[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. Junior and Anthony are committed to helping more Americans like you optimize, reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Corrello and Junior Rochford.
[00:00:43] Speaker C: Here we are, Junior Rochford and Anthony Corrello, fully independent, fourth generation family practice of financial advisors in the Sun City area. We are statewide. We have a little satellite office in Snowflake. We are nationwide. We have some clients that are veterans and military and just like regular people, too. So we are here to bring you information that you may not find on those other financial radio shows. We understand the last thing you need is another money show, but we're glad you're here. So if you're wondering why I am bringing soon today and not Anthony Corrello, because the last two weeks were different. It was a little more Anthony, a little less chair. And today I've decided not to let Anthony have one single word. Don't clap at that, Sam. Don't. Don't acknowledge the fact that people like me more than Anthony.
[00:01:35] Speaker D: Rude, Sam. I expect that from our listeners. I don't expect it from you.
[00:01:40] Speaker C: So this show is dedicated to a couple people. Want a little shout out to James? I'll just say his first name. I'll say James M. So he knows for sure it's hime. So we always ask people to give us a call, to email us, to text us, to message us, to send over a pigeon. So James emailed and he did not care for the format. The last two weeks. He said that he tunes in. He's been listening, apparently James has been listening since we started. And he said that he listens because of my craziness. He wants to hear current events and he wants to have me rail on things. So it was, it came off a little bit at first to us as negative towards Anthony because he said he wants to hear me, not Anthony. And we, and I replied to his email and he replied back saying, you know, like basically, no offense, he just tunes in for the, the way that I bring the information to you every week. And you know what? We have always asked you to reach out to us. We want your show ideas. We want your feedback and commentary. So, James, I just want you to know how much we appreciate you emailing us, especially me, because I know you like me better, so get over it.
[00:02:51] Speaker D: I'm done crying.
[00:02:52] Speaker C: Well, yeah, it was. It was rough, and I. And I did. I mean, I put out a hit on Anthony. I tried to get him removed from the. The show, and none of that has stuck so far, but. So he's still here. But I'm gonna do most of today's show, so if you like the normal.
[00:03:06] Speaker D: Show, most of all times, we're like, no, I need you here to be an adult. I was like, I don't want to be an adult.
[00:03:11] Speaker C: Well, somebody's got to be an adult. Sam, how are you doing today? The one and only Sam Davis is with us, so we do have adult supervision. Don't. Don't worry, Sam. You're on radio. When you wave, nobody can really hear you.
Sam's like, oh, now, Jr, you're a radio guy. You went from finance advisor, face for radio, and now you're the expert. So we. We do value Sam because he does keep this going, and he does so much for us. And so shout out to Sam. One more thing, Anthony, you mentioned giving a shout out to. Was it a letter carrier? I know you can't say Mailman. Cause this is.
[00:03:43] Speaker D: Yeah, we did say Demetri said he was gonna listen to us when I ran into him. He is our fill in Mailman when Craig is not around. But he said he was gonna listen last week, and I gave him a shout out, and I got sidetracked with the malia story, and I forgot. So hopefully listens this week.
[00:03:58] Speaker C: How funny.
[00:03:59] Speaker D: I forget about you.
[00:04:01] Speaker C: And I know who Dimitri is. He's been our relief mail man, male mail person, letter carrier for years. So, yeah, I actually saw Dimitri recently for the first time in a while, and I. Good, good. Shout out to Dimitri. We love you, sir.
[00:04:13] Speaker D: Ask about you all the time.
[00:04:14] Speaker C: Well, of course he does. Everybody does. Did I mention the radio show?
[00:04:19] Speaker D: It's in the office, too. Nobody likes Anthony.
[00:04:22] Speaker C: That's true. But I do. I like you a lot. So, with that said, the reason we do this show, we want you prepared, not scared. We want you proactive, not reactive. We say it pretty much every week. There's something else that you need to understand about the show. We're financial advisors, so we, you know, the whole thing with this show, we are not doing a 1 hour infomercial every week. That's kind of what maybe it seemed like we're doing the last two weeks. You know, the first week, we had to pre record it. So the folks at Amerilife, Sam and others, were in a. They were in a convention or meeting or something. You know, we're not privy to exactly what they're doing. We think they're on vacation, but whatever. So we had to pre record. Well, you can't really do current events with a two week window, so we thought it was best to give you some financial information. Last week, we had Malia on the first half because it's really important. So we wanted to have her, you know, kind of say who she is and what she did does for a reason, because we're in Sun City and we understand vulnerable adults. A lot of the abuse, whether it's financial or whatnot, is, you know, I mean, romance scams, we see all this stuff. A lot of its family members, which, you know, really, really sucks. I mean, people be better. So. But it was important, the second half, the second half of the show last week, that was turned back over to me. So if you. If you did tune out last week to the first half, catch us on podcasts, go to our website, look up last week's episode. I do want you to hear the whole thing, because Malia is wonderful and she does such a valuable service. But the second half was me. Today's going to be all me. So let's get into it. One of the things, when people are reaching out to me about why the different shows, we talk all the time about something. We are office. You know, this show is about current events. Our office is financial planning. I mean, we sit with people. We are a little bit different of an animal for financial services. The big wire houses, you know, if you make your way into a Wells Fargo financial advisors office, you're going to get a blue suit, white shirt, red tie, highly polished shoes. I'm not so sure they care about you and your money. They care about pressure, quotas, sales. They have to. You can take the most honest financial planner on the planet, and if they don't have a certain amount of production, they are going to be in a new industry or a new job soon. So even the good ones, unfortunately, have pressure. We do nothing. We are fully independent. We are a fiduciary practice. If you're still clinging to that buzzword, even though the fiduciary model has morphed dramatically, and it's not what you think it is any longer, and actually, right now, currently, it's on hold anyway. So if you hear that in the commercials, that's a buzzword more than an actual practice. With that said, we, our whole focus in our office, we want to do planning over products. We want to offer you education over sales. We want to help people, one person, one couple, one family at a time with their financial situation. So we, it's a different animal in the office and outside of the office. With that said, the 1 hour a week we get, we have to give you current events because how do you know that you need to be prepared. We have to make sure, you know, things are not what they appear on the surface first and that'll make you get prepared. So maybe we do scare you a hair, but that's only in order to get you get your house in order. Things are weird, you know. I mean, when we talk about current events, I might as well get right into it now. You know, the big thing this week, and I, every single day and night of my life, I'm looking for information to package into 1 hour and give it to you every week. And by the way, if, if it's too much, we've had a lot of people say it's just so overwhelming. Catch us again on Sunday 960. The Patriot. They re air Saturday's episode on Sunday at one so you can catch it twice each weekend.
Let's get right into the politics of the world. You know, every single person that has a podcast has a tv show or radio show, whatever is covering it. So we're not going to take a lot of time on it. But the debate, let's talk about the debate for just a second. I watched every second of it. I always do. I think it's, I think it's my due diligence. I think that's what makes me a fiduciary. I am keeping my eyes on things you need to know. So I did ask Anthony yesterday if he watched it. He said he watched about 20 minutes of it. I watched 90 minutes of it, of course, towards the end because of my friend kilt lifter. Some of it was more fun to me. You know, I have listened to a lot of the comments following the debate. There are people that said that the moderators were somewhat slanted in favor of Harris. I'm going to agree. You know, the fact checking, the way that things were approached, you know, one of the, one of the things they.
[00:09:15] Speaker D: Directed the questions, that was why I couldn't really watch more of it because it was an attack. It wasn't, it wasn't a debate. It was so unbearable to watch. All right. That's my only two cent now.
[00:09:26] Speaker C: And. And we all know, you know, orange man bad. He's his own worst enemy. All you have to do is rile him up, and then he can't stay civil. We all knew to expect that. What we didn't expect was what was missing. I don't care if you like Harris or Trump. I just don't care. I have three sons. I care about the future of this country. I wanted policy. I want to know. You had Trump in office for four years. Not that long ago, did he start World War three? Was inflation bad? You know, what are you, you know, the new question for everybody. Were you better off than or now? And we all know the answer, but you can't. People can't admit it because nobody's voting. Nobody is voting for Harris. I'm sorry. Nobody. They're voting against Trump, and we know that. But I just look at the future you, Harris. I mean, you are in office right now. You know, you spent two weeks, from what I understand, in a hotel room with a Trump impersonator to gear up the debate. Two weeks. And all you did was grill. You were told, from what I have read, you were told what to say. You were told how to get under his skin. You were told not to laugh. I won't say the word cackle because that seems catty of me. Speaking of cats, in a little bit, we'll definitely check in on Springfield, Ohio. Don't worry. Don't worry, kids. I'm not gonna let that one off the hook. So, yeah, this whole thing, I have since heard that perhaps her earrings were microphone. You know, a little speaker divide. I don't know. That's tinfoil had. Even. Even for me. I was, you know, I read a couple things that said that she had the questions in advance. Oh, that can't be. I don't know. She was different than her usual self, so. I don't know. I mean, would anything surprise me nowadays? Absolutely not. Remember Donna was a Donna Brazile? Hillary Clinton got the questions advanced, and we found that out. So would it surprise me? No, not at all. But, you know, a couple of things. It will, let's say, I don't know. It was, what, six weeks ago, eight weeks ago? I don't know. It wasn't that long ago there was an assassination attempt at one of those two people. If it was the other one, would that have been brought up? It's pretty big news that's been swept under the rug that somebody tried to kill an ex president. So I was waiting for that to get brought up and hear what the response was. I really wanted to hear more about the borders. You know, people, one of the big jokes right now, they're laughing. Let's, let's bring up Ohio right now. They're laughing about Trump banging up, your pets are being killed. I'm going to narrow this down for you a little bit of, and obviously you're hearing me. You're on our show, so you're hearing my opinion of this stuff. You're not hearing the opinion of the mayor of Springfield, Ohio, or the governor of Ohio. And you know what? If I'm the mayor or the governor of Ohio, and I just brought in 20,000 haitian migrants and my population was only 60,000 to begin with, do you think I'm going to admit that we have these issues? Do you really think I'm going to say, oh, yeah, yeah, no, they're, they're definitely decapitating ducks. They're definitely killing cats. Well, I mean, and I've seen some of the videos, so I don't know, I've, who are you gonna believe, me or your own eyes? I guess I'm gonna go with my own eyes on this one. Haitians, they don't live the same way we do. That is a third world country, which we won't be for months or years. But these Haitians, is it unlikely that they are killing domesticated animals? Absolutely not. You know what? I've since kind of opened my mind to a little bit. They also are, and I don't want to go too far with this. They practice voodoo. They have animal sacrifice rituals. So could they look at Anthony, this. You're dying to say something right now, and I don't want to hear it. People want me today. Do I think that's what this about? I don't know. Are they bringing their culture and their ways here? Of course they're not going to assimilate. You don't just drop somebody off and say, you know, now you need to be american. You need to start watching old episodes of the Brady Bunch. You need to know what mayberry is. We need to get you in line. That's not how this works. You know, Aurora, Colorado, here's a parallel for you. The trende Aragua. I have so much trouble saying that. The TDA in Aurora, the mayor, here's another one. The mayor and the governor both came out and said, nah, nope, nope, nope. No takeover apartments. That's not happening in the o block. In Chicago. It's not happening in Denver. Now it's starting to happen in Texas, but it's not happening according to the public officials. You know what I mean? I've seen the videos. I watched a good chunk of the city council meetings. You can find all this if you have Al Gore's Internet. So when you start getting underneath your main ABC, CB's, NBC News, you're going to find out that these people are trying to cover up a heck of a big problem we have in this country. I just sent a screenshot to Anthony last night. So Aurora mayor, you said that, no, this is, this is not true. It's probably russian disinformation because we're so close to election. But what do I know? I'm just a junior and Sun City. But you know what, they just arrested ten TDA gang members, okay, so you have no problem, but you're. Yet you're arresting these game, why are you arresting them if they're assimilating, if they're not taking over apartments, if they didn't take over a target, whatever the heck they're doing now, then don't arrest them because we need them to get jobs and be productive members of Colorado society, the whole thing. You know what, you, if you want to be disturbed in this world, you can start doing some research and I'm pretty sure you will be if you want to keep calm. And then, you know, there's nothing you can do about it. So just, you know, turn, turn away from it. Do that, do your thing. You know, I haven't read it in a while. Maybe today's a good day to dust it off. Do you know why I think people cannot handle the thought of somebody actually killing their pet either for food or some sort of ritual? Because it's too uncomfortable.
My, the psychological term that I love so much, I've been saying it for over 20 years to people. Normalcy bias. Give you a little, little background on normalcy bias. We are in really unchartered territory in this country and in this world and we, it's not comfortable unchartered. We're not about to cure cancer. Although Biden ran on that when he ran for president four years ago. We are not about to cure cancer. We are not about to feed all of the hungry and change our healthcare system so it works for everybody in a good, efficient manner. We are about to go the way of the third world countries. And I don't care whether or not you believe me, it's my opinion. So you can't really argue with me. But you know what? Just because you don't see it doesn't mean it's not coming. Shout out to Andy. Our friend Andy, we used to go to meetings, and this guy Andy, who was. Was teaching us how to get together as groups and be ready if things are weird. A lot of people that weren't in the rooms, that gave up on the groups, he was like, you know what? Do your thing. I'm not trying to do nothing's mandatory. But just because you don't see the changes doesn't mean they're not happening. And I think that's true. So back to normalcy bias. Let me read just the quick Wikipedia version of this.
Normalcy bias is a cognitive bias which leads people to disbelieve or minimize threat warnings. Consequently, individuals underestimate the likelihood of a disaster when it might affect them and its potential adverse effects. The normalcy bias causes many people to note adequately prepare for natural disasters, market crashes, and calamities caused by human error. So it's also known as the ostrich effect. What it basically means, are you. Are you better off mentally, physically, whatever, is your sanity better off if you were to listen to ten of our episodes back to back and hear me tell you what's wrong with the country, are you better off tuning me out and watching the masked singer dancing with the Star Saturday Live? I mean, that's. I caught one of those recently. Man, what a train wreck that's become. It seems to me, my experience with Saturday Night Live, every year it gets a little bit worse, a little bit less funny, a little less creative, you know, I mean, the one that I caught, maybe I just got an off night, but it was really. It was 100%. The jokes had to be political and racial. Those are the only two themes on the one I caught. And then, you know, sprinkling a little crappy music. But I'm old, I'm 60. So the music I saw was like, what the hell is this? Get off my lawn. Anyway, back to what I have to say. So if you are catching the news that's making fun of Trump, saying, nobody's killing your cat, nobody's doing this. I don't know. Dig further.
I just. What are you doing, Anthony? Cracking open a beer. I just heard a funny noise, like, Anthony can't handle me anymore. Anthony, now you're going to exaggerate the sound. So, debate, should we move on? You know, Sam brought up something before we started the show. He asked if I was going to address the debate, and I said, yeah, I mean, probably a hair. And one of the things he brought up was during the debate, it was brought up like the crowd size. Like Harris actually brought up the crowd size. And I just find that funny, because I had friends in Glendale, Arizona. When. When was Trump here? Three weeks ago or whatever, on a Friday, and people were lined up, like, you know, five in the morning. It was already congested. I don't know if that's a good one to bring up. You know, Harris, I don't think that's a smart one to bring up, because there's a whole bunch of video proof that shows that his rallies, or whatever you want to call them, are a little bit more well attended and hefty than yours. So probably let that one go.
Tyreek Hill. Let's talk a second about Miami, Florida. If you don't want to talk about animals, let's talk about Tyree.
[00:19:04] Speaker D: Talk about my fantasy football team.
[00:19:06] Speaker C: Well, is Tyreek on your. Because apparently he's a pretty good player. I mean, I don't know. The most I know, but I've heard the name, of course. I'm not a big, huge football guy. I like tailgating. I'm a social creature. He's fast, so he fast. So Tyree kill apparently got pulled over in his mercedes, McLaren, whatever it is, and. And, I mean, some of the stuff, you just can't make it up. We're in a day and age where it's like, I think race relations have really slipped the last 15 years. I think we were making very good progress with racial relations and a little less tension, and now it's kind of gone the opposite way. But apparently, if you're african american and you are driving a really expensive mercedes, I guess maybe there's some profiling. I don't know. But anyway, so, fast forward to being pulled over in the expensive car. Apparently he. For the officers who were hispanic, not white, that's. That's important in this story, because people say, oh, you know, here we go again. White cop, black driver. Still, you know. No, no, they were not white. But anyway, apparently they were gonna talk to him about whatever it was, you know, speed. I don't even. I don't even know. All I, you know, cued into was how that kind of played out. And apparently he rolled up. I don't know. If you roll up, he put up his window and told them to stop knocking on his window. And I just. I. Boy, I mean, if you look at all the news that's going on, that has nothing to do with anything important, but it sure is funny. It's like. It's just, you can't make up things in this country, how fast they're coming at us. And then apparently the Miami dolphins put out an official statement, taking Tyreek side, of course. I mean, that's his boss. And they basically said that, you know, something to the effect of the. The Miami police need some reeducation and new training if anybody on the planet is being pulled over. And let's say I get pulled over and I'm asked for my license and registration, and I roll the window up in my car, like, I'm not talking to you. I didn't do anything wrong. Just move along. Officer, how do you think this is going to end? I would be tased and beaten with a night stick. So I don't know. I just. If you haven't heard this story, look it up because it's absolutely hilarious. And look up Miami's response to it.
Uh, I mean, I have so much. I'm looking at my outline right now, I don't even know what's important today. Another thing that I find funny, that'll be a real quick thing to touch on. Apparently the new Apple iPhone 16 is out. And, you know, a lot of people are slightly concerned with the direction of our country with artificial intelligence. And I saw a couple, the articles on this Apple iPhone 16. So that means if you have a 15 or below, they're going to slow your battery down. Now, safe to shell out another at least $800 for new phone. But apparently the entire focus of this phone, and I don't know, I'm, first of all, I'm an Android guy. I don't know anything about Apple, but apparently the whole focus is on AI. So I just find it funny that, you know, you're worried that you could get a phone call from a politician, it's not really them. You could see a picture on social media of a beautiful woman, and it's AI. Well, now your phone is going to, like, transform your life to where it's all a big mirage, but, you know, have at it. Go out and buy the phone. So. Oh, that one more thing. One more thing. Sam put AI as in eye e. You're not kidding. I. I mean, that we're definitely being tracked. We know that. I've got a little article, if I can get to it, that's going to scare that crap out of you on how, you know, we're being tracked with social media. So one more thing, because I said I'd get the politics other way up front. You know, if you're in a hotel room for two weeks and you're training. And Trump was on the campaign trail, so he was out playing around. Biden was on the beach. Joe Biden was on vacation. I mean, I kind of bring this up a lot, but who in the hell is running our country? You know, one, one of the areas that I'm really upset about, we drained our strategic oil reserve and the Biden administration said if gas and oil gets under, they, what do they say? If it gets under $80 a barrel, they're going to refill it and make us safer. Nobody's talking about this.
[00:23:18] Speaker D: You know, whoever, a few times in the bit that I saw, well, we've brought it up.
[00:23:25] Speaker C: I just, I think people better start talking about it because I looked at oil barrels yesterday and they were $68. So this is actually a really good time to beef that up and make our country a little more ready and strong. But, you know, I mean, what am I?
Government shutdown, moving on. But still with the government, we, we shut down again. Have you heard that on the news on September 30? We shut the government down again. I guess I don't have much to say other than bring it on. I mean, and I know, you know, how bad will it get? Are we going to shut down parks and forests? I don't know. Are we going to stop paying Social Security checks? I don't know. You know, are we going to pay the military and the veterans and the VA disability? I don't know.
[00:24:05] Speaker D: I always do.
[00:24:07] Speaker C: They always do. It's just, and it's just more baloney. You know, we got 35 trillion in debt. I mean, we have urged you over the last two and a half years to make your way over to us. Debt clock.org I believe it is. My gosh, I mean, we are in so much trouble on October 1, the day after we shut down, so maybe it won't happen. Now, the, the Fed, the Fed, they are supposedly going to bring back some reserves, some, you know, we're under a fractional reserve system for lending. If you're not sure what that is, you probably should be a little bit, if you have any money in the banks and all that. So historically, we have made the banks keep at least, at least 10% reserves. If you think about that to begin with, that's obscene. I mean, that means every dollar you put in the bank, they can loan out $0.90. Mortgage backed securities, derivatives, you know, mortgages, reverse mortgages, credit card business loans, whatever they want, they can do whatever they want with that money. 10% reserves is not a lot. If you ask me right now, it has been suspended. It's down to zero. And that's since March of 2020. Every dime you put in the banks, they can do whatever they want with, and they'll do their best to give it back to you. I have made sure to tell you over the years, you better familiarize yourself with the term bail in, because I think you're going to see it in your lifetime. I actually think you might see it in my lifetime, which is even scarier, because I don't. I don't. Pretty sure I won't be here in the next few months. Look at me. I mean, I'm so much on the doorstep of major heart attack and stroke anyway, the fractional reserve. And I do have an article on that later, too, if I get to it. I'll swing back to that one. But you really should make sure you look at that. They're supposed to bring it back at four and a half percent is what I read. So instead of 10%, they're talking about four and a half percent. Hey, uh, Jerome Powell, Jared Bernstein yelling, all you people, Joe, whoever's in charge, just get out of the way. Just shut the government down. Get out of the way. Four and a half percent. Just stop it. It's kind of like, you know, if you've ever been a waiter or waitress or server, whatever you want to call it. I did that for a couple of years while I was in college, years ago, and I remember people giving me tips that. That kind of bothered me. Like, did I do something wrong to you? You get a tip for, like, 2% of the total me, and I'm like, just keep it. I feel that way. It's like, don't insult me. Either do the right thing or don't. And I'd say at this point, with our entire government department of justice, you probably have my address. So if a white van or a black suv shows up, I guess I'm in trouble. But, you know, government, get out of the way. Shut yourselves down. Don't. Don't do the reserves. Just don't do anything. Just move out of the way and let things go the way they're gonna go. You know what? Unfortunately, I somehow just ran the clock down to halftime, so let's take a break. You like that? Football season, Miami Dolphins, Tyreek Hill. And here I am with the halftime reference, so I'm pretty culturally aware of my surroundings. We will be back in a minute, but as always, we so much appreciate you being here. You can reach out to us at team another moneyshow.com you can give us a call at 623-52-3044 we would love to have your feedback again. James, I hope you didn't take offense to how I said that, but I am so grateful that you reached out. We want more people to do what you did and really we want to sit down with you. We have to start asking you for appointments. We have to be a little more forward with our sales approach because time is of the essence, mark my words. So come sit with us, you know, probably before the October surprise or election if you can. Anyway, we'll be right back. Thanks for being here.
[00:27:50] Speaker B: You're listening to another money show.
[00:28:00] Speaker A: Remember, all of Junior and Anthony's listeners receive a free financial consultation just for listening to the show. Visit anothermoneyshow.com to learn more and schedule an appointment. Thanks for listening to another money show and subscribing wherever you listen to podcasts.
[00:28:14] Speaker C: Thank you so much for being with us. We greatly appreciate it. As always, if we can help you personally. If you have questions, show ideas again, reach out to us.
[email protected] 623-52-3044 and if you like what you're hearing, you can hear past episodes on any podcast platform or you can go to our websites. We have a couple different websites and get them there. So we have a YouTube channel. Thank you so much for the people that have liked and subscribed. We're little tiny fish in a big pond and we need your help. So share like help us. So back to my ranting and raving. Let's finish up with the bank. I had an interesting actually, Anthony, you and I both had an interesting conversation this week with a fairly new client and friend of ours. She's actually a neighbor too. I throw that in there so she knows it's her I'm talking about. So I have educated her on some of the things that people don't really know because of normalcy, bias, and because people like me that do what I do don't want you to know. So I have told her that her money in the bank is covered by the Federal Deposit Insurance Corporation, but they're only covered up to 1.17% right now, meaning of all the money we have in checking, savings, high yield money markets, cds and so forth. The amount of FDIC coverage to cover your covered accounts, which means up to $250,000, is 1.17%. All you have to do is go onto their own website, which is FDIC dot Gov, and then in the little search bar type in statistics at a glance, and then open up the little PDF and look down at the lower left hand corner, and it shows depositor insurance fund is only covered in 1.7. So this week, she brought that up. She said, well, you know, I did ask a couple other advisors about that. She knows different advisors in the West Valley. And she said, they don't know what you're talking about. They don't. They don't think that's right. And she said one of them told her that they searched on investopedia, which is a pretty well known financial site, to get information. And she said, you know, they can't find it on investopedia. And I. And what I said was, well, first of all, you know, give them the information I gave you. Get it straight from the horse's mouth instead of a commentary site, get it right from the Federal Deposit Insurance Corporation. But then, because you know me, most people know me, I went further. I went on to investopedia the next day. Guess what the first couple articles I read on investopedia were. How to find that there are issues. They don't have the 1.7 number because that changes quarterly. But anyway, if you want to give your advisors a little idea how to find it on investopedia, here. Here you go. Go to the article. Under FDIC insured account definition requirements, pros and cons. I won't read much of this because I got a lot to get to, but I'll read one little section. The federal government requires most banks to keep only 10% of all deposits on hand, meaning the other 90% can be used to make loans. In other words, if you made a $1,000 bank deposit, your bank can actually take $900 from that deposit and use it to finance a car loan or home mortgage. We already told you at zero for the last four years, though. So this kind of banking is called fractional reserve banking, since only a small fraction of the total deposits are kept as reserves at the bank. Fractional reserve banking creates extra liquidity in the capital markets and helps keep interest rates low, but it can also create an unstable here we go, kids environment. It is possible that the bank's customers could simultaneously request more than 10% of their money back at any one time. When too many depositors ask for their money back, it's called a bank run. The bank must turn away some customers empty handed. Other depositors might lose confidence and ask for their money back, too, fearing they may not be able to recoup their savings office. Often, this can create a contagion like effect that spreads to other banks, triggering systematic bank panics. The very last part I need to read here. Fast forward a little bit on this article. History of FDIC insured accounts says here the FDIC was created as part of the Banking act of 1933 after a four year period that saw nearly 10,000 us banks fail or suspend operations. Most of these closures resulted from a run on the bank. Banks did not possess enough money in their vaults to meet depositors withdrawal demands, so they had to close their doors, leaving many families without their savings. I bring this up because I believe we're about to see that again. Last thing I have to say here, special considerations. The FDIC reserve fund has never been fully funded. In fact, the FDIC is normally short of its total insurance exposure by more than 99%. I have this printed out and ready. Anybody that wants to see what investopedia has to say about what, I bring you pretty much weekly, I've got it for you. I will send it over to you. So it says here, normally short of its total insurance exposure by more than 99%, Congress granted the FDIC the power to borrow up to 500 billion from the Department of the treasury, making the system effectively backed by the Federal Reserve. In other words, if the FDIC exhausts its other options, the government will step in to provide further financial banking. All right, so why do I need the FTSE if I have the full faith and strength and might and power of the federal government? Junior, I want to know the answer to that. The federal government is 35 trillion in debt. So when the banks fail and they deplete the 1.7% of your money, and then they turn to the Fed. You think the Fed's going to give the banks money? How? Come on. You better look up bail, and you better look up the Dodd Frank regulation of 2010. They won't, is the answer. They can't. The Federal Deposit Insurance Corporation is baloney. The federal government is baloney. This article makes me angry, but it's on investopedia. So the exact thing that a financial advisor told our new friend and neighbor and client that they. They can't find it. I found it for you. I'll get it over to you. The US economy has not suffered a legitimate banking panic in the 80 plus years of the FDIC. That is very true until the last year. So hang on, kids, because I have information for you in order to make sure you are prepared, not scared. What's the answer, Jr? How do I become prepared now that you've scared me? Take your money out of the banks. First come, first serve. Do it before other people do. Yes, you need to leave money in the banks for your monthly bills and your living expenses. I understand that the banks are a necessary evil, as Anthony used to put it. But outside of what you need to keep in the banks, have some cash at home, pay down debt. Hey, you love your grandkids, right? You're in Sun City, you have ten grandkids, you can give each 118 thousand dollars. That's 180 grand out of your bank right there for your grandkids. So. And that's, you know, without having to report it. I can tell you, if you give them cash, you can give where you want. IR's has 87,000 Ir's agents. But they're not looking for you, they're just looking for the billionaires.
So go ahead and do your thing with money. We, we brought you a full episode two weeks ago on ultra short term one year, for example, fixed annuities. Those are wonderful products. So hopefully you got some of that annuity episode, you know, and why you hate annuities and why maybe you shouldn't so quickly.
[00:35:51] Speaker D: Moving on, it looks like you can do a ten year too at just under five and a half, 5.45.
[00:35:58] Speaker C: And what if it's more long term?
[00:35:59] Speaker D: But for those thinking that rates are going to go back to zero, that'd be wonderful.
[00:36:04] Speaker C: My dad and I did that in late nineties. We lock people up for ten years at 6%. I mean, and then all of a sudden when we had 14 years of zero interest, people sure wish they got that 6%. So yeah, not a bad idea. Anthony, talk to us. Our modus operandi, maprande. We'll get you a myga ladder. We will give you a one year, two year, a three year, five year. We'll tailor make it to you. And we'll still keep money in the bank and have cash at home and buy food and water and guns and ammo and gold and silver and all that good stuff. Moving on. But let's stay with the banks for a minute. Let's stay with the banks. So here's an article from the Daily Hodl, one of my very favorites. This one is from the 6 September. Today, by the way, is the 12 September. Oh my gosh, tomorrow's Friday the 13th. By the time you hear this it'll be Friday the 13th. So stay safe out there, kids. Stay safe from haitian migrants and venezuelan gang members and maybe even politicians tomorrow. So daily Hodl from 96 24 33,928 bank customers receive data breach alerts as us lenders warn. Personal information fumbled. You know, we. We slam the heck out of Chase. Wells Fargo and B of A. Wells Fargo mostly because of the ridiculous lawsuits. Chase because of the felonies, you know, b of a, not as much, but they're all crooked. But we don't get to the little fish as often. So I just thought you should know this one because there's been a lot of controversy surrounding a place where I actually have a bank account myself and my home and auto. USAA bank. I came to you from a company, probably. Probably never heard of it. State Farm. Had it since I was 16. I moved over to USAA because I am a veteran and I thought it was the right thing to do. And anyway, USAA, there been a lot of weirdness lately. A lot of people can't get money from you and weirdness. So I want to. I want to put some light on it. Let's see here. Deposit back.
Yeah, I know. I have no personal issue with USA. And I did tell people there's a Facebook group, like how I was defrauded by USAA. So it's really growing legs over there. And I'm not slamming you, USA. This isn't slander or defamation of character. I'm just saying what made it to the news. So I'm just regurgitating what other people have slandered you with. But I want people to know I don't think you're safe at any bank or credit union. And that's just another example. They're not. Maybe they're not as careful as they could be with your information. I don't know. But anyway, according to new filings with the office of the Maine attorney in Maine, like the state of Maine, not the main big dog attorney general, USAA bank and the bank of Clark are now alerting customers involved. So maybe you're going to notice. USAA says a system error that occurred during a routine update of our document delivery system led to thousands of customers documents being inadvertently delivered to the wrong account. Oops. Another oops over there. The 20th largest commercial bank in the US, by total assets, says that approximately 32,276 customers who use the bank's property and casualty insurance products are affected by the data breach. I won't keep going. I will tell you what the bad guys have access to. Or bad girls, probably. They have access to your name, address, email address, date of birth, Social Security number, driver's license number, passport number, vehicle identification number, loan numbers, health information, property and casualty insurance policy information. So the bank, which primarily serves military personnel and their families, says the breach happened on April 13. I think we're in, like, September now. And was discovered on July 31. A lot of damage can take place in that time, but who am I to say? So, um, if you have USAA, keep watching them because we've had numerous articles. Uh, speaking of cyber attacks, let's see here. Daily Hodl. Again, this one's, you know, I didn't get to a lot of new articles the last few weeks because we are otherwise engaged. But the daily Hodl from August 13, foreign cyber attack hits us city as local police claim bank accounts have been hacked. So a foreign cyber tag hit the city of Columbus, Ohio. Is that anywhere near Springfield, Ohio? Oh, they're taking your money out of the bank and your pets. So the attack has disrupted various city servers and appears to have compromised data, according to the Columbia Dispatch. I guess there's no reason to read this because it's the same information. Your name, your social, your. Yeah, all your information has been stolen a little bit closer to home. Let's take it. Let's get out of Ohio for a minute and get into Sun City, Arizona, because this might affect some of our friends and clients and. And neighbors and people right here. So this one is from Bloomberg law. On September 6, personal data breached for nearly 1 million Medicare enrollees, which air we talk nowadays, and, you know, our numbers are billions and trillions. Million. Who gives a crap? Well, you know what? If it's my information that gets swiped, it's important to me. The old starfish representative. You can't save all the starfish. Why would you even bother? Because it's important to that one. So anyway, protected health information for nearly 1 million Medicare beneficiaries may they allegedly have been compromised by a 2023 security vulnerability in software used by the Medicare contractor in Wisconsin, the Biden administration reported on Friday. That'd be. That'd be last Friday. So this is brand new. The actions follow the July 8, 2024 discovery of a security vulnerability in the move it software. Ba ba ba a vulnerability. And then move it software. The breach was between May 27 and 31st of 2023. So. And we are just bringing this to you now because this just came to light. This stuff happens everywhere. The answer to this. Oh, and what they get, by the way. Oh, here we go again. Name, Social Security taxpayer id numbers, date of birth, address, hospital account numbers, Medicare beneficiary identifier, or the old MBI and or health insurance claim numbers. So I bring this up to let you know your information is compromised at banks and the government and everywhere you go and everything you do. What's the answer to it? Watch your credit score. Watch your reports. Get your free annual credit reports. Go on your online banking. They usually offer a peek into one of the three. Maybe freeze your credit if you're a Medicare recipient. If you're not going to buy a new house or new car the next two years, you know, go to each of the three and freeze your credit if it was an unnecessary step. So what? I'm a Boy scout. If you haven't, you don't need it. So what? But if you need it, you don't have it, you have a problem. So act accordingly. Moving on. Oh, I'm back to the Daily Hodl. I'm just buzzing through these articles today because I'm having a good time. So daily Hodl this, you know, I'm, I'm definitely going to mix up the banks and all this stuff today in a big pot and stir it. Billion dollar bank accused of secretly sending customers personal and financial information to Facebook, Google and Microsoft.
Here we go. The 8th largest bank in the US by total assets. Accused of secretly collecting personal and financial information from its customers and sharing the data with tech giants. Does that make you feel warm and fuzzy? A new class action lawsuit alleges there's always allegedly. When are we going to start saying, oh, this, this stuff's real? So a new class action lawsuit alleges Capital one engaged in an outrageous, illegal and widespread practice of disclosing without consent. That's key. The non public personal information and personally identifiable financial information of its customers, sharing it with third parties, including Facebook, Google and Microsoft. Capital one did so by knowingly and secretly. That part's important, too. Configuring and implementing code based tracking devices or trackers or tracking technologies into its website. The plaintiffs say Capital one has had tracking technologies installed on its website since at least November 30, 2023, and as recently as June 2024. An illustration of the actions the bank is being accused of. The class action complaint says one of the lead plaintiffs is in an experience mirroring that of three other lead plaintiffs was served with Facebook ads of the product he had just signed up for on the Capital one website moments after. Let me put that in a nutshell for you. You sign up for a new account over there at Capital one and they're giving your information to other people to market to you. And that's really kind of wrong when you get your annual opt out things and it says you can opt out of certain information they have you can't opt out of. Some you can. The others, the one you can opt out, they're saying they over at capital one, apparently, and allegedly they don't care that you can opt out all you want. They're going to do it behind your back secretly and stuff like that. So, hey, capital one, what's in your wallet? Maybe it's apparently a bunch of shenanigans, but I'll drop that there. If you have capital one, probably look into this a little further and then maybe reach out to them and express your displeasure. I guess that's all you can really do. So moving on. Banking giant prepares for a $3 billion fine over the roll and massive money laundering scheme. Here's another good one. This is from the 2 September on the daily Hodl, the zero hedge in the daily Hodl. Those are probably my two favorite go tos because they get a lot of, it's the negative stuff and that's what I need to bring you in order to get you prepared. So anyway, us bank is reportedly setting aside an additional 2.6 billion while preparing to pay a major penalty to regulators. TD bank is being investigated over accusations. Wait till you hear this. This gets funny to me.
TD bank is being investigated over accusations that chinese gangs relied on the lender to launder $650 million worth of illegal narcotics proceeds from 2016 to 2021. Now the, I'm sorry that I'm laughing, but Anthony, Anthony, you've been with me for six years. Every year. Our continuing education. What's one of the biggest classes we have to take fairly often?
[00:46:44] Speaker D: Oh, the anti money laundering.
[00:46:46] Speaker C: Anti money laundering. You know what? We have to, we're a small family practice and we very much are on the lookout for chinese nationals with suitcases of cash. Apparently over at TD they are not.
[00:46:59] Speaker D: So I do want to say in that article, this is the first time where I've actually seen it him as if it's a punishment because we talk about all the fraud cases and the big banks where, you know, they've made tens of billions of dollars and then they get fined 100 million. Is hundred million a lot of money? Absolutely. But there's a reason they're breaking the law because they're going to profit significantly more. This one, they're saying they're getting fined 3 billion for an amount that is what, 650 million. So I mean, they're taking five times more the money they took in and they're fining them that. So this is, I like seeing that.
[00:47:39] Speaker C: At least I am going to agree with you stop slapping people on the wrist. Bring back capital punishment. I say we find whoever's in charge of TDY, bring them downtown, put up a wooden structure with a hangman's noose. And I'm being funny. But you know what? Enough is enough of the corruption in this country, the corruption between the elites, the politicians, the banks. Enough. The normal person in this country is having a tougher time getting by than they were years ago. And we read stuff about this chinese TDA, gangs and all this. This country is going the wrong direction. Kids, I'm sorry. Whether you like my approach or not, you have to understand that I'm not wrong. I, you know, I pride myself on something in this job. I have to manage money into the future without a crystal ball. And I would say, you know, my. My thing over 26 years in the job, 27 if I make it till December, I've been early. I've never been wrong. Looking back at my career, I've been sounding alarms about different things for 20 years. I told you 20 years ago, do a Roth IRa, do the match, of course, on your 401K. Take the free money, stop there, do a Roth IRA, pay down debt. I've been saying it for 20 years. I was right.
[00:48:51] Speaker D: Should have said it for 21. Maybe people would have listened to you.
[00:48:54] Speaker C: I know this year, this is my year to keep saying it. And then you have to pick up the torch and run with it and tell people, do smart things, get out of the banks, get out of TD. Maybe. I had a Scott trade account, and then all of a sudden my statements one day said TD Ameritrade, and then they said Schwab. So I don't know where my money is. Hopefully he's doing okay, though. I have a bunch of pot stocks. I don't smoke pot, but I want to make money, so I like pot stocks. Anyway, let's move on. We got a couple more articles we have to get to. And Sam said, we only have six minutes left, and I am talking as fast as I can today. You're going to need to listen to this episode again tomorrow at 01:00 because I am railing through this stuff.
[00:49:31] Speaker D: Or wherever you listen to podcasts, Spotify, Apple Music, Google, you can find aired episodes of another money show at your convenience.
[00:49:40] Speaker C: Yes. And we love that you support us and we need your help. So. And we need you to come in.
[00:49:46] Speaker D: And say, even James, who doesn't like me, we still appreciate you reaching out.
[00:49:50] Speaker C: I actually think James does like you. I think James didn't like the different.
[00:49:54] Speaker D: Format of the show I understood. I just, I was.
[00:49:58] Speaker C: Everybody likes you. They just like that we are seeing things from two different lenses, and they like the fact that we don't just like sheep, get along on all this stuff. Okay, moving on. So here we go. This one's from Reuters. From the 5 September, US Treasury Secretary Janet Yellen reacts during a meeting with UK Finance minister Rachel Reeves in Rio de Janeiro, Brazil. Janet, stay home for a while. Stop going to Brazil and anywhere else. Just stay home. We need you here. So anyway, so Janet says we're okay. Let's see here. Private payrolls released on Thursday showed employees hired the fewest workers in three and a half years in August, with the prior months hiring revised downwards. Do we really listen to the numbers anymore? Once you have to lower numbers by, like, 800,000. Let's stop. You know, the housing starts, the inflation numbers, the job numbers. Let's stop using data driven dependence. Janet and, and Jerome and Jared, let's stop because we know your numbers are all skewed and we hear the original numbers and the market jumps for joyous.
So, on the 11th, the market, when I first looked at it, the Dow Jones industrial average was down 700 points. When I looked at the market after the market closed yesterday, it was up like 100, 4150 points. That's an 850 point swing in one day. So that's a 2% in one day.
The reason I'm bringing up my favorite cartoon this time, here's the quote from Janet. I think we've got a good, healthy economy and labor market.
Do I physically drop the mic or do I just move on? I don't know. I don't know. Do you remember before the 2008 correction, you were both a little bit younger? I remember it. I was in my office in the West Valley at Rochford and Associates. So, um. Yeah, they. As soon as. I don't know. I don't remember what it was. It was one of the, it was the predecessor of Yellen, one of those people, they said how strong the economy is. And then Michael Burry said, it's not. And then I, if I remember correctly, it wasn't. So, Michael Burry, you were right. And whoever it was, you were wrong. We had a little housing market stack, and that led to a little snag in the stock market, and I think we're about to have that again. But who am I? Chris Christie. Last we had Chris Christie. Is he still alive? I mean, jeez, you think I'm going to have a heart attack that Chris Christie lashed out at billionaire Warren Buffett? Shame on you. He says, rich people should know.
And if you look up this article, the word no is spelled no and not k n o w. So I don't know if this is a play in words, and I'm just not Michael Burry enough to understand it. Former New Jersey governor Chris Christie didn't hold back when he took the stage at the third GOP presidential debate in Miami in 2023. World junior, why are you bringing this up if that was in 2023? Because it's important right now. Because we're on the. The cusp of financial things changing over the next weeks, months, and years, and you need to know what's going on. They are going to revamp Medicare, Medicaid, Social Security. So Chris Christie see here. With a sharp jab aimed squarely at America's ultra wealthy, Christie made the stands crystal clear. Rich people should not be collecting Social Security. And he didn't stop there. Famed investor Warren Buffett, one of the richest men in the world, got an unexpected and probably unwelcome mention. I don't know. This is Chris, Chris, my buddy Chris talking. He's closing down the bridges in New Jersey, but he's got time to get to the media, so I don't know. Boy, that was a data reference, and I apologize. I don't know if Warren Buffett is collecting Social Security, but if he is, shame on you. Christie declared you shouldn't be taking money. So for, first of all, you don't know. You're commenting on Warren Buffett specifically, and you don't know if he's taking Social Security. I don't know, either, but, geez, that's a. That's a low blow there, Chris. Social Security was never meant to be a windfall for the rich. When it was created, the goal was pretty straightforward, to keep older Americans from falling into poverty. It's a safety net, not a bonus check for the wealthy. Christie argues that by allowing billionaires like Buffett to collect Social Security, America is losing sight of its original purpose. So a couple questions for you. First of all, Chris, I get tired of wealthy people that are wealthy, like, compared to the middle class. And below, I get tired of wealthy people slamming ultra wealthy people. This article continues to say another example, Elon Musk. He stopped paying into Social Security four minutes into 2024 because he quickly hit the threshold. Forbes reported on January 2 that over 200 wealthy people had already paid their taxes for the year in one day.
[00:54:50] Speaker D: That is it for today's show. If you like what you heard, you have questions on any of the topics today or you want to sit down with us to review your personal financial situation, you can reach us at
[email protected] schedule appointments right from the website. Another money show.com. give us a call 623-52-3044 remember, there are no minimums. There's no cost for appointments. There's nothing to lose by getting a second opinion on your financial situation. We'll see you again next Saturday at noon.
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