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.
[00:00:15] 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 freedom. So let's start the show. Here are your hosts, Anthony Correo and JR Rochford.
[00:00:38] Speaker C: Here we are, your hosts Anthony Correo and Junior Rochford taking break from our day to day as financial advisors with Rochford and Associates, a fully independent, veteran owned 4th generation family practice right here in Sun City to bring you things you may not hear on those other financial radio shows. We aware the last thing you need is another money show, but we appreciate you being here and I was with Junior when he was prepping for the show yesterday and he has a ton of articles. So he already said I'm not going to speak today, but we got a
[00:01:13] Speaker A: couple, couple, Sorry, JD Back and forth on. I know I said every week, but I have, I have so much and so much of it is so important. So yeah, we just, I'm, I'm sorry JD but we don't have room for Anthony to talk at all.
[00:01:25] Speaker C: Well, right before we started recording, we were talking with Sam about having another guest on the show and they were worried about it and I said don't worry, Junior will talk through them anyway. So just have them on.
[00:01:37] Speaker A: I mean I did that when we were new. I mean when we had Rick Kreiberg on Mark Burr.
[00:01:42] Speaker C: You've got for sure.
[00:01:43] Speaker A: Oh, Jake, Yes. I mean I, I want to hear what they have to say or there's no reason to have him on. So I, I have gotten better. I just don't want to hear what you have to say. Even if Sam wants.
[00:01:51] Speaker C: That's fair. Yeah.
[00:01:53] Speaker A: If Sam wants to do half the show with me, I'm great with that. I just, I hear from you every day. I don't need that.
[00:01:58] Speaker C: I would love to go back to bed. Sam, you get to be Anthony.
[00:02:02] Speaker A: We're recording this, by the way, on October 22nd. It's about 10:23 in the morning as we record. So that gives you an idea what Anthony's. Yeah, he wants to go back to bed.
So one thing, you know how we, we always ask you to help us. We ask for show ideas, we ask for commentary. We, we ask if we should renew. You know, we've been on four and a half years, never duplicated an episode. We've brought you a new episode every week for four and a half years. So we just renewed recently. So we're here for another six months. We got, we got another question to ask you. Would, would people be interested? We talked about having a professional retired, but professional NFL football player on the show. So would that be of interest? I know when we had Rick Kreiberg on, who is the veteran affinity expert, we had almost all positive feedback. We had a couple people that said it doesn't apply to them, so they weren't interested. So if you get a chance, reach out to us at 623-523-0444 and let us know if you have interest in hearing from a retired football player. The reason that I want to bring him on and I met him, I actually spent some time with him, a couple hours chat with him. He, he in his retirement, looking for what to do next. He became a financial advisor. So I find it interesting that here's. And he, he was, he was well known in his time and he became an advisor and I find that interesting. So Anthony, Anthony brought up, Am I going to ask if he's had any, any, you know, brain issues in retirement and if so, has that helped him as a financial advisor? So I, I won't be asking.
[00:03:35] Speaker C: Someone with CT can do it. That's how easy a financial advisor job is.
[00:03:40] Speaker A: Right. So also, if you want to come into this industry, we're always hiring. So we'll show you how to get a license, we'll bring you on board. Doesn't matter if you have CTE or not. We need to get busy. We do. We have a lot of stuff to do. Don't, don't make this fun today, Anthony. I got some serious business. Let me knock out the shout outs real quick. So we had one of our favorite loyal five o' clock in the morning listeners pop in this week and she, I said, I said, you know, I'm gonna give you a shout out. She, she said not to, she said, don't, but, but you know who you are. You, you know who you are. She came in with somebody else and so we sat down with somebody else she knows. And I just, I, I love this woman so much. So I'm glad she was in the office as usual. I want to shout out real quick to Joe Jaquint. Joe, Jason, Jack, thank you so much. I'm on the Patriot radio news hour every Monday. So it's 9 o' clock Arizona time. It's a sister Salem station so I don't feel like I'm cheating on 960. The Patriot want to bring this up. So it's on 10, 10am every Monday. Joe does the lion share of the show. I don't get a lot of talk time but when I do, hopefully it's beneficial. I think these last couple weeks were pretty good what I got to bring up to people. So. And that leads me to somebody that has listened to our show and also heard me on Joe's show on Monday called in yesterday. So I'm not going to give any specific information but we had a, we had a young lady call in, we had a wonderful conversation. So. And it was actually last Monday's appearance on Joe's show that prompted her to reach out. So thank you so much. I mean the support means the world to us. As we say all the time we're little fish in a big pond and we just, we, this show is helping us keep going so we appreciate it.
One more person, I'm going to shout out somebody else this one, I will name her name. Her name is Linda and I didn't know she was listening every week. So Linda, it was great to see you this week. We see Linda a couple times a year. She. Yeah, I, Anthony, I don't know if you knew that, but she's still listening every week. I, you know, I thought she got burned out a while ago, so that's cool and moving on. Why don't we get right into things? If you've listened to us once, twice, any length of time, you know this is not an hour long infomercial. We are not here to pat ourselves on the back and tell you how great we are. Even though we are a fourth generation family practice in a world of big wirehouses. We're veteran owned, we're, you know, fiduciary office. We, we check all the right boxes. But this is about sounding alarms. We want you prepared, not scared, proactive, not reactive. That I would say now is probably in our four and a half years. This is the very most important day I can tell you to make sure you don't have your head in the sand. Make sure if you have a finance advisor, make sure they have an exit strategy if need be. We can never give financial advice on this show. The audience is broad so you have to see us or talk to us for specific advice. But I can say in General, there's some really, really huge cracks. I read so much this week, and I look at current events. This show is on current events and how they're likely to affect your finances, your future, your kids, your grandkids. But in order to do that, so there's no surprises, I have to read everything I can.
I consider myself a little sponge. So I read so much this week that made me think I have to stay mostly financial. And I'm gonna do a lot of that today. I'm just gonna give you bits and pieces of what I read because I would need six or seven hours today. First thing I'm gonna read to you. United Airlines CEO calls for a national wealth and near 100% inheritance tax.
United Airlines CEO Scott Kirby. And I guess I don't have to say allegedly because I read it in multiple places.
Scott, if you're listening, shame on you. So anyway, Scott, Scott, I'm calling out the CEO of an airline. So Scott publicly advocated for a national wealth tax and an inheritance tax on approaching 100% at certain wealth levels. He stated that wealth inequality has become a danger to society. And he said I would pay the taxes. You know, that part of what bothers me. How much are you worth? So I, it just, let me see here. United Airlines CEO Scott Kirby earned $32.3 million last year, roughly 334 times the. The compensation of his company's median employee. So, Scott, easy for you to say. You'd pay higher taxes. A lot of people that listen to the show have not as much wealth as you. We have a lot of middle class level people, lower, middle, upper. We have some wealthy people. We, we have, across the spectrum. I can tell you, not as many people in our fold have made $32.3 million.
So I, I just, you know, Shut up.
[00:08:34] Speaker C: Yeah, but do you think he's talking to those people or he's talking to the ultra wealthy when he talks?
So you're applying what he's saying to people that are not really making anything. And that doesn't seem what he's saying.
[00:08:47] Speaker A: I just think there's the billionaires and the multi gazillionaires and the multi millionaires. They're so out of touch with what's going on. If you had to take a flight, if somebody passed away in your family and you had to take a flight across the country. Right now, Anthony, the, the costs are staggering. I know, I know. Diesel aviation fuel. I know why I don't need to, you know, know about inflation. I know what's going on. This guy doesn't understand that we have to think before we buy a simple airline ticket. If you made $30 million, I just think you're so far out of touch, and I just think it's easier for you to give the government advice. You know, what, what is El.
[00:09:22] Speaker C: What he's saying is if you're ultra wealthy, there should be an inheritance tax. Right. And he is ultra wealthy. So you're applying it to people that he's not even talking about. Right.
[00:09:33] Speaker A: What I'm getting at is the haves versus the have nots are on steroids, and I just, I don't want them out here talking. I, you know, Elon Musk came out this week, and I see what you're, I guess I see what you're saying. Like there's a big disconnect between what he's saying, who he's saying it to. I, it's never going to work. If, if this guy Scott was able to get in the ear of the government, you know, if he got Bernie Sanders on his side and they, they went on an oligarch tour and they said, you know what, we're going to tax the wealthy at 100% of their income. They've already got some money aside. You know, luckily this, this guy's probably got some money aside. We're going to charge you at 100%, and then your inheritance tax to your kids is going to be close to 100%.
What do you think they're going to do, Anthony? They're going to move to Belize or Aruba? They're going to move to. Not France or Belgium or, you know, Albania or Spain or Italy. Milan. Look at Milan right now. We're adding another European country that's on fire. So it's just not going to work. It's never worked. This almost seems to me like just a disconnected, another version of socialism. You know, this country was built on, you can earn whatever you, you can earn. They. We weren't built.
Go ahead. You're scratching your head. Should we raise?
[00:10:42] Speaker C: But these are the same airlines that got bailed out in 2020, right?
[00:10:46] Speaker A: Yes.
[00:10:47] Speaker C: And so there is socialism. There's socialism if you're rich. So everybody's terrified of socialism for your poor, but everybody you tried to help out with their retirement. If they want to retire at 62, what do we complain about? We complain about getting to 65 because medical is so expensive. And then what happens when they're on. They turn 65. Then they get what is essentially considered socialized medicine. Right.
[00:11:11] Speaker A: And Your point?
[00:11:12] Speaker C: So we love socialism in this country.
[00:11:16] Speaker A: I don't know. I mean getting to 65 is a survival mechanism. It's, it's not getting ahead in any.
[00:11:22] Speaker C: To get to a socialist program is what you would consider it. Right. Because it's for the benefit of everybody. And again, we, we do have socialism in this country. We do for a large, very large corporation. So of course we don't want to help anybody underneath, but we do have it all. These bailouts aren't for you. And I think of what, what just happened with the tariffs, right? So Trump introduces tariffs. These companies use it as an excuse to raise up all their prices.
Then the company get the rebate from the tariffs when they're deemed in just right and the prices don't get any lower.
[00:12:00] Speaker A: And I categorize that with the haves and the have nots. I categorize that with the ridiculousness of the government. I want smaller government. I don't want this in 2008, 9, 10, when you watch Lehman Brothers, Goldman Sachs, GM, GM is my favorite example. There was a bank called GMAC Bank. Now, now it's Ally Bank. GM, the company was delisted, their stock was delisted and brought back. It was 100% socialism. It was 100% a sweetheart deal for the haves to get ahead and the have nots to continue to suffer. It's all off and part of my thing. Gm, if they weren't making it, they should have gone away. Why did they give money to gm? Why did they give money to GM but not Ford? Whatever it was, why did they give money to bank of America?
I mean, I, I don't know. The whole thing's off. And all I can tell you is a lot of the country is just trying to be left alone. They're just trying to get ahead. Yeah, I don't know. I mean it's, it's way overwhelming. And I guess my, my main point is that we're being so distracted by these things that we cannot control. There's an election coming up in less than two weeks. You know, what do I say? Do I. What have I said to you at least since, you know, the last eight years and three months and you many.
[00:13:11] Speaker C: The most important election of my lifetime
[00:13:14] Speaker A: and guess what it is. Everyone's been more incrementally important and it's probably going to continue to be so. The next two weeks could change your life forever. Anthony, you know, somebody asked me just yesterday, am I going to vote? Does my vote count? Does it matter? Is there Anything I can do about is there. I have to vote for myself so I can say I did what I can do. You don't have a right to complain about what happened if you didn't even vote. You can say I did my best. I voted my conscience. I did my best. So I don't know. And how can this be the most significant election of all time? Like more than 2016? First of all, we work on a pendulum system. At least the last 20 years. You know, the incumbents, they get replaced because people aren't happy. The pendulum is just so wildly swinging.
We've talked a little bit, which we're not a political show, but we've brought up. You at least need to know something about Hassan Piker. You know, what is it Angie Nixon, El said you need to know about dsa. You need to know about. You know what, what's going on in the rest of the world.
I don't know. And I got to be careful with politics here. I can just tell you things are changing. So back to the rich. I look at it like this guy. Scott, just take your 32 million and shut up. I don't want to hear it. I don't want to hear it. You know Elon Musk, I mean, something interesting about Elon Musk. Couple things I read this week. One was that he wants to build, I think I read this correctly, a. What is it? A million square foot plant. I believe it's in Texas. He wants to. If you too can jump on the Al Gore's Internet and see if you can find like a million foot, like it'll be the biggest building on the planet. It'll be the largest building ever built on the planet. And that's coming up. How does that feed the food? Insecure. How does that help? I guess Anthony, right? I want socialism. I want to feed the. You know, it came out the new Roadster. The new Tesla Roadster. You heard about that? I'm sure there's three levels. Oh, you can put down a deposit right now. You can buy the entry level.
You can buy the entry level. I'm getting off track already. But if you want to buy a new Tesla, you can buy the Roadster. The first level is the performance, the projected cost. And these aren't coming out until 28. The projected cost is 250 to 350,000. You can put down a $50,000 deposit right now or you can go to the second level, the thrust.
The deposit is 250,000. That thing's going to be between 500 it's going to be. I'm sorry, between three hundred and fifty and five hundred. It's going to go to 0 to 60 in 0.9 seconds. Or the third tier is the rocket and they're not saying a price yet. That'll go from 0 to 60 in 0.059 seconds. That car is going to be by invitation only, so. Boy. Yeah, Sam, found it. Terrafab. Terrafab is going to be.
I didn't. I didn't see the square feet. I've been looking at my Tesla notes, but I think it's, what, a million square foot building?
It is supposedly going to be the largest building ever built on the planet. And I just look at it like the difference between the rich and the poor are growing wildly, and sooner or later, something's going to give. Here, let's see here. Let's see here. Elon Musk speak. As long as I'm an Elon Musk.
Pardon me. Apparently, Elon Musk is going to give one share of Space X.
Okay, Sam, put on the board 100 million square feet. It's going to be the size of 2,300 football fields, I believe. I read there has never been a building of this size. So that's kind of cool.
Elon Musk is planning on giving a share of Space X to every child, meaning somebody 17 or younger or somebody under 18, a share of space X.
I have two questions. One, and I love that. I mean, there's distribution of wealth that I like. It's voluntary. You didn't have Scott Kirby tell him you have to do it. You didn't have, you know, you didn't have Bernie Sanders in a little chair in his mittens saying, you need to do this. Elon, he's doing on his own.
[00:17:35] Speaker C: So, I mean, it's a public company. It probably should be owned by the public and not mostly by a handful of people and institutional banks distribute the wealth.
[00:17:46] Speaker A: Yeah, I mean, I think it's wonderful. And I. I mean, one share right now, it's. I don't know, I. I looked a few days ago as I get a $150 a share. It's hovered around its IPO price. It hasn't boomed yet. It hasn't rocketed up yet. So, I don't know. I mean, I. We'll see how that plays out.
[00:18:00] Speaker C: I've heard talks of a merger, too, with Tesla already. I guess that's been out since the beginning, so we'll see.
[00:18:07] Speaker A: Yeah. And Elon Musk wants to launch what a million satellites into the space, but we have a helium shortage, so I don't know how that's going to go. I did read something on Facebook, my primary news source. Yes, I'm kidding. So this one. Let's see. After X user posting about the new car coming out, Tesla CEO Elon Musk unveiled the vehicle at a launch in Waco, Texas. Let me see here. The demonstration quickly drew criticism online from users arguing that Tesla's resources would be better spent addressing the cost of living. One X user responding to the footage of the Roadster wrote that people do not want novelty technology and instead they want cheaper gas, cheaper groceries, cheaper healthcare, cheaper mortgages or rent. Da, da, da. The backlash echoes a long running tension around Musk's futuristic projects, which Musk has previously tied to comments from his friend, the venture capitalist Peter Thiel, who has lamented that the future was supposed to include flying cars. Critics of the Roadster unveiling say the gap between Silicon Valley's ambitions and ordinary household budgets have only widened. While supporters of the project, and this is, this is probably the camp that I'm in. Supporters of the project argue that technological innovation and economic hardship are separate issues and they need not come at each other's expense. I love, you know, that things are being advanced in a way. I'm old, so I'm change resistant. I mean, it's hard for me to accept change, so. But I can tell you, if flying cars are in our future and somebody's got the vision to do that, I'm glad he's a multibillionaire, the first trillion or whatever he is, you know, he's giving a share. There's two sides of him. He's given one share of SpaceX to every single 17 year old and younger. And he's also going to make it where we don't have to sit in traffic anymore, which is going to help the environmentalists because the carbon footprint will shrink. He's going to get me to my destination quicker. He's going to make it where I don't have to use fossil fuels. We should all celebrate. So all I'm saying, Elon, we're going to all celebrate you.
We need to. I need, I meant to go into financial stuff a little bit differently than we've gone so far, you know, and I've already brought us to France, Belgium, Albania, Italy And Anthony, you brought up tariffs, by the way. We have the attention span of a gnat. When's the last time you heard the word tariff? Except right now? I mean, I can't remember when's the last time you heard about, you know, the plague from Russia? What happened to the plague? I mean, you know, my passion. Data centers, AI robotics, flock cameras. Luckily that's still somewhat in the, in the limelight, but man, we have the attention span of a gnat. So Pepperidge Farm remembers there's a toxic cloud in Ohio that'll come and go like nothing. I read that there was massive evacuations in, in Toledo, Ohio. So that'll kind of go. I want to talk about finances for a minute. I want to talk. The reason I said this is probably the most important show we've done as far as strictly for your financial future.
I have said quite a bit over the last few years that the technology that's going on, the tech bubble that I got to experience when I was newer in my career, there's a lot of parallels with this AI bubble and the tech bubble and there's some cracks. I mean, today again I mentioned we're recording on the 22nd of October.
Right before recording, I looked in on the NASDAQ. It was down about 700 points.
If the AI sector stumbles, I believe we're going to have another 2000 type correction. And when you look at like the case index, the Buffett indicator, the only time it's been worse in history of our financial markets was 2,000. So you got to watch your stuff. If you have an advisor, make sure they have a plan if things get weird, don't fall for the stuff.
As soon as things start dumping like crazy because you know the market goes down faster than it goes up, at least historically, they're gonna say, buy the dips. I know what's coming. And I'm gonna come back and I'm gonna say, did you tell people for 17 and a half years to sell the peaks? Did you tell people to pay down debt, buy hard assets, look at their lifetime income plan, do their long term care planning while they had all these massive profits. You know, don't just tell me it's a good opportunity to buy when you never told me when there was a good opportunity to sell. I don't wanna just hear half of my job. Anyway, let me, let me get into this a little bit. We've got a few minutes before break time and on the other side of the break time, I'll probably finish my thought and then I'll get to a few articles. So a stock market bubble. This is what I read from one of my AI sources.
A stock market bubble occurs when market prices for shares rise far above their true fundamental value, driven by speculative excitement rather than actual earnings. Do you think that's what's going on right now? The PE ratios are astronomical. So current debate is the market in a bubble. As of late 2026, analysts remain deeply divided over whether the US stock market pushed near record highs largely by artificial intelligence mega caps, is in an unsustainable bubble. I am on the camp that says it is.
You know, what did my grandfather say when I was a kid? My grandfather, before Bitcoin and pot stocks and high frequency trading computers. You know what my grandfather said?
The rules are simple. The game is going to change, but the rules are simple. Save a little more than you spend. Buy low, sell high. The rules were simple. You know what one of the main rules was, Anthony? Do you know, you may have heard this before. Don't put all your eggs in one basket.
Let me talk about baskets for a minute. The Dow Jones Industrial average is only 30 companies. That's not a very big basket. Let me tell you about the s and P500. It's 503 companies less than 10. The last, what, seven, eight, nine, 10 years have floated the whole thing.
It's insane. If you have a good diversified S and P grow fund, if you have your Target Date fund and your 401k and you think you're diversified, I don't think you are. I think the S and P put all your eggs in one basket and you need to be awake. Am I giving you advice and recommendations? Of course not. If we sit down with you, we may be able to. I'm just telling you in general, I've never seen anything like this and I've been here almost 30 years. Anthony's been here almost a decade. He's been here over eight years. He's never seen the psychological ramifications of a downturn in the markets. Didn't have time. When Covid, the biggest black swan or anomaly in the history of the world happened, he didn't have time because it came and went so fast.
Do I need to read any more? There's a lot of the article I just referenced or the AI help I got says here. Underlying fundamentals. Unlike the 2000.com era, current AI leaders generate massive real revenues. I'm hearing that's not true. I'm hearing Facebook this morning. You know they're going to have to start doing bonds. They're in deep trouble. Facebook was just fined yesterday, I believe it was $25 billion to the state of New Mexico. So I know there's a Lot of selling information.
Yep, yep. The old, the, what was it, Cambridge Analytics. They apparently misled the public and apparently there was some shenanigans.
So I mean, if you really are getting all your news from Facebook, you kind of deserve what you got.
One last thing because I know we're nearing in on break time, I want to read one more thing to you. Here's more traditional stocks, here's less AI focus US Banks I'm sorry. US bank stocks are experiencing their longest weekly losing streak since the 2008 financial crisis due to a confluence of hotter than expected inflation expectations of a higher for longer interest rate backdrop, mixed quarter three, 2026 earnings reports and mounting concerns over AI disruption in financial services. The KBW Bank Index has dropped for six consecutive weeks, wiping out roughly 13% from its August peak and placing major lenders like Citigroup, State Street Corp. And bank of America Corp. Firmly into correction territory. I screenshotted that before bank of America's $1.2 billion problem. We gotta take a break. Reach out to us at 623-523-0444 or email us at teamnothermoneyshow.com Let us know if you want to hear from a football player turned advisor. Let us know if we can be a second opinion on your 400k or your IRA or your income planning or your Social Security planning or your Roth conversions or any of that fun stuff. And we'll be right back. Thanks so much for being with us.
[00:27:02] Speaker B: All of JR and Anthony's listeners receive a free consultation. Just for listening to the show, visit anothermoneyshow.com.
At Rochford and Associates, we know you've worked hard to earn your money and you've worked even harder to save it. When it comes to wealth management and Planning for retirement, J.R. rochford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran owned firm for more than 25 years. Give us a call now at 623-523-0444. That's 623-523-0444.
This is ANOTHER MONEY show.
[00:28:02] Speaker A: Welcome back to ANOTHER Money show. Thank you so much for being with us. As you know, we say it all the time, but we really mean it. We greatly appreciate you. We value and honor your support. It's been wonderful meeting people.
We had a person this this week that we had a phone conversation with. If you're across town, we can always do the phone zoom. If you become a client, we are going to expect to meet You. We'll come to you given proper notice. So. But yeah, however we can hook up with you, we will be honored.
I want to tell you something. I find.
I don't know if I find it funny haha or funny weird, but I want. And this has nothing to do with what I was ranting about before the break.
So there is. On this upcoming Sunday, as you hear this, it'll be two or one day away, there is going to be an NFL. Today's theme is the NFL. There is going to be a football game between the Pittsburgh Steelers and the New Orleans Saints. Are you aware of this? Sam? Sam, you're a sports guy. Anthony, you're kind of a. You're a fantasy league sports guy. So anyway, the Steelers and the Saints are going to be. Guess where they're going to play. You know, you know how we're doing. London and Australia and we're doing all these around the world things. I don't know what that's about. It's got to be tied to money somehow. But I'm not sure what that's all about. You know, football and the rest of the world is soccer. Football here is football. And I don't know why we have to go over. Anyway. Do you know where the game is going to be on Sunday?
Let me tell you, it's going to be in Paris, France.
Are you kidding me? Sunday's game is going to be in Paris, France. And I start reading all about this because, like, that's got to be a joke. I mean, I'm literally watching videos of people on fire. I watched a video that broke my heart. There's a couple of tourists that are trying to get to their hotel and a little, I don't know, five or six guys surround them and start hassling them and pretty soon they're on the ground. And this is heartbreaking to me. And I'm not being funny on this one. They're beating the people with their own suitcases. I mean, I can't believe what I'm seeing. And by the way, could that ever happen here? I don't know, but I'd say we're ripe for it because we have a lot of problems that could come to the surface anyway, so just, just, you know, Sunday might be interesting. I read what Roger Goodell had to say. He feels like the security is adequate. You know, you have quite an entourage going with these football players. So I don't know. I mean, if Paris, France is as chaotic as it appears from my reading and travels, I think I would reschedule that game. I don't think I would have them get on the plane today or whenever they're getting on the plane to Paris. But I'll move on from that because I just find that bizarre. I want to read something from a. I think he's a loyal listener. I'll just give you his first name. His name is Leon. And Leon sent me something I found interesting. It's, it touches into politics, but let me, let me focus on it for the financial aspect of it. Leon sends me stuff about finances. Leon and I, we don't get into politics. We don't talk much about it. This was on the 21st. Oh, this was just yesterday. I guess. I got this from Leon. So Mark Strichards, a former policy director for first lady Michelle Obama, was paid nearly $700,000 in total compensation last year. I thought the Obamas were out of office.
Why would a former policy director for the first lady be paid $700,000 last year? I haven't had time to research it yet, but I will. Despite revenue to the taxpayer funded refugee settlement organization plummeting by nearly $130 million, an investigation by the Center Square Foundation. Here's another one. Krish O' Meara Vinaraja is the CEO of Baltimore based Global Refuge, a faith based nonprofit which received hundreds of millions of dollars in federal grants from the state and health and human services departments since 2021. In 2025 she made $686,000, a 2% drop from the $699,000 she made the year before. That compares to a 44% drop in the nonprofit's revenue during the same time from 304.3 million in 2024 to 170 million last year. Omera Vin, I don't know how to say her name. Vinaraja, whatever it is, received 172,963 bonus in 2024 in addition to a base salary of 526 million. 536. She received no bonus in 2025, but her base salary rose to $686,000 according to the nonprofit's tax filings. I only bring this up. Leon sends me all kinds of stuff about how fiscally irresponsible our government is. You know, the credit card debt in this country for the, for the private people is nearing in on 1.5 trillion. I went to usdetclock.org yesterday and on their books, which lags behind, it shows 1.343 trillion in credit card debt. And then there's A lot that gets missed on those. So it's nearing 1.5 trillion. I can't figure out how stories like this are still happening if the government's 40.4 trillion in debt. So thanks Leanne, for sharing that. I wanted to share it with our listeners. Cause you need to know whether you're wealthy or not. The government shenanigans, it's not stopped. You know, we spent a lot of time this year on the Festivus Report. I only had one or two items left, but we got into the Desert Storm trading cards and that just kind of lost its luster. Okay. I think what I'm gonna do is I really wanna finish up on why I think you better check on your stocks and bonds, you know, sooner than later. But I did come across something yesterday. Anthony and I talked about it for a second. This was on the 21st of October. From the end time headlines, this is probably the most important thing on the planet. Currently occ, which I will tell you is the Office of the comptroller of currency. OCC issues final rule to implement genius act setting federal framework for US stablecoins, which is the digital dollar. We told you four and a half years ago. We told you about executive order 14067. We told you about FedNow. We told you about the BRICS nations. We told you about the unit. We've told you we're going to go digital. The 40 trillion debt is not problematic because they're going to push a button and it's going to go away. It's going to be written off. You can't do that unless you file bankruptcy with your credit card debt. But they can do it. So anyway, we told you about the Stable Act. We told you about the Genius Act. Well now the end game is near. Let me read a bit of this to you. And I'm downplaying this because there's nothing you can do about it. Well then Jarrah, why do you talk about it? Because my, my friends, my family, our listeners are going to be prepared, not scared. You're not going to be shocked on the Friday afternoon at 5 o' clock Arizona time when this all gets announced, you will have heard it here first. Anyway, you like my passion here.
So in a decisive step that federal officials describe as a historic turning point for American Finance, Office of the Comptroller of the currency announced on October 21st a final rule designed to put the guiding and establishing national Innovation for US stablecoins act into full effect.
I'll summarize what I just said. The Government is ready.
The digital coin is ready. We kept saying cbdc. We kept saying that it was going to be, you know, the cbdc. And then the last couple weeks I told you about the digital tokenization. The the rest of the world, Canada, Germany, the European Union. None of them are calling it CBDC because that's what we all called it for years. So they're using different words. It all means the same thing. Your fiat currencies around the globe, their days are number so according to a report from the occ, the measure establishes a comprehensive federal framework for payment stablecoins. Aiming to bring clarity and structure to an industry long marked by rapid growth and regulatory uncertainty.
The rule sets binding requirements for permitted payment stablecoin issuers and for foreign issuers operating under OCC jurisdiction. That means we're not in the BRICS nations. Let me sum that up for you. That means we're on our own here with whatever countries will still have us and play with us. While also covering certain custody activities conducted by entities the Agency already supervises behind the scenes. We know which banks. We know. We told you a couple of weeks ago, US bank, they unveiled their own coin. The government knows which coins are going to make it, which ones are not. We don't know if it's xrp. The buzz around XRP online is very strong. You're going to be a millionaire. Well, I also heard I was going to be a millionaire 20 years ago when I was told to buy the dinar and the dong. I was told to put money in dongs. And I still. You know, if you have millions of shares of the Denali and you're not a millionaire yet, I got bad news.
Let me read a couple more things from this and I want you to know how exactly huge this is. And yes, we will send you the article if you wish.
The GENIUS act marks a watershed moment in American finance, further cementing the United States as the crypto capital of the world.
Just as President Abraham Lincoln's National Currency act of 1863 established a national framework for bank issued currency, the Genius act establishes a federal framework for payment of stablecoins in the digital age, said U.S. secretary of the Treasury Scott Besant. He added that the OCC's final rule provides a clear practical foundation for private sector innovation, competition and American leadership in digital assets. He emphasized that the OCC is drawing on its long standing supervisory expertise to support responsible growth in the sector. You're saying that our government is experts in money management?
Okay, Scott, I'm behind you. I'm a Good little citizen. Both the final rule and the Genius act itself take effect on January 18, 2027. That'll give you an idea when it looks like we might have some changes. I would say we might have some changes in the country in two weeks around the elections. I don't know, I just. It's a pivotal election. Most important ever. Anthony. So. And mark on your calendar, January 18th of 2027, because that might be the start of the end of the fiat currency. We're trying to race to do it before China, before the rest of the country. I'm sorry, the world changes their currency all the way the rest of the way. Enbridge the unit. They're ahead of us, but we're going to try to make it seem as though we're not. The OCC's action arrives as policymakers seek to channel private sector development in the digital assets while imposing clear standards on reserves, redemptions and risk controls marking a complete expansion of federal oversight into the stable market. That very last thing I read, risk controls marking a concrete expansion of federal oversight into the stablecoin market. This is everything we've gone towards. When Nixon took us off the gold standard in 1971, that was the beginning of the end. That was the beginning of the end of our fiat currency. We are bringing to you the end. End. You probably are hearing this here first.
So what exactly do they oversee currently? Are they overseeing the 40 trillion in debt? I mean, are they overseeing the fact that the interest on the debt is the third largest line item behind Medicare, Medicaid and Social Security? And Anthony, you're right. People look forward to socialism when they get to the 62 to get their Social Security or 70 or 67, 11 months and the granddaddy, they look for 65. So they get on the socialized medicine, which is Medicare. But who put the money into those plans? Was it the government that produces nothing? The only trick they have is printing, raising our taxes, forgery, getting rid of Doge when Doge was trying to help us. So we put that money in there, Anthony. So. So we created our own socialism. The government didn't create it. The difference between the socialism that's coming and the socialism we have.
You want me to get off of this right now? So the last thing I will tell you, your bank, your bank, if you have $250,000 and less you feel covered. I just want to bring this up because all this is going to change for you soon. Your bank only has 1.43% in their insurance coffer. Go to fdic.gov I'll help you how to find it. There's only three key strokes you have to make and you can find out that I'm not lying. The bank has 1.43% coverage currently on your money. And by the way, the banks have no money. Get me started on the fractional reserve currency and I'll have a good time here. Anyway, that's the most important thing I can bring you this week. Let's move on.
It's kind of hard for me to get my blood pressure that high and just move on. I should have done that article and then talked about the game in Paris, which pales in comparison to what we're about to see over the next weeks and months.
Here's some for you, Anthony. This, this. You and I talked about this. Anthony got to see me preparing some of my preparation time yesterday. Usually I do it from home so the phone's not ringing and I'm not distracted by the office dog or whatever. So, yeah, one of the things I brought to Anthony's attention just yesterday, Washington state. So if you live in Washington State, not D.C. if you're up there up in the Pacific Northwest, in Washington state, they became the first state in U.S. history to terminate a public employee pension plan raiding. $3.9 billion from the retired cops and firefighters to backfill a budget deficit. You can't make this up. My wife is a retired teacher. She's in the Arizona State Retirement System. And I've told her since I met her, it's solid. Now one day, could they cut your payments just like they're going to cut your Social Security? Of course, you do what you have to do. There's only so much money in the world. So if we have. If we have another 2008, but it's way worse. And they cut all the holdings that they have in these pensions. You're not safe anywhere. You're not safe. You know, some of the stuff that's more safe we can introduce you to. And that's having cash in your safe. That's having insurance company products that have dollar for dollar coverage on your money. We can explain how that works to you. That is, you know, having a water bob and a tower garden. We can help you with how to be safer in uncertain times.
I am on one today, aren't I? Anthony, that's rhetorical. I don't need your feedback right now.
On a 55 to 39 party line house vote, I won't tell you which party because then I'll be going back towards Politics. Washington passed engrossed second substitute House Bill 2034, terminating the Leoff plan. One, the pension that covers cops and firefighters hired before 1977. Oh, it doesn't affect me. That's the old people. They were hired before 77. Yeah. You know what? Those people are retired. Those people, they count on their pension.
[00:43:30] Speaker C: We hope 15 of them are still working.
[00:43:33] Speaker A: 15 of them. So. And if you want to know what the LEOF stands for, it's the law enforcement officers and firefighters.
So I don't know. This is a very small plan. Don't get me wrong. I looked up the number. There's only 5,949 retired members currently in the plan. I'm sure some have already gone home because it is older. So there's only 6,000 employees in this. It's very small. Okay, but it's setting a precedence. It's telling you that they tell you your pension's guaranteed.
[00:44:02] Speaker C: Well, they're taking the surplus. That's what the fine. Right. And saying that they're going to leave and everything that was promised is still promised, but they want to take the surplus to a different organization so that it can be moved to another different organization that's more of a general fund that they can use to kill their budget deficit.
[00:44:24] Speaker A: I'm hearing you and you are correct, but let me tell you something. This is very dangerous. The Phoenix police officers and firefighters in Phoenix, they always have told me over the years, I our pension is contractually guaranteed. So was this one. I don't give a crap if it's a deficit or surplus. Leave it alone. If there's a surplus, that's rare in this world. The government's 40 trillion in debt, we're nearing in on 1.5 trillion in personal credit card debt, the student loan debt, the subprime auto loan debt, the auto loan debt, everything's in trouble. Not a good time. I don't care if it's extra money. What if it's extra money right now? And then we have a four or five year correction in the markets and the pension bucket shrinks, they'll wish they had that surplus back. So I can't accept what you're saying. Anthony. I understand what you're saying and I agree. Right now there's a surplus. I've also been shouting for the last few months that the bottom of the 2000 correction, 2008, was March 9th of 2009. We've had a 17 and a half year run up in the markets. So there's a lot of surpluses. That maybe aren't completely legitimate. So I'm going to point it out.
I want to go back to financial stuff, which is more what I meant to really hit today. But I, you know, I mean, I'm scattered. I have OCD and ADD and bfd. I have all kinds of stupid stuff. Here's something for you. I wanted to get away from the end time headlines for a moment, which is 100%. You need to follow that page or whatever it is.
It's. Man, they're cutting edge.
All right, here's from the New York Post.
This is from October 17th of 2026. So it's fairly timely. The AI bubble is about to burst and a big market correction is coming. Let me remind you of something. I don't make any of this stuff up every week. I spend about 8 to 10 hours a week gathering information.
I take other people's stuff. I don't recreate wheels. I'm not smart enough. So what I do is I gather other people's opinions mostly, and some facts.
Excuse me. And then I regurgitate them for you once a week. So this is somebody's opinion at the New York Post. But I want to tell you the only reason I will print it off, highlight it, read it a couple of times and bring it to you is because I agree with it. I'm not reading stuff to you I don't agree with. So with that said, pardon me, I am really, really.
I gotta slow down today on January 1, 2000, Anthony, how old are you? 10. You were born in what, 90?
So you were 10. I was in the job. I was fairly new. I was only in the job for a few years.
On January 1, 2000, the world got a reprieve from a much hyped technological Armageddon when it turned out that the Y2K crisis wasn't a crisis after all.
Still, a real threat was looming if anyone paid attention to the stock market.
A new, pardon me one last time. A new and life changing business known as the Internet, you will recall, was going to make all of us rich. And not just the oligarchs behind the technology.com stocks, even those of companies that weren't making any money. And that means most of them were supposed to defy common sense and gravity.
We were in a new paradigm, the code word for the era's irrational exuberance in which emotion, rather than metrics pushed up stock valuations. Does that sound familiar? To the AI parallel, people with no real knowledge of Wall street suddenly rivaled Warren Buffett for their Acumen picking these no lose stocks. That is until reality set in. In March of that year the the historic stock run up was exposed as one of history's great investment bubbles. What's the movie you like, Anthony? Boom, Bust Boom. I mean you haven't talked about that. Well, it's probably still on YouTube. You gotta watch Boom Bust Boom and you will see that we have at a 17 and a half year boom. We are ready for a bust, I think. But I'm half empty all the time.
Let's see here. Many of the business models of the companies in the middle of the frenzy and subsequent collapse were outright insane.
Most just overvalued by the market.
A precious few held real and tangible promise. But they too needed to survive the correction. The losses were staggering. A generation of investors were burned. The tech market took years to recover from the fallout. History, I'm afraid to say, does repeat itself when it comes to market manias. That's why our current mania is involving all things. AI will almost certainly follow the same trajectory with investor losses to follow.
Scary stuff for small investors who dived into the market and never looked back until they lost everything. And many did.
What's even scarier is that most investors either didn't remember those crazy days or are blissfully ignorant of the past as they weigh what's up with AI and want to be part of this hype. The AI hype is so similar to the dot com hype it's almost breathtaking. The sales pitch is nearly the same. Groundbreaking stuff, which is true that all investors, not just the oligarchs will get rich from. Which really isn't true. It may be true someday though. If history is any guide, the day is far off and getting there will be messy. There might be more froth to come. I mean, this might not be the end. There's always a melt up before things go over the cliff. It's like a roller coaster. Before you take that big dip, you got to go up the slow climb.
Let's see here. IPOs by hyperscalers like Anthropic and possibly OpenAI could hit in the coming weeks and months. But common sense and history teaches us it won't last. The correction is coming to AI and all the companies tapping into its technology through through big spending, much of it using debt, the main ingredient of any crash. If history is any guide, it's time to take your profits and not get greedy. Or pray that whichever AI you're betting on will be the survivor of the crash that is coming. I could not agree with this article more do I hope I'm wrong. Yes. It probably seems week after week that I'm so excited about the upcoming currency change, the upcoming stock market major collapse. I'm not excited. I'm excited for our clients because we employ a strategy of moderation and diversification. We help you. We help you. We talked to somebody yesterday about money, monetary and space constraints for saving water.
How do you put some water away just in case we, you know, became like France for a couple months? Could you stay in your home for three months? I'm sure, like FEMA.
[00:51:14] Speaker C: Female.
[00:51:14] Speaker A: If you go on FEMA's website, they probably say 72 hours, maybe they say two weeks. I don't know. I've been there in years and years. I'm telling you, you better be able to stay in your house for three months. I'm telling you, if you look at like, let's say Argentina, let's say Venezuela, I'm saying if we do have some changes in this country, you're going to need to be able to stay in your house for three months. What other financial advisors are going to help you with where to go to buy food? Who's going to tell you there's something called an LDS store that's open to the public. You could buy inexpensive food storage. Who's going to tell you, like Anthony did while I was gone a month ago about food storage and what is it, Wise and August and farms? We are, we are. If we go to digital currency, I just, I'll just rough out a scenario how I think it could play out without a crystal ball. Don't ever working. Crystal ball. I have a crystal ball. Not working. So if you have $100,000 in the bank, they're going to do a bail in. This is how I see it coming. They're going to say, don't panic, your money's safe. But we're going to do a bank holiday. We'll let you know when you can have your money. You're an unsecured depositor. You did read everything right when you gave them the money. They can do whatever they want with it. We're on a 0% fractional reserve requirement right now according to the government. So they don't have any money. So your hundred grand is gone for all practical purposes. And talk to people in Yemen, Lebanon, Venezuela, Greece. This has happened around the world. Detroit, Michigan, few cities in California, for a short period of time, they, they bounce back.
So your a hundred grand's gone.
Your hundred grand in cash in your safe is still there. We have to be careful you don't make any interest. We gotta be mindful of fire, flood, burglary. We get that. But it's there. So you can use that for barter until the system totally changes. You know, when they, when they seized your gold and you became a felon. If you hold certain types of gold, they can do that with your $20 bill just as easily they can do with your $100 bill. If you spend it, you're a felon. So your, your cash is going to be good for a while. I don't know, maybe they're going to say turn it in. If they're going to give you like maybe they're going to give you a, a three or four month window to turn it in. If you turn it in the first month, we're going to give you 100% of what we deem, you know, in the digital currency. Not the CBDC, just the digital currency. And then in the second month we're going to give you 75%. In the third month we're going to give you 50%. In the fourth month, we're going to give you 25%. In the fifth month, you are a felon. If you try to use it, maybe that's what will happen to your cash. But at least for the first few months, I think you'll be able to barter with it. And then you have money, let's say at an insurance company, your insurance company is 100% guaranteed. So, but you're going to still have to, when you take it out, turn it into the digital currency. We are prepared to at least brainstorm with you and walk you through this. And I hate to say it, but my passion today helped me somehow run out of the clock. And I only got to three articles out of about 15
[00:54:00] Speaker C: proud of you. I mean that's three more than I thought we're gonna get to. So anyways, that's it for today's show. If you like what you hear, do you have any questions, reach out to us team. Another money show.com find us on the web. Anothermoney show.com also Rochford Financial new website. Some old embarrassing pictures of JR on there. It's fantastic. Give us a call, 623-52-3044.
That number again is 623-52-30444. Thanks for listening.
Remember, if you want to sit with us, there is no cost for appointments, you know, and there's no minimums to come see us if, you know, if anything, people with no money and no plan. Probably need to sit down with the financial advisor the most. So we are happy to sit with you 623-523-0444. We'll see you again next Saturday at 5am at noon right here on 960 the Patriot.
[00:54:54] Speaker B: Thanks for listening to another money show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets. To schedule your free no obligation consultation visit anothermoneyshow.com investment advisory services offered through Brookstone Capital Management LLC. BCM. A registered investment advisor. BCM and Roger Oxford Financial are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.
[00:55:32] Speaker A: Registered investment Advisors and Investment Advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interests of our clients and to make full disclosures of any conflicts of interest, if any exist. Refer to our firm brochure the ADV2A page 4 for additional information. Any comments regarding safe and secure products and guaranteed income streams, refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by bwa.
[00:55:59] Speaker D: 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 we're perfect, 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 Tarabakia 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.
NFCC CEO Mike Croxton details the CNBC the financial stress Americans are facing this fall.
[00:56:45] Speaker A: There's a tipping point where consumers free cash flow at some point will not
[00:56:50] Speaker D: amortize their outstanding unsecured debt. And that issue is simply creeping its
[00:56:56] Speaker A: way up the income and age ranks. And that's really what the forecast is
[00:57:02] Speaker D: 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 Madera tells CNBC, There can be reason for optimism when it comes to retirement readiness.
[00:57:34] Speaker A: What we found this year was some great news, right? People are actually much 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.
[00:57:50] Speaker D: 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 risks 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 Tarabokia.
