Episode #236 - Bob Iaccino and the Reality of Rule by Mob Boss Politics - Gold Goats 'n Guns Podcast

Episode Transcript
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Speaker 1 (00:23):
Hello, I want to welcome to a gold Goats and
Guns podcast for November third, twenty twenty five. This will
be the first of to today. Actually I scheduled two
this afternoon, so this is episode two thirty six, and
we've got a lot to talk about. My name Style Wongo,
and with me today is my good friend Bobby Chino
and co host of the futures Head podcast with Jimmy Orio,
and we're gonna just chat about whatever. It's gonna be

(00:45):
a couple of you know, ranking probably profaned Italians, you know,
pissing off about market. So Bobby, how are you? Man? Good?

Speaker 2 (00:54):
How you doing? That's the best introduction I've ever gotten.

Speaker 1 (01:00):
Fair enough, man, I don't know like it's it's it's
the you know worth thirty three days into the shutdown,
the I hate to put it this way, but the
great chimp out of the beginning over Snap Trump is
kicking ass over in Asia. Scott Adams is trying to die.

(01:20):
I don't I don't know where to start this morning.
All I know is that it's a it's a very
interesting time to be alive. What do you what do
you say in this morning?

Speaker 2 (01:27):
Well, first of all, I thought Scott Adams was dead already,
and I mean I literally when that announcement about his
illness came out, I just basically stopped looking for him. Right.
It seemed to me to be a description of eminent death.
I mean, I don't hope. I don't wish death on anyone. Sure, sure, yeah,
well pretty much not anyone.

Speaker 1 (01:46):
But you know she's not running for re elections, so
there you go.

Speaker 2 (01:51):
It's not like I said, almost not anyone, but no,
I really don't wish death on anyone. So that's an
interesting comment that you made in terms of the the
way you described the freak out about Snap. I'm not
offended by that. I'm sure some people would be. There's this,
I'm done with that. But the Snap thing is, to
me is funny because it really seems like like Trump

(02:12):
is using this as a way to kind of show
the amount of fraud because people, just the general public
just looks at things that Trump says and it's you know,
there's that whole thing about taking them seriously but not literally.
There is literal fraud in welfare and there's been forever.
I remember being in on the West Side of Chicago

(02:33):
and having people offer me back then it was food stamps,
and they would offer me food stamps for fifty to
seventy five cents on the dollar if I wanted to
buy them. The Snap card was supposed to stop that, right,
and it has not not even close. There's these people
that have this fantasy that Snap is only used for food.
Stop it, I mean stop it. They don't ask for
an ID for Snap in the same way they don't

(02:54):
ask for voter IDs, So it's a pretty easy thing
to defraud.

Speaker 1 (03:00):
I think we're finding out that that the fraud is insane.
I mean, everything we're beginning to really really see is
that the last, you know, the last three months of
the Biden hunter, I would say about from about a
month before the election to the entire transition was that
all you saw was you know, them just shoveling money

(03:22):
out the door, out the back door and every program
you can imagine, didn't matter if they were handing out
FAHA mortgages to you know, H one B holders or
Snap or the ng O money. It was just insane.
They sent you know, I mean what a grand home
over it. Energy sent out a god that was a

(03:43):
grand home, and Energy sent out like hundreds of billions
of dollars and then yet somehow that's Trump's fault or
the amount of spending. Right. Uh, It's just I have
to wonder sometimes, and I really do, and I'm not
I don't know this. I think we need to go
down this down this route too far. I hit it

(04:03):
all the time, which is that there's just this weird,
sad state of affairs inside the quote unquote I don't know, right,
or the post you know Trump election, right that you
know he's not doing enough, Like what on God's earth
are you talking about considering how much has actually been done?

(04:26):
And they just keep saying, no, there's no receipts. Dude,
we're still spending money. We're thirty eight billion dollars. And
yeah it was Biden's budget.

Speaker 2 (04:32):
I was you.

Speaker 1 (04:33):
All this money was ear Mark. Like they can only
slow it down as much as possible, right, So I
don't know. I just I watch all that and I
just say to myself, like just trolling for clicks or
do you work for somebody else?

Speaker 2 (04:43):
Like?

Speaker 1 (04:44):
And then anybody who doesn't like get on board with
the entire idea that you know, Israel runs our everything
about the entire world. Oh you must be taking money
from the from the hesbar, like fuck off, Like that's
not the that's not the way the world works. But
it's clearly it's everywhere. And I don't know what I
don't know what they even think about it.

Speaker 2 (05:03):
Any I have a friend actually that there's a group
of the three of us that are on a group
text where we send the most inappropriate stuff back and
forth to each other, and one of those guys has
gone completely Israel controls the US, controls the political system,
controls the propaganda in the US, And you know, I mean,
I'm open to it. I just don't think it's been
proven to me yet, So every once in a while

(05:25):
I say, no, don't, I don't actually believe that's true.
And the other day he threw out, you know, you're
starting to become one of the sheep like the rest
of the people, and like, what are you talking about,
Like you haven't proven it to me just because Tucker
Carlson said it with that little pimp kid from the
North side of Chicago. I got nothing against Tucker Carlson,

(05:45):
but like, just because you interview somebody doesn't mean your
opinion is completely valid to me. And I don't understand
why I can't just think about it longer. I'm the
first person to admit I do not have an encyclopedic
knowledge of the Middle East. I just don't. Right October
seventh was horrible, but it obviously was strange that the

(06:05):
IDEF wasn't there in five minutes like they are for
everything else. There were some strange things that went on
for that particular period. That doesn't mean mean to me
that Hurricane Marlene was started by Israel's weather control. It's like,
let's calm the fuck down, and you know, see what's
actually real and what's not. It drives me crazy, it
really does. Man, and I only talk like this really

(06:27):
to you and the one other guy in that group
text on the side where I'm like, he's completely lost it,
like he's a really good friend of mine, and it's like, dude,
there was lightning just now. It wasn't Israel. It's like,
calm down about it. But people go off the rails.
And to your point about Trump, I forget her name, Collins.
I think it's her name. Secretary of the us DA

(06:51):
actually just talked about on Fox News recently that she
sent out letters to every single state in February that
she wanted all their day for snaps so they could
root out fraud, and only twenty nine stains complied, all
the Red states and a couple of Blue states. She
didn't point out who, but she said a couple of
most of the Blue states did not comply, and two

(07:13):
of them suit her for asking to see the data
to root out fraud. Okay, this is something I can
get on board with. I don't think Israel's controlling that
either personally, but whatever, that's something I can get on
board with. Investigating fraud and watching who pushes back and
seeing what that is. I don't know if Israel killed
Charlie Kirk. Maybe they did, maybe they didn't, But I'm

(07:35):
not getting on board what they absolutely did because Candice
Owen said so. It just drives me crazy when people
do that. It's the same point about Trump. Trump is
doing a lot the US system of fraud as well
as the US economy. These are not speedboats, These are
cruise liners. These are massive ships that cannot be stopped
on a dime and flipped around.

Speaker 1 (07:56):
Yeah, I know you're right, and I agree with that
basic framework. And Bob, one of my you know, my
operating heuristics for anything headline related or whatever it is
that we were supposed to to be outraged about this week,
is just to ask the simple question, why do they
want us to know this particular thing today? Right? So

(08:20):
you know this whole idea and you know, I've gone
over this a thousand times and I've said it before
and I'll say it to you now, which is that
you know the bodies in ten seven weren't cold before
we started watching the anti we started watching the lift
of the algorithms, the social media algorithms allowing people to
complain about Israel. And I brought this up to Dave

(08:42):
Column the other day and he was just like that,
that's not true. I'm like, you still can't talk about
it on Fox News about you can't criticize Israel on
Box News. I'm like, well, of course, because they're part
of the control system. But we're but copbox News isn't
the media anymore. We're the media, right, We're the media.
We're the media, and you know, you know, we have
to you have to understand that's where they're pushing, you know,

(09:02):
the ideas out into the zeitgeist. And then you can
clearly watch the gatekeepers on both sides play the tension
off of each other and try and push people into
one camp or another, like you know again, I'm I'm
with you. I'm like, I'm not a big fan of Israel.
I don't really care, but I don't think they control everything.
And I certainly don't think that anybody who's out there

(09:22):
today after watching how Trump has handled Iran, Israel, Daza,
all of this stuff, and how he's literally remaking the
Middle East where and getting all the Arab players on board,
getting controlled from my perspective, clearly getting control of Ktar
in the process, which is a city of London asset, Like,
how can you be how can you be pushing that

(09:43):
narrative if you're not, like so thoroughly invested in it.
I either because you literally are paid by them or
you're you know, you're just delusional. And why do they
want to turn us into you know, newly minted experts
on the Middle East this this week or virology during
COVID or this that or anything else. It's what I call,

(10:04):
you know, holiday in Express politics. Right, I'm an expert
now because I stayed at a holiday in Express last night.
I'm like, oh, you know, it's it's it's insane. So
the reality is it's is that Trump is actually doing
the exact same thing. Trump has always done this, right,
He's always been very good at picking up an issue

(10:26):
that we haven't talked about, creating some tangential talking point
to it, and then pointing everybody in that direction to
start talking about it. And your I think your point
about about the USDA director, you know, saying, hey, we're
going to point out we're going to find out where
all the where all the fraud isn't snap, We're going
to find out where all the fraud is in social security, disability, this,

(10:48):
that faha, all of this stuff. And then you say
to yourself, Okay, if you don't think that Trump has
changed anything, do you think that, like, have you totaled
up the numbers, the potential numbers of billions of dollars
that we're spending every year on this fraud and if
we get rid of any of it, you don't think
we can't balance the budget.

Speaker 2 (11:08):
It's funny how there's these statements about you know, you
hear all this bullshit from influencers and the like a
lot of celebrities do this. I'm telling my story now
because if I could save one person, it's good enough.
Not because you want to be in the limelight, but
if you could save one person, it's all bullshit. But
people are like, what did Trump save fifty million on that?

(11:29):
That's nothing? Well what happened to me? If I could
save one person, if I could save one dollar, it's something.
And actually the new CBO report came out including tariff revenue.
Now I'm at my core, not pot, not four tariffs.
But if there are tariffs, I want to use them too.
It's like being a gunfight and saying I'm anti gun,

(11:51):
but all these people are shooting at me. So but
I'm anti gun, I'm not going to pick one up, Fucky,
I'm gonna pick one up if somebody Now I'm not
anti gun. I want to stress thattually very pro gun,
but yeah, if we have a lot of guns in
this house, we also have gold in this house. But
I'm pointing out the guns and the gold at the
same time because you probably should try and find out
where I live and try and get my Yeah, I'm

(12:13):
going to shoot at you if you're trying and take
my gold. Anyway, It's that same thing where like, well,
fifty million is not enough? What's enough? And then you
include the tariff revenue into the CBO budget estimates, and
you now got the first decline. Since I mean going
back a long time of the debt to GDP ratio

(12:34):
in terms of the deficit, you're getting the first decline
when you include the tariff revenue. All right, So it's
funny to me because we're not seeing inflation from the tariffs,
I'm happy to say yet. But my point about tariffs
to everyone else is if tariffs are more than a
one time price jump, they can only be a one
time price jump or a drop if they affect inflation

(12:57):
at all, because if it becomes, you know, an actual
cycle of inflation, then something else is wrong. If I
had if I was paying for steel to make my
product or to provide my service, and steel went up
ten percent and I raised my prices to you by
ten percent, by the way, that would already be too

(13:17):
much of an increase because a few years of using
steel in one way or the it's only one input
and it's the only input that's got a pricing increase.
But if my one of my inputs one up ten
percent and I increased my price is ten percent. That
should be it. It should be done at that point now,
and you do that for each input, and you raise
your prices, and that's that. That's not the definition of inflation.

(13:37):
First of all, the definition of inflation has nothing to
do with prices. You and I both know that, because
we're old enough to remember. What inflation actually meant was
an expansion of the moon. Is it money supply and
that's the FED. That's not tariffs. But anyway, I'm digressing
a lot off.

Speaker 1 (13:51):
I want to I want to pull on that thread
just for a second, because this is one of the
This is I think I finally figured out a good
talking point about how to counter all of this stuff.
Because you have a lot of these I'm not calling
them Laubertarians and Austrian types who will who will complain
that terroriffs are inflationary. We got Rampaul out there screaming
about it and voting us to one big beautiful bill.
We've got you know, every every Austrian and every Stripe

(14:13):
screaming that you know, terroffs are attacks and or this
and that. Okay, fine, I need you to define inflation
for me. Is it a rise in prices, which is
the modern Kansian definition or is it a change in
the money supply, to.

Speaker 2 (14:26):
Change the money supply, that's what it was always described
as and defined as.

Speaker 1 (14:32):
No, I agree with that, now I'm not. I'm not
arguing that point I'm saying is listen to their arguments
and you'll see that they conflict those two in order
to win their argument. Yeah right, they'll say, oh, they
raise prices, they're for inflation. Yeah, but but tariffs don't
print money, no, exactly. All they do is reapportion the
amount of money that's actually out there.

Speaker 2 (14:51):
And every time, regardless of what side it is, when
a definition is changed, there's a problem here or coming
mm hmm, it's always the case. You know. You just
go back and watch those I wish Milton Friedman were alive,
and I wish Thomas Soull got more attention. While he's
still alive. You're starting to hear his manner of speech decline,

(15:12):
so we know that you know the end is near
for him, unfortunately. But when you talk to these guys,
or listen to these guys rather, yeah, I wish Thomas
soul would have gotten a lot more attention. He's getting old.
Now we've been trying to get him on the show,
and I think they're probably limiting his interviews at this point.
He's in his nineties, I think. But these guys like
Friedman and Soul have always spoken so clearly about what

(15:35):
is what. And I don't personally consider economics a hard
science because you can't really do an experiment against a
control group and come out with a concrete result, right,
So it's more of a philosophy in a way to me.
But you see certain things that are empirically provable, and

(15:56):
one of those is that if you get a one
time input in East that doesn't cause an expansion of
the monetary base, right. And there's the economic theory of
product replacement right where steak goes up, you buy chicken,
that kind of thing, And that's happening all over the
economy with companies trying to pass on these inflationary price ikes.

(16:19):
And to a side point to this, people called Trump
a bully. The CEO of Walmart announced they were going
to increase prices because of tariffs, and Trump essentially said,
and I'm paraphrasing, you better not, and they didn't. So
does that mean that they had to increase them or
they wanted to increase them, right, right, CEOs can be
as evil as the worst politician out there. So, you know,

(16:40):
the tariffs, while again I'm not a fan of them
at my core, when you're dealing in a global economy
that levies tariffs against you, and people are saying it's
a moral for you to levy teriffs against them, I say, again,
fuck off pretty much.

Speaker 1 (16:57):
I mean it's like, well, this has been the argument
I've had for a while about the Federal Reserve. Like
I have no problem arguing, you know, in philosophical terms,
in moral terms, or any other terms except pragmatic terms
about the Federal Reserve. If you've got a FED that's
actually acting in the national interests as opposed to the
global interest then and you're fighting a cabal of other

(17:21):
central banks and you have the most powerful central bank
in the world, and you're going to go into that
war by disbanding your army. Really, like that makes no
sense to me as opposed to especially and I know
that you know, you and I are having this conversation
today because of the work that I know that I did,
and that got you know, the enough attention for me

(17:41):
to finally say to break with all the all the
orthodox you say, maybe Drone Powell isn't a moron, Maybe
he's actually acting in America's best interest. Maybe this whole
shift to sofa is a is a good thing, and
on all of these things. Right, So, and you know,
we here, we are for years down down the road
from that, and now we've got a president who believes

(18:04):
the same thing. We've got a federal Reserve that's obviously
acting in that in that capacity and very in a
lot of ways. There's plenty to criticize Powell about and
fly at the at the edges, but that but those
those marginal cases, those edge cases, are not a way
of proving that therefore we need to end the FED tomorrow.

(18:25):
That's bullshit. That's not argumentation, and it's and it's it's
you know, look, we're not arguing the shit on Reddit,
for Christ's sake. But we act like we are when
we come when we talk about national policy, like I'll
be honest, like for example, like think about you know,
if you don't think that that the FED is not
acting in concert with Donald Trump, for example, even though Trump,

(18:47):
like you know, screams about Powell all day and let
all day left and right, Why did Powell get rid
of the two percent inflation target? Like he was under
no compunction. I mean, if he was acting in the
Bank of England's best interest or in the ECB's best interest,
he would have kept the orthodoxy that two percent inflation
is you know, the central banker's orthodoxy that two percent

(19:10):
inflation is good, which is what they've sold us since
two thousand and seven when Bernaki unilaterally over Powell's dead body,
when Powell was a junior member of the FOMC. Him,
him and Richard Fisher and a couple others were all like,
this is bullshit. Where is this coming from? Yeah, And
then he finally got rid of it, you know, when
it was politically expedient for him to do so, when

(19:33):
Trump had opened up the avenue for him to do so,
because Trump had criticized openly the Federal Reserve. And so
what did he do. He said, we're scrapping the two
percent inflation target. We're going back to the dual mandate
with an emphasis on labor.

Speaker 2 (19:49):
Labor. And there's a second second component that Jimmy Aurios
actually brought up, and I think he may be a
little bit early on it, but it's something to think about.
AI is getting rid of jobs for people that vote.
White collar jobs are starting to dwindle through AI, and
it seems to me, and Jimmy again is the one

(20:11):
to put this in my head. He said it first,
so I want to give him credit on that. It
seems to me that maybe Jerome Polell is trying to
get ahead of that in a way. You know, let's
go ahead and put the focus on labor so that
possibly future chairman and people will understand that labor is
a lot more important than pretty much anything else at
this point because we have one of the sort of

(20:32):
biggest job destruction disruptive technologies out there, which is AI.
I've already used AI as my attorney for small things
multiple times, just done it myself and have not hired
an attorney. I've done some portfolio experiments through AI myself
for my own personal portfolio and not the stuff we

(20:53):
do in our newsletter. And that's actually the article Jimmy wrote.
Jimmy starts our newsletter with a He's usually around six
hundred words or so on what he's thinking for this week,
and that's what starts our newsletter. And he put this
out in the public with this weekend's newsletter, and he said, basically,
he thinks to your own pile is actually because he

(21:13):
was in the private sector, sees a problem that maybe
people were recognized in the next two to five years
that AI, that AI is the reason we need to
focus more on labor and less on inflation. And you
know it's funny, Tommy, We've got there's all these people
out there that think Trump is an idiot, and that
to me is probably one of the most aggravating things

(21:35):
that I can hear. You're called calling a guy who
whether he got ten million dollars first from his dad
or not, it is not easy to turn ten million
dollars into one point nine billion or wherever he's at
right now. And you have other people saying he is
a bad businessman, you're a bad analyst of business people.
Then well, all he had was a successful show. You're
telling me a dumb guy is going to realize that

(21:56):
maybe he's not able to make as much money in
real estate, so he should get his marketing had on
and get his branding head on and get his brand
so big that he could win the popular vote in
the election. How is that a dumb person. I mean,
it's just dumb to think that. I get there's people
out there maybe taking it too far with this four
D chess thing. The economy to me is Trump being

(22:19):
smart enough to listen to Scott Bessend, who worked for
Soros and knows how to do things both morally and
immorlly to get.

Speaker 1 (22:26):
Where he wants to go.

Speaker 2 (22:28):
You know, I mean he to me, this is Scott
Besson's economy as much as it is Trump's, of course.
And they started on the FED right right fucking away
from day one when they got in the office. Yes,
they said, we need ray cuts, we need ray cuts,
we need ray cuts, because they knew that even though
they're not cutting as much spending as a lot of
people would have liked to have seen, as if you

(22:49):
can just walk in slash it, throw the economy into
one of the worst depressions you'd ever see if they
did that, because you know, the sugar high is the
sugar high, and you know, the the absolute withdrawal that
the economy would get from this if you just cut
it immediately, would be brutal, and they'd be writing stories

(23:12):
about it in history books forever, and they'd be blaming
Trump and rightly so. Trump is uh an, I want
to be loved more than feared guy, But I'm happy
to be feared if I can't be loved.

Speaker 1 (23:24):
That's a very good way of putting it. And I
like to look at him as a mob boss. Yeah,
I like to call him Don Trumploni. I think that
that's a fair you know. I vibe with that, you know, yeah,
so I mean, and because you watch how he operates,
and he really does operate that way. He's think, look,
you and I can have you and I can get
along great as long as you don't betray me. And

(23:44):
he's finally got people around him that he trusts and
and can operate with and give them all the rope
they need to hang themselves. And now he's in a
position to know again that we're getting rid of you now.
And every time he you know, my friend Paul's the
English posted said the other day on the podcast, he's like,
you know, I ever noticed how you know, you give
somebody an option, a task, and then when they betray

(24:05):
him on it, he just fires them and hands the
job to Marco Rubio.

Speaker 2 (24:11):
You know, to your point, did you see the irishman?

Speaker 1 (24:15):
If I have it's been a long.

Speaker 2 (24:16):
Okay, it's not a good movie to me. I mean
it's just it's uh, that's a different thing. Yeah, I
mean he's just Scorsese is just starting to overdo it
with his mob movies. But I will tell you that
Russell Buffalino played by Joe Pesci, I don't know how
the real Russell Buffalino was. I have no like deep
knowledge of Philly mob stories or Philly mob lore. I

(24:38):
know about the Chicago outfit. I deeply know about Chicago outfit,
but I know nothing about the Philly families. The way
that Joe Pesci characterized Russe Russell Buffalino to me is Trump.
Russell was sort of like this kind quiet guy who
really wanted everybody to like him, but if they didn't
like him, they were in the ground. Basically, it's the
way that that Pesci portrayed him. That's how I see Trump.

(25:00):
You saw a Bronx Tale and Chess Promonary's character said
they asked him, would you rather be loved than feared?
He said, I'd rather be I'd rather be feared. That's
not actually Trump. And chess Promentary's character's point was, if
your loved people will betray you if you have feared
they won't. Trump would rather be loved, in my view,
But then if they betray him, he wants to bury

(25:22):
those people because well.

Speaker 1 (25:26):
He has to, I mean, especially in the position, especially
in the position HEAs and now, especially being the guy
that you know he grew up being, right, I mean,
so yeah, I mean, and and go back to your
point previously, I think it was biggerly obviously to your
point about Besson. Besson's been on both sides of the

(25:48):
Aisle yep, and he understands the plumbing. He understands how
to to structure trades, especially in the US dollar, and
how to use the US treasury market to his advantage
and to support whatever it is that Trump's doing. I
think the two of them working together. I think Trump
has been has had his plans for how to remake America.
They're going back forty forty five years. I mean, people

(26:08):
talk about the old interviews and Playboy when he was
you know, when he was twenty five years old or
thirty years old or whatever. It's nothing shamed for him.
The Promethean action ladies, the inheritors to LaRouche will tell
you that this is the American system of McKinley and
and and and Alexander Hamilton. I can't argue with that,

(26:31):
like and so I can see what they're trying to do,
what he's what they're trying to accomplish in the context
of the modern markets and the way they operate, where
you and I watch on a daily basis, we watch,
you know, the bond markets and then and the movements
of currencies and all this stuff. You realize that you
need people who have that real experience to then implement

(26:53):
that system and support the implementation of that system through
the issuance of treasuries, the you know, the the manipulation
of rates, you know, and all of that stuff. And
that's what I've been watching. And if you watch Trump carefully,
if everybody keeps making these points, it's not a unique
point even at this point about the trade deals that

(27:15):
he's cut. It's not just the teriff rate or this
or anything else. It's that he's also basically told them
and you're going to pay to recapitalize the United States.
You're going to pay us back the money you stole
from us to currency, the arbitrage and all the interests
that you got paid on the treasuries that you've been
holding as reserve. You're paying us back to that, and

(27:36):
you're putting that money back in the hands in the
pockets of the lower middle class of America who paid
for you to live high on the hog all these years.
And Scott Bessett and Jerome pell have implemented that how
all a by keeping interest rates high and forcing all
the other central banks to cut against the deflationary forces
of howls high interest rates where everybody is dollars GENI, yeah,

(28:04):
it's actually not even. All he did was reverse the
freaking preade that was run against us for all these years.
It's not that hard, folks, and it's staring you in
the face. And then you're looking at the money coming
in and you're looking at the And to your point
about the CBO report earlier, about how we're watching the
projected projected admitted the devisit go down. I remind everybody

(28:28):
that you know, take the CBO data with a grain
of salt and take a course. Commentators out there who
used the CBO report for the one big beautiful bill.
The scoring on the CBO report, the one big beautiful
bill that was going to that was off by eleven
orders of magnitude. Right.

Speaker 2 (28:45):
I mean it's interesting too, since, like, since this process
has started, to your point, the dollar has strengthened almost
four percent, while the Feds theoretically in a cutting cycle.
And I think there was very much. It was very
much the plan of Powell and whoever he's talking to.
You could say it's best than Trump, and I wouldn't
disagree with that to basically say, hey, December is not

(29:05):
a given, right, just the December ray cut is not
a given. And it's funny in part because the government
shutdowns about to reach a new record. Right. The previous
record was thirty five days under Trump. Again, right, But
the difference between that one and this one is the
public blamed the Republicans in that one. They're blaming the Democrats. Now.

(29:26):
My X feed was positively inundated with people talking about
how people are going to lose their healthcare and starve,
and it was all democratic stuff. It was just like
one right after the other, and I'm like, you're telling
me is Israel runs everything? I mean, it was unbelievable.
I had to start hitting that button on X that

(29:47):
said I'm not interested in this. I'm not interested in
this one right after the other, trying to show all
these examples. The left is in a panic right now
because they've lost the plot. They've lost the support of
even their own people by giving in to that radical
side of the left. So what does this have to
do with economics. Trump was going to crash the economy,

(30:07):
didn't happen. Trump was going to increase spending sort of
happen and now is not happening anymore. Tariffs were going
to kill the global economy and drive inflation, didn't happen.
All of these things didn't happen. And we've got midterms now,
and so they're trying everything. To me, the Democrats tried
the shutdown deliberately to try and affect the voting coming

(30:28):
up for the midterms. Not working again, and your common
person is seeing that none of what they say is true.
Even Bill Gates has flipped on climate. It's like that
particular cult can never get anything right in the medium
to long term, and slowly their psyops or their propaganda
for the short term has stopped working. And this, to

(30:50):
me is an amazing thing. Because somebody asked me on
a podcast on our podcast, probably about a year ago,
do you think that the US can be saved. I said,
I'm in the camp of no. I've moved into the
camp of maybe. And you tell me Trump did nothing,
he got nothing done. He moved me to maybe.

Speaker 1 (31:08):
Hey, I you know, I've been saying for four years
because I refused to you know, it's funny I went
from no ages ago to we elected Trump now it's maybe.
That was twenty seventeen. And then in the interim during

(31:28):
the Biden Hunter, when I watched Powell doing who he
was doing, I'm like, why can't we Why can't we
be saved? Why do we have to accept the fact
that we're always going to spend one point seven trillion
dollars more than we take in. Why are we thinking
in these terms, like we beat Bill back better, we
beat the infrastructure bill, we beat Pelosi at our own game.

(31:50):
Like I watched Powell durin the the euro dollar system,
destroy it and make it ours again. I'm like, you
mean to tell me that the very same people and
is there, you know, my formerly libertarian brethren or you know,
likes to sit there and scream about how much waste,
fraud and abuse there is in the goddamn government. And

(32:12):
then tell me that you can't cut spend there, Like,
which is it? Which version of inflation do you want
to believe in? Rising prices are change in the money supply?

Speaker 2 (32:21):
Right?

Speaker 1 (32:21):
Like you can you can stop conflating all this bullshit
because you just want to be right as opposed to
actually fix anything when the reality is I'm like, you
mean to tell me we can't go back to the
twenty nineteen budget. Really, you're trying to tell me we
can't go back to twenty nineteen.

Speaker 2 (32:39):
My funny part, the funny part about this shutdown is that,
like there's people out there saying, you know, people can't
afford their healthcare. These were the pandemic subsidies. They were
based on the pandemic, not anything else, Right, And we
have a stronger economy now than we did pre pandemic
by every measure I look at, and you're saying we

(33:02):
can't go back to pre pandemic levels for a bad
healthcare bill that was passed by Obama. I mean, you
are the guys that made it expire. You're the ones
who voted for it to expire. And the public seems
to be understanding that now.

Speaker 1 (33:17):
Yeah, No, it's fascinating. I just I look at it
and I'm like, I've been saying this for a little
one of the things that I've been thinking about. I mean,
the second point that I made all these all during
all of this, is that don't you understand that global
capital is looking to what the United States is doing.
Global capital does not care about the way things are now.

(33:38):
They are projecting where to put their money. Five years
from now, ten years from now, twenty years from now.
They want to put They want to make an investment
in a place and have it payoff over the course
of the next generation. If you change the way the
United States spends money, organizes its capital, taxes its capital,

(33:59):
and everything else where, do you think that money is
going to go? You think it's going to go to Rhodesia,
you think it or whatever they're calling it this week.
You think it's going to go to France. Do you
think it's going to go to Bhutan or Thailand or
anywhere else? No, it's gonna come fucking here because we
have law. We have the best corporate law in the world.
We have all of these things. Oh and we have

(34:21):
the lowest tax rates, and we and we have the
and we have better capital protection and remember to the
United States. So Americans, we are told over and over
and over again by evil, fucking British press that we're
a basket case when we're the biggest offshore tax haven
in the entire world for everyone else, and we're only

(34:42):
getting better. And where do you think that money's gonna flow.
It's going to flow into the US. And if it
flows into the US in such a way that it's
going to empower the lower middle classes through product through reindustrialization,
it's not going to be the kind of inflation that
you think you're going to get already.

Speaker 2 (35:04):
It's one of the problems I have with our mutual friend,
Dave Colum. It was one of the smartest guys I've
ever met, but he looks at things still in the theoretical.
He thinks things, He thinks through things too much. And
I want to be careful because I really really like him,
and I don't ever want to disparage anyone that I

(35:25):
really like and respect. But sometimes when he says things,
I'm like, you know, you haven't lived in that world,
my friend. You don't have to, right, I don't have
to have been an NFL player to say the Bears
have a bad defense. Right, So you can observe some
things and say, but there's some things that people who've

(35:46):
traded and been in the financial sort of pits, right,
Jim and I were actually in the Chicago pits. You
were in the virtual pits in New York for a
long long time doing what you did when you were trading.

Speaker 1 (35:58):
Where you look at these things. I never I never
actually worked. I never actually worked on all three.

Speaker 2 (36:03):
Oh I thought you did.

Speaker 1 (36:05):
Oh no, no, No, I'm just I'm just like Dave.
I'm just like I'm just a dude.

Speaker 2 (36:09):
No.

Speaker 1 (36:09):
Vin Spanchi. On the other hand, that guy and I
you know so.

Speaker 2 (36:13):
Well to me. You know you have you have a
deeper understanding of real world economics than most people in
your sort of bucket do. So that's probably why I
thought that. And this idea that you can come in
and slash the government without the absolute, absolute carnage that
would happen being your fault historically, because the people who

(36:35):
write history is silly. And this, this drive of Trump
to be loved, to me, is stronger than the drive
to completely You could destroy the American economy to the
point where you get your moral victory. But we become
the third or fourth economy in the world, which takes
our strength away. Right, our strength is in our money

(36:55):
and our military. And I think our money is.

Speaker 1 (36:57):
Stronger and our constitution a rule of course, of course,
and and and remember that this is where I get
into the philosophical stuff of why are we being attacked again?
I keep focusing on you know what I call you know,
you can call it city London, you call it Davos.
I like my latest version of it, this is called
the High Table from John Wick. It's the exact same

(37:18):
It's the exact same group of fucking people. They fundamentally
believe they're royalists. Ultimately, they fundamentally believe that a group
of oligarchs should control the world and have every right
to take lesser beings and turn them into tax cattle
for them and manage us like fucking like a herd. Yeah,

(37:42):
that's nice. This is why the British and the Indians
get along so well together. They both have a cast system. Now,
I don't believe that. And if you look at the
American Constitution, and you look at all the other constitutions
of all these other old great colonial powers, you will
see that they still have the bestages of that old system,

(38:02):
so a set in a sense, it is, as my
friend Alex Craner likes to point out, a fight between
two systems of governance over are the people sovereign over
the government or the government's sovereign over the people. That,
from my perspective, is why they have to destroy us.
So it's funny, and that's to destroy us because they

(38:24):
have to destroy to all of humanity that the great
American experiment of individual sovereignty. It's greater that we, the
people who in trying to ordain this constitution is a
false outcome.

Speaker 2 (38:40):
And this is why I love the Ted Nugens and
the kid Rocks of the world, because I think the
start of that project that you're talking about started by
making us think we were culturally inferior to the old world.
And that's never really resonated with me. I'm the child
of immigrants, right and I spoke Italian before I spoke English,

(39:00):
and when you're the child of people who came here
for a better life. I have a video. I'm fortunate
enough to have this video. My father's from Calabria, Italy,
and a film crew from Calabria came into a documentary
on Native Colabrians that came to the US and made it. Now,
they considered my father to have made it because he

(39:23):
still worked seven days a week. It is well, until
he passed away. Honestly, he created an Italian bakery that
he then turned into a food company that he then
turned into a bunch of what Italians would call Tavo Localdo's,
which means hot table. And he had a bakery cafe
with hot food as well. And he did all this
and he became upper middle class, right. He built a

(39:46):
five bedroom house with a three car garage, and his
wife had a Mercedes, and he had an Infinity, and
that to him was a bentle a Rolls Royce, a Lamborghini,
and a mansion on Cape Cod. To him, this was
in Mount Prospect. It was in a suburb of Chicago,
and he felt he was the richest guy in the
world because he had his fig tree in his backyard.

(40:06):
He could go out there in his socks and slippers
and pick figs off and then build a greenhouse out
of plastic he got from the neighbors that they were
throwing away. And I mean he was just he was
the ultimate Italian hillbilly. That was the richest guy in
his family. Right, So I have this video from where
you know, he's speaking to this film crew in a

(40:26):
V neck T shirt with way too much hair coming out,
in a gold chain resting on the hair coming out
of his chest and a baker's hat on right, and
to the people in Calabria, this was a successful Italian
immigrant to America. It wasn't a Kennedy, and he never
wanted to be a Kennedy. Right, I'm getting too.

Speaker 1 (40:45):
Oh no, you're doing great, dude, like emotional, this is
this is awesome.

Speaker 2 (40:49):
Yeah. So he does this interview and he basically says
that his heart is still that of an Italian man,
His heart is still Italy, but to move back there,
it's just a dream. And what he meant by that
was it's a dream because Italy is a frickin mess
and he can't go back to that life where he
played cards with his buddy at the espresso bar because

(41:12):
there were no good jobs, right, he can't go back
to that. He'd rather work himself to death in America
and pay for his kids to go to college and
pay for his wife to have a little C class Mercedes,
which to her was the most amazing car on the planet, right,
and this was the life he wanted to build, and
he couldn't do that in Italy, right. And then I

(41:33):
go back to Italy a couple of times. I remember
one of my cousins saying to me, you know, we
hate the most about Americans when they wear socks and sandals,
when they go to a restaurant in shorts. And I
remember telling my cousin, that's what you hate the most
about Americans, Or that we can afford to come here
and wear socks and sandals and not give a fuck
what you think about it. That's the Ted Nugent kid

(41:55):
rock that I'm talking about, right right, right right, and
we need to embrace this particular. I'm not saying that
you have to have tattoos I do. I'm not saying
that you have to have a mullet I don't. I'm
just saying that we can be who we are as Americans.
And when people say they, you know, they hate Trump.
They kind of like some of his policies, but they
hate him. I'm like, don't try and be European. Trump

(42:18):
is from Queens. Go spend an hour in Queens. They're
all like that, that's right. Okay.

Speaker 1 (42:24):
If you tell them.

Speaker 2 (42:24):
There need too much McDonald's, they'll tell you you're fat and ugly.
They don't care, and they walk away without any guilt.
Because this Americans are different in different parts of America.
When I go to New Orleans, I can't understand them
because I'm from Chicago and they can't understand me. And
that's the way it's supposed to be here. So stop
thinking your inferior to Europeans because they can tell you

(42:48):
which castle was defended by William Wallace. I don't give
a fuck about William Wallace.

Speaker 1 (42:53):
At the end of the day. I grew up in
upstate New York and my my mom's family was from Queens.
My dad's family was from Brooklyn. I'm second you know,
both sides, second generation Italian. My grandparents came over on
the boat. I've told this story before. My grandfather was
you know. My grandfather was also a similar to your
to your dad, a successful man, came over on the boat,
built himself as a brick you know, started as a

(43:14):
brick layer, built himself a masonry supply shop on Northern Boulevard.
Was forced to retire at seventy because of those security
back then, and you know, lived want to retire. No,
he didn't want to retire. He was still you know,
we still kept putting them. My dad kept putting them
to work on our house in upstate New York, building
a stoop and building this, and building a rock wall.

(43:36):
When we when we uh the building, when we we
we finished out one of the two cards, one of
the the of the garages in the house I grew
up in. I was telling her the story last night
to a friend of mine. And at the end of
the and and how was that? How was how do
we fill that in? Did we just build a stud wall? Now?
My grandfather came over and built a rock wall. That

(43:56):
was beautiful, you know, beautiful rock wall. My father put
a big father and then my dad then built an
eight foot you know, a long bar at the end
of it. It was my father's man cave. And that's where
I spent like most of my my my my teenage years,
listening to.

Speaker 2 (44:10):
Music that had to be the best.

Speaker 1 (44:13):
That was cool, It was great. My dad was you know.
And but at the end of the day, and my grandfather,
you know, he was a successful guy, you know, And
and I and and you think about it, and you know,
and he was a perfectly middle class. The man drove
his nineteen sixty six dark forest green Chrysler in New

(44:34):
Yorker beautiful, like literally the batmobile, like the old Batmobile
from the he owned one of those. Okay, of course
it's amazing or just freaking car own that car. Finally
turned it into like nineteen eighty four and then got
a fucking k car version of it, and it was terrible,
but you know, but they drove that thing forever in
a day, and and it was just like you know,

(44:56):
and you know, lived on the lived on the corner.
His brothers lived across the street. To go down to
we go down to visit them in Flushing, and and uh,
on Sunday afternoons, Sunday mornings, they didn't go to church,
but all the wives did. They sat and played Guinea
street poker in the bat in the in the basement
of in the garage at Uncle Frank's house, and like
that's what they did. And it was like and you know,

(45:18):
these guys were all successful in their own way and
and uh they and they helped build but yeah, those
guys didn't take ship from anybody.

Speaker 2 (45:27):
Mm hmm not a thing.

Speaker 1 (45:28):
My grandmfather's family same damn way. Like they were all builders.
Like two of my my uncles were architects, and you know,
they went to college. They were the only ones to
go to college. And my the entire Luongo side of
the family, they went and everybody else's went went to work. Right,
but my grandparents had enough money to send two of
them to college. They both became architects and there you know,
and their names are on cornerstones all over Brooklyn and

(45:50):
Staten Island.

Speaker 2 (45:51):
Right, you'll when we when we get done, I'll text
you that video my dad and you'll understand why. Like
I'm so so for like happy that I have this
video of him explaining this. Because the stories you get
from immigrants and children of immigrants and grandchildren of immigrants,
where they just they're like, we just wanted to have
a good life. It's not that big of a deal.

(46:12):
And you know, people I have friends who are democrats.
I don't even want to say democrats. They just they
talk about things nonsensically. I'll just call them that. And
they say to them, you're an immigrant, do you like
what's going on right now? I mean, my parents got
in line came here legally. They were basically laughed at.
My father said to me, my father died with an

(46:33):
Italian accent. And he said to me years ago, he said,
I know I have an accent. He goes, he said,
I speak broken English. That's what you used to say
all the time. But he said, you know, people think
I'm dumb, and I'm okay with that because sometimes I
use it and sometimes I just take it. You know.
He says, people think I'm stupid, but I'm not stupid,
and they underestimate me. Basically explained to me, and he said,

(46:55):
I'm kind of okay with that. Was kidding with my
wife that during the the height of woke, Family Guy
was this show that we used to watch every once
in a while. It was funny because they made fun
of everybody, and they made fun of black people, gay people,
Jewish people, Italian people. They just made stupid Americans. They
made fun of everybody, and when the woke was kind
of ramping up, they stopped making fun of everybody except

(47:19):
people like Trump and Italians. I happened to be both
of those, right And I said to my wife one day,
kidding around, and said, you know, I don't know why
it's still okay to make fun of Italians and it's
not okay to make fun of anybody else. Why is
it still okay to make fun of Italians? My wife
is an American, she's German Croatian, right, she said, because
you guys don't give a shit, because you guys don't

(47:41):
get you don't care what anybody thinks of you, because
you're the only race that legitimately doesn't care when anybody
thinks of you.

Speaker 1 (47:48):
Well, there's a reason for that bomb, Yeah, you know
what that The reason is, though.

Speaker 2 (47:51):
Well, tell me you're right.

Speaker 1 (47:52):
I know.

Speaker 2 (47:52):
Well, my reason, though, were better, We're better than everybody.
I was literally gonna say my reason was because everybody
wishes they were are Italian. Yeah, it's like it's culturally
cool to be black now, we're the closest thing to
black people that's white. So it's like, you know, that's
the way that I always explained it, right, It's like
all of the cultural norms in the urban African American

(48:15):
started with the mob guys, the sweatsuits, the white wall tires.
We all did that. But my point to this being
is that my father, when he started to make a
little bit of money when he started to get out
of upper class poor and creep into lower middle class. Right,
He's like, well, your stone wall reminded me of this.
He said, well, you know, I want to lay it.

Speaker 1 (48:37):
He goes.

Speaker 2 (48:37):
I can lay a patio myself. He goes, but I
can't make the nice brick wall with the patterned cinder
blocks in between it to make it look like a
wall in Italy. So I got to find an Italian bricklayer.
I said, why do you got to find an Italian bricklayer?
It goes, It's important to help your own community first,
he said. If I can't find an Italian bricklayer, then
I'll look for a neighbor. And if I can't find

(48:57):
a neighbor, then I'll go to the yellow pay right.
But it was important to go from the inside out.
And that's the strange thing about national politics bleeding into
individual economics. I say to my friends, the couple of
friends I have on the left, and like, if I
tell you everything that Trump wants to do and explain
to you how it's going to help your household finances,

(49:20):
you'll say, yeah, but I still hate Trump. That's dumb.
That's just dumb. Help your house help your neighbors, help
your community, then help the country go out, go from
the inside out, of course, because that's what you should
be doing.

Speaker 1 (49:35):
Yeah, I mean even if you again, even if you
don't like the quote unquote like this is the biggest
This is the biggest issue. Is is how we You're
bringing up a really important point, which is that we're
trained by social media, we're trained by the media, by
this to think in terms of the country. Yeah, now
you start if you you can't fix the country, that's

(49:56):
not your job. And you can have an opinion about
the and then then you should and then if you
want to, that's fine. But at the end of the day,
what are the freaking we're all the the Marxists tell you, you know,
think globally, act you know locally, right, Well, guess what, Okay,
I think country. But you fix the country by fixing
you know, your family, by fixing yourself, fixing your community

(50:18):
and all that. You can't fix anybody else until you
fix yourself and you get yourself right with you know
yourself and you know you're and who you want to
be and what your ethos is And do you even
have an ethos? Because if you don't have an ethos,
then you don't have a t mos, and then this
is the only time the Greeks are actually relevant here
and this is why. But sorry, that's you know, no,
I love that so but sorry, you know, but it's

(50:43):
it's that these are the important things and this is
the way. You know. So if you're so, why don't
just stop worrying about this, that or anything else about
what Trump? What you think Trump is doing right or wrong.
If Trump does it all wrong, we'll get rid of
him in four years and we'll keep moving. But you
can still fix your community, and you can still fix
you know, what's wrong. And you know when people ask
me all the time to say, okay, everything you say,

(51:03):
thoms sounds great. I can see what they're doing at
the national level, I can see what the geopolitics are,
I can see what's happening in the market. Is okay,
how do what do I do? I'm like, you fixed
your home. You go into your community and you go
what's missing, right, okay? And if you if you do that,
you're gonna make the You're gonna make your home better,

(51:25):
You're gonna make your You're gonna fix that, You're gonna
you're gonna figure out how to get that pothole fix
at the end of the road, right, even if the
county won't do it, then you know, here a do it, Like, yeah,
the county should do it. So what the county didn't
do it, it's not gonna do it. You know why the
county is not gonna do it because the county fucking
hates you. That's why. So stop stop bitching about it
and just go get it done, you know. And you know,

(51:47):
and even if you never get any credit for it.
I used to live back a private road, and and
you know, my my home in North Florida is off
the private road. So I'm up here in my my
second place up in Tennessee now, but you know, in
my luxury RV BIV, waging in the middle of freaking
central Tennessee, having a grand all time, enjoying the fact
that you know, winter it still happens somewhere on the

(52:09):
fucking planet. And h but I looked back at private road,
you know, and the private road was eating cars. It
was so bad. And finally we just I just looked
at my wife and we finally made a little bit
of We were finally making a little bit of money.
And you know, it was actually sort of this project
when I was first working for Newsmax and making halfway
decent money in news Max. I'm like, my house is
paid off. I'm good. Hey, we need to get this

(52:31):
section of road fixed. So let's so do me a favor.
Let's start the process of like, see if we can
get the community to come together, throw some money in,
I'll match whatever they whatever they put in, and we'll
get and we'll get some work done on the road.
If I put a thousand bucks into that, into that
seven hundreds feed of road over the last five years,
I put ten thousand dollars in there, and my driveway

(52:52):
why because I knew it would be cheaper in the
long run then having to get my brakes in every
fifteen thousand miles, wading through muddy limestone pot you know,
puddles all summer long. So at the end of the day,
you know you do it. And did did I get
to thank you from anybody else in the in the neighborhood.

Speaker 2 (53:12):
No?

Speaker 1 (53:13):
Did I care? No, why they should care? So whatever,
it doesn't matter. What matters is that got done right
and that everybody benefited from it, and I benefited from it.
I'm not you know the I'm not. I know you're
going to be shocked to hear this, but I'm not
the most you know, sociable neighbor. So shocked, shocked, shocked

(53:39):
I am to hear it. So this is my way
of saying, you know, I'll get back to the neighborhood
by getting this done done do it? Yeah, you know,
so I don't know where that does, but you know
that's where that's where we are.

Speaker 2 (53:50):
Well it points out the key thing again is that
like when you I think voting is voting is important,
but I don't get on people that don't. It's like, look,
if that's the way that you want to express how
you feel about this, But what I do say to
people is that if you choose not to vote, I
don't feel you should be a dramatic bitcher about what's

(54:14):
going on. Part of the reason I moved to Florida
is because it was purple. It was a very small reason,
but it was part of why I was excited to
be here. So like, okay, in Illinois, my vote didn't matter,
although I still trudge through the snow and voted right
because it just felt I needed to do that because
I did never want to be in a debate or

(54:35):
a conversation when somebody says, what do you care? You
don't even vote. I just wanted to make sure that
was my base was covered for debates because in Illinois
it was going to be blue. It didn't really matter.
It was going to end up blue. Here that wasn't
necessarily the case. But now I see how much better
this state operates, and I'm like, I should have been

(54:58):
here ten years ago, purple or not, it was moving
in the right direction. And you know, with DeSantis now
talking about trying to figure out a way to get
rid of property taxes, that is my biggest pet Peeve
Thomas property taxes because it's like, what are you talking about,
like inside of an hoa where I can't even do

(55:20):
to my property theoretically what I want to I have
to pay the county property taxes, Like what are you
giving me? We pay for our security, we pay for
our trash pickup, we pay for everything here in the
community with our HOA dues? What am I getting the
road outside that I don't care about the road I

(55:40):
don't like to leave the house, So what does the
road outside the community matter? To me, And you know,
I have a huge V eight engine and I have
a jacked up golf guard, Like, what do I care?
Can I get everything I need? If the water is
too high, I can get in the golf guard, and
as long as it's not three feet, I could trudge
through pretty much anything. But I've just never understood property

(56:01):
taxes value proposition. I've never understood it, and especially as
somebody who doesn't have kids, who's not taking advantage of
whatever part of my property taxes pays a school system.
I do understand that educating the kids that live around
me is important, so I don't bitch about that too loud.
But I also have guns, and you know, when they're eighteen,
I can shoot them.

Speaker 1 (56:22):
Well, here's the thing I agree agree with you completely.
I've always I've always thought that, I've always, you know,
always said that the property taxes kind of like an
original sin doctrine, except there's no there's there's no baptism
the white boys. You continually pay one to four percent
of the value, and this is even more egregious that
you're then paying it on paying based on the value

(56:42):
of the perceived value value of the home right, which
is which is also retarded. So the there are a
couple of things that we can unpack her. What this
antis is serious about getting rid of property taxes? I
hope he is for primary residents homesteaded properties in Florida,
only primary businences. I've done the math. I looked all
this stuff up. It's it brings in about eighteen billion

(57:06):
dollars in years or is it twelve but it's it's
twelve percent of the State of Florida's budget or receipts.
We're running a three billion dollar surplus in Florida right now.
It's only going to get better, right so you're not
talking about a tremendous amount of money. Add ALRM taxes
and a lot of that goes to the school boards.

(57:27):
And the school boards were all super packs for the
freaking DNC anyway, now and with and and those numbers
have have skyrocketed, right with with everybody moving to Florida
and all and everybody now paying a higher step up
basis after the sale of the property because a lot
of those old homes previously were home seted in For

(57:47):
those of you who don't know, in Florida, the state
or the county cannot raise your if it's homestead exempted,
cannot raise the value. Cannot raise your property taxes the
assessed value of your property taxes more than three percent
of a year. So if your house is you know,
assess one hundred thousand dollars this year, even at the
value of the property on the open market is three
hundred grand, they can only raise the one hundred and

(58:08):
three thousand this year, and you know one point three
over that next year. Blah blah blah blah. Right, that's
it now, So that and that ULTI also, by the way,
is and there are rules on transference from one property
to the other, and there's all sorts of cool things
that you can do with it. The exemption is that
you're also you get fifty thousand dollars off of the
first seventy five thousand dollars with the value in the

(58:29):
added worum tax, but only twenty five thousand against school board,
So the schools are get to get disproportionate amount of
the money. Also now get rid of all of that.
And that's and and it's only going to get worse
for Florida in this respect. So you know, property taxes
in Florida too high. Period they're not necessary. We can

(58:50):
fund the state in other ways. Like, here's the thing,
why not why are we doing this via property taxes,
for example the schools. Why not just say, look, let's
set a budget, how much we're going to spend for
student flow a freaking bond and have to stay paid
for it or the in the state, the state and
the counties pay for it, and we'll figure out how
to pay for it and even if it winds up

(59:10):
costing us more in some ways. But we're not paying
rent to the government in perpetuity against our homes. This
is a fucking institutional serfdom that was created as a
system created given to us as always by the fucking
British going back, you know, going back to like about

(59:31):
a thousand years now. It's dumb and it's and it's
absolutely unacceptable. It's designed, like the income tax, to ensure
that the bondholders, who are the real owners of the society,
get their income stream. You want to stop, you want
to defund the high table, Let's start with property has

(59:57):
at the end of the at the end of the day,
I am a as much a revolutionary as your average
mark system.

Speaker 2 (01:00:02):
Just not Yeah, it's funny because you just you just oh,
I got to think of a word for this. You
just Tom Longo and Dave call them my regular life
thesis on you know, on property taxes, my everyday life thesis.
And I mean, it's just I don't mind helping the

(01:00:23):
government do what they're supposed to do. I mean, I understand,
you know, income tax was an amendment. It wasn't originally
in our documents, right in our founding documents, and I
understand why it wasn't, But it has constantly just gone
in one direction until really Trump. There's been a couple
of times where income tax have been dropped. But I mean,

(01:00:46):
I am a massive flat taxer. I don't mind income
taxes as much as the next guy. I don't mind
a graduated level of income taxes, you know, two percent,
seven percent, seventeen percent. That does doesn't bother me so much.
I think most people would do it voluntarily. The vast
majority of people who make a lot of money wouldn't
have a problem overpaying for their community if they needed to.

(01:01:10):
I don't want to pay for anything in San Francisco.
Quite frankly, I don't want to pay for anything in
the state of California. I lived there for four and
a half years, and while it was some of the
most beautiful land I've ever been around in my life
in any country, the people there are bat shit and
they're stupid and they're annoying. I'll tell you a quick
Californian story if you want. Sure everybody in there. My

(01:01:35):
ex wife was an attorney and I was in finance
and theory, right, and everybody we met attorney financed, nobody cared.
But the minute they found that I was on CNBC
and Fox and did TV spots, they were more interested
in me than her, because it was something about being
on that magic tube that made everybody, you know, all
of a sudden think you were something. Right. So I

(01:01:56):
met a guy I used to go to. This restaurant
called Beach Street Cafe was named after the same street
somewhere in New York City. I don't want to say
which borrow was in, But a producer opened this restaurant
because he was from that particular place, lived on that
particular street, and he used to like going to an
Italian restaurant there. So he made an Italian restaurant called

(01:02:16):
Beech Street Cafe. I'm making a short story alone. I
was sitting at the counter there one day eating and
there was a guy there. It was obviously divorced dad's Thursday,
and he's there with his kid, and his kid is
screaming that he wanted a cupcake, and the father is
audibly saying, look, I left my wallet up on the hill.
I don't have any more cash. I can't get you
a cupcake. So I talked to one of the normal

(01:02:38):
servers that I knew from going there all the time,
and sad, look at the kid a cupcake and charge
me for it. And the guy came over and he said,
you know, that was really nice of you. You know,
blah blah blah. My name is philan blank, doesn't matter,
say goodbye. A couple days later, I see him there
by himself, and he comes and sits by me and
we gets talking. Turns out he's a small time producer
and he's in charge of his company's pension fund. So

(01:02:59):
he says, hey, can we have lunch someday and you know,
talk about how I can do my bension bun better.
I'm like, yeah, sure we can do that. I get
a call from somebody and he says, I'm mister fill
in the Blank's assistant. He would like to set up
a lunch for you. I'm looking for Bobby ay Echino's
assistant And I said, well, you were talking to him.
It's me, right, so I said. He goes, well, I'm

(01:03:22):
sorry I was. Can he set a lunch date with you?
I'm like, sure, we'd like to meet at the Ivy. Like,
come on, man, that's like forty five minutes from me.
We both live in the same neighborhood. Can we at
least do ivy by the shore, which was closer to
where we both live. Let me check with him. Yeah,
he says that fine, So we set up a lunch.
First of all, why do you want me to go
to the Ivy? And I don't care about that shit, right,

(01:03:44):
So we go to a place that was ten minutes
from both of our houses. I get there and he's
there before me, right, And he's standing at the bar
and he's wearing a support coat. I'm in shorts and
a T shirt like I always am. And he sees
me and he comes running over and he gives me
a hug, and I'm like, it's a little early for
a hug, but whatever. He hugs me and is like

(01:04:04):
thank you for coming, thanks for showing up, Like, no problem.
We sit down and the server comes over and he's like,
how you doing, mister fill in the blank. He knows
the guy and he turns to me and goes, do
you eat meat? I go, yeah, I eat meat. He
goes the skirt steak here is amazing, Carlo skirt steak
for two please, And I'm thinking, did he just order
for the lady? You know what the fuck is that?

(01:04:25):
I ordered my own food or two guys, right? And
I called Carlo back over and I said, and give
me a bourbon neat please, because I'm gonna need it
for this conversation. So I think we're going to start
off with Bulls versus Lakers, you know, Dodgers versus Cubs.
I don't think it's going to be that kind of conversation.
The first thing he says to me and goes, so,
Sonya is not emotionally there for me. My father back

(01:04:47):
in Cleveland is dying of thyroid cancer. And Sonya wants back.
I'm like this, hold on a second, who the fuck
is Sonya? Like? What are you talking about? Right? And
he starts telling me these deep things about himself, his
life and his father's cancer and his relationship. And I'm like,
I had three four bourbons by the time lunch was over, right,

(01:05:08):
And then he gets up at the end of lunch
and he goes, thank you for showing I really love
you for that, and he gives me a hug and
I push him away. I'm like, you don't love me.
He goes, I'm sorry. I'm like, you don't love me.
We just met. You don't love me. He's like, I'm straight.
I'm like, I don't give a shit if you are
or not. You don't love me. And then I paid

(01:05:29):
for lunch. That's California. That's what California wants to me.
The guy just met me started telling me about his
inner feelings. The entire state to me, for me, from
my anecdote from my experience, was just a walking big lie.
Everybody was full of shit and I hated it. And

(01:05:50):
so when it came time to move somewhere warm again,
it was between Texas and Florida. I was never going
to cross that border and had any further west. It
was just not going to happen for me.

Speaker 1 (01:06:00):
Yeah, yeah, I mean it's funny. I've been living in
North Florida since I So I came to school after
growing up in New York. And it's funny way we
just just and I lived in that area outside of
you know, outside of Gainesville for twenty two years, and
it's just you know, you know, I braised goats. I've

(01:06:23):
you know, interfaced with people who you know, I you know,
I've been out you know, getting hey and this and
that and you know being you know, like and I've
lived in among and those are my people, right, Like
I we really do, like I don't they don't see
me that way, but I see them that way. Right.
I came up here to Tennessee and uh, over the weekend,

(01:06:46):
we had to go get get some firewood, and uh
the first thing we did is we found an old man,
got some firewood and chatting with him. And you know,
before I even you know, before we got done, I'm like,
you know, talking about where you know, I know a
guy who will you know take your well for you
You need some gravel, you need this? Y Yeah, I'm

(01:07:06):
like you had I just turned in my mind. You
have him in the phone, right, She's like, oh yeah, good,
Like that's all I need to know, Like, you know,
I need to have my I have, I mean the
property out here. We have a guy that's been helping
us get the property developed. I'm like, I, you know
his name is his name is Thomas, but I call
him Brad. Why because I have a Brad down in
Florida who whenever I needed something, I could call Brad

(01:07:30):
and Brad knew somebody or Brad had a family member
right that could get me the thing that I needed.
I had had a tree down on my fence and
it's too big for my chainsaw, get Brad's brother to
come out and take care of the problem or whatever
it was, and never had to worry about. You know,
you had a network people around you. And it's like
that's the first thing we started doing when we started,

(01:07:50):
you know, figuring out what we were going to do
up here. It's like, you can't get this stuff done
without knowing real people and and like so it's the
exact opposite of the problem, the acxact opposite of the situation.
So yeah, it's just fascinating, man. But that's how we're
going to, you know, get through this. You want to
go from can the country be saved? From no? To

(01:08:11):
maybe I'm like, no, the country can be saved because
all we have to do is remember that Brad is
right around the corner and as well. They do freaking
work for us if you if you just treat them
with a you know, even a modicum of respect. He's
the dude that gets shipped done. And Brads are everywhere,
and they're the best people. And by the way, they're
the best fucking people you'll ever.

Speaker 2 (01:08:31):
Hear, the best people. I think people should embrace their
inner kid Rock or Ted NuGen. Eat a steak covered
in blood. You know, it's just get blood on your shirt.
Just be normal and don't worry about what Europe or
the UK thinks about what we are culturally. We're better
read and we understand more than they do. And even
when we don't try and get one of them to
dig a road, they would have no idea how to

(01:08:53):
do it. This is the best country that has ever
been in my view. And you know it's funny. I
was I was looking this is. You can actually find
this on my ex if you look for it. I
don't know where it is because I don't usually care
what I said before, but this particular time, I do
want to pap myself on the back after Trump won
the election, I said, we're going to get a fifteen

(01:09:14):
to thirty percent drop in the equity markets, and depending
on which one, the NASTAK fell over thirty percent, I
think the SMB dropped about nineteen and a half percent,
something in that range. And I said, and then after that,
it's going to be a multi decade bull market for assets,
I said, the stocks. Realizing I meant assets, I went
deeper into gold at that point. I bought my first

(01:09:36):
gold coin in nineteen eighty six, when the American ego
first was minted. I just thought it was a cool coin,
you know, and so I've been buying little bits of
gold just because I thought it was cool. And I'm Italian.
We like chains and stuff, so gold always mattered to
me culturally. And I said, after that, it's going to
be a multi decade bull market. And I still believe
that because I think the mid term is going to

(01:09:59):
go Trump's way, the mentorm elections, and then I think
you're going to really see a ramp up of what
he's doing. I think he's been cautious because of the
midterms and because whether it's him or best in his
ear going slow down, we'll be able to do this,
but we've got to keep it into your second term.
He's gonna be the first non lame duck we've ever had,
right because he's just going to keep doing things, and

(01:10:21):
I think people should have faith in what's going on.
I moved into the maybe camp. I'll go into the yes,
we can be saved camped if a JD Vance type
wins when Trump is gone. But I think aesthetically, like
looking at the falling gold. I told you how that
we own a lot of physical gold, you know, for
our particular net worth. I don't want to exaggerate the

(01:10:45):
level of that is. But the last two corrections in
gold have been sideways corrections. People don't really know what
that means. But what happens a lot of the time
when an asset rallies and then moves sideways. People get bored,
They get tired. They think it's not continuing to appreciate.
So I'm going to sell out a sum or all
of it and buy something that may perform the way

(01:11:06):
that that asset recently did. And this is the first
time gold actually I'm putting this in air quotes for
people who are listening, collapsed, right, But it didn't really.
It collapsed and it's stabilized, and as I'm speaking right now,
it's back above four thousand dollars and it's likely to
move sideways from there in my view, And if it does,

(01:11:30):
if I'm right about that, it's pausing for the next
leg up. It's not moving lower. When gold did about
forty two hundred, I told my wife, I said, you know,
this has been a kind of an exhausting move, what
technical analysts would call an exhaustion move. But that comes
from people going, wow, I don't have any more money.
I hope this keeps going up, and they see the

(01:11:51):
money they've made and they're like, I'm going to take
some of it out. I did that about a couple
of years ago. When gold did nineteen hundred, I sold
one coin and went out and bought two bicycles because
my wife and I wanted new bicycles, and to me,
there were free bicycles because they were the cost of
a coin that I probably paid seven hundred dollars for.

Speaker 1 (01:12:08):
Right So.

Speaker 2 (01:12:11):
From that perspective, sideways corrections are an indication of a move.
Higher corrections are an indication of a future move higher.
When gold sold off, my wife said, oh, we should
have sold all of it and then bought it back
lower for the time. I can't predict that stuff. I've
been actively trading for thirty four years. I've bought the

(01:12:33):
low and sold the high four times, so I don't
I'm not the person who thinks I can do that.
We didn't sell one coin on the selloff. We didn't
sell one bar on the sell off, and I didn't
sell one futures contract because I'm currently a long in
the futures because it is going back up. In my view,
I've been wrong. I want to stress that I don't

(01:12:53):
want to see people, you know, mortgaging their house to
go into gold. But I think gold is going to
hit ten thousand, uh, possibly before we speak two more times,
possibly before.

Speaker 1 (01:13:06):
We that's more bullish than I am.

Speaker 2 (01:13:09):
I mean, you speak publicly two more times, you and
I talk all the time.

Speaker 1 (01:13:12):
Well again, I know that's I know what you meant,
and that's more bullish than I am. But I agree
with you that the uh, this is a sideways, this
is just this is just consolidation. What you know, what
I called consolidation. And I'll tell you why. And my
my my argument is very simple. We have to recollateralize

(01:13:33):
the country. We have to recollateralize our our debt markets.
And you recollateralize the debt markets by and if you
want to beat London at its game, who doesn't have
any gold?

Speaker 2 (01:13:44):
Right?

Speaker 1 (01:13:44):
London, London and Ottawa? Who does have gold in the
United States?

Speaker 2 (01:13:49):
Mm hmmm. So people people made too much of China
buying it. There's still ranked fifth or sixth in the
world in terms of that's that's thesion of gold they had.

Speaker 1 (01:13:57):
That's that's the official numbers. I think. I think, I've
always I always agree with your mercers. It's you know,
probably hired, and that same thing with the Russians. So
that's only the official gold reserves. Then there's the stuff
in the sovereign both run. Then there's the stuff. Then
there's the stuff in the basement of the fucking Kremlin.
Then there's this.

Speaker 2 (01:14:11):
Then there's the Yeah, I should I should I should
have I mean, I should have known you would say that,
because that's correct. I had a friend that worked for
China Construction Bank for years and he just said to
me when he goes, none of this is what, none
of this is.

Speaker 1 (01:14:22):
No, this is true? Right? Yeah? And then there's that,
and then there's the goal that that that the people
are buying that they're pulling off a sheet every day.
And then so what I mean by this is that
you know, in order to you know, in order to
recapitalize the FED, for example, in order to recapitalize, right,
if we're really need to keep the FED in its
current role, which I don't think we will, that's a
different conversation for different days. So we should just kind

(01:14:42):
of wind this up now. Which is that? Which is that? Yeah,
this four thousand level, you know, we may see a
correction down at the thirty five we do forget to
buy with both discus and it's going it's going to
shoot right the six because will be a classic kind
of Martin Armstrong false moved down like we saw in
the equity market. It's earlier and near on the tariff tantrum.
To your point, there are things that are happening that

(01:15:07):
you know, we didn't talk to you and I didn't
talk about today that I know that I can I
can feel and I can see we're setting up for
the next leg of this right now. It's China's turn.
Vince Launch would say, it's China's turned to buy gold.
It's our turn to back off and let China buy,
and then they're gonna buy for a little while. And
nineties don't tend to tend to like to overpay for

(01:15:29):
their gold, so little trade side. It was for a
little while, and that's fine, and then we'll move up
to the next level and the next level or the
next level. So if it goes to ten grand in
that amount of time, that would actually be too dramatic
for me. And the reason is that I would say that,
then we've lost control of the situation. I want to see.
I'm a you're Chicago guy. Yeah, I'm a New York guy.

(01:15:50):
I'm a Tuna guy. I'm I believe in three yards
and a cloud of dust. I believe in don't build oursels,
smash mouth football seventeen fourteen, kick a field goal with
fourteen seconds left and ConTroll the cock for forty five minutes.
That's my that's my gig. And I never like to
see gold go parabolic or you know, in the short
term or in the medium term. Never same thing with

(01:16:10):
something with you.

Speaker 2 (01:16:11):
I hated seeing the Bears win forty seven to forty
two yesterday. I hate those kinds of.

Speaker 1 (01:16:16):
Games, right, I'm a I'm a three two baseball game
kind of guy. I think some young winners should have
an ERA under three. I think they should pitch. I
think they should pitch pitch nine innings. I'm an old
school baseball guy. I'm an old school football guy, and
I'm certainly an old school hockey guy that like the
dead puckier more than anything else, goaltenders should rule. But
that being said, we don't live in that world anymore.

(01:16:37):
We live in an inflated version of everything because people
like points, so whatever. Okay, so, but that's where we are.
So you know, I want to see a nice, gradual
grind it out, make the bears in the markets completely
and utterly unnerved on every period, because that's the way
you get durable price discovery.

Speaker 2 (01:17:00):
I got one last question for you. I was on
a podcast recently. You were on it as well, cipher Punked,
and they were trying to what they called redpill me
on bitcoin. Now. I said, look, I've traded bitcoin a lot,
I've owned it, I've sold everything that I know quote
unquote was holding. I'm not going to use total I

(01:17:20):
think that's one of the dumbest things anyway, I recently
told them that two of the biggest problems for bitcoin
is you're basically still tied to the dollar because there's
no exchange that prices everything in bitcoin. You don't have
like a giant Walmart or Costco or Amazon, where everything
is priced to bitcoin. Everything is still priced in dollars globally.

(01:17:41):
And you can't say bitcoin is worth one bicycle. Bitcoin
is worth one hundred and seven thousand tunes. I could
take nine hundred dollars of that and buy a bicycle.
That's what it is. So you guys are still tied
to the dollar. Gold is actually not like that. Yeah,
they priced golden dollars, but you can also price it
in proper or the euro or different things. That's why

(01:18:03):
I go better. I'm not disparaging bitcoin. I think it's
an asset, but I just don't know what kind of
asset it is. Part two. None of you believe that
it can crash to zero. I believe that it can.
If you ask me how, I don't fucking know. But
you guys have this view similar to the people who

(01:18:24):
are selling horse and carriages when the car came along,
that nothing new can beat your current method and that
nothing could break into your system and damage it. And
his answer to me was, well, the top cryptologists and
hackers and mathematicians. I'll say, I go, those are the
top ones. Now we used to bleed people to cure
the flu. Those are the top medical professionals at the time.

(01:18:48):
But twenty fifty twenty one point fifty, I don't know
what the hell's going to happen. My point is, people
who think bitcoin cannot fail are the people who invested
in Birdie made off. They're the same kind end of people.
Talk to me, respond to I agree.

Speaker 1 (01:19:04):
You know I've been I have been called a shit coiner,
like anything to given Thursday Bob, I will be a
Russian asset, I will be a Zio cuck. I will
be a shill for the Israelis taking my seven thousand
dollars a day payout.

Speaker 2 (01:19:18):
And I we're a maga lover.

Speaker 1 (01:19:19):
You're ever a maggot card, a cute hard and a
shit coiner. And why for the exact same argument that
you just made about bitcoin. I don't believe technology ends.
I believe bitcoin is fascinating monetary technology. I don't believe
anything ends. To quote John Osterman, doctor Manhattan, at the

(01:19:39):
end of Watchman. No, in the end, Adrian, nothing ever ends.
So technology doesn't end. There's always gonna be a better
mouse trap. There's always gonna be something better. Will bitcoin
affect the history of money?

Speaker 2 (01:19:54):
Yes?

Speaker 1 (01:19:55):
Will it be the end of the discussion about money?

Speaker 2 (01:19:58):
No?

Speaker 1 (01:20:00):
And if you and even if you believe, even in
my heart of hearts, right, I can. And I've said
this to the bitcoiners. I'm like, I'm happy to be wrong.

Speaker 2 (01:20:09):
Yeah, I'd love to be wrong.

Speaker 1 (01:20:10):
I'm also happy to, you know, to say, maybe you're
you're correct. I mean, I read the white paper in
June of twenty ten, yeah, and mind a fifty block.
I've since I lost those coins, of course, of course,
but I was there. I read the white paper and went,
oh shit, cool, I get it. I explained me, I

(01:20:35):
explained how it?

Speaker 2 (01:20:35):
You know?

Speaker 1 (01:20:36):
How it? You know? Satisfied me as a regression theorem
to the little rock ball guys who called it, you know,
funny money and all of this stuff back and back then.
Did all that been there done that got that T
shirt us your thirty six in the old bitcoin forms,
YadA YadA, YadA, can believe in it? Still have to

(01:20:57):
remind myself every day. There's always the possibility that I'm wrong,
and you have to lay. You have to leave that
in there, otherwise you become a religious zalot. I refuse
to be ideotically possessed by anything. And we'll go from there.
Not even Trump.

Speaker 2 (01:21:16):
Right on the same page, buddy. So anyway, I got
a hard stop here, man.

Speaker 1 (01:21:21):
So do why I've got I've got another one in
like two in the five minutes. So Bob, it's you know,
thank you, thank you so much for the afternoon and
and your time.

Speaker 2 (01:21:32):
Man.

Speaker 1 (01:21:32):
You're you're you know, it was great. Tell everybody where
they can find you or to do the thing, and
let's get out the door. Yeah.

Speaker 2 (01:21:38):
So our newsletter you can find at Unfiltered Investor dot com.
I also attracked it from the Unfiltered Investors, so it
doesn't matter where he goes.

Speaker 1 (01:21:45):
Uh.

Speaker 2 (01:21:46):
The show is Future's Edge Finance unfiltered. It's everywhere. You
could follow me at X on X at Bob Underscore
A A Chino And that last name is I A
C C I n oh, so it's difficult to spell,
but it's Bob Undersquare alright, you know, Yeah, reach out,
love to talk to any of you all right, And.

Speaker 1 (01:22:04):
On TfL seventeen twenty eight. On Twitter, Patregon slash gold,
guts and guns, which is how we pay the bills.
With the newsletter and the twice your market reports, you
guys know the drill, so be well, take care and
keep your stick on the ice.

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Episode #236 - Bob Iaccino and the Reality of Rule by Mob Boss Politics

Episode Transcript

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Episode #236 - Bob Iaccino and the Reality of Rule by Mob Boss Politics