[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:15] Speaker B: This is another Money Show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their income, reduce their tax risk and reach financial freed.
So let's start the show. Here are your hosts, Anthony Correjo and JR Rochford.
[00:00:38] Speaker C: Here we are, your hosts Anthony Correo and Junior Rochford taking a break from our day to day as financial advisors with Rochford and Associates, a veteran owned fully independent fourth generation family office right here in Sun City.
Taking that break to give you news that you may not hear on those other financial radio shows where the last thing you need is another money show. But we appreciate you being here.
[00:01:03] Speaker D: We do, we do. So welcome. Welcome to another week of another money show. Four and a half years and I don't bring this up often, but something that I'm kind of proud of. We have never duplicated an episode. Christmas week, Easter, whatever, time of the year, doesn't matter. We give you a new show every week. So we're kind of proud of that. If you're new with us, you can find us everywhere. You find podcasts if you want to hear all four and a half years worth of episodes. So Spotify, Amazon, any of those have us. And we have a YouTube channel. So I know one of our friends, Courtney, is going to put a little clip from our YouTube channel up on her page. So thank you very much Courtney. If you're listening, she's been, she listens to the show as she works out.
So that probably gives you a lot of energy. Like heavy metal or another money show is probably good workout material. So thank you Courtney.
A couple shout outs real quick. One is to Throne. We had our monthly meeting this month.
If you were there. Thank you so much. If you weren't there, join us next month.
It's a great casual. When you hear the word networking, picture more of the word happy hour because there's no commercials, there's no speakers, no dues. We just hang out, get to know each other. And I mean it's been good because we have people from all different walks of life. So if you need a referral to any different industry, we've probably got it. Either clients or people we know from Throne. So that's been good. Kyle was wonderful as usual. Kyle was in rare form. He was very outgoing this month, so. And we had our loyal listener. JD gave me some feedback. He said that he liked the show last week because there was more Anthony, there was more, a little bit more back and forth than usual. And I explained to JD My thing is I spent eight to ten hours a week getting ready for one hour a week show and I have so much to say. It's hard for me to, to interact. I mean I just, it's like one long sentence so he understands it. But he wants me to try to bring in Anthony Moore. So with that said, Anthony, how are you doing?
[00:02:59] Speaker C: Oh, I'm great.
[00:03:00] Speaker D: Okay, so moving on. Other shout out.
Another shout out.
[00:03:04] Speaker C: JD See you again at the end of the show.
[00:03:06] Speaker D: Thanks JD So yeah, we had a few listeners this, this anthron this week. So thank you very much for coming out to see us.
Another shout out. Anthony for the first time joined me at my veterans affinity breakfast. So they had full breakfast. Usually we have coffee and donuts and camaraderie. This month we had full breakfast. So it's kind of cool. It's, it's. Yeah, we had 120something veterans and friends and family of at the meeting, if
[00:03:36] Speaker C: you're a veteran, to meet Rick in person too. If you'll remember Rick, he was on the radio show a few weeks ago.
[00:03:44] Speaker D: Yeah, great guy, very outgoing. Spends a lot of time of his life for a guy who's a retired army guy. He spends a lot of time connecting veterans and trying to help people get support in this community. He's statewide too.
[00:03:58] Speaker C: Yeah. And he puts people on the spot. He is very much about doing, you know, if you're going to try to market for veterans, what are you actually doing for them?
He's very big on holding people accountable and that makes me very happy.
[00:04:13] Speaker D: Well, he was in the army for 35 years, Command Sergeant Major, so he's not messing around. And I mean, you're right, he puts people on the spot. We had a guy named Jack, I believe his name was Jack, who was a representative from Debbie Lesko's office. And basically in front of the room he said, Jack, tell me exactly what you guys are going to do for veterans. I mean it was so cool. And Jack's like, I'm new, I'm going to have to get back to you. I mean, Jack handled it properly.
[00:04:38] Speaker C: A very political answer. For sure.
[00:04:40] Speaker D: Oh yeah, for sure. But what's so funny is Rick will Follow up with him. And I'm positive that Rick will get answers on what the office is going to do for people. So and we, our office is still looking for an in home care agency that will give a veteran discount. So if you work for a company that helps people in their home, if you know somebody, if you own one, whatever, help us. You know, I mean a lot of what we're running into, being a fan of veterans is great. Everybody thinks the veterans are great. There's honor flights, there's vet discounts. You know, Veterans Day is coming up. So. But when, when it comes to actual bottom line, helping people, that's what we're looking for. We have veterans that don't qualify for aid and attendance. And if, if you have a company that can help them, I believe through volume, I believe for a couple different reasons it's going to help you in the long run. So if you have an in home care company or know somebody, have them reach out to us at least let's talk about it and see if we can get something done.
Moving on. We have a lot to get to as usual. If you've heard our show, you know we are not an hour long infomercial. We are a show on making sure you're proactive, not reactive, prepared, not scared. This show is about current events and how they're likely to affect your future. So in our office that's a different animal. If you, if you want to sit down with us. Anthony says that every week we have no quotas, no pressure, no minimums. Let's brainstorm with you, let's offer you a second opinion. And we are full service. We work with an estate planning attorney. If you need a will or a trust, we've, we've got people we actually trust.
You know, if you've got an old 401k that you haven't been looking at, well, you've had a 17 and a half year run up since the end of the 2008 correction. So maybe it's time to take a peek. I'm sure you'll be pleasantly surprised where it is. But don't give all that back by ignoring it.
You know we deal with Roth conversions, Social Security planning, long term care planning. If you, if you don't have long term care insurance, which by the way we don't do a lot of because it's, it's not what it used to be. But you're either self insured or you have to have a plan to spend down your assets and look at all tax in the State of Arizona, we help with that. We can do life insurance planning. If you're young, if you're, you know, buying a house and you need insurance, cover the mortgage, we can do that. If you're very wealthy and you want to deal with your legacy and inheritance planning, we can help do that via life insurance or how to set up your accounts.
Income planning, the number one thing for Anthony is helping you make sure you have income. So you know, if you don't have a, if you don't have a pension through your company, if you're worried about your pension, I mean, a lot of pensions aren't as solvent as they used to be 40, 50 years ago. Let us make sure you have a plan for that. So anyway, enough of a plug for our work.
What I'm really noticing in the world, duh, I'm going to say something that's not exactly a shock. The rich get richer, the poor hover and the middle class shrinks. That's what's going on a lot of today. I'm going to give you some financial stuff before we get to the end of the world. A lot of what's going on right now, it's crazy. Sam reached out to us yesterday morning and let us know that the numbers came out for your, your next year's, your cost of living adjustment for your Social Security. So it's going to be 3.6%, which is wonderful. I mean, that's the biggest raise and in what, four and a half years. And I think that's the biggest raise since 2023. So that's great.
Obviously your Medicare premiums will go up. You know, people that are concerned with their Medicare premiums, Irma, there's other things around it. But, but let me tell you something that I read yesterday also. So I, you know, Sam sent early in the morning that the Social Security, you know, adjustments out well later in the day, as I'm in my travels, I find out that the inflation number is 6.3 year over year. So remember four years ago when we talked about transitory, Remember there was no inflation, which is, you know, a crock. The, the government picks and choose, they cherry pick what numbers to use. You know, they may decide to take out food, energy. So anyway, but, so it was transitory. Now it's pretty, pretty. I'm pretty sure it's here to stay. So anyway, while you're getting your 3.6% cost of living adjustment next year, 2027, the bad news is the, there's a reason you're getting it. They Know the inflation that BS they talk about, target inflation, number of 2%, I don't know. I don't think they've ever hit it. I think you can massage, manipulate, whatever you want to say the numbers all you want, but inflation at 2%, I don't know. And what did you pay 15 years ago for your prime membership? Under 100 bucks. What's it now, like 150? You know, and some things are supply and demand. You know, pizza used to be an inexpensive food. You used to be able to get pizzas pretty cheap. Now, I mean, wherever we go, I'm just, I'm shocked by the price of pizzas. So. And as I'm on that vein of things going up around you, you know, something else, the big picture, you know, we look, we look out 5 years, 10 years, 20 years, you know, we're not just planning for today. And I look at the national debt, you know, it's over 40 trillion.
So your line items, the big line items, number one is Social Security, Medicare, Medicaid, that, you know, that's the, that's the big dog. It's before defense spending, but. And then there's the inflation. So if the inflation keeps going up, we're going to have to pay more on the interest on the money we've already printed and borrowed. So I don't know, it seems to be spiraling. And I think, oh, a couple more numbers just so I can move away from the financial part of the show. I looked at the producer price index this morning, September 26th. So last month, this is pretty recent, up 1.3.
One month, up 1.3. The producer price index, that means the people that are making the goods and service, the people that are, you know, the stuff for you to buy, it's up 1%, one and a third in a month, they're going to pass those prices to you. Well, then I looked at year over year because that's more consequential for what we're going to pay, 6.3%.
So inflation up 6.3%.
The consumer price index up 6.3%. Luckily, your Social Security will go up, up 3.6%. So and this year over year, 6.3%, largest in four and a half years. So think about that. That was right around the time they tried to convince us 2022 that there's no inflation. Then it's transitory. So this is, it's not getting better is what I'm pointing out. You know, if you take it political, how will that affect the midterms? Obviously it's not good for the incumbent party, but. And political, I don't care.
We see things through a financial lens. I'm just telling you, I don't. You know when people tell you the economy is great and I'm telling you the rich are getting richer and the poor hovering, the middle class shrink, there is such a disconnect. You know, Anthony always talks about the disconnect between the financial markets, you know, and reality. It's. It's when you look at the rich, the people that own all the stocks, and I know you have a 401k, you know you've got a couple million dollars or less in your brokerage. I'm not talking about that. I'm talking about people with more than 5 million. I'm talking about people with big money. They, they are the ones that are really getting ahead with their portfolios. The more money you have, the more money you get. It's. It's Dave Ramsey. I'm going to use your term. It's a snowball. So the more you have, the more you get. And the less you have, the less you get. You know, if you're broke and you, you bounce a check, what do they do? Instead of being like, oh my gosh, I'm so sorry. You know, we always give you these commercials. We're your community bank. We're here for you. No, they slap a 35 fee on you. They know you don't have any money. So what are they gonna do? They're gonna stick something in your back right now in your backside. So anyway, one last thing I did also, and this is unusual for me to give these numbers, this is something Joe Jacob would do. Oh, I didn't shout out Joe. I'll be on their show next Monday. As far as I know, the Patriot Radio Trading Group. The Patriot Trading Group is moving. They're in the process of moving.
So reach out to me if you need to find their temporary phone number or whatnot. Anyway, Joe's really good at gathering all these numbers. I just don't care. I'm just more of a big picture, less detail person. So I think it's all manipulated. Whatever numbers they put out, they revise them the next month and say are bad.
The initial jobless claims, 57 year low today, that stuck out to me for another month in a row.
Under 200,000 people. It's at 199,000. The last time the jobless claims were this low was 1969. The only thing I can ask you is this because we have A robust job market and everybody's doing great and they're having no problem paying their credit card debt, their auto loans, all that stuff. Or have we given up?
Are people putting everything, including essentials on their credit cards?
And again, it all points out that if you're rich, good for you. That's a good thing. Be rich.
If we can help in any way, we'll do our best.
Be poor. Just don't be in the middle class right now because you are in trouble anyway.
What my fear, all of this stuff, the reason I bring up how things are ridiculous, look at the world.
You know, I mean, geopolitics. We haven't talked in a while about Russia and Ukraine. What a mess.
600,000 people without power in Ukraine because Russia attacked them. I, I do want to read something right while I'm there. I didn't think I would get to this today, you know, today, but somebody sent me something that kind of shocked me a little bit. I would like to read it to you. Look at, look at how I'm, I'm stalling while I try to find it.
So listen to this.
SpaceX cut Ukraine's Starlink access. On the same night Russia launched a massive assault on Kiev Starlink terminals mounted on Ukrainian drones. Those moving faster than about 100 miles an hour lost connectivity without warning Tuesday night, causing several combat missions to fail, according to Ukrainian officials.
Hours later, Russia fired 39 ballistic missiles and more than 120 drones at Kiev and Kharkiv, striking all three of Kiev's combined heat and power plants, leaving at least 600,000 people without power.
Five people were killed and 36 injured in Kyiv, according to police.
By cutting Starlink access during the assault, Elon Musk allowed Russia to strike Ukraine with impunity. That's, that's kind of scary. So, you know, the future of warfare, the future of everything is, is, you know, flak cameras, AI robotics, drones. We've been talking about it. So that's what's going on. It's all technological warfare, but it's still going on. I look at it like this country, our country, it, we're so the government. It really seems like I'm not wrong when I say they want us broke, they want us sick and they want us dumbed down.
And in general it's gone swimmingly. I mean, mission accomplished, I would say.
A big swath of this country is sick. A big swath of this country is dumbed down. They're broke. It's just, it's crazy. Well, look around the World, you know, look at, you know, you can look at Cuban nations that have always been a little bit impoverished and different, but look at France. I mean, that was in my lifetime. That was a big destination for tourists. It is a mess. I know. Anthony, I brought up last week. You know, hopefully you've seen some of the videos by now. It's ugly. Well, now it spread to Belgium. So it's, it's, it's moving now. This morning I read that it's going into Albania. I guess that's a, that's a mess. So is this a European contagion? Is it? You know, what if it gets here? We just, we don't think anything could ever happen here. And I'm not sure that's the case. You know, I just, I look at the world, I look at here. You know, some of the stuff I read about France and I want to make light of this, but I read that a bunch of grocery stores.
I don't know if either of you, Anthony or Sam heard about this. A bunch of grocery stores. There was a hacking. There was a, like a cyber attack. And they turned up their refrigerators and freezers to 122 degrees. First of all, what, what the heck kind of refrigerator or freezer has the capability of making it over 100 degrees? That kind of defeats the purpose of said unit, but.
So a bunch of food spoiled.
[00:17:24] Speaker C: These are connected to WI fi.
[00:17:27] Speaker D: Look at the homes. You can turn on your ac, you can lock your doors. You can, you can do all kinds of stuff from your cell phone. Now our security system in my home, I can turn it on, turn it off from my cell phone. If somebody hacks my cell phone, can they turn my alarm system off and break in my house?
I mean, I don't know. I mean, I guess so. Oh man. I just planted the seed for Anthony. He's going to put on a ski mask and turn over.
[00:17:51] Speaker C: Well, it's funny because I literally just talked to my neighbor Alex about that. Cause he needed to borrow something and I was like, well, I'm out of town, but I could give you the codes and I can unlock the, the home from my house. It's just kind of funny because we, we were literally just talking about that. Because otherwise how would I do? I'm not next to him right now, right?
[00:18:10] Speaker D: Alex, was that thrown, by the way, I love Alex. Alex is beyond his years wise. That is one aware dude.
So. And, and it's good, it's convenient. But you're asking why is there, you know, WI Fi and Refrigerators. That's the world. That's. Again, AI Flock Robotics. It's all. I'm sorry, not AI Si.
If I get to it, I have an article on how our commander in chief said you have to stop using the word artificial intelligence and start saying super intelligence. So I thought super intelligence was already a term, a term coined saying we've. We've gone beyond human capabilities for intelligence. So I thought there was a level to get to super intelligence. I. I guess not.
So. And. And you know, my one thing I. When I think about somebody robbing this house, I actually kind of. I'm not trying to make light of it, but I would think it's funny because we do have the alarm systems. We have cameras. We have a very aggressive dog. My dog barely let you in the house on Tuesday, Anthony. And you know the dog. The dog knows you, but it's like you came in right after me, and that little dog put her heels down. Let you know anyway.
And you want something just kind of side thing for the rich getting richer. Something I read that I think is funny.
Here we go. Former Arizona Cardinals quarterback Kyler Murray sold his Paradise Valley Mansion for $13.75 million during the final week of September 2026. The sale comes after several months after the Cardinals released Murray in March 2026, paving the way for his move to the Minnesota Vikings. Minnesota Vikings are 5 and 0. The Cardinals are 1 and 4. So maybe he should have played better here. I don't know.
Anyway, so the buyer was a lucky.
[00:20:03] Speaker C: They're starting QB, though, in Minnesota. Yeah.
[00:20:06] Speaker D: Yeah.
[00:20:06] Speaker C: Are they 5 and 0 with him, or is he just on the team?
[00:20:08] Speaker D: I think he missed the first game or two, but. No, the last few games, he's. He's been the starter, and I guess he's doing all right. I was never impressed with him. I didn't like how we got here. We. Our hope for a franchise quarterback was in Josh Rosen. We recruited Josh Rosen. He was going to be it for the Cardinals. He was here, what, one year, played one season. Then they threw him under the bus so hard. You know, as soon as they got a chance to get Kyler Murray, they. Josh moved here, moved his family here. He was going to be it. And then they found something they thought was better. And obviously Kyler was great when you could get him away from his video games. But then he got hurt, and then he wanted that contract, so he protected himself. He just never got better. And he's too short. He can't see he's got to get out of the pocket to see. So he's a runner. Well, when you're a runner, you're likely to get hit anyway, so. Good. Good on you. Kyler. I'm glad you were able to sell your house.
Should we have so much to do as usual. I want and one last thing about the financial stuff because I'm easing into the end of the world now.
If you need, if, if you want to be proactive, not reactive, again, keep us in mind. This show is entertaining. I bring you stuff you're probably not hearing elsewhere. But the, the one thing is I really believe that if we make you safe two or three years early, you're going to thank us. That's going to be safer than making you safer one quarter too late. I, I and I, we are a safe based practice, but believe me, we have clients that are very safe. We have some that are not so safe. Our phone was ringing when they, when Starlink was all the talk. Our phone rings when people have questions about cryptocurrencies. So we don't pigeonhole into safety. But we definitely want you to be awake and aware and nimble and we can help. So we want to make sure you know what you have. I've always said next to your health, your money is the second most thing, most important thing you have to deal with. So act accordingly.
We are going to get into, let's get into, you know, as long as we're on sports. Do you want to hear something funny real quick? I found I won't spend a lot of time on this, but when you, when you want to talk about how things are changing, listen to this one. I found this in the end time headlines on 6 October. NBA is experimenting with smart basketballs and of smart basketballs. So.
And I always think smarter. Your balls. What's that? You. You saw that story?
[00:22:35] Speaker C: I saw that, yeah. It's interesting.
[00:22:38] Speaker D: Do I laugh? I mean, do I cry when I talk about AI and robotics and all this stuff? I don't know. So they're experimenting with smart basketballs and official wrist wearables in select preseason games.
I'll just read a hair of this. The NBA is testing two new pieces of of technology in the final days before the regular season. The league announced on Monday. Select exhibition games will feature a smart basketball built by Wilson with a Bluetooth sensor inside it. The league said the information from Wilson developed connected balls will be for research only and will not affect calls made during those games. Officials are collecting the data for possible future use in real time officiating decisions. We're eliminating people, you know, in 10 years, we're not going to have officials. We're just going to have smart balls. Apparently, in the same select games, referees will also wear wrist devices that let them talk freely, let them talk directly with the replay center in designated situations, including replay reviews, scoring changes and clock malfunctions.
For now, the connected ball is a research tool only, and the wrist devices stay confined to the preseason. Whether either experiment ever reaches a regular season floor remains an open question the NBA has not yet answered. I will tell you something.
Hurry up, NBA, get it perfected and bring it over to football because some of the officiating this year is pretty crazy. There's been a couple officials lately that have been suspended from games. Officiating. I'm guessing you, you heard about the one with Trey McBride, an official.
Use some vulgarities on our tight end, Trey McBride. Did either of you see that? He said a bad word.
[00:24:32] Speaker C: Saw the one where the guy got.
Or the. The official was in the.
Essentially in the middle of the play.
The guy accidentally hit him and tried to catch him and then he. You freaked out on him. I think there was another one, but no, I didn't do the one with the Cardinals.
[00:24:48] Speaker D: Oh, yeah, yeah. Do a little YouTube search and look for Trey McBride.
It's funny because it's very clear. The guy says to him twice to, you know what? Yeah, and that one where he knocked over the rabbit, it clearly was an accident and the ref just got angry and butthurt and overreacted.
So we are going to take a break soon. I know that, but I want to tell you the biggest story I have to get to. I've got. I've got kind of a tie. One is on a massive, massive bank fine.
So, Anthony, Anthony. Sam, I don't know if you read about this, but it's juicy. So we're going to tease U.S. bank.
No, no, U.S. bank. I talked about a couple weeks ago, they released their first US bank digital currency and it didn't even make the news around me. I had to find it.
[00:25:34] Speaker C: Oh, I'm thinking Bank of America, the $1.2 billion fine.
[00:25:37] Speaker D: Yeah, that's what we're going to talk about. And I know you love Chase with their, what, nine or whatever felonies and their sketchy past six felonies, whatever it was. Yeah, allegedly. I don't know. I don't know if it was proven in a court of law, but when we come back for the break, we're going to dig into this a little bit because this is important.
With that said, if you would like a second opinion on your finances, please reach out to us, 623-523-0444. You can always email teamnothermoneyshow.com Anthony Revised revamped our office website so we'll hook you up with that. So there's ways to find us, but we'd like to help you. The other thing, the YouTube channel. We need your help.
We are hovering at about 717 subscribers, but the problem is we've been hovering there for about a year. So we need your help. We need new people to make that channel grow. We do have over 550,000 views of our videos and Anthony's shorts. So. But help us with the YouTube channel too. With that said, thank you so much for being here. We'll be right back.
[00:26:43] Speaker B: You're listening to Another Money Show. To learn more and contact Junior and Anthony, visit another money show.com.
At Rochford and Associates we know the road to financial freedom is not a straight path and the journey is different for every family. And in times like these, we want you to feel confident that you're safely on track to meet your retirement goals.
[00:27:16] Speaker D: We want to ask you to prepare for economic chaos. We want you to prepare for bank volatility. We want you to ensure and protect your assets with a smart plan.
[00:27:24] Speaker B: Our team can help you you make the most of your hard earned savings using strategies that are right for you.
[00:27:30] Speaker D: I want more people to sit down with us when we talk about a financial plan. It's different for every person we meet. We tailor make our plans.
[00:27:39] Speaker B: Schedule your no obligation consultation today by calling 623-523-0444. That's 623-523-0444.
Rochford and Associates veteran, owned and proud to serve Americans like you.
Thanks for listening to Another Money Show. If you like what you're hearing, subscribe to our YouTube channel to watch videos from this program and other recent episodes.
[00:28:10] Speaker D: Welcome back to ANOTHER Money show. Thank you so much for being with us. As you know, we greatly appreciate it. If we can help you in any way, if you want to meet us, if you want to give us show ideas, give us a call. 623-523-0444. So during the break, Sam and Anthony, I continued on the sports topic. I forgot to mention that it looks like the Milwaukee brewers, they won again last night against the Dodgers. They've got one more win and they are going to the World Series. Now. Now, Anthony, you were kind of Harsh on the Dodgers. Is that not your favorite Dodgers?
[00:28:44] Speaker C: I hate the Dodgers so much.
And Craig for being a Dodgers fan.
[00:28:49] Speaker D: Say your friend Craig. I mean, hopefully he's not a loyal listener because he's a big Dodgers fan, isn't he?
[00:28:54] Speaker C: Oh, yeah, he's a.
[00:28:58] Speaker D: Does he listen to the show?
[00:29:00] Speaker C: I don't think so.
[00:29:01] Speaker D: Send them. That'd be so funny if he did. He doesn't seem like somebody who would
[00:29:05] Speaker C: care about his address, his Social Security number. I want everybody to know that this Craig in particular is a dumb Dodgers fan.
[00:29:14] Speaker D: Well, it looks like he's going to be silent because it looks like the brewers are going to pull it off. I mean.
[00:29:18] Speaker C: Yeah, he didn't respond to any of my texts last night, so we'll see.
[00:29:22] Speaker D: Oh, that's not good.
[00:29:24] Speaker C: Oh yeah, he gets about it. But I'm a Giants man. What do I know? We haven't been to the World Series in decade.
[00:29:30] Speaker D: Well, and I grew up in Chicago, so I'm still a Cubs fan. North side Cubs fan. I know the Cubs didn't do go too far. The White Sox. Weren't they in the. Didn't they get.
[00:29:39] Speaker C: Yeah, they made the playoffs.
[00:29:41] Speaker D: Oh, that's good.
[00:29:41] Speaker C: I mean somebody finished season, they had some good pickups. So if you want to change loyalties, you can just be a Southie now. No.
[00:29:48] Speaker D: No, I don't do it. I heard the Blackhawks are having a real tough year. We missed hockey. So let's, let's bang that out real quick and then let's move on to bank. Let's move on to bank of America. Let me read a couple things for you. Let me get started by reading and then Anthony, if you want to honor JD's wishes, I'll get your thoughts on all this in a massive move. Treasury Secretary Scott Besant, or Besant I've still. I mean he's been there what, a year now? I still have no idea what his name is. So anyway, so Scott just slapped a 1.21 billion with a B in penalties on bank of America which facilitated suspicious transactions involving China and other nations. The bank wrapped up racked up 475 apparent sanctions violations involving. This is so funny to me because if you do anything wrong at your bank, it's scary right now to be a criminal.
[00:30:44] Speaker C: Even if you don't do anything wrong, even if you just try to take money out, you get treated like a criminal.
[00:30:49] Speaker D: You don't need to talk about PNC directly like that, Anthony. I didn't name them by name, but yeah, I mean, you want your own money, what are you going to do with it? What do you need it for? What a crock. But anyway, so B of A, apparently they can, you know, 500 times on just this report they can do whatever they want involving Iran, Russia, narcotics and terrorism. Fantastic. Bank of America reportedly admitted it willfully broke federal anti money laundering law. It admitted it. That's good. Treasury says the bank failed to report more than 5 billion with a B. And by the way, billion, when I said 1.21 billion. Does that even faze anybody anymore? When we started dealing with trillions. Thanks. Government debt, I mean now billions seem so minor. When I started this job almost 30 years ago, when we started using the B word, it was kind of shocking. Let's see here. More than 5 billion in suspicious transactions. More than 1 billion of that was tied to national security risks including Chinese money laundering networks and cartel linked activity along the southwest border. Bank of America. Maybe you should change your name to bank of Mexico. Treasury says the bank put its revenue ahead of compliance and ignored red flags tied to possible narcotics money. Let's see here. I did get one article that I would be glad to reference from Newsmax Money. This was sent to me, I think I got this from two different people actually. I don't know. I got several articles yesterday as all this was coming out. Our loyal listener, Jason. Thank you, Jason.
Jason is, yeah, I mean he's, he listens and he, he, he comes across a lot of information. Michael C in Sun City sent me an article yesterday on this. This is the one I printed was from Newsmax Money. And this was on Tuesday, October 13. The U.S. treasury Department said Tuesday that it's imposing a $1.2 billion fine on bank of America for alleging violence.
When a bank of this size fails to meet its anti money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks.
Treasury Secretary Scott said in a statement, today's actions send a clear message that even the biggest financial institutions are not above the law. I don't know if that's true.
[00:33:20] Speaker C: Not really. Because if they're being fined 1.2 billion, how many billions did they make prior to this?
[00:33:26] Speaker D: And again, I mean, if you did anything, if they caught you doing anything for a dollar, you're going to prison for life. These rich big dogs, they'll go to prison for four months. So. And by the way, don't worry. B of A. And I guess all this stuff is true. I found a ton of references Citing it. I guess I don't have to say allegedly, but B of A, if the, the CEO, if you're listening, don't worry because we're all happy to pay more fees. We're all happy to expect less interest to cover your $1.2 billion.
So if you need help, just, just
[00:33:59] Speaker C: raise in with the 0% that they're giving and they're checking and savings accounts.
[00:34:04] Speaker D: Yeah, but we're all in this together. So if you have to take it to negative interest rates, you have to take whatever you need. B of A, we're here for you. It breaks down the penalties. 750 million will go to the U.S. office of the Comptroller of Currency.
This is the largest fine ever imposed by that federal bank regulatory agency.
Let's see here. The latest action is the third largest penalty ever issued by the Treasury Department behind a roughly $4 billion settlement in 2023 with Binance, the world's largest cryptocurrency exchange and approximately 3 billion settlement with the Canada based TD bank the following year. I've got pages and pages of stuff I put here on the bank and I think you got the gist of it. I want to switch to another story that is on the subject of banks. I got a notification, I got a text yesterday from our loyal listener Kevin. I hadn't heard about this until yesterday when Kevin brought it to my attention. I did print off so I would have them handy. Three different sources on this. I printed off a mainstream Type article from USNews.com this is yesterday, October 14th.
Today, by the way, as we record is October 15th. If you haven't done your taxes, if you did an extension, those are due. Well actually by the time you hear this, they were due on Thursday.
The other two articles I printed off on purpose, one leaning left and one leaning right because I want to see if this is going to be made into a political situation like everything else. Like if you like data centers, you're probably more Democratic leaning. If you don't like data centers, you're more Republican. It's all such baloney. So usnews.com and then I printed off an article from CNBC and then I printed off an article from Fox Business.
So let me just give you a little bit of this. What's going on? US bank regulator faults several large Lenders over debanking Practices. A top US bank regulator issued a report on Wednesday finding that several of the country's largest banks unfairly denied banking services to some clients on political, religious or other grounds. The Debanking report from the Office of the Comptroller of the Currency covered nine of the nation's largest banks that had policies. Let's see here. Restricting some clients access to financial services based on subjective criteria rather than financial risk. Debanking occurred when banks cut off a account holder's access to services, often because of concerns about legal, financial or reputational risks. I hate to say this Kevin, I mean, you know this. But a lot of people are listening. May not. This is not new. There it came to light that banks were being recorded. The government was requesting information for banks on people that shopped at Cabela's in Bass Pro Shop. They wanted to get information on who was going to Christian bookstores. This is long standing.
When I really noticed this was during the Tea Party time. What was that? I don't know. 2008, 9, 10. I don't remember when the Tea Party really grew legs, you know, Lowest learner at the IRS when marijuana companies. Colorado was when I really started noticing it.
Crypto holders are being debanked. Christians, gun companies. This is not new. So. But it is kind of scary here the CNBC One treasury says largest U.S. banks let politics influence who received banking services.
The OCC said it reviewed the nine largest national banks under its supervision, examining nearly 100,000 complaints and about 420,000 pages of documents. And it found that all nine had used reputation risk policies that lacked clear objective standards and could disadvantage customers because of their political or religious views or lawful business activities. The review and I want to list the banks. I suppose I don't have to say allegedly because I found this all over the place too. The review covered J.P. morgan, Chase, bank of America. Hey, where did we just hear of? Bank of America, Citibank, Wells Fargo, U.S. bank, Capital One, PNC, TD bank and BMO bank, which together held a majority of the assets at the OCC supervised commercial banks. When the probe began last year, the other banks did not immediate respond. No kidding. Because what are they going to say? See if there's anything from the Fox Billion Business article that I should read. That one is titled US Regulator Accuses Nation's Largest bank of Debanking Customers over Political Views. The report said fear of being on the wrong side of public opinion led at least one bank to distance itself from certain customer affiliations that could possibly be viewed as partisan. Let's see here. And they cited oil and gas exploration, coal mining or coal powered plants, firearms or ammunition, manufacturing or distribution, construction or operation of detention facilities and the manufacturing, distribution or online retail of tobacco Or e cigarettes and digital assets.
I guess that's all I have to read anyway. So if you're thinking that your side is in power politically and this only hurts other people, it shifts. This, this was going on under Biden, it's going on under Trump. It shifts. And I think the next shift in politics in this country, if it goes the way I think it's going to go, it's going to be a major shift. So this will probably continue to be a story, but if you hadn't heard about it, yeah, there's shenanigans everywhere you go. And I talk about banks regularly because I think you better be careful in general, not just about being debanked. I mean, I can tell you right now the banks have no money.
You realize, right, that we're on a fractional reserve system. And one of the things the government, the overpowering government, tells the banks they have to keep some money in reserves. Well, historically they've done that. So. And they used to say 10%.
Let that sink in. You can take 90% of depositor assets and do whatever you want with that. Mortgage backed securities, derivatives, loan them out, you know, whatever you want. Mortgages, credit cards, they 10%. They suspended that because of the unusual time we were in in 2016 and 2020. March 16th of 2020, during the COVID frenzy, the government in their infinite wisdom has said, hey banks, we know you need to keep the economy moving. We know you need to lend money. We know you need to be strong. So they brought the reserve requirement down to zero. Well, March of 2020 was six and a half years ago. Anthony, guess what? The reserve requirement is now.
Yeah, zero. So fast forward six and a half years after the government said times are special. We don't care what the banks do. We with the money. We're still at zero. So that's a problem. I encourage people to research a little bit on your bank. Before you feel too warm and fuzzy, look up the 2010 Dodd Frank. Look up the word bail in. Actually, I'm sorry, that's two words. Look up the term bail in. B A I L second word in which has happened in Lebanon, Greece, Yemen, Venezuela. It's happened around the world. Happened for a very short period of time in Detroit, Michigan. I'm going to talk about that a little bit. When Detroit filed bankruptcy as a city in our great nation. So yeah, you need to understand what's going on. If you make your way to fdic.gov I can show you how to poke around. You can find that the insurance on Your account under $250,000 is currently 1.43%.
I can't say that often enough.
1.43% is what there is in the insurance pot. If we have a modern day run in the banks. So, and we're going digital, how it ends, just so you know, I mean we talked about Europe last week. We talked about US bank in this country doing cross border transactions digitally. We talked about BMO bank in Canada which is actually a bank that I do some banking with.
So it's going to change. I just want you to be, you know, when I think about first come, first serve, if you're listening to us, I want you to have some heads up that things are changing and we have solutions.
If you're a person that's into CDs, October has been a historically high month for CD renewals, call us. We have insurance companies that do what I call CD alternatives. For example, we, we have anything from one year to 20 years. We can put you into, into. It's just, it works like a cd. You, you give them one year, they give you the rate. I, I know and, and I, I want to give you the date specifically. I looked yesterday on October 14th and the, the company that we use for a one year CD alternative was at 4.25% percent. So the interest rates are generally compatible with the CD rates, if not a little higher. But I want to tell you the difference. And by the way, you have to reach out to us to get current rates. If you do want information on your CD that's renewing, I can't stress that enough. They change, they're subject to change. We're going to explain to you the strength of the insurance company and what to look for. But I want to tell you in general the banks that have your money covered by 1.0.43%, when you look at the insurance companies, they keep 100% coverage on your money. They keep reserves to cover you. So, and we will explain that to you and how it works. So I guess we can get out of the banks. Should we switch to something new? Anthony? Sam, what do you think?
Well, we lost Anthony, but we've got eight minutes left in the show so we'll hang in there. And what's so funny is because I did, I didn't want to make light of what JD said. I was going to let Anthony finish the last eight minutes of the, the show. That is so weird that Anthony dropped off. Anthony is up in Snowflake, Arizona and on occasion our Internet is a little bit less reliable than in the Valley on occasion.
So why don't we move on? I do have an article here from the End time headlines on 8 October Trump labels anyone using the term AI instead of what he renamed as the enemy. I don't care what side of the political aisle people are on, we manage money. We see everything through a financial lens, not a political lens. So you know, the people that try to, you know, say, well this, your show leans a certain way. It doesn't at all. I'm bringing you current events. So if politicians are doing something silly, especially when it comes to the future of your money, I bring it up and I bring up both sides and how the ridiculousness is so anything I need here. President Trump on Thursday branded anyone who says artificial intelligence instead of superintelligence the enemy. Even this is what's funny. Even as the White House itself continues to use the older term, Trump's preferred label blurs a distinction the field treated as fundamental superintelligence is generally understood as a hypothetical system more advanced than human intelligence, not a synonym for the tools already in wide use. The White House considers anyone that uses the term artificial intelligence as opposed to the highly accepted new and more accurate term superintelligence, the enemy, trump wrote. On Thursday, the White house changed its AI.gov page so that si.gov appears in massive font.
When Axios reporter asked the america.gov chatbot about AI, the bot answered, the Executive Branch uses superintelligence for this topic, not the older term you used.
Boy, things are changing fast.
Do you want to hear something kind of interesting? I think I got to watch the time closely because I do want to make sure I bring up an article about our economy, but this is just kind of. This is interesting from the end time headlines on 13th October. Police are using AI. Gosh dang it, you need to use SI anyway. Police are using AI to locate homes from a single interior photo.
Police departments are now using AI that can identify the location of a home from nothing more than an ordinary interior photograph. And in some cases, even a picture of a washing machine and dryer can provide enough detail to generate a lead. I only bring this up because everything's changing so fast and I think it's scary. The tool known as Raven is already in use by the Los Angeles Police Department and the Miami Dade Sheriff's Office Tech Spot reports, citing an Investigation by the 404 Media developed by Greylark Technologies. Raven is an evolution of the company's earlier geo spy system, which was originally trained on millions of images to recognize geographical markers such as architecture and soil. The new version extends that capability to buildings and short term rental properties.
Greylark CEO Daniel Heinen demonstrated the system's power in a LinkedIn post showing how a regional search could be performed using a simple photo of a washing machine and dryer.
See if I need to read any more of this. They're talking about how they take pictures off of Zillow and then they cross reference it with VRBO sites. Blah blah blah. The introduction of Raven comes amid broader controversy over AI powered surveillance tools used by law enforcement. Police use systems such as Flocks License plate readers have drawn significant backlash. I'd say rightfully so. When GeoSpy was first launched and made available to the public, some users in the company's Discord server requested help. Stalking women.
Greylark subsequently restricted the tool to enterprise and government customers. Separately, dozens of police officers have been accused of misusing Flock and other license plate readers to stalk women. So stalking women? Is that. Is that what this is all about? I thought it was to solve crimes.
What do I know?
I know we're going to be running kind of short on time here, so let me get to a couple things. Amazon. I want to talk about Amazon for a second.
Geez, we only have a couple minutes, so I won't get into this too far. If you go into Amazon and you look up your about you profile, it may surprise you some of the things that people found in here. One of the sites said has a flat buttocks one said one said cannot keep real plants alive, treats cats as biological children and has no friends.
One talks about somebody with skinny legs. So it's funny. Everybody's stalking you. Speaking of Amazon. And now I'm really rushing so I can turn this over to Anthony Amazon to cut nearly 1,000 white collar jobs across stores, division and other units. So that's scary. Let's see here. The cuts, first reported by the Business Insider, confirmed to Reuters by a person familiar with the plans, land as Amazon closes out its October Prime Big Deal days Sale event, which ran Tuesday and Wednesday, they follow a far larger wave of reductions. Roughly 30,000 jobs last year. Okay, I switch into one more thing because I'm afraid to look at the clock. Thousands of jobs on the chopping block for Kroger as they expand AI. The cuts would affect about 37% of the company's roughly 8,200 corporate employees.
This is from.
[00:51:07] Speaker C: Isn't Kroger being sued too right now because of the failed merger between them and Albertsons that could be.
[00:51:14] Speaker D: And and my point with this stuff with layoffs at Kroger and Amazon, I mean people just keep telling yourself AI is no big deal. Keep telling yourself that life's not changing and we're not losing jobs. We're losing jobs every week from what I'm seeing. So things are changing.
[00:51:30] Speaker C: This was without AI too though.
[00:51:32] Speaker D: Yeah, there are. But you know, those are shrinking too. I mean, I don't know. I mean things change. They've always changed. Anthony. I don't know why you get so worried. There's always been change. Sam brought up the printing press last week. You guys are too fear mongering for my taste.
[00:51:44] Speaker C: That's all for today's show. If you like what you heard, you have winning questions about any of the topics today, reach out to us at
[email protected] find us on the web anothermoneyshow.com or rochfordfinancial.com give us a call 623-523-0444. The number again is 623-523-0444. We'll see you again next Saturday at 5am and noon right here in 960 the Patriot
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[00:53:27] Speaker E: Every October, the ordinary gives way to the eerie when ghosts, goblins, skeletons and all the things that go bump in the night come crawling out of the shadows and somehow were perfectly comfortable opening the door to strangers and giving them candy. But there's another kind of scary that tends to show up around this time of year. You may know it, you may have experienced it, the financial scary. I'm Jim Tarabokia for the Retirement Radio Network powered by Amerilife. As we enter the final quarter of the year, millions of Americans are thinking about the celebrations ahead. But for some, there's another feeling creeping in the uncertainty that comes with their financial lives. And NFCC CEO Mike Croxton details the CNBC the financial stress Americans are facing this fall. There's a tipping point where consumers free cash flow at some point will not amortize their outstanding unsecured debt. And that issue is simply creeping its way up the income and age ranks. And that's really what the forecast is telling us this quarter. Maybe it's the thought of opening your investment statement after a rough week in the market.
Maybe it's an unexpected medical bill. It could be inflation quietly eating away at your purchasing power. Or maybe as retirement gets closer, there's one question that keeps coming back. Will I have enough? Planning for retirement means confronting a future none of us can predict. But even with today's financial environment creating uncertainty, BlackRock's head of retirement Jamie Margera tells CNBC, There can be reason for optimism when it comes to retirement readiness.
[00:55:01] Speaker D: What we found this year was some great news, right? People are actually much more more confident about their retirement readiness. So 68% of savers think they're on track to have the retirement that they want, which is great news. Like they have optimism, they're confident about it.
[00:55:17] Speaker E: Maybe there's a lesson behind the financial scaries. The things we don't understand tend to feel bigger when we're standing in the dark. Sometimes the best thing you can do is turn on the light. Take a closer look at your retirement plan. Ask the uncomfortable questions.
Understand where your income will come from, what risk you may face, and where there may be gaps because you can't predict everything that lies ahead. But you can prepare for it. And while the ghosts may disappear when Halloween is over, financial uncertainty doesn't necessarily disappear with them. For the Retirement Radio Network powered by Amerilife, I'm Jim Tarabagchia.
