[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 Correo and Junior Rochford.
[00:00:43] Speaker C: Your hosts, Anthony Correo, Jr. Rochford, taking a break from our day to day as financial advisors with Rochford and Associates, fully independent, fourth generation family office right here in the greater Phoenix area to bring information you may not find on those other financial radio shows. We're aware the last thing you need is another money show, but we appreciate you being here. And we were recording extra early this week. We were recording on Tuesday the 15th, but still doing a new show for you.
[00:01:14] Speaker A: And I'm sure we will still have some current events, even a little bit new stuff for you. So true value, let's jump right in. True value filed chapter 1175. Year old company. So anybody that's telling you the economy is doing wonderful, and we're gonna have a soft landing that has yet to be seen. True value, they're being bought out by a company I'm not familiar with. It's called do it best. So I guess they don't have a do it best in Arizona, but that's who's buying them out.
[00:01:44] Speaker C: Interesting. I've never heard of them either.
[00:01:46] Speaker A: Yeah. So must not be an Arizona thing. Boeing, that's still an issue. They're about to fire a bunch of the striking workers. So that's ongoing. The Dow Jones industrial average. I looked in on it. What's today? Today's the 15th, as we record yesterday on the 14th, it was sitting comfortably at 43,000. Dow 43,000. I remember my father in the late nineties, we were doing a presentation for a realtors group, I'm sorry, realtor group. And my father said that the Dow was kind of smoking mirrors back then, and he said that in his career and his lifetime, he's going to see Dow 50,000 and me included. But everybody kind of made a little bit of fun of him. We're like, that's never going to be a thing. Well, I mean, it looks like we're in that way. The only thing that could thwart Dow hitting 50,000 right now is coming up in about, I don't know, what is it, three weeks, the big election, then we'll see what happens. So speaking of time going quickly, do you realize that the 22nd is a week away? That's when the big bricks meeting is. So we'll, we'll see what happens. But there's a good chance that the Dow could stumble a little bit if that meeting. Has anything come out. Israel. Why on earth has Israel not done their attack on Iran? I'm lost either. I mean, I know they're not waiting for permission.
I'm not sure what's going on. Are they waiting for the 22nd? You know, I mean, is that, are we going to, Iran's part of that BRICS meeting so they, they could celebrate that time frame? Are they just gathering their people and resources? Because this is going to be absolutely huge. I mean, I'm not sure what's going on. It's, it's a waiting game. There are so many pitfalls right now to your Dow Jones industrial average and Nasdaq and all that stuff. You know what we're hoping for in our office?
We are hopeful that the Dow does another 2008. My fear is it's going to do another 2008 combined with 2000. And then if we're not all throwing rocks at each other, there's going to be the best opportunities in the history of the market. That's what we're hopeful for. Anthony has been helping people sideline money for that opportunity. He's been doing defensive stuff. He's selling nothing but true value and borrowing, I mean, energy, stock, solar, those kind of things. So we are waiting for opportunities still. But I can tell you, if you're not watching your stuff, watch it closely.
[00:04:21] Speaker C: Dow Jones hitting 43 is only great if you're taking your returns. Otherwise, you're just riding that wave and hoping for the best.
[00:04:29] Speaker A: I love that, riding that wave because that's all you're doing. These advisors, you know, they've, they've geared up for years now to get ready to tell you again, it's only a paper loss. You know, don't panic. Dow is down 20, 30%. As long as you don't sell, you don't have to worry. It's just on paper. And my question for the last two and a half years still stands. Then by that logic, is not all of this just a paper gain? If you're not taking profits off the table, you don't have it. It's like the people that buy a gold IRa. Joe, if you're listening, cover your ears. So we're not a fan of gold IRas. If you don't have it, you don't own it. When the you know what hits the fan, you're gonna call your trust department with your gold Ira and say, we, please send me my $250,000. You know, like they're gonna answer the phone. Not. Not very sure they're going to. So we got so much to get to every week. It gets kind of frustrating because this is an hour's not enough time. So I'm gonna do my best to hit a couple key points and then get into my articles, because that's what I live for. So, speaking of the Dow and that sort of thing, well, if you take profits, what are you supposed to do with it? We help people as a part of holistic planning. We help you with how to pay down debt. We help you with how to do grandchild child gifting. We help you with how to buy hard assets, whether it's, you know, a rental property for passive income, gold, silver, guns, ammo, water, alcohol, tobacco, whatever it is. We help you with those ideas, and we help you with traditional financial planning. You know, should you be looking right now at generational wealth transfer via life insurance or fixed annuity? You know, should you do a roth conversion? We help you with all that stuff.
One of the things that we've been very big on the last few years, we love mygas, which are multi year guaranteed annuities. Little compare and contrast. Let's say you have a one year CD. I don't know what it's paying right now. Maybe it's two, I have no idea. I haven't shopped them in years and years. But you have a cd for one year. At the end of one year, you have a little window, 30 days, seven days, whatever the window is, you can take part of it out. You can take all of it out. You can let it roll for the year, whatever you want. A myga is an insurance company equivalent. So with a myga, one of the main differences, let's say. Let's move to a five year. If you do a five year cd, you're going to get a 1099 every single January or February. Well, wait a minute. I'm doing a five year CD. Why isn't it tax deferred? I'm not taking the money out unless there's a catastrophic event or whatnot, which is coming up in three weeks, if I haven't mentioned that lately. So, you know, you get a ten or nine. On a insurance product, you do nothing. So you're getting interest on your compounded growth. So there. There's a plus for you. Something else. I was. You know how outgoing I am, right? Anthony? I'm a social creature. I was in a bank. This was last week in a bank. There's a teller that I've been getting to know. I seem to get the same one a lot. And I finally decided it's time to bring up the radio show. Bring up why I don't like banks. And I. And I. I don't know. It's probably 1012 minutes with this teller. And this teller had no idea that the Federal Deposit Insurance Corporation guarantees our money up to $250,000 per account at 1.2%. She had no idea. I'm like, you are a banker. You work in a bank. How did you not know this? She's like, I just never heard it before. I'm like, well. And then I'm talking about the radio show again. And then I start asking about a bail in, and she's never heard of it. I'm like, this is impossible. You are messing with me. Like, I know there's cameras all over the place. Which. Which one is punked? So this woman didn't know about the federal deposit insurance. She knew about the FDIC. She knew as long as I keep under 250,000 per account, I'm safe. She had no idea that there was no money backing it. I'm like, I'm going to show you how to find it. Use to post it. Gave her the way to find it. Then we start talking about balance, and she is like, yeah, no, that's not a thing. She's like, of course you'll get your money. I'm like, well, right now you can see the balance in my account. And I'm paraphrasing our conversation. This literally was 1012 minutes. I'm like, right now you see how much money I have in my bank? Can I have it? Will you leave enough like a keep the account open? Can I have the rest of it? She stared at me like, you are right now, Anthony. She glazed over, didn't care what I was saying. Boards, you know, what list? And she's like, well, no. I'm like, well, what do you mean no? It's my money, right? It's under 250,000. We have the FDIC coverage. Can I have my money? She said, well, no. She said, I can give you. And I'm like, you do realize right now you're saying I'm being bailed in. If it's my money and it's covered and guaranteed and I want it, give it to me. And believe me, I don't have a lot of money in the bank. I am married with children. So basically, after we got done talking, she was like, yeah, they don't. That's not what they teach us. They teach us a lot of things. That's not part of it. I was like, good. Glad I happened by.
I mean, to me, it's amazing. People that work in a bank aren't trained on some of this stuff, and that's shocking to me, but I'm pretty sure they don't want to know. Remember the big meeting? Remember the FDic meeting? We played clips from it from November 2 years ago. They don't think the country can handle that information, that there's no money that they could have a bail in. And it's really. I mean, we have the proof for you, as Dan Bongino calls it. We have the receipts. All you have to do is look at the 2010 Dodd Frank regulations. All you have to do is a simple search. Do an Internet search on your duck duck go platform. We're taking sponsors, by the way, DDG. So do a simple search and plug in there, bail in, see if it's ever happened. So, I don't know. I mean, to me, it's. Everything is being hidden from the general population until it's not. It is until it isn't. So, from the bank. Let's leave the bank for a second. Oh, you know what? I need to finish up. The reason that I want people to know what a myga is. We. Our rates are still competitive.
We are not salespeople. If we can help you, and we have advice or a product to do so, we're honored. We do not help people just to make a commission, so. And by the way, with our one year product, it's one year. You have a 30 day window. It is 100% guaranteed by the a rated insurance company. So that's one difference. If you wind up going for five years, it's tax deferred. But the rates are changing. And actually, they started changing, geez, six, eight weeks ago. So they're going down our one year. And I'm careful with how I say this. Today on the 15 October, the one year rate is 4.75%. So you need to make sure you look into mygas. We're a big fan. There used to be something called cd laddering. I think 15 years of no interest rates made that out of favor people do bond laddering. We like insurance companies. We think you should look into myga laddering. So come see us if you wish. We're at 623-52-3044 but you have to do it today. You got to get in today. You have to have a minimum of $250 million. We only have seven slots open. You have to be listening to the radio show and take one of the seven slots. So call within the next half hour. Moving on. Do you want to go into politics for a second or stay in banks?
[00:12:13] Speaker C: I mean, it's all the same anyways.
[00:12:15] Speaker A: It's all the same. There's no difference.
[00:12:17] Speaker C: Throw it in there.
It's all broken. It's all gross. I'm all just exhausted. I'm on vacation mode right now. I don't care about any of this stuff.
[00:12:26] Speaker A: You're on vacation mode. You look like you're on vacation mode. I usually don't see you hammered this early in the morning. It's kind of nice. It's a nice break in the day. So, uh, I was.
[00:12:35] Speaker C: I'd be more exciting. I think I'm more tolerable when I'm drunk.
[00:12:38] Speaker A: And I bet I'd be a little bit less hyper and a little more mellow if I was drinking.
Yeah, true. There's that. So, government. Let's talk about a few things about the government. One.
One weather.
And I know. Anthony, I'm ready for you to roll your eyes. Put your head back on the microphone like you did last week.
[00:12:55] Speaker C: The weather outside is frightful.
[00:12:57] Speaker A: There's a lot. I didn't even hear you. And I'm just going to move on because I'm sure it wasn't something I need to know. So, the weather, there's a lot of things that are coming up about harp and geoengineering, and it's so funny because everything I read, there's tons of patents from the government on how to manipulate the weather.
And I just. I think of you whenever I read these articles because I know you're just like, oh, that's not true. So I don't know, Anthony, which is it? Is it global warming slash climate change? Is it the government interfering in our weather with vibrations and putting stuff in the clouds? Or is it God? You're going to have to decide. Those are your three choices. This is just the nature of things changing, and we're all going to be dead in a couple thousand years by the heat. Or it's God. Or it's the government. So maybe it's all three. Maybe we're on a crash course of all three.
Speaking of the government, was there a.
[00:13:53] Speaker C: Point you're going to make to that, or is that you just wanted to make this statement?
[00:13:57] Speaker A: No, no. It's just, no, it's not over the government. It's not over the FEMA workers. There's, there's articles now about how militia people are interfering with FEMA workers. FEMA has no money yet they have money for, you know, Lebanon and organization, but it's all in the same coffers. Are you going to tell me next that your Social Security system is a different organization than the CIA or NOAA, the national, what is it? Oceanic Atmospheric people? You do know that if they get money, it's the same kind of purse as your Social Security. And the food, the EBT cards and all that, it's all in one big pot right now. And you know what the pot is? The pot is 35.7 trillion in debt. So we're at about.
It's insane. It's a number that nobody can picture. But anyway, I just, it's not over. I still don't have air conditioning in my home. At least this week. The weather here is supposed to break. We're having climate change the other way, finally. But I've been without an air conditioner since the end of September, so to me, I'm very concerned with the weather. There's another hurricane potentially. There's two of them. There's one in the Caribbean. Nadine. Nadine's perhaps coming, so we'll see. I just find it odd that there's so much controversy around it. I find it odd that I don't have air conditioning, and I find it odd that the hurricanes are piling on top of each other at the end of hurricane season. But here, nor there. Let's move on a little bit. So part of. Okay, so the Boeing strike, Boeing wanted, what, 30% raise. And the ILA, the Longshore association, they got 62%. I have a weird idea for you. So we, the people we brought to you last week that you're going to get a 2.5% cola. You're going to get a cost living adjustment for two and a half percent next year. So maybe we should all go on strike. It, just after that show, I started thinking about that. It's like Boeing, you know, they're picketing. They're, they're going to fire a bunch of them. You know, the, the longshore strikers, they're going to fire back up in January. I guess it is. They have to get past the election before they resume. So maybe this country should pick it. Rise up, rebel, revolt, something, you know? So, you know, why don't we stop taking in the shorts as a country? Why don't we all rise up?
[00:16:26] Speaker C: I love that. Yeah.
[00:16:27] Speaker A: Okay. I just, I mean, you know, it, it occurred to me there should be.
[00:16:31] Speaker C: More people striking there. There's no reason we should have a government shutdown, shut down the economy, the Dow Jones triples and all of these companies are at all time highs, you know, with revenue, yet nobody's making more money.
[00:16:46] Speaker A: Correct. And I, I mean, I know in the past you and I have gone over that whole thing and I don't know, I mean, I just, I think about Boeing, I think about the cost of living. I think about all these things. And then I think we're in Sun City and we have people on a true fixed income. We have, we don't buy demographics lists. A lot of advisors do. They're looking, you have to have a certain income, certain amount of assets. We haven't gone that road. We've thought if somebody needs help, they need help and we're going to help them. Maybe that's hurt us. That's been detrimental to us because neither one of us have a boat, so that's not cool. And we're, with hurricane season. I wish we both had a boat. So my, my whole thing, you know, I mean, the way that this country's going, it's not fair. And all I have to, whenever I think about money, I think about Ukraine and I think about how we are literally paying their Social Security.
We've told you that over the years on this show. We literally are sending them money so they can pay their people while our system is so broken. You know, Medicare has ten more years on it, you know, and we've talked about Social Security. They're not going to fix it by lowering your benefit by 23%. It's going to be a three prong approach. I'm just telling you, I've been watching this for 20 years, and everything that I've seen that they try not to let us find is they're going to raise the age we live longer. Of course they're going to raise the age. Instead of 62 or 67 or 70, you're going to have to. They're not going to let you start till you're 70 or 75. It's not going to be enough to save it. Younger workers, you're paying in like 6.25% right now. They're going to have to raise that and not to like 8.25. They're going to have to raise that to like twelve. They're going to have to really raise it and it's still not going to be enough. It's that underfunded. And then the granddaddy, they're going to lower benefits. And again, we have people on a true fixed income, have a small pension, don't have a pension, live primarily on Social Security. When that happens, the pain is going to be great. But you know, hang on to your two and a half percent raise. So you got that going for you. All right. I guess there's not much more I can say about that. It's just I get frustrated with that whole thing. So I think it's time to raise up. Had an article here from the Daily Hodl on the 12 October. I'm just going to read the title and move on from this one because there's not a lot to say about it. Us government pays $950 billion in interest on the national debt in just one year, says the congressional Budget office. So I mean that's right there at a trillion dollars. I mean that's, that's insane. To just. On the national debt. So our debt is bad. It's getting worse. And I'm not, I'm just, I still think the whole thing ends badly.
[00:19:35] Speaker C: Isn't it the number two liability for the country interest? Yes, it's insane.
[00:19:42] Speaker A: It surpassed the national, the. Yeah, our military, which, I mean, the world's not safe right now. So, I mean, I'm not, I'm not, you know, necessarily a war hawk, especially with a son in the military and one that's going to be drafted next year. But I'll tell you what I mean. Yeah, this, it's problematic and it doesn't matter. I mean, you've said forever. Why can't they just keep printing money? They can until the music stops.
[00:20:06] Speaker C: And then it's funny, it's because we're actually getting closer to what you've been talking about for the last couple, seven months. The bricks meeting in October. I mean, it's like two days away and I feel like we haven't really brought it up at all.
[00:20:19] Speaker A: Yeah, it's a week out and we will see from when you're listening to this. Yeah, it's just a few days away, so we'll see what happens. And again, I mean, the thing that we've said since we've been on the air, you know, your take is there's always been something to worry about. We've had a great depression. We've been in a civil war. We've had the black plague. We've always had something. And my take is, you're absolutely correct. Just not all of them at once. I mean, we've never had all of the things we've gone through at one time in history. And I feel like we're heading that way. It's when the dominoes fall. I just think they're all going to fall. But let's hope I'm wrong, because I did promise to you. I promised your mom. If things, if we get through the end of January and things are fairly peaceful and we figure out our divisive politics and healthcare and borders and Social Security, Medicare making, if all that starts smoothing out, we'll go financial. I mean, this show actually, as financial advisors, this show actually does not help us. You know, you would think we're getting a bunch of appointments. We're not getting that many. You know how to get a bunch of appointments? Sell. We need to do the infomercial that you and I promised we would never do. So. But if the world doesn't end soon, we need to start doing more financial planning on the radio, and then we need to start telling people they, you know, we have so many slots open.
[00:21:37] Speaker C: Do anything.
[00:21:39] Speaker A: I don't know. I mean, it's. I mean, I really. Can I keep going this way? I mean, every single week I've got stuff to bring people. Isn't there going to eventually be where I'm like, oh, there's really not really that much happened this week. I mean, I don't know. It's. If this is insane. So speaking of a lot happening, why don't we continue to week three? Let's do part three in a three week series on the second amendment issue, if that's okay. You know, the, the two weeks ago, I was telling you how the possible next President Harris is basically saying that under her watch, they can come into your house, they can just show up, they can violate your Fourth Amendment, and they can look to see that you're keeping your firearms safe. Well, that's not the true intent of that, if that's going to transpire. But that's so frightening to me because basically the constitution is over at that point. And then last week we showed you it was, I don't know, was it Massachusetts, where the governor actually put in, like, an emergency decree or whatever a king would call it, you know, to ban certain weapons and ammunition and clips and magazines, whatever. So this week, I want to end the three part series on an upbeat note. I've got some good news for the Second Amendment lovers. This is New York of all places. You would think this would come out of Montana, maybe even Arizona. I don't know. But this is from MSN.com on the 10 October this man, this makes me happy. NEW York, Allison Esposito, a republican candidate running for Congress in New York's 18th district, said she does not support a ban on assault weapons and that America does not have a gun problem. Amen, sister. Esposito made the comments during the debate against democratic US Pat Ryan on Pix eleven Wednesday night. When asked if assault weapons should be banned, Esposito said, no, you do not accomplish any rule or safety by taking guns out of legal, lawful people's hands. We have to punish criminals for their actions. I mean, I've been saying that for years and years. My take put people in jail, bring back capital punishment, do whatever you have to do. So, Esposito added, we have a heart problem in this country and a mental health problem in this country. We don't have a gun problem in this country. Additionally, Esposito said she does not support a ban on bump stocks and extended magazines. Well, those are just a, those are a tool to go along with the tool. It's the people, it's not the guns. So says here we're targeting a weapon and not the individual. We need to be targeting the individual. Is that like a plan, words or a pun? We need to be targeting the individual that perpetrates these crimes and hold them accountable. We do not remove a second amendment right from our citizens simply because somebody else committed a crime. And speaking of which, watch closely. Do you remember when Trump during the debate, talked a little bit about trende? Arawa talked a little bit about apartment complexes in Aurora, so that that's still going. They're just trying to hide it from us. Chicago is having a big problem. Several states are having a big problem. So, Sam, good call. Sam said bump stocks sound like an alternative asset class. Yes. We're going to start after things do not fall apart in the fall. Not the fall, the change of weather, the fall, as in civilization. We are going to start selling bump stocks out of our office. You have to be an accredited investor. You have to have at least $6 million and earn a million and a quarter. So why don't we do this? Everything I've got next is super important. Should we go ahead, Anthony, and go into a break and then come back and hit it? Or do you want to talk one more thing about politics last thing, promise. I heard twice, I heard once last night, once this morning, that Harris is polling very, very poorly and that they might be working on something to take her out between now and November 5 and put in. Any guesses? Sam Anthony, who do you think they would put in instead of Harris at this late in the game?
[00:25:56] Speaker C: Biden.
[00:25:57] Speaker A: No, he doesn't know where he is. Is he still alive? Weekend at Biden's. Biden's probably on the beach somewhere waiting for Nadine to come in and give him ice cream. No. Hillary, Hillary Clinton. That out there? Yes. So I can't, I mean, they've been.
[00:26:12] Speaker C: Saying all kinds of things. I can't imagine. I don't think the polling results, who knows what it is because certain articles say she's polling really well. Some say it's close, some say she's not at all. So who knows?
[00:26:26] Speaker A: It'll be fun. It's going to be interesting if they do anything here. Anyway, with that said, why don't we take a break, come back and I've got a couple of really important things. Reach out to us, please, 623-52-3044 or email us.
[email protected] thanks for being here. And we'll be right back.
[00:26:46] Speaker B: This is another money show, except this one's different. This one's actually fun.
At Rochford and Associates, we know the road to financial freedom is not a straight path and the journey is different for every family. And in times like these, we want you to feel confident that you're safely on track to meet your retirement goals.
[00:27:16] Speaker A: We want to ask you to prepare for economic chaos. We want you to prepare for bank volatility. We want you to insure and protect your assets. With a smart plan, our team can.
[00:27:25] Speaker B: Help you make the most of your hard earned savings using strategies that are right for you.
[00:27:30] Speaker A: I want more people to sit down with us when we talk about a financial plan. It's different for every person we meet. We tailor make our plans.
[00:27:39] Speaker B: Schedule your no obligation consultation today by calling 623-52-3044 that's 6235-2304 444. Rochford and associates, veteran owned and proud to serve Americans like you.
Wouldn't you love another money show? You would if it were as good as this one. This is another money show with junior and Anthony.
[00:28:10] Speaker A: Welcome back to another money show. Thank you so much for being with us. We greatly appreciate it. If we can help you. If you have show ideas, if you'd like to sit down with us, please give us a call at 623-52-3044 or email us at team another money show.com. so what I said before the break, I have something extremely important and it's financial. I do have more political stuff. If we have time later. I think I lied about not doing any more political, but let's get to TD bank for a second. So here is an article that I found on the of September. I've been sitting on this one for a while. Cause it really, I mean, in light of everything going on, this wasn't all that important. So it says here, this is the daily, hold on, $921 billion bank paying 27, 600 zero. Now what is that? That's $27 million, which is nothing. We speak in billions and trillions. But anyway, they're paying a $27 million fine for allegedly placing customers access to employment, housing and credit risk. And I saw this article. What the hell does that mean? I mean, employment and housing credit risk. So let me read a little bit of this. The consumer financial protection bureau or the old CFPB is accusing TD bank of repeatedly placing its customers ability to access employment, housing and credit at risk. What? I mean, I had an old Scott trade account and then all of a sudden they changed. And then it was TD Ameritrade. Could I have had a better job than this one if I didn't go from Scott Trader TD? So I don't still, this, this makes no sense to me anyway, to continue. Oh, and by the way, then my TD account became a Schwab account. So mind you, this TD thing doesn't matter to me anymore cause I'm with Schwab, not TD. So according to the us financial regulator, TD bank systematically shared inaccurate, negative information on its customers with consumer reporting agencies for years and consequently jeopardizing their credit worthiness, employment and housing prospects, as well as other human endeavors that require consumer reports. I mean, what a slimy. How do any of these b of a chase? Wells Fargo, TD Ameritrade, USAA. We keep bringing you the shenanigans from these big, huge mega banks. How did make it?
[00:30:45] Speaker C: Well, they make it easier for institutional investors to come through and buy more homes.
[00:30:50] Speaker A: Oh my gosh. Are you a conspiracy theorist or what? Yeah, no, that's really, that's a, that's a good idea. But, you know, I mean, Claude Schwab said one day you won't own a house. So maybe that really is going that way a little bit more for you. The CFPB says TD bank must now compensate tens of thousands of consumers to the tune of 7.76 million. TD bank will also pay a penalty of 20 million to the Consumer Financial Protection Bureau. Oh, wait a minute. So they cheated by 27 million. Remember the number I started with? And then they're only going to give 7 million of it to the people they cheated, but they're going to give 20 million to the government. Good night. This is what a racket the government is. We've got the biggest mob, mafia, whatever you want to call it. Okay, I'll be a little bit careful there. So it says here 20 million, sir. Okay, I guess I'll move on. I'm looking at what I highlighted. I've given you enough. Let's do this. As long as I'm t on TD ameritrade. Here's another article for you. This one I would actually recommend you look up and read it for yourself. I believe I highlighted the entire article on this one. So this one is from the 10 October. It's on msn.com. tD bank to pay 3 billion. The last one was only 27 million. 3 billion in historic money laundering settlement with the Justice Department. All right, let's say you're Anthony or junior or the one and only Sam Davis. Let's say you have insurance, financial securities. Let's say you're licensed to work in the financial services industry. What is the most training we have? Every single year different companies bring to us. We have to do it in general for a licensed. What is the training? We do more than any other training.
[00:32:40] Speaker C: And I'm under the anti money laundering.
[00:32:43] Speaker A: Laundering. The old aMl. I just got a notification from one of the companies we represent, by the way. We are fully independent. How can you be a fiduciary if you're a captive agent? We are fully independent. So we, we get plenty of knowledge on layering and placement and structuring and all these things. Anyway, TD ameritrade, apparently you do not. So according to Msn.com, tD bank will pay. Approximately. Maybe it's all. Maybe it's a little under 3 billion. 3 billion. In a historic settlement with the us authorities who said Thursday that the financial institutions lax practices allowed significant money laundering over multiple years, Canada based TD pleaded guilty to conspiracy to commit money laundering. The largest bank in us history to do so, Attorney General Merrick Garland said, wait a minute, they're out of Canada. Okay, so they're out of Canada, but they're the largest bank in us history to do so, meaning their presence here. So TD bank created an environment that allowed financial crime to flourish, Garland said, by making its services convenient for criminals. It became one. High level executives were alerted to serious problems with the bank's anti money laundering program, but failed to correct them as employees openly joked about how easy it seemed to be for criminals to launder money there. Garland said the bank is the 10th largest in the United States, and its CEO said the company takes full responsibility and has been cooperating with the investigation. Oh, good. It's been taking steps to fix its us anti money laundering program, including appointing new leadership and adding hundreds of new specialists. So says here, we know what the issues are and we are fixing them as we move forward. We're ensuring that this never happens again.
I'm 100% confident that we will get to the other side and emerge even stronger. Is that true? Will you?
[00:34:52] Speaker C: So that'll happen again? Well.
[00:34:54] Speaker A: And what. What do all these people have in common? Are you sorry about what you did? I am not. Are you sorry that you got caught? I suppose I am. So I need to read a little more. I know you don't like me reading these articles, Anthony, but this. This one's just too juicy. The department. The Justice Department said the bank allowed at least three different money laundering networks to move a total of $670 million through TD banks over a period of several years. This is probably. Here's my favorite line in this article. The institution became the bank of choice for multiple criminals and money laundering organizations. So this bank was their go to. This bank is their. This is their bank of choice. I mean, that's just hilarious. Let's see if there's anything else I can read here that's more. This is incredible to me. Let's see here. In one case, a man moved more than four $470 million in drug proceeds and other illicit funds through TD bank branches, bribing employees with more than 50,000, 57,000 in gift cards. He chose TD bank because it had the most permissive policies. More than once depositing more than 1 million in cash in a single day and then moving the funds out of the bank with checks or wire transfers. I don't know, Anthony, anything.
And sooner or later enough people are going to know they're not. Never mind. I was going to say, people are eventually going to say, I don't find it acceptable that you pay Social Security for Ukrainians and not us. I don't find it acceptable when all these companies need big raises just to get through and we get two and a half percent. I don't find it acceptable that I barely get returns out of my bank money. And these people, these ridiculous animals are laundering this kind of money. I'm just going to read one more thing and then we'll move on. In a third scheme, a money laundering network had accounts for at least five shell companies that moved more than 100 million in illicit funds. But the bank did not file a required suspicious activity report until law enforcement alerted it. So very end of this, the bank also agreed to major restructuring of the corporal corporate corporal punishment of the corporate compliance program in its us operations, as well as three years of monitoring and five years of probation. So let's tie the two articles together.
You might not have bought the house you wanted to buy. You may not have been able to rent an apartment because TD said you were doing something wrong or you just weren't credit worthy. And now we find out TD itself is possibly doing something wrong and may not even be credit worthy.
We good? Should I move on?
I'm not in it today. I'm not the usual passionate because I mean, to me that is the big story of the week and it's still, it's like, I mean, your reaction to it, you're like, it doesn't matter, you know, that'll be gone after a bit. You're numb. You're numb to this.
[00:38:20] Speaker C: I mean, does any of this surprise you?
[00:38:23] Speaker A: Um, I guess because it's just never ending. No, I want it to surprise me. I want people that hear this show to still be like, yeah, that's insane, mean. And I don't know. I don't know the. I don't know the.
I don't know the answer to it. I mean, should everybody pull their money out of TD? Well, then you're gonna have to pull it out of Wells Fargo because your accounts fake anyway. You didn't open it up. They open it up for you to fair.
[00:38:53] Speaker C: We have said that many a times. Like, of all the banks to keep your money in, Wells probably isn't the one.
[00:38:59] Speaker A: Yeah, but neither is chase. They have felonies. Neither is B of A. Ydez, don't they like six? Yeah, six or seven. B of A are closing a lot of branches. I think we're getting closer to this country. CBDC. And who's going to run it? You know, we had mentioned city. City is going to be one JP Morgan Chase.
I highly discover. Discover. Maybe discover is going to be in the mix. Boy, that was freudian. I highly think TD Ameritrade is going to be one of the ones to run it, especially after the government's taking $3 billion for them. So that's a pretty big slap on the wrist. And it's so funny that $3 billion is not a, an eye raising amount. That's kind of crazy.
[00:39:39] Speaker C: At least it was more of a punishment than what they said they gained. They said they laundered, you know, 600 million.
Usually they launder 600 million and get punished. 3 million.
[00:39:51] Speaker A: True.
[00:39:52] Speaker C: At least they put a b at the end of it.
[00:39:54] Speaker A: But I will bet if I read more of that article, I mean, I literally highlighted every single word of it. Maybe that 600 was just one part. I mean, who knows? But you're right. No, that's true.
So, moving on, let's go to something else. You know, we'll stay in the banks for one more second. This one, I'm getting to some older articles today because we're recording earlier during the week, so I wanted to use up some of these ones we hadn't got to over the weeks. So this is one from the daily Hodl from the 20 September JPMorgan Chase, Wells Fargo, and b of a lose $5 billion in push to offload rotten debt as credit card delinquencies surge. So, you know, while the banks are nailing us to the wall with their shenanigans, we also are struggling too. You know, the soft landing, the healthy economy. You do realize Harris was asked on several different shows. She's finally on the campaign trail. She was on the view, so nobody questioned some of what she was, you know, saying. She was asked what she would do different than Biden. Did you hear this, Anthony? They gave her a chance to say, I would start fracking. I would build the wall. I would do all this stuff. On these recent shows, she said nothing. She literally said that she. There's death. She wouldn't differentiate herself. So I don't know. I mean, I hate to say this to you. The only good news financially in this country, your stock market is soaring. I mean, it is absolutely soaring. $43,000. Just shocking to me. So hopefully it just keeps going that way because sooner or later, you know, if all this stuff happens at once and you haven't been watching your old 401k or your current 401k, there's gonna be nowhere to hide. I mean, this, these, these are still good times, you know? I mean, there's not a lot bad going on right now. I mean, except there is every day. Back to this article. Daily Hodl 920.
So us banks are increasingly offloading billions of dollars in bad debt that they've officially given up on collecting, according to new numbers from the Federal Deposit Insurance Corporation. Those are the people with, with 1.2% coverage on your money, kids. It's the new quarterly banking profile report. The FDA says us banks report 21.3 billion in net charge offs in the second quarter of this year, largely due to credit card delinquency. Boy. Oh, and commercial real estate loans. Remember when we warned you about commercial real estate taking a dump at the end of 24 and then through 25? That's, that's not off the table. We just haven't time to bring it up in a while. So that's still coming.
Let's see here. The new numbers come as JPmorgan Chase, Wells and B of A individually disclosed billions of dollars. Okay, I guess I've said enough of this. Let's go back to politics. I'm getting bored with the banks. Sam, do we still have plenty of time to get back to politics.
[00:42:54] Speaker C: Show now?
[00:42:55] Speaker A: Yeah. Yeah, I guess I, I guess I like politics better. We, I would really like to have a money show, sports show, because I know very little about sports, but I talk a lot of smack. I would like a money show, a sports show where all I do is argue with people and a political show.
So here, look up this one. You're gonna like this one. This is on msn.com. on the 10 October, top executive donated to Biden Harris campaign after administration cut check to her chinese owned EV firm. Record show so electric vehicles, we all know that's the big push in this country. Says here the Biden Harris administration gave a six figure subsidy to a China linked electric vehicle company in late 2022. And roughly a year later, its president showered the democratic presidential ticket with tens of thousands of dollars in donations, records show. By d America's doesn't even sound all that chinese to me. By the Americas received $395,000 through the Biden Harris administration's clean school bus program in October of 2022. Anthony, did you even know that there was a clean bus program? We talked about a lot of wasteful spending and I was unaware of the new buses coming. But apparently there was a clean bus program. So let's see. According to Environmental Protection Agency, the old EPA documents key Lee, the president of BYD Americas then made four large donations to support President Joe. Joe Biden said Joe Obama man, Freud is having a good time with me today. Re election campaign on November 14, 2023, funds that were transferred to Vice President Kamala Harris in July after the president dropped out of the election. So they gave money to Biden. As soon as Biden dropped out, they released it and gave it to Harris. That's weird. The Biden Harris administration has long touted its electric vehicle agenda as a way to revitalize american manufacturing. Maybe I should stop there. So the. Let me read, I'm going to read that one more time. The Biden Harris administration has long touted its electric vehicle agenda as a way to revitalize american manufacturing and to counter chinese economic growth. Much of the government spending to boost the industry, however, has been a financial boon for China as chinese companies benefit from taxpayer funded subsidies. We're trying to strengthen America. How are we going to do it? We're going to give all our money to Ukraine and China. And one more thing on this article and then I'll move on because I've got plenty more of these. So it goes to the state level too. Here's one for you. Democratic California Governor Gavin Newsom. It's a good looking guy there. He'll be president one day. So Democratic California governor Gavin and Newsom, for instance, awarded byd the same a 900 million no bid contract to provide his state with masks during the Covid-19 pandemic. BYD had no history of manufacturing masks or any other personal protection equipment, say.
[00:46:33] Speaker C: 900 million, 990 million.
[00:46:37] Speaker A: So almost a billion for masks. And they don't make masks. Well, they had no history. Maybe all of a sudden they made a ton of masks because of California.
[00:46:47] Speaker C: Insane.
[00:46:48] Speaker A: This is also insane. Oh, but then the end of that. Lee donated a total of $50,000 to Newsom's 2018 and 2022 gubernatorial campaigns, according to state campaign contribution records. The BYD, America's president is identified by her company as a chinese national with other company documents indicating she has a right of abode in the United States. While foreign nationals generally cannot contribute to political campaigns, green card holders may do so, according to the Federal Election Commission.
Man, I get so angry. You realize our federal government, Anthony, you probably know this, sam, you might. Most people do not. Our federal government as we speak is suing the state of Virginia. Why, you may ask? Because Virginia is purging their voter rolls of people that are not eligible to vote and Washington DC does not like that. So if you get a chance, just do a quick Internet search on us government suing the state of Virginia because they want illegals to vote. Let that sink in. All right. I think I have money.
I think I have time to switch to another article that I enjoy so much. This one is from the 12 October Harris, the same that we've been talking about. Home health care proposal is nothing but a cynical ploy to win votes with false hopes. It says here, oh, and this one, if you want to look it up. And oh, I'm at a field day with msn.com today. So it says here, in what may be the most damning sign of fundamental cynicism, Kamala Harris last week proposed a new Medicare home health care entitlement to be paid for with fairy dust, basically. And that is a quote, I just read that. That is from MSN. That is not from zero hedge. That is not from the daily Hodl Msn. They are attacking their own kids. Hence, Hillary needs to dust off her presidential procedure manual. So notably, she announced it on the view where she could be sure no one would, could ask any probing questions. That's, this is, you can't make this stuff up. The benefit would surely be popular as America ages. Ever more of us need help managing at home rather than going into some kind of supported living institution. But the court cost would be huge. As Chris Pope noted in the post, it could easily reach a half a trillion dollars a year. Harris suggested the price tag. Who cares what Harris says? So you know Bernie Sanders is still in the White House, right? Bernie Sanders, whose main focus, other than he wanted to be president, main focus is Medicare for all. So this falls under that. Meanwhile, Harris says she'd pay for it with more Medicare drug price controls modeled after those she helped pass in the so called Inflation Reduction act. That's probably why inflation is heating up again, because the Reflation Reduction act, the reflation inflection, you know what I'm talking about? Maybe I did drink this morning. So yet those controls backfired. They capped seniors out of pocket drug costs at $2,000 a year under part D. But insurers still had to make ends meet. So they hiked premiums by 20% the first year after the new rules passed, and we're looking at another 50% increase this year. So this is insane. That's when team Biden intervened, announcing a demonstration project that just happens to involve roughly 5 billion in subsidies to insurers to keep part d premiums down for now. Little reality check for you. Medicare is already headed to bankruptcy within a few years. We all know that, right? Medicare is broke. Social Security, Medicare, Medicaid, we talk about all the time. So let me read the one more thing from this. The last thing this country needs is a new benefit that will bring the crisis far closer.
A democr a democratic congress in 2021 rejected President Biden's call to spend a mere 15 billion for new home care program. A President Harris has no hope of passing her much larger proposal. What makes this candidate's announcement nothing but a cynical gesture to exploit a genuine problem, to win votes by raising hopes with a plan that can't work and has no chance of becoming reality? Harris's politics of joy sure is sleazy. That is from msn.com. they are finally saying, what's going on there. So my question is this, is this a ploy just to get votes for November, or is this part of what they're really going to try to go towards? Is this Bernie Sanders behind the scenes working on Medicare for all? So it's either short term ridiculous ploy or it's a long term really, really ridiculous ploy to end the financial system in our country.
Cool, huh?
[00:52:26] Speaker C: Do you have anything for my future?
[00:52:29] Speaker A: Your future is looking bleak. What's the answer for your future? You, Sam, Jay, you guys have to, you have so much to do. I mean, I really, if we don't go all the way into world war three, if we don't have civil unrest after the election, I mean, all the things that are in our face if we get by them, you know, you still have to fix healthcare, politics, borders, you have to fix all this stuff. And I'm not sure how it goes. I mean, I'm not sure how this ends, but I'm not optimistic. You know, when you're younger and you talk about, I wish I knew what I know now and could go back to high school, not me. Not me. I don't think individuals, country make a difference anymore. I don't think our vote counts. I'm super, super negative. And I always tell people, I'm not an optimist, I'm not a pessimist. I'm a realist. And I can tell you what, long term, I still try to be optimistic. Short term meaning the next, like tomorrow, for the next couple years, I am painfully pessimistic. So I can only hope that things crash a little bit, enough to wake up the normies, the people that are sheep, the people that just, they're stuck in normalcy bias. I hope it crashes just enough to wake them up. And then we start coming together as a nation and fixing things. I just, I don't want all of the ten pillars to come true and you not to have a future with that happy little, little ending. With that happy ending, you get what you paid for here at another money show. Anthony, you want to take us out?
[00:54:04] Speaker C: I can probably do that.
Anyways, that is it for today's show and all of JR's positivity. If you like what you heard and have questions about any of the topics today, or want to sit down with us to review your personal situation and reach out to us at team anothermoneyshow.com. find us on the web anothermoneyshow.com. you can use the website to set up a appointments. There's a contact button on there somewhere too. You reach out to us from there. Remember, if you do reach out and want to sit with us, there are no minimums, there's 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 Patriots.
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[00:55:28] Speaker A: Fixed annuities, including multi year 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.
