October 13, 2025 • 35 mins
Hour four of the Monday October 13, 2025 edition of The Armstrong & Getty Replay features...
- AI Nuts & bolts and Doomers...
- Robot Umpires...
- Braces & Harvard Panel on Antisemitism...
- Debt to Income Ratio/Jack's Son Teenage Bedroom.
Stupid Should Hurt: https://www.armstrongandgetty.com/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Broadcasting live from the Abraham Lincoln Radio Studio the George
Washington Broadcast Center, Jack Armstrong, Jetty Armstrong and Getty and
he Armstrong and Getty Strong. And while you're enjoying the
(00:22):
Armstrong and Getty replay, don't forget the reason for the season.
That's European exployer's colonial settlers. I don't know. I don't
know what the reason that the season is it's cool,
spices right looking for it's right? Was that, I don't know.
I feel like I have enough spices. I'm not gonna anyway.
Speaker 2 (00:40):
Enjoy a carefully curated Armstrong and Getty replay.
Speaker 3 (00:45):
The hotel chain Holiday in Express has unveiled a new
scent based alarm clock that will wake up guests with
a simulated smell of breakfast, because what weary traveler does
it love to wake up.
Speaker 1 (00:56):
To a lie. That's funny. When I was hiking with
my son, I said something to him and he said,
don't turn this into a forest of lies, which is
a Simpsons reference. So do you want philosophical AI or
(01:19):
nuts and bolts factual AI. I think I'll start with
nuts and bolts factual. We do a lot of philosophical,
although I do want to get to that at some point.
So in a business section today of the Washington Post,
AI will trigger financial calamity, So that got my attention.
It's funny we were talking about this just the other day.
(01:40):
I texted in my own personal life. I texted Joe like, hey,
I just checked my four A one K because I
don't check it on a regular basis. Holy crap, you know,
because this stock market has been going up, setting records
every single day. I looked at my frog K and
I was like, this is incredible, and we're both discussing
how there's got to be a correction coming. I want,
you know, a smart person might think, you know, maybe
(02:00):
I'll put this in something kind of not volatile and
wait for the correction to come. Of course, that's how
you miss out on a lot of rises, right by
the nip. By the nip. All right. AI is going
to cause a financial calamity, is what it says. And
let me read this to you. The House of court,
(02:21):
and this is from one expert researcher at one of
your big AI groups. The house of cards is going
to start crumbling. The amount of money being spent is
not proportionate to the money that's coming in. These perspectives
are all about how based on the money that's been spent.
And we've talked about this a lot of times. Nvidia
agreed to invest up to a one hundred billion dollars
(02:44):
or that's about the size of New York City's entire
twenty twenty four budget, to give you an idea how
much money that is in open AI. So in Vidia,
the chip maker is investing in one of the AI
corporations and providing it with hard to get chips. And
the main point that I'll skip to and then I'll
(03:04):
get to the details, is the AI industry is now
buying its own revenue in a circular fashion. They keep
buying investing in each other in ways, and we'll invest
in your chips, and then the chip maker invests in
the AI and ANYI puts more money into the hardware
or the big giant thing that's gonna power the thing,
and then the big company that's going to power the
(03:25):
thing puts more money into groc or whatever. And it's
just this circular thing, which it could be highly troubling.
So much of the stock market is AI involved. The
and they everybody's using the example of the dot com
(03:47):
bubble that happened in the nineties, where there was this
build up, this build up, this build up, a little
bit similar in that companies were investing in other companies
and investing in each other and just kept building and building,
and then and then it just collapsed all of a sudden.
And if you don't remember, there was an untested revenue
model that they were hoping would come true. Yeah, it
(04:10):
similar to similar day. Ah yeah, And if you don't remember,
if you weren't alive for it or invested at the time.
The Nasdaq ultimately lost seventy five percent of its value
from the peak to the trough. It wasn't a minor correction.
(04:31):
The percentages on this whole thing is just really quite incredible.
In Video, for instance, has added one hundred and sixty
billion dollars. The rise the other day added one hundred
and sixty billion dollars to Video's market value, which is
increased by four trillion dollars in the last three years.
(04:55):
That's an unimaginable amount of money. It's increased by that, Yes,
it's increased by four trillion dollars in three years. You
can't even wrap your head around that kind of thing.
And I mentioned earlier as of today, Open Ai. That's
the chat GPT company. It's privately held, it's not a stock,
but it reached a valuation of a half a trillion dollars.
(05:16):
Is this most valuable privately held company in the world
right now? And they're investing in each other. For skeptics,
it's another dangerous sign of excess because such deals in
which players in the AI ecosystem are exchanging money are
simply financial tricks that are camouflaging the evidence of a
bubble that is about to burst. Says this analysis, you know,
(05:38):
this person's guessing to a certain point, to a certain extent,
like everybody else.
Speaker 2 (05:43):
That's the annoying part about bubbles is that if you
could be sure they were bubbles, they would never happen.
Speaker 1 (05:50):
The capital expenditures made by a very small number of companies,
as we've been talking about it, it's like you got Nvidia,
you got Google, you got test Leafe, you just got
a handful of companies that are driving most of your
stock market records. The capital expenditures made by this small
number of companies are now contributing more to GDP than
the spending of all of America's consumers. This person, this
(06:16):
financial expert set, I wonder if the black holes ultimately
consume each other as well as our economy and power
grid in the process, which is obviously a highly troubling idea.
It's a little cataclysmic there some yeah. To put it differently,
one of the most notorious calamities of the dot com
era was the collapse of pets dot com. Everybody uses
that one as the example. Its peak market value is
(06:38):
about three hundred million dollars. Since the release of chat
GPT in twenty twenty two, the value of America's stock
market has risen by Since the release of CHATGPT, and
it's only been out for three years, the stock market
has risen by twenty one trillion dollars. In a recent piece,
(07:02):
Sky from JP Morgan wrote that since that time, AI
related stocks have accounted for seventy five percent of S
and P five one hundred returns, seventy nine percent of
earnings growth, and ninety percent of capital spending growth. That
is an awful lot on just a couple of companies,
and all of those companies are growing around the idea
(07:25):
of AI.
Speaker 2 (07:26):
Right, you know, I'm reminded of the whimsical yet dark
description of the Russian the Russian armed forces as a
midget with one giant muscled arm. It's nuclear forces. Is
the American economy slash stock market a absolute penniless pauper
(07:48):
walking around with the hope diamond in his hand, And
if the hope diamond goes away, it's just yay.
Speaker 1 (07:55):
Yeah. Well, obviously, if AI turns out to be what
these companies think it's going to be, everything will be fine.
But if it's not, or if it's not very soon,
that's gonna be a problem. I mean, those numbers are shocking.
A twenty one trillion dollar rise in three years, and
three quarters to eighty percent of it depending on how
(08:16):
you count it. Is all these handful of companies investing
in AI in each other, right, Holy crap sounds a
little bubbly. God, I would say, so, unless it pans
out to be what they think it's gonna be, then
everything will be fine. Now to the philosophical thing on
AI that I wanted to mention. I don't know if
you know who Sam Harris is. He's a philosopher, podcaster
sort of person. He's on Bill Mahers show a lot
(08:36):
or whatever. He's got a pre popular podcast, and he's
got a series on right now called The Last Invention
where he's interviewing all of the top AI minds in
the world, and he wanted to get some different points
of view on people with a more positive view of AI,
because he's a doomer. That's what they call people who
lean toward the AI is going to ruin humanity and
(08:59):
the economy and the world and everything else. Why aren't
we stopping this? Those are dumers. I think I lean
more toward doomer than the it's going to cure cancer
and people won't have to work anymore optimists. And then
there's also the crowd that just thinks it won't happen,
so it won't make any difference. You probably have heard
of the Turing test when it comes to computers and
(09:20):
everything like that. That was one of the biggest phrases around
the growing power of computers for decades and decades and
decades and decades. Like man, whenever we finally reached the
point that something can pass the Turing test, we got
to watch out for that because that's going to be
a major moment in human history. That is when you
(09:43):
could believe that you're communicating with a human being on
the computer, be fooled into thinking it's a human. We
passed the Turing test like two three years ago, and
it just came and went without any commentary. I mean,
all your experts are saying this was built up and
build up, built up. Then it happened to everybody's like
huh oh, well, well let's just keep going. Nobody's slowed
(10:05):
down for whatever reason. And on this particular podcast getting
into that topic, and I thought this was a really
interesting way look at it. This is the idea that
people are starting to have human communication with their chatbots,
and it feels like you're talking to another human. I
did it in my tesla with groc just yesterday, asking
(10:27):
it kind of a banal question, but it was talking
to me like it's a passenger in the car. It's
a very, very weird. This particular philosopher who I've read
some of his books said, you know, for the very old,
you could see this as a positive. You're old, you're
alone in an old folks home. All your friends have
passed away, you got nobody, and now you're feeling like
(10:48):
you've got a companion. That's how can you argue with that? Right,
you know who cares. But it brings it comfort, Sure, right,
it brings comfort at the end of your life. But
for everybody younger it is going to destroy something with
the idea of that, And this philosopher behavioral philosopher said,
loneliness is a powerful signal that we get that tells
(11:12):
us we're doing something wrong, that we're not living our
life correctly. If you're lonely, you either aren't you know,
joining enough groups or taking advantage of invitations to go
do things, or making the bold move to ask somebody
on a date or whatever you're living your life, you know,
you got to make some corrections. If lonely people can
(11:34):
get that loneliness satisfied through a chatbot, there'll be no
corrective mechanism to do anything different.
Speaker 2 (11:43):
Yeah, I quibble only with the word satisfied, because, as
I've been saying for years and years now, using a
food metaphor, you satiate your hunger, you do not get
any nutrition.
Speaker 1 (11:55):
Well, the problem though, is it'll be enough to keep
you from feeling the corrective mechanism. I think that's been
proven with with freaking internet porn well, no, that's that's
my point exactly.
Speaker 2 (12:05):
Yeah, you will no longer seek that which will keep
you alive.
Speaker 1 (12:09):
Well, maybe I didn't make it. Maybe I didn't make it.
Maybe I didn't make it clear. He was pointing this
out as a negative. This is a bad thing. This
is an awful thing. Right that it will you know
that it will fool people. It will give people enough
to you know, you don't do the normal correction. You
don't think I've got to get out of my house.
I've got to do something. I got to join a
boiling league. I gotta do something. People won't right, it'll
(12:30):
kill their souls. And I don't see how we don't.
I don't see how we don't go down that road unless,
like Sam Harris is arguing that we outlawed, just flat
out out law AI any company trying to do it
around the world. We treat it like nuclear weapons. Out
agree and good luck with that, Jack Armstrong and Joe
(12:55):
Armstrong and Getty Show.
Speaker 4 (13:00):
Automated pitch callers will now allow teams to challenge the
calls of human umpires. The system has been tested in
the miners. Under the new rules, teams will get two
challenges per game, so.
Speaker 1 (13:10):
I've seen the videos. They look like those Boston Electronics
or whatever things. They walk out there, they do some dancing,
and then they squat down behind the plate. That is inaccurate, sir.
Speaker 2 (13:20):
No, it's just a bunch of sensors and they're going
to ease in computer well, sensor umpires instead of humans
calling balls and strikes. By doing this, you get two
pitch appeals per game and you ease in. So you
think at some point the computers will take.
Speaker 1 (13:36):
Over one palls and strikes. Yeah, huh really, and they'll
just eliminate umpires.
Speaker 2 (13:41):
No, the umpser will still have to be there, at
least for a while to call like foul tips, catchers, interference,
tag plays, force plays at the plate.
Speaker 1 (13:51):
That's sort of thing, not balls and strikes. Correct.
Speaker 2 (13:53):
Yeah, they will just stand there waiting for something to happen,
as if they're the first base umpire.
Speaker 1 (13:58):
And as a as a a baseball fan, do you
think that's good or bad? Oh?
Speaker 2 (14:04):
Goodness, mostly bad. Kind of a mixed bag, honestly. Several
other sports have gone to you know, electronic guys, tennis notably.
Speaker 1 (14:15):
Yeah, but that makes one sense because it's either in
or out on the line. And a computer can tell.
But the whole you know, where the catcher sets up
thing and all that sort of stuff, is that. Can
the computer do that?
Speaker 2 (14:29):
Well, no, we're taking that away completely. There's a geometric shape.
If the ball passes through that imaginary geometric shape, which
is the width of the plate and the batter, whatever
the strike zone actually is, if it passes through that,
it's a strike period. If it doesn't, it's a ball.
Speaker 1 (14:45):
Do pitchers like that or no?
Speaker 2 (14:48):
Major league insiders tell me no, because it's such a
change of the game. And I know this seems strange
to people who are either not fans or minor fans.
But if the catcher that's out like outside the plate
an intentional ball, I want you to throw a ball.
Speaker 1 (15:06):
Let's see if we can get him to chase it.
Speaker 2 (15:07):
And the pitcher completely misfires and the catcher has to
dive across the plate to even catch the ball. But
it catches a split you know, inch of the plate.
Nobody in baseball hitter's the catchers the picture.
Speaker 1 (15:19):
Nobody wants that to be a strike, but it will
be a strike. Okay, Well I don't like it, I'm
against It doesn't make it different so I'm against it's
going to happen. But yeah, are you time Ai et cetera,
Chinese robot wolves. It's all tight in also just the
human element, I don't know. It plays part of the
whole soap opera right. As we always point out, the
(15:40):
goal is not to find out actually which city can
create the best baseball team temporarily rent to the best player. Yes,
it's a TV show, And what's the most exciting and
the whole You know this umpire, you know he's a
favorable umpire for this pitcher, and then they get into
arguments and stuff. That's part of the excitement of the
game that makes it up from TV show right, the drama. Right,
(16:00):
Oh yeah, I think that's a great point. The last
time this picture in this umpire went nose to nose,
So we'll see if that carries over into this game.
Is part of the soap opera that makes me want
to watch, right, Oh, Jones wanted that pitch. You can
see the old animosity flaring already, Jim, Nope, that's gone.
It's like writing a soap opera where every character behaves
perfectly rationally great. Enjoy it. Let's all get some puff
(16:23):
them and watch, Or how about if you just we'll
just all craft robots to go out and with no
people involved, robots will just play each other and they'll
all be equally good, and every call will be perfect
and a yippie. You know there's an upside.
Speaker 2 (16:37):
There are crappy calls that change games and change championships,
and nobody wants that either.
Speaker 1 (16:42):
But be careful what you lose when you're gaining a
little more accurate. It's been around for like one hundred
and thirty years or something. I wouldn't think you'd want
to mess with it too much and make zillions and
zillions of dollars. The Armstrong Ngetty Show, Armstrong Jack and
jar Jday will be.
Speaker 2 (17:02):
Just just down'll cost you that Armstrong Jetty on the Man.
Speaker 1 (17:11):
That's the podcast. Subscribe right now, guys. There's no way
to sugarcoat it. Nobody likes Democrats anymore.
Speaker 5 (17:26):
We have no voters left because of all of our
woke trans volt. Not even black people want to vote
for us anymore. Even Latinos hate us. So we need
new voters. And if we give all these illegal aliens
free healthcare, we might be able to get them on
our side.
Speaker 1 (17:42):
So they can vote for us. That is not actually
Chuck Schumer. That is an AI voice of the Democratic
leader of the Senate. And that was not actually Donald
Trump in a sombrero behind him playing the trumpet. I
was going to praise Schumer for his candor. King Jeffreys
was not actually wearing a sombrero with a big, giant
black mustache. Also, jd Vance did not actually say this, okay,
(18:06):
as does Mucco.
Speaker 6 (18:07):
Simply a Democrat party is mucho ricardo. Okay, mucho ritardo,
especially at Hakimo Jeffries yel Chuck O Schumer, they are
extra ritardo. So l presidente and I cannot negotiate with
these Democrat ritardos.
Speaker 2 (18:20):
Oh no, no, no, no, no, no no no, I
don't like that term.
Speaker 1 (18:26):
Start otherwise, that was very funny. Started earlier in the
week with that, uh, just Schumer saying this about the Democrats,
and then there's kind of the subtle ish sombrero and mustache.
And it's grown since then and this all subtlely has
been lost and it's just completely out of control.
Speaker 2 (18:42):
Well, and I love that that reporter before. Is it
helpful to post sombrero pictures when you're attempting to negotia.
Speaker 1 (18:51):
Oh come on, So here's Hawkeen Jeffries, a leader of
the Democrats in the House. He just reacting to the videos.
Speaker 7 (18:58):
It's a disgusting video. And we're going to continue to
make clear bigotry will get you nowhere. We are fighting
to protect the healthcare of the American people in the
face of an unprecedented Republican assault on all the things.
Speaker 1 (19:14):
Menif the disgusting deal. And here's the reporter thing Joe
was mentioning.
Speaker 8 (19:20):
The President's been posting some images of Leader Jeffries and
Sandra Schumer. You've said that you're interested in good faith
negotiations with these leaders. But you know what message is
that's and is it helpful to post pictures of Leader
Jeffries and sombrero if you're trying.
Speaker 1 (19:35):
To have big talk to you? But yeah, you know
what it shows. It shows that we're the party that's
got a sense of humor. I'm not angry all the
time mustache. Is it helpful to post pictures of mister
Jeffries and the sombrero and giant black mustache. Well, a
(19:57):
whole bunch of Trumps. There's only one Trump. All five
different Trumps play trumpets and giant.
Speaker 2 (20:02):
Guitars, implying some might say that there are multiple Trumps
who should run for a third term.
Speaker 1 (20:09):
If there were multiple Trumps, they'd be in a mariachi band.
Is that helpful? Oh my golly.
Speaker 2 (20:18):
Now it's almost kind of fun to watch, not the
really silly part of it, but the effort Hakeem jeffries
to try to get his civil rights movement. I'm outraged,
we're all fighting together, voice going, and he runs it
off the flagpole and absolutely no one salutes.
Speaker 1 (20:37):
Yeah, I'll say it again. I've said it multiple times.
But the fact that the Washington Post editorial board, the
people that run the Washington Post, said the Democrats walked
into a trap on this one and that they shouldn't
have shut down the government. They should have cobbled together
to votes to go with this. So I heard it explain.
It's actually pretty good explanation. These shutdowns are dumb and
(20:59):
don't matter. And the last one lasted a month and
you don't even remember it happened, all right, so quit
acting like it's a big deal. But several times this happened.
Last couple of times with Republicans where like the Tea
Party did this like, we're going to show how hard
we're gonna fight. And I was on board with the
fighting and everything like that, but you just don't have
the leverage of the votes to actually make anything happen.
(21:21):
And Ted Cruz did it around Obamacare. He did the
law the really long what do you call it? A
filibuster And then they also wouldn't go along because they
needed his vote to avoid a shut down, and he
had no leverage to actually get anything accomplished. And that's
what the the woke progressive end of Democrats are doing. Now,
(21:44):
we're gonna force a shut down. Show much we fight,
but we don't actually have the leverage to do anything.
And so this has happened a couple of times, and
again nobody nobody, nobody dies, Nobody even notices it happens.
It disappears into the history books. Man, if you ever
read that history book, you are bored to death. But
speaking of jokes, here's an AI or no, this is
a comedian. This is not AI. This is a comedian
(22:04):
who does a good Trump voice.
Speaker 9 (22:06):
Hold on me, fellow americanos cee biendonitos al Sierre de Schumer.
That means welcome to the Schumer shutown U. We call
it the Schumer Siesta, right, it's the Schumer Siesta. He
put the government on ciesta, crying Chuck and el Jakimo,
hefe Jeffreys. We used to call him Dallas store Obama
(22:29):
until we realize he's worth far less than a dollar.
But they put the government on siesta to give illegal
aliens your healthcare. We're not gonna let it happen. I
looked at both of them. I said, We're not gonna
let it happen. There's no boy now. I said, it's
no Boyno.
Speaker 1 (22:45):
They begged me.
Speaker 9 (22:46):
They said, but signor or for more, please give illegal
aliens death care. So we're not gonna do it. We're
never gonna do it. It's not gonna happen. We're going
to end the siesta. We're going to reopen the government,
and we will not give in to the demands of
Chuck and LFE. We're not going to do that. Thank you,
God bless you, Diolo Bendiga, and God bless America.
Speaker 1 (23:09):
Thank you for your attention to this matter. That last
part was probably funny, but I don't speak enough Spanish
to know what he said. Yeah, I missed that one too.
Uh the uh, but please, Senor, it's pretty funny. The
funny thing is that that's only like one tick off
actual Trump. Yes, I mean, it's just barely even comedy
(23:33):
as opposed to the President actually saying what he was saying.
And so Trump said, I got it home word. I
grabbed it somewhere. I lost it. Trump said something funny,
but I can't remember what it was about the Democrats
hanging in this the he can't believe that they same
thing the Washington Post editorial board basically said is he
can't believe that the Democrats are allowing him to do this.
(23:55):
And well, in.
Speaker 2 (23:59):
Trump's Russell vote, the budget chief is taking advantage of
it to try to shrink the government as fast as
he possibly can. Whether it holds up or not, nobody's
quite sure. But it's exactly what Trump and Elon Musk
and company and a lot of conservatives have been wanting
to happen.
Speaker 1 (24:18):
So let it continue. That's fine. I saw. So there
was some thing in the New York Times yesterday. I
got the bulletin during the day. You're nervous. Our experts
are here to answer your questions about the shutdown. I
thought I'm not nervous. I don't have any questions. I'm
perfectly fine. It'll end like I keep saying, this afternoon
(24:39):
or Friday night or next Tuesday, and nobody will ever
think about it ever again.
Speaker 2 (24:43):
So that was to their sizeable percentage of their listenership
that still wears COVID masks alone outdoors. Those people are scared.
They wake up scared. It makes them feel important. Wow,
I hadn't seen this.
Speaker 1 (24:56):
Israel struck overnight in the Gaz strip, killed at least
thirteen Palestinians according to whoever, according to hospitals. Of course,
a lot of hospitals are just Hamas holdouts and they
call them a hospital. But anyway, Israel's continuing to blast
that area Gaza while Hamas is waiting to decide thumbs
up or thumbs down on the peace proposal, which the
(25:18):
deadline is this weekend. It's Thursday, now, running out of time.
Speaker 2 (25:22):
Yeah, well, maybe they ought to take a hard look
at it and figure it out quick.
Speaker 1 (25:25):
What do you think is gonna happen? I still think
there are only two choices.
Speaker 2 (25:33):
One Hamas says, all right, we'll go along with it,
and pretends to go along with it and seeks to
do what they've.
Speaker 1 (25:39):
Always thought to do as hard as they can.
Speaker 2 (25:42):
Secondly, they just reject it and say we'll fight to
the deaths because they've.
Speaker 1 (25:47):
Vowed martyred them over and over again. So the critics
are saying, like I saw this Peter Baker of the
New York Times, that this was basically, uh, you know,
and all or nothing for Hama proposal from the war. Yeah.
You see, one side is winning the war, and they're
gonna win the war no matter what. So they offered
(26:08):
to the people that they're about to completely decimate, here's
a way out if you want it. If you don't,
we're just gonna continue to do what we're doing. That's
the way most wars end. Yeah, so what like all
of them. Yeah, so they can decide to do it,
Joe said, And you know, they're uh dead enders, so
they might say, you know, we're gonna go ahead and
(26:30):
fight to the death because they don't care if they
take all the Palestinians with them, doesn't matter to them.
In fact, they think that would be great. Oh yeah.
Speaker 2 (26:35):
In fact, they're gonna fight as long as they can
and have as many civilians die as possible to hope
that the world opinion turns against Israel, because it already
has to some extent. So yeah, that's probably the most
likely scenario. But the idea that you know, the Peter
Baker's of the world, and he's a bright enough guy,
but my god, you're holding Israel to a standard that
has never existed in warfare in the history of the world.
(26:56):
You've just invented this special new one for his The Armstrong.
Speaker 1 (27:01):
And Getty Show. Yeah, more Jack, your show, podcasts and
our hot links Armstrong and Yetty Show.
Speaker 2 (27:12):
From the Department of Why does nobody recognize we're driving
toward a cliff at one hundred miles per hour?
Speaker 1 (27:18):
Yeah.
Speaker 2 (27:19):
Alicia Finley of The Wall Street Journal pointing out that
America's buy now, pay later economy is showing signs of
an emerging debt crisis everywhere.
Speaker 1 (27:29):
I don't like this story. I'm not doing that. I'm
a I don't buy it until like an afford it
sort of guy. But we all get brought down by
a financial collapse. We all realize that, right right. The
word inclusive is very hot these days. There certainly was
a couple of years ago. That's the brilliant thing about
a financial crash. It includes virtually everybody. Yeah, misery. So anyway,
(27:51):
so she.
Speaker 2 (27:51):
Points out that a serious credit card and auto loan
delinquencies have climbed to the level of the twenty eighth
nine recession.
Speaker 1 (28:00):
Okay, so rousing right after that giant crashes. Not surprising
that lots of people all of a sudden were in
trouble and not quite making their payments on time and
that sort of stuff.
Speaker 2 (28:11):
What is the reason now? Nobody's sure we like spending money,
she says. The housing market shows cracks. Well, the labor
market is weakening, but you wouldn't know it from the
point stock market and consumer spending. America is buy now,
pay later economy and at increasingly fueled by leverage. As consumers, investors, businesses,
(28:35):
and the government are all taking on more debt, which
she points out, and there's always one person like this
at the party, she points out, you have to pay
for debt later with interest.
Speaker 1 (28:47):
Thank you for that. What a drag man. As Americans
max out their credit cards after years of inflation, buy now,
pay later offers are popping up everywhere, from concert tickets
to vacations to grocery stores. Boy oh, boil boil Boy.
I could see how it'd be appealing if I'm twenty
one year old Jack and they'll never tour again or whatever.
(29:11):
It's their farewell tour man to not buy your concert
tickets on I can't afford it now, but I'll magically
have more money six months from now. No, don't do that,
I guess.
Speaker 2 (29:23):
There are now apps where you can split the cost
of your purchases into installment payments over weeks or months.
Some are currently interest free for now. Just to include fees.
Speaker 1 (29:34):
Here's what you do. You borrow against your used car.
Is that still a thing that people are doing where
you take out equity from your used car? Yees? Right?
Speaker 2 (29:43):
Yeah, And unlike credit cards, a lot of these services
don't report the loans to the credit bureaus. So folks
are in much more debt than their credit rating might indicate.
But so these all these different entities that are giving
people these deals must feel like they're going to get
paid back.
Speaker 1 (30:02):
Oh yeah, yeah, certainly in the short term.
Speaker 2 (30:06):
And they have carefully calculated their default rates and you know,
price their services excuse me accordingly. And you know, if
somebody ends up not being able to pay, they just
put them their name on the blacklist.
Speaker 1 (30:18):
Boy, my oldest son has got a life lesson coming on.
I don't even remember what it was now, it's been
so long, and something he really really wanted and kind
of fronted him, the monk kind of fronted him the
money on that, with the idea that you will owe
me and I will be keeping track of it, and
I have been keeping track of it, and he still
owes me. And Christmas might just be here. I've wiped
(30:40):
off hot half your debt. Merry Christmas. That would be
a lesson how that old thing works. That would be
a great gift in a way. Yeah, sure, not to
be appreciated at the time.
Speaker 2 (30:54):
According to recent survey, about half of consumers have used
a buy now, pay later service niche.
Speaker 1 (31:00):
This is half I've reskewed toward the young concert tickets,
your vacation. I mean, everybody kind of does that a vacation, right,
because you put everything on your credit card, whether you
pay it off that month or over a couple of months.
Good point. Yeah, let's see.
Speaker 2 (31:16):
Federal Reserve paper last December found such users are more
likely to have low credit scores, carry of balance on
credit cards have incurred, checking overdraft fees and have more
delinquent credit accounts, financially vulnerable consumers maybe over extending themselves.
And let's see the one of the bigger buy now,
(31:40):
pay later services announced an IPO, which is expected to
be one of the biggest of the year. Such services
make money by capitalizing on financially stretched consumers, especially young
people who don't want to tighten their belts.
Speaker 1 (31:55):
Wow. According to the Babylon b As we told you,
the Social Security Administration is going to be renamed the
Charles Ponzi Memorial Retirement Plan, which I like. That is great.
The Department of Justice will be changed to the Department
of Revenge and all losers and haters. I don't think
that's appropriate, ah, and yet somewhat accurate in these days
(32:20):
of law. Fair this is the one that hurts. The
Department of the Treasury will be changed to the Chinese
Loan Office. Oooh oh. One more that I liked, how
Housing and Urban Development will retitle is Department of the Pores,
(32:41):
the the coorse. Wow. By the way, we got a
text from somebody who said they always appreciate when I
do my porky pig routine. Not being able to pronounce
a work.
Speaker 2 (32:54):
Hey, I got another statistic for you. That's enough fun.
Back to the misery.
Speaker 1 (32:57):
So in twenty twelve, mortgage you know holders had debt
to income ratios considered risky. Right, twenty eight percent of
people had a debt to income ratio that was pretty risky.
Twenty eight percent. Last year sixty nine percent. Oh my god, man,
(33:22):
Freddy mckew was thirty eight percent, up from sixteen percent
in twenty twelve. Seven out of ten of yea, yeah,
I don't think I do have a risky debt to
income ratio.
Speaker 2 (33:35):
And if I haven't driven you to buy gold and
bury it in your backyards yet, how much? How about
one more? The FAHA Federal Housing Association. We have a
fancy new name for them from the Babylon by too Bad.
They've waived or reduced monthly payments on one point two
million mortgages over the past two years. It's about fifteen
percent of the total that they hold, and without that
(33:57):
forgiveness passed during the Biden administry, delinquencies would be near
the level of the twenty eight to nine meltdown. Fanny
and Freddie have also been slashing in deferring payments on
hundreds of thousands of mortgages.
Speaker 1 (34:11):
So I go into my son's room last night to
talk to him, which is one of the groovyest high
schooler bedrooms I've ever seen in my life. He's put
a lot of effort into it, and it's very cool
and dark. It's always very dark in there. But anyway,
I go into my high schooler's room last night and
did not smell pleasant. I said, what is the deal
in here? As sex? And he must have taken that
(34:34):
to heart, because now the entire house smells like high
school boy cologne. And I said, what did you do?
And he said, well, used to sit at smell bed
So I sprayed around some of my cologne. I thought
that would help some of your colone. Oh, it smells
like you're on a date with four high school sophomore
(34:54):
boys right now in my house. Wow, way too much,
way too much. Hortant to ascertain the source of the funk. First,
it's not funny, I don't I don't know what it
is about the scent, but it just it smells like
if you had to name the smell, you'd say, I'm
on a date with a boy who's about old enough
to get his driver's license. That's what it smells like,
(35:16):
its own scent. You wow, acts bedroom spray or something
like that. Yikes. Among the story, I hope you bought
it for cash and didn't borrow them on here, you know,
break up the pace. It's the arm Strong and Getty Show.
Arm Strong, Armstrong,
Broadcasting live from the Abraham Lincoln Radio Studio the George
Washington Broadcast Center, Jack Armstrong, Jetty Armstrong and Getty and
he Armstrong and Getty Strong. And while you're enjoying the
(00:22):
Armstrong and Getty replay, don't forget the reason for the season.
That's European exployer's colonial settlers. I don't know. I don't
know what the reason that the season is it's cool,
spices right looking for it's right? Was that, I don't know.
I feel like I have enough spices. I'm not gonna anyway.
Speaker 2 (00:40):
Enjoy a carefully curated Armstrong and Getty replay.
Speaker 3 (00:45):
The hotel chain Holiday in Express has unveiled a new
scent based alarm clock that will wake up guests with
a simulated smell of breakfast, because what weary traveler does
it love to wake up.
Speaker 1 (00:56):
To a lie. That's funny. When I was hiking with
my son, I said something to him and he said,
don't turn this into a forest of lies, which is
a Simpsons reference. So do you want philosophical AI or
(01:19):
nuts and bolts factual AI. I think I'll start with
nuts and bolts factual. We do a lot of philosophical,
although I do want to get to that at some point.
So in a business section today of the Washington Post,
AI will trigger financial calamity, So that got my attention.
It's funny we were talking about this just the other day.
(01:40):
I texted in my own personal life. I texted Joe like, hey,
I just checked my four A one K because I
don't check it on a regular basis. Holy crap, you know,
because this stock market has been going up, setting records
every single day. I looked at my frog K and
I was like, this is incredible, and we're both discussing
how there's got to be a correction coming. I want,
you know, a smart person might think, you know, maybe
(02:00):
I'll put this in something kind of not volatile and
wait for the correction to come. Of course, that's how
you miss out on a lot of rises, right by
the nip. By the nip. All right. AI is going
to cause a financial calamity, is what it says. And
let me read this to you. The House of court,
(02:21):
and this is from one expert researcher at one of
your big AI groups. The house of cards is going
to start crumbling. The amount of money being spent is
not proportionate to the money that's coming in. These perspectives
are all about how based on the money that's been spent.
And we've talked about this a lot of times. Nvidia
agreed to invest up to a one hundred billion dollars
(02:44):
or that's about the size of New York City's entire
twenty twenty four budget, to give you an idea how
much money that is in open AI. So in Vidia,
the chip maker is investing in one of the AI
corporations and providing it with hard to get chips. And
the main point that I'll skip to and then I'll
(03:04):
get to the details, is the AI industry is now
buying its own revenue in a circular fashion. They keep
buying investing in each other in ways, and we'll invest
in your chips, and then the chip maker invests in
the AI and ANYI puts more money into the hardware
or the big giant thing that's gonna power the thing,
and then the big company that's going to power the
(03:25):
thing puts more money into groc or whatever. And it's
just this circular thing, which it could be highly troubling.
So much of the stock market is AI involved. The
and they everybody's using the example of the dot com
(03:47):
bubble that happened in the nineties, where there was this
build up, this build up, this build up, a little
bit similar in that companies were investing in other companies
and investing in each other and just kept building and building,
and then and then it just collapsed all of a sudden.
And if you don't remember, there was an untested revenue
model that they were hoping would come true. Yeah, it
(04:10):
similar to similar day. Ah yeah, And if you don't remember,
if you weren't alive for it or invested at the time.
The Nasdaq ultimately lost seventy five percent of its value
from the peak to the trough. It wasn't a minor correction.
(04:31):
The percentages on this whole thing is just really quite incredible.
In Video, for instance, has added one hundred and sixty
billion dollars. The rise the other day added one hundred
and sixty billion dollars to Video's market value, which is
increased by four trillion dollars in the last three years.
(04:55):
That's an unimaginable amount of money. It's increased by that, Yes,
it's increased by four trillion dollars in three years. You
can't even wrap your head around that kind of thing.
And I mentioned earlier as of today, Open Ai. That's
the chat GPT company. It's privately held, it's not a stock,
but it reached a valuation of a half a trillion dollars.
(05:16):
Is this most valuable privately held company in the world
right now? And they're investing in each other. For skeptics,
it's another dangerous sign of excess because such deals in
which players in the AI ecosystem are exchanging money are
simply financial tricks that are camouflaging the evidence of a
bubble that is about to burst. Says this analysis, you know,
(05:38):
this person's guessing to a certain point, to a certain extent,
like everybody else.
Speaker 2 (05:43):
That's the annoying part about bubbles is that if you
could be sure they were bubbles, they would never happen.
Speaker 1 (05:50):
The capital expenditures made by a very small number of companies,
as we've been talking about it, it's like you got Nvidia,
you got Google, you got test Leafe, you just got
a handful of companies that are driving most of your
stock market records. The capital expenditures made by this small
number of companies are now contributing more to GDP than
the spending of all of America's consumers. This person, this
(06:16):
financial expert set, I wonder if the black holes ultimately
consume each other as well as our economy and power
grid in the process, which is obviously a highly troubling idea.
It's a little cataclysmic there some yeah. To put it differently,
one of the most notorious calamities of the dot com
era was the collapse of pets dot com. Everybody uses
that one as the example. Its peak market value is
(06:38):
about three hundred million dollars. Since the release of chat
GPT in twenty twenty two, the value of America's stock
market has risen by Since the release of CHATGPT, and
it's only been out for three years, the stock market
has risen by twenty one trillion dollars. In a recent piece,
(07:02):
Sky from JP Morgan wrote that since that time, AI
related stocks have accounted for seventy five percent of S
and P five one hundred returns, seventy nine percent of
earnings growth, and ninety percent of capital spending growth. That
is an awful lot on just a couple of companies,
and all of those companies are growing around the idea
(07:25):
of AI.
Speaker 2 (07:26):
Right, you know, I'm reminded of the whimsical yet dark
description of the Russian the Russian armed forces as a
midget with one giant muscled arm. It's nuclear forces. Is
the American economy slash stock market a absolute penniless pauper
(07:48):
walking around with the hope diamond in his hand, And
if the hope diamond goes away, it's just yay.
Speaker 1 (07:55):
Yeah. Well, obviously, if AI turns out to be what
these companies think it's going to be, everything will be fine.
But if it's not, or if it's not very soon,
that's gonna be a problem. I mean, those numbers are shocking.
A twenty one trillion dollar rise in three years, and
three quarters to eighty percent of it depending on how
(08:16):
you count it. Is all these handful of companies investing
in AI in each other, right, Holy crap sounds a
little bubbly. God, I would say, so, unless it pans
out to be what they think it's gonna be, then
everything will be fine. Now to the philosophical thing on
AI that I wanted to mention. I don't know if
you know who Sam Harris is. He's a philosopher, podcaster
sort of person. He's on Bill Mahers show a lot
(08:36):
or whatever. He's got a pre popular podcast, and he's
got a series on right now called The Last Invention
where he's interviewing all of the top AI minds in
the world, and he wanted to get some different points
of view on people with a more positive view of AI,
because he's a doomer. That's what they call people who
lean toward the AI is going to ruin humanity and
(08:59):
the economy and the world and everything else. Why aren't
we stopping this? Those are dumers. I think I lean
more toward doomer than the it's going to cure cancer
and people won't have to work anymore optimists. And then
there's also the crowd that just thinks it won't happen,
so it won't make any difference. You probably have heard
of the Turing test when it comes to computers and
(09:20):
everything like that. That was one of the biggest phrases around
the growing power of computers for decades and decades and
decades and decades. Like man, whenever we finally reached the
point that something can pass the Turing test, we got
to watch out for that because that's going to be
a major moment in human history. That is when you
(09:43):
could believe that you're communicating with a human being on
the computer, be fooled into thinking it's a human. We
passed the Turing test like two three years ago, and
it just came and went without any commentary. I mean,
all your experts are saying this was built up and
build up, built up. Then it happened to everybody's like
huh oh, well, well let's just keep going. Nobody's slowed
(10:05):
down for whatever reason. And on this particular podcast getting
into that topic, and I thought this was a really
interesting way look at it. This is the idea that
people are starting to have human communication with their chatbots,
and it feels like you're talking to another human. I
did it in my tesla with groc just yesterday, asking
(10:27):
it kind of a banal question, but it was talking
to me like it's a passenger in the car. It's
a very, very weird. This particular philosopher who I've read
some of his books said, you know, for the very old,
you could see this as a positive. You're old, you're
alone in an old folks home. All your friends have
passed away, you got nobody, and now you're feeling like
(10:48):
you've got a companion. That's how can you argue with that? Right,
you know who cares. But it brings it comfort, Sure, right,
it brings comfort at the end of your life. But
for everybody younger it is going to destroy something with
the idea of that, And this philosopher behavioral philosopher said,
loneliness is a powerful signal that we get that tells
(11:12):
us we're doing something wrong, that we're not living our
life correctly. If you're lonely, you either aren't you know,
joining enough groups or taking advantage of invitations to go
do things, or making the bold move to ask somebody
on a date or whatever you're living your life, you know,
you got to make some corrections. If lonely people can
(11:34):
get that loneliness satisfied through a chatbot, there'll be no
corrective mechanism to do anything different.
Speaker 2 (11:43):
Yeah, I quibble only with the word satisfied, because, as
I've been saying for years and years now, using a
food metaphor, you satiate your hunger, you do not get
any nutrition.
Speaker 1 (11:55):
Well, the problem though, is it'll be enough to keep
you from feeling the corrective mechanism. I think that's been
proven with with freaking internet porn well, no, that's that's
my point exactly.
Speaker 2 (12:05):
Yeah, you will no longer seek that which will keep
you alive.
Speaker 1 (12:09):
Well, maybe I didn't make it. Maybe I didn't make it.
Maybe I didn't make it clear. He was pointing this
out as a negative. This is a bad thing. This
is an awful thing. Right that it will you know
that it will fool people. It will give people enough
to you know, you don't do the normal correction. You
don't think I've got to get out of my house.
I've got to do something. I got to join a
boiling league. I gotta do something. People won't right, it'll
(12:30):
kill their souls. And I don't see how we don't.
I don't see how we don't go down that road unless,
like Sam Harris is arguing that we outlawed, just flat
out out law AI any company trying to do it
around the world. We treat it like nuclear weapons. Out
agree and good luck with that, Jack Armstrong and Joe
(12:55):
Armstrong and Getty Show.
Speaker 4 (13:00):
Automated pitch callers will now allow teams to challenge the
calls of human umpires. The system has been tested in
the miners. Under the new rules, teams will get two
challenges per game, so.
Speaker 1 (13:10):
I've seen the videos. They look like those Boston Electronics
or whatever things. They walk out there, they do some dancing,
and then they squat down behind the plate. That is inaccurate, sir.
Speaker 2 (13:20):
No, it's just a bunch of sensors and they're going
to ease in computer well, sensor umpires instead of humans
calling balls and strikes. By doing this, you get two
pitch appeals per game and you ease in. So you
think at some point the computers will take.
Speaker 1 (13:36):
Over one palls and strikes. Yeah, huh really, and they'll
just eliminate umpires.
Speaker 2 (13:41):
No, the umpser will still have to be there, at
least for a while to call like foul tips, catchers, interference,
tag plays, force plays at the plate.
Speaker 1 (13:51):
That's sort of thing, not balls and strikes. Correct.
Speaker 2 (13:53):
Yeah, they will just stand there waiting for something to happen,
as if they're the first base umpire.
Speaker 1 (13:58):
And as a as a a baseball fan, do you
think that's good or bad? Oh?
Speaker 2 (14:04):
Goodness, mostly bad. Kind of a mixed bag, honestly. Several
other sports have gone to you know, electronic guys, tennis notably.
Speaker 1 (14:15):
Yeah, but that makes one sense because it's either in
or out on the line. And a computer can tell.
But the whole you know, where the catcher sets up
thing and all that sort of stuff, is that. Can
the computer do that?
Speaker 2 (14:29):
Well, no, we're taking that away completely. There's a geometric shape.
If the ball passes through that imaginary geometric shape, which
is the width of the plate and the batter, whatever
the strike zone actually is, if it passes through that,
it's a strike period. If it doesn't, it's a ball.
Speaker 1 (14:45):
Do pitchers like that or no?
Speaker 2 (14:48):
Major league insiders tell me no, because it's such a
change of the game. And I know this seems strange
to people who are either not fans or minor fans.
But if the catcher that's out like outside the plate
an intentional ball, I want you to throw a ball.
Speaker 1 (15:06):
Let's see if we can get him to chase it.
Speaker 2 (15:07):
And the pitcher completely misfires and the catcher has to
dive across the plate to even catch the ball. But
it catches a split you know, inch of the plate.
Nobody in baseball hitter's the catchers the picture.
Speaker 1 (15:19):
Nobody wants that to be a strike, but it will
be a strike. Okay, Well I don't like it, I'm
against It doesn't make it different so I'm against it's
going to happen. But yeah, are you time Ai et cetera,
Chinese robot wolves. It's all tight in also just the
human element, I don't know. It plays part of the
whole soap opera right. As we always point out, the
(15:40):
goal is not to find out actually which city can
create the best baseball team temporarily rent to the best player. Yes,
it's a TV show, And what's the most exciting and
the whole You know this umpire, you know he's a
favorable umpire for this pitcher, and then they get into
arguments and stuff. That's part of the excitement of the
game that makes it up from TV show right, the drama. Right,
(16:00):
Oh yeah, I think that's a great point. The last
time this picture in this umpire went nose to nose,
So we'll see if that carries over into this game.
Is part of the soap opera that makes me want
to watch, right, Oh, Jones wanted that pitch. You can
see the old animosity flaring already, Jim, Nope, that's gone.
It's like writing a soap opera where every character behaves
perfectly rationally great. Enjoy it. Let's all get some puff
(16:23):
them and watch, Or how about if you just we'll
just all craft robots to go out and with no
people involved, robots will just play each other and they'll
all be equally good, and every call will be perfect
and a yippie. You know there's an upside.
Speaker 2 (16:37):
There are crappy calls that change games and change championships,
and nobody wants that either.
Speaker 1 (16:42):
But be careful what you lose when you're gaining a
little more accurate. It's been around for like one hundred
and thirty years or something. I wouldn't think you'd want
to mess with it too much and make zillions and
zillions of dollars. The Armstrong Ngetty Show, Armstrong Jack and
jar Jday will be.
Speaker 2 (17:02):
Just just down'll cost you that Armstrong Jetty on the Man.
Speaker 1 (17:11):
That's the podcast. Subscribe right now, guys. There's no way
to sugarcoat it. Nobody likes Democrats anymore.
Speaker 5 (17:26):
We have no voters left because of all of our
woke trans volt. Not even black people want to vote
for us anymore. Even Latinos hate us. So we need
new voters. And if we give all these illegal aliens
free healthcare, we might be able to get them on
our side.
Speaker 1 (17:42):
So they can vote for us. That is not actually
Chuck Schumer. That is an AI voice of the Democratic
leader of the Senate. And that was not actually Donald
Trump in a sombrero behind him playing the trumpet. I
was going to praise Schumer for his candor. King Jeffreys
was not actually wearing a sombrero with a big, giant
black mustache. Also, jd Vance did not actually say this, okay,
(18:06):
as does Mucco.
Speaker 6 (18:07):
Simply a Democrat party is mucho ricardo. Okay, mucho ritardo,
especially at Hakimo Jeffries yel Chuck O Schumer, they are
extra ritardo. So l presidente and I cannot negotiate with
these Democrat ritardos.
Speaker 2 (18:20):
Oh no, no, no, no, no, no no no, I
don't like that term.
Speaker 1 (18:26):
Start otherwise, that was very funny. Started earlier in the
week with that, uh, just Schumer saying this about the Democrats,
and then there's kind of the subtle ish sombrero and mustache.
And it's grown since then and this all subtlely has
been lost and it's just completely out of control.
Speaker 2 (18:42):
Well, and I love that that reporter before. Is it
helpful to post sombrero pictures when you're attempting to negotia.
Speaker 1 (18:51):
Oh come on, So here's Hawkeen Jeffries, a leader of
the Democrats in the House. He just reacting to the videos.
Speaker 7 (18:58):
It's a disgusting video. And we're going to continue to
make clear bigotry will get you nowhere. We are fighting
to protect the healthcare of the American people in the
face of an unprecedented Republican assault on all the things.
Speaker 1 (19:14):
Menif the disgusting deal. And here's the reporter thing Joe
was mentioning.
Speaker 8 (19:20):
The President's been posting some images of Leader Jeffries and
Sandra Schumer. You've said that you're interested in good faith
negotiations with these leaders. But you know what message is
that's and is it helpful to post pictures of Leader
Jeffries and sombrero if you're trying.
Speaker 1 (19:35):
To have big talk to you? But yeah, you know
what it shows. It shows that we're the party that's
got a sense of humor. I'm not angry all the
time mustache. Is it helpful to post pictures of mister
Jeffries and the sombrero and giant black mustache. Well, a
(19:57):
whole bunch of Trumps. There's only one Trump. All five
different Trumps play trumpets and giant.
Speaker 2 (20:02):
Guitars, implying some might say that there are multiple Trumps
who should run for a third term.
Speaker 1 (20:09):
If there were multiple Trumps, they'd be in a mariachi band.
Is that helpful? Oh my golly.
Speaker 2 (20:18):
Now it's almost kind of fun to watch, not the
really silly part of it, but the effort Hakeem jeffries
to try to get his civil rights movement. I'm outraged,
we're all fighting together, voice going, and he runs it
off the flagpole and absolutely no one salutes.
Speaker 1 (20:37):
Yeah, I'll say it again. I've said it multiple times.
But the fact that the Washington Post editorial board, the
people that run the Washington Post, said the Democrats walked
into a trap on this one and that they shouldn't
have shut down the government. They should have cobbled together
to votes to go with this. So I heard it explain.
It's actually pretty good explanation. These shutdowns are dumb and
(20:59):
don't matter. And the last one lasted a month and
you don't even remember it happened, all right, so quit
acting like it's a big deal. But several times this happened.
Last couple of times with Republicans where like the Tea
Party did this like, we're going to show how hard
we're gonna fight. And I was on board with the
fighting and everything like that, but you just don't have
the leverage of the votes to actually make anything happen.
(21:21):
And Ted Cruz did it around Obamacare. He did the
law the really long what do you call it? A
filibuster And then they also wouldn't go along because they
needed his vote to avoid a shut down, and he
had no leverage to actually get anything accomplished. And that's
what the the woke progressive end of Democrats are doing. Now,
(21:44):
we're gonna force a shut down. Show much we fight,
but we don't actually have the leverage to do anything.
And so this has happened a couple of times, and
again nobody nobody, nobody dies, Nobody even notices it happens.
It disappears into the history books. Man, if you ever
read that history book, you are bored to death. But
speaking of jokes, here's an AI or no, this is
a comedian. This is not AI. This is a comedian
(22:04):
who does a good Trump voice.
Speaker 9 (22:06):
Hold on me, fellow americanos cee biendonitos al Sierre de Schumer.
That means welcome to the Schumer shutown U. We call
it the Schumer Siesta, right, it's the Schumer Siesta. He
put the government on ciesta, crying Chuck and el Jakimo,
hefe Jeffreys. We used to call him Dallas store Obama
(22:29):
until we realize he's worth far less than a dollar.
But they put the government on siesta to give illegal
aliens your healthcare. We're not gonna let it happen. I
looked at both of them. I said, We're not gonna
let it happen. There's no boy now. I said, it's
no Boyno.
Speaker 1 (22:45):
They begged me.
Speaker 9 (22:46):
They said, but signor or for more, please give illegal
aliens death care. So we're not gonna do it. We're
never gonna do it. It's not gonna happen. We're going
to end the siesta. We're going to reopen the government,
and we will not give in to the demands of
Chuck and LFE. We're not going to do that. Thank you,
God bless you, Diolo Bendiga, and God bless America.
Speaker 1 (23:09):
Thank you for your attention to this matter. That last
part was probably funny, but I don't speak enough Spanish
to know what he said. Yeah, I missed that one too.
Uh the uh, but please, Senor, it's pretty funny. The
funny thing is that that's only like one tick off
actual Trump. Yes, I mean, it's just barely even comedy
(23:33):
as opposed to the President actually saying what he was saying.
And so Trump said, I got it home word. I
grabbed it somewhere. I lost it. Trump said something funny,
but I can't remember what it was about the Democrats
hanging in this the he can't believe that they same
thing the Washington Post editorial board basically said is he
can't believe that the Democrats are allowing him to do this.
(23:55):
And well, in.
Speaker 2 (23:59):
Trump's Russell vote, the budget chief is taking advantage of
it to try to shrink the government as fast as
he possibly can. Whether it holds up or not, nobody's
quite sure. But it's exactly what Trump and Elon Musk
and company and a lot of conservatives have been wanting
to happen.
Speaker 1 (24:18):
So let it continue. That's fine. I saw. So there
was some thing in the New York Times yesterday. I
got the bulletin during the day. You're nervous. Our experts
are here to answer your questions about the shutdown. I
thought I'm not nervous. I don't have any questions. I'm
perfectly fine. It'll end like I keep saying, this afternoon
(24:39):
or Friday night or next Tuesday, and nobody will ever
think about it ever again.
Speaker 2 (24:43):
So that was to their sizeable percentage of their listenership
that still wears COVID masks alone outdoors. Those people are scared.
They wake up scared. It makes them feel important. Wow,
I hadn't seen this.
Speaker 1 (24:56):
Israel struck overnight in the Gaz strip, killed at least
thirteen Palestinians according to whoever, according to hospitals. Of course,
a lot of hospitals are just Hamas holdouts and they
call them a hospital. But anyway, Israel's continuing to blast
that area Gaza while Hamas is waiting to decide thumbs
up or thumbs down on the peace proposal, which the
(25:18):
deadline is this weekend. It's Thursday, now, running out of time.
Speaker 2 (25:22):
Yeah, well, maybe they ought to take a hard look
at it and figure it out quick.
Speaker 1 (25:25):
What do you think is gonna happen? I still think
there are only two choices.
Speaker 2 (25:33):
One Hamas says, all right, we'll go along with it,
and pretends to go along with it and seeks to
do what they've.
Speaker 1 (25:39):
Always thought to do as hard as they can.
Speaker 2 (25:42):
Secondly, they just reject it and say we'll fight to
the deaths because they've.
Speaker 1 (25:47):
Vowed martyred them over and over again. So the critics
are saying, like I saw this Peter Baker of the
New York Times, that this was basically, uh, you know,
and all or nothing for Hama proposal from the war. Yeah.
You see, one side is winning the war, and they're
gonna win the war no matter what. So they offered
(26:08):
to the people that they're about to completely decimate, here's
a way out if you want it. If you don't,
we're just gonna continue to do what we're doing. That's
the way most wars end. Yeah, so what like all
of them. Yeah, so they can decide to do it,
Joe said, And you know, they're uh dead enders, so
they might say, you know, we're gonna go ahead and
(26:30):
fight to the death because they don't care if they
take all the Palestinians with them, doesn't matter to them.
In fact, they think that would be great. Oh yeah.
Speaker 2 (26:35):
In fact, they're gonna fight as long as they can
and have as many civilians die as possible to hope
that the world opinion turns against Israel, because it already
has to some extent. So yeah, that's probably the most
likely scenario. But the idea that you know, the Peter
Baker's of the world, and he's a bright enough guy,
but my god, you're holding Israel to a standard that
has never existed in warfare in the history of the world.
(26:56):
You've just invented this special new one for his The Armstrong.
Speaker 1 (27:01):
And Getty Show. Yeah, more Jack, your show, podcasts and
our hot links Armstrong and Yetty Show.
Speaker 2 (27:12):
From the Department of Why does nobody recognize we're driving
toward a cliff at one hundred miles per hour?
Speaker 1 (27:18):
Yeah.
Speaker 2 (27:19):
Alicia Finley of The Wall Street Journal pointing out that
America's buy now, pay later economy is showing signs of
an emerging debt crisis everywhere.
Speaker 1 (27:29):
I don't like this story. I'm not doing that. I'm
a I don't buy it until like an afford it
sort of guy. But we all get brought down by
a financial collapse. We all realize that, right right. The
word inclusive is very hot these days. There certainly was
a couple of years ago. That's the brilliant thing about
a financial crash. It includes virtually everybody. Yeah, misery. So anyway,
(27:51):
so she.
Speaker 2 (27:51):
Points out that a serious credit card and auto loan
delinquencies have climbed to the level of the twenty eighth
nine recession.
Speaker 1 (28:00):
Okay, so rousing right after that giant crashes. Not surprising
that lots of people all of a sudden were in
trouble and not quite making their payments on time and
that sort of stuff.
Speaker 2 (28:11):
What is the reason now? Nobody's sure we like spending money,
she says. The housing market shows cracks. Well, the labor
market is weakening, but you wouldn't know it from the
point stock market and consumer spending. America is buy now,
pay later economy and at increasingly fueled by leverage. As consumers, investors, businesses,
(28:35):
and the government are all taking on more debt, which
she points out, and there's always one person like this
at the party, she points out, you have to pay
for debt later with interest.
Speaker 1 (28:47):
Thank you for that. What a drag man. As Americans
max out their credit cards after years of inflation, buy now,
pay later offers are popping up everywhere, from concert tickets
to vacations to grocery stores. Boy oh, boil boil Boy.
I could see how it'd be appealing if I'm twenty
one year old Jack and they'll never tour again or whatever.
(29:11):
It's their farewell tour man to not buy your concert
tickets on I can't afford it now, but I'll magically
have more money six months from now. No, don't do that,
I guess.
Speaker 2 (29:23):
There are now apps where you can split the cost
of your purchases into installment payments over weeks or months.
Some are currently interest free for now. Just to include fees.
Speaker 1 (29:34):
Here's what you do. You borrow against your used car.
Is that still a thing that people are doing where
you take out equity from your used car? Yees? Right?
Speaker 2 (29:43):
Yeah, And unlike credit cards, a lot of these services
don't report the loans to the credit bureaus. So folks
are in much more debt than their credit rating might indicate.
But so these all these different entities that are giving
people these deals must feel like they're going to get
paid back.
Speaker 1 (30:02):
Oh yeah, yeah, certainly in the short term.
Speaker 2 (30:06):
And they have carefully calculated their default rates and you know,
price their services excuse me accordingly. And you know, if
somebody ends up not being able to pay, they just
put them their name on the blacklist.
Speaker 1 (30:18):
Boy, my oldest son has got a life lesson coming on.
I don't even remember what it was now, it's been
so long, and something he really really wanted and kind
of fronted him, the monk kind of fronted him the
money on that, with the idea that you will owe
me and I will be keeping track of it, and
I have been keeping track of it, and he still
owes me. And Christmas might just be here. I've wiped
(30:40):
off hot half your debt. Merry Christmas. That would be
a lesson how that old thing works. That would be
a great gift in a way. Yeah, sure, not to
be appreciated at the time.
Speaker 2 (30:54):
According to recent survey, about half of consumers have used
a buy now, pay later service niche.
Speaker 1 (31:00):
This is half I've reskewed toward the young concert tickets,
your vacation. I mean, everybody kind of does that a vacation, right,
because you put everything on your credit card, whether you
pay it off that month or over a couple of months.
Good point. Yeah, let's see.
Speaker 2 (31:16):
Federal Reserve paper last December found such users are more
likely to have low credit scores, carry of balance on
credit cards have incurred, checking overdraft fees and have more
delinquent credit accounts, financially vulnerable consumers maybe over extending themselves.
And let's see the one of the bigger buy now,
(31:40):
pay later services announced an IPO, which is expected to
be one of the biggest of the year. Such services
make money by capitalizing on financially stretched consumers, especially young
people who don't want to tighten their belts.
Speaker 1 (31:55):
Wow. According to the Babylon b As we told you,
the Social Security Administration is going to be renamed the
Charles Ponzi Memorial Retirement Plan, which I like. That is great.
The Department of Justice will be changed to the Department
of Revenge and all losers and haters. I don't think
that's appropriate, ah, and yet somewhat accurate in these days
(32:20):
of law. Fair this is the one that hurts. The
Department of the Treasury will be changed to the Chinese
Loan Office. Oooh oh. One more that I liked, how
Housing and Urban Development will retitle is Department of the Pores,
(32:41):
the the coorse. Wow. By the way, we got a
text from somebody who said they always appreciate when I
do my porky pig routine. Not being able to pronounce
a work.
Speaker 2 (32:54):
Hey, I got another statistic for you. That's enough fun.
Back to the misery.
Speaker 1 (32:57):
So in twenty twelve, mortgage you know holders had debt
to income ratios considered risky. Right, twenty eight percent of
people had a debt to income ratio that was pretty risky.
Twenty eight percent. Last year sixty nine percent. Oh my god, man,
(33:22):
Freddy mckew was thirty eight percent, up from sixteen percent
in twenty twelve. Seven out of ten of yea, yeah,
I don't think I do have a risky debt to
income ratio.
Speaker 2 (33:35):
And if I haven't driven you to buy gold and
bury it in your backyards yet, how much? How about
one more? The FAHA Federal Housing Association. We have a
fancy new name for them from the Babylon by too Bad.
They've waived or reduced monthly payments on one point two
million mortgages over the past two years. It's about fifteen
percent of the total that they hold, and without that
(33:57):
forgiveness passed during the Biden administry, delinquencies would be near
the level of the twenty eight to nine meltdown. Fanny
and Freddie have also been slashing in deferring payments on
hundreds of thousands of mortgages.
Speaker 1 (34:11):
So I go into my son's room last night to
talk to him, which is one of the groovyest high
schooler bedrooms I've ever seen in my life. He's put
a lot of effort into it, and it's very cool
and dark. It's always very dark in there. But anyway,
I go into my high schooler's room last night and
did not smell pleasant. I said, what is the deal
in here? As sex? And he must have taken that
(34:34):
to heart, because now the entire house smells like high
school boy cologne. And I said, what did you do?
And he said, well, used to sit at smell bed
So I sprayed around some of my cologne. I thought
that would help some of your colone. Oh, it smells
like you're on a date with four high school sophomore
(34:54):
boys right now in my house. Wow, way too much,
way too much. Hortant to ascertain the source of the funk. First,
it's not funny, I don't I don't know what it
is about the scent, but it just it smells like
if you had to name the smell, you'd say, I'm
on a date with a boy who's about old enough
to get his driver's license. That's what it smells like,
(35:16):
its own scent. You wow, acts bedroom spray or something
like that. Yikes. Among the story, I hope you bought
it for cash and didn't borrow them on here, you know,
break up the pace. It's the arm Strong and Getty Show.
Arm Strong, Armstrong,
Hosts And Creators
Joe Getty
Jack Armstrong
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