting: annuities are priced on age alone25:15 – The 4% rule and where it falls apart26:05 – Sequence of return risk explained with a live shuffle28:45 – Same data, wildly different outcomes30:50 – Why the Series 65 teaches nothing about insurance or annuities35:00 – Trade-offs exist everywhere, even in a Roth IRA and 401(k)39:50 – Mortality credits: the third form of return45:30 – Payouts are tied to the 10-year Treasury at purchase46:40 – The 1035 exchange: upgrading an old, uncompetitive annuity50:00 – Closing segmentKey Takeaways:The order of your returns can matter more than the returns themselves. Take the same 30 years of market data and simply shuffle the sequence, and the outcome swings from leaving $2.2 million behind to running out of money in 14 years.An annuity is the inverse of life insurance, and it's the only chassis that guarantees income for life. Where a $1 million portfolio using the 4% rule cautiously pulls $40,000 a year and still might run dry, that same $1 million can buy a fully guaranteed $77,000 a year that keeps paying as long as you're alive.A guaranteed income floor buys you flexibility everywhere else. Once your baseline needs are covered for life, you no longer have to run conservative with the rest of the portfolio.$500K of group life insurance is not a plan. In a high cost of living area, half a million won't maintain a family's lifestyle, and most people aren't even capped out there.If your parents bought an annuity, get it reviewed. Payouts are locked to the 10-year Treasury yield at the time of purchase, so annuities bought in low-rate years are often badly uncompetitive today.

Eric Criscuolo, Market Strategist at the NYSE, reviews a market increasingly defined by sharp sector rotations as AI-related semiconductor and memory stocks pulled back after massive gains earlier this year. Weakness in semis contrasted with renewed strength in hyperscalers, improving performance from software, and catch-up rallies across Healthcare and Financials. Meanwhile, escalating tensions involving Iran pushed oil prices higher and helped keep longer-term Treasury yields elevated despite cooler inflation data.

On this episode, we are joined by Mike Tosaw of St. Charles Wealth Management to analyze the biggest futures options stories from around the globe.  In this episode: The week's biggest Movers & Shakers across metals, energy, agriculture and equity indexes Is silver finally becoming a buying opportunity after its sharp selloff? Gold, wheat, crude oil and the commodity contracts making the biggest moves Mike's outlook on the S&P 500 and whether equities are building a base for another breakout Why interest rates and the 10-Year Treasury could become the dominant market story in the months ahead A deep dive into the massive options activity in Treasury futures Bitcoin and Ether futures options, including Mike's surprisingly bullish Bitcoin options strategy despite his long-held skepticism toward crypto The hottest futures options trades, unusual activity and volatility trends from CME Group

On this episode, we are joined by Mike Tosaw of St. Charles Wealth Management to analyze the biggest futures options stories from around the globe.  In this episode: The week's biggest Movers & Shakers across metals, energy, agriculture and equity indexes Is silver finally becoming a buying opportunity after its sharp selloff? Gold, wheat, crude oil and the commodity contracts making the biggest moves Mike's outlook on the S&P 500 and whether equities are building a base for another breakout Why interest rates and the 10-Year Treasury could become the dominant market story in the months ahead A deep dive into the massive options activity in Treasury futures Bitcoin and Ether futures options, including Mike's surprisingly bullish Bitcoin options strategy despite his long-held skepticism toward crypto The hottest futures options trades, unusual activity and volatility trends from CME Group

Kevin O'Leary says you only need one thing to retire safely:  $5 million in Treasury bills.  Not stocks. Not real estate. Just T-bills — and you've "safeguarded your family for life." It sounds like the ultimate safe retirement plan. But when a recent research article tested this advice against 40 years of market history, the results told a very different story. In this episode, I break down the research behind the "T-Bill and Chill" strategy and what it really means for your retirement plan. Here's what you'll learn: → The two hidden forces working against a portfolio built entirely on "safe" assets → What happened to a hypothetical retiree who followed this exact advice → Why Kevin O'Leary might still be right... just not for the reason he thinks By the end, you'll know exactly what job "safe" money should (and shouldn't) have in your retirement plan. ***

Rachel Reeves has delivered what is likely to be her valedictory Mansion House speech, defending her record on growth, borrowing and the public finances. But with businesses counting the cost of higher employers' National Insurance and Labour preparing for a change of government, what will her legacy be?Meanwhile, the race to become Andy Burnham's chancellor appears to be shifting. Ed Miliband was once seen as the frontrunner, but some around Burnham fear that he would be too powerful – and too resistant to their plans for devolution and Treasury reform. Shabana Mahmood is now being tipped for the job, but would moving her from the Home Office prove a costly mistake?Noa Hoffman speaks to James Heale and Michael Simmons.Produced by Oscar Edmondson.Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

Retirement is about more than growing your nest egg; it's also about building friendships, finding purpose, and making informed financial decisions along the way. Join Wes Moss and Christa DiBiase on this episode of the Retire Sooner Podcast as they blend listener questions, new research, and practical conversations about retirement planning, retirement investing, and personal finance. • Hear an inspiring listener story about trading everyday life for a full-time adventure aboard a sailboat in the Caribbean. • Discover new research on how long it may take to build close friendships and why those relationships may matter throughout retirement. • Learn why making new friends often gets tougher with age—and what may help create more meaningful connections. • Explore how The Retire Sooner Method encourages balancing financial security with purpose, relationships, and the experiences often associated with making retirement meaningful. • Explore portfolio diversification, pensions, liquidity, and how stocks, bonds, and cash may work together in a retirement portfolio. • Compare working with a financial advisor versus DIY investing, including what research suggests about each approach. • Review how financial planning may extend beyond investing to include tax planning, estate planning, and family priorities. • Consider ways to balance retirement savings, mortgage payments, and emergency cash reserves when extra income comes your way. • Understand portfolio rebalancing during market volatility and what Treasury notes and yield to maturity mean for fixed-income investors. Whether you're counting down to retirement or already there, this episode offers thoughtful perspectives to help you navigate the road ahead. Listen and subscribe to the Retire Sooner Podcast for more conversations about retirement planning, investing, and living well in retirement. Learn more about your ad choices. Visit megaphone.fm/adchoices

We are excited to share this Special Edition featuring Senator Alan Armstrong (R-OK). Senator Armstrong, alongside Senators Rick Scott (R-FL), Cynthia Lummis (R-WY), Katie Britt (R-AL), and James Lankford (R-OK), recently introduced the American Energy and Mineral Infrastructure Act. The legislation seeks to modernize the federal permitting process for energy and mineral infrastructure projects while preserving strong environmental protections. We were delighted to host Senator Armstrong to discuss his experience in Washington, the motivation behind the legislation, and what it could mean for the future of U.S. infrastructure development. In our conversation, Senator Armstrong discusses his transition from leading Williams Companies to serving in the U.S. Senate and explains why permitting reform has become one of the country's most pressing economic and national security priorities. He walks us through the American Energy and Mineral Infrastructure Act, outlining how the legislation seeks to streamline federal permitting, reduce unnecessary litigation, provide greater regulatory certainty for project developers, and create a more predictable process for building critical infrastructure. We explore how permitting delays increase costs for consumers, discourage private investment, and threaten America's economic and technological competitiveness as electricity demand accelerates alongside AI and data center growth. Longer term, it's not an overstatement to say failing to address these issues will also threaten the country's national security. Senator Armstrong shares his perspective on building bipartisan support for permitting reform, maintaining an energy source-neutral approach, and ensuring that pipelines, transmission lines, nuclear facilities, and other critical infrastructure can be built in a more timely and predictable manner. We touch on the growing importance of grid reliability, the intersection of permitting reform and national security, and why he believes the current Congress has a unique opportunity to address these long-standing challenges before rising power demand and infrastructure constraints become even more acute. The discussion was especially timely as the push is on to get permitting reform done during this Congress. The Senator emphasized, “Who in the world would oppose this? We're going to be asking that question exactly on the floor tomorrow as we're starting to put pressure on moving this bill forward.” We greatly appreciate Senator Armstrong for joining us and for his leadership on this important issue. To start the show, Mike Bradley highlighted key market developments, noting that favorable inflation data has supported markets this week. Cooler-than-expected CPI and PPI reports released on Tuesday and Wednesday, respectively, pushed the 10-year Treasury yield down to roughly 4.55% and reduced near-term pressure on the Federal Reserve to increase interest rates. In commodities, Brent and WTI crude oil prices appeared to have temporarily stabilized at approximately $85/bbl and $80/bbl, respectively, despite President Trump's escalation of military strikes against Iran. On the equity front, the S&P 500 was up about 0.25% on the day, supported by the favorable PPI report. Telecom was the top-performing sector, gaining roughly 2.5% to 3.0%, led by Google, following reports that Berkshire Hathaway had taken a large position in the stock. He concluded by highlighting the significant value creation achieved during Alan Armstrong's tenure as CEO of Williams Companies. Veriten Senior Advisor Bill Flores also joined the discussion, offering valuable perspective on the legislative process and the dynamics in Washington.

Are you looking to save time, make money, and start winning with less risk? Then head to https://www.ovtlyr.com.Learn more about OVTLYR: https://youtu.be/TUCbD5KovlcIf you've got cash sitting on the sidelines, you're probably asking the same question every investor is asking right now. Should you leave it alone, stick it in a money market fund, buy T-bills, or park it somewhere that actually works while you wait for your next trade?In this video, we're breaking down the real differences between SGOV, BOXX, BIL, Treasury bills, and money market funds so you can make smarter decisions with your idle cash. It's not about chasing the biggest yield. It's about finding the right balance between flexibility, liquidity, taxes, and returns that fit your investing style.You'll also hear why OVTLYR is testing BOXX instead of jumping into newer alternatives, how the current interest rate environment changes everything, and why understanding concepts like basis points, yield curves, and interest rate risk can save you from expensive mistakes.✅ Which cash management option fits active traders best✅ Why liquidity matters more than most investors realize✅ How today's interest rates create unique opportunities✅ Common mistakes that can quietly cost you moneyWhether you're an active trader or a long-term investor, this conversation will help you think differently about where your cash should be working when it's not invested.Subscribe to OVTLYR for disciplined trading strategies that actually make sense.

SpaceX  – Price almost $135 – full retracement. Earnings season in on –  here we go! Inflation – choppy. War back on! Straits Open? Or? New Diet? CYCLOSPORIASIS PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - CTP for SpaceX  - Price almost hit $135 yesterday - Earnings season 0 here we go! - Inflation - choppy - War back on! Straits Open? Or? New Diet? CYCLOSPORIASIS Markets - Inflation - Some Relief - IBM's Pre-Annnouncment - What does this say? - Bank earnings and an earnings cheat sheet - Some interesting chart data Health Update: Meniscus Repair next Thursday.... Today IBM stood for 'I Be Melting' as Big Blue turned into Big Blew Up... IBM: It's Been Murdered IBM: I Bought Misery IBM: Investment Board Malfunction Big Blue looked more like Deep Red today The only cloud around IBM today was hanging over the stock chart IBM investors got a free software update: Version 2.0 of disappointment. IBM'S AI FACE-PLANT - IBM shares plunged as much as 25%, putting the stock on pace for its worst session on record. - Preliminary revenue was $17.2 billion versus expectations near $17.9 billion. - Adjusted earnings were projected at $2.93 per share versus roughly $3.01 expected. - Management said customers redirected spending toward AI servers, memory and hardware while delaying software purchases. - The drop removed roughly 375 points from the price-weighted DJIA. - JCD and AH were both right and wrong for the weekly stock picks TRUTH? - President Trump says U.S. blockade will apply only to ships from Iranian ports; says Strait of Hormuz is open to all traffic except for Iran; says "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States reimbursement fee with trade and investment deals that the various Gulf States will be making into the United States" - Can never be proven - no real numbers here.... Clearly needed to walk back the 20% item - Hormuz still hobbled - best estimates are that the ships passing are 20% of pre-war levels INFLATION RELIEF - FOR NOW - June CPI rose 3.5% year over year, down from 4.2% in May and below the 3.8% consensus. - Core CPI held at 2.6%. - Falling gasoline and energy prices drove much of the improvement. - Traders sharply reduced expectations for a July Fed rate increase. - Treasury yields fell and the Nasdaq advanced. WALL STREET BANKS PRINT MONEY - JPMorgan posted $21.2 billion in net income, helped by special items. - Markets revenue rose 35% to $12.1 billion, including an 86% jump in equities revenue. - Bank of America earned $9.1 billion as equities trading revenue increased 70%. - Goldman Sachs reported earnings of $20.98 per share and a 23.5% annualized return on common equity. - Jamie Dimon described conditions as close to "as good as it gets." THE $26.5 BILLION AI-MEMORY IPO - $ GRAB - SK Hynix raised $26.5 billion through a Nasdaq ADR listing. - The offering priced at $149 and finished approximately 13% higher the day of the offering, but sunk the next. - Demand reportedly exceeded the available shares by more than seven times. - SK Hynix supplies high-bandwidth memory used in Nvidia-powered AI systems. - The listing gives U.S. investors direct access to one of the largest beneficiaries of AI infrastructure spending. - - Samsung is on tap to do the same thing... Some Interesting Charts Best Quarters Plus One Equal vs Cap-Weight OIL'S CEASEFIRE WHIPLASH - Brent crude jumped 5.2% to $78.02 a barrel after the U.S.-Iran ceasefire broke down. - WTI rose 4.4% to $73.52. - Markets repriced the risk of interrupted tanker traffic through the Strait of Hormuz. - Energy stocks gained while airlines and the broader market weakened. - Rising oil prices could quickly reverse the energy-related improvement seen in the June inflation report. APPLE SUES OPENAI - AI PARTNERS TURN RIVALS - Apple sued OpenAI and two former Apple employees on July 10, alleging coordinated theft of hardware trade secrets. - The defendants include OpenAI hardware chief Tang Tan and technical employee Chang Liu, both former Apple employees. - Apple claims confidential product designs and manufacturing information were taken to accelerate OpenAI's consumer-device program. - More than 400 former Apple employees reportedly now work at OpenAI, highlighting the scale of the talent migration between the companies. IPO AND MEGADEAL FEVER RETURNS - Global deals valued above $10 billion reached record levels during the first half of 2026. - Mega-deals represented approximately 43% of newly announced M&A volume. - Investment-banking revenue surged across JPMorgan, Bank of America and Goldman Sachs. - Large offerings from SpaceX and SK Hynix added momentum to underwriting activity. - The boom depends on high equity valuations, strong AI demand and large transactions continuing. BANKS BANKS BANKS JPMORGAN CHASE - RECORD PROFIT - Profit reached a record $16.9 billion, or $6.14 per share, versus $5.59 expected. - Managed revenue totaled $58 billion, with every major business reporting record revenue. - Markets revenue rose 35%, led by an 86% surge in equities trading. - Investment-banking revenue increased 30% to its highest level since 2021. - Jamie Dimon warned that geopolitical tensions, sticky inflation, fiscal deficits and elevated asset prices remain major risks. BANK OF AMERICA - TRADING RECORD - Net income rose 27% to $9.1 billion, or $1.21 per share, versus $1.13 expected. - Revenue increased 15% to $31.6 billion. - Sales and trading revenue jumped 33% to a record $7.1 billion; equities revenue rose 70%. - Investment-banking fees increased 50% to $2.1 billion. - Full-year net-interest-income growth is now expected near the upper end of the previous 6% to 8% range. GOLDMAN SACHS - DEAL BOOM - Profit reached $6.63 billion, or $20.98 per share, versus $14.48 expected. - Revenue totaled $20.3 billion. - Equities revenue surged 72% to a record $7.42 billion. - Fixed-income, currency and commodities revenue increased 32% to $4.59 billion. - Investment-banking fees jumped 55%, helping send Goldman shares to a record high. CITIGROUP - DECADE-HIGH REVENUE - Net income jumped 45% to $5.8 billion, or $3.15 per share, versus roughly $2.74 expected. - Revenue rose 14% to $24.8 billion, the bank's highest quarterly revenue in a decade. - Investment-banking revenue increased 44% to $1.55 billion. - Equities trading revenue rose 45%, while fixed-income trading increased 7%. - Return on tangible common equity reached 13%, matching the upper end of management's target range. WELLS FARGO - BACK ON OFFENSE - Net income rose 22% to $6.4 billion, or $2.00 per share. - Revenue reached $22.6 billion and topped expectations. - Investment-banking revenue increased 20%. - Markets revenue rose 24% as volatility boosted client activity. - Management said the removal of regulatory growth restrictions is allowing the bank to deploy capital and expand its balance sheet. Bank Returns Post Earnings (July 14, 2026) Bank Stocks Earnings Cheat Sheet - JULY 15 - ASML: Expected EPS around $7.92 on $10.25 billion revenue; bookings, EUV demand and updated AI-chip equipment guidance will matter most. - JULY 15 - JOHNSON & JOHNSON: Expected EPS around $2.86 on $25.02 billion revenue; watch pharmaceutical growth, medical-device demand and full-year guidance. - JULY 15 - MORGAN STANLEY: Expected EPS around $2.89 on $19.38 billion revenue; trading, investment banking and wealth-management inflows are the key numbers. - JULY 15 - BLACKROCK: Expected EPS around $12.59 on $6.80 billion revenue; assets under management, ETF flows and private-market fundraising will be in focus. - JULY 16 - TSMC: Expected EPS around $3.76-$3.77 on roughly $40 billion revenue; AI demand, gross margin and any increase to capital-spending guidance are critical. - JULY 16 - UNITEDHEALTH: Expected EPS around $4.84 on $110.8 billion revenue; medical-cost trends and the durability of full-year guidance are the main issues. - JULY 16 - GE AEROSPACE: Expected EPS around $1.85 on $11.8 billion revenue; engine deliveries, service revenue and supply-chain constraints will drive the reaction. - JULY 16 - NETFLIX: Expected EPS around $0.79 on $12.58 billion revenue; advertising growth, engagement and operating-margin guidance will matter more than subscribers. - JULY 17 - TRAVELERS: Expected EPS around $5.33 on roughly $11 billion revenue; catastrophe losses, insurance pricing and reserve development are the key swing factors. - JULY 17 - FIFTH THIRD: Expected EPS around $0.98 on $3.25 billion revenue; net-interest income, deposit costs and credit quality will be closely watched. WAYFAIR GOES PHYSICAL - Wayfair opened its second large-format store in Atlanta on March 31, following the 2024 debut of its 150,000-square-foot Wilmette, Illinois flagship. - The company is building a national store network, with Denver expected later in 2026 and Yonkers, Cincinnati and Princeton locations planned for 2027. - The stores combine furniture, decor, appliances and home-improvement products, giving customers a chance to test large purchases before ordering. - The strategy is a major reversal for an online-first retailer and is designed to increase brand awareness, reduce dependence on digital advertising and capture shoppers returning to physical stores. AI SOVEREIGN WEALTH FUND - PUBLIC OWNERSHIP DEBATE - Bernie Sanders introduced legislation requiring the largest AI companies to transfer 50% of their equity into a U.S. sovereign wealth fund. - The fund is projected by supporters to hold roughly $7 trillion and could finance annual public dividends and government services. - OpenAI has separately floated a much smaller proposal in which major AI companies would voluntarily contribute about 5% of their equity. - Supporters call it a way to share AI-created wealth; critics warn government ownership could discourage investment, distort regulation and reduce innovation. PSA  - That's what we do....CYCLOSPORIASIS OUTBREAK - CASES SURGE - Cyclosporiasis cases are rising across more than 30 states, with Michigan, Ohio and New York reporting particularly large increases. - The CDC reported at least 843 confirmed cases and 86 hospitalizations by July 9, but state totals and reporting delays suggest the real count is substantially higher. - Lettuce, salad greens and other fresh produce are being investigated, although officials have not identified a specific product, supplier or national recall. - The parasite causes prolonged or recurring watery diarrhea; washing produce may reduce risk, and persistent symptoms should prompt medical testing and treatment. HOW TO REDUCE CYCLOSPORIASIS RISK (FWIW) - Wash hands with soap before preparing food and after using the bathroom. - Rinse fresh fruits, vegetables and herbs thoroughly under running water; scrubbing helps but cannot guarantee removal. - Keep raw produce separate from unwashed items, dirty utensils and preparation surfaces. - When traveling in tropical or subtropical areas, use safe water and avoid raw produce you cannot peel yourself; routine chemical sanitizers may not kill Cyclospora. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

War Room Trump Reverses ICE Policy Halting Most Traffic Stops, Treasury Sec. Says ‘Trust Me Bro,' All Gold In Fort Knox Accounted For… PLUS, White House Officials Turn Over Phones as Susie Wiles, Kash Patel Lead Investigation into Leakers

Listen/Watch the FULL EPISODE ad-free/early on Substack: https://coffeeandamike.substack.com/ Dr. Paul Craig Roberts was associate editor and columnist for the The Wall Street Journal and was appointed by President Reagan to Assistant Secretary of the Treasury for Economic Policy. He joins founder of Curves International Fitness, author, filmmaker and philanthropist Gary Heavin to discuss the disappearance of the First Amendment, expansion of war across the world, energy crisis, death of Lindsey Graham, and much more. PLEASE SUBSCRIBE LIKE AND SHARE THIS PODCAST!!!    Follow Me X- https://x.com/CoffeeandaMike IG- https://www.instagram.com/coffeeandamike/ Facebook- https://www.facebook.com/CoffeeandaMike/ YouTube- https://www.youtube.com/@Coffeeandamike Rumble- https://rumble.com/search/all?q=coffee%20and%20a%20mike Substack- https://coffeeandamike.substack.com/ Apple Podcasts- https://podcasts.apple.com/us/podcast/coffee-and-a-mike/id1436799008 Gab- https://gab.com/CoffeeandaMike Locals- https://coffeeandamike.locals.com/ Website- www.coffeeandamike.com Email- info@coffeeandamike.com   Support My Work Venmo- https://www.venmo.com/u/coffeeandamike Paypal- https://www.paypal.com/biz/profile/Coffeeandamike Substack- https://coffeeandamike.substack.com/ Patreon- http://patreon.com/coffeeandamike Locals- https://coffeeandamike.locals.com/ Cash App- https://cash.app/$coffeeandamike Buy Me a Coffee- https://buymeacoffee.com/coffeeandamike Bitcoin- coffeeandamike@strike.me   Mail Check or Money Order- Coffee and a Mike LLC P.O. Box 25383 Scottsdale, AZ 85255-9998   Follow Dr. Roberts Website-  https://www.paulcraigroberts.org/   Sponsors Vaulted/Precious Metals- https://vaulted.blbvux.net/coffeeandamike McAlvany Precious Metals- https://mcalvany.com/coffeeandamike/

Treasury sanctions a VPN provider tied to ransomware. The Pentagon hits pause on CMMC audits. Critical flaws surface in Google Cloud's Dialogflow CX. Estée Lauder discloses a data breach. Mobile networks become a battlefield for tracking U.S. personnel. Australia calls out Big Tech over child safety. SAP patches critical bugs. CISA flags an actively exploited Cisco flaw. And the federal government accelerates AI investments. Our guest is Bogdan Botezatu, Senior Director, Threat Research and Reporting at Bitdefender, talking about Cyberthreats to Journalists and Influencers. AI costs savings come at a price. Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CyberWire Guest Today we are joined by Bogdan Botezatu, Senior Director, Threat Research and Reporting at Bitdefender, is talking about "Targeting the Messengers: Cyberthreats to Journalists and Influencers," their awareness campaign designed to address the escalating digital and reputational risks faced by media professionals in hostile environments. Selected Reading US sanctions VPN, malware providers for enabling ransomware attacks (Bleeping Computer) Pentagon announces 'immediate suspension' of CMMC Phase II mandates (Breaking Defense) Google Cloud Dialogflow CX vulnerability allowed AI agent hijacking | brief  (SC Media) Estée Lauder Companies Reports Data Breach Exposing Health Records and SSNs (Beyond Machines) US military targeted in Iran war phone-tracking campaign (Financial Times) Australia finds serious gaps in Big Tech response to online child sexual abuse (Reuters) SAP warns of critical flaws in NetWeaver and Commerce Cloud (Bleeping Computer) CISA adds Cisco IOS flaw to known exploited vulnerabilities catalog | brief (SC Media) Federal AI Projects Get Priority in TMF Funding Dash (GovInfo Security) Companies Are Throttling Employees' AI Use Because It's Too Expensive (404 Media) Share your feedback. What do you think about CyberWire Daily? Please take a few minutes to share your thoughts with us by completing our brief listener survey. Thank you for helping us continue to improve our show. Want to hear your company in the show? N2K CyberWire helps you reach the industry's most influential leaders and operators, while building visibility, authority, and connectivity across the cybersecurity community. Learn more at sponsor.thecyberwire.com. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Iran deal is dead again, ships are getting hit in the Gulf, and the ten year is back above four point five five. Marty and John sort through the latest Middle East escalation, why both sides actually want the conflict to keep going, and what it means for oil, LNG, and bond volatility. They dig into Japan's thirty year yield highs and the delicate balance the BOJ is walking, Mohamed El-Erian vouching for Bessent's industrial policy in the New York Times, and why the MOVE index might matter more than the absolute rate level. They also cover Circle's bank charter approval, the OpenUSD consortium bringing Wall Street and Silicon Valley together around the digital dollar, and the growing turf war over who gets to run America's strategic Bitcoin reserve.

Learn more about Astraeus Wealth Management: http://astraeuswealth.com/partner-with-us Guy Adami and Liz Thomas discuss recent “momentum on, momentum off” volatility, with semiconductors swinging and earnings season starting with banks that have traded well despite a flattening yield curve. They debate rising long-term Treasury yields, arguing hikes aren't appropriate in a slowing economy and tying yield pressure to Middle East conflict, oil inflation fears, and U.S. fiscal indiscipline, with the bond market challenging the Fed's 2% target under new Chair Kevin Warsh. They touch on private equity weakness versus tight credit spreads, whether credit cycles still exist amid repeated policy “saves,” and upcoming CPI (3.8% expected) and PPI (6.2% expected). They flag Japan's weakening yen and stressed bond market as an underappreciated risk, review gold's move as central-bank and retail flows shift, and outline a second-half view: stocks higher but volatile, with opportunities in Mag Seven, financials, healthcare, commodities, and energy. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Treasury rates soaring to kick off the week, trading near highs not seen since the start of the Iran war. The traders break down the trend and what it means for bank earnings starting tomorrow. Then, Dow Jones Energy chief oil analyst Denton Cinquegrana gives his take on future oil prices and whether consumers can expect gas prices to fall back down to their June levels. Plus, Apple trading at record highs but SK Hynix hitting all-time lows, and SpaceX orbiting its initial offering price. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.