Episode Transcript
[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.
[00:00:18] 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 inc. Reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correo and J.R. rochford.
[00:00:43] Speaker C: Here we are, your hosts, Anthony Correo and JR Rochford taking a break from our day to day as financial advisors with Rochford and Associates, fully independent fourth generation family office right here in Sun City to bring you information you may not find on those other financial shows. We're aware the last thing you need is another money show, but we appreciate you being here and this is, I mean this is kind of it. This is the last show before the election. Feels like the calm before the storm. It's been a long time leading up to it. And here we are now.
[00:01:16] Speaker A: Here we are and it's Halloween. As we record today is October 31st.
Happy Halloween. Happy Halloween. I hope you had a safe time. And if you live in Sun City, I hope you got one. Trick or treater. I've, I've been very confused why people don't trick or treat in Sun City. I mean, you know, this is where the disposable income is.
[00:01:37] Speaker C: You can only get so many hard candies that kids can take that a little ribbon Werther's that they want to bring home at the end of the day.
[00:01:45] Speaker A: Well, these people, they can give out full size Almond Joy and Kit Kat bars. And we were discussing our favorite candies before coming on air and we kind of all really stopped at bottle caps. I mean, when's the last time you had bottle caps? The root beer ones and the cola ones. Oh my gosh. I mean we all know about Reese's Peanut Butter cups and we all know about that, but bottle caps.
[00:02:06] Speaker C: So yeah, I can't remember last time I've even seen those in a store.
[00:02:10] Speaker A: Cracker Barrel in the gift. That's the last time I saw. I'm sure Amazon has bottle caps. So anyway, we hope you all had a safe and happy fun Halloween and thanks for being with us. We have a lot to do as usual. I'm sure you expect that by now. Today is going to be no exception, I want to start out with a couple of shout outs. I mean, it's my new modus operandi to thank people. Thank you, Sam. Sam is always our calming, comforting voice of reason behind the scenes. So we appreciate you. Dave Hodges, I have to tell you something about last week's show. This, this show was great. You know, it was a little bit in your face, it was a little bit scary. But I've, the most feedback we've had in over two and a half years was from last week's show. I have a neighbor who's listened to it. Apparently she's listened to it three times already. She wanted links so she can send it to people. So she was like, yeah, it scared her. But she said that it's just she wants to share it with people. So thank you, Dave Hodges, for being here. I mean, we enjoyed ourselves.
Lisa Allen at Salem. I mean, thank you so much for Sunday night. The Battleground Talkers tour was incredible. I mean for me, I'm not like really a star struck kind of guy, but it's hard not to be pretty, you know, walking on a cloud. I'm sitting with Larry Elders and Seth Liebson and Charlie Kirk and Michael Gallagher and Sebastian Gorka, Carrie Lake, Abe Hameday, Eli Crane, and with a few friends. Peter, thank you for joining me. Thad. Thank you. Jason, my buddy Jason is, was there. So thank you so much for Salem and 960 the Patriot. We had a wonderful Sunday night. I need to put some pictures on Facebook. So if you follow me on Facebook, I'll put some pictures of all these idols of mine. So today on Halloween, I was listening to a little bit of radio as I was getting ready this morning.
It's a very busy day. How much of this will grow legs, I don't know. But North Korea, you know, I bring them up fairly regularly because they always want to remain relevant in a world of uncertain geopolitics. North Korea is, that's, that's something that sooner or later we might actually have to take seriously. Maybe this is getting to be close because they fired off apparently this was just today they fired off an intercontinental ballistic mystical mythical. They fired off a popsicle or something out. It doesn't scare me that much. They fired off a missile capable of carrying a nuke and apparently it went 4300 miles. They shot it fairly vertically. So but apparently they're testing missiles that can actually reach the mainland usa. So they, they have troops going into Russia. They apparently they're, they're heading eventually I guess to Ukraine. So that's still a thing. Apparently so. But North Korea, I mean, you know, I know South Korea's got to be a little bit nervous about this. You know, they're. They're always desperate to remain relevant. So, Mark Zuckerberg, here's something financial for you. Mark Zuckerberg apparently is selling $1.3 billion of his meta. His own stock. That. That's a pretty big number. When you are the CEO of a company, it's weird to me that you're selling stock. We talked about Jamie Demon, I mean, when he was selling all the JP Morgan Chase stock, it's like, it's a lot of it. It's not a little, you know, Warren Buffett is still selling B of A stock. B of A. Oh. And I guess I'm getting the financial up front and then we'll hit the politics and whatever else. So. B of A. Remember when we brought to you a week or two ago that TD Ameritrade has the biggest fine ever levied against a bank in the history of banks? You know, the $3 billion fine, apparently, watch out for B of A to have one that may be bigger from what I'm seeing. Yeah. B of A, one of the big three, apparently. Little shenanigans over there, too. Janet Yellen is. And, you know, she's a huge bank sympathizer. And Janet Yellen is a huge. She's got a, you know, cover for the banks. She is starting to sound alarms about the banks. This is totally different than what I've seen from Janet Yellen. So she's starting to brace us for something. Either A, the central bank digital currency is closer than I thought it was, or B, we are about to have a big bank dump. And we have told you on this show to be ready. We've told you to keep as little as you need for your daily living expenses in the bank. We've told you the FDIC, the depositor insurance fund, has 1.2% coverage. We'll show you how to find it. We have warned you. So now Janet Yellen is coming out to warn you, so act accordingly. Watch this.
[00:06:51] Speaker C: What exactly did she say?
[00:06:54] Speaker A: I have to dig into it. I just heard it this morning. She basically said that this thing with B of A and td, this is a systematic situation that we're going to find out more banks are having problems. And basically, I mean, what I take from this, they're misreporting numbers. They're cooking the books. You know, we have for two and a half Years we've given you specific examples on how the banks do ridiculous stuff. Some of the banks are basically misreporting what you do with delinquencies or auto loan payments or whatever to the reporting agencies. We've brought you all kinds of stuff. Jamie Demon has what, nine or seven or something Felonies against Chase. I mean, it's just, it's nonstop. So hopefully I'll have it for next week. But trust me, when Janet Yellen comes out and says something is wrong, that means it's really wrong because she does not like to slam the banks.
[00:07:47] Speaker C: Well, remember she even, I mean, changing the subject a little bit, but talking about the death of the dollar and moving to digital currencies and no longer being a, you know, the world reserve currency, she's even admitted to that. She says it's not imminent, but it is going in that direction, which is definitely not a good sign. Just like you're saying if she's actually willing to say these things out loud.
[00:08:12] Speaker A: Not a good sign at all. And while we're on it, I'm going to read you two headlines because I'll never get to these articles.
Here's one, actually, they're both from the Daily Hodl. The first one is from October 20th. Bank abruptly shut down by US regulators in second bank failure of 2024. You know, we were real busy last week with Dave Hodges, but did you hear about this? So financial regulators just shut down a bank in Oklahoma marking the second US bank failure of 2024. I don't think anybody I run into has heard about this. Why? I don't care the size of the bank at this point. I care that people are pulling their money out of the banks. I care that the banks are having massive fines because they're going to levy those against me as a depositor. I mean, I just, I find it odd. And this, this bank, I mean, let's see here, if it says the size of it, all insured deposits were sent.
I don't care about that. Let's go to this one. Federal Deposit Insurance Corporation says large customers, which means over 250,000.
And by the way, Sam, Sam's got that article pulled up. The second one is on the same bank. It's Daily Hodl from October 25th. And the title of this one is FDIC warns customers holding 7,100,000 in uninsured deposits after sudden bank failure. So let's see here. The FDIC says large customers at a recently shut down bank could collectively lose millions of dollars in uninsured deposits. The banking regulator says at least 7.1 million at first national bank of Lindsay in Oklahoma was uninsured, held in accounts that exceed the agency's 250,000. Well, wait a minute. What about Silicon Valley bank last year? If you're Mark Cuban and you have an estimated. What was, what were we told? 5 to 7 million, you're fine. But these poor people in Oklahoma, if they have 250,000 or more, they're going to lose it.
[00:10:19] Speaker C: You know, that's because the FDIC didn't bail out the Mark Cuban, we did. Taxpayers.
[00:10:25] Speaker A: That is correct. And where does the FDIC get off picking and choosing? You know, who needs money more?
Who? You know, if you had to pick between some poor person in Oklahoma and Mark Cuban, who needs the money more? I'm almost going to say this is tragic that the rich get richer, the poor hover, and the middle class shrinks on steroids, as usual. So anyway, I guess my point being while we're on the banks, it's not over. We've tried to tell you that the bank run is not over. If you have a bank statement, or let's say you're on your app, on your phone, let's say you're doing your online banking and you look at your account and it says you have $10,000 in your bank. You do not. You have that on your statement. You, it says you have it. The banks were on a fractional reserve system. The government says we have to keep reserves. You know, the banks have to keep reserves. But In March, on March 16 of 2020, the banks, they got a little pass because Covid was uncertain times. And the government said you can loan out every single penny that goes in. You can use it for business loans, mortgages, reverse mortgages, mortgage backed securities, derivatives, whatever you want. We are at a 0% fractional reserve. I do believe in October it's being brought back to like four and a half percent. Oh, okay, now I feel better. Under 5% of the money you have to keep aside. It's all baloney. There's no money. You need to go to FDIC.gov and poke around. We'll show you where to go. It's three keystrokes to get to the proof on what I'm saying, you need to research the word bail in. Maybe it's two words. I don't know, bail in. You need to research it. People are like, well, how likely is it? How would I know? I don't have a crystal ball. I'm not Janet Yellen. I'M not the people at the Federal Reserve that have a three and a half hour meeting a couple Novembers ago to talk about how the public is too stupid to have this information. I'm not one of the insiders. I can tell you if I had a quarter in my hand, which actually would be mine, and I have it, not just on paper, and I threw it on the ground, I would say it's more than a 50% chance this country is going to have a bail in. So look it up.
[00:12:31] Speaker C: It's one thing to say, do your research and I know you're not going to. So we already did it. Reach out to us at teamothermoneyshow.com give us a call, 623-523-0444. We will send you all the information that we have. We will send you the documents from the fdic. You, we're making it as easy as possible for you. Reach out to us. We'll get it to you.
[00:12:53] Speaker A: I love that. I want people to be educated, informed and sometimes even entertained from this show. But you are right. We will give you the proof, we'll give you the receipts to what we say on the show, if you desire. So anyway, so, and I guess the last thing, if you're looking at your statement, you got 10 grand in the bank. You don't. You really don't. So go to the bank and ask for ten grand. Sometimes you get it, sometimes you don't. Sometimes they ask tons of questions. They make you make an appointment. It's really hit and miss. My friends in Sun City are having a little bit different of an experience. When they walk into a bank, they're getting more money. My friends outside of Sun City, Peoria, Glendale, they're having more trouble. How can that be? Do you think it could be possible that they don't want an uprising? You know, these people in Sun City, some of them tend to keep larger deposits. So perhaps the bank doesn't want to anger them and have them move their money. I don't know. It's just weird. I've had more people that are in Sun City say they did not have that experience. Younger people are telling me about that experience all the time.
[00:13:58] Speaker C: But we personally have had that experience in Sun City. So it's not like it doesn't exist.
[00:14:04] Speaker A: We have. Yeah, but look at us. I mean, look at you is what I meant to say. I think the younger you look, I know that's kind of like, you know, stereotyping and so forth. I think the long younger you look, the more likely you are to have a hassle. So I don't think it's my imagination.
[00:14:21] Speaker C: Well, I listened to another money show for the last couple of years. So I've already gotten stuff out of the bank. I don't have to worry about it now because I already did it.
[00:14:29] Speaker A: That is very smart. And junior, you may ask what would I do with my money if I pulled it from the bank? You would pay down debt, you would buy hard assets, you would go to insurance companies. For example, on October 31st we have a one year CD alternative product with an insurance company paying 4.75%. So we have options for you. So back to the world. Let's see here. So yeah, look up Janet Yellen. Look up the warning. I'll dig into it too. We have to really watch closely. The B of A fine.
What's the stock that yesterday lost 35%. The big buzz is AI what is it? Micro. Oh come on. Anthony, did you hear about this?
[00:15:11] Speaker C: I did.
[00:15:12] Speaker A: It joined the S P500 in March. Everything's AI now that Nvidia, everything's going to be the future. So this stock joined in March, it's lost 70% of its value since March, but it lost 30. Super micro. Thank you so much sand. There we go. Yep, 35% one day. So I don't know, I mean it's.
[00:15:32] Speaker C: The dot com bubble again. Yeah, it's the AI version of that. Like if you look at Nvidia's trajectory, it looks just like Cisco's from years and years ago. And guess what still hasn't recovered from its all time highs.
[00:15:44] Speaker A: Well, I think we're going to get it again. And I think the reason the NASDAQ has led the charge on the only up being the only direction of the financial markets, it's a lot easier to, you know, I mean those are sector funds, they're a little more manipulated and controlled. You know the Dow, I talk about the Dow Jones all the time. If you're new with us, something you need to understand. The Dow Jones industrial average is 30 companies. It is not a good.
[00:16:14] Speaker C: Hasn't the Dow been down pretty much every single day for the last like two weeks? I keep checking. It looks red like since the last show. I mean it hasn't moved much if you looked at what the actual, you know, index has done. But I'm pretty sure it's been red every single day that I've checked it after the market trading.
[00:16:29] Speaker A: Well that's not being talked about. You know what's being talked about apparently I'm kind of switching gears because I mean, who cares? It's all fake. I mean, you know, you brought it up at the beginning. The election is less than a week away. By the time you hear this, the election will be only a few days away. Whoever gets in office has to. I think Sam said this before we came in the air. They are going to inherit 35.8 trillion in debt.
The stock market is just on steroids, setting record after record. So let's say Trump gets in office and then all of the manipulation, easy for me to say when I'm sober. All the manipulation stops and they let the market fall. Of course then they have a scapegoat. They have something to blame that on. So I don't know, we'll see what happens. And I mean I'm still of the thought that things are really, really uncertain. We're in such unchartered territory. I do know that this country, it's, it's. I mean we're very polarized. I mean, I'm watching, you know, Facebook is wonderful. I'm watching some of the division. I've got friends that are on both sides of the political aisle and they're putting out two completely different sets of information on what this country needs. So I don't know, I even think people should be very aware of their surroundings. I'm not necessarily saying it'll be on Wednesday the 6th, but between the election and the installation of the next president, I'd be very careful. I mean, I think people could get really heated, you know, I mean, what, the LA Dodgers won the Stanley cup or the super bowl or the World Series or something.
Oh, L.A. well, you're a Giants fan, you should be a Diamondbacks fan.
[00:18:19] Speaker C: The only time I'll ever root for the Yankees is in a Dodgers, Yankees World Series.
I hate that the Dodgers won.
[00:18:26] Speaker A: Well, they did. And I don't know because I don't care. I don't give a hoot whatsoever. I didn't, I only watched a cumulative maybe seven minutes of the entire four game series. But I heard that there was some issues in LA and that's, that goes on forever. Basketball championships, you know, some of the cities, people get stupid, you know my question last night, was it mostly peaceful? But I heard there was a little bit of ruckus. Some people got arrested in la. I, if that ever happens nationwide, not because of a World Series. And really, who really cares about LA and New York? Just people from California and New York mostly. The rest of the country is like, yeah, My team's not in it, so I don't care.
[00:19:09] Speaker C: So my neighbor Craig, he cares.
[00:19:12] Speaker A: Is he a big LA fan?
[00:19:14] Speaker C: Yeah, he is.
[00:19:14] Speaker A: And did he set a fire in or outside of his home?
[00:19:17] Speaker C: No, but I did set a fire to his home.
[00:19:21] Speaker A: I think that's wonderful. He's the smart guy. I've met him. I'll bet he has insurance.
So we're laughing, but I'm like thinking in the back of my mind that we literally are so polarized that between the election and the middle of the third week of January, I honestly believe that people could create a ruckus and get crazy. You know, the summer of love. If that grows legs, watch yourself. I mean, things could get really weird in this country and you might not be safe.
So. And one of the things that Sam sent us this week was a list on where people are moving. Let me see if I can find this. The, the thing that Sam sent said the best states to retire.
And I know I'm jumping from, you know, staying in your house and being armed and watching your back and head on a swivel and all that too. Maybe you should even move.
So Sam sent a thing that says the best states to retire. I'll just give you the top 10. Delaware, West Virginia, Georgia. Oh, that's why he sent it to us. South Carolina, Missouri, why not North Carolina? There's, there's waterfront property right now. Missouri, Mississippi, Pennsylvania, Florida, Iowa and Wyoming. I noticed Arizona's not on there. Where are people actually moving to retire? Florida, Arizona, South Carolina, Texas, North Carolina. Oh, they are going to North Carolina. I guess they were. Georgia, Alabama, Tennessee, Nevada and Kentucky. So I.
The reason that I like stuff like this, they look at cost of living. I would say in this world, in the upcoming weeks, months and years, you might also want to look at safety. I got an email, this was from Tuesday, October 15, from a neighbor up in my little ranch up in Snowflake, Arizona. And it was basically kind of. It sums up what I'm saying. This, this man's email says how many people affected by natural disasters will rebuild in the same place. He goes on to say, here are some guidelines on where to live. Move away from the coastlines. Yeah, not a bad idea with everything we've seen. Move to high ground. Not a bad idea if you're in a flood prone area. Get out of the cities.
Don't live where there are earthquakes, floods, rivers, forest fires, landslides, hurricanes, tornadoes, military bases, dams, oil, excuse my language, oil refineries and nuclear power plants.
[00:21:58] Speaker C: So nowhere there's nowhere you can live.
[00:22:01] Speaker A: Let me read the last couple because this, you know he was talking about all the stuff in North Carolina but you know, fast forward, you know I think this is a safety issue. The last couple items stay away from national borders where illegals enter.
Preferably have a supply of unpolluted water. Try to pick an area with conservative political values. So this email started out with how not to be in a place that's going to be underwater. And it ends up with really good advice if things get sketchy. So and I know, I mean the election is going to come and go. Nothing's going to happen. I understand that. You know we had the big BRICS meeting. We've been gearing you up for a year about the big BRICS meeting.
[00:22:47] Speaker C: What happened?
[00:22:48] Speaker A: Absolutely nothing. It's been a big nothing burger. But I keep digging into it because I'm like that's impossible. They are de dollarizing. We all know that. They are going to replace our world reserve currency. We all know that. So how do they have their big meeting? There was a little talk on their, on their, the currency, the gold backed and the local currencies being used. So some of what I found here's from Watcher Guru on October 23rd, BRICS officially. Officially that means it's official. Add 13 new nations as partner countries. By the way, if you're worried about fire and uprising in the cities, get out of the cities. If you've got relatives out of the city, get out. At least go to Buckeye or Wickenburg or somewhere surrounding the cities. If you have friends and family in Heber overguard, get up there before the election if you have the way to do that. You know there's people with the means over the years that I've encountered in my job that have talked about moving to Belize and Aruba and different places. So get out of the country quick is our financial recommendation. And you got to do it quickly. You have to move in the next four days.
[00:23:57] Speaker C: So actually I do want to add a little financial advice to that to step into your end of the world stuff is because we get this question a lot. We've got people ask us about wanting to retire and they plan on traveling, getting RV and never being home. We've all seen the home prices in Arizona skyrockets, new California, there's so many cheaper states to live. So if you plan on traveling in retirement now may be a good chance to cash out here, capitalize on the home values and then find a house in a cheaper state not next to a dam or coastal or all that other list that you have.
But we've talked to quite a few clients about that in the last few months. So if that's something you're considering. More than happy to brainstorm with you. But I love the thought of traveling through retirement. So why. Why hold on to an asset here that'll cost you significantly more than elsewhere if you don't even plan on being here to use it? So that's my two cents. I'll go back to the little hole that I sit in while you rant no.
[00:25:02] Speaker A: And I. And I'm picturing one of the clients you're talking about that has recently done that. And I love it, too. I also love the idea that they can move their home out of Phoenix, Arizona, and go up in the mountains or whatever, just for a week or two. The scenery is beautiful. It's nice and cool at night. And if there's any ruckus around the elections, they don't have to be a party of it. So let me read the 13 countries that join the BRICS real quick. Then we'll take a break, then we'll come back, and then we will slam the government further, Slam the banks. We're gonna slam everybody today. Today's gonna be a real slam fest. So who joined Algeria? Never heard of them. Belarus? No. Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam? I'm not familiar with any of these names or countries, but it sounds like a lot of people are going to be using their currency and precious metals to get rid of the US Dollar. So that's a pretty big lineup. And Cuba is one of our neighbors. It's. Is it near Puerto Rico? Do you want me to talk about the garbage thing? Do you want me to talk about that? Do you want me to talk about the sitting president United States in that demonic red meeting he had where he called MAGA people dangerous and all that? Now he's calling half the country garbage. You want to talk about that or let everybody else.
[00:26:16] Speaker C: Didn't Trump say the same thing about the left? Let them do whatever.
[00:26:19] Speaker A: He called other countries bleep holes. I mean, he's. He's had some doozies, but he's really been tempered in saying half the country is worthless.
[00:26:27] Speaker C: He really has said he would like being so sensitive.
[00:26:31] Speaker A: I'm always sensitive. Now I'm taking my side against your side. I believe in what I'm saying.
[00:26:36] Speaker C: Tony Hinchcliffe, though, I mean, that was funny.
Stick up for him, too. Essentially, he does what he's meant to do. He just did it in an area where he shouldn't have. There's a joke about.
Was it the, I don't know, all those, the, the domestic abuse in like football players. It's like. Well, that's what they get paid to do. You footballed when you weren't supposed to football and that's when you got in trouble. So he comedied when he wasn't supposed to comedy, and now he's in trouble.
[00:27:08] Speaker A: Well, and I don't blame him because you're right. He does what he's paid to do. He does what makes him successful. But it was the wrong setting. It was not good.
[00:27:15] Speaker C: But they knew what they were doing. They asked him to do it. So I don't know, the whole thing was stupid. It's just an excuse to be mad at for whatever reason.
[00:27:23] Speaker A: Oh, so I should be on board. I like the idea.
[00:27:25] Speaker C: Yeah, exactly. Because other people will be mad for it. Anyway. So that's it for this first segment. We will be right back. In the meantime, if you want to listen to old episodes, check us out another money show.com like and subscribe. Wherever you listen to podcasts, you can listen to old episodes of another money show, give us a call. 623-523-0444. The number again, 623-523-0444. And we will be right back.
[00:27:52] Speaker B: You're listening to another money show.
Thanks for listening to another money show. If you like what you're hearing, be sure to leave us a rating and subscribe to the show. Wherever you listen to podcasts.
[00:28:09] Speaker A: Welcome back to another money show. Thank you so much as always for being here. We are little fish in a big pond and we love and value your support. So keep reaching out to us team and another money show.com if. If you have anything you want us to dig into or cover, let us know. If you have any comments about how great we are, let us know. If you think we suck, please don't let us know. We're very sensitive so.
[00:28:30] Speaker C: But any let us know some of the we've gotten. Well, I guess you didn't get one. I got one. I thought it was funny though. I get it pretty good.
[00:28:38] Speaker A: Two and a half years, we got one person that says boo. Boo.
The Halloween reference. We had somebody say boo.
Our thing with this show, we want you prepared, not scared. We want you proactive, not reactive. We say that all the time. And that's what this show is about. We do have new people once a while and they're like, oh my gosh. I mean, I have to hear it a couple times to absorb what you're saying. We're not a hour long infomercial. We're a show on current events and how they are likely to affect your finances, your future, your life, your kids, your grandkids. So this show is a little different. We realize that, but we really need your support. Moving on. You know what? Let me do one more thing about the banks. I just can't let go of banks. I mean, we, we could fill half of every show with bank stuff. It's just so easy. It's low hanging fruit. So here's an article from the 26th of October from the Daily Hodl. I'm on a big Daily HODL kick. Their articles are very short. They're usually one page and I just, I don't have time to read some of the articles that I gather, so I go to the short ones. So JP Morgan Chase, Wells Fargo and Bank of America refuse to define unauthorized transaction as customers lose $320 million to scams on Zell. So that piqued my interest. I'm like, you know, what does that mean? I don't do Zell. I know, Anthony, you probably do. I don't do any of these.
[00:30:11] Speaker C: Roselle is made from the banks. The banks created them to be able to move money amongst themselves. So this is like a third party app or anything like that.
[00:30:22] Speaker A: I don't like it. I don't understand it. Your explanation was not acceptable for somebody in their 60s anyway. So, I mean, and I'm, I am. You had to show me how to do online bill pay. In all fairness, I had to show you how to write a check. So anyway, on this article, JP Morgan Chase, bank of America and Wells Fargo are among six US banks that have not defined what an unauthorized transaction is, despite the term's critical role in determining whether fraud victims will be reimbursed. I think I'm onto something here. The three big banks, along with Capital One, US bank and Truist, have released no policies explaining what qualifies a transaction as authorized according to the Electronic Funds Transfer Act. Once a customer authorizes a transfer even while being scammed, businesses are typically not liable for resulting losses unless certain conditions are met. At a minimum. We believe that the companies have a responsibility to transparently inform consumers of the risks of using their products. One of which is falling victim to a scam and not being able to recover their money. Clear communication about these risks is crucial for consumer protection.
[00:31:44] Speaker C: So I mean, it's not really the bank's responsibility if you actively give your money away. And don't get me wrong, I feel bad for all the people defrauded, but it's. I see that. But you know, what they should do is use all the transactions with a credit card, because a credit card is not actually your money. It's just credit. So if there is fraud involved, it's much easier to cancel that transaction and fight it than if you have money taken right out of your bank.
[00:32:10] Speaker A: Excellent advice. I am one dinosaur who does not have a debit card. I do not have an ATM card. I have kept my life more traditional and simple. Not just because I'm old, but because it seems safer to me. I mean, I really fought on, you know, every thing can be hacked. I get that. So I still get paper statements, unfortunately, at $3 a month charge. I mean, I. Yeah, but you're right, it's not their job. But look at. I mean, kind of look at what's going on. The big picture. They're scamming everybody and their mother, but when we get scammed as a depositor, they're, like, washing their hands of us. Let me read one more thing from this. A recent Senate subcommittee found JPMorgan Chase, B of A and Wells reimbursed people who reported Zelle scams 38% of the time in 2023, compared to 62% in 2019. So they're tightening up on helping people. The report also found three banks collectively refused to reimburse 320 million in unauthorized Zelle transactions that customers reported fraud between 21 and 23. So I just. They. They have all this money. They have endless supplies of money. If they run out of money, they go to the government, and the government gives more money. They have money, money, money, money everywhere. Money, money now, money now. And yet when some poor person in Sun City sends money to their grandchild and something happens wrong, they're like, nah, nah, we're good. You're good. Deal with it. You got scammed. Things happen. I don't know. I guess it just. It's the cold world we live in. And it stinks.
Shall we move on? You know, as long as we're on financial matters. You gave me an article this week from Investopedia on 25 October. Says here the New York Stock Exchange wants even longer stock trading hours. May I read a hair of this, Anthony? Or you just want to sum it up for me, or how do you want to handle this?
[00:34:07] Speaker C: Well, did they announce anything? Essentially? I mean, I think with bitcoin and just cryptocurrency in general becoming so popular and on 247 trading, you know, why are we, when everything's computer based, why are we limiting our access to trading stocks? So.
[00:34:26] Speaker A: Amen.
[00:34:26] Speaker C: Did they, did they announce that? Is this official? I couldn't really tell. It sounded like they really wanted to, but it didn't sound official.
[00:34:34] Speaker A: It was not. It's not in place yet. I know that because I watched the stock market close at 4:30 yesterday. So no, it's not in place, but.
[00:34:41] Speaker C: They still do weird hours. Like they, they extended the hours. They're talking about extending the hours, but it's still technically not 247 and I don't know why that couldn't be.
[00:34:51] Speaker A: No, I agree. You can do it with Forex market, you can do it with. You're right, I mean, ETFs. No, I don't know. And part of me, you know, I'm always cynical. I'm always half empty. So is it a greed thing where more people can be charging a fee to buy, sell, whatever. Is it. Is it just fair Is fair.
[00:35:08] Speaker C: I don't know why the banks do everything on a Friday night when nobody's paying attention. They're all drunk at the bar. Now you can make weird trades at like 11pm or 2am when nobody is looking and then it'll take a while to figure out.
[00:35:24] Speaker A: But they need to protect people like you that are on a Friday night drunk at the bar. And then you get home and you're like, oh, I think I should buy super micro stock. It's 70% off. Maybe they're trying to.
[00:35:34] Speaker C: Terrible idea.
[00:35:35] Speaker A: They cut it off in the afternoon, right before happy hour.
So it says here. I mean this article. I'll just sum up a couple things. It says here we want longer hours. Yeah, yeah, yeah. The extension underscores the strength of our US Capital markets.
Let me try to read that without laughing. The extension underscores the strength of our US Capital markets and growing demand for our listed securities around the world. Okay, I'm going to hang on to this article and keep it real handy. And six months from now I want to read this again and see where the Dow is, see where the NASDAQ is, see that, where the s and P500Is. It's a bunch of.
So anyway, so the whole world wants our stocks, right? They want our bonds too, right? So anyway, let's see here. I want beer. I want to extend the hours of beer. Don't they stop selling beer like Two in the morning. I cried baloney on that. I want beer 24 hours a day. You just brought up bitcoin.
[00:36:28] Speaker C: You can do that in China. So maybe China has more freedoms than we do. If we can drink beers on the streets at 2am over there.
[00:36:35] Speaker A: And they're communists, do they have doordash or Uber eats that were delivered to me from China, from Shanghai.
Your delivery is within two weeks or it's free. I think China is the place I need to be, not North Korea. They're scaring me. They're doing ICBMs. So you sent me another article on the 27th of October from Forbes and it says here a declaration of war Fed. That piqued my interest right away when I read it. And then it turns out it's on money. Declaration of war Fed and ECB plot to tax or ban Bitcoin and use price gains to escape 35, 7 trillion doom loop. All right, before I let you go, Anthony, I gotta give you one thought. We have been saying for two and a half years here and there, sprinkled in, the government does not like competition.
Bitcoin is great. You guys are all multi, multi gazillionaires. It sets 70,000 a coin. Call your coinbase, call your bitcoin wallet holder and ask them to send you the bitcoin.
Cash it out, see what you get. First of all, you get a real big unknown tax bill. But you know what else you get? You get US Dollars, kids. There's no bitcoins, there's no gold coins. You're buying air, you're buying paper, you're buying Beanie Babies and tulips. So, but anyway, so we have warned you that once we go to a central bank, digital currency, the government is going to shut down. Xrp, Ripple, Ethereum, you name it. You know, any coin that they can just turn off the system, they're going to.
[00:38:13] Speaker C: It's the same old. They've been talking about how they're going to tax that for a long time. You know, everybody said they like it because it gets them out of the system. It's not getting them out of the system. It may like for a little bit, but it's not the same anymore. It's not what it was. When it became, you know, when it started in the early 2000s, the idea was wonderful.
[00:38:34] Speaker A: The idea was absolutely wonderful.
[00:38:36] Speaker C: Now the idea was kind of a scam too, so.
[00:38:39] Speaker A: Well, no, I don't know. I mean, they knew the dollar was collapsing. Satoshi or whoever really started it. They wanted an Alternate currency that the government could get their fingers in. But the government gets their fingers in everything. The government's. They're too big to fail. So and in this whole thing, you know what the, the only thing about this article, the it's one thing to tax it and then if we get Harrison office, she can tax it even if we don't sell it like unrealized gains. But it's another thing to say the word ban. I think they are going to ban bitcoin once they're ready. I think as soon as we see the central bank digital currency and its inevitability, they are going to ban our bitcoin. So that's the part that piqued my interest. Do you want to talk about something different with politicians running amok?
[00:39:23] Speaker C: Sure.
[00:39:24] Speaker A: Okay, so here's one for you. This is from msn.com I don't know what kind of publication that is, but msn.com this is on the 24th of October.
This reeks of corruption. Son of high ranking Democrat raked in hundreds of thousands of dollars from dad's campaign. So talk about political shenanigans. And I know, Anthony, I know what you're going to say. That happens on both side of the aisle and it does. This is just one article that I have in my hand so I'll just read a little bit of it because I mean there's no reason to break it down. We know they're all full of crap. So the son of Massachusetts Democratic Rep. Richard Neal. Is it okay to name names? Allegedly. I should add every time I say something's name. Leader of the House Ways and Means Committee raked in hundreds of thousands of dollars in consulting fees from his father's campaign and pressure groups who were actively lobbying his dad on tax policy. According to political. I hope this young man who scammed the system paid taxes on the gains at least. Richard Neal's son, Brendan Neal launched a one person public affairs firm. One person firm. Is it really affirm? It's like Rochford and Associates. We're fully independent, fourth generation veteran loan, family practice. We have a lot of associates because we have a lot of companies we work with. But you know what, in the office, you know how many people there are? There's three human beings and an office dog. So when we say associates, we mean that in a broad term. When this person says one person firm, I don't even picture this guy having an office dog. How sad is that?
Anyway, just one person.
Yeah, it's a one person public affairs firm offering political Advice, lobbying and strategic communications. Kevin, are you listening? We need the generator. We need to get these words out there and break them down. So the political advice, lobbying and strategic communications, which are a lot more important than regular Communications. In 2020, roughly one year after his father became the ranking member on the Ways and Means, the sole congressional committee with jurisdiction to introduce federal tax legislation.
I mean, and I'm guessing this could lead to inside trading. Nancy Pelosi, if you're listening today, I didn't mean you specifically. Allegedly Brandon Neal went on to receive a total of $196,340 from his father's campaign for strategic consulting services. $20,000 from Van Hullon Strategies which had interests in at least six different ways and means issues, and $252,500 from a client of a lobbyist who was simultaneously working for Blackstone. Where have we heard that name before? To protect the carried interest rate which allows individuals working in the financial industry to pay or lower tax rate. This thing just keeps getting worse. So it keeps getting worse.
[00:42:42] Speaker C: It all sound like Hunter Biden stuff from years and years ago.
[00:42:47] Speaker A: Well, and it happens on both side of the aisle.
It's probably Don Jr. Too. I wonder.
[00:42:53] Speaker C: I do remember because I didn't, I remember when that came out with him in Ukraine before, way before the war. I mean I think that was when Obama was president. And I was like, I don't, I couldn't even tell you where Ukraine was on a map. And I was like why is this politicians guy on the board of some.
[00:43:07] Speaker A: Company Burisma and making pretty good coin, a lot of crack money involved in foreign business. So anyway I just, I. It's never ending. We do a one hour a week. We could do two hours a week. We could do three hours a week like Seth Liebson week. We could do whatever Sam hooks us up with and never run out of information. That's what I feel. Here's another one for you. Here's one from Fox 26 Houston. This is on the 22nd of October FBI raid controversial East Houston low income housing project Federal authorities have launched an investigation into Houston's 800 Middle Street Low Income Complex following long standing public concern over its location near hazardous waste sites.
After years, probably not good that I chuckle anywhere near this because this affects families and kids and people that don't have a lot of voice or a lot of say. I'll bet that Brandon dude, I'll bet the, the representative son doesn't live in this building. But it's just a guess. After years of public concern and outcry, federal agents descended Tuesday on the Houston housing authorities newly built 800 Middle street low income complex. I'm going to skip ahead. The $140 million complex has been subject to heavy scrutiny because it's surrounded by toxic dump sites, as first reported by Fox 26 I want to live there. I want to be green. I want to glow. I want to turn on my microwave even though it's not plugged in. It's important to remember that they plan to put hundreds of families here. That's 600 to 700 kids are going to be playing in the neighborhood, said Allen Atkinson, a vocal critic of the project who says lead, arsenic and even dioxins are present on the adjacent properties. Atkinson has waged a five year battle to expose the risk posed to residents. One more sentence I shall read.
He believes both the housing authority. That's government right and developer NRP lied to the Department of Housing and Urban Development about both the amount and location of toxic waste in order to gain access to $54 million federal dollars to purchase the land located near Buffalo Bayou on Houston's East End. I highlighted more at the end of this article. I don't think there's any reason to read it. The very last sentence. These people are thieves because they are stealing from a bunch of poor kids just so they can make a buck. It's disgusting.
Who? Any thoughts on that, Anthony? Do you think the rich are getting richer? The poor are hovering in, the middle class are shrinking? Does anybody in this country really have a moral compass anymore?
Is it all so corrupt? I mean, can we ever fix it? What's the old thing? How do you eat an elephant? One bite at a time? No, you don't. You don't eat an. Who in the hell's eating an elephant? How do you skin a cat? Same answer. You don't. Leave the cats alone. If the cats live by that toxic dump, they've got their own issues. Have you ever heard that before? How do you eat an elephant? Have you ever met anybody that actually has eaten an elephant or even tried elephant?
[00:46:37] Speaker C: No. I would if I could.
[00:46:39] Speaker A: Would you really?
[00:46:40] Speaker C: Yeah.
[00:46:40] Speaker A: Elephant? I don't know. Have you ever had those? Speaking of Halloween candy, have you ever had those orange circus peanuts?
[00:46:47] Speaker C: Oh, gross. Yes.
[00:46:48] Speaker A: I can still taste them just thinking about it right now. How come people hate. What are those little candies with the yellow, orange and white candy corn? Why is there such animosity towards candy corn? You know what I'm talking about. Like go on Facebook, people Hate candy corn. I don't get it.
[00:47:03] Speaker C: People don't have better things to worry about.
[00:47:06] Speaker A: Like me, because I'm talking about it.
Sam says it's a waste of calories. I disagree. You know what your mom likes? She takes candy corn and puts it in a little bowl, and then she takes dry roasted peanuts and mixes that in. No, it's really good. It tastes like a payday bar, if you've ever had payday, which are delicious, by the way. So, yeah, I. I know these shows go so fast. I. I want to bring something up. Maybe I should have started with this, but I have Attention Deficit disorder and OCD and a lot of stuff. A lot of issues. So Dave Hodges. Back to Dave Hodges for a minute. He is right. At least I went full circle. So Dave Hodges is imminently worried about our country. He's worried about the world, but he lives here, so he's more focused on this country. And he brought up something that, when we got off the show, I started researching because I was like, I've never heard that before. And when I learned something new, the first thing I usually do is look it up. He brought up something called the Kigali Principles. And I looked that up, and I found a whole bunch of information that didn't make any sense. And I was like, well, wait, I'm missing something. He said we should be aware of the Kigali Principles. So I went a little further, and I found one thing. It's harder to find what he was talking about.
What I found here was from a site called Political Violence at a Glance. The article I found was from December 26, 2016. The website, again, is political violence at a glance dot org.
And when I found this article, then all of a sudden I realized there's a main Kigali Principle, and then there's this more obscure thing, and it intertwines with, like, peacekeepers and the UN and, you know, Dave's worried about how the military is going to react if we have martial law in this country or civil unrest or if we have, you know, another pandemic. I know mpox is still changing around the world, even though we don't get to talk about it in this country yet. We're getting to the election without, you know, disease X or any of the things that I thought maybe would hinder my voting in person. But luckily, we got by it. Maybe we'll get it after there's a new president still. Anyway, let me just read one. Let me read two little things from this article. U.S. ambassador Samantha Power proclaims that the Kigali principles will make peacekeeping more effective, improve security and save lives. I would argue that if implemented, they will have the exact opposite effect. This is where Dave's going with this. I am not alone in that.
Most troop contributing countries to UN peacekeeping, peacekeeping have not yet signed on. The principles undermine the entire logic of peacekeeping, from strategy to operations to tactics.
I am, of course, and I'm skipping right to the end of this article, I am of course not disavowing the importance of civilian protection. The question is how to protect civilians in a way that will bring lasting peace so that the burden of protection falls to the domestic state and not external forces. You know, Dave talked about, I've talked to him for years and years about UN troops keeping the peace in this country when we can't. He's very worried, it seems like, about China taking over our land. China's buying up land by military bases. They're flying balloons over the country that might be taking pictures. I mean, so maybe he's on to something. Anyway, let's see here.
Says here the UN should not be in the business of peace enforcement either or principled or practical ground. The UN derives its legitimacy from its coordination and symbolic functions to solve international problems. Diplomatically, practically speaking, there are many capable military forces in the world that could enforce the peace, but the UN is not one of them. If other militaries choose not to step up, another option could be to create elite units within US peacekeeping operations that could be capable of using force. But for now, the Kigali Principles which ask all peacekeepers to fight wars, are not the answer. So if you did, after Dave's episode, look up a few things and you looked up the Kigali Principle and you found something different like I did, that wasn't alarming at all. Keep going or reach out and I'll give you this website again if you need it. You know, we bring you this, you know, just a couple weeks after we talked to you about the DoD Directive 5240.01, the stealth expansion of military intelligent powers in life or death domestic situations. This is the one that's been out for a long time, but Biden just extended it or doubled down on or whatever the heck, you know, the administration did. And it's basically saying if there's issues the military can fire on citizens, they're supposed to ask for permission. And I'm just summing up the article we read to you from Green med info on October 7th. So to sum it up, they're not supposed to just pick people off. Let's say they don't like what political aisle you're on. They're not supposed to just pick you off unless there's an emergency. If people are in the streets and there's riots or unrests, they don't. They have like 72 hours that they can pick you off and then ask for permission later. The old forgiveness versus permission theory. I think this country. Nothing's going to happen, Anthony.
I get it. Nothing's going to happen. We're going to get through the election. We're going to have, we're all going to start playing nice. The, you know, half the country is going to come over the other side and say, you know what, you won fair and square. We have to accept it. I think nothing's going to happen. But if it does, this is all interesting that you better understand your government is working to get rid of bitcoin. To have troops on the street from the UN to have domestic troops join with the UN if they're willing to keep us in line, a lot could happen and again, nothing will. You know what's going to happen? You're going to get into your 60s like I am and you are going to have to hope you have Medicare, Medicaid, Social Security. You're going to have to fix healthcare, borders, politics. You're going to have to fix a lot. But today's Halloween. So I think we should go out on a happy note and not on a note of our country becoming the purge. What say you, Anthony?
[00:53:38] Speaker C: So what's the happy note?
[00:53:39] Speaker A: I have no idea. I have nothing. I draw a blank. I think everything's bad, everything's wrong. I always tell people I'm not an optimist, I'm not a pessimist. I'm a realist. And I'll tell you what, I'm long term optimistic because I have to be for you and the one and only Sam Davis and my son Jay and Nicholas.
[00:53:55] Speaker C: In that case, that is good news. Because if you listen to this show and you are as pessimistic as Junior is, you can go back and listen to old episodes. So that's it for today's show. If you like what you heard, you have questions about any of the topics today or you want to sit down with us to review your personal situation, you can find us or you can reach out to us at teamnothermoneyshow.com find us on the web anothermoneyshow.com schedule appointments with us directly from the website. You can find clips of us on YouTube. You do want to reach out to us. There is no minimums, there's no cost for appointments, nothing to lose by getting a second opinion on your financial situation. And yes, go out and vote.
[00:54:36] Speaker A: No matter who you vote for, please make your voice heard. Please. This upcoming week, don't stay home. Don't say your vote won't count. Don't say it doesn't matter what you do. Please vote right. We love you all and we will talk to you next week.
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