Epstein's Co-Conspirators Named + Trump's $100K Dow Prediction | PBD #736

Patrick Bet-David, Tom Ellsworth & Brandon Aceto are joined by Peter Schiff and Luke Groman as they break down the January jobs report, Trump’s 15% GDP and $100K Dow predictions, El Paso airspace shutdown and Epstein revelations, and market reactions spanning gold, Bitcoin, nuclear IPO momentum, and the Tai Lopez FBI investigation. ------- Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4kSVkso ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4mAWQAP⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4lzQph2 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4pzLEXj⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4pzLEXj 💬 TEXT US: Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! ABOUT US: Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:14Speaker 00

  My handshake is better than anything I ever signed, right here.

• 0:18Patrick Bet-David?

  You are a one of one?

• 0:19Speaker 00

  My son's right there. I don't think I've ever said this before.

• 0:27Patrick Bet-David?

  Okay, so we got a special podcast here for you guys today. We got a lot of stories to cover. It's supposed to be a business podcast. We do Wednesday to talk about business. And then you get reports this morning about El Paso shooting, right? And not El Paso shooting, the El Paso airport shutting down for the next till, what is it, February 28th? No flights in or out, first thing in the morning. No one knows what's going on down the street from Fort Bliss, 90,000 soldiers. People want to know how did this take place? You know, is there something going on we don't know about? Did Mexico's airport across the street from El Paso shut down? It didn't. So is there something we know? Are they reporting any of this stuff? We're going to talk about that as well. We have to, and of course,

• 1:11Patrick Bet-David?

  with some of this stuff that was released with Epstein files, with the six names that was just leaked by Ro Khanna, that they're now talking about and a few other things that we'll get into. And we just got the jobs report that we just got an update on as well here minutes ago. But let me go through the stories and then we'll have our guests introduce them. So we're going to talk about gold. The guys that we have here on the podcast kind of like gold a lot, okay? And not a little bit. They kind of love it a lot. And you're probably going to hear some I told you so's. You know, it's going to be one of those moments where I told you gold's going to be at 5,000. And then we're going to see if they're going to say gold's going to get to 50,000 one day. Who knows? Is it going to be, you know, crypto? You know, one of our guests today believes all roads lead to gold. We'll debate it. We'll hash it out.

• 1:56Patrick Bet-David?

  I'm a guy that owns a lot of gold. I'm a fan of gold as well. So who knows? Who knows what will happen? Trump's predicting 100,000 on Dow by the time he leaves office. Claims he was right about everything. Trump pick, the Fed picks Worshe. He picked him, he says, because he can get the economy to grow 15% growth. California's billionaire tax will be disastrous and cause wealthy to flee. Give me one second.

• 2:30Patrick Bet-David?

  Hang on one second.

• 2:34Patrick Bet-David?

  Wealthy to flee economists predict. January layoffs rose to the highest level for the month since 09. All morning this morning that we're saying that there's going to be negative news report for jobs. And it's going to be bad. It's going to be terrible. And then boom, report comes out. Tom will give you guys a report. Uh, Trump told Palm Beach Police Chief. Thank goodness you're stopping Epstein called Jelaine Maxwell evil. In 2006, phone call.

• 3:03Patrick Bet-David?

  FBI document. Uh, S and P is already predicting China's property slump will be worse than it expected this year. January layoffs rose to the highest level for the month since 2009. No one nor this sues him's and hers. This is a story Tom's not happy about. Copycat versions of we go the drug him stock fell 18%. I mean, it's the stock fell, not, you know what I'm saying? The stock fell 18% for some of you guys that are worried. Apparently it still works. Um, job hunters, this is the weirdest story. I don't know if you guys seen the story or not. Job hunters are so desperate that they're paying to get recruited. Not, not like you're looking for a job.

• 3:47Patrick Bet-David?

  You're paying the recruiter saying, please tell them I'm the person. I'll give you a site, you know? Get me the job. Tell them they should hire me instead of the other person. Times are changing. Nuclear sector is poised to be its biggest IPO in years. It's going to be nuclear. We'll talk about that. Treasury Secretary predicts blockbuster 2026 for US economy as Dow hits historic milestone. Proposed ban on investors and housing market hits a wall in Congress. Housing affordability package set to advance in Congress amid home cost concerns. Zuckerberg is the latest California billionaire to buy Florida home. It's happening left and right. CIA looks to speed up access to new tech in race against China.

• 4:29Patrick Bet-David?

  And then we got a couple of other stories here. Social networks face big tobacco moments over addiction cases. And EU warns Tik Tok over addictive feeds and risks to children. Okay. With that being said, let's get right into it. Our guest today, Peter Schiff and Luke. Gorman Luke, if you don't mind, we've had Peter a couple of times before. Take a minute and introduce yourself to the audience, please.

• 4:50Speaker 02

  Thank you, Patrick. Luke Gromen, I founded FFTT, an investment research firm 12 years ago. Spent 30 years in investment research, doing bottoms-up, fundamental channel checks first. And FFTT over the last 12 years is focused on doing, aggregating publicly available data points to identify developing economic bottlenecks in macro and thematic markets.

• 5:18Patrick Bet-David?

  Beautiful. There you go. So, the guy knows what he's talking about when it comes to money. And there's two types of people here. The super, super technical, and then we have someone that's going to be able to simplify it for you as well. Hank Todd, we're going to get smarter by the end of the podcast. Tom, tell us about the jobs report that just came in.

• 5:35Tom Ellsworth?

  Well, the jobs report just broke 8:30, popped out, and the headlines were two sets of headlines. One was that 130,000, a little bit more than 130,000 jobs were created in January. Multiple reports over the last 48 hours coming out of the weekend was they were expecting about 55,000 for the month, and they were expecting some revisions, maybe to go back as far as oh, 24, right? They were expecting like 18 months of revisions. You know, the Department of Labor, a little bit politicized, more than a little bit, they tend to go back and revise. What this has done to the market today, though, is that in addition to this, they announced that inflation was a tick lower, 4.3 versus 4.4,

• 6:19Tom Ellsworth?

  which is good, that it didn't move. And the Dow was up 200 in pre-market, yeah, we're 50,543 here, 270 pre-market, Nasdaq 218 pre-market, S&P 41, a pre-market. So, you know, that's what you got. And the market seems pretty happy that it wasn't bad news.

• 6:40Patrick Bet-David?

  What does this mean, Peter? What does this mean to the average guy?

• 6:43Speaker 04

  It doesn't mean anything. I mean, you've got to take these government jobs numbers with a grain of salt. They are highly politicized, and they are almost always revised down, not just once, but multiple times. The revisions that we just got, which was for about a year's worth of data, this is not the first downward revision. Maybe it's like the third or the fourth. But if you go back to all these jobs reports that came out...

• 7:10Speaker 04

  Let's say during the last year of Biden's term. Almost every report was initially a beat. We created more jobs than we expected. They've now revised them so many times that they're all misses. But many of the reports which said we created jobs, we now know that we actually lost jobs. They would have been reported as negative numbers had they been reported accurately the first time. But the markets react to these numbers as if they're real. The government takes credit. You know, the Fed was taking credit for this strong labor market, the Biden administration, Wall Street. If you go back to my podcasts, every single jobs beat that came out, I said, it's not a beat, just wait for the revisions.

• 7:55Speaker 04

  They're all going to be misses. I think we're losing jobs. I think the economy is a lot weaker than the government claims. And that was the case. And that is the case today. You know, the Trump administration is telling the same type of lies that the Biden administration did. The economy is far weaker than is being claimed. In fact, we're probably in a protracted recession that's been going on for years. And also inflation is a lot higher than they claim. So the economy is weaker, inflation is stronger. And that's what, you know, is being confirmed by the markets. Look at gold over $5,000. Look at this dollar hitting a new all-time record low against the Swiss franc. And you can see what's happening in the market. Look at rising long-term bond yields

• 8:40Speaker 04

  as the world is losing confidence in the US dollar and our ability to manage our debt. And our debt is exploding. I mean, if we really had a strong economy, budget deficits would not be going up, they'd be coming down.

• 8:54Patrick Bet-David?

  Luke, what would you say?

• 8:56Speaker 02

  I would tend to agree with a lot of that. And I think a key question is that how much of it is cyclical versus how much of it is secular? In other words, the economy goes through cycles over time. And I think there is a, starting to be the dawning realization or maybe even fear that some of these job losses are starting to be related to the pace of AI and technology and robotics. And if that's the case, that is, that's problematic. Because that is much more structural in nature and would require a much more structural reaction or.

• 9:35Speaker 02

  Aggressive response from policymakers to offset. And so that's, you know, something I've been very focused on in, in, literally in the last month, month and a half, two months of just AI is fundamentally incompatible with the system as it's structured.

• 9:53Patrick Bet-David?

  Incompatible with the system that's structured?

• 9:55Speaker 02

  Yes.

• 9:55Patrick Bet-David?

  Tell me more.

• 9:57Speaker 02

  Well, the United States has a debt-based currency, debt-based system, and about half of our tax receipts come from individual taxpayers. And the working model, I've been talking about this for, going on three years now, has been, you know, one of the advantages of being in Cleveland, Ohio, where we're located, is we lived through AI productivity shock 1.0. It was called the China shock. The economists called it China shock. And that was productivity miracle, significantly reduced costs, significantly reduced regulation because they sent factories to China, they sent the jobs to China for blue collar workers. China went into the WTO at the end of 01, and in the next seven to eight years, manufacturing employment in

• 10:42Speaker 02

  the United States fell 30 to 35%. And so that's been my working model for what AI and robotics are likely to do to white collar workers. And having been, having seen what happened to blue collar workers when AI productivity miracle, you know, China hit, you can extrapolate without having to be too aggressive with the assumptions. For example, 1990, the biggest employer across the United States was manufacturing. Today, in 2025, according to the New York Times, in 38 of 50 states, the single biggest employer is

• 11:21Speaker 02

  healthcare. Within that, it's not practitioners, it is mostly administration. There are few industries that are more ripe for AI disruption than healthcare administration. The machines just do it better than people do. And so now you, the reason why it's fundamentally incompatible is ultimately because we have a debt-based system, because people borrow to buy their cars, they borrow to buy their houses, they borrow on their credit cards.

• 11:49Speaker 04

  What happens when, because it's starting to look like it's when, and it might already be starting, people making a hundred, hundred fifty, two hundred thousand dollars in good white collar jobs, they have never had to worry about being displaced by a cheap Chinese laborer on the other side of the world. The machine is now the cheap Chinese laborer. And so when they lose their jobs, when their wages are compressed, how do they pay their mortgage? How do they pay their car? How do they pay their credit card? And we know what happens from there because we saw in 2007, 2008, when they stopped paying the mortgage. That's why it's fundamentally independent.

• 12:22Patrick Bet-David?

  So you guys are on the same page with what you think is about to happen to the economy? You guys both think there's going to be a market correction?

• 12:27Speaker 04

  There's some huge problems that underlie the economy, but productivity gains from AI are not one of them. I mean, remember, to the extent that we're able to eliminate labor because of AI, that's a positive. That's a good thing. That's, that's how the economy grows. That's how our standard of living rises. We find more productive ways to produce more stuff. The problem is going to be if the people who are displaced from AI can't find productive employment someplace else, which would normally happen absent all of the government interference in the economy and the ways the government has been undermining our economy for years, particularly with artificially low interest rates, which unfortunately are going to get even lower.

• 13:12Speaker 04

  The United States economy is unfortunately a consumer credit based economy, and the lending comes from abroad. We have an economy that is completely dysfunctional because of decades of bad monetary and fiscal policy. The United States is completely dependent on the rest of the world to produce the goods that we don't make and loan us the money that we don't save. And I think what's happening right now is the world is pulling the rug out from under that phony economy. I think Donald Trump has basically given the world a kick in the ass to get them to do what they should have done a long time ago, and that is ditch the dollar, move away from the dollar as the reserve currency. Central banks are getting rid of dollars and buying gold, and I think the world is

• 13:56Speaker 04

  going to move away from bilateral trade in US dollars. So we're not going to be able to finance these massive trade deficits, these massive budget deficits, and that is the problem. We're headed not for a financial crisis like we had in 2008, but a sovereign debt and US dollar crisis, which is considerably worse for the US and will be much more disruptive for the standard of living of typical Americans.

• 14:24Patrick Bet-David?

  Tom, what do you think?

• 14:24Tom Ellsworth?

  Well, Peter, you've been talking about this for a lot of years in various ways, to be fair, and I'm not picking on you here. What makes first quarter 26 different? Because you've had these warnings going on for a while. Now, I agree with you about the robots, and government has pointed out, because they've recommended like a robot tax. For each job, each job that you replace, Pat, we're going to put a tax on the robot as a taxpaying unit because it's a unit of productivity. Now, that's insanity, and the EU actually voted that down a couple of years ago, which was kind of shocking by their standards. But what's different here in 26 versus last year versus 24 versus 20? You've given the call several times.

• 15:04Speaker 04

  Well, we're just further along in the process. I mean, if you look at the last couple of years, gold broke out. It was at $2,000 an ounce at the beginning of 2024. It's over $5,000 now. That is a considerable move in the price of gold. That is a major warning that what I've been warning about myself is now happening. The market is confirming what I've been saying. Look, I saw this train wreck coming way in advance. You know, potentially had policymakers paid attention to what I was saying, we might have been able to defuse the bomb. But but now it's obviously going off. You could see it in in the foreign exchange market. You could see it in the long-term treasury yields. Look how many times the Fed

• 15:46Speaker 04

  has cut interest rates, yet look what's happened to long-term rates. The Fed has completely lost control of the long-term bond market. That's why they surreptitiously went back to quantitative easing. They haven't acknowledged or admitted that it's QE, but that's exactly what they're doing.

• 16:01Patrick Bet-David?

  And I'm going to come back to this.

• 16:01Speaker 04

  They're expanding the money supply right now. They're monetizing more debt because private demand for US debt is evaporating.

• 16:09Speaker 04

  Foreign governments don't want to buy our debt. Private investors don't want to buy our debt. And so rates are going to rise and we've reached that point where we have this massive stagflationary collapse. We have inflation that's running out of control. I mean, why do you think the Fed is allowing inflation? It's well above target. If their target is 2%, we're well above 3%. Yet instead of raising rates, which they should be doing, they're cutting rates. They're doing that because they have no control.

• 16:35Patrick Bet-David?

  Let me go to the story here. Okay, Rob, if you want to pull this up. Trump says Fed picks, Fed pick wash can get economy to a 15% growth. Which by the way, I know you guys, this sounds like a good story, but there's many arguments to it. Rob, go ahead and play this clip. Look, I'm going to come to you first.

• 16:52Speaker 05

  And everybody else for years. And they say 3% growth, oh, this is great GDP. 3% GDP, 2.5, they're very happy, 2.5. 2%, 1%, they're happy with anything. We should grow 15 or 20%. Larry, every time we're growing, they stop it by announcing that, you know, we're going to raise interest rates. So we did, we're going to do 5.4%. It was announced with a Democratic shutdown, which cost us at least a point and a half, okay? People don't realize, we could have been at 7%. We should be at 15%. If, I'll tell you, if our new head of the Fed, who I think is going to be great, and he's, he's a really high quality person.

• 17:37Speaker 05

  He was a very, and your friend Kevin was great, but I want to keep him with us too. I said to Kevin, look, I want to keep, I had the two Kevins, right? But I wanted to keep him with us, he's doing great. But if he does the job that he's capable, we can grow at 15%. I think more than that.

• 17:56Speaker 06

  Well, 15 is a big number, sir.

• 17:58Speaker 05

  But Larry, you can do it. The problem is every time, we used to grow at 15% and, you know, when we were starting as a country, we were growing.

• 18:06Speaker 06

  Yes.

• 18:07Speaker 05

  Because we had. Spirit and we had the right incentives. Today we have a lot of socialism. I love it when you talk about. We have a lot of bad things. Yes. But there's no.

• 18:17Patrick Bet-David?

  You can pause it right there. So Luke, what concerns you about this and what excites you about it?

• 18:22Speaker 02

  I, I think, I think the 15% number on an absolute number is, is probably a little bit of Trump being Trump, which is to say, you know, everything is superlatives. However, I think he's getting at what the game plan is. I think one, one of the great charms in my opinion of Trump is, is he will often tell you what the plan is, even sometimes when he shouldn't, he does. And I agree that we are in a Western sovereign debt crisis, that we have a debt problem. We have a deficit problem. There's two ways out of it. You either default on the debt, which is simply not possible, or you financially repress the debt. You devalue the currency. And so what I think Trump is telling us is that we're going to run a version of the playbook that we ran in World War II.

• 19:06Speaker 02

  So during World War II, we ran debt to GDP up to 110%. And from 1945 to 1951, debt to GDP fell from 110% to 55% in just five years. How did we do that? Simple. We grew rapidly. We had a yield curve control, which is to say the Fed went to Treasury and said, we will buy every three month T bill you offer at three eighths of a percent, no questions asked. We will buy every 10 year Treasury you offer at two and a half percent, no questions asked. They kept those yields there and they printed as much money as they needed to. Uh, and you, US inflation took off.

• 19:47Speaker 02

  Uh, and US real rates, uh, which is to say nominal GDP growth, uh, minus inflation, real rates were negative 13% at the lows. So basically we inflated the debt away and, uh, ultimately we grew nominally.

• 20:04Speaker 02

  Probably at 15 or 20 or 25% and fast forward to 2020 and COVID. We ran a very similar version of that playbook. If you look at the US debt to GDP, it peaked at about 130% around mid 2020. It fell down to about 115% in under a year. How did we do that? Simple. We grew GDP at about 12 to 15% nominally with about 8 to 10% inflation in that number. And the Fed was buying hundreds of billions of dollars of bonds at basically zero. And so when he talks about wash and he talks about 15%, I think they understand they are in a corner.

• 20:46Speaker 02

  The only way out of this is of another version of that where they are going to run this economy extremely hot and you're going to have.

• 20:53Patrick Bet-David?

  Is that a good thing for the average person?

• 20:54Speaker 02

  First of all.

• 20:55Patrick Bet-David?

  Hang on, hang on, hang on, Pete. Is this going to be beneficial to the average person? Who does this benefit?

• 21:00Speaker 02

  So it, there's winners and losers in any choice, of course, right? So the winner over the last 50 years of financialization have been bondholders, Wall Street, Washington deficits. The loser has been the middle and working class of America, the wage earner.

• 21:14Patrick Bet-David?

  Right.

• 21:15Speaker 02

  To my eyes, what the Trump administration appears to be doing is trying to reverse that. Listen to what Scott Besen is said repeatedly. It's a time for Main Street, not Wall Street. Wall Street will still do okay, but Main Street will do well. Look at immigration policy. They are intentional, regardless of how one feels about it politically, the fact is they are removing supplies of blue collar labor from this country that has, that has, that has kept a cap on wages. And now they bring in a Fed chair that he says is going to grow GDP 15%. They ultimately, what I think they're trying to do is flip the script versus the last 50 years, which is wages are going to rise. They're going to try to run the Henry Ford model, which is to say, Henry Ford famously

• 21:57Speaker 02

  said, I pay my workers more than I need to because I want them to be able to afford to buy the Model Ts coming off the line because that is a sustainable, that's a sustainable economic model. Which, no, hold on, let me finish, Peter. The.

• 22:13Speaker 02

  Trade Representative Jameson Greer at Davos in a speech is fascinating. He gave a speech at Davos. All the speeches that came out at Davos three weeks ago got a lot of press time. His was not picked up by Financial Times. It was not picked up by the Wall Street Journal. It was not picked up by Bloomberg. The only one that picked it up was Fox News in just a blurb. He came out and said exactly this. We are going back to a system where we are going to benefit the working class. Basically, a more sustainable system. So the winners are going to be wages. The losers are going to be the bondholders on a real basis. They're going to get paid every dollar of their own, but we're going to go, we're going to have a period of the economy is going to grow hot. Peter, do you agree? Yeah, okay, no, I don't agree.

• 22:55Speaker 07

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• 23:55Speaker 04

  With pretty much just about any of this stuff. So let's get, let's get back to reality. But just first to make a side point, because I don't like hearing the nonsense about Henry Ford. So the reason that Ford paid workers $5 a day was not so they could buy his cars. That would be nonsense. The reason he did that was to retain workers. There was a lot of turnover and Ford invested a lot to train his workers on the assembly line. So in order to retain workers and reduce turnover, he paid higher wages. And Ford workers back then, in real terms, were making a lot more than they're making today. And of course, back then, they paid no income taxes, they paid no social security taxes. So it was good to be a worker in America before the government screwed up our economy.

• 24:36Speaker 04

  But I want to get to this idea that we're just somehow gonna replay what happened after the Second World War. So first of all, we ran up a lot of debt during the Second World War. Now, one thing that happened during the Second World War was we introduced a withholding tax, and we pretty much tripled the income tax. So vast majority of Americans paid no income taxes at all prior to the Second World War. They started paying during the war to pay for the war. Now, when the war ended and we, you know, demobilized all the troops and we stopped the fighting, the government never got rid of the income tax. They never reversed the tax hikes that were implemented to pay for the war.

• 25:17Speaker 04

  So the government had all of this revenue coming in that it didn't have before from taxpayers. And that also helped to bring down the debt relative to GDP. And yes, we did create a lot of inflation during the 1960s that manifested itself in the 1970s that also helped to bring it down. But back then, America was a completely different country than we are today. We were the world's biggest creditor nation. We were the world's biggest exporter of manufactured goods. We had huge trade surpluses. We were still a sovereign nation. Today, we're completely broke. We're the world's biggest debtor nation. We have massive trade deficits. We have no savings.

• 25:58Speaker 04

  We're not increasing taxes the way we hiked them during the Second World War. We've recently cut taxes. Meanwhile, we've already bled the typical American household dry. They have all this debt. They didn't have, people didn't have credit card debt in the 1950s. They didn't have all these student loans. Student loans didn't even exist back then. So Americans are drowning in debt. They have no ability to pay higher taxes to reduce these deficits. I agree with one thing that you said. We're gonna try to inflate them away, but the biggest losers in this inflation are not just gonna be bondholders, but... Wage earners, the average American is going to see the value of his savings and his wages

• 26:39Speaker 04

  completely eviscerated by the inflation that's about to hit. And what's going to happen too is decades of the inflation that we exported because we took a lot of the money that we printed and we sent it abroad. And our creditors, instead of buying our products, which didn't exist, they bought our financial assets. And that whole thing is going to be reversing. So the world is going to be selling US bonds, US stocks, raising US dollars. All those dollars are going to come home bidding up nonexistent good prices. So all the inflation is going to move out of financial assets. So yes, Wall Street is going to lose, but all the inflation is going to move into consumer

• 27:24Speaker 04

  goods. So Main Street is going to lose too. Everybody in America is going to lose. The only winners will be the people who got out of Dodge. So Americans who read the writing on the wall and who divested of US financial assets, got into foreign stocks, got into foreign bonds, got into precious metals and other inflation hedges, yes, they'll win. They'll win as investors, they'll lose as Americans, but they'll make a lot of money off of the collapse of this bubble economy that has been inflating for decades, and I've been warning about it for decades because I understood the fundamental problems. These are the problems that led me to accurately forecast the 2008 financial crisis because

• 28:06Speaker 04

  I understood all the mistakes that the Fed made to make that crisis inevitable, but I also understood the even bigger mistakes that they've made since the 2008 financial crisis. And including the mistakes that Walsh is going to make once he takes over from Powell.

• 28:21Speaker 02

  All right. If they inflate away, you said they don't have savings, but then you said they're going to get their savings inflated away.

• 28:26Speaker 04

  Those who do have savings, there are some Americans, baby boomers, that still have savings. Yes, there are others that only have debt, and sure, their debt is going to get inflated away, but whenever somebody's debt gets inflated away, that's somebody else's asset. Somebody is depending on that debt as their asset. So we're going to wipe out a lot of the financial assets of Americans, but when we wipe out a lot of the debt...

• 28:51Speaker 02

  Which Americans though?

• 28:52Speaker 04

  The Americans that own the bonds are gonna get wiped out.

• 28:55Speaker 02

  Which Americans are those?

• 28:57Speaker 04

  People that own the mortgages.

• 28:57Speaker 02

  Which Americans are those?

• 28:58Speaker 04

  Well, maybe the...

• 28:59Speaker 02

  Roughly what percent of income strata do they own most of the bonds?

• 29:01Speaker 04

  Oh, the high, ah, yes, higher income, but also, you know, there are lower income Americans that have insurance, that have, that have, people have life insurance policies that have cash value that are gonna get wiped out.

• 29:12Speaker 02

  Peter, let me hear what he has to say. I wanna hear your thoughts on why we're asking that question. The reason I ask that is because one of the big problems everyone identifies, we have a K-shaped economy, right? We have the record wealth inequality. The only way to fix that at some point is, is for something to happen that narrows these. And we're heading on a path where what we're gonna do is... Rich get richer, poor get poorer.

• 29:30Speaker 04

  I, I agree.

• 29:31Speaker 02

  That's gonna, we can either, we can keep this going, and in which case, the currency will ultimately be destroyed, or we can implement some policies that allow wages to rise in this country, let profit dollars rise, but profit margins shrink.

• 29:44Speaker 04

  No, I agree.

• 29:45Speaker 02

  And, and that would, right?

• 29:46Speaker 04

  Yeah, I, I agree.

• 29:47Speaker 02

  If you get rid of a guy, if this guy's in debt to this guy, which is Peter's right, that's how it is, and this guy's debt gets inflated away, and, which means this guy's asset gets inflated away, that's how you start closing the K a little bit.

• 29:58Speaker 04

  Yeah, this is not, look, yes, the wealth gap is gonna close, the rich are gonna get poorer, and the poor are gonna get poorer too, but the rich are gonna get poorer faster than the poor, so if you, if you think that's a good thing, that we're gonna narrow the wealth gap by everybody getting poorer, well, you know, but I, I, I would rather do it another way, right? But, but unfortunately, that is not the way this is gonna happen. And, and the biggest problem for the average American is gonna be the complete unaffordability of just about everything that we now take for granted, because all these products that are affordable are gonna be, are gonna be too expensive for most Americans to buy.

• 30:32Tom Ellsworth?

  So, one of the things I think we have to remember is when people talk about our debt, you know, where is our debt? Only, right now, right now today, posted 28% of our debt is owned internationally. The rest is owned by us, the Social Security Trust Fund, the Fed owns, what, 18 to 21% of the total debt today? So, it's, it's money we owe ourselves, which has devalued our dollar. So, when we think about the debt, it's not like there's this, this big boogeyman internationally that we have to all pay. What is happening is, it's gonna affect the value of the dollar that we carry. And that's what people need to understand, the average person is, is the reason that your

• 31:13Tom Ellsworth?

  house costs twice as much and your parents are happy because they call it equity, you call it unaffordability because you're 25 years old with a college degree and you're trying to start. Well, that was happened because we printed more dollars and if there's more of something, it's less valuable. If there's one Michael Jordan rookie card, it's $5 million. If there's a thousand Michael Jordan rookie cards, they're $5,000. That's the way the average person should be thinking about our money, right? Is how much of it's out there and the total debt we have, we owe almost 80% of it to ourselves, which is affecting the value of our dollar and the affordability. And what these men are talking about in technical terms, from two different perspectives, is how that's going to shake

• 31:58Tom Ellsworth?

  out to remedy. And the remedy is, as they say, chemotherapy almost killed me. Well, guess what? That's kind of what's going to happen with the economy.

• 32:05Speaker 04

  Yeah, but owing it to ourselves, you know, doesn't mean it's not a problem because, you know.

• 32:10Tom Ellsworth?

  No, it is because it affects the value of that dollar and what we can do with it.

• 32:13Speaker 04

  Well, the dollar's going to go down in value regardless, but the fact that we owe the majority of our debt, some Americans owe it to other Americans, doesn't make that any less of a problem.

• 32:23Tom Ellsworth?

  Like social security trust fund.

• 32:24Speaker 04

  And look, the social security trust funds are basically worthless because all they have is US government bonds and the US government owes that money to itself.

• 32:32Patrick Bet-David?

  I'm going to get to the next story, guys.

• 32:33Tom Ellsworth?

  22% of the debt.

• 32:34Patrick Bet-David?

  I'm going to get to the next story. Okay. Rob, pull up the video with Trump saying Dow's going to get to 100,000, predicting it's going to get to 100,000. I think you have that clip. And then let's go to the Scott Besson and then we'll go to Luke. Go for it.

• 33:22Patrick Bet-David?

  Did he say it's gonna get to 100,000?

• 33:24Speaker 09

  So that was him bragging about the 50,000, uh, but here is his tweet where he mentions that it's gonna hit to 100,000.

• 33:31Patrick Bet-David?

  Record stock market and national security driven by our great tariffs. I am predicting 100,000 on the Dow by the end of my term. Remember, Trump was right about everything. I hope the US Supreme Court is watching. Luke.

• 33:44Speaker 02

  Well, but I think, I think he's, again, I think it's, it goes back to what's the value of the dollar, right? And the Dow is priced in dollar terms. If we look at, for example, the Dow last year, use S and P just 500 because I'm familiar with it, but if you look at the S and P 500 last year in dollar terms, I think it was up 17 or 18%, 19%. Gold in dollar terms was up 60%. So in gold terms, the S and P fell. The S and P in gold terms has been down one year, two years, five years, 10 years, 20 years, 25 years on a total return basis. So if you invested the S and P 25 years ago with dividends reinvested, the so-called pet rock has beaten the S and P over the last 25 years.

• 34:27Speaker 09

  Yeah.

• 34:28Speaker 02

  And so it's, it's a question of ultimately when you're inflating away the debt, you're inflating away dollar debt, equities are gonna do well. And I think it's ultimately, again, another sort of signal from Trump of hey, here's what's gonna happen, folks. I think he does care about the country and I think if he gets, if one way you mitigate some of the societal fallout of doing this that I think Peter rightfully highlights is if enough, if you get more people to buy stocks at 50,000, you inflate the debt away, then people are going to be able to hedge slash make some money on that as they're doing it. That's the plan.

• 35:06Patrick Bet-David?

  Yeah, first of all, Trump likes to click. Let me go to Brandon and then I'll come to you. Go ahead, Brandon.

• 35:10Speaker 10

  Yeah, thanks. I mean, I don't know whether Trump's trying to just devaluate the currency or inflate away the debt, but I don't see a scenario in which growing the economy 15% or taking the Dow to 100,000 is gonna be good for the average person because, you know, it's gonna-

• 35:23Patrick Bet-David?

  You don't think it is?

• 35:24Speaker 10

  No, I don't see how you could expect that to be good. Like, everything's gonna be more expensive if that happens. And like, it's a similar thing to COVID, you know, so the average person doesn't own a lot of stocks. I think 90% of stocks are owned by- What 10% of the population and same thing like real estate, cars, food, basic things like the basic things that everybody needs is going to get more expensive like it is right now. Like that's why I laugh every time they say that inflation's down because the things that everybody needs isn't down. It's like, um, what, I don't know, just probably like goods and services are down a little bit, maybe oil, um, a few things here and there. They changed the basket around a lot. So I don't think that inflation's actually down. I think it's like you can't have that amount of growth without that amount of inflation like.

• 36:04Patrick Bet-David?

  Well, he said a couple of things. So I, I want, I want you to process this. Okay?

• 36:08Speaker 10

  Yeah.

• 36:08Patrick Bet-David?

  You have two different types of presidents. They asked him the question, you know, what are you doing about home affordability? One end, hey, these big BlackRock companies, we're putting a stop to you going and buying all this stuff. He says, but I want property value to go up. I don't want it to go down. I want it to go up. I don't want it to go down to make it affordable for you. I want it to go up. Okay. Two, Dow, I want Dow to go to a hundred thousand.

• 36:30Speaker 10

  He's thinking like a boomer.

• 36:31Patrick Bet-David?

  Yeah, I, I get it. But who does that hurt? Who does it not hurt? To me, if you're not in equities, you're going to be destroyed.

• 36:39Speaker 10

  Right.

• 36:39Patrick Bet-David?

  If you're not in equities.

• 36:40Speaker 10

  Yeah.

• 36:40Patrick Bet-David?

  And, and, and everybody who wants to find a way to time the market. I remember one time we had Peter on and Peter said, if I, uh, if I had my money in MAC7, I would have had a lot more money than I do today. Okay. I think this was four or five years ago when we had a conversation together, when he said something like that. What was that?

• 36:56Speaker 04

  I don't remember when it was. I said I would have more money in MAC7, but now it's hard to say. I may have more money now because I was in gold stocks. It's kind of a tough call.

• 37:04Patrick Bet-David?

  I, I don't know about MAC7. I, I think MAC7 destroyed gold, but it, so let me, let me get to this.

• 37:09Speaker 10

  But let, let, let me comment on, on this.

• 37:10Patrick Bet-David?

  I will come to you. Peter, you gotta let me run the show and everyone's gotta speak. There's five names here and I'll come to you. I'll control it. I'm the point guard and I'll come to you to score. Please respect that. Okay. So two things, Bitcoin versus gold, high, low. The last five years, Bitcoin's low has been 15,497.

• 37:31Patrick Bet-David?

  Bitcoins high 126, 230, October 2025. Today Bitcoin 68,000 and some change. Gold, five years, low 1618. High 56 unchanged, 5626, whatever it hit. Today 5099, it could have changed 5086 today. Peter, I'm gonna come to you with this, cuz this is a victory for you cuz you've been talking about gold for quite some time. What is your prediction for gold versus Bitcoin in the next few years?

• 37:59Speaker 04

  Well, first of all, I wanna talk gold Dow before I go gold Bitcoin because you know, when Trump comes out and he says that the Dow's 50,000, first of all, he's claiming credit for it as if he's the reason it's there. And remember, we kept making record highs in the Dow when Biden was president. And Trump said, "Well, that was the worst economy ever, but we still had record highs in the Dow." And he talks about his great tariffs. The Dow's at 50,000 despite his lousy tariffs, not because of them. His tariffs are not helping the economy, they're harming the economy. But the $50,000 Dow, when gold's at 5,000, the Dow is 10 ounces of gold. It was over 40 ounces of gold 25 years ago.

• 38:39Speaker 04

  So this is a major bear market, 75% decline in the real value of US stocks. That is gonna continue, even if Trump is right that the Dow hits 100,000, which I doubt by the end of his term. What if gold is 20,000? Now the Dow's only worth 5 ounces of gold. Even the people who own stocks are gonna be worse off if the Dow goes up like that because their stocks are not gonna go up as much as inflation. But this is another reason the government likes inflation, is because it makes the numbers bigger. And so it creates the illusion that you're getting richer even as you're getting poorer. Now, talking about illusions, when you talk about Bitcoin, look, Bitcoin has been a bubble for a long time.

• 39:20Speaker 04

  I think it was running out of air, then they got Wall Street involved. And Wall Street got into Bitcoin in a big way, not because they believed in it, but because they believed other people were dumb enough to believe in it, and they wanted to make money off it. They wanted to book the action, they wanted crypto gamblers at their casino. So Wall Street got involved to generate fees. They got all these ETFs, they started doing banking deals. Then, I think the market started to implode until we got Trump. The crypto industry used a lot of their gains to bribe Trump. They gave a lot of money to his campaign. A lot of people voted for him because they hoped he would make their Bitcoin more valuable. It became like a special interest group.

• 40:03Speaker 04

  So, politics got involved and I think that's the main reason that Bitcoin shot up to 126,000 was the high. The air is coming out of the bubble now. It's down about 50%. I think the entire narrative that Bitcoin is digital gold, which I never believed, fell apart last year when gold had its best year since 1979. Bitcoin went down. Gold is having another great year so far in 2026. Bitcoin is having a horrible year. It's going, you know, MicroStrategy or Strategy is having an even worse year. But I think we're headed substantially lower in Bitcoin. I think a lot of the money that came into these ETFs is gonna bail.

• 40:46Speaker 04

  I think a lot of that money unfortunately came out of gold ETFs, came out of gold stock ETFs. The investing public was selling their gold and their gold mining stocks when they should have been buying more. And they were taking the money and overpaying for basically nothing. And so they loaded up on Bitcoin. And I think all that money is gonna come out. I think all these ridiculous Bitcoin treasury companies like Strategy are now loaded up with Bitcoin. They need to get rid of it. All I see is decline. The media is trying to hype it up, trying to create the impression that this is some kind of buying opportunity, that you're getting Bitcoin on sale, you know, but you're still overpaying for it. It has very little value.

• 41:30Patrick Bet-David?

  Luke, do you agree?

• 41:32Speaker 02

  In the short run, I think Bitcoin has a lot more downside. It is, to me, has, I've been calling it the last functioning smoke alarm of liquidity. I think it is a very interesting technology in the long run. It is a Essentially, energy tied neutral reserve asset. The rest of crypto, I pay no attention to. Bitcoin for me is the only thing I watch in the crypto, in the crypto world. It may have some challenges down the road at some point in terms of certain technology, but I technology changeovers, you know, if quantum ever someday is an issue. I don't think it's an issue now. I don't think it's going to be for a number of years, but it could be someday. But that's, I don't think that's why it's selling off.

• 42:16Speaker 02

  I think as the last functioning smoke alarm of liquidity, I think the move from 125,000 to 67,000, wherever we are today, is it's the first indicator of a softening economy, of a risk-off environment. And I think that is a message that should be heeded. Tom.

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• 43:37Tom Ellsworth?

  So I have a little bit different view. I've never subscribed to Charlie Munger's, you know, original statement. He says, "I think Bitcoin is poison." Matter of fact, I think it's rat poison. I see the value of it, you know. Is it proving to be the inflation hedge that they said it was? Well, let's wait and see. This is certainly, this is certainly a bump. Forty-five percent or forty-seven percent in the past twenty-two days. I mean, that's, that's a pop. And now we're going to see, you know, will the real Bitcoin please stand up? But I'm not a traditionalist that discounts it. I, I think it's going. Is it going to a million? I don't have that as my guidance,

• 44:18Tom Ellsworth?

  at least not tomorrow. But I think that Bitcoin is stronger than people give it credit for. And I am because there's something, there's one element about Bitcoin, and maybe I'm crazy, and maybe you can tell me that I'm, you know, nuts or missed something, it, there is a limited supply. And whenever you have a limited supply, then you're not going to have the situation like the Fed. The Fed keeps printing money, Pat. And so I'm, I tend to be, am I a bull? I'm not a raw raging bull. But I think long-term Bitcoin's going to be fine. But I don't know if I'm with the million-dollar-and-five-year crowd.

• 44:49Speaker 04

  Yeah. Well, I, I think the limited supply is ultimately meaningless when there's no more demand. I mean, the only demand for Bitcoin comes from speculators who think they're going to get rich. And the way people get rich on Bitcoin is they sell it to somebody else who also believes that they can get rich selling it to another person at an even higher price. But there's no fundamental value proposition for Bitcoin. It, it doesn't do anything, it doesn't generate anything.

• 45:15Tom Ellsworth?

  I disagree with that, actually. I disagree. Because actually, if you look at some of the worst regimes in the world, you know, the Taliban, they crack down, they don't allow women to be educated. When we left, Taliban moved back in. The Taliban couldn't stop Bitcoin. We had people here sending Bitcoin to continue to educate women, and the Taliban couldn't stop it.

• 45:32Speaker 04

  Right. But why, why don't they just buy, you know, a, a stable coin that's just as liquid, just as easy? Or, or tokenized gold? I mean, there are tokens that are backed by real gold. That are just in fact easier to transfer. Uh, you can do it quicker and cheaper than Bitcoin. So if you want.

• 45:50Speaker 02

  You're still centralized with those. You're still like the Bitcoin you can.

• 45:52Speaker 04

  So what? Who cares if it's centralized? It's a store of value.

• 45:56Speaker 02

  Well, because the Taliban can go get the gold. The Taliban can put.

• 45:59Speaker 04

  They can't go.

• 45:59Speaker 02

  There's ways you can do it.

• 46:00Speaker 04

  So look, let that take tether gold. Tether gold has all their gold stored in in Switzerland. The Taliban can't go to Switzerland and get any of that gold. So if you own tether gold, you own something that's just as safe as Bitcoin, except you actually own gold. You own something of real value. You don't, you don't have just a string of numbers that means absolutely nothing. I mean, there are two 20 2.1 quadrillion satoshis. There, there are a lot of satoshis and no matter how many you have, you can't do a thing with them. Whereas gold is a very valuable mineral. Uh, that is, you know, being held by central bank as reserves, but it's used in industry is something real. So if I had the choice between holding on to tokenized gold versus tokenized nothing, I'm going to take tokenized gold.

• 46:43Speaker 04

  The reason that people want Bitcoin is to get rich, not to use it as a medium of exchange or as a currency. Cause if you want to use a currency or a medium of exchange, there are plenty of other tokens that are much better. The only demand for Bitcoin is because people think it's going to a million. They think it's going to 10 million because that's what they're being told.

• 47:01Speaker 02

  Oh, I agree. That's why they hold it. I just say there's a the use case of.

• 47:04Speaker 04

  Not really.

• 47:04Speaker 02

  Because look, I mean, you can have the gold in Switzerland and I agree. And I own gold. I like gold a lot. It's I'm a big gold bull and the American government came in and took Russia's FX reserves. The American government came in and took American gold. There, there's a anytime you have something centralized or control of the uh, control of the banking pipelines that we do. Uh, there's a risk there. I'm not saying it's a high risk. It's I don't live my life worried about the. But Bitcoin is a it has the ability where you can. Literally with 24 or 12 passwords, you can, I can literally, I could go to Fort Lauderdale Airport. I could get on a plane. I could fly anywhere in the world. I could get a job as a janitor for a couple of months.

• 47:49Speaker 02

  I could buy an iPhone. I could download the app and I could download my entire net worth to my phone. That's value.

• 47:55Speaker 04

  There are a lot of other tokens.

• 47:56Speaker 02

  There are no other ways you could do that.

• 47:57Speaker 04

  No, there are a lot of other tokens.

• 47:58Speaker 02

  You can do the exact same thing. All the whole alternative problem.

• 48:02Speaker 04

  No, but there are thousands of other tokens that you could do the exact same thing with.

• 48:06Speaker 02

  In theory, but yeah.

• 48:06Speaker 04

  No, not in theory. Why? Who says it's the best?

• 48:10Speaker 02

  Because the proof of work algorithm.

• 48:11Speaker 04

  Well, who cares about proof of work? First of all, there are other tokens that are proof of work. But proof of work doesn't mean anything if the work doesn't produce anything. Look, I could, I could spend half my day digging holes in the ground. And I can spend the other half of the day filling them back up again. And at the end of the day, I can prove that I worked all day. But my efforts resulted in absolutely nothing. When you work to create a Bitcoin, you've wasted that energy. You talk about Bitcoin being energy. All of the energy used to create Bitcoin is a complete waste. Bitcoin is not a battery. No.

• 48:44Speaker 02

  If you attach, well, if, US needs to build out its electrical grid. Ted Cruz talked about this a couple of years ago. He's been one of the few congresspeople that did it.

• 48:51Speaker 04

  We don't need Bitcoin for that. Bitcoin takes away our electricity.

• 48:53Speaker 02

  No, but the challenge in building an electrical grid is that you can't just say, hey, I'm, you know, I want to build a data center in Miami. I'm going to put up a data center. Go. You have to have the grid, electrical grid is, it has to be balanced out. It's a very intricate engineering solution, a problem. And one of the ways you can build flex capacity, if you're trying to grow your grid really rapidly, to try to catch up to the Chinese who have built an entire American grid in four years, by the way. One way you can build for bigger grid than you presently need to build capacity is you start sticking Bitcoin miners on the back of it.

• 49:30Speaker 04

  That's a bunch of nonsense.

• 49:32Speaker 02

  Then you can take the Bitcoin miner down when you need to flex it. Texas does this as well.

• 49:36Speaker 04

  No, but to say that we should waste energy so that we can have it.

• 49:39Speaker 02

  It's not wasting.

• 49:40Speaker 04

  How is it not wasted when you're just creating nothing?

• 49:43Speaker 02

  Because laws of thermodynamics, say, energy. can be neither created nor destroyed, it can only change its form. You're not creating, you're not wasting any energy.

• 49:49Speaker 04

  No, yes you are, the energy is gone, we've used it up.

• 49:52Speaker 02

  No, you haven't.

• 49:53Speaker 04

  Yes, we, yes, we have, you can't reuse the energy that we used to create the Bitcoin, it's gone.

• 49:58Speaker 02

  So you're saying Newton's laws of thermodynamics, that's not true.

• 50:00Speaker 04

  This has got nothing to do with Newton's laws of thermodynamics. Okay, so if I, if I drive my car and the gas is gone, what am I gonna do? Can I, what happened to that gas? It's gone, right? I can't reuse it.

• 50:13Patrick Bet-David?

  Alright, let's get it up.

• 50:14Speaker 04

  But alright, but it's gone, I can't use it anymore.

• 50:16Speaker 02

  You say it's used in that form.

• 50:18Speaker 04

  But I know, whatever energy was used to mine Bitcoin is gone. We can't use it to, you know, light up our homes or to power anything. We've already consumed it, whatever, whatever was utilized. What you're saying is the nonsense that the crypto community tries to put out there to try to justify this complete waste of energy.

• 50:38Patrick Bet-David?

  Okay, let's go to the next story. Rob, do me a favor. El Paso, what do we know so far about what happened with the airport at El Paso? One, we know they, this morning, if you want to play that one clip, announcing that they're shutting down the airport. It was in the group chat that we sent, Rob, if you want to just go to it, you have it. It was a video that we sent this morning, out of nowhere, they announced, Rob, go back, there's a video. Go, go up, go up, go up, go up. That, that video right there, that video right there.

• 51:08Speaker 04

  The Fox.

• 51:09Patrick Bet-David?

  So, announced this morning, out of nowhere, the FAA grounds all flights. Go ahead and play this clip, this is in El Paso. Go ahead, Rob.

• 51:18Speaker 11

  FAA is halting all flights to and from El Paso, Texas for 10 days for unspecified special security reasons. And they're warning that any pilots who don't comply, quote, "may be intercepted, detained, and interviewed by law enforcement." El Paso Airport confirming the news in a statement, saying in part, "The FAA, on short notice, issued a temporary flight restriction halting all flights to and from El Paso. Commercial airlines operating out of El Paso are being informed of the restriction, which appears to be security-related. Southwest, United, American, and Delta all operate flights there. And Fort Bliss Army Base is right next door."

• 51:58Patrick Bet-David?

  So now here's what's weird about it, Tom, I'm gonna come to you first. The last time El Paso shut down their airport was 9/11 till 9/13, two days. And that was when World Trade Center came down. How much bigger can this be for them to shut it down five times longer than 9/11? Hasn't happened for 25 years, Tom. What is going on here? What's your, what are you thinking?

• 52:23Tom Ellsworth?

  So I have one take and then I'm going to repeat something. So my take is whenever you see something like this, you ask yourself a question. Okay, if you're grounding the flights in and out, it is, it is a outside security threat. Meaning airports have closed for two hours. Midway Field like nine years ago had to close for two hours because employees pointed out that there was a rogue employee that was in the baggage area. And so the baggage area, in other words, he was an employee in the baggage area and they thought he was bad. So they said, hang on, we don't want him putting something in baggage that goes on an airplane. They shut for two hours, they sweep, they're satisfied with it, back up and running.

• 53:04Tom Ellsworth?

  This is like, does somebody outside the airport is, or do they have reliable information that somebody is trying to get a stinger or something there to take down a US aircraft? Why would you stop flights coming into or going out of? You're stopping all traffic. So it's not like something inside because why would the flight from St. Louis have anything to worry about if it was a baggage handler trying to do something? It's like, wait a minute. So the first thing is they have a security thing, they've got reliable threat information and they've like, hey, we got to do this. The second side of it was, it says, I was reading, of course, it only takes five seconds for this, is that, ah, this is training.

• 53:46Tom Ellsworth?

  They're training us to get used to the government closing down airports as a means of control. So everybody's going to see that on X this morning as well. I set that aside. I think they have a security threat that's external and they're having to create perimeter here and they're having to go look for it.

• 54:03Patrick Bet-David?

  Peter, where are you at with this?

• 54:04Speaker 02

  I have no idea.

• 54:05Patrick Bet-David?

  Look, what are you thinking?

• 54:07Speaker 02

  I have no idea. I mean, the questions I would be asking, I have no idea, but I, A, I'd be trying to find pilots or something that would, that would know, but, you know, what's around there, what industries are around there? Are, you know, is there a staging area in terms of, you know, military relative to cartel activity? I have no idea why, why they would do that. I agree, it's odd.

• 54:24Patrick Bet-David?

  10 days to shut it down?

• 54:26Speaker 02

  Yeah, it's a big, it's a big number.

• 54:27Patrick Bet-David?

  Brandon, be creative. What do you think is a crazy thing that's going on here?

• 54:31Speaker 10

  Yeah, well, I mean, it's the closest state to the bor- or closest major airport to the border, I believe. And think about all the countries that we're messing with that are in, in that general area in South America. Uh, like we're, we're, um, causing problems for Cuba, we're causing problems for Venezuela. To some degree, we're causing problems for Mexico. So, yeah, like Tom said, uh, maybe they got wind of, um, some type of surface air missile weapon that, um, went missing and narrowed it down to that area and, um, are playing it safe while they're looking for that. So, yeah, probably something that's like a, a threat to a flight that's taken off that general area, general area, just because it's that close to the border, that's what I would think. And, uh, because of the act, all the activity in South America from us.

• 55:08Patrick Bet-David?

  Rob, how many soldiers at Fort Bliss? Is it 90,000-ish? What's the number? Can we see? Fort Bliss, over 8,000 recently deployed to Europe. It's one of the largest US Army bases, covering over 1.3 million acres.

• 55:26Speaker 02

  Think about that.

• 55:27Patrick Bet-David?

  Yeah, it's a lot. So when you're thinking about 8,000, but what is the total number of soldiers there? Total number of soldiers there. Is it 90K? It's a big number. When I was in the military, we, we would hear about Fort Bliss. So it could be a couple of things. You know, pure speculation, one. You know, hey, the, the, the, if I was the market, I would say these handful of theories. One, look over here.

• 55:54Patrick Bet-David?

  Something's going on to El Paso. And then do it from Virginia Fort Belvoir or whatever you use a Fort Benning. And then go there, but put all the attention here, guys. Look over here, everybody, El Paso. Quietly do the mission from somewhere else. It's pretty strategic to do that, right? Okay, 28,700 to 30,000.

• 56:12Tom Ellsworth?

  No, you were right. See, 90. You were right.

• 56:14Patrick Bet-David?

  90,000? What is a 90,000, Tom?

• 56:17Tom Ellsworth?

  When you count everybody together in terms of families, soldiers.

• 56:20Patrick Bet-David?

  Civilians, 90K. It's a lot. That's a, that's a good sized base. So that's one. Two. Is this, is there some equipment they have there? That they're using to go to Iran or do something that they don't want anybody to know about? Maybe? I don't know. Remember how low key, Trump said something five days ago. He said, "Just remember what we did with Venezuela. We worked on it for four months and then all of a sudden we did it and people forgot about it." Now, who knows what they're doing there? Next is, uh, uh, you know, this Epstein story is coming out. And getting the attention of, uh, TV, everybody talking about it. This is a pretty good distraction right there, okay? Maybe something there to confuse the audience. I don't know. I, I, I just think there's a lot of,

• 57:02Patrick Bet-David?

  you know, weird thing to, for somebody to shut down an airport for that many days? And you only did it for two days? When 3,600 people died? There's gotta be something going on here that, uh, is above our pay grade. And I, I guess Peter gave us the best insight on this. It was a very thorough insight Peter he gave us. All right, let's go to the next one.

• 57:23Tom Ellsworth?

  Golden Dome town.

• 57:26Patrick Bet-David?

  How, how close are you guys following the Epstein files? Are you following any of it? Little bit? You have some thoughts on it? Let me cover a couple of it. All right. We have to do it anyway. We have to cover it because a couple of things came out. Okay, so two stories. One is Trump told Palm Beach office chief, "Thank goodness you're stopping Epstein. Called Ghislaine Maxwell Evil in 06." Phone call FBI document. This is New York Post. Rob, is that a video or what is it that you have here?

• 57:51Speaker 09

  This is, uh, from the actual Epstein files. The highlighted portion talks about Trump contacting, I believe his name was Michael Ryder, which was the chief of police for Palm Beach, uh, police department. They were the ones investigating the 2006 charges against Epstein.

• 58:05Patrick Bet-David?

  So what does it say in there that you're highlighting?

• 58:07Speaker 09

  Trump said Maxwell was Epstein's operative. She is evil and to focus on her. Trump was one of the very first people to call when people found out that they were investigating Epstein. This is from October 18th of 2019, an interview of, I believe, Michael Ryder, who was the police chief in Palm Beach.

• 58:25Patrick Bet-David?

  He was the police chief of Palm Beach and he was a top cop from 01 to 09. And the future president was one of the very first people to call when people found out that authorities were investigating Epstein for sex with girls as young as 14, whom he had hired to give them massages. Thank goodness you're stopping him. Everyone has known he's been doing this. Trump was quoted as telling Peter on the call, adding that he got the hell out of there. On one occasion, when he was around Epstein while teenagers were present, Ryder recounted that Epstein donated $40,000 to the department for the purchase of a machine to review security footages.

• 59:04Patrick Bet-David?

  Cut a $90,000 check to buy a fingerprinting machine around the time his first victim came forward and gave more than others to police scholarship fund for children. Tom, how do you process this information?

• 59:17Tom Ellsworth?

  So, you know, what's really interesting, either Trump is crazy like a fox or, you know, forgot. How would you, with all the accusation on Trump, if I had this letter that was out there, unless this was classified, but this appears to be a garden variety summary of an interview you would do with the police. And if I'm Trump, why don't I put this out five years ago? Guys, I thought he was a creep. I said he was a creep. And by the way, go take a look at my interview I did with the police.

• 59:47Patrick Bet-David?

  You think he forgot?

• 59:50Tom Ellsworth?

  I don't think he forgot. Or do you just hold it, hold it, but there's been so much heat and he wants this to go away? Why didn't he play this card earlier unless the FBI, as part of the Epstein investigation, classified the document? Because this was a police, local police interview with Trump, right? That's what they showed it as. So did during the, what was it? The 2014, whatever it was, when Epstein's deal was cut and the investigation was, did they classify it and he couldn't put it out?

• 1:00:21Patrick Bet-David?

  Okay, so you're thinking that's why. Luke, where are you at with that?

• 1:00:24Tom Ellsworth?

  What would you do?

• 1:00:25Patrick Bet-David?

  Well, if I, if I, if that's me, I would say go back and look at the records, the phone call I made in 06. It's documented. I've been saying this for a while. This, this only makes him look good. It's not like this makes him look bad. It makes him look very good.

• 1:00:38Tom Ellsworth?

  It's like I told you so, Trump.

• 1:00:41Speaker 02

  Yeah, I don't really have a strong feeling on it. I, I, my question's kind of like, why are we getting this now, right? You can find a clip of Cindy McCain saying, I think at a council, council on foreign relations event, a decade ago, we all knew what he was doing. He being Epstein. And so like, why now? I'm, I'm always, you know, and it's all awful. It's, it's, it's very hard to read, to be honest. And so I haven't read a lot of it. So, but like, why, why are we getting this now? I don't know. Maybe it's just time. Maybe it's just time for it to come out. Maybe, I, I, maybe it's part of a bigger plan. I don't know.

• 1:01:11Patrick Bet-David?

  Rob, has he tweeted about this?

• 1:01:12Speaker 02

  There it is. That's the clip right there.

• 1:01:13Patrick Bet-David?

  Play that clip, Rob.

• 1:01:15Speaker 12

  Epstein was hiding in plain sight. We all knew about him. We all knew what he was doing. But we had no one that was, no, um, uh, legal aspect that would go after him. They were afraid of him. For whatever reason, they were afraid of him. Plain sight.

• 1:01:31Patrick Bet-David?

  Unbelievable that the whole market knew about it. Brandon, you look like you want to say something.

• 1:01:34Speaker 10

  Yeah, um, I mean, that's a great point that Tom brings up, but like, why wouldn't he bring it up? Like, for example, when Elon Musk said what he said about Trump last summer, like the peak moment of Trump having a reason to defend himself, or during, when the Wall Street Journal, um, article came out, I think when he sued them, was that Wall Street Journal? That came out saying that he had the letter. Yeah. Yeah. So like, that would have been a great time for it.

• 1:01:54Patrick Bet-David?

  The letter that was written.

• 1:01:55Speaker 10

  The Elon Musk tweet would have been a great time for it. And Trump has a sharp memory. So, you know, you, like, I would think that this would be top of mind for him, like remembering, oh yeah, I called the police and reported this. So, that is super weird. Um, but I, I hate this story because it's so annoying. You get like a one drip every couple of months. That's crazy, but it doesn't give you anywhere close to the full story.

• 1:02:14Patrick Bet-David?

  Pressure's never been this high, Brandon.

• 1:02:16Speaker 10

  I know. Yeah.

• 1:02:17Patrick Bet-David?

  Pressure to leak it has never been this high, Peter.

• 1:02:20Speaker 02

  Yeah, look, look, the problem I have with Trump's credibility is there are so many things that I know that he lies about, that I just never can give him the benefit of the doubt, given his track record.

• 1:02:31Speaker 04

  But it's not just Trump. I mean, I think everybody that had anything to do with Epstein has an incentive to lie about their relationship. You know, so what else would you expect? I mean, no, everybody wants to distance themselves from him. Everyone wants to claim, "Oh, I knew he was a creep. He was horrible. I stayed away." But obviously, that's not the case. There were a lot of people that had very cozy relationships with Epstein, whether they were involved in any of these alleged activities or not. But they don't even care because it's appearances that get you in trouble. So you have to basically put as much distance between yourself and Epstein as you possibly can. And I think in order to do that, a lot of people end up lying about it. And I know what happens

• 1:03:15Speaker 04

  from personal experience with government is first they lie, and then they lie again to cover up the fact that they lied the first time. And so I'm sure that that's going on, and we're not getting the real story with respect to Epstein. And here you go, Howard Ludwig, of course, like, because he lied about his relationship, and then when it comes out that he lied, then, okay, what does he do again? Well, let me lie some more.

• 1:03:38Patrick Bet-David?

  Play the clip, Ryan. Play the clip.

• 1:03:40Speaker 13

  I think you understand the root of concern here. It's the way you described very emphatically your first encounter with him in his apartment, said you were disgusted, would never have any contact with him again. Did you, in fact, make the visit to Jeffrey Epstein's private island?

• 1:04:03Speaker 07

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• 1:04:33Speaker 08

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• 1:05:03Speaker 14

  I did have lunch with him as I was on a boat going across on a family vacation. My wife was with me, as were my four children and nannies. I had another couple with, they were there as well, with their children. And we had lunch on the island. That is true, for an hour, and we left with all of my children, with my nannies and my wife, all together. We were on family vacation, we were not apart. To suggest there was anything untoward about that in 2012, I don't recall why we did it, but...

• 1:05:41Speaker 13

  Mr. Secretary, again, as I said, there's...

• 1:05:45Speaker 04

  Thoughts? Well, I mean, I think prior to that, he had said he had no encounter with Epstein. And so then, when it came out that he was there, now he had to admit that he was there. But look, I mean, was he there for an hour? I mean, what he's on his yacht, he happens to be going by Little St. James, and he pulls in and out, and in an hour, he's already gone? I mean, it takes probably almost an hour just to dock and get your boat out of there. I mean, I don't know, but I think that maybe he didn't do anything wrong initially, but he didn't even want to admit to even a superficial relationship. Because even that was going to be potentially toxic.

• 1:06:27Speaker 04

  So I think everybody's instinct is just to lie about anything, any connection they had. And then if they get caught in a lie, that they want to lie some more to minimize it. So I don't know that we'll ever find out the truth, because none of these guys wants to tell the truth.

• 1:06:45Patrick Bet-David?

  Yeah, so Rob, there's another clip, Rob, if you can play this one here. Uh, this is Ro Khanna naming the six people that they finally mentioned yesterday. And one of them, the last name he mentions, I'm not surprised, but one of them created a ton of controversy. Go ahead, Rob.

• 1:07:04Speaker 15

  Congressman Massey and I went to the Department of Justice to read the unredacted Epstein files. We spent about two hours there and we learned that 70 to 80% of the files are still redacted. In fact, there were six wealthy, powerful men that the DOJ hid for no apparent reason. When Congressman Massey and I pointed this out to the Department of Justice, they acknowledged their mistake and now they have revealed the identity of these six powerful men. These men are Salvatore Navara, Zorab Mikaladz, Leopig Leonor,

• 1:07:47Speaker 15

  Nicola Caputa, Sultan Ahmed bin Sulayman, CEO of Dubai Ports World, and billionaire businessman Leslie Wexner.

• 1:07:59Patrick Bet-David?

  Okay, Rob, so we know about Leslie Wexner. Uh, he's the Victoria's Secret guy. He's the guy that gave, gifted Epstein for no reason, the biggest private residence in Manhattan. I think it's 54,000 square feet, 77 million bucks, give or take price point. So that we know, that there's something going on over him. I don't, I don't, that's not a guy necessarily you, you trust. But how about the other fellow, Rob? What do we know about the other fellow? What do we know about him and what was he involved in? Was there any messages, exchanges that you can share as well?

• 1:08:32Speaker 09

  Yes, so, uh, this is Sultan Ahmed bin Sulayman, uh, CEO of DP World. I believe they're a logistics company based in the Middle East. Um, and then this was the email that I found, um, right here, where Epstein is emailing him, uh, regarding a torture video of some sort back in April of 2009.

• 1:08:53Patrick Bet-David?

  A torture video?

• 1:08:54Speaker 09

  Yes. This down at the bottom, where are you, are you okay? I loved the torture video. That was Epstein two reportedly, according to the reports to the Sultan.

• 1:09:05Patrick Bet-David?

  So he loved the torture video that the Sultan sent him?

• 1:09:09Speaker 09

  That's what it appears.

• 1:09:10Patrick Bet-David?

  Yes, that's the direction of this communication. What other exchanges are there, Rob?

• 1:09:15Speaker 09

  I have to go back and look.

• 1:09:17Patrick Bet-David?

  Was there one that said, you know, the girl was all about business, not about?

• 1:09:21Speaker 09

  Yes.

• 1:09:22Patrick Bet-David?

  So, so have you guys seen this one or no? Uh-uh. Yeah, so apparently he emails him and it says, listen, the girl you introduced me to was more about business, not about?

• 1:09:34Patrick Bet-David?

  We, we almost can't even read it to you, but we'll let you see it for yourself. Zoom in.

• 1:09:38Speaker 09

  Let me find the actual term here.

• 1:09:41Patrick Bet-David?

  Yeah, so anyway, so this, this one's on the list as well. Tom, do you think as they're getting to this point right there? Yes, Soleimani responded according to the email chain after several attempts. For several months, we managed to meet in New York. There's a misunderstanding. She wanted some business while I only wanted some, you know, you can read the next sex. Praise Allah, there are still people like you, Epstein replied. Can you imagine? Wait, praising her? Like you, who don't want to do business, just want to go? Wow.

• 1:10:13Speaker 09

  Say the crazy stuff on email.

• 1:10:14Patrick Bet-David?

  Do you think, do you think the pressure is so much that it's at the tipping point that they have to show? Because two days ago, they allowed Anna Paulina Luna and a bunch of the, you know, representatives to come in and take a look. You can't record anything, can't take your phone. And they all came out disgusted, the things they read about. Ghislaine Maxwell, I think Ghislaine Maxwell was in a hearing yesterday or two days ago, being questioned. And the way she answered things, yeah, uh, uh, which one is this, Rob?

• 1:10:42Speaker 09

  This is where she pleads the fifth when questioned.

• 1:10:45Patrick Bet-David?

  Go for it.

• 1:10:46Speaker 02

  Ms. Maxwell, were you a close friend and confidant of Jeffrey Epstein?

• 1:10:52Speaker 16

  I would like to answer your question, but on the advice of counsel, I respectfully decline to answer this question and any related questions. My habeas petition is pending in the Southern District of New York. I therefore invoke my right to silence under the Fifth Amendment to the U.S. Constitution.

• 1:11:13Patrick Bet-David?

  Okay, you can pause it right there. By the way, there are people that are calling for the resignation of Howard Lutnick for the story that he told. The White House is saying, "We're not doing anything. We're staying with the guy." So they're keeping him. And then, at the same time, while this is taking place, uh, you know, one of the stories comes out, uh, by, uh, Joe Rogan about Epstein. Rob, if you want to pull that up, that's probably the funniest one. He's talking to Bobby Kennedy's wife, and Epstein's name comes up. And they, they, they, apparently there was a moment where he wanted to meet with Rogan. This is Rogan's response. Go for it.

• 1:11:48Speaker 17

  I'm in the files for not going. Yeah, I'm in the files for not going, because Jeffrey Epstein was trying to meet with me.

• 1:11:55Speaker 18

  Oh, I did see that.

• 1:11:56Speaker 17

  Yeah, and I was like, "What?"

• 1:11:58Speaker 18

  Oh, thanks.

• 1:11:59Speaker 17

  Yeah.

• 1:12:00Speaker 18

  Aren't you glad?

• 1:12:01Speaker 17

  Yeah, but I would have never went anyway. It's like, it's not even a possibility that I would ever went. Especially after I Googled him. I was like, "What the fuck are you talking about?" This is like 2017. One of my guests was trying to get me to meet him. I was like, "Bitch, are you high?" "What the fuck are you talking about?"

• 1:12:16Speaker 18

  For what reason would you? What, what would be...

• 1:12:19Speaker 17

  If I was a guy who was like sucking up to the rich and powerful, if I was really interested in hanging out with rich and powerful people.

• 1:12:26Speaker 18

  You know, it's crazy. Um, it's so, that's so crazy. But yeah, some people...

• 1:12:32Speaker 17

  Some people get intoxicated by being in a circle of rich and powerful people, even if they're not...

• 1:12:38Patrick Bet-David?

  This is a little weird. You know why this is a little weird? Why is this a little weird? Not for Joe, but I mean respectfully, I think Bobby's talked about that he was on a flight with Epstein a couple of times with the kids, if I'm not mistaken, Rob. So, you know, it's a very interesting conversation. Now, listen, you know, a lot of people did stuff with Epstein on flights and different things. Hey, I'm going to this. Just the other day, we're going to DC to have a visit in DC. Couple of guys here that were going to the same event, they're like, hey, can we jump on your private jet and go with you? And we couldn't do it. These are good guys. So, these types of things happen when you're going on business trips. Can I hop on with you and do this?

• 1:13:22Patrick Bet-David?

  But, you know, for Joe to say that and that was documented, that is the best way to be in the Epstein files. I don't think you can be in Epstein files in a better way.

• 1:13:31Speaker 04

  There's so many people that are in the Epstein files. I mean, I'm in there a few times. I mean, but it's got nothing to do with Epstein. There's just so many documents.

• 1:13:39Patrick Bet-David?

  What do they say about you?

• 1:13:40Speaker 04

  They were just, somebody was just referencing me. They saw me on television or they read something I wrote. It's just in the email.

• 1:13:48Patrick Bet-David?

  You are in the Epstein files, Peter Schiff. Congratulations to you.

• 1:13:53Speaker 04

  But there are a lot of people, just start, start.

• 1:13:55Patrick Bet-David?

  What does it say with Peter Schiff?

• 1:13:57Speaker 04

  You'll see it.

• 1:13:58Patrick Bet-David?

  What does it say?

• 1:13:59Speaker 09

  This is the Department of Justice's website where you can search by terms in the Epstein library and there are four references to Mr. Schiff.

• 1:14:07Patrick Bet-David?

  References. So, they're communicating about Peter. That's what they're saying. I'm sure they're saying how wrong he is about the market all the time. So, at least they were complimentary about that part. Okay, so, we, Tom, I'll give you the final thoughts on the Epstein story and then we'll move on.

• 1:14:25Tom Ellsworth?

  I think this is getting hot enough that it finally, the dam has to break. You know, we had something like this happen in nation's history before, maybe not like Epstein with a number of people, but it was the Watergate files and the Watergate tapes. And when Nixon resigned, finally, all these tapes were released and we heard Nixon and Kissinger saying things about China. We heard Nixon saying things about senators. We heard people that were in, you know, two House of Representatives that were in Oval Office talking down to other congressmen and congresswomen while they spoke to the president and didn't know it was there. But finally, the dam broke and it all came out. And everything came out and it was impossible. And so the nation got over it. They said, okay, so Nixon's gone.

• 1:15:09Tom Ellsworth?

  Ford's not going to get, you know, reelected. Not, he was never elected, but Ford's not going to win the election. Um, was the assumption, you know, Chuck Colson was in print, Gordon Liddy, Ehrlichman, J.R. Haldeman, Archibald Cox was the special prosecutor. All of a sudden, there was no more questions. You're old enough to remember this. Remember this? It just stopped because we're all like, okay. So now we know what happened. And I think what's about to happen here is what, what is there left to protect?

• 1:15:39Speaker 04

  So much.

• 1:15:40Tom Ellsworth?

  Right? There's so much left to protect.

• 1:15:41Speaker 04

  You think?

• 1:15:42Tom Ellsworth?

  Yeah. But there's more Bill Gates, but it's like, okay, who's just like Bill Gates? Who's just like this guy? Who's just like this guy? And I think the dominoes are going to fall. I had a, last night I was asked, funny thing. It was, got home in the kitchen. I was talking to Kim and Brooke because Epstein things is everywhere. Even Brooke, just casually looking in the news for F1 testing, runs into Epstein stories. And she's, no, seriously. And she's asked, does her F1 isn't doing preseason testing? She says, there's all this news about Epstein. And I said, look, it goes like this. Right now, if everyone is released that's in here, it's like everyone's got a Mexican standoff and a mutual suicide pact right now. Because you know, you're in there. I know I'm in there.

• 1:16:27Tom Ellsworth?

  I'm talking about a bunch of people together. If you, if, if they break your name and you bring me into it, I'm breaking this. So it's like, you know what I'm saying? All these people are in like this mutual suicide pact. And if that goes down, I think we lose probably 40% of the capacity to fund elections in this country, which maybe isn't a bad thing.

• 1:16:47Speaker 04

  But meanwhile, while all this is going on, I think we're, we're on the verge of a major economic crisis and we're, we're focusing our attention, you know, in the wrong place.

• 1:16:56Tom Ellsworth?

  How did I know you would get all the way back?

• 1:16:58Speaker 04

  Yes, the story is, you know. Um, and, and I think that the main goal of the Trump administration is just to try to blow more air into the bubble and hope it doesn't pop until he's out of Dodge. But I don't think that's going to work. I, I, I, I think there's too many holes in this bubble right now.

• 1:17:13Patrick Bet-David?

  All right, let me go through this. Here's Scott Besant. Rob, if you want to pull up Scott Besant. Peter Schiff is obviously a massive fan of Trump and Scott Besant. If you want to pull this one up about what Scott had to say is going to be happening in 2026. Go ahead, Rob.

• 1:17:25Speaker 19

  What kind of growth are you expecting for 2026? We're looking at Friday's market rally. The Dow was up 1,200 points, 2.5%. The Nasdaq was up 1%. Even gold was up. And when you look at year-to-date, actually, gold has outperformed stocks. Gold up 14% year-to-date. The S&P 500 up 1%. Tell us your expectations for growth and also a word on gold. What's driving that move as well?

• 1:17:53Speaker 20

  Well, Maria, what I can tell you is we are seeing the cyclical components of the market expand. So that's why the Dow hit a new high. But importantly, the Russell, which is a small-cap index, has hit a new high. We're seeing the industrial sectors under the market hit new highs. And in my 35, 40 years on Wall Street, that tells me, Wall Street is telling you that Main Street is about to prosper. We are seeing a big cyclical recovery. The president's agenda set the table in 2025, and now the American people are going to benefit in '26. And that's what the stock market is telling us. Stock market lives in the future. And I think we're going to have very strong economic growth and very strong job gains and very strong real income growth.

• 1:18:38Patrick Bet-David?

  Tom, do you agree?

• 1:18:39Tom Ellsworth?

  Here's what I think. I see what he's saying. I think the case shape, what we're seeing right now is going to continue. Right now, you are seeing layoffs. Some people were blaming AI. I don't buy into all of that. I think some of it is AI washing, and they're moving and they're making. And by the way, it was UPS and FedEx was like 54% of the total layoffs were coming from transportation. That was coming out of all the holiday where they have extra drivers and extra things going on, on holiday deliveries. And we've also kind of popped the bubble on that. Here's what I think. The consumer is not going to be the recipient because they've got more paychecks and because, or higher paychecks, and they can go do this.

• 1:19:21Tom Ellsworth?

  They're $1.28 trillion in credit card debt right now. Assuming that stat's correct. I share your skepticism about a lot of these stats. This is number one. But those that have major indexes on managed IRAs and 401Ks, the consumers are going to benefit there because those balances are going to go up. Inflated dollars, yes.

• 1:19:44Tom Ellsworth?

  And on Main Street, I think that's what you're gonna see. And in terms of Wall Street, you're seeing it right now. You're seeing that what's happening with the Dow and you're seeing what's happening with the PE.

• 1:19:57Speaker 04

  Yeah, first of all, you know, whenever Scott Besson talks, you know, you're not getting honest opinion. He's there to basically pump up Trump. And so whatever he's asked, he's gonna spin it as a positive.

• 1:20:09Tom Ellsworth?

  I'm not fully on that page, so that's not my opinion.

• 1:20:11Speaker 04

  Yeah, that is my opinion. And you'll notice that he conveniently sidestepped the point that Maria made about gold and how gold is up so much more than stocks. He didn't even want to go there to acknowledge the fact that stocks are actually falling in real value. But the main reason that US stocks are up is because everybody expects the Fed to print more money. We're gonna cut interest rates, we're gonna have more stimulus, and that is why the markets are going up. They're not going up because of a productivity boom or because it's forecasting a strong economy. Stocks are going up for the same reason they went up under Biden, because we're blowing more air into the bubble. They're looking to the Fed.

• 1:20:52Speaker 04

  If the Fed was doing the right thing, which would be to raise interest rates, which is what they should be doing. They prematurely stopped raising rates, they're too low. And if the Fed continued to shrink its balance sheet, which is what it should be doing instead of expanding it, the stock market would be collapsing.

• 1:21:09Speaker 07

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed Sponsored Jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed Sponsored Jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed Sponsored Jobs.

• 1:21:39Speaker 08

  Low energy, unfocused, foggy? You might be dehydrated. Gatorade Zero powders have been scientifically designed to help improve hydration balance in the body. With a clinically proven electrolyte blend and no artificial colors or flavors. Great tasting hydration, no matter where you're going. Shop now online or at retailers nationwide. Gatorade: Hydrates Better Than Water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist.

• 1:22:09Patrick Bet-David?

  Luke.

• 1:22:11Speaker 02

  Yeah, I think he's kind of staying on point with the Trump administration in terms of, hey, we're...

• 1:22:18Patrick Bet-David?

  Do you like him?

• 1:22:19Speaker 02

  Do I like him? Yeah, I... Yes is the short answer. I like him. I think he, um... I think he very much knows what he's talking about. I do think the nature of his role is such that he has to be a bit of a politician. And we've seen signs of that, right? We sat down with Tucker in April of last year and said, "Hey, we have all the leverage against China." I was like, "Hmm, nah, that's not true." And he has to know that. There's other things he's kind of said here or there where he has to know. He's been in markets 40 years. He knows.

• 1:22:51Patrick Bet-David?

  He worked for Soros for 15 years.

• 1:22:53Speaker 02

  Right, right. He knows markets, right? So there have been things he has said where you kind of, as a market practitioner, you go, "He doesn't really believe that, but I get..." The seat he's in, you know, there's an element where he has to sort of, you know, toe the line in terms of the administration.

• 1:23:10Patrick Bet-David?

  How hard is it to find a guy like that? Who can talk technical terms with anybody at the highest level? But also knows how to sit with media, get asked the tough questions, media trained, and be able to take the information that's technical and give it to the average person to understand when he needs to do that as well?

• 1:23:28Speaker 02

  It's hard to do.

• 1:23:28Patrick Bet-David?

  I think that part of it is hard to do. I think he's kind of, uh, doing that. But I want to get to this next story.

• 1:23:34Speaker 02

  I'm a fan.

• 1:23:35Patrick Bet-David?

  Which is going to be a reflection of what's going on with the economy. All right, so, um, story comes out. Job hunters are so desperate that they're paying people to get hired and recruited. And by the way, this is not a story from Inquirer. This is a story from Wall Street Journal. So landing a white collar job is getting so tough that candidates, not companies, are paying recruiters to match them with positions. Through good economic times and bad recruiters have usually operated the other way around. Companies pay them to find talent for tough to fill positions. Now, though job seekers are hiring a new crop of what are called reverse recruiters to help them crack the competitive market.

• 1:24:18Patrick Bet-David?

  Daniel Bejarano, 36 years old, signed up for reverse recruiting service, a referral last year after receiving an email pitch from the company. Refers AI agent connected him with an executive at Golden, a volunteer management company which was looking for platform engineer and data scientist. Bejarano got the offer after several interviews. He then paid, referred 20% of his first month's pay, once it landed in his bank account. Tom, your thoughts on this?

• 1:24:44Tom Ellsworth?

  So I think what's going on here is a couple of things going on. Is it tougher to find a job? Yes, in many sectors it is right now. Is the job market tightening? Yes, it appears to be. And it may be worse in certain sectors, it may be worse in certain geographies where you live. So yes, it's good to have a Sherpa that's going to take you up to Everest and going to help you through it. The other thing is that companies are having a horrible time trying to filter out incoming inquiries for jobs. And it's hard to have yourself show up in that. We see it from many of the clients at Bet David Consulting. They talk about that. There are so many bots and so many fake resumes. We put, I'll give you a real world example.

• 1:25:28Tom Ellsworth?

  We put up a job opening for a business analyst. And we were inundated by a set of resumes that were coming from offering us people from a certain country, but there were brokers in the middle trying to offer them to us and saying, "And we can help you with the H1B." That spam was on top of good candidates that we wanted to see, that we wanted to review, good quality people, you know, citizens ready to work. And so that's one of the reasons that Bet David Consulting, we built higher metrics to help filter that. Right now, filter is the headline here. It's not what they're talking about.

• 1:26:08Tom Ellsworth?

  People are actually paying to get a company to help them filter in to find a job. The same way that companies are willing to pay money for software to help them filter.

• 1:26:20Patrick Bet-David?

  What does that mean?

• 1:26:20Tom Ellsworth?

  It means it's broken. The system is broken.

• 1:26:23Patrick Bet-David?

  Let me explain to you what this means. This is like saying, the market has changed so much because of female-driven AI that men create, that women are paying men to go on a date with them. That's the best comparison I can make.

• 1:26:37Tom Ellsworth?

  That's a good comparison.

• 1:26:38Patrick Bet-David?

  That's a weird thing to happen. Why do you think we're here? Why do you think we're here? Where people are paying for recruiters to place them at a company.

• 1:26:46Speaker 04

  Well, look, there's no question that we have a weak labor market in the United States. I mean, first of all, look at the data that came out last week. Challenger reported the largest January announced layoffs since January 2009, where we were in the financial crisis, a great recession. Look at the Jolts numbers that just came out. There was a collapse in job openings. So, we have a weak labor market. The only thing strong is inflation. And you know, you had the clip from Fox News with Besse on there. Well, I was on Fox and Friends not too long ago on a Saturday, and unfortunately, I'll probably never be on again,

• 1:27:27Speaker 04

  because I went on and I told the truth about consumer prices and inflation. And Trump went ballistic on Truth Social and just chastised Fox for having me on. Said I was a jerk, said I was a loser, that I was just a Trump hater. And they said, "Find the booker who put this jerk on." And ever since then, nobody will return my emails at Fox News. I think they got me completely banned from the network for speaking honestly. You know, Trump actually said that I was wrong because I claimed that prices were going up, when according to Trump, they're going down. They're going down massively. So, the cost of living, according to Donald Trump...

• 1:28:11Patrick Bet-David?

  By the way, did you vote for him?

• 1:28:12Speaker 04

  Well, I live in Puerto Rico, so it doesn't matter. I voted for him. So the only time I voted for him where it counted was the first time he ran in 2016. I lived in Connecticut then, and I was able to vote, although he lost Connecticut.

• 1:28:25Patrick Bet-David?

  Is this the tweet? Why would Fox and Friends Weekend put on a stockbroker named Peter Schiff, a Trump-hating loser who has already proven to be wrong? Either the show made a mistake, or it's heading in a different direction. He thinks prices are going up when in fact they're coming down. Gasoline hit 199 yesterday in certain states, and it's big since Biden. Other prices are almost down. Biden caused the affordability crisis. I'm fixing it, along with everything else. Much of it, like the border, is already fixed. Check out the Booker.

• 1:28:52Speaker 04

  Yeah, but I actually encouraged all of my followers to vote for Trump over Harris. So I probably got the president a lot of votes. It's not like I have a small following. A lot of people do pay attention to what I say, and I encourage people. In fact, I was a big Trump defender when all the lawfare was going out against him for January 6 and a lot of other things. I completely supported Donald Trump when I thought he was in the right. So I'm not just your typical Trump hater who's got Trump derangement syndrome. You know, the people who I think have Trump derangement syndrome are the people that support him no matter what. No matter what he does, no matter what lies he tells, if you're just going to support him, you're the one that's deranged.

• 1:29:38Patrick Bet-David?

  Luke.

• 1:29:41Speaker 02

  Sorry, what was the original question again? I apologize.

• 1:29:43Patrick Bet-David?

  Job. Job. People are paying. People get a job.

• 1:29:47Speaker 02

  Yeah, I think ultimately, you know, Tom said something interesting about the H1B, that you get flooded with the H1B, and that was a huge political debate around... And it's interesting, if you look, something I've observed at least.

• 1:30:03Speaker 02

  Anytime you have an economic policy floated in this country that looks to boost American wages, whether that be H1B limits, whether that be border restrictions and deportations, etc., they don't get framed in economic terms, never. They never, ever get framed in economic terms. They always get framed in the media in social terms, in social justice terms. And I'm not the social justice guy, but if you had a fair and balanced media, they would say, here's the social justice angle, and, America, if we remove this many workers at

• 1:30:43Speaker 02

  H1B, or whatever, your wages as a graduating engineer from Cal, or Stanford, or the University of Michigan, would go up over time by this much. And if you were a laborer, and there were this many deportations, over time, your wages would rise this much. There's a reason why the media never frames the economic argument for these policies, is people would vote for them. And that's not what they want. The powers that be want to cap wages. These are methods they use to cap wages. So first, I think it's really interesting, Tom, your point on H1Bs, that, okay, there are this flood. End of the day, I add that H1B to the

• 1:31:27Speaker 02

  graduating kids, it tells me what the flow of funds, what you were highlighting, which is, there's too much supply, there's not enough demand for those kids, for those jobs, ultimately.

• 1:31:37Tom Ellsworth?

  My point was, I'm sorry about that, give me one second. My point was, think about how hard it is for us to find good candidates in the crowd, because we have to get through the spam of these machines that are being run by brokers that are trying to throw H1Bs when they see certain position titles. Now, think about the good person on the other end, trying to find a job and break through that. Who is now in a tightening job market where it's harder to find the jobs and saying, "Damn it, I need help to break through, Pat. You know what I'm gonna do? I'm gonna pay somebody to see if they can get me to the front of the line. How do I get TSA Pre-Check to get through the front of this line so these people can see me so I can get a job? I think that the job search in the digital world is a little bit broken right now.

• 1:32:20Tom Ellsworth?

  We just heard that half the traffic on the internet was bots, right? And we're seeing the bots in our inbox where we're trying to find great candidates. So I think there's a couple of things going on here between economy and availability of jobs, tightening market, but then how hard it is for us to filter out.

• 1:32:37Patrick Bet-David?

  Brandon, you're 30 years old. Your friends are looking for jobs, right? You went to school, you got a bachelor's and a master's in national security. When you talk to your friends that are looking for jobs, what are they telling you?

• 1:32:46Speaker 10

  Um, yeah, so a lot of people have really similar skill sets, like kind of cookie cutter products of college. And I think that's part of the problem too. I mean, so like, you know, the range for somebody with an average degree is probably, I don't know, 60 to 85,000 for like a job they're applying for. And, um, you know, the skill sets are usually like liberal arts to something with math or STEM. STEM, you'll end up doing better. But, uh, this is like cross-current of like so many weird things. Like it's such a weird situation, but I think the things that are causing it is things like, um, distorting the economy with, um, you know, artificially low or high interest rates, you know, somebody else being involved with that, the zombie companies. So like companies that shouldn't exist do exist, companies that would exist if we weren't interfering and it don't exist yet. Um, the H1BVs, those trying to hire cheap labor, right?

• 1:33:28Speaker 10

  So all the illegal immigrants. So a lot of, it's not one thing in particular, but it's all these things that are creating this like bizarre, backwards, dystopian situation. So, um, I mean, it's just a product of, uh, government being involved where it shouldn't be and not being involved where it should be.

• 1:33:43Speaker 04

  Peter. Yeah, and certainly because of the massive subsidy that government provides to education. I mean, we, we graduate a lot more people with liberal arts degrees than would graduate in a free market. So we're, we're putting these students into a job market that doesn't have jobs for what they just wasted taxpayer money studying for four or five years. You know, if we had a free market in, in college, we wouldn't have all this student debt and we'd have much lower tuition. And only, the only people that would go to college would be people who would actually benefit from the degree. A lot of people would just get jobs right out of high school, and maybe even not even go to high school, and we might actually have quality jobs for those people to move into if the federal government, or if the Fed didn't artificially

• 1:34:24Speaker 04

  suppress interest rates. If we didn't have savings that could finance capital investments. So, our whole economy has been screwed up by government intervention. But I wanted to point out, you know, Donald Trump is, makes a big deal about cheap gas. Well, oil prices are now up about 20% since they hit the lows. All the oil stocks are hitting 52-week highs. They're indicating that oil prices are gonna rise. And I think the one thing the President's been hanging his hat on, cheap gas, is gonna go away. I think by the time the, you know, the midterm elections roll around, we're gonna be looking at $80 to $100 a barrel oil, and everything else is gonna be a lot more expensive. So, the, the, the story that, you know, inflation is dead and buried is gonna be completely gone. And, you know,

• 1:35:09Speaker 04

  the box that the Republicans are gonna be in, unfortunately, in, in the midterms, is they're gonna have, be in the position of trying to lie to the public to convince them that a bad economy is good, whereas the Democrats are gonna be able to be honest about how bad the economy is, and they're just gonna lie that they're gonna fix it.

• 1:35:29Patrick Bet-David?

  So, you say that, but Peter, this is the question. Then, why is it that Trump's approval rating with the people that voted for him went up from 74% to 79%?

• 1:35:40Speaker 04

  I think, well, his overall approval ratings are pretty weak, but...

• 1:35:44Patrick Bet-David?

  No, with his base, with the people that voted for him, not, not overall, because overall could be mainstream media bashing him, negativity, anything and everything they can, they're gonna say negative things about him. But why are the people that voted for him happier than when they voted in the mid?

• 1:35:59Speaker 04

  I think, look, I think Trump voters really like Trump. I think Trump is almost like a modern-day folk hero at this point. And I think, you know, the fact that, you know, he almost died, right? They, you know, he, he survived that assassination attempt, I think really, you know, raised his, his level. in the eyes of the public to that kind of folk hero so I think that people who like the president just really like him you know they they you know and they listen to him and and and there are things

• 1:36:30Patrick Bet-David?

  why do they like him why do they like

• 1:36:31Speaker 04

  because he's he's basically sticking his thumb in the eye of the establishment he's telling them what they want to hear about shaking things up and about breaking

• 1:36:41Patrick Bet-David?

  why else you think they like him all that stuff is gibberish right specific results what happened to crime from a year ago down 20% murder what happened to the border zero how important is security to them

• 1:36:54Speaker 04

  yeah I think well I think there's a perception perception

• 1:36:58Patrick Bet-David?

  no no that's not that's not perception no no no there's two different things perception is hey you're 6'9" with a 38-inch vertical leap my perception is you're gonna score 30 points tonight and you play basketball the reality is you suck you score zero no this is border went to zero right so crime went down American people feel safer the world respects America again

• 1:37:23Speaker 04

  I don't know that the world I would disagree that the world respects

• 1:37:26Patrick Bet-David?

  oh really no one's coming knocking on the door

• 1:37:28Speaker 04

  no no that's all that's all made up I mean though if the world was respecting America more they would be that the fact that everybody is begging to make deals look the world is moving on from the United States look like look at China I mean China's trade with the US is down substantially but their trade with the rest of the world is up substantially to the point where they're exporting more now than they were before our tariffs so I think the world is is has less respect for the United States now than it did in the past but American voters yeah they they

• 1:37:58Patrick Bet-David?

  then then Biden

• 1:37:59Speaker 04

  it may resonate with them I think I think they like I think they like the fact that Trump is pushing back against the political correctness movement that was you know kind of spearheaded by the Democrats you know with the woke agenda and I think there has been a cultural backlash against that and I think you know that has been a positive of Trump in in pushing back against that but yes I think the I think the US is less respected. In fact, look what Trump just did with Greenland. I mean, basically threatening an ally that, hey, you know, if we can't make a deal on our terms

• 1:38:42Speaker 04

  to buy Greenland, we're going to invade, we're going to send the US military in there because nobody can stop us because we have this powerful military and we can do whatever we want. I think that sent a very, very bad message to the rest of the world, even though Trump ultimately backed down from that, he contemplated it in public. He actually talked about using our military to annex Greenland. You know, that did not go over well. Look at what's happening with Canada. Look at our relationship with Canada. You know, we're driving everybody closer to China, closer to Russia, because we're, Trump is around, going around the world, fascinating every other country.

• 1:39:21Patrick Bet-David?

  Respectfully, you sound like such a weak leader. And you ran for president.

• 1:39:25Speaker 04

  I'm not a weak-

• 1:39:25Patrick Bet-David?

  But wait a minute, but wait a minute, you sound like it because to me, you ran for president before.

• 1:39:30Speaker 04

  I never ran for president. I ran for senate once.

• 1:39:33Patrick Bet-David?

  Did you think about running for president or was there speculation or story or something like that?

• 1:39:37Speaker 04

  Not seriously, but I mean, I did, I did run for US senate in 2010, but I didn't even, I didn't even win the Republican nomination, but I ran in the Republican primaries in the state of Connecticut for US senate.

• 1:39:50Patrick Bet-David?

  Right. So, but to me, when I'm listening to this, and this guy's sitting there going around, you know, presenting ideas that we've never had before. A prior guy that was in there was doing what? Nothing. When's the last time somebody-

• 1:40:03Speaker 04

  Bad ideas?

• 1:40:03Patrick Bet-David?

  Are you kidding me? Like for us to be protected and you, you know, position China in a way that people are sitting there saying, what's going to happen next with China?

• 1:40:11Speaker 04

  We've driven, we've driven people closer to China. Other countries are developing relationships with China that they didn't have. Look what's happening in South America. Look at how much more popular, you know, they're building these deep water ports in South America so that China can trade with this continent without having to go through Long Beach or San Pedro. I mean, the United States is being pushed out and they're going to be a lot closer to Canada. Canada is our biggest trading partner, but they're going to end up doing a lot more business with China that, you know, over time.

• 1:40:44Patrick Bet-David?

  Yeah, I, I think you're, I think you, you truly are underestimating the amount of things that these guys have done. There's a reason while you go in CNN, when you go, well, I'll go to CNN, I mean, CNN, nobody hates Trump more than CNN. And CNN will tell you, their Democrats are not for the Democratic Party right now. They can't stand their policies. They're the worst approval rating with their own base. On the Republican side, CNN shows that people that voted for Trump are happier with them today than before. For a guy like me that I'm seeing, a guy named, you know, Jimmy Carter, gives up Panama. It's like, ah, it's okay, let him keep it, let him take care of this. And then now he's sitting there saying, wait a minute, China can go out there and do damage to us at Panama Canal.

• 1:41:28Patrick Bet-David?

  We gotta figure out where to take control of this. It's building the relationship there for us to be protected. China's getting into Venezuela, he's coming closer to say, you can do what you want to do there. Don't touch the Western Hemisphere. I feel safer with the guy at the top that's negotiating like that. I do. And a lot of American people do as well, in many different ways. You may have your, you know, be a little bit butthurt because of some things maybe, you know, that didn't go your way. And I know sometimes you, you play the contrarian, that's kind of your shtick that you play that role, but for me...

• 1:41:56Speaker 04

  Financially, I've, I've, I've never made this much money in my life. I made so much money during the Trump presidency. So I'm not talking my book. Everything Trump is doing is making me richer. And, and so I...

• 1:42:07Patrick Bet-David?

  And safer, and safer.

• 1:42:09Speaker 04

  Well, I don't know. I mean, I mean, I mean, our government is very...

• 1:42:10Patrick Bet-David?

  You don't feel safe? Well, you live in Puerto Rico.

• 1:42:13Speaker 04

  Our government is very corrupt. I mean, I know that from firsthand. I mean, we have an extremely corrupt government even today.

• 1:42:17Tom Ellsworth?

  Go back to safer, go back safer. Let's, let's be fair and ask that question.

• 1:42:20Patrick Bet-David?

  Do you feel safer?

• 1:42:21Speaker 04

  I don't, well, I don't feel any different as far as that's true.

• 1:42:23Patrick Bet-David?

  Where did you live before?

• 1:42:24Speaker 04

  Well, I was living in Connecticut before Trump won. I mean, I was living in, I mean, in Puerto Rico.

• 1:42:30Patrick Bet-David?

  Yeah.

• 1:42:30Speaker 04

  I was living in Puerto Rico during...

• 1:42:31Tom Ellsworth?

  In crime-ridden Fairfield County?

• 1:42:35Speaker 04

  Well, I haven't, I haven't lived in Fairfield County since 2017. We have a house...

• 1:42:39Patrick Bet-David?

  Well, then you're not everybody. You're not everybody.

• 1:42:41Tom Ellsworth?

  That's my point.

• 1:42:42Patrick Bet-David?

  Let me explain to you. You're not everybody, though, because the average American feels safer.

• 1:42:47Speaker 04

  Maybe, I don't, you know...

• 1:42:47Patrick Bet-David?

  No, it's not maybe. No, no, it's not. You can't say maybe. Polls show. That everybody in America trusts Republicans to protect the border more than Democrats. You live in Puerto Rico. This is pure data that's coming out from people.

• 1:43:02Speaker 04

  Well, we'll see. Look, it's not like, not like I like the Democrats. I was, I was probably one of the biggest critics of Biden out there, more so than than most Republicans. But, you know, I criticize bad policies regardless of what policy, what, what, what party is promoting them.

• 1:43:16Patrick Bet-David?

  You're cherry picking policy.

• 1:43:17Speaker 04

  No, no, I, I, I, well, no, I just cherry pick bad policy.

• 1:43:20Patrick Bet-David?

  No, no, you, but you're, you can do that. And that's like the...

• 1:43:23Speaker 04

  And I mainly focus on economic policy because that's really where my area of expertise is. And so when I see bad economic policy, and look, look at what, look at what the president is advocating. You know, he wants, he wants to control credit card interest rates at 10%. You know, when, when Harris talked about price controls on groceries, oh, she's a socialist. But Donald Trump wants to control the price of credit cards. And that's not socialism. And in fact, if you look at his industrial policy, I mean, he does not want the free market to allocate capital. He wants to pick the winners and losers himself. He wants to decide what companies and what industries should get capital and then use the power of government to direct capital there.

• 1:44:02Tom Ellsworth?

  I don't know if that's fair on credit cards because what the president did is he came out and floated that. And there was a lot of response, including here from us, that said, wait a minute, do you want to really get in and do that? But it was part of a broader narrative that he was on for that whole week about affordability, that we have to do some things for affordability for the American consumer.

• 1:44:19Speaker 04

  Then cut government spending.

• 1:44:20Tom Ellsworth?

  And then he backed, and then he backed down on the credit card stuff because he got feedback from Jamie Dimon and others like this. But guess what he forced? He forced a dialogue on the subject and he forced a dialogue on accountability. Now, if you look at all the policies across, I'm a little shocked. I would, I would love to hear you say, you know, you know, on safety and the border, I think he did a good job. My area of expertise is economics. I'm really not happy about it and I've been very vocal about it. But it's, it's like, you gotta be capable of giving the credit on something that's benefiting a lot of Americans. And safety at the border and murders are down. Those are facts. Those are not, those aren't stats that are gonna get revised.

• 1:44:59Speaker 04

  But the affordability problem is a... Function of the big beautiful bill. I mean, the fact that Donald Trump signed on to a legislation.

• 1:45:08Tom Ellsworth?

  Affordability started, I gotta stop you. Affordability started by your own words. What, what happened after COVID? When the Biden administration pumped all that money in there and it created.

• 1:45:18Speaker 04

  That started, but that started under Trump. Trump signed on to all the COVID bailouts and all the stimulus. The Fed slapped interest rates.

• 1:45:25Tom Ellsworth?

  Under Biden, you gotta be fair with that.

• 1:45:27Speaker 04

  The same thing would have happened under Trump. Had Trump won, reelected.

• 1:45:31Tom Ellsworth?

  Biden was the president.

• 1:45:32Speaker 04

  Yes.

• 1:45:32Tom Ellsworth?

  Coulda, shoulda.

• 1:45:33Speaker 04

  And that was.

• 1:45:33Tom Ellsworth?

  Biden was the president.

• 1:45:34Speaker 04

  That was a lucky break for Trump because now he could blame everything on Biden. Had Trump won, it would have been the same inflation. It was the same policies. Look, look at what they did with the big beautiful bill.

• 1:45:45Tom Ellsworth?

  I don't know. I don't know why you can't balance credit with, with criticism on certain policies.

• 1:45:48Speaker 04

  All, all they did was they, they cut taxes on tips. They cut taxes on overtime, cut tax on social security. These are highly inflationary tax cuts. They don't grow the economy. Government spending meanwhile increased. All of the Biden spending was preserved under, under Trump and increased. They didn't cut, they had an opportunity to cut some of the Biden spending and they didn't cut any of it. They increased it.

• 1:46:10Patrick Bet-David?

  Yeah. So you know, you know, it's crazy. You know, like last week we had this guy on Jared Moskowitz, who's a liberal. He's a Democrat. Is that a Trump guy? But you know what he was capable of doing? He was capable of saying, these are the things I like that he does. These are the things I'm fully against them. Okay. You lose credibility when it's like, nah, I can't give him credit here or there. For us, I sat there and I said, I don't know if I want to put the 10% credit card limit there. But I like the fact that he called Elizabeth Warren and at least he's willing to reach to the other side of the aisle. And Elizabeth Warren's like, holy shit, he called me. What did he say? He asked me for advice. Really?

• 1:46:44Speaker 04

  Well, I'm not gonna give him credit for quoting a ridiculous proposal like, like government fixed price controls. I mean, if he doesn't understand why that's a bad thing.

• 1:46:53Patrick Bet-David?

  In a long time that it's good that somebody is, well, the Epstein files. What do we call it here? The biggest flipping fumble of this administration, biggest F up on what you did. We're comfortable saying that, but you lose credibility. It's like, no, no, no, no, no. Ask how many millions of people.

• 1:47:12Patrick Bet-David?

  live by the border are happy what the hell is going on when the kids are playing outside go and ask how they feel go call the people that live in Arizona New Mexico and Texas and San Diego and ask how do you feel when the kids are playing outside today versus a year and a half ago two years ago ask them ask the stories of people that were worried about what the hell is gonna happen when my wife's going to work when my mother's going to work see what they tell you not everything is money there's a bunch of different things that you gotta do see what it looks like when he walks on World Economic Forum everybody stops and is watching this guy speaking and Newsom goes up on stage who's gonna be the candidate that's gonna be opposing him on the other side tries to make fun of his own country that he's representing absolutely embarrassing for somebody to go out there and do that so for me on the highest stage I'm proud that he's negotiating on our behalf I don't ever give somebody a job as an executive when you hire and I expect a hundred percent of perfect decisions I don't make a hundred percent perfect decisions when somebody listen to my company but you're trusting my instinct and my instinct is if if I have somebody in the boardroom that's gonna sit there and negotiate on my behalf I don't think there's anybody in America that would have done a better job of negotiating on our behalf than this guy

• 1:48:23Speaker 04

  what is he negotiating what are you referring to

• 1:48:25Patrick Bet-David?

  what is he negotiating what is he negotiating

• 1:48:28Speaker 04

  what are you what are you what are you talking about

• 1:48:30Patrick Bet-David?

  or you're not following what's going on what do you mean what is he negotiating

• 1:48:32Speaker 04

  you tell me

• 1:48:33Patrick Bet-David?

  what are what are people listening to and watching and and they're seeing others you know under every single one under every one of these guys

• 1:48:41Speaker 04

  you talking about trade deals that you think he's negotiating

• 1:48:43Patrick Bet-David?

  what what so you're saying who's you're saying Biden negotiated better you're saying you know you're saying Obama negotiated better with Iran you think you think you think Biden or Obama negotiated better with Venezuela what do you think they negotiated what did they do

• 1:48:57Speaker 04

  you're talking about trade deals and

• 1:49:00Patrick Bet-David?

  I'm not talking trade deals

• 1:49:01Speaker 04

  but the best thing to do is just reduce eliminate our tariffs and bring them to zero it doesn't matter what the rest of the world does the best policy is free trade allow Americans to freely trade with anyone they want there's there's nothing that needs to negotiate but the the the speech that he made at the economic forum backfired he went out there and claimed that the whole global economy only works because of America that if it wasn't for America buying everything on credit that the world produces that the world economy would collapse as if you know they would have nothing to do with all their factories if they weren't making the goods available to Americans. America does not drive the global economy. We're the caboose. We get pulled along. The power of the economy is production.

• 1:49:45Speaker 04

  It's the world can produce goods. It doesn't need us to consume those goods. They're perfectly capable of consuming their goods.

• 1:49:52Patrick Bet-David?

  Really? It doesn't need us to consume those goods?

• 1:49:54Speaker 04

  No, of course not, because we're. I'll give you thirty one trillion reasons you're wrong.

• 1:49:58Patrick Bet-David?

  By the way, I am so glad we invited you today on the podcast. And by the way, Rob, did we invite or did Peter say he's in town to be here?

• 1:50:05Speaker 04

  Well, you invited me before and I wasn't around.

• 1:50:06Patrick Bet-David?

  And then you asked me to pay you for private jet. I said, I'm not paying you for private jet. I said, if you want to get down, you come down here.

• 1:50:10Speaker 04

  So I wait till I come by myself.

• 1:50:12Patrick Bet-David?

  No problem. So, but I am so glad you're here today. I'm so glad you're here today and a market gets to hear you because you still can't find yourself to give credit to what this guy's done.

• 1:50:23Speaker 04

  Well, look.

• 1:50:23Patrick Bet-David?

  The last year and whatever he's.

• 1:50:24Speaker 04

  No, it has nothing to do with, okay, you know, is the stuff he's done on the border good or bad? The bigger macro stuff overshadows it. And when we end up with a total socialist Democrat in 2028 because of how horrible the economy is, whatever good things were done are going to be erased by that. I mean, the bigger picture i- i- i- is much broader than some of the things that he's done that that are good. And I've given him credit along the way for things that I thought he was right, but the bigger picture stuff, the more important stuff is so wrong. And again, for you to misunderstand the fact.

• 1:51:02Patrick Bet-David?

  What's above security? What's above security and safety? I'm sorry.

• 1:51:06Speaker 04

  How safe are we gonna be?

• 1:51:07Patrick Bet-David?

  What is above safety and security? Twelve to fifteen million people came here last four years.

• 1:51:12Speaker 04

  Yeah, yes, yes.

• 1:51:14Patrick Bet-David?

  Wait a minute. You don't live in America to know what that feels like. You live in Puerto Rico. What Puerto's comes to Puerto Rico.

• 1:51:19Speaker 04

  Puerto Rico is part of America. You might not realize that.

• 1:51:21Patrick Bet-David?

  No, but it's not, but it's not the same as living under the border.

• 1:51:23Speaker 04

  It's not El Paso.

• 1:51:23Patrick Bet-David?

  You don't know what the border is.

• 1:51:25Speaker 04

  What do you mean? We're, I gotta, we're, we're a Spanish country.

• 1:51:27Patrick Bet-David?

  What border do you have? What border do you have?

• 1:51:29Speaker 04

  We, we're an island, but I mean.

• 1:51:32Patrick Bet-David?

  The average person sat in America last four years saying, what the hell is going on to crime? And you can't sit there and say, what happened to crime? There is, listen, there is nothing we do if we're not safe. Nothing, the brain doesn't work if it's not safe. If I can't breathe, I don't think about how the stock market is doing. If I can't have oxygen right now, I don't say, hey, I'm about to die, can you tell me what Bitcoin's at? Where's gold at? Cause I don't give a shit about oxygen. We're safe for the first time in many years. That's very important to the average American making sixty thousand. Not to guys like us worth hundreds of millions of dollars. To us, we're gonna be safe no matter what. For me, it's if the average guy doesn't feel safe, that's got a wife, husband, kids, that are willing to go out and play in a regular public park.

• 1:52:16Patrick Bet-David?

  What the hell does America look like? I mean, you gotta give a little bit of credit what this guy's done for America to be this safe. This is what the average person looks at first.

• 1:52:24Speaker 04

  It's not about where he gets.

• 1:52:25Patrick Bet-David?

  And then comes everything else.

• 1:52:26Speaker 04

  Look, if, if on, on the broader scheme of things, if I think the policies are wrong and we're headed for an economic crisis, that are gonna get blamed on the Republican Party, they're gonna get blamed on capitalism, they're gonna get blamed on everything that people believe that Trump stands for, but he doesn't. And the, the, the problems predate Trump. I mean, Trump was part of it when he was president during his first term. But we have been kicking the can down the road for multiple administrations of both parties. Everybody makes the problems worse and everybody hopes that it doesn't collapse on their watch. Well, we're in very, a, a, a grave danger of it blowing up now under Trump's watch.

• 1:53:07Speaker 04

  And the things that he's done that are positive are gonna disappear beneath that problem.

• 1:53:12Patrick Bet-David?

  Why though? Why though? Why? So I.

• 1:53:15Speaker 04

  Because when, when you're looking at a, a massive collapse in the dollar and consumer prices soaring like we've never seen before in this country. When you're looking at widespread shortages and empty shelves and rolling blackouts, because the dollar has collapsed and we can no longer afford to import all the goods that the rest of the world produces. And when there's an economic boom that's taking place outside the United States in the emerging markets, because the world is no longer burdened. With having to support the US economy when the world can now consume what it produces and invest its savings domestically instead of loaning it to us.

• 1:53:51Patrick Bet-David?

  Explain to me why all these countries and companies said they're gonna invest trillions of dollars in America.

• 1:53:56Speaker 04

  They said that because Donald Trump wants to hear that. That's what they, that's what you tell Donald Trump.

• 1:54:00Patrick Bet-David?

  But wait, but wait a minute, how come we've never seen that before?

• 1:54:03Speaker 04

  What do you mean?

• 1:54:05Patrick Bet-David?

  No, no.

• 1:54:05Speaker 04

  Never seen what?

• 1:54:06Speaker 02

  This gets back to the whole reversal of Main Street versus Wall Street because when you think about it, what has been the losers versus winners last, what's since the China productivity miracle, what did we do? We sent jobs and factories to China. We brought consumer goods in here, right? We sent them the dollars. They take the dollars, they reinvest them in our markets and that was the cycle and that it's broken down. I think part of why we're seeing these companies that are moving to invest and there's a couple different CEO surveys have come out and said exactly what you said, Patrick, which is there's, there's not only is it increasing, but the number of global CEOs looking to spend their most, the biggest chunk of their global capex dollar in America. If you are going to reverse the trade flows of the last 50 years, you have to reverse the physical flows.

• 1:54:51Speaker 02

  In other words, you need to bring some of the capacity back here. You need to, and, and yes, that's inflationary and that's just gonna be part of the price of admission. Maybe some of that will be offset with productivity with AI, who knows? I don't know. But ultimately, I think that it's a hugely bullish thing for the US and I think that's part of the reason why you're seeing these companies say, alright, Trump came out and said the old deal's off. Like in every way, shape or form, globalism's dead as it's been defined. We heard that over and over. Okay, then we're gonna be more regionalist and that means the, you know, the, in the, we, the United States is sort of in the position of Europe after World War II.

• 1:55:33Speaker 02

  Except we didn't get our factories bombed out. We got them shipped overseas. Exactly. By a trade deal. What did Europe, what were growth rates in Europe after World War II? From 1945 to 65, they exploded higher.

• 1:55:44Patrick Bet-David?

  Why, why did we, what, this exporting of jobs going overseas, who started it?

• 1:55:50Speaker 02

  Nixon. Clint, uh.

• 1:55:52Patrick Bet-David?

  Gold standard.

• 1:55:53Speaker 02

  Nixon, I mean, it was a 40-year trend, right? When you really tie back to what triggered it, once the United States went off the gold standard in 71, it triggered a set of incentives that basically, once we made the dollar.

• 1:56:08Patrick Bet-David?

  Money became fake.

• 1:56:08Speaker 02

  Yeah, once, once the dollar became the reserve currency rather than gold, we suddenly had to run the deficits to supply the world the dollars. And want to do that, we had to offshore this stuff to create the deficits, to supply the dollars. And it, it's sort of like, look, it sort of worked for a time, Nixon doing that. We weren't exactly winning the Cold War in 1971.

• 1:56:27Patrick Bet-David?

  No.

• 1:56:28Speaker 02

  And so when we did that, that was a huge trump card that Kissinger played. It was a case of, hey, the Soviets are beating us in a lot of ways. They can, they've got way more oil, way more materials. But by playing that card and setting up the Petro-dollar, we were able to print dollars for oil and commodities, which is easier than lifting it out of the ground than the Soviets were doing. We win the Cold War. In a perfect world, when the Berlin Wall came down in 89, we would have sat down, had another monetary conference in 89, like a Bretton Woods, and said, okay, Berlin Wall comes down, and here's the New World Order. We're gonna meet and we're going to say, here's what the monetary system's gonna look like. Here's the new multinational organizations, or maybe we just continue them, right? The IMF, WT, so whatever, we were, you know, UN, etc.

• 1:57:12Speaker 02

  But we didn't do that. Instead, in 89, we decided to pursue a unipolar moment in history, which is now clearly ending. And it's in our interest to end it, by the way. Because it has hollowed us out too much in the other direction. Well, but we, but we now are completely dependent on that.

• 1:57:28Patrick Bet-David?

  I'm sorry, let me, let me, and I'm gonna come to you. My concern is the following. Okay. If, if, if I was in the White House when Nixon was, would we have gone off the gold standard? I don't know. Was that a good decision? I don't know. I'm 60% no, wasn't a good decision. 40% I don't know, right?

• 1:57:48Patrick Bet-David?

  The triangular diplomacy that we kind of look at it and say, guys, Soviet, if these guys keep getting stronger, let's help China. China moved up, whatever. We helped them from number 10, number 11, number 9, to now number 2, and without, and now Russia has got a smaller GDP than Canada. Canada's at 2.3. I think Russia's at 2.1, some number like that. So we destroyed, I mean, essentially, we kind of brought them down and put them in their place. But then we built China. Now finally a guy comes in and is like, listen, guys, I'm sorry. All these deals you guys have had with the previous presidents, we gotta shake things up. That's a massive shakeup. By the way, you know what's hard about that massive shakeup? You know what's the chance of succeeding? Do you know what's the chance of Trump succeeding with this massive shakeup?

• 1:58:32Speaker 02

  It's not great. It's not, it's not-

• 1:58:33Patrick Bet-David?

  Do you know what my, what's your opinion, what the, what the, I'll, I'll write my number down. Hang on, I'll write my number down. I want to hear your thoughts.

• 1:58:40Speaker 02

  Okay.

• 1:58:40Patrick Bet-David?

  What do you think is the percentage of him being able to succeed?

• 1:58:42Speaker 02

  Conceding that success might look different for you and me. This shift is so monumental, the shift of it going well, I would say it's under 50%.

• 1:58:52Patrick Bet-David?

  I'm at 5%.

• 1:58:53Speaker 02

  Yeah.

• 1:58:54Patrick Bet-David?

  It's so hard.

• 1:58:55Speaker 02

  It's very hard-

• 1:58:55Patrick Bet-David?

  To do that. But you know what the problem is for me? So what do we do? Don't do it? Don't try?

• 1:59:00Speaker 02

  Well, and it's what you always have to look at what the other, what's the other side if we don't do it, right? You always want to, if we don't do it, we know what, where we're going, right? Admiral Michael Mullen, who was the Chairman of the Joint Chiefs of Staff in 2011, has this fascinating quote. He said, "The biggest threat to America is not our debt, it's not weapons of mass destruction, it's not terrorism, it's not bioweapons. It is, uh, um, it is, excuse me. It's not bioweapons, it's not terrorism, it's our debt." He said, "We are borrowing money from China to build weapons to face down China, using components made in China." The US military for the last 15 years has been saying as loudly as they could- We cannot source our own military without Chinese goods. You are not a sovereign nation.

• 1:59:45Speaker 02

  If you do not have a defense industrial base, you are not a sovereign nation. It simply hasn't been marked to market yet. And that started to be marked to market in COVID. Remember in COVID, we're like, oh, we need all this PPE en masse. And people look around and go, oh, it's all made in China. And then in 2022, same kind of dynamic. The head of the UN came out in, or excuse me, of NATO, Mark Rudy, came out in 2025, early last year, said the Russians with their small GDP are out producing the entirety of NATO, including America, four to one. Why? Because they have an industrial base and we do not have a sufficient industrial base. And so this is one of these national security questions.

• 2:00:23Tom Ellsworth?

  This is last year.

• 2:00:24Speaker 02

  What's that?

• 2:00:25Tom Ellsworth?

  This is last year.

• 2:00:25Speaker 02

  He said it last year.

• 2:00:26Tom Ellsworth?

  Yeah, they got a little bit of a labor manufacturing balance because of the five-year Ukraine war, too.

• 2:00:32Speaker 02

  Yeah, oh, and they are, they, the...

• 2:00:35Tom Ellsworth?

  You can't measure their percent of investment on defense right now because they have a hot conflict.

• 2:00:39Speaker 02

  No, no, no, this is, no, this is, this is not, no, no, no. This isn't, this isn't percentage goods. This is total goods. How many do the Russians produce? How many do the Americans produce? The Russians outproduce four more times of stuff, absolute numbers, than the, and the US can't produce it. And we can't produce it without the Chinese. So part of what we're watching Trump, I think the why is so important. Anytime you're watching someone, anyone do anything, especially a Donald Trump. And I think Donald Trump's why in doing this is the US military's why in doing this, which is if we go down this path, the Chinese will make 100% of the US military in 100, in 10 years, in five years. And at that point, the United States is no longer a sovereign country. Full stop. End of discussion.

• 2:01:22Speaker 02

  What do you hear so often when people say, well, ultimately, the US military backs the dollar? Well, if the Chinese make the military that backs the dollar, what do we have? We have...

• 2:01:31Speaker 04

  Zero. Yeah, you have to recognize, though, the fact that we relied on the dollar's reserve currency status for decades, that allowed us to hollow out our manufacturing base and supplant it with this service sector, consumer credit-based economy that is harmful, but we've been living beyond our means for decades as a result of this. And yes, the sooner it ends, the better, because the longer it takes, the worse it's going to be when we have to be confronted by reality. But that is what is about to happen, not on our terms, on the world's terms. They are going to move away from the US dollar. It's not going to be the reserve currency.

• 2:02:14Speaker 04

  And so all of these, what you look at as virtuous things are going to reverse. But the only way that we can prepare for a world where the dollar is no longer the reserve currency and we cannot live beyond our means is to start now dramatically shrinking the size of our government, which is incompatible with the economy that we need to build. We need massive cuts to government spending. Instead, we've had increase in government spending. We need dramatic increases in personal savings, which means we need much higher interest rates to encourage that, so we can finance the investment. And we actually need to get a handle on our debt. I think we need to restructure it. I think we actually need

• 2:02:59Speaker 04

  an organized default, because we now have so much debt that we have built up that if interest rates were allowed to rise to a level that would actually encourage savings, the government would have to default anyway. There is no way that we could service the debt that we have at the interest rates that we need and that we will have in a post-US-dollar reserve currency world. Because if Americans can only borrow to the extent that we save, we have very little savings and everybody has massive debt. So we have to have very high interest rates in this country, but we can't afford them. And also, you can't build products from strip malls. We have a country that is built now to distribute imports.

• 2:03:41Speaker 04

  Biggest employers are like FedEx and UPS and Walmart and Amazon, right? We don't, we don't build the stuff that we, that we transport and that we consume. And to do that is going to require significant investment in, in, in building factories and reconstituting supply chains, in training workers. This is a monumental task and everything we're doing right now is in the wrong direction.

• 2:04:07Patrick Bet-David?

  I got it, I got it, I got it. Okay, Rob, do you want to pull up the news that just came up with El Paso? Why the reason took place? Did you guys see this or no?

• 2:04:14Speaker 04

  No.

• 2:04:15Patrick Bet-David?

  Did you get an alert? Apparently, El Paso, the reason why they shut down the airport was because there were drones flown over cartel drones. And allegedly for that, Sky's Ryan International Airport would close several hours Wednesday. Go a little bit lower, Rob. The FAA on Wednesday morning abruptly closed temporarily. There's no threat to commercial aviation. The agency said in a statement, "All flights will resume as normal." New York Times Wednesday reported that the shutdown was due to military testing of counter unscrewed aircraft, uncrewed aircraft technology at Fort Bliss. Moments later, US Transportation Sean Duffy acted swiftly to address a cartel drone in

• 2:04:58Patrick Bet-David?

  insertion, adding that "The threat has been neutralized." Speaking at a news press conference, Wednesday reporter Veronica Escobar, who represents El Paso in the US, represented said Duffy's explanation does not align with the information that we in Congress have been told. Mexican President Scheinbaum has disputed the reason for shutdown, saying the country's government has no knowledge of such insertion, per the time. So, that's kind of the reports of both sides. We still don't have a clue what the hell is going on. Okay, Army seems to be fretting about their flights tomorrow. Okay, there you go. So, does somebody just text me saying that just happened? Let me get to the next story here. Next story I want to go to is a fun one. Let's have some fun with this one here. Boomer is icing.

• 2:05:39Patrick Bet-David?

  Is counting how much Sam Darnold makes and the Super Bowl champions or players make, going to play the Super Bowl in San Francisco, and it's called the jock tax. If you're not aware of it, this video is not going to want to make you go play in the NFL and move and play in California, because they tax the shit out of you. Go ahead and play this clip.

• 2:06:01Speaker 21

  For winning the Super Bowl, the winning team, each player gets $178,000. In other words, the Super Bowl isn't a part of their salary. And because the game was played in California, and California has a jock tax, and they look at duty days. So each team spent seven days in the state of California. So those are seven duty days, and they pierce your regular salary at 3.5%. So he has to pay, when you take into account he got the $178,000, plus his overall salary, he has to pay the state of California for spending seven days there,

• 2:06:43Speaker 21

  $249,000. That's just so stupid. It really is.

• 2:06:52Patrick Bet-David?

  No, keep playing it, Rob. Keep playing it. What happened to the audio guys?

• 2:06:55Speaker 21

  That's just so stupid. It really is. It ends up costing him $71,000 to go play in California. Now, if I'm the NFLPA, now you gotta remember, it's probably even more than that because, since he's in Seattle, he's playing against San Francisco 49ers, that's another day he's there. And he's playing against the LA Rams, that's another day he's there. So he's probably had like nine or 10 duty days, or maybe even more than that, in the state of California. So if I'm the NFLPA, I'm like, hey, we're not playing any more Super Bowls in,

• 2:07:30Patrick Bet-David?

  Bingo.

• 2:07:30Speaker 21

  You know, in California. We're just not doing it.

• 2:07:33Patrick Bet-David?

  Can you imagine that, Tom? Your thoughts?

• 2:07:35Tom Ellsworth?

  You know what? This is where, you know, opportunity meets tax. You know, Dem saw an opportunity, and they tax him. They say, wait a minute. These millionaire, you know, athletes, Boomer Sison played in Cincinnati. He's from Cincinnati, and he's coming here for a business trip. I don't get taxed on a business trip. I go to business trips. You on business trips to all kinds of places. We went to Washington DC. We had to conduct the business there. We've conducted business in New York. They don't call us on the phone and say, "Excuse me, were you here for two days staying at a hotel? Did you, did you do a contract there? Did you do something there?" They don't do it to us. These guys are on business trips. He's based, working for a company called the Cincinnati, called the, um, uh, this, he's in Seattle.

• 2:08:20Tom Ellsworth?

  That's where his employer is, the Seahawks. He works for a company in Seattle. That's where they are. They're incorporated. But because he goes on business trips, they tax him. That's why it's called the jock tax. This is opportunistic. It shouldn't be there. There is not a CMO tax. There's not a CFO tax. There's not a sales director tax that every time a sales director conducts business in some other place. If he works for...

• 2:08:45Patrick Bet-David?

  Don't give them ideas.

• 2:08:46Speaker 02

  Some states will do that to you. Technically, my understanding is you technically have to pay taxes in states where you go visit while you're, where you're, you know.

• 2:08:54Tom Ellsworth?

  Well, I'll go bad money. I'll just do it and spend it. I mean, dinero es mero. But that's, this has always bothered me. Because other businesses, it doesn't happen.

• 2:09:03Speaker 04

  Look, I can't believe that they're playing next year's Super Bowl in California too, given these dynamics. I mean, I, if I were the NFL, I wouldn't have any of these games in any states that have a tax like that. Uh, I don't even know constitutionally, uh, because they're taxed, he's actually being taxed not just on the income that he earned playing the Super Bowl. I can understand if they want to say, "Look, you actually played the game in California, so we're going to impose our income tax on your earnings on the game only." But to go back and say, "We're going to tax all of your earnings all throughout the year, just because you were here." I mean, I don't even see how that's constitutional for, for them to be able to do that. Uh, but look, I mean, California

• 2:09:47Speaker 04

  is a high tax state. They're trying to continue to find more ways to bleed the population. And when they can't bleed their own population, they try to get other people that happen to be traveling through California. Look, you know, maybe you should avoid the state completely. Just don't even go in there for a business trip. You never know you, what kind of thing you can get roped into. In fact, now, a lot of the taxes that they're talking about, even if you leave the state, they want to tax you for 10 years after you're gone. So you can't even escape.

• 2:10:14Speaker 07

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• 2:11:14Patrick Bet-David?

  Luke.

• 2:11:15Speaker 02

  Yeah, it's a rough one. They, uh, it would, if I was an athlete, I would frustrate me, especially given these guys have limited playing careers, particularly in the NFL. But they do this everywhere. I mean, it's an opportunity and look, the bigger, I think, macro picture is a lot of these states and are, because there's, you know, lots of other places do this, right? Like, it's very easy. Hey, I know what you make. Your contract is public information for a lot of these guys and I know exactly when you arrive. I know exactly when you leave. You're, you're on the schedule here. It's, you know, someone was telling me that the major league baseball teams, like the players, um, players' tax returns are like that thick because they play 162 games. And so we know you're in New York for six days. We know you're in Boston for six days.

• 2:11:59Speaker 02

  We know you're in Minneapolis for eight days and we know exactly when you were there. And so they have to, so literally they have state tax returns.

• 2:12:05Patrick Bet-David?

  No, what? Otani deferred his payment.

• 2:12:08Speaker 04

  They gotta pay their accountant to file all this.

• 2:12:09Patrick Bet-David?

  Oh, yeah. No wonder.

• 2:12:10Speaker 02

  Yeah. Yeah. So it is a, um.

• 2:12:13Patrick Bet-David?

  These Dodgers, let me tell you, the Dodger fans, they're just weird people.

• 2:12:16Tom Ellsworth?

  By the way, does capitalism, Pat, let me interview you. Doesn't capitalism always find a way?

• 2:12:24Patrick Bet-David?

  Yes.

• 2:12:24Tom Ellsworth?

  The Otani contract is just the beginning. I said, six months ago, I said, you know what I think could happen? You could have a Dodger player that says, I'll play at home for nothing. Just pay me my whole contract in 2035. Where I'll be retired in Florida, but I will play for nothing, my home games. So in California, what? No, I play for nothing. As a matter of fact, I'll play for nothing, you know, all year. Which is basically what Otani did. Yeah, it's like a version of the Bobby Bonilla contract, right?

• 2:12:58Patrick Bet-David?

  Was there a question there? I said, I'm gonna ask you, but there's.

• 2:13:00Tom Ellsworth?

  No, no, I'm sorry, no, no, I'm sorry, no.

• 2:13:02Patrick Bet-David?

  Shout out to Danker415, who said, this is why Otani has the for paid out. But no, I think, I think for me, if I'm a player, if I'm a player, if I'm a player, I'm gonna be like, guys, can we, and if I have some of the pull? Guys, Super Bowl, Tennessee, Florida, Texas? What else you got? Give me another one. Definitely not Puerto Rico, we're not going to Puerto Rico, because those guys don't believe in security. Uh, who else you got?

• 2:13:28Tom Ellsworth?

  Seattle, there's no income tax in the state of Washington.

• 2:13:31Patrick Bet-David?

  Okay, Seattle, Vegas, Nevada, you got a couple of these places.

• 2:13:34Tom Ellsworth?

  That's a great state.

• 2:13:35Patrick Bet-David?

  But I'm not going back to this place. All right, let's do, let's do one other story, maybe two other stories, and then we'll wrap up, okay? This is a weird story. I don't know what you guys are gonna say about this. If you have an opinion, great. If you don't, great. Uh, Ty Lopez, did you guys follow the story, what happened, or no? Have you been seeing what happened? So FBI probes self-help guru Ty Lopez and Ponzi scheme that acquired Radio Shack, Pier 1 Imports. Uh, the report just came out. Now, keep in mind, a few months ago, this happened. We didn't say a lot about it, we just kind of moved on. Uh, Tom, I'm gonna come to you here. What, what is going on here? I mean, the, the question that you see, it's unclear whether the three defendants will be on the hook for the $112 million they allegedly swindled from investors, according to the SEC.

• 2:14:20Patrick Bet-David?

  But they may still face criminal charges even after settlement. Is there anything here, or is this noise?

• 2:14:27Tom Ellsworth?

  Um, I don't think it's noise when. When a court of jurisdiction and the SEC is leveling civil fraud against you. And right now, apparently, they went out there, as the story goes, what's being reported is they said, hey, they had this company, I think they called it RevUp or Rev or something like that, and they said, hey, we're going to bring Radio Shack back, we're bringing these things back, maybe we'll create an e-commerce play. So there is this offer, you know, entrepreneurs make offers all the time, and apparently Tai Lopez and some others were involved in that, Pier One, Radio Shack, Once Upon a Time, beloved brands in America

• 2:15:07Tom Ellsworth?

  that were retailers. So they go and do this, they get people to invest in it. The allegation is maybe they took fees and you have that over 100 million number that's being passed around in these news reports. Now, they say no criminal charges have been filed, but Tai Lopez is in settlement talks with the SEC. Whenever you see that, if you see your name in the paper that says settlement talks with the SEC, that's probably why no criminal charges have been filed, because you were voluntarily at the table and you were talking to people about making this situation come to a conclusion, usually with you paying a

• 2:15:51Tom Ellsworth?

  fine, admitting no guilt, and moving on. It appears that we are at that phase, Pat. It appears here. Does it appear that Tai Lopez did nothing? That's not what these news reports are saying. And whatever Tai Lopez did, he is now at a desk with his lawyer, with the SEC, negotiating a settlement, which usually comes with paying a fine and then accepting limitations the SEC puts on you.

• 2:16:16Patrick Bet-David?

  Such as what? What could those things be?

• 2:16:18Tom Ellsworth?

  Well, you can no longer be a, you can no longer be a director in a company, you can no longer trade, you can no longer solicit. Well, like if you're like an investment banker representing buying and selling of companies, there's like a list of things that they'll say you can't do. Most notably is what happened to Martha Stewart. You can't be a director on any boards. You can't have a fiduciary responsibility.

• 2:16:42Patrick Bet-David?

  Do you have thoughts on this?

• 2:16:43Speaker 04

  Well, I mean, I don't have thoughts on this particular case because I'm not familiar with it, but I have a lot of thoughts on the SEC and FINRA because I think these government agencies do a lot more harm than good. I think we would be better off without them. I think a lot more investors end up getting victimized by fraud because of these government agencies. You know, the original Ponzi scheme was Charles Ponzi. And when he ran his scheme, there was no SEC, there was no equivalent of FINRA, and that whole thing collapsed in about a year because of the free market ferreted out. But meanwhile Bernie Madoff perpetuated a much bigger Ponzi scheme than Charles Ponzi.

• 2:17:26Speaker 04

  It went on for decades because he was protected by the SEC. He was protected by FINRA. And you know, these government agencies lull the public into a false sense of security that because the government is watching out that they don't have to, you know, be on the lookout themselves. I think it would be much better if we didn't have the government involved, if we had more free market forces, because I think it would be harder for these scams to be perpetuated. And I think, you know, the markets would do a better job of policing themselves than having the government do it because it ends up being corrupted by the very people it ends up regulating and then the investing public ends up being harmed.

• 2:18:05Patrick Bet-David?

  Anything here? You guys good? Okay, let's move on to the next one. Last story I want to do is California 5% tax and then we'll wrap up. So California, where is that at, Rob? That is on, there it is. California billionaire tax will be disastrous and cause wealthy to flee economist predicts. Is this a newer story, Rob? Or is that a story from, was there a video on this one, Rob?

• 2:18:30Speaker 09

  This is from February 6th.

• 2:18:32Patrick Bet-David?

  Do you have a video on this one?

• 2:18:33Speaker 09

  I do. It's a little long, though.

• 2:18:35Patrick Bet-David?

  Okay, so then let me skip that one. Let me go to a different one. Tom chose this one. We'll wrap up with this one here. Nuclear sector is poised to be for its biggest IPO in years. So let's kind of go through this. Holtek International Nuclear Energy Company that's on the verge of reopening a shuttered reactor in Michigan has filed confidentially with SEC to go public. It could be one of the biggest IPOs in the nuclear industry in years, likely valued at over $10 billion. Florida-based Holtek makes equipment to store nuclear waste and decommissions existing nuclear plants. The annual income is over $500 million. A person familiar with its finances said last year, "The news about the IPO was reported by Axios." Tom, what do we know about this story?

• 2:19:18Tom Ellsworth?

  Well, here's what we know. Nuclear next-gen reactors, I think they call them the Gen 5s or something like that, are smaller footprint. It's not like Three Mile Island or pictures of Chernobyl. It's a completely different design, but it's very, very good at making electricity, or, excuse me, making the heat that spins turbines that make electricity. Because it's steam and heat and spinning turbines, that's how you make electricity. And whatever makes that heat most efficiently is good. And so this company has now bought a defunct power plant, is retrofitting it, and this is just the beginning. It has been three decades, I believe, since we've had a green light foundational construction permit for nuclear in the US. And this is what we need, because with data centers coming online and all of

• 2:20:03Tom Ellsworth?

  the EV usage, never mind the current headlines about maybe EV, you know, Tesla's down because others up. EVs are still being sold, even if it's not the volume it was yesteryear. And that power is used by people at night. So, guess what? You've got data centers, you've got increasing use of EVs, and we need energy to provide that. And we don't want to do fossil fuel. There's the Greens that are out there trying to prevent that. And so nuclear comeback. We've been talking on this podcast about it, Pat, for two years. And here we have a company under Trump is now going to have an IPO to go forward and to retrofit this one, build the others. We need more power in America. This is a very good thing. And when you hear the word nuclear...

• 2:20:47Tom Ellsworth?

  Don't think about Three Mile Island and Chernobyl. These are modern, small footprint, much safer, more highly regulated plants. And now, we're gonna have one trading, a company, Holtech, trading publicly.

• 2:20:59Speaker 04

  Thoughts? Well, I, I agree. I'm a big fan of nuclear power. If you want me to give Trump credit, I'll give him credit there. At least the administration has a, a, a positive.

• 2:21:08Patrick Bet-David?

  The guys, the man can do it.

• 2:21:10Tom Ellsworth?

  Oh, my gosh.

• 2:21:11Patrick Bet-David?

  It took the last 10 seconds of the podcast to be able to give credit.

• 2:21:16Tom Ellsworth?

  Two hours, 21 minutes and 13 seconds, we get there.

• 2:21:20Speaker 02

  Yeah, I, I think the, I think it's a very big positive. We've been very bullish to our clients for a number of years on electrical infrastructure equities. And I think we are still in the, or, you know, maybe we're coming to the end of the beginning in terms of the open field running for the rebuilding of US electrical infrastructure. And I think this kind of fits right into that.

• 2:21:39Patrick Bet-David?

  Brandon, any thoughts?

• 2:21:41Speaker 10

  Yeah, no brainer. We've been talking about for years. It's the best energy. I don't know why we haven't been building it. So it's good that we're building it now.

• 2:21:46Patrick Bet-David?

  Yeah, fantastic. I'm excited about it. Look, I, I went in on a handful of the companies. And we talked about this, I think, a year ago. I, I don't think there's a choice. I think they have to go. The, the whole thing becomes is messaging. Use the word nuclear, people freak out. Like if I said today, Peter Schiff is on OnlyFans, you would think Peter Schiff is, you know, doing, you know, feet videos and stuff like that. But maybe it's, it's, what do you get, financial advice, right? So we have to be able to reposition the verbiage with nuclear. And I think, I think that's marketing. I think that's marketing, storytelling, education. Hopefully, we're figured out. Guys, this was great. It was good having you on. Luke, we've never met, very impressed. Really, really like your. Appreciate you. Analysis.

• 2:22:31Patrick Bet-David?

  Peter, you definitely like the camera. You definitely shine when you got the camera. You got a lot of strong opinions and I appreciate you coming down. It's always good to have a good back and forth discussion. The audience wins. Everybody else, God bless. I think we'll do it again on. Tomorrow. Tomorrow? Oh, shoot, tomorrow. That's right. Tomorrow, we got this guy, you guys may or may not know him. Very calm, settled, relaxed guy. Alex Jones will be on the podcast tomorrow morning. So stay tuned. We have no clue what he's gonna be saying.

• 2:22:59Speaker 04

  He's coming here?

• 2:23:00Patrick Bet-David?

  He's coming here. He'll be here tomorrow. Take care, everybody. God bless. Bye bye, bye bye.

• 2:23:06Speaker 22

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