[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:18] Speaker B: This is another Money show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their inc. Reduce their tax risk and reach financial freedom.
So let's start the show. Here are your hosts, Anthony Correjo and J.R. rochford.
[00:00:42] Speaker C: Anthony Correjo and JR Rochford taking a break from our day to day as financial advisors with Rochford and Associates, a fully independent fourth generation family office right here in Sun City. To bring information you may not find on those other financial radio shows. We're where the last thing you need is another money show. But we appreciate you being here. What are we going to talk about today? I'm going to complain about Jerome Powell some more. Probably we're going to talk about bad auto loans, bad loans in general. And then Jer's got some articles too.
[00:01:15] Speaker D: I love articles. But let's start out by telling people. So if you've heard us before, you know this. But if you're new with us, we are a fourth generation family practice fiduciary office. Fully independent, veteran owned. We check a lot of good words too.
[00:01:30] Speaker C: Now talk about fiduciaries.
[00:01:32] Speaker D: Well, fiduciary. Are you a fiduciary, Anthony or I am a fiduciary. All right. Does the fiduciary rule still exist? Wait a minute. I better stop there. Let's not talk about this right now. So anyway, welcome to us. We like to tell people we're here to make sure you're prepared and not scared. We want you to be proactive and not reactive. We're here to sound alarms. We are not a one hour long infomercial. So. And I know we have some new listeners so I just, I want to throw that out there. I think we just gained one yesterday. He said he would listen. So our we always start out with a shout out, shout out to Rick. Rick in Sun City last week, Sandy, Anthony's mom, slash my wife was about to give us food poisoning and Anthony stopped it by asking how old the chicken salad was or I don't know, I don't know, it was chicken or.
[00:02:22] Speaker C: Pork and it was 10 days old.
[00:02:25] Speaker D: Yeah, so we dodged a bull on that. But instead of having Food, poisoned pork. We wound up having tostina pizza rolls. And that is Rick from Sun City's favorite food. So I just want to. I was thinking about him. So this week, I guess we'll get the really bad news out of the way first. It's kind of sad because we lost four another Money show listeners here recently. We lost Ozzy Osbourne. We lost Hulk Hogan today. Today, as we record is 24 July, by the way. Well, apparently we lost Chuck Mangione. I had to kind of figure out who that was. Luckily, Sam and Anthony are well versed in, in things. And then we lost Malcolm Jamal Warner, who. What TV show was that from? From the Cosby Show.
[00:03:07] Speaker C: He was in a bunch of stuff. He's had a career for very long time.
[00:03:12] Speaker D: Well, he's no longer another Money show listener. And that makes me sad. So got that out of the way. Why don't we move on?
Last week, as you know, Anthony, Sam, we were at a Coldplay concert. Is that, is that over?
Are we still worrying about Coldplay? Okay. Sam's nodding. Yeah, we're going to let that one go now. So let's get into things. I want to actually start out this week upbeat. I know I usually start out kind of negative about things. And, and don't worry, bear with me. I'll get there. But to start out, we got an outline from Davis. He gives us the one and only Sam. Davis gives us an outline every week. We have. Not really. We don't follow it. You know, it's financial. It talks about how we can be a second opinion on your finances. Talks about Roth conversions. It talks about, you know, when should you start taking Social Security.
All of that stuff we do in the office. So we can help you as financial people if you sit down with us, but on this show, we're here to sound alarms. So this show is about current events and how they're going to affect your future, your finances, your kids, your grandkids, et cetera. But I was looking at the outline from last week, the week of the 14th of July, and it was, it was really good. It talked a lot about how advisors help people.
And this, this one part of the outline says here, Schroeder's 2025 U.S. retirement Survey found that 92% of retirees report that they are worried about inflation lessening the value of their assets, up from 89% last year.
Let's see here. It says some 45% of respondents report their expenses in retirement are higher than they expected.
Improving inflation data has not eased the fears of retirees, says Deb Boyden, head of the US Defined contribution at Schroeder's. Rising prices on essentials like housing, food and health care have significantly diminished the purchasing power and financial security of retirees. I want to stop on this for a second because we've said a bunch of times over the years we've said that the number one fear of retirees outliving their money and it really doesn't matter how much they have, people with modest assets and people with high assets, they all worry about running out. Well, this is going to accelerate that fear this inflation is going to accelerate that. And by the way, you know, when they talk about data dependent and all this stuff, inflation is still going up. We know that, right? They're saying that it's lessened, it's closer to their 2% target range. It's like, that's like if I'm hitting you with a stick and last year I hit you 10 times with the stick and this year I only hit you three times with a stick, I'm still hitting you with a stick, you know, and until the inflation wanes and then stops and maybe even we get a little bit of deflation, it's still hurting consumers. So I said I was going to start being upbeat, didn't I? And now I'm talking about hitting people.
[00:06:16] Speaker C: So. All right, good job, Jerry.
[00:06:18] Speaker D: And technically for me this is fairly upbeat so far because I have some stuff to get to today that's not quite as upbeat. Let's see here. I highlighted a couple things. Many near and current retirees, particularly on the lower end of the income spectrum, have a retirement savings gap or a difference between what they have saved for their post work life and what they will likely need. About 70% of all baby boomers who have yet to retire may not be able to replace their pre tirement lifestyle, according to Vanguard.
So then this outline says if you're in the retirement red zone, that's either within five years of retirement or you retired in the last five years, please give us a call so we can test the strength of your plan and perform a free analysis. We do that. We don't charge you to sit with us. Anthony says that every week we have no minimums. We want to help you. Sometimes the less money people have, the more help they need and we're glad to do that. Some of the advisors I hear, I just read something Sam put. I'm not going to read it on the air. So I'm totally thrown off right now. Some of the Advisor commercials I hear on the air, if you've saved up 250,000, you know, if you're in Ken Fisher's world, you have to save, I don't know, half million or a million. You know, they've got five appointments for you. If you're one of the next five callers and you've saved at least $1.5 billion with a B, you can come sit with us.
[00:07:48] Speaker C: The good news, somebody sit in the office yesterday and say that they called another local guy with a radio show that wouldn't talk to him.
[00:07:56] Speaker D: Oh yeah, they basically. Yeah. And I don't want to give too much information, but there, there is an, there's a, a sizable asset coming in this person's life and they basically don't even call us until you get it.
So that's, that's, that's wonderful. And we've heard that before.
Yeah, yeah. So by the way, if you're the, if, if you're in the first 205 callers, we'll still give you an appointment. So, but, and I love that the first five callers. The law of scarcity is very alive and well on weekend radio with financial advisors. Anyway, let's see. Oh, one, I do want to hit one thing about the retirement red zone. It's kind of a catchy, you know, it makes sense to people. It's like you got to gear up for retirement. So you want to start five years before the first five years into retirement. You know, your every day is a Saturday, you're not going to work, your income changes. So I understand that 10 year period they call the retirement red zone. But let me tell you where the flaw is. I can tell you my experience after almost three decades in this office and every single year is your retirement red zone. If you came in our office and you were 18 and you just got your first $24,000 a year job and we could somehow convince you to max out whatever they match in your 401k and then stop there and then start a Roth IRA, even if it's only 100 or 200 bucks a month and manage your debt. That's the most important retirement red zone there is, is the first few years of your working life. You know what the second most important years for your retirement red zone? Lifestyle. The next five, and then the next five, and then the next 5 until you leave money via legacy and inheritance. So come see us. We don't charge. We have no pressure, no quotas. We're independent.
I did after I read that outline and I thought that was really good. You know, there's pressures. We don't talk about inflation, something we just it's gone now. You know, it was transitory, then it was bad. Now it's just, it's gone. So I did find another article that kind of backed this up. This was on the 22nd of July out of the Wealth Advisor Advice Pays in Peace of Mind and Time Vanguard Survey Reveals Hidden Value of Financial Advice Investors who receive personalized financial advice unlock meaningful benefits that go beyond portfolio performance, according to Vanguard's New Emotional and Time Value Advice Survey. You know what I've said for a long time? I used to think this job was a science. When I was New in the 1990s, I was like, you get your licenses in place, you know, you learn the rule of 72, the rule of 100, you know, and this job's a science. I can take your date of birth, your income, your assets, your rough tax bracket, and I can solve all your problems. I was not in very many appointments before I realized this job is an art, not a science. It is 100% psychology.
You know, my father was 28 years older than me and he was much more of a risk taker than I am. And I've always loved fixed annuities. I like safe money. My dad was a stock guy. He liked more risk.
So back to this study.
In fact, advised investors report gaining greater peace of mind and saving time compared to managing their own portfolios. These powerful yet often overlooked benefits represent a hidden value that complements the portfolio and financial value of personalized advice. This research reinforces what we've long believed the value advice is multidimensional, even extending beyond portfolio construction and financial planning interventions, said Joanna Rotenberg. I would change your name, Joe. Joanna Rotenberg, Managing Director of Vanguard Advice and Wealth Management In a world where finances are inherently complex, schedules are demanding, and information overload is causing burnout, peace of mind Knowing you've made a sound financial decision that keeps your goals on track and saving time while doing so are truly invaluable.
Advised clients are less financially stressed and then they give a little list of things that are important. I'll just read three of them and then we'll move on from this greater peace of mind. Whether they work with a human financial advisor or a digital only advisor, I want to know more about that. 86% of advised investors report having more peace of mind related to their finances as a result of said advice. Fewer negative and more positive emotions. Advised investors experience a wide range of emotional benefits. More than 60% of human advised investors. Why do I feel like part of this was written by AI Feel less anxiety, worry, sadness and disappointment when it comes to managing their finances. Instead, they feel more confident, satisfied, secure, and proud. Man, Anthony, we do all this time back for what matters. Three out of four advised investors reported saving time with the median time saved of 2 hours per week or over a hundred hours annually, enabling them to spend more meaningful activities. I'm sorry, time on meaningful activities like leisure, time with family and exercise. So. Oh, my gosh. So you can have more time for your kids and your grandkids and your treadmill and all that stuff. If you meet with Anthony, I, I, I say come in. I say give Anthony a call at 623-523-0444.
So I, I guess that was my uplifting segment for today is the fact that, you know, if you work with somebody, if you get a second opinion, if you brainstorm with somebody and they better your situation, that should remove some of the stress you have about outliving your money, inflation, those sorts of things.
Anything you want to add, Anthony, or have you, did you fall asleep already?
[00:14:02] Speaker C: I checked out during that entire thing.
[00:14:05] Speaker D: Okay. You want me to repeat it and read all that again?
[00:14:07] Speaker C: Yeah, please. Start fresh.
[00:14:09] Speaker D: Okay.
[00:14:09] Speaker C: Give it more pizzazz, make it more exciting. It just sounds like you're sitting there reading me a bedtime story.
[00:14:15] Speaker D: I.
[00:14:16] Speaker C: We weren't another money show.
[00:14:18] Speaker D: We're not another money show. So let's talk about Epstein, Diddy, mlk, jfk, Obama's third term, gold in Fort Knox. There's so much that I can do that's normal, but I want to do something financial today. So, you know, Donald J. Trump is in Scotland today. Did you know that?
So travel safe. Did you know that Hunter Biden may want to be your next president?
I can support somebody with cocaine in the White House. And yeah, can you imagine? I mean, that might put some life back into Saturday Night Live. I guess I'm up for it. No. Did you see the interview with Hunter Biden?
[00:14:56] Speaker C: No.
[00:14:57] Speaker D: It's insane. I mean, he's got a little bit of a potty mouth. I mean, if you don't like bad language, you really may want to avoid looking up the interview. But it's absolutely insane. And it almost seems like he's trying to, he's definitely slamming the Democrat party. And I think what that is is he's trying to say, you know, like he would be an alternative to the Democrat party or the MAGA movement or I Don't know what it was.
[00:15:23] Speaker C: I just, I wouldn't be the, the Democrat. Trump.
[00:15:26] Speaker D: Well, I mean, for maybe, but you know, just on more drugs and I don't know, it's shock. I mean, looking at, you know, Gavin Newsom, you know, Kamala Harris, I mean, who, who is going to be. I know we have three and a half years, but I mean, Hunter's got as good a chance as anybody, so. And I, and I don't need to dig too far into this. I thought about it, I thought about, you know, given my feelings today on the whole Obama thing and the fact that, you know, I mean, there was talk over the years that he was a Manchurian Candidate, there's a big chance, and I'm sad to say this, that our country is a banana republic. Apparently this week we're, we're getting a little dose of that. You know, I mean, I've been a so called conspiracy theory for at least two decades. I mean, the more I started reading and being awake in the world, the more I was like, things don't make sense. And over the years, once you're open to things being different than they appear on the surface, more people give you more to look at. And then all of a sudden you're like, oh my gosh, you know, we're so dumbed down by our cell phones and tv, we don't see all this stuff that's going on. I had passed out the movie 16 Mules. Was that the name of it to people? I had a friend that burned a bunch of copies. Hopefully that's not illegal. This was years ago. I don't remember the friend, but I gave those. I mean, I thought things were really off, but you know, everybody's like, well, you're a conspiracy theory, so of course you did. And now it turns out that maybe that was right. And I'm still, you know, clinging to the fact that there was something wrong with Hillary's email server and all kinds of stuff. So add Russian disinformation to something that might, might change this country.
I mean, there's a lot of people that would really love to see some of our crooked politicians in handcuffs. And so we'll see how it plays out. And just, I want to throw this out there.
I want to throw this out there. Tulsi Gabbard did not kill herself. Don't need to repeat that. Tulsi Gabbard did not kill herself.
What else is going on? There was a big AT&T outage a couple days ago. If you have AT&T you might have experienced it. Alaskan Airlines was grounded for a while. They asked the FAA to ground themselves. I was like, why didn't you just ground the planes? And then we could hear about in the news. And I only bring these things up because I'm like, oh my gosh, we are just one domino falling away from so much being weird. So I'm still a little bit worried about cyber attacks and power grid failures and all that stuff.
I guess let's get into the stock market and some of the articles. I've been thinking a lot about this stuff lately with how on earth are we setting records still?
Yesterday the NASDAQ and the S and P set an all time historical record to the upside. And it just. I can't put together what's going on. I've been saying there's manipulation. I've talked for most of my career about, you should at least know what's going on. You should know that the Dow Jones Industrial Average is made up of 30 companies.
And when one underperforms, they pull it out. Put another one in. You know, last, last year they took out Walgreens and put in Amazon, if you want a recent example. So that the s and P500 over the last several years has been floated by 10 or under stocks.
I mean, that's insane. You can't even say 50 stocks. Like it's 10%.
It's a tenth of that. This is insane. What's the stock? Nvidia. Nvidia is up 1% today. So. And Anthony pointed out earlier this morning, isn't Nvidia or isn't that about AI? And that's going to replace all our jobs coming up.
[00:18:59] Speaker C: So and CEO come out and say that he was going to have higher. It's all going to be AI inside Nvidia at some point.
[00:19:08] Speaker D: So we should cheer that we should let their stock go through the moon because that's good. Because once I don't have a job and I can't contribute to my 401k or buy stocks in my Schwab account, what am I going to do?
We're in the most uncharted territory ever, you know, And I've been in this job a long time. I was there when the tech bubble burst and I remember I was new in the industry, so it was all just weird to me. But my father, my father leading up to it, he was like, the rules don't change. I don't care if pet.com buys a domain name but has no products and people want to buy It, I'm not going to help them find it. I'm not going to talk to them about that. Find somebody who's in that capacity of excitement because it just doesn't make sense.
So my father was basically what he heard his whole life thinking you should buy low, sell high.
Think about how much on steroids it is today. Think about if you're buying any stocks right now. You don't think you're buying high and you don't think we're ever going to have another correction. I think we do. There's differences though. We didn't have 37 trillion of debt in April of 2000. We didn't, we were not fragile. We were, we didn't have the BRICS nations trying to replace us. You know, it's a different day in 2000. We didn't have cryptocurrency. You realize that, right? There was no dogecoin, bitcoin. None of that stuff existed in 2000. So this is going to be interesting. We have a big enough stock market correction and my feeling is instantly we go into the central bank digital currency. And I am going to get to that a little bit later today because I do have a couple articles on what's, you know, progressing with that. But I just, I want you to know we're in uncharted territory. Anthony sent me a couple articles. I will go over them quickly. One is from business insider from 16-7-25 stock market bubble chart shows overvaluation higher than dot com boom. Hey, I was just talking about that. What a coincidence.
So S&P 500 might be in a bubble larger than the dot com boom. Apollo's Torsten Slok says top Economist pointed to higher valuations in the top 10s and P500 companies compared to the 1990s. Wall street has debated whether the stock market is in a bubble in the years since the AI boom took off. You know what, Wall street geniuses? You want me to help you?
Yes.
The answer is yes. We're in a bubble. We're in an everything bubble. We're in a real estate bubble. We're in an everything bubble. And by the way, that's changing rapidly. So I'm sure you're watching the inventory. Hey kids, if, if you're going to try to be selling your house anytime soon, you may want to look at it sooner than later because in six months or a year or two years, you might not get quite the asking price you're looking for now. But that's just me.
So a couple more things from this article, the market has all the ingredients for a stock market bubble, with the exception of a more dovish Federal Reserve strategists at ubs.
UBS wrote in a note last week, once the central bank resumes cutting rates, the conditions for a bubble should be present. The bank said, anthony and I have been talking about this the last week, week and a half, if Powell gets fired. Oh, and actually, I think maybe Trump is going to Scotland tomorrow. I think he's. Isn't he? Today at the Federal Reserve, he's poking in on.
[00:22:37] Speaker C: Yeah. My timeline, planning to visit, but I don't know when he's planning to visit. I'll see if I can find that.
[00:22:42] Speaker D: And while you're doing so, let me tell you something. What Anthony and I think we're in the most perfect window for really good interest rates, really good in potential growth on safe products that we've had in like 15 years. And these last few years are really, really good. We brought up annuity rescue last week. We talked about refinancing your older annuities. We. We've got safe products where you can't lose any money contractually guaranteed by the company that have amazingly good potential. So we speculate, because we don't have a crystal ball, we think that if Powell gets fired or steps down or whatever is the caveat to interest rates going down. We think these are going to change too. We think a lot's going to change. So you might want to get your second opinion with us sooner than later. And that's not just trying to be a shameless sales plug. I'm just saying we're in the most beautiful sweet spot in our office that we've been in, I would say, in the last 20 years.
Last thing I'll read from this article, it's a bit hard to believe, but the main risk at this time may be a stock market melt up that is a speculative bubble. He wrote point to the S and P notching a fresh record this month, where we notched another fresh record yesterday, today being the 24th. So that was the 23rd of July. A melt up. A melt up just means the exuberation right before market corrections. It's like nobody can believe it's coming. Nobody can see cycles. Nobody ever believes, you know, whatever momentum, whatever inertia is going on, they think that's what's gonna continue. And if you look at the history of the stock market go back to the 1920s, it just doesn't work that way. We've just had an insanely long and high run up in these financial markets. It ain't gonna last forever, kids. I just, that's my gut feeling and I'm sticking to it. So you may want to be proactive and not reactive. And I'm not trying to have you be scared. I want you to be prepared. I just would say this to you if we were to help you get safer in your Schwab account, in your 401k, in whatever you're dealing with. If you want a second opinion, don't forget you'll be happier and healthier if you're with an advisor. So if we help you and we make a mistake and we get you safe, I don't know, six months, a year too early.
That stinks. It's like, oh man, you guys were wrong. The market's going up, it's going up, it's going to. But if we get you safer, even maybe a quarter too late, Money goes down so much faster than it goes up. So keep that in mind. One more article for and from Anthony and then let's get into a break time. Cause I have some really good stuff today after the break. This is from Yahoo Finance. On the 15th of July, Jim Rogers sold all of his US stock holdings saying he's seen this party before.
How to shock proof your money. So let's see here. Despite its ups and downs, the US stock market has long been the go to destination for investors. With the benchmark S&P 500 delivering a return of more than 90% over the past five years. You need to hear that again. The benchmark S&P 500 delivering a return of more than 90% over the past five years. Yet investing legend Jim Rogers, I Wonder if that's Mr. Rogers in his neighborhood. Isn't feeling optimistic. Far from it. I sold all my US stocks recently because I've seen this party before. He said in a recent interview with Wealthion.
You see a lot of new people talking about how much fun it is, how easy it is. I hope it stays easy to make money for lots of people for the rest of history. But it never has. You know what, Mr. Rogers, let me tell you something.
90% in the last five years, that's what they're saying. The S&P 500 is how many of you in your personal account, your mutual funds, your SWAT, your 401k, all this stuff. Schwab, we're looking for people to invest in our show to keep it going for another three and a half years. So we're looking for sponsors. I've said that name three times today.
Oh boy, are we going to take a break. I do want to finish. I want to finish with this article, but Sam's waving the red flag at me frantically. Please, please do reach out to us and sit with us. Sooner than later. We're at 623-523-0444. Or if you're shy and you don't want to talk to Sandy or Macy or whomever, you can
[email protected] we'll be right back. Thanks for being with us.
[00:27:12] Speaker B: This is another money show, except this one's different. This one's actually fun.
[00:27:19] Speaker D: When I think about you, think about love.
[00:27:30] Speaker B: 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 businesses 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.
[00:27:59] Speaker A: Remember, all of JR 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 D: Welcome back to Another Money Show. Thank you so much for being with us. As always, we appreciate it. We're little fish in a big pond, so we, we need your help and we value your help. Don't forget to check out our YouTube channel. We're on YouTube at another money show and it's, it's kind of fun. I mean it's our focus are the little short clips. So they're, they're kind of cool. Shelby's doing an amazing job. Sam, thank you so much for getting all this going for us.
Back to Mr. Rogers neighborhood. So I want to read a little bit more in this article before I put it aside. Rogers pointed out that more and more investors are becoming exuberant and confident. And he believes that kind of sentiment often leads to trouble. One problem he highlighted is the sheer size of America's debt.
The US Is in the largest, the US Is the largest debtor nation in the history of the world. And I sit and look at the numbers and I say, can't they read in Washington? Don't they know what's happening? Believe me, they know Mr. Rogers. They just they're, they're making hay, they're having a great time. And you know what? They're all multimillionaires and billionaires. They'll be okay. It's, it's the middle class that I'm worried about.
Rogers also warned that this time even the Federal Reserve doesn't have an unlimited amount of money that can save us all, adding that central banks usually make things worse.
His suggestion, Tread carefully. My advice is be very, very careful whenever you think about investing. This is a rare time in investing history, he stated. And I would concur. I think when you watch Warren Buffett, you know, other than his new purchase of Sirius xm, which is odd to me, but okay, if you watch what he's done the last couple years, he believes what you're saying. Jim, who else? Jamie Dimon, selling his own stock. That's rare.
So anyway, all it's saying is what I've been screaming to people for the entire three and a half years we've been on here. By the way, do you realize we've been on the radio here for over three and a half years and we have never missed a week. We at Christmas doesn't matter. We do a new episode every single week. We take it seriously because we're on current events and not just boring financial information, you know, like some of those other radio shows. So moving on, another article that Anthony said, boy, I was going to be a ray of sunshine today and do nothing but positivity, but this is kind of negative. This is on the 15th of July from Forbes. Says here they're skipping car payments. That's the final warning sign.
Headlines say inflation is easing and jobs remain strong, but consumers are skipping car payments. The Fed claims to be data driven, but if you're watching behavior, not just backward looking numbers, the signals are showing. By the time the official data confirms it, you're already missing the boat.
Delinquencies, especially among some subprime borrowers, are spiking. This matters. People will skip everything else before they lose their car. That's how they get to work.
And if they're missing payments now, the strain is already severe. The Fed says it's data driven, but when consumers start skipping car payments, it's no longer an error, it's a flashing alarm.
I'll read a couple of little stats in here and then we'll put this one aside. Some subprime auto delinquencies have now surpassed 2009 levels, reaching a 15 year high according to Fitch.
Fitch Experian shows that 30 plus day delinquencies have jumped nearly. Holy crap, nearly 40% year over year.
In the lowest credit tier.
Even prime borrowers are falling behind.
That alone tells you this isn't confined to the fringe anymore.
This isn't just about subprime. The whole credit stack is starting to creak. Borrows creak as C R E a K not in water. Borrowers with decent credit are feeling it. This is how credit stress evolves. It starts subtly. A missed card payment here, a late auto loan there. Then it compounds first credit cards, then cars, then homes. Right now we're squarely in the middle of that curve and most investors are still pretending the surface is calm.
Very last thing I'm going to read here. Oh Anthony, this part piqued my interest. Lenders like Ally1Main and Santander Consumer show minimum minimal reserve build while delinquencies among their borrowers continue to rise.
The one thing I'll tell you, we've always kind of had Ally the Purple Company as a go to for you know, giving people ideas on online banks so they can eke out a little more interest. We talk about Discover Bank, Capital One Bank, Ally Bank. Ally Bank. Little known fact used to be before the 2008 snag it was the GMAC Bank. They have a heavy concentration of auto loan clients. That's their, their history. So if you're with Ally bank, maybe you're there because we let you know that name. Excellent. I'm not saying go there today and pull all your money. I am saying watch, watch out. You know if we ever do have a modern day run of the bank that grows legs, first come first serve is going to come into play. So make sure you're awake, make sure you listen to us every week. Make sure you looked into the term bail in. Make sure you look up. You know we've told you the FDIC insurance has less than 2% of coverage on your money.
Very last sentence from this article. When the illusion breaks, it won't be gradual. Repricing never is. Markets wake up all at once. Yeah. How'd you go broke real slowly and then all of a sudden.
Little follow up. This is an article Anthony gave me on June 4th. But it never really fit in to the week until now. Campbell's says soup sales are soaring and, and that's actually a sign the US economy is in a downturn. So interesting. Campbell CEO said there's a growing preference for home cooked meals that could be a canary in an economic coal mine as people eating out less could impact the GDP Two consecutive quarters with a reduced GDP signal a recession. Yeah, trust me, kids, if you're listening, we've been in a recession for years.
They won't tell us inflation. They take out energy for food and gas. Give me a break. They don't want us to know what's going on. Let's see here. The rise in, in home cooking indicates consumers are cutting back. You know what? The canary in the coal mine. If, if things get desperate enough, you could cook and eat the canary with your Campbell soup. So I'm just thinking, thinking, let's see here. The rise in, in home cooking indicates consumers are cutting back spending at restaurants. Boy, it doesn't look like it. Whenever I go out, restaurants seem to be full. Still there. There's a couple of the YouTube follow. You know, people I follow say that that's because it's all on credit cards. That people, they know how bleak things are heading, so they're enjoying while they still can, while they still have room on the credit card. They're going out to eat, they're going to baseball games and so forth. All right, I'm going to stop reading that there. I highlighted some more of it, but you get the idea. If you're eating Campbell's soup and not going out to dinner, that's, that's not a good sign. And you know who I'm worried about?
I'm not worried about the wealthy. I mean, if you have over a million bucks, over 2 million, over 5 million, you're probably going to be okay until we go to the central bank, digital currency, until we go into civil war and all that. You'll be all right. You know what? The poor, the bottom part of our country, they hover. The rich get richer. The poor hover. The middle class is shrinking on steroids. So that's who I'm worried about here with car defaults and soup.
Let's move on a little bit. Let's move on to part of how stupid our government is. I mean, not stupid. I shouldn't have said that. How dumb our government is. So, Democrats. This is from Zero Hedge on 22 July.
Democrats, all electric. USPS fleet sees each truck. Wait to hear this. Come with a $6.8 million price tag. You heard that, right? So, Biden, what is it? $10 billion out of the Inflation Reduction act towards this ridiculous piece of legislation.
6.8 million per. I will read a hair because, I mean, how much do you need to know about this? The United States Postal Service announced that it expects to acquire at least 66,000 battery electric delivery vehicles 66,000 times 6.8 million. I don't have a calculator that will go that high. I don't believe so. Let's see. I'll just read a little bit of this because it's fun.
Like Buttigieg. Buttigieg EV charging stations which cost about a billion dollars each.
Or Kamala Harris's $42 billion rural Internet flop that connected a whopping zero rural Americans to the web. Or her $1 billion solar panel plan for Puerto Rico which resulted in only a few installations. Biden's green USPS plan has been an absolute cluster so far. The dispersed IRA funds, meaning Inflation Reduction act, not your individual retirement account which we can help you set up at Rochford and Associates. So the dispersed IRA funds are around 1.7 billion so far. Which means that if Congress is able to claw back another 1.3 billion still allocated for the project. Each of these 250 trucks, that's how many they made so far, have cost US taxpayers a minimum of 6.8 million apiece. The whole plan was a $10 billion investment. Ba, ba, ba. Let me read the last little paragraph.
The federal government is only 44,750 short of its 45,000 goal. At this rate, purchasing around 83 vehicles a year, it will take the government another 539 years to finalize their plans. Which is a bit past the projected date of 2028, though we'll all be long dead. Biden's all electric USPS fleet can be expected around the year 2564. Yeah, that's just a bit, just a bit outside.
And these people are holding our purse strings and running public policy. I mean I don't care one bit if the USPS fleet doesn't electrify. But this is just one more example of astounding corruption and incompetence. So you know, we're all excited about the Inflation Reduction act because it's gonna reduce inflation.
I was pretty excited about that. Yeah. Yeah, that's what we're, this is what we're doing with it.
There's another article also from Zero hedge on the 20th multibillion dollar boondoggle Biden and admin plan for electric mail trucks, blah blah blah. Says here the Wisconsin based oshkosh was awarded 2.6 billion to build trucks. Yet as of late 2024, just 93 had been delivered, far short of the 3,000 expected production has been plagued by engineering issues including airbag calibration features and leaks to so bad water poured out of the trucks. This is the bottom line. We don't know how to make a damn truck. One insider told the Washington Post. Well, that's good.
Oh, this is my favorite part of between the two articles.
Usps, I believe that's United States Postal Service lost nine. Oh, man. We have a loyal listener who's a postal worker. I hope you're not. I mean, we like you. We, we don't like. We don't like the. Anthony doesn't like the government, but we like you. So if you're listening, Jason, no offense against you. USPS lost 9.5 billion in fiscal year 2024. Former President Donald Trump proposed merging it with the Department of Commerce. What do you mean, former president? This is weird. This article is from this July. USPS lost 9.5 billion in fiscal year 2024.
Former President Donald Trump proposed merging it with the Department of Commerce. I guess what they're saying is when he was in office the first time, he proposed it, because that's a bizarre thing to read. I hope he's okay. I hope when he gets to the Fed or in Scotland or wherever, nobody tries to take him out or anything, because that would not be good right now. Tulsi Gabbard did not inflict herself any harm. Let's switch gears. That's enough. On postal letter carrier vehicles.
Here's from MSN.com on the 15th of July, Katie Hobbs announces erasure of $429 million in medical debt for Arizonans.
Did you hear about that, Anthony?
[00:41:26] Speaker C: Did we not talk about that last week?
[00:41:28] Speaker D: I don't know. I don't think so. I just read this this morning. But I mean, and if we did, good, because this is like socialism.
This is like, this is bull. How do you pick and choose? Anyway? More than 352,000 Arizonans were just cleared of their medical debt. Governor Katie Hobbs announced Wednesday morning that her administration has partnered with the national nonprofit Undue Medical debt to erase 429 million. Ba, ba, ba.
Let's see here. Beneficiaries will get a letter from the Undue Medical Debt notifying that some or all of their debt has been erased. Some people are already getting those letters and more beneficiaries are expected to get theirs over the next few weeks. We're grateful to work with providers across the state who recognize that removing these unpayable debts of necessity help their community thrive. I got a question for you. Whether you're rich or poor or in the middle.
I mean, first of all, when you have student debt, medical debt, you can pay it. Don't say unpayable here. You might have to make payments for 20 or 30 years, but you can pay it. So this is a debt jubilee, Bill, Anthony, your friend Zach's dad, Bill, if he's still listening, he talked to me a few years back about a debt jubilee. It's going to start out with, you know, settling the medical debt, then the student loan debt, then the auto loan debt, then the home debt, then we're going to get ubi, we're going to get government grocery stores. So that's what this is baby steps towards we're all even, isn't it? I mean, in a way.
[00:42:58] Speaker C: Oh, I was in. I thought that was rhetorical. I didn't think you're actually talking to me.
[00:43:03] Speaker D: Can you spell rhetorical? I'll give you a dollar. Or.
[00:43:09] Speaker C: I don't know.
Obviously people are struggling. We just said people can't afford their car payments. We already know people don't have anything in savings. Like, these are things that help I get. You know, socialism is bad and all of that, but we're totally okay with just giving handouts to these large corporations and these multi millionaires.
But. Yeah, yeah, but you definitely don't make as big of a. An issue out of it. And not just, I'm a capitalist.
Most people, oh, I love capitalism, but you don't build these massive, massive financial institutes on capitalism at all alone. It's. It's handouts, it's government handouts is how they become so big.
[00:43:53] Speaker D: So by the way, you need to hear that on Saturday, you're like, yeah, yeah, yeah, yeah, yeah, yeah, I know it's just socialism, but no big deal. People are struggling. Yeah, it's just socialism.
[00:44:02] Speaker C: People just. I think that word just gets thrown around a lot when it's not actually what's going on. So that's my two cents.
[00:44:11] Speaker D: And you're right. And I don't. I don't want the corporate people, you know, the rich get richer, the poor harbor the middle class rank. I keep saying that. I don't like that side either. I just, I focus more on this side because I think that the direction we're going, none of these systems are in place to lift up the middle class to be wealthy. It's all pushing the middle class down to be poor. And I'm in the middle class, and so are you, and so is Jay, and so is Nick, and so is my favorite son, Sam. So I'm worried about our futures. So I think this is all bad.
So let's switch gears because it's just funny because you and I do see everything that's going on. You, you're just so much more mellow about it than I am. I'm like, none of this matters today on the 24th of July. But it's gonna when you look at the world.
[00:44:54] Speaker C: I wanna live long enough to see how it all plays out. You're gonna give yourself a heart attack. So.
[00:44:58] Speaker D: Yes, but not until like next week. I'm fine. I'll be good to get through the show today. Don't you worry about me. So here's an article from Axios Senator Nicole Mitchell. This is from Axios on the 18th of July. So it's pretty recent. She. She's pretty hot too. I'm looking at the picture of her.
I'd let her burglarize my ass. Senator Nicole Mitchell convicted on burglary charges. I bet Sam's looking it up right now. It's axios on the 18th, so. Minnesota State Senator Nicole Mitchell was found guilty of felony burglary by a Detroit Lakes jury on Friday.
The jury delivered the verdict. Guilty on charges of first degree burglary and. And possession of burglary tools just hours after closing arguments. Mitchell, a first term Democrat. Doesn't matter if you're a Democrat or Republican. I would have brought this one up because if our elected officials are getting charged, not just accused of. If they're getting charged with burglary. Get out. Get out. Anyway, let's see here. Mitchell, a first term Democrat, meteorologist and former lieutenant colonel in the Air National Guard, has faced pressure to resign since.
[00:46:11] Speaker C: The resume for cat burglar.
[00:46:14] Speaker D: Yes. Arrested on the morning of April 22, 2024. Oh, and this has been a year following a report of burglary at her stepmother's Detroit Lakes home. So that would mean like. Yeah, so maybe the family's not going along that great. Still, let me go on. Mitchell discovered in the basement dressed in black, told officers at the time that told officers, how did she get caught? That she was there to retrieve her late father's items, according to a criminal complaint and police body cam footage. But Mitchell later denied that her intent was to steal, saying she was attempting to check on her stepmother amid concerns about Alzheimer's and associated paranoia. In her trial testimony, Mitchell admitted to trespassing in the home and claimed that she lied to police about her reasons for being there. Oh, good. She's. She's a liar and a thief. But she said she did both things.
[00:47:11] Speaker C: Politician. Perfect.
[00:47:12] Speaker D: Oh, that's I didn't even think of that. So there's three strikes. You're out, Mitchell. Get the hell out. So let's see here. She did both things out of concern for her. A link stepmother. That's pretty sweet. I say we overlook this. In the closing argument, Mitchell's attorney had argued that there was a distinction between trespassing and burglary, saying the state couldn't rule out that Nicole Mitchell entered just to check on Carol. The other side, though, prosecutors argued Mitchell's explanations didn't add up to a daughter's concern, pointing out the tools she took with her, including latex gloves and a crowbar. Who packs a freaking pry bar just in case, becker attorney Brian McDonald said. Let's see here. Mitchell repeatedly rebuffed Republicans called to resign over the charges in the wake of arrest. Last thing I'll say here, defenders. Here's the important part. Just going forth with our representatives. Defenders of Mitchell remaining in the legislature, including Senate Majority Leader Aaron Murphy, acknowledged the serious nature of the allegations, but said Mitchell had a right to due process. I believe that's where we are.
As a result, Mitchell was able to continue to cast what was effectively the deciding vote whenever a narrowly divided chamber split on party lines. So you can break into a house, you can be a politician, you can be a liar, you can do all that stuff as long as you're important to the politics of our nation. I guess we're going to cover for you.
All right. I don't know how much time we have left. We're getting low on time. My gosh, Sam, I want today to go on forever. I have so much. Let me get to the most important thing I have for the rest of the day. Then I'm going to put aside half my articles because of time constraints. So do make sure you reach out to us and we'll tell you what articles you missed because of Sam. My favorite song. So daily Hodl Major US bank launching bitcoin and crypto wallet for any coin in new Coinbase partnership. Did you hear that we've been shouting about Fed now executive order whatever it was. 140067 whatever it was. We've been shouting for three and a half years. That how this all ends. It all ends with a central bank digital currency. Now the banks are going to start offering you cryptos. So I mean if this doesn't scare you, I don't know what to tell you. The sixth largest bank in the US just announced a strategic partnership with Coinbase in a push to massively expand Digital access, digital asset access for banking clients and institutional investors. The bank says it will allow customers to buy, hold and sell bitcoin and crypto assets while also providing banking and treasury management services for Coinbase. This partnership brings together. Do you want me to say the name of the bank? I've been avoiding it because I can't stand this bank. Allegedly, I can't stand them. You want to hear the name of the bank, Anthony? You know what bank it is?
Yeah.
[00:50:08] Speaker C: Why would you not say the name of the bank?
[00:50:10] Speaker D: Because I hate saying the name. I had bad experiences time and time again with PNC bank, so I don't like saying PNC.
Anyway, this partnership brings together PNC's legacy of client service. I didn't get very good client service and innovation with the institutional grade infrastructure. Oh boy, Kevin, I hope you're listening. This week. Talk about jargon generator gold. This is it. Institutional grade infrastructure of Coinbase's crypto as a service platform to power secure scalable crypto access for PNC's clients. PNC and Coinbase will work together to develop an initial offering that will allow clients to buy and hold and sell cryptocurrencies. We're not going to produce a stablecoins per se. Listen to this line carefully. We're not going to produce a stablecoin per se. Certainly not in our own name, but will be a wallet, a provider for any coin that any of our clients want to use. They're going to make their own coin. The banks are all going to make their own coin in the direction of Donald Trump. So I'm telling you right now, I know we're running short on time, become.
[00:51:16] Speaker C: How we establish the Fed again or the centralized dollar, because. All right, so now a legitimate bank is going to allow cryptocurrencies, which again are not currencies because you don't see spend them, but there's thousands and thousands of them.
And I guess I still don't.
[00:51:37] Speaker D: Okay, let me.
[00:51:38] Speaker C: We're given all of this, you know.
[00:51:41] Speaker D: Because we've been warning people that they need to pay down debt by hard asses. They need to get under the radar before this happens. We need to start that matters because.
[00:51:49] Speaker C: The bank, the government's all going to support it and all. We're going to go to cryptocurrencies even.
But which one? And there's thousands. And again, I just, I don't understand it. But they're giving legitimacy to it.
[00:52:02] Speaker D: Okay. And I get. There's one more thing. I have to dip my toe in the Water on. And then we're going to start next week, rain or shine. We're going to start with this next week because you need to be watching this.
Let's see here. The Wall Street's calling it the most genius piece of regulation since Dodd Frank. The Genius act was passed.
It was passed on June 17 with a vote to 68 to 30. I printed off the entire Genius Act. I dug into the White House writing on it. It's shocking. You know, I mean, I hate to leave you hanging like this.
I need to read two things. Sam, Do I have time? I got a lot of time. Says here the Genius act requires 100% reserve banking with liquid assets like US dollars or, or short term Treasuries and requires issuers to make monthly public disclosures.
Disclosures. The very next line says stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices. Crucially, they are forbidden from making misleading claims that stablecoins are backed by US Government, federally insured or legal tender. They just contradict themselves in two line you're going to be, you're not going to be backed by gold cryptos. You're going to be backed by the treasury. You're going to be backed by the people that have 37 trillion in debt. The end is near.
So let's be proactive, not react and talk about what to do.
[00:53:22] Speaker C: And on that note, that's it for today. If you like what you heard, you have questions about any of the topics or you want to sit down with us to review your personal situation, you can reach us at teamothermoneyshow.com find us on the web. Anothermoneyshow.com book appointments with them straight from the website.
Give us a call 623-523-0444. That number again is 623-523-0444. Remember, there's no minimums, no cost for appointments. Nothing to lose by getting a second opinion on your financial situation. We'll see you again next Saturday at noon right here on 960 the Patriot.
[00:53:59] Speaker B: Thanks for listening to another money show. You deserve to work with a private one 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 offer through Brookstone Capital Management LLC. BCM. A registered investment advisor. BCM and Rochford 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.
[00:54:38] Speaker D: Hi, I'm JR RA host of another money show airing Saturdays at noon on 9 60, the Patriot. If you've heard our show, you know it's more news based and how current events could affect your finances versus actually telling you what we do. I'm going to tell you what what I've seen time and time again to be the very key to a happy retirement, and that is income. You would think that those without much money in retirement are the only ones worried in retirement. What I consistently see is that those with large sums of assets are also just as worried. That worry always comes from the fear of running out. Stop worrying about your assets. Assets come in go. Income is forever. I believe self funding pensions are the key to a happy retirement and I can help you do it. Reach out to us at 623-523-0444. That number again is 623-523-0444. Or find us on the web at anothermoneyshow.com fixed annuities, including multiple multi year.
[00:55:47] Speaker A: Guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.
