The Melt-Up Economy EXPOSED: Fed’s Pivot, AI Jobs DESTROYED & A Recession
The melt-up economy isn’t a victory lap, it’s the part of the horror movie where everyone thinks the monster is gone because the music gets quiet. Markets keep ripping, consumers keep spending money they don’t have, and the Fed is out here pretending their “pivot” wasn’t telegraphed like an amateur magician revealing the trick before the reveal. And meanwhile, everyone’s acting shocked that AI is destroying jobs when we’ve been screaming for a year that replacing humans with silicon brains might come with a little collateral damage.
➡️ But sure... recession? “What recession?” That’s the vibe. America is basically stress-shopping its way through warning signs big enough to put on billboards. Confidence surveys are collapsing, savings are gone, debt is exploding, and the only thing holding this whole Jenga tower up is hope… and hope is not a strategy we endorse. If a soft landing actually happens, it’ll be the first miracle the Fed has pulled off without breaking something in the process. Buckle up because the data says there is turbulence ahead, even if the captain keeps smiling.
💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?
📩 NEWSLETTER: https://tr.ee/O6FWkv
👕 THS MERCH: http://www.thspod.com
🔗 Resources:
Special Edition: Economic Insight (Stifel)
Mortgage rates dropped this week amid fresh signs of job market weakness (Yahoo! Finance)
Beige Book - November 2025 (Federal Reserve)
US consumer confidence tanks in November as Americans see more financial pain ahead (Yahoo! Finance)
⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.
Transcript
Sorry, sorry.
Speaker B:Give it to me.
Speaker B:Yeah.
Speaker B:The company on the corner is going to do these in ear mic things for us.
Speaker B:I talked to them.
Speaker B:It's actually relatively cost affordable.
Speaker B:So I'll.
Speaker C:We're gonna swap them out soon.
Speaker B:Yeah, I think we're gonna.
Speaker B:Because I'm so tired of these things shedding on my ears.
Speaker B:So expect all three of us to get fitted for custom earpieces.
Speaker C:Ooh, fitted.
Speaker A:Moving on up.
Speaker C:There you go.
Speaker B:Yeah.
Speaker C:Welcome back to the number one financial literacy podcast in the world.
Speaker C:This is the higher standard.
Speaker C:That means cue the campop.
Speaker C:Sitting in front of me is my partner in crime, Christopher Nahibi.
Speaker B:Sorry.
Speaker B:I'm savoring the first form grape flavor.
Speaker C:Let's go.
Speaker C:This is so good.
Speaker B:Andy Fella came through, shipped us four massive boxes of form energy drinks.
Speaker C:Thank you, Andy.
Speaker A:Thank you.
Speaker B:And in first form, we, we now are going to call them officially a sponsor because none of you have given us anything for free.
Speaker B:Sitting across me, my partner in time, the one, the only.
Speaker B:Say no more, everybody.
Speaker C:Thank you, my man.
Speaker C:And sitting behind the desk in the production suite, if you will, it's the fighting Fijian Regil.
Speaker C:What's up, my guy?
Speaker A:I'm back on the grind.
Speaker B:He's back.
Speaker A:Six, nine.
Speaker C:Let's go.
Speaker C:There you go.
Speaker C:We got a great episode for everybody tonight.
Speaker C:We're going to talk about a lot of things.
Speaker C:We're going to talk about mortgage rates hitting lows.
Speaker C:We're going to be talking about Poly Market.
Speaker B:I like Poly Market.
Speaker C:I know you do.
Speaker C:You're having some fun today on it.
Speaker C:But first, what we're going to begin the show with is there's been a lot of talk about what we're currently experiencing in the economy is a melt up economy.
Speaker B:Right.
Speaker B:This is a new term to me, by the way.
Speaker B:I had not heard of it before, so I found this to be a really fascinating concept and it makes a lot of sense to me.
Speaker C:Right, So a melt up essentially is when asset prices don't go up because of strong fundamentals.
Speaker C:Think about like, like good revenue growth, you know, strong forward guidance.
Speaker C:You could see earnings can keep up.
Speaker C:Right.
Speaker C:And it's just things that you can tell that the economy is growing and it's fundamentally strong, but they're not growing for that reason.
Speaker C:They're going.
Speaker C:Growing just because of fomo.
Speaker C:People missing out.
Speaker C:They're, they're afraid of.
Speaker C:Oh, there's, there's no, no longer quality equity equities for us to invest into.
Speaker C:So let's go into the, the concentration and everyone's going in after the same small.
Speaker C:If you think.
Speaker C:No, like the Max 7.
Speaker B:I'm confused.
Speaker B:So.
Speaker B:So help me understand.
Speaker B:I thought our investment strategy in the show was officially fomo.
Speaker B:That was.
Speaker B:Hey, guys, if you feel like you're missing out, that's when you should invest honestly.
Speaker C:If you feel like you're missing out on this show, that's when you need to start.
Speaker B:You need to double down.
Speaker C:Yeah.
Speaker C:Buy some merch.
Speaker B:You need to listen to a current episode, listen to a past episode and buy merch in the same day@thspod.com.
Speaker B:yeah.
Speaker C:Or you can get yourself this nice windbreaker champion jacket.
Speaker C:Right.
Speaker B:Actually, they don't make that one anymore.
Speaker C:No.
Speaker C:Yeah, it's awkward.
Speaker C:Vintage.
Speaker B:No, they didn't make it.
Speaker C:Sorry.
Speaker B:I'm just kidding.
Speaker B:Rejeel, by the way, anecdotally, people were worried that you weren't going to show up ever again.
Speaker B:And I'm like, no, no, no, no, no, no, no, no, no, no, no, no.
Speaker B:We don't know, but we're thinking he's probably gonna show up again.
Speaker A:Oh, no, no.
Speaker A:I plan on being here.
Speaker B:Good, because I'll find you.
Speaker B:Right.
Speaker A:There may be some episodes in the future just with some scheduling issues, but January onwards, I'm back on.
Speaker B:Yeah.
Speaker B:All right.
Speaker B:I'm good with that.
Speaker C:So the reason why a lot of people believe that this is what we're experiencing now and why are we entering into this, into this phase.
Speaker C:Right.
Speaker C:Is the.
Speaker C:The Fed has been signaling rate cuts.
Speaker B:Right.
Speaker C:And although we've been talking about this December up, this meeting in December that's coming up is going to be the most, I don't know, sought after one in quite some time.
Speaker B:100%.
Speaker B:It's going to be.
Speaker B:And to give you an idea of perspective, we saw a swing that happened pretty, pretty quickly back to back over the course of three weeks, where you saw the probability of an interest rate cut be as low as like 45, 46%, creep back up to like 80 something percent and then back down.
Speaker B:And then now we're kind of back up again.
Speaker B:And we're going to go through a little bit of the logic here and some of the things to expect.
Speaker B:But before we do any of that, Happy Thanksgiving, everybody.
Speaker B:We missed you in the last episode.
Speaker B:We didn't really think about, you know, ahead.
Speaker B:I blame Saeed for it.
Speaker C:We've been a little busy.
Speaker B:Yeah, a little busy.
Speaker B:So the FOMC conversation has been one that has been palpable, and I think that a lot of things are getting lost because people are glossing over it.
Speaker B:And the economic perspective that Saeed laid out here is important because I think there's an unknown.
Speaker B:And as much as people want to label somebody a bear or a bull or dovish or hawkish or whatever, I think that understanding the perspective of the people who are going to be voting the decision is more important than labeling everybody else.
Speaker B:Because frankly, none of us really know what happens next.
Speaker B:So in doing so, I went down this whole Poly Market journey.
Speaker B:And for those of you who have not gone down the fun time that is a poly market, I got a little chat GPT definition of what this website does because it's sensational.
Speaker B:Polymarket is a decentralized prediction market platform where users can bet on the outcomes of real world world events using cryptocurrency.
Speaker B:Rejill do me favorite pull up Poly Market because the homepage is great.
Speaker B:It allows people to buy and sell shares that represent the probability of an event, such as an election result or economic trend.
Speaker B:But it's decentralized.
Speaker B:There is no quote house to be to bet against.
Speaker B:Users are trading directly with each other.
Speaker B:And the platform is built on blockchain technology for transparency.
Speaker C:You got the first one.
Speaker C: ssia and Ukraine ceasefire in: Speaker B:12 chance.
Speaker C:Got a 12 chance.
Speaker C:What is this?
Speaker C:42 million volume.
Speaker B:$42 million in volume traded on that bet?
Speaker B:Yeah.
Speaker B:Crazy, right?
Speaker C:This is.
Speaker B:Yeah.
Speaker C:This is insane.
Speaker C:So people are literally.
Speaker C:They're treating this as an investment or they're treating this as a bet, like a sports bet.
Speaker B:If you bet and the Virgil goes.
Speaker B:Great.
Speaker C:So this is a bet.
Speaker B:Bucks.
Speaker B:Bet 10 bucks on.
Speaker B:Yes.
Speaker B: 's going to be a ceasefire in: Speaker B:We'll pay you $83.33.
Speaker B:That betting $10 on no will pay you $11.24.
Speaker C:Okay.
Speaker C:So this is this.
Speaker B:It's Vegas for life.
Speaker C:This is Vegas for like.
Speaker C:Yeah.
Speaker C:And this is where I feel like we've reached.
Speaker C:This is a problem.
Speaker C:Right?
Speaker B:Why is the problem.
Speaker C:Why is this problem?
Speaker C:You people are now looking at this as an investment when you.
Speaker C:You don't have a.
Speaker C:You don't have something tangible, a true asset.
Speaker C:It's not a you, it's not a company like in the S P 500.
Speaker B: That who will trump pardon in: Speaker B:Young Thug is on there 51%.
Speaker C:Why is that?
Speaker C:Because he.
Speaker C:Who did he pardon?
Speaker C:He.
Speaker C:Kodak Black.
Speaker C:Didn't he part of Kodak Black?
Speaker B:He did.
Speaker A:Lil Wayne.
Speaker A:He did Kodak Black.
Speaker B:Yeah.
Speaker C:Why Kodak Black?
Speaker A:He didn't do the Tiger King, though.
Speaker B:Yeah.
Speaker B:Steve Bannon.
Speaker B:55% chance buy.
Speaker B:Yes.
Speaker B:At 93 cents.
Speaker B:So you think this is disconnected and wild, but I'm going to prove out in the next parts of this conversation how it's actually pretty damn on the money.
Speaker B:What the poly market odds that you're seeing here as granted.
Speaker C:What do you mean, on the money?
Speaker C:So some of these are coin flips.
Speaker B:You got 50.
Speaker C:50.
Speaker B:Okay.
Speaker C:You know, all right.
Speaker B:It's cool, right?
Speaker B:I just want to provide for wicked for good.
Speaker B:Second five day weekend for the box office above or below $85 million.
Speaker C:Hey, honestly, bull take.
Speaker C:I didn't like the first one.
Speaker C:Love the second one.
Speaker B:You see, first of all, as a man who sits down to pee, I would expect nothing less.
Speaker C:Nothing less.
Speaker C:It was a great movie.
Speaker C:Honestly, it was so good.
Speaker C:It was good.
Speaker C:It was good.
Speaker C:I had to leave 10 minutes before the movie ended because Adam had a basketball game I had to take him to, but the rest of the movie was really good.
Speaker B:So you and your.
Speaker B:You and your wife went to go see this together?
Speaker C:You don't understand.
Speaker C:I'm so cerebral.
Speaker C:This is.
Speaker C:I'm doing this for the comment section.
Speaker C:Comment down below.
Speaker B:You went and did this, Spent money.
Speaker C:Yeah.
Speaker B:And took time out of your day.
Speaker C:Yeah.
Speaker B:So you could engage comments.
Speaker C:Yes.
Speaker B:On social media.
Speaker B:Yeah.
Speaker C:It was good.
Speaker C:Honestly.
Speaker B:What?
Speaker C:Ariana Grande.
Speaker C:What's she doing?
Speaker B:What do you mean?
Speaker B:She looks scary.
Speaker B:You mean skinny?
Speaker C:Yeah.
Speaker C:Scary skinny.
Speaker B:Yeah.
Speaker B:Her and Cynthia Rigo.
Speaker C:Yeah.
Speaker B:I'll be honest, I do want to see both.
Speaker B:I haven't seen both.
Speaker B:I haven't seen either one, but I'm.
Speaker C:A big fall sleep for the first one.
Speaker C:Jeff Goldblum on the second one.
Speaker C:Amazing.
Speaker C:He's the reason I made the movie for me.
Speaker B:He's a sensational actor.
Speaker B:Yeah.
Speaker B:That's just.
Speaker C:I mean, OG listeners.
Speaker C:Remember when Chris called himself the Jeff Goldblum of podcasting?
Speaker B:I did.
Speaker B:Yeah.
Speaker B:Look, they both lost a tremendous amount of weight.
Speaker B:Oh, I didn't realize the other actress had lost weight, too.
Speaker B:Mm.
Speaker B:She doesn't look as skinny as the rest of them.
Speaker B:Cynthia Riva looks tiny, though.
Speaker B:She's got such a phenomenal voice.
Speaker B:It's amazing.
Speaker A:Yeah, they're working hard, man.
Speaker B:Yeah.
Speaker B:Or they're all on Manjaro.
Speaker B:Either way, no judgment here, right?
Speaker B:Yeah.
Speaker B:So Polymark Market is.
Speaker B:Is.
Speaker B:Is an interesting site, and I recommend everybody check it out.
Speaker B:But more importantly, I think there are some odds that are worthwhile to discuss.
Speaker B:So you might recall that going into the Fed decisions, there have been some probabilities Right.
Speaker B:Well, there is also a conversation being had about replacing the next Fed chair.
Speaker B:And Poly Market has some probabilities of who and when that's going to be.
Speaker B:But I thought it's important for us to.
Speaker B:Let's just have a conversation about that and let's see if we can prove Poly Markets group think consensus odds out to be close to reality.
Speaker B:You say, Chris, how are we going to do that?
Speaker B:Well, let's start with the top here.
Speaker B:This.
Speaker B:According to polymarket, there's four individuals that have a significant probability of.
Speaker B:Thank you, Rejill.
Speaker B:Of being nominated as the next fed chair.
Speaker B:Number one, Kevin Hassett, number two, Christopher Waller, number three, Kevin Walsh, and number four, Rick Reeder.
Speaker B:Kevin Hassett has the largest probability, 53%.
Speaker B:And anecdotally the rumors are on the street that it will be done before the end of this year.
Speaker C:He'll be nominated.
Speaker B:He'll be put up by Trump.
Speaker C:Right, exactly.
Speaker C:Because that's the person.
Speaker C:So the sitting president is the person that gets to decide on who the nominee is going to be.
Speaker C:Right.
Speaker C:And if, if you know anything about Hassett, I think his ideology around rate cuts are aligned with that of the.
Speaker B:Current administration, which shouldn't surprise anybody.
Speaker B:That's why he's got the greatest probability of being nominated.
Speaker B:So I went down the rabbit hole a long time ago and Steve Ful, one of the investment banks on Wall street had they purchased, I believe KBW at one point in time.
Speaker B:They, they prepared a document called a special edition Economic Insight where they actually brought up these four individuals.
Speaker B:Oh, really?
Speaker B:And Scott Bessette at the time.
Speaker B:So here we are.
Speaker B: Federal reserve governor from: Speaker B:Prior to his role, Walsh was in the National Economic Council under President George W. Bush.
Speaker B:His rates outlook wash favored higher rates while governor, but has since called for lower rates along with regime change at the Fed.
Speaker B:So, again, everybody's a Monday morning cut at quarterback here, right?
Speaker B:So.
Speaker C:Well, everyone also understands that.
Speaker C:Everyone understands Trump's stance on this.
Speaker C:And I know we've already flagged the show, so it is what it is.
Speaker B:You got a flag.
Speaker C:Yeah, I did.
Speaker B:I. Yeah.
Speaker B:Okay, you didn't.
Speaker B:I did.
Speaker C:Okay, you did.
Speaker C:Right.
Speaker C:It stance is really clear on this.
Speaker C:We've been late to cut rates.
Speaker C:We need more rate cuts.
Speaker C:We need.
Speaker C:It'll stimulate the economy more.
Speaker C:Right.
Speaker C:It's better over.
Speaker B:I don't know that it will, frankly, but we don't.
Speaker C:But that's, but that's the, that's the opinion.
Speaker C:Right.
Speaker C:So if that's the opinion of the person that's going to give you the job, guess what you're going to do when you, what are you going to put on your resume?
Speaker C:This, this is what I believe in.
Speaker B:No one goes into a job interview going, I don't agree with you.
Speaker B:Your whole strategy sucks.
Speaker C:Yeah.
Speaker C:Guess who's not getting the job.
Speaker B:Yeah, that guy.
Speaker B:Yeah.
Speaker C:Yeah.
Speaker B:Right.
Speaker B:And now, you know, I'm unemployed.
Speaker B:Kevin Hassett, on the other hand, National Economic Council director, current director of the National Economic Council and served as chairman of the Council of Economic Advisors.
Speaker B:There's a lot of councils and advisors in economic.
Speaker B:That.
Speaker B:Okay.
Speaker C:Gotta be on some boards.
Speaker B:Yeah.
Speaker B: From: Speaker B:Yeah.
Speaker B:I should point out this thing was prepared like a month ago for a presentation back then by Stifel.
Speaker B:So that just seems to galvanize with the current betting odds that he is the guy.
Speaker B:Yeah.
Speaker B:Christopher Waller, we know he's a current Fed governor and he's got an interesting position.
Speaker B:Do you recall which, which one he heads?
Speaker C:No.
Speaker B:Okay, we'll get there.
Speaker B: ral Reserve board in December: Speaker B: st,: Speaker B:Prior to his term, Waller served as the Executive Vice President and Director of research at the St. Louis V. Waller dissented at the July FOMC meeting, voting in favor of a 25 basis point cut.
Speaker B:He has also called for a 3% fed funds rate, also calling for a.
Speaker C:Lower rate, eventually getting down to 3%.
Speaker C:Now, we, we, we've talked about this.
Speaker C:We said on the show that all the members at the FM fomc, they want to get down to a neutral.
Speaker B:Rate, whatever that might be.
Speaker C:Whatever the end.
Speaker C:The, the consensus is it's somewhere between 3 to 4%.
Speaker C:Right.
Speaker C:We're currently sitting at, you know, 3.75 to 4%.
Speaker C:So for some people, we're already there.
Speaker B:Yep.
Speaker C:For a few others, we're about four cuts away.
Speaker B:And it really comes down to perspective.
Speaker B:All of these men feel pretty confident that cuts are needed, which is interesting because you're going to start to see more and more of that debate with the remaining FOMC members because some of them clearly, according to the summary of economic projections, do not Feel that way.
Speaker C:Yeah, but this.
Speaker C:But this being on Waller's resume saying he's also called for a 3% fed funds rate.
Speaker C:It doesn't really say by when.
Speaker B:So here's your choice.
Speaker B:And let me just be clear.
Speaker B:I want to cover Besant, and I'm going to give some perspective here on why you can pretty much bet that it is in fact going to be hassid.
Speaker B: ,: Speaker B:Prior to his role, Besent served as CEO and CIO of the hedge fund Key Square Capital Management.
Speaker B:He also gives a total resting bitch face.
Speaker B:Bessant said he believes the Fed could lower rates by September and has called for an internal review of the Fed Fed.
Speaker B:He's been very critical, but he's a current Treasury Secretary.
Speaker B:Having him serve both roles is questionable in and of itself.
Speaker B:It is originally believed that he was the first priority pick, but he also has other responsibilities and he's probably not the most qualified from a historic perspective.
Speaker B:Smart guy.
Speaker B:But does that mean you should be sitting in the Fed chair?
Speaker B:I don't know.
Speaker C:I don't think you can sit as Secretary of Treasury and sit at Fed chair.
Speaker C:That's like there's nothing.
Speaker C:That's a complete conflict.
Speaker B:It's not really a conflict.
Speaker B:There's nothing prohibiting it per se, but it's certainly the image of a conflict, if you will.
Speaker B:Yeah.
Speaker B:And with that much scrutiny and that key of a job, I don't know that you want that level of concern.
Speaker B:Kevin Walsh is a former Fed governor who at one point in time was the person who favored higher rates.
Speaker B:That's his historic cadence on the Fed.
Speaker B:Now he's got a different tune.
Speaker B:If you're looking at him, you're going, at one point, he had a very different opinion.
Speaker C:Feels like you switched up really quick.
Speaker B:Yeah, I guess the guy goes in the interview and goes, ah, I love his company.
Speaker B:Well, what's the social media post saying?
Speaker B:His company sucks.
Speaker B:You know, Christopher Waller is a current sitting member of the Fed, and you could argue he's been ineffective in influencing the Fed to cut rates.
Speaker C:Right, Exactly.
Speaker B:His opinion being what it is, I've called for 3% fed funds rate.
Speaker B:Well, Chief, how many times have you sat down with Neel Kashkari and play the crayons while everybody else making the big boy decisions in the room?
Speaker B:Because you haven't had any influence.
Speaker C:And honestly, if you're Trump.
Speaker C:Right.
Speaker C:Okay, you're saying that you're already on my side.
Speaker C:And you see it the way I want it to be.
Speaker C:Well, well, I want one of the seats to be there.
Speaker B:Exactly.
Speaker C:I want, I want you to stay.
Speaker C:So I could just add another seat in?
Speaker B:That's right.
Speaker B:So you pick Kevin Hassett, National Economic Council Director.
Speaker B:All the councils, economic advisors, all that stuff.
Speaker B:Vocal critic should be at least 1.5 percentage points lower.
Speaker B:Sold.
Speaker C:That's a lot, bro.
Speaker B:It is.
Speaker B:I'm going to apologize in advance, I've been coughing a lot today.
Speaker C:Two and a half fed funds rate would be crazy.
Speaker B:Yeah, it would be crazy.
Speaker B:But that's the kind of rhetoric that seems to, to get away.
Speaker B:I mean if you look at.
Speaker C:But again, but again by when.
Speaker B:Right.
Speaker C:This is not immediately right.
Speaker C:This is cutting, holding, cutting, holding.
Speaker C:Usually the summary of economic projections, the SEP that comes out.
Speaker C:Right.
Speaker C:That it, it's pushed out in every two year increments.
Speaker C: So are you saying by: Speaker B:I don't think anybody cares about that.
Speaker B:It's gonna sound weird but I, I think that they just want to get all the dovish people out and get all the hawkish people in other way around or.
Speaker C:Yeah, all the hawkish people out.
Speaker C:All the people that say no, no, we got to stay right here and all this.
Speaker C:They want all the dovish people in that saying that economy's doing great, we need to cut rates.
Speaker C:Yeah, yeah, exactly.
Speaker C:Yeah.
Speaker C:And, and, and the reason.
Speaker C:And back to our whole conversation about melt ups.
Speaker C:Right.
Speaker C:It's.
Speaker C:Why do we feel like this is where we're headed right now?
Speaker C:So we're.
Speaker C:It means that we're currently in a bubble.
Speaker C:Right.
Speaker C:And the presumptively.
Speaker B:And no one's called it that officially, but.
Speaker C:Right.
Speaker C:Feels like it, it feels like, it feels like the dot com bubble.
Speaker C:Right.
Speaker B:And I think people undervalue their inherent feelings.
Speaker B:Right.
Speaker B:It doesn't matter what walk of life you're from, what your job is, if you're upper class, middle class, it doesn't matter.
Speaker B:Everybody kind of feels this palpable tension.
Speaker B:It's like when you walk into a party with a couple that you know are fighting.
Speaker C:Yeah.
Speaker B:Like you want to have a conversation with everybody in the room, but you also don't want to have a conversation with everybody in the room.
Speaker B:Why?
Speaker B:Because you don't know what's going to pop off and you don't want to be the guy to set it off.
Speaker B:To set it off.
Speaker C:Or some people are sick.
Speaker C:They do in every.
Speaker C:Yeah, sick ones.
Speaker B:I'm that Guy I know.
Speaker C:We know one.
Speaker C:We know one guy.
Speaker C:Hey, man, I heard you're used to work.
Speaker C:He used to work on the show.
Speaker C:Yeah, he loves to sit in the kitchen to stir that pot.
Speaker B:Yeah, yeah.
Speaker B:You never met a room but he would come in, throw a grenade, walk away.
Speaker C:Yeah, that was, that was his mo.
Speaker B:Yeah.
Speaker B:Even with gout.
Speaker B:Limp out of here and you're like, why would you say that?
Speaker B:You just felt appropriate, man.
Speaker C:Yeah, somebody's got to address it.
Speaker B:Yeah, I mean, it's the elf in the room.
Speaker B:I'm like, why are you talking to yourself about.
Speaker B:Come on.
Speaker B:Yeah.
Speaker C:Anyway, no, this is life.
Speaker C:This is everywhere.
Speaker C:This is on the show.
Speaker C:This is at work.
Speaker C:This, this is.
Speaker B:He just says the most inappropriate stuff.
Speaker B:Stuff in moments.
Speaker B:And you just look at him and you're like.
Speaker B:It takes you a couple minutes to absorb it.
Speaker B:You're like, why?
Speaker C:Yeah, well, but he's also the guy.
Speaker C:But he was also saying all the things that everyone's thinking, but just no one's willing to say it.
Speaker A:Like, why are you sitting down when you pee?
Speaker C:Yeah, like why.
Speaker C:Why are you doing that site?
Speaker B:Can we address this?
Speaker B:What?
Speaker C:No, we're not.
Speaker C:We'll address at the end of the show.
Speaker C:Stay tuned to the end of the show.
Speaker C:We'll talk more about it if you like bathroom talk.
Speaker B:I've got video footage of sight lying.
Speaker B:It's true.
Speaker C:That's not true.
Speaker B:You are not sitting.
Speaker C:No, no.
Speaker C:At home.
Speaker C:The conversation was at home.
Speaker B:I thought this was like a home away from home to you.
Speaker C:No, no, no.
Speaker B:So is that how I judge now?
Speaker B:If it's home for you or not?
Speaker C:Inside the studio?
Speaker C:Yes.
Speaker C:Not the public restroom, bro.
Speaker B:Public restroom.
Speaker C:That's public.
Speaker B:The public's not allowed to use that restroom.
Speaker C:Yes, that's everyone.
Speaker C:That's not.
Speaker C:Come on, man, listen, why did.
Speaker C:Why does it look like that?
Speaker C:We're in a melt up right now.
Speaker C:Stocks hit all time highs and they continue to hit new highs despite weakening earnings.
Speaker B:Okay, right.
Speaker C:That's what we're seeing right now.
Speaker C:Look no different.
Speaker C:Look.
Speaker C:No, nothing further than Home Depot.
Speaker B:I love Home Depot's retail reports.
Speaker B:To me, it's always a huge perspective.
Speaker B:That is generally speaking, discretionary spending for most people.
Speaker C:Right, exactly.
Speaker C:Especially in an economy right now where housing is so unaffordable.
Speaker C:So what do you think most people are going to do?
Speaker C:They're going to fix up the house that they're currently living in.
Speaker C:Right.
Speaker C:Well, guess what?
Speaker C:They've missed their earnings for three straight quarters.
Speaker C:What does that say?
Speaker C:Right.
Speaker C:Just you don't have to look any further than that.
Speaker C:That should be a troubling sign for everybody.
Speaker C:Meanwhile, we're hitting all time highs in, in the mag 7.
Speaker C:Right.
Speaker C:Consistently year over year.
Speaker C:Right.
Speaker C:Month over month and then.
Speaker C:But we're having less jobs that are open to the public.
Speaker C:Usually when companies are growing, they're not also cutting jobs.
Speaker B:So I read an interesting fact and I rejeel I didn't pull it up today and see if you can find this online real quick.
Speaker B:There was an article that said about 7.
Speaker B:A little over 17% of jobs can be replaced by AI.
Speaker C:Already 11.
Speaker B:11.7%.
Speaker B:It was some percentage.
Speaker B:Yeah.
Speaker C:You sent it to me.
Speaker B:Did I send it to you?
Speaker B:Yeah.
Speaker B:I meant to put that in the show notes.
Speaker B:I apologize.
Speaker B:That to me was very telling of the current state of affairs.
Speaker B:Was there Anything factual from MIT?
Speaker C:Study finds AI can already replace 11.7% of the US workforce.
Speaker B:Wow, that's incred.
Speaker B:Massachusetts Institute of Technology released a study that found that artificial intelligence can already replace 11.7% of the U.S. labor market.
Speaker B:The study was conducted using a labor simulation tool called the Iceberg Index.
Speaker B:That's gangster.
Speaker C:What would your index be named, Hoss?
Speaker B:The Booty Killer.
Speaker B:Which was created by MIT and Oak Ridge National Laboratory because if it's coming out of laboratory, it's got to be authentic.
Speaker B:For lawmakers preparing billion dollar reskilling and training investments, the index offers a detailed map of where disruption is forming down to the zip code.
Speaker B:Scroll down and see what we got there.
Speaker B:Any pretty pictures?
Speaker B:No.
Speaker C:So, and this, and this is, and this is the, the odd thing about it, all right.
Speaker C:Is usually when you have a boom in earnings like you see in Nvidia.
Speaker C:Right.
Speaker C:Meta Google, all these in the Mag 7.
Speaker B:Right.
Speaker C:Then you usually in a strong, a fundamentally strong economy, you also get a boom in hiring.
Speaker C:But you're not getting that now.
Speaker B:No.
Speaker B:Because you don't need to hire more people to do this stuff.
Speaker C:You don't need to hire more.
Speaker C:And they're not hiring more people.
Speaker C:Right.
Speaker C:Actually, in fact, MIT just reported that 11.7% of the jobs can be replaced.
Speaker B:By AI because you understand there's a whole conspiracy thing.
Speaker B:I want to go down here.
Speaker B:I'll probably save it.
Speaker B:Towards the end of the show about corporate America.
Speaker B:And I know that people are going to say, well Chris, you're a little sensitive because you know, you just left corporate America in the traditional sense.
Speaker B:And that's, that's not it.
Speaker B:I think that we are in an age where the lack of Disclosure is very visible.
Speaker B:And I think we're in an age where there are certain things that we used to think of as just known facts or stability were misrepresentations all along that we can now see tactilely.
Speaker C:Yeah.
Speaker B:And I'll get to that at the end of the show.
Speaker B:I think it's a valuable conversation and I think corporate American greed may actually be influencing more than we understand.
Speaker B:Companies track efficiency.
Speaker B:It's one of the ratios you look at to see if a company is overstaffed or not.
Speaker B:And a lot of iconic activist invest investors will come into a corporation will look at how efficient they are, how much productivity they're getting per employee, boiling it down as kind of brass tax.
Speaker B:And they'll say this company has way too much weight in the form of FTE full time employment.
Speaker B:We need to cut people because these people can be more efficient and get more returns with less people.
Speaker B:But you start looking at how companies are making money these days.
Speaker B:Subscription models.
Speaker B:Right.
Speaker B:Get more and more people to watch the content.
Speaker B:Well, YouTube doesn't have to put out a whole lot more content to get more subscribers.
Speaker B:Right.
Speaker B:Their infrastructure is built to stream.
Speaker B:Yeah.
Speaker B:They're going to need better technology to stream at greater quantities.
Speaker B:But there isn't a lot of people need to add to do that.
Speaker B:Right.
Speaker B:Amazon is going the opposite way.
Speaker B:How do we make this more efficient?
Speaker B:Well, you get rid of people.
Speaker B:I talked to somebody, one of our listeners actually recently tapped into my DMs and was like, hey man, side's a weird dude for sitting with peeing the way he does.
Speaker B:And oh, by the way, I work in Amazon.
Speaker B:I said oh, do tell.
Speaker B:And he was telling me about how it's really dysfunctional culturally there that people are really concerned that it's not really AI yet.
Speaker B:They want to deploy AI, but their models are still learning.
Speaker C:In the warehouses.
Speaker B:In the warehouses, yeah, yeah.
Speaker B:And that people are really freaked out because they're losing their job to what it really is, like a logistics machine, but not really an AI based machine.
Speaker B:And yet they're still trying to adopt.
Speaker B:So they're kind of shoehorning it into the system to force adoption early on.
Speaker B:And it's just, it's a cultural nightmare and I think culture is getting lost because culture is a very human aspect and it's not something you can quantify.
Speaker B:And the perspective on culture is very much based on where you're at in the company.
Speaker B:Right.
Speaker B:If you're the CEO or chief executive officer, maybe even a senior vice president and your daily Life is probably very different than somebody who's maybe assistant vice president or doesn't have like a corporate title and is just kind of going through the motions of what the company does for them.
Speaker B:Yes, right.
Speaker B:And the stress they're feeling, what you're feeling.
Speaker B:Not necessarily the same thing.
Speaker B:But I'll go down this rabbit hole later on towards the end of the show but I want to, I want to keep going on the probabilities because this whole conversation about the Fed has actually had a meaningful conclusion which side robbed me of because he's selfish.
Speaker B:According to Yahoo Finance, mortgage rates dropped this week amid fresh signs of job market weakness.
Speaker B:Mortgage rates drop slightly.
Speaker B:That the labor market is weakening and the Federal Reserve will cut interest rates again next month.
Speaker B:And what do we know from the show?
Speaker B:We know that the market will anticipate a Fed rate cut by showing drops in mortgage rates and the ten year and the mortgage rates ahead of an anticipated rate cut.
Speaker B:The market is doing that now.
Speaker C:Yeah, they're, they're, what they're seeing is from the Chicago Mercantile Exchange, I believe it's an, was an 82% chance of a rate cut.
Speaker B:It's a little higher now, but yeah.
Speaker C:A little bit higher now.
Speaker C:So they're banking.
Speaker C:Okay.
Speaker C:You know, we're what, two weeks out from the Fed meeting.
Speaker B:And this came largely in response to the New York Fed head having prepared remarks at a meeting last week.
Speaker B:And I want to be very clear about the details of what I just said.
Speaker B:He came out and John Williams.
Speaker B:John Williams, that's right.
Speaker B:He came out and he gave a prepared speech which in and of itself is not necessarily something you think about and you go wait a minute.
Speaker B:If you're Jerome Powell and you're the head of the FOMC and you want to do damage control, you have one of your Fed governors go out to a pre planned event with a pre prepared speech where he or she is going to make statements about the economy.
Speaker B:Are you going to tell me that Jerome Powell didn't know that he Was making this speech?
Speaker C:100 he did.
Speaker C:Especially when he had several other Fed chairs go out, you know, several weeks prior.
Speaker C:Right.
Speaker C:There's a whole bunch of Fed speak.
Speaker B:That's right.
Speaker C:Where they were all saying I think we're fine.
Speaker C:Right where we're at.
Speaker B:And then Johnny boy comes out in New York and he gives a speech saying no, we need another rate cut.
Speaker B:Yeah.
Speaker C:Not only do you say he had another rate cut, he said the Federal Reserve will soon need to grow their balance sheet again.
Speaker B:That's Right.
Speaker B:So it was a huge pivot and one the market took very seriously.
Speaker B:And that in and of itself was enough to swing the market and the financial sector as a whole.
Speaker B:The bank stocks rallied that day because they saw a rate cut coming in.
Speaker B:And for those of you again who are maybe newer to the show, that is because the market says, okay, if the Fed cuts rates, banks will drop the costs the interest are paying on their deposits to you, the consumer, widening their net interest margin and become more profitable.
Speaker B:So again, this is all a prediction market game, which is why I like Poly Market.
Speaker B:People are saying, okay, the 10 years dropping mortgage rates are dropping because people believe there is a higher than not probability prediction of a rate cut.
Speaker B:Okay.
Speaker B:So those drop.
Speaker B:So then mortgage activity picks up.
Speaker B:Everybody talks about gumdrops and lollipops, it's raining, it's raining unicorns and rainbows.
Speaker B:And then everybody goes, okay, wait a minute.
Speaker B:So then now the banks are going to get a rate cut.
Speaker B:What are they going to do?
Speaker B:Well, they're going to make more money because over the next quarter their cost of deposits went down by 25 basis points.
Speaker B:25 basis points on billions or trillions of dollars.
Speaker B:A meaningful drop.
Speaker B:Even if it's 10 or 15 basis points on average as opposed to 25 across the board, their loan rates are going to go out at the same price, but their portfolios are now incrementally more profitable.
Speaker B:So banks will make more money.
Speaker C:Yep.
Speaker B:So bank stocks start trading up because people start buying them because they expect good earnings in the future.
Speaker B:And it's again, it's this like waterfall event of predictions that happen through the economy.
Speaker B:Yeah.
Speaker B:Which is why if you're Jerome Powell, you can't have somebody make rogue comments that swing the economy because the result if you don't do what you're forecasting could be cataclysmic to the markets.
Speaker B:Yeah.
Speaker C:100 and back to the whole.
Speaker C:And this all dovetails nicely into the whole melt up conversation.
Speaker B:I like the hand gesture you just.
Speaker C:Made, but the whole meltdown conversation, we've talked about it where earlier in the show if, and you just mentioned it right now too.
Speaker C:If banks are going to pay a little bit less on their deposits.
Speaker B:Right.
Speaker C:Historically, over the last two, three years, how much were they paying on money market savings accounts?
Speaker B:Right.
Speaker C:A little bit.
Speaker C:A little bit higher over, over five in some cases.
Speaker C:Right.
Speaker B:A couple years ago you were getting five, five and a quarter, 550 high yield savings account.
Speaker C:And, and your average rate of return in an index like the S&P 508 to 10.
Speaker C:So you're like, all right, if I'm gonna get a guarantee and it's, it's, it's really liquid.
Speaker C:It's in my savings account.
Speaker C:It's not tied into like a cd.
Speaker C:I'm willing to forego the additional, you know, two and a half percent, Right?
Speaker B:Yeah.
Speaker C:And I'll just put it in a savings account.
Speaker A:Cool.
Speaker C:But now your savings account is going to drop even lower.
Speaker C:So people say, okay, well now I'm not earning enough on my money.
Speaker C:I'm going to pull, I'm going to pull a percentage of it out.
Speaker C:And they want to go invest.
Speaker C:Now what company are they going to go invest in?
Speaker C:Right now all this extra money is chasing after the same high assets that are, that are providing a return.
Speaker C:Not because they're doing really well and they're fundamentally strong.
Speaker C:Yeah, that's right.
Speaker C:But just because they want to, they just want a guaranteed return.
Speaker B:It's actually a solid point.
Speaker B:So people were putting their money into guaranteed returns that they were getting from like high yield savings accounts and whatnot.
Speaker B:And now because there's no guaranteed returns, they're going into the market which they feel is guaranteed, which gives us artificial puffing, if you will, of beyond the fundamentals of the market.
Speaker B:Because people have all this excess liquidity which is really a holdover when you think about it, from the stimmy check period.
Speaker B:And people are going, okay, well I have my money in a high yield savings account.
Speaker B:I was getting 5 or 6%.
Speaker B:Where do I put my money?
Speaker B:I can get more.
Speaker B:And they go, oh, I'll put it in the S P 500.
Speaker B:Oh, by the way, I'll put it in these seven to 10 stocks that are leaving the market and everything.
Speaker C:Yeah.
Speaker C:That are all doing well and they're all propping each other up.
Speaker C:They're going to make sure that this thing doesn't go down.
Speaker C:Right.
Speaker C:And you're like, okay, well that's what's melting up these asset values.
Speaker B:Right.
Speaker C:And historically speaking, anytime we've had some melt up in asset values like we're seeing now, I think a good example most recently was the dot com bubble.
Speaker C:Right.
Speaker C:Is people are investing their money in the perception of this thing being really big, but it's not really doing, it's not really creating a profit yet.
Speaker C:Right.
Speaker C:And then until the only way that ends is it abruptly ends at some point.
Speaker B:So has to.
Speaker C:Yeah.
Speaker C:I wouldn't go chasing these, these high values right now.
Speaker C:I would if, if I was the listener of the show and you're okay.
Speaker C:So say Chris, what are you guys telling me to do?
Speaker B:Right?
Speaker C:Excuse me.
Speaker C:We both got throw clearing issues today.
Speaker B:It's a weird day in the office.
Speaker C:It is a weird day.
Speaker C:You got, did you turn the.
Speaker C:I would say just keep doing what you do and continue to dollar cost average.
Speaker C:If anything, I wouldn't go, I wouldn't, I wouldn't be dumping any extra money hoping to get some extra returns.
Speaker C:Right?
Speaker C:Or I mean, you don't know when this could all come to an end.
Speaker B:Like I said in the last show, if you're investing for the next six months to a year, you're bolder person than me.
Speaker B:If you're investing for, you know, five, 10 years out from now, knock yourself out.
Speaker B:Go for it.
Speaker C:Yeah.
Speaker B:So let's keep going on this, this article because the conclusion is really interesting.
Speaker B:The average 30 year mortgage rate was 6.23% through Tuesday according to Freddie Mac data, down from 6.26 a week earlier.
Speaker B:So it went down, but not a huge amount.
Speaker B:The average 15 year mortgage rate was 5.51% down from 5.54%.
Speaker B:The 10 year treasury yield, which mortgage rates closely track, has been falling as odds of a benchmark rate cut in the December are on the rise in recent days.
Speaker B:In New York, Fed President John Williams, San Francisco Federal Reserve President Mary Daly and Federal Reserve Governor Christopher Waller have all signaled in interviews or speeches that they would support cutting next month.
Speaker B:People are doing the math.
Speaker B:Those are three, right?
Speaker B:Plus you know, Mirror Mirren, who's Trump's name person.
Speaker B:That's four is gonna, is gonna vote that way.
Speaker B:So you don't really have a whole high probability of they're not happening now because you just know how these people are gonna vote based on what they said.
Speaker B:No reason for them to lie.
Speaker B:Traders now see an 83% chance of a 25 basis point cut at Fed's December 9th through 10th meeting according to CME's Fed Watch tool.
Speaker B:Although mortgage rates aren't directly controlled by the Fed, they do move based on expectations about the future Fed interest rate policy.
Speaker B:And Rajeel, if you'd be so, so kind as to pull up the picture just below this.
Speaker B:This is from Polymarket.
Speaker B:It is the probability of a Fed decision in September, 1% chance of a 50 basis point increase in 84% probability of a 25 basis point decrease and 15% no change.
Speaker B:Wow.
Speaker B:So what I can tell you is this is a decentralized cryptocurrency based, blockchain based, consumer to consumer Betting market.
Speaker B:Right, Right.
Speaker B:I'm not endorsing it.
Speaker B:I'm just saying this is truly humanity from an anonymous perspective using cryptocurrency to wager on this.
Speaker B:And it is 1 percentage point different than Chicago Mercantile Exchange.
Speaker B:Right.
Speaker B:That's meaningful.
Speaker B:It is meaningful.
Speaker B:Yeah.
Speaker C:It's on par.
Speaker B:Yeah.
Speaker C:Yeah.
Speaker C:So I guess I, I should, I should ask.
Speaker C:So you, you like this as a data point reference, not that you would actually go and invest your money into.
Speaker B:This is part of the show where we have to give everybody a bit of a caveat and asterisk here.
Speaker B:I apologize.
Speaker B:People say it is what we like to call paper handed.
Speaker B:He unfortunately does not know how to hold crypto without letting it sink through like a wet paper towel.
Speaker B:Yeah.
Speaker B:So because of that, he naturally assumes that anybody with cryptocurrency has to be betting on unlicensed gambling platforms like this from anonymous blockchain accounts.
Speaker B:Which I would never admit to doing.
Speaker B:Right.
Speaker B:Because that would be a paper handed.
Speaker C:Exactly.
Speaker B:And I hold the bag side.
Speaker A:Right.
Speaker B:That's what I do.
Speaker B:I hold it high.
Speaker C:You hold the bag.
Speaker C:You got diamond hands.
Speaker B:Yeah.
Speaker B:As my friend over at first form, Andy Frisella says, we do the work.
Speaker C:I like it.
Speaker B:You should like it.
Speaker B:He's giving you free.
Speaker B:Free juice.
Speaker C:Juice.
Speaker C:I'll take all the free juice.
Speaker B:Yes.
Speaker B:I don't, I don't actually invest on this platform.
Speaker B:I do like it because it gives me an idea of consumer sentiment.
Speaker B:Now I would say you have to understand that sentiment is coming from people who feel very comfortable blockchain, usually crypto fans.
Speaker B:Not knocking it.
Speaker B:Just saying that there is a bit of a slant you typically get with that.
Speaker C:Like you get a slant.
Speaker C:Yeah.
Speaker C:Because they obviously a rate cut only help.
Speaker C:Yeah, I know.
Speaker C:They've taken, they've taken some hits the last couple of weeks.
Speaker B:Again, you're referring to your boy.
Speaker C:Your boys have taken a couple of hits.
Speaker B:Okay.
Speaker C:What's bitcoin's value these days?
Speaker C:Is it under 100?
Speaker A:I think it was turning downwards.
Speaker C:Was it trending downwards now?
Speaker B:I wouldn't know because I only look up, I don't look down.
Speaker C:It'll look in the rearview mirror.
Speaker C:Only look at the front.
Speaker C:The front windshield.
Speaker C:I got it.
Speaker B:Yeah.
Speaker B:I don't play a whole lot of Minecraft and I have diamond hands.
Speaker A:It's at 91,000.
Speaker C:Oh, it's up 1% today.
Speaker B:$91,414.30.
Speaker B:Mind you, that's per bitcoin.
Speaker B:That said, does not own.
Speaker C:Yes.
Speaker B:Because he's paper handed.
Speaker B:It's a beautiful chart.
Speaker B:Like.
Speaker B:Yeah, it has gone down a little bit.
Speaker B:I think people that are.
Speaker B:That are bullish on it think that's got a lot more room to go.
Speaker B:Actually, one of the things on Polymart is that will it hit 200,000 next year?
Speaker B:Which I think is a bold prediction.
Speaker B:Wow.
Speaker B:Yeah.
Speaker B:But more importantly, look, if you went to a community of people who still balance their checkbooks on paper.
Speaker C:Some people do.
Speaker B:Yeah.
Speaker B:And you ask their opinion on the economy, you would probably get a vastly different perspective than people from Polymarket 100.
Speaker B:Yeah.
Speaker B:It's a different demographic is all I'm saying.
Speaker C:Yeah.
Speaker B:Right.
Speaker C:So, yeah, you got to be careful with which data points you're referencing just to.
Speaker B:Just to drive this point home, to make sure that the listener base.
Speaker B:And you were generally understand what I'm talking about here, because it's important that we give a visual to this.
Speaker B:Saeed is the guy with a balance checkbook, and I'm the guy on polymarket.
Speaker B:Okay.
Speaker C:I mean, we're not all from one another, though.
Speaker C:I'm looking at Chicago Mercy exchange.
Speaker C:It says 83%.
Speaker C:Poly market says 84.
Speaker B:Sometimes we can coalize, and then we wear the right merch.
Speaker C:There you go.
Speaker C:Yeah.
Speaker B:Sometimes we don't.
Speaker C:Right here, baby.
Speaker B:So it is important to understand that.
Speaker B:That there is a public sentiment which does seem to line up with the probabilities of.
Speaker B:Of a rate cut.
Speaker B: the beige book from November: Speaker C:Beige Book is.
Speaker C:Is essentially all the data that the Fed likes to look over before and the data that they utilize when making their decision.
Speaker B:That's right.
Speaker B:So Rejeel's pulling it up on the screen here.
Speaker B:I'm just going to summarize this because it's a lot of narrative we don't really need here.
Speaker B:The Federal Reserve and rate cut speculation.
Speaker B:Data from the Beige Book shows softening labor demand and slowing consumer spending across the large swaths of the economy.
Speaker B:And since that time to now, we've gotten retail reports in large part last week and some actually coming up next week.
Speaker B:We were recording this on Wednesday the 26th, the day before Thanksgiving.
Speaker A:Yeah.
Speaker B:And I think that that's visible, and that's why you see the Home Depot numbers that you see.
Speaker B:You see a lot of these numbers coming out that really echo that.
Speaker B:This is what led to the increased market odds for the rate cut with the next Federal Open Market Committee.
Speaker B:As you saw, this General Tone, you've seen the results and everything coming out.
Speaker B:People are going, okay, I'm concerned.
Speaker B:Let's see if we can quell this a little bit.
Speaker B:Labor market weakness plus consumer stress have been a big kind of narrative throughout this whole document.
Speaker B:Hiring has slowed significantly, even as, say, noted, output productivity remains stable, creating a growth without payrolls dynamic.
Speaker B:That worries the Fed and it worries me too.
Speaker B:Right?
Speaker B:If we're having a material life change in that companies are just going to hire less because they can do more with technology than they ever could before.
Speaker B:Which, when you think about it, it's a very plausible scenario.
Speaker B:Remove the stigma from like, oh my God, AI is not ready yet.
Speaker B:And just think about, hey, this is happening now and it's happening in a weird way.
Speaker B:Shouldn't we say that AI is having an impact now?
Speaker B:I mean, I mean, I know it's not like super measurable to a lot of people because there's still a lot of unknowns in these companies and it's not like something we track, but it's having a meaningful change.
Speaker C:I mean, just it being part of the discussion is meaningful, right?
Speaker C:It's, it's, it's something that not only executives and management are talking about when they're talking about efficiency, ratings or KPIs, right?
Speaker C:It's people around the office are worried.
Speaker C:So if there have been recent layoffs, like at your company, you naturally that in and of itself is going to pick up efficiency because people are scared and they're going to want to make sure that they keep their jobs.
Speaker C:You couple AI on top of that and like, hey, within the next five years, you might get replaced.
Speaker B:You want some predictions about AI?
Speaker B:I spent a lot of time engaging with AI, all different types, from the creative side of the podcast to just me using a learning language model.
Speaker B:I typically use chat GPT as my kind of core.
Speaker B:Then I'll branch out, stuff like nano banana and stuff like that, just to play with other aspects.
Speaker B:I believe that humans in our lifetime will begin to have meaningful relationships with AI in a different way than we expect.
Speaker B:I think most humans will feel more comfortable turning to AI as a therapist to work out their problems.
Speaker B:And then I was in bed the other night and I was asking a question and my wife looks over at me because I'm fubbing.
Speaker B:It's like 2 o' clock in the morning, can't sleep.
Speaker B:So who are you messaging?
Speaker B:And I'm like, oh my God, it looks like I am messaging somebody because I'm like rapid fire, you know, thumbs are blazing.
Speaker B:Away.
Speaker B:Yeah.
Speaker B:And it's because I can have a conversation with AI to ask it questions.
Speaker B:But don't you.
Speaker C:Isn't.
Speaker B:This isn't at any point in time.
Speaker C:So.
Speaker C:But isn't this.
Speaker C:And this doesn't go against your prediction.
Speaker C:It's not like humans as a whole will stop something if it's not good for them.
Speaker C:Right.
Speaker C:Look no further than social media.
Speaker C:But like the report that came out.
Speaker B:To me, documents about Instagram recently.
Speaker C:No.
Speaker B:So there's some court documents that released part of litigation in California and Instagram and Meta knew how toxic social media was and how addictive it was.
Speaker C:Yeah.
Speaker B:And the court documents that came out.
Speaker B:I'll see if I can find them for another show.
Speaker B:They.
Speaker B:They, they clearly knew what they were doing.
Speaker B:Bro.
Speaker C:100.
Speaker C:I mean it's.
Speaker C:It.
Speaker C:They've hired engineers to make it more addictive.
Speaker C:That's a fact.
Speaker B:Yeah.
Speaker B:Gambling experts.
Speaker B:Yeah.
Speaker C:All that.
Speaker C:But it.
Speaker C:What scares me about people building deeper relationships with AI is I think it's now becoming a joke online, the confirmation bias that it spits back out at you.
Speaker B:Yeah.
Speaker C:Right.
Speaker C:And people aren't.
Speaker C:Aren't going to go in to their settings.
Speaker B:People search out confirmation bias.
Speaker C:Right.
Speaker B:That's a natural human tribal instinct.
Speaker B:We're tribal.
Speaker B:So you try to.
Speaker B:You try to gravitate towards the tribe that.
Speaker B:That will give you the confirmation bias.
Speaker C:And this and this, this is why.
Speaker B:Up sitting down and IP standing up.
Speaker C:Right.
Speaker B:That's your tribe, Jill and me.
Speaker B:And tell them, tell them what team you're on.
Speaker A:Whatever makes you happy, man.
Speaker C:Whatever makes Saeed happy.
Speaker B:Right?
Speaker C:Got it.
Speaker C:He's got my bag.
Speaker C:That's my guy.
Speaker C:I bring him in the show every day.
Speaker C:My guy.
Speaker C:Tomato, tomato, potato, potato.
Speaker A:Do what makes you happy, man.
Speaker C:His eyes twitching.
Speaker A:At least he's not coughing.
Speaker C:Right.
Speaker C:But I don't know that.
Speaker C:That part of it all, that part of it all really scares me.
Speaker C:And I mean like you said, we all search confirmation bias and this is tribal.
Speaker C:Now this is going to enter like a whole nother part of the conversation.
Speaker C:But I feel like now more than ever.
Speaker C:And I get it, I was younger back then.
Speaker C:I wasn't as.
Speaker C: s, early: Speaker C:Right.
Speaker C:But just like I'm.
Speaker C:You see more and more comfort with people speaking out in like hateful comments right there.
Speaker C:It's more open and it's because I feel like with social media and the Internet, when you're searching that confirmation bias, you can now find an entire group of People that live all around the world, you can find those people to confirm your own bias.
Speaker C:Right.
Speaker C:Whereas before, when you didn't have that, and if you did feel a certain kind of way in a community or in a neighborhood, you would just stay quiet because you knew that this is wrong.
Speaker C:Or there's not a lot of people that.
Speaker C:That think like I think or believe what I believe.
Speaker B:Right.
Speaker C:So now it's just people are way more out and open with.
Speaker C:And like, that's the part behind it all.
Speaker C:That really scares me.
Speaker B:It scares me, too.
Speaker B:I also think during our lifetime, we're going to see the first trillionaire.
Speaker B:It's inevitable.
Speaker B:Right.
Speaker B:So the compounding interest works.
Speaker B:That's also the way AI works.
Speaker B:It's going to grow.
Speaker B:It's inevitable.
Speaker B:And I look at all these things and I think to myself, okay, well, if it's inevitable and we're already seeing it now, and it's meaningfully impacting jobs now, why are we ignoring that humans will be displaced?
Speaker B:Another great example of this is during our lifetime, humans probably won't be allowed to drive cars anymore, right?
Speaker C:Yeah.
Speaker C:Statistically and scientifically, it'll be proven that it's way safer for everyone.
Speaker C:We can reduce the amount of Deaths by like 90 some percent if, you know, you have a.
Speaker C:What is it called?
Speaker C:A waybo.
Speaker C:What's it called?
Speaker B:Waymo.
Speaker C:A wavo.
Speaker C:A wavo drives you around.
Speaker A:Waymo.
Speaker B:Weibos are eggs if you're driving.
Speaker B:Huevos.
Speaker C:I was gonna say Quavo.
Speaker B:I know who it is.
Speaker B:That's funny.
Speaker C:Quavo driving you around.
Speaker B:Yeah.
Speaker B:So I just think the world is meaningfully changing in a way where humans are going to be left on the sidelines if we continue to act and think like these things aren't impacting us.
Speaker B:Now, if people don't drive anymore, that's more time in front of a screen while waiting to get places, then the question is where they're going to go.
Speaker B:Because if we don't need humans for a lot of this work, doctors, lawyers.
Speaker C:But this should scare everybody, this.
Speaker C:But the people, the people that this.
Speaker B:Isn'T 100 years from now.
Speaker B:This is.
Speaker B:This is like in the next 20 years.
Speaker C:I mean, probably it'll grow exponentially faster.
Speaker C:It could be next 10 years.
Speaker C:Right.
Speaker C:I mean, they've said the predictions are out, that they are all actively seeking at replacing tens of millions of jobs with AI.
Speaker B:So what do these people do?
Speaker C:So, okay, okay, let's put those people aside, which is a big, big scary part.
Speaker C:Put them aside for a second.
Speaker B:Humanity that's fine.
Speaker C:Okay.
Speaker C:But most of humanity, plumbers, electricians, still.
Speaker C:Yeah, yeah, that's great.
Speaker B:Go learn trade with the new lawyer and Dr. No.
Speaker C:But if 70% of our GDP is comprised of is because of consumer consumerism, how are you going to get consumers to buy anything if they don't have jobs?
Speaker B:Well, that seems to be the reoccurring and resounding issue that we're already experiencing.
Speaker C:So the pitch is, okay, we're going to put everybody on universal basic income.
Speaker B:Well, again, so to your point, combine that with.
Speaker B:Companies are more and more, more profitable because people are more and more linked in to subscription based service models.
Speaker B:Things that they.
Speaker B:Dude, there are cars that you have to pay a subscription for to get access to features in the cars now.
Speaker B:Oh, that's right.
Speaker C:I remember telling me BMW was like this.
Speaker B:My Rivian's like this.
Speaker B:You can have maps, but you want detailed maps.
Speaker B:150 a year.
Speaker C:What?
Speaker B:Yeah, man.
Speaker C:What do you mean?
Speaker C:What does the detail give me?
Speaker B:I can zoom in real, real tight on your backyard.
Speaker A:You can do that with Apple maps too, man.
Speaker B:Yeah, but they basically give you Google Maps on your Rivian.
Speaker B:There's some other features you get too.
Speaker B:None of which is like hyper meaningful.
Speaker B:But nobody wants to buy a car.
Speaker B:Yeah.
Speaker B:And be like, oh, you know, you could have better maps.
Speaker B:Yeah.
Speaker C:And then somebody sits in your car and you're like, oh, you don't got the, you don't got the paid version, bro.
Speaker B:Yeah, it's weird, dude.
Speaker C:It's weird.
Speaker B:I had the realization today too.
Speaker B:On my car, at any given time, there are three trackers.
Speaker B:My license plate was digital, has a tracker.
Speaker B:The car itself has a tracker.
Speaker B:My wallet has a tracker.
Speaker B:There's a tracker at all times.
Speaker B:My phone has a tracker.
Speaker C:Being tracked all the time.
Speaker B:I can't commit a murder.
Speaker B:Not saying I ever thought about it, but I'm just saying if I ever wanted to, you know, if I want to do some graffiti, bro, they're gonna know where I'm at.
Speaker C:Rip Haas.
Speaker C:Yeah, he can't kill anymore.
Speaker B:Buddha killer is passed on.
Speaker C:Can't kill.
Speaker B:Yeah.
Speaker B:You don't kill booty.
Speaker C:I can't kill nobody.
Speaker B:Ask the booty lover.
Speaker C:Yeah, awesome.
Speaker C:Booty lover.
Speaker A:I found an article about meta.
Speaker C:Yeah, let's put it over here.
Speaker C:We got from Reuters.
Speaker C:Meta buried casual evidence of social media harm.
Speaker C:U S court filings allege plaintiffs alleged meta head product risks from users and authorities.
Speaker C:Meta accused of ineffective youth safety features and prioritizing growth over safety.
Speaker C:That's why they that's why they're pimping out those teen accounts.
Speaker B:Now, my belief is, is they knew this information would be submitted in court.
Speaker C:Yeah, yeah.
Speaker B:They knew it was going to be public record, so they'd get ahead of it by rolling out these accounts.
Speaker C:Teen accounts.
Speaker B:Yeah, teen accounts.
Speaker B:As part of a kind of, like, subtle marketing play ahead of this getting out.
Speaker B:So now if you go to them and say, oh, no, no, no.
Speaker B:What are you guys talking about?
Speaker B:We just roll out teen accounts.
Speaker B:We're here for you.
Speaker B:We got your back.
Speaker A:Yeah.
Speaker C:We love you.
Speaker C:Yeah, right.
Speaker C:Don't stop using us.
Speaker C:It's my love yeah, love said, I was watching NBA game the other day on Amazon Prime.
Speaker B:No.
Speaker B:You watched the NBA games?
Speaker B:Yeah.
Speaker C:Check this out.
Speaker B:We didn't know.
Speaker B:Did you know?
Speaker A:How do you have time, man?
Speaker C:This is crazy.
Speaker C:This is a good question.
Speaker C:Amazon prime, watching the game.
Speaker C:And like, during the game, after an ad is coming up, it literally a little thing pops up saying, add to cart while you're watching tv.
Speaker C:Yeah, this, like, this is brilliant.
Speaker C:Hey, this is brilliant.
Speaker C:Amazon takes this over.
Speaker C:This is a monopoly, bro.
Speaker B:It's terrible.
Speaker C:This is it.
Speaker C:Like, come on, you.
Speaker C:I can't watch tv.
Speaker B:Ability to buy in their ecosystem is unparalleled.
Speaker B:But you want to hear something funny?
Speaker B:The other day, my dad.
Speaker B:My dad's down the hall in the office, in the studio here.
Speaker B:I hear this knock on the door.
Speaker B:I'm like, okay, door's locked because I did not want to be disturbed, right?
Speaker B:Normally it's open.
Speaker B:Yeah.
Speaker B:So I go to the door.
Speaker B:My dad's like, sweating.
Speaker B:Got something on the phone.
Speaker B:Sounds like it's from the Philippines, right?
Speaker B:And I'm like, he's talking about wife's family or something.
Speaker B:Like, what's going on?
Speaker B:Like, and he's like, I'm on the phone for two hours.
Speaker B:And I'm like, okay.
Speaker B:He's like, oh, I just want toner.
Speaker B:I'm like, like, facial toner.
Speaker B:He's like, no.
Speaker B:For my printer.
Speaker B:And I go, okay, who are you calling?
Speaker B:He's like, I'm calling Amazon.
Speaker B:I'm like, dad, nobody calls Amazon.
Speaker B:What are you doing?
Speaker B:This poor Filipino girl from, like, the customer service line was trying to walk my dad through how to buy the right Amazon.
Speaker B:The toner from Amazon.
Speaker C:He doesn't use Amazon Prime.
Speaker C:Doesn't.
Speaker B:He has an account, apparently.
Speaker B:But I don't.
Speaker B:Like, he's.
Speaker B:He's materially disconnected to the way the world works.
Speaker B:So I'm like, dad, hang out the phone.
Speaker B:He's like, why?
Speaker B:She's so nice.
Speaker B:I'm like, yeah, I know, I know she is.
Speaker B:She's not the problem.
Speaker B:You're the problem.
Speaker B:So hangs the phone.
Speaker B:I'm like, dad, you know the model, the toner you need?
Speaker B: He's like, yeah, it's N: Speaker B:And I'm like, okay, cool.
Speaker B:Type it in there.
Speaker B:It pops up like, there you go, dad.
Speaker B:Yeah.
Speaker B:He's like, it's $60 for one.
Speaker B:I'm like, actually, it's $60 for two.
Speaker B:And he's like, I have a guy that normally delivers it, but he passed away.
Speaker B:And I'm like, of course he did.
Speaker B:Right?
Speaker C:Yeah.
Speaker B:And I'm like, how much you pay?
Speaker B:He's like, I paid 60 bucks for one and it came a week later.
Speaker B:I'm like, now you're paying 60 bucks for two and it comes tomorrow.
Speaker B:He looks at me like I was insane, right?
Speaker C:I know, I know.
Speaker C:And there you go.
Speaker C:That, that's the, the death of the mom and pop shop right there.
Speaker B:Yeah.
Speaker C:People, people are wanting to cut out, you know, the mom and pop shop just for convenience.
Speaker B:Yeah.
Speaker B:And then I hear about all these people who try to sell on Amazon, but I've never.
Speaker B:Have you ever met anybody who sells like products on Amazon?
Speaker C:I, I've only known of one person that did really, really well and never spoke to him about like the logistics behind it all, but apparently for a long time he crushed it.
Speaker C:I don't know if he's still doing it, but I know.
Speaker C:And then there's all these courses that.
Speaker B:People can take and everybody that I knew that was, quote, selling on Amazon always sold the course about how to sell on Amazon.
Speaker C:Yeah.
Speaker B:So I don't know if they're actually making money selling on Amazon.
Speaker B:How funny, it feels like one of those things that's so margined out that you're not going to make a whole lot of profitability unless you're doing tremendous volume.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker B:And at which point, if you're doing tremendous volume, why would you have time to do a course sort of thing?
Speaker B:Right.
Speaker C:Unless it's just prerecorded.
Speaker C:You just saw the course.
Speaker B:Yeah, I don't, I don't know about all that.
Speaker B:Like all that.
Speaker C:Yeah, I need the follow up.
Speaker C:You got to, got to be able to get the follow up questions.
Speaker B:So as we noted earlier, hiring has slowed significantly even as output and productivity remain stable.
Speaker B:So this growth without payroll situation is becoming real.
Speaker B:Consumer confidence recently dropped to its lowest in months according to Yahoo Finance.
Speaker B:That's showing up in softer retail numbers as say.
Speaker B:And I've talked about discretionary spending, certainly coming down.
Speaker B:Home Depot clearly evidences that this affects everything from housing to default risk.
Speaker B:And we are seeing some mortgage defaults rise.
Speaker B:Not what I would call an alarming ratio because people keep talking about it in percentage of defaults.
Speaker B:Like, oh, defaults are up 20%.
Speaker B:Yeah.
Speaker B:But they were also at historic lows, so not a meaningful increase in my mind.
Speaker B:We will have to see how this all pans out for Black Friday.
Speaker B:So two days from now, will it be a very prosperous Black Friday?
Speaker C:You an avid shopper on Black Friday?
Speaker B:No, I hate it.
Speaker B:I don't even want to be in public on Black Friday.
Speaker B:Right.
Speaker C:Not even that.
Speaker C:Just even online or, like, for Cyber Monday.
Speaker B:Right.
Speaker C:What about you, Rigil?
Speaker A:Not for Black Friday, because I worked in retail a lot when I was younger.
Speaker C:Oh, really?
Speaker A:Hated it, man.
Speaker A:Yeah.
Speaker A:It started off like, on Friday, we opened at, like, 10am and then as years go by, it's earlier and earlier.
Speaker A:Then next, you know, on Thanksgiving, we open at 6pm oh, for black Friday.
Speaker C:Oh, you're starting way.
Speaker A:There's still people lined up lines across the whole store.
Speaker C:For me, I always felt like it was a hustle.
Speaker B:I swear to God, this year, Black Friday deals started, like, November 1st.
Speaker C:They're already had.
Speaker C:They're already signaling.
Speaker B:Yeah.
Speaker B:That new TV we bought for the thing over here.
Speaker C:Yeah.
Speaker B:That was literally a Black Friday deal.
Speaker B:I'm like, it's not Black Friday, though.
Speaker C:Yeah.
Speaker B:But I was like, all right.
Speaker C:They just want to get out ahead of it.
Speaker B:I'll never forget, my sister used to physically go to, like, Black Friday stuff.
Speaker B:They used to make, like, an evening of it where they'd go out, like, midnight and they shop, like, all night long.
Speaker B:They come home exhausted.
Speaker B:I'm sitting myself, like, hey, why?
Speaker B:Number one.
Speaker B:Number two, I went one year, people literally fought, like, in Walmarts.
Speaker C:Oh, yeah, yeah, yeah, yeah.
Speaker B:Like 100 brawls are breaking.
Speaker C:I mean, but you got to think if.
Speaker C:If you believe in any of the data that's coming out, right.
Speaker C:There's not a lot of discretionary cash that people are holding on to, to spend.
Speaker C:So if you can get out in front of it and get somebody to lock in.
Speaker C:Right.
Speaker C:That's why it's probably creeping up earlier and earlier and early.
Speaker B:I think you're gonna have a pretty good Black Friday season this year.
Speaker B:I. I would be shocked if it disappoints.
Speaker B:Really?
Speaker B:Yeah.
Speaker B:I think.
Speaker B:I think the problem is, is you've had a longer time Run because people can include Black Friday spending going all the way back to November 1st.
Speaker B:Right.
Speaker B:That's.
Speaker B:That's what I started happening, is trying to get ahead of what they think are going to be low numbers.
Speaker B:Number one, they're going to have a longer time period.
Speaker B:Number two, I think there's such a disconnect currently to people wanting the dopamine of getting a win.
Speaker B:Yeah.
Speaker B:So they want a dopamine of getting a deal.
Speaker B:And to me, this is kind of like that impetus before the fall.
Speaker B:People go like, okay, I'm in denial.
Speaker B:I want the dopamine of getting something at a discount.
Speaker B:Makes me feel good about life, so I'm gonna go do this.
Speaker B:But then the repercussions hit hard.
Speaker B:I. I think if you're gonna see weakness, it's gonna be in December.
Speaker B:Spending for Christmas.
Speaker C:For Christmas.
Speaker B:Yeah.
Speaker B:I think that's for the weekend's gonna come from.
Speaker B:I think Black Friday deals are still gonna be there.
Speaker B:People are gonna be all sorts of trip to fan high.
Speaker C:So my father, my father in law gave the kids each a hundred bucks to spend on Black Friday because they just now know what Black Friday is.
Speaker B:Oh, cool.
Speaker B:Right?
Speaker C:So my, My daughter goes to her piggy bank and she opens it up and she wants to take out additional cash, like just in case I need it.
Speaker B:I mean, she's not lying, right?
Speaker C:I'm like, okay.
Speaker C:God.
Speaker C:Adam's the complete opposite.
Speaker C:He's like, dad, you spend your money.
Speaker C:I'm not spending any of my money.
Speaker C:He's already thinking about saving it.
Speaker B:Right.
Speaker C:My daughter Aria, I want to spend it.
Speaker C:I'm like, okay.
Speaker C:She goes to her piggy bank.
Speaker C:She tries to pull out an additional.
Speaker C:Some additional cash.
Speaker C:There's only like a 20 and a one in there.
Speaker C:And she finds.
Speaker C:This is how she finds out that we empty it out and deposit it into.
Speaker C:Into her account.
Speaker C:She's like, where's the rest of my money?
Speaker B:Oh, we.
Speaker C:We already deposited, sweetheart.
Speaker C:That's it.
Speaker B:Is it a high yield savings?
Speaker C:Yeah.
Speaker C:What's that, dad?
Speaker C:Yeah, exactly.
Speaker B:Bitcoin.
Speaker C:It's invested, girl.
Speaker B:What you mean?
Speaker B:Yeah, it's not invested in cryptocurrency.
Speaker B:Honey, Daddy doesn't have.
Speaker C:Daddy got paper hands.
Speaker B:Oh, man, the market is so weird.
Speaker B:So US Consumer confidence tanks in November as Americans see more financial pain Head this from Yahoo Finance.
Speaker B:US Consumer confidence nose dive in December.
Speaker B:In November, as Americans saw sour signs ahead for the economy.
Speaker B:Consumer confidence board's reading hit 88.7 in November, down 6.8 points from October's level of 95.5.
Speaker B:Its measure of consumers short term expectations for income, business and labor market conditions also dragged lower to 63.2, remaining well below the threshold of 80.
Speaker B:That the confidence board says typically signals a recession ahead.
Speaker B:So consumer confidence is in fact flashing red for recessionary trending.
Speaker B:I will say it has done this before in recent years and there's not been a recession.
Speaker B:So grain of salt.
Speaker B:November was a tenth consecutive month with a reading below 80.
Speaker B:That's where it gets difficult.
Speaker B:So the overwhelming majority of this year, consecutively for 10 months, it has been in recession territory.
Speaker C:Yeah.
Speaker C:100%.
Speaker C:Yeah, that's a, that's a.
Speaker C:And, and when the Fed or anybody, you know, points to.
Speaker C:But unemployment rates still historically low.
Speaker C:Okay, Just because people are employed doesn't mean they've had, they're not working multiple jobs.
Speaker A:Right.
Speaker C:It doesn't mean that they're, they're earning less than they were before.
Speaker B:I'll say right now.
Speaker B:Yeah, these are the elephant.
Speaker B:It's in the room.
Speaker C:It's in the room.
Speaker B:Let's check.
Speaker B:Let's.
Speaker B:Let's take the trunk out.
Speaker B:Okay, look.
Speaker B:Yeah, they might not be unemployed, sure.
Speaker B:But they just had about 20% real world cost of living go up.
Speaker B:They probably got a 3% salary increase.
Speaker C:Yeah.
Speaker C:Okay.
Speaker B:For most people in America, a 15ish to 20ish percent change in your cost of living is enough to make you feel like life sucks and for us to go, ah, I don't feel it.
Speaker B:Okay, well, maybe you're in the middle class, dude.
Speaker B:Maybe you're like a little more conscious of your spending now because of that difference.
Speaker B:But for a lot of Americans, they're like, dude, this sucks.
Speaker C:Yeah.
Speaker C:Oh, yeah.
Speaker C:Yeah, man.
Speaker B:So, yeah, you didn't lose your job.
Speaker B:Congratulations.
Speaker B:You just feel like you lost, got a salary decrease, which is not fun.
Speaker B:This is why I keep pointing back to real wage inflation has not kept up with everything else.
Speaker B:So what does a consumer do?
Speaker B:They start to freak out for 10 consecutive months while the economy goes woo, woo, Nvidia woo.
Speaker B:Right?
Speaker B:And then you get someone like Michael Burry coming in going like, all right, I'm out.
Speaker B:Yahtzee.
Speaker B:I can't do it.
Speaker B:This makes no sense.
Speaker B:There's no fundamental math here that makes this make sense.
Speaker B:Right?
Speaker B:Then you bet against the market for about a billion dollars again.
Speaker B:Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months.
Speaker B:Dana Peterson, chief economist at the conference board, said in a statement, there is no question that many Americans harbor pessimistic Views about the economy.
Speaker B: s highest level since October: Speaker B:I mean, these are not good signs.
Speaker B:Right.
Speaker B:But there's also nothing.
Speaker B:There's no like, smoking gun here, which is again, the counter argument to all this stuff.
Speaker B:Right.
Speaker B:Chris, you're so negative.
Speaker B:But what a smoking gun.
Speaker C:Yeah.
Speaker C:You're a perma bear.
Speaker B:Yeah, Perma bear.
Speaker B:I like to think that is jailhouse term.
Speaker C:It is a jailhouse term.
Speaker C:You would know.
Speaker B:I've been to jail several times.
Speaker B:Yeah.
Speaker B:To visit people, I think.
Speaker B:I don't know.
Speaker B:It's blurry.
Speaker B:So, yeah, we've got a very tumultuous market this Larry on.
Speaker B:Of course, you've got credit markets, liquidity, hidden risk, private credit, tech borrowing.
Speaker B:There's all sorts of weird things.
Speaker B:According to recent institutional commentary, there's still massive liquidity in the US market.
Speaker B:So you think, okay, Chris, there's all this liquidity there that means good things.
Speaker B:Right.
Speaker B:Dry powder, which could flow in equities or credit if sentiment holds.
Speaker B:Right.
Speaker C:I mean, so that whole argument with, you know, there's.
Speaker C:There was all that stimulus that was injected into the economy and that people are still flush with cash.
Speaker C:I think the people that needed that cash spent that money a long time ago.
Speaker B:That's right.
Speaker B:Right.
Speaker C:So I think when, what listeners should know when, when we say that or articles reference that it's these private companies that, that have been sitting and holding onto their cash and building their cash position.
Speaker C:Right.
Speaker C:That's still, right now, a good, a good position to be in.
Speaker C:Right.
Speaker C:Sitting on large amounts of cash.
Speaker C:I mean, look no further than Berkshire Hathaway.
Speaker B:Right.
Speaker C:Sitting on record levels of cash.
Speaker B:No, no, it is.
Speaker B:I just said, you know, I look at stuff like that.
Speaker B:I think to myself, okay, they're sitting on record levels of cash.
Speaker B:And like literally a year ago when he brought that up, people were like, oh, you just don't understand their, their cash model or, oh, Warren Buffett's just looking to hand over a company to somebody with the most liquid position so they can invest.
Speaker C:Is that what.
Speaker C:Is that what they were saying?
Speaker B:Oh, there's all sorts of contradictory arguments.
Speaker B:I think the fact of the matter is, is it's a large amount of money for him, for anybody.
Speaker B:Is it unusual for him?
Speaker B:I think so, yeah.
Speaker B:Large amount of cash ever.
Speaker B:But does it signal something?
Speaker B:100%.
Speaker B:It does.
Speaker B:It signals that he feels that is the safest place for his money.
Speaker B:This is not a guy who's a risk taker.
Speaker B:Investor.
Speaker B:He's the least risky investor ever when it comes to fundamentals.
Speaker C:And he's literally known for investing his money.
Speaker B:That's right.
Speaker C:So if, if there was an investment to be made, he would have made it.
Speaker B:That's right.
Speaker B:And because of that, I look at the market, I think, okay, well, he's a warning sign.
Speaker B:You got Michael Burry, who bets against the markets big.
Speaker B:And he's been wrong before.
Speaker B:He has been very, very right.
Speaker B:One time broken clock, right twice a day.
Speaker B:I get it.
Speaker B:You've got life changing technology for humanity coming down the pipeline, which arguably is already impacting things.
Speaker B:You look at the MIT study, regardless of the think tank they took it to and the laboratory that they worked in, 11.7% of jobs is a meaningful shift in the market to my mind.
Speaker B:Imagine if we had 11.7 people in the world lose their jobs and unemployment was double what it is now, if not more.
Speaker B:Right.
Speaker C:And that's the new norm.
Speaker B:That's the new norm, yeah.
Speaker B:Because these people don't have jobs.
Speaker B:And let's just say you worked as a receptionist.
Speaker B:AI can replace you.
Speaker B:Let's say you worked as an attorney for immigration law.
Speaker B:This can replace you.
Speaker B:It's form driven.
Speaker B:Now, let's just say you're a doctor and you're a general practitioner.
Speaker B:Well, let's just say AI can look at your wearable technology, get your temperature, get your heart, your rhythms, do all the stuff that doctors normally check for in a normal basic checkup and make a recommendation for you to a specialist based on what it's reading from your data in real time.
Speaker B:I mean, at what point do we go down this daisy chain?
Speaker B:People are going to start going like, you know what, I should probably take this seriously.
Speaker B:I feel like society is my dad.
Speaker B:They're all on the phone trying to call Amazon, acting like this is normal life still.
Speaker B:Yeah, people don't do that, bro.
Speaker C:Yeah.
Speaker B:This is there for you because it makes you feel comfortable.
Speaker B:It's not there for you because it's going to fix the problem.
Speaker C:But how this all gets implemented, like in a, in a way to where people just accept it, that's the part that's going to be interesting.
Speaker B:Right?
Speaker C:Not everybody, not every company is going to be able to do it all at once.
Speaker C:Right.
Speaker C:But I feel like the companies that don't adopt that model, like it's up, it's up to, it's up to everybody else to highlight the companies that don't, that don't do it.
Speaker B:You want a shitty prediction?
Speaker B:Imagine talking to AI and wanting help from a customer service perspective because, you know, that's where this goes.
Speaker B:Pay for a call center, have one AI LLM.
Speaker B:That's what you're going to have.
Speaker B:But already I'll use my metag glasses, which I'm wearing tonight on the show.
Speaker B:They got shipped from China to the U.S. u.S. Back to China, China back to the U.S. and this whole debacle, which wound up being nonsensical through customs.
Speaker B:I could not get anyone from Meta in an email or chat or anything meaningful.
Speaker B:And it's like, okay, well, yeah, they deploy the technology vis a vis social media and presentations and seminars, but sold it in Best Buys and other third parties.
Speaker B:Yeah, there's not a contact information for these people.
Speaker B:You can't call customer service.
Speaker B:And if you're them, you go, why would I want people to be able to call me?
Speaker C:Yeah, exactly.
Speaker B:We'll get it done.
Speaker B:What's your problem?
Speaker B:You know how it works.
Speaker B:Go online, search for.
Speaker B:Search for the answer.
Speaker B:At some point, you put an LLM there, and they don't even have people you can talk.
Speaker B:I mean, there's fundamentally no one you can reach out to.
Speaker B:No one.
Speaker C:Yeah.
Speaker C:It's not gonna stop people from buying.
Speaker B:What does that do to us if customer service becomes.
Speaker B:Why are you expecting customer service?
Speaker B:Go talk to the.
Speaker B:To the Knowing all machine.
Speaker B:Stop kicking my feet tonight, bro.
Speaker B:What's going on down there?
Speaker C:You're six foot six, bro.
Speaker B:Is it your feet moving around?
Speaker B:Is that what it is?
Speaker B:Yeah.
Speaker C:I'm stretching out my legs, though.
Speaker C:You're stretching out your legs?
Speaker B:Purple drink.
Speaker C:Yeah, it's a purple.
Speaker C:We are having a purple drink.
Speaker B:Yeah, we are.
Speaker C:What does that do to us as a society?
Speaker B:Yeah.
Speaker B:I've got a present for you.
Speaker C:For me?
Speaker B:Yeah.
Speaker C:What?
Speaker C:You do not have a present for me.
Speaker C:Be right back.
Speaker A:What?
Speaker C:You're being serious live on the show?
Speaker C:I got to give a library.
Speaker C:I'm really bad at giving reactions, man.
Speaker C:This better not be real.
Speaker C:This better be a gag gift.
Speaker B:Oh, my God.
Speaker C:Whoa.
Speaker C:What is this?
Speaker A:It's a box.
Speaker C:It's a box.
Speaker C:Oh.
Speaker C:Let's go, baby.
Speaker B:All right.
Speaker C:Can they see it?
Speaker C:Oh, we gotta turn it around the other way.
Speaker C:Here we go.
Speaker B:All right.
Speaker B:So as much as sides colorectal issues and paranoia about disease and illness and all sorts of weird things become serious, Tushy reached out to us and gave us a sponsorship for the show.
Speaker B:This is a heated toilet seat.
Speaker B:This is the cloud plus.
Speaker B:So if you're gonna sit down, have a reason to do it.
Speaker C:This.
Speaker C:This Would be an.
Speaker C:An even better reason to sit down.
Speaker B:Go to the website, Reggio.
Speaker B:Not that.
Speaker C:Yeah, not the Amazon.
Speaker B:Amazon.
Speaker B:Why are you feeding the man, bro?
Speaker C:We're trying to go straight to the source.
Speaker B:And because Saeed is not the one who.
Speaker B:Who endorses standing and peeing, they decided to give me the.
Speaker B:The.
Speaker B:The access code.
Speaker B:So use my name, Chris.
Speaker B:Last name N, A, G, H, I, B I at Tushy.
Speaker B:Or you can go to hello, tushy dot com.
Speaker C:Hello, Tushy.
Speaker B:Yeah.
Speaker B:Enter my name as a promo code and you can get a nice little discount off of whatever electronic or non electronic bidet you should choose.
Speaker C:Honestly.
Speaker C:Because if you don't got a clean tissue.
Speaker C:What are you doing?
Speaker C:I mean, you gotta.
Speaker C:You gotta take care of your tushy.
Speaker C:Before you listen to this, I just.
Speaker B:Have one question for you that still remains.
Speaker C:Okay, you want to know?
Speaker C:Listen.
Speaker C:Hepatitis A can be spread.
Speaker C:It's true.
Speaker C:Hold on.
Speaker C:It's true.
Speaker C:Hepatitis A can be spread through toilets if an infected person does not wash their hands properly after using the bathroom.
Speaker B:What's wrong with you?
Speaker C:Hey, nobody wants to get hepatitis, bro.
Speaker C:Hepatitis A. Jeez.
Speaker C:And mind you, your urine is only sterile to you, sir.
Speaker B:Don't shout at me, bro.
Speaker C:That's from a registered nurse.
Speaker B:Don't shout.
Speaker C:A registered nurse.
Speaker C:Nurse left us a comment on the.
Speaker C:On the last show.
Speaker C:She wanted to make sure that we understood that your urine is sterile to you and only you, not to other people.
Speaker B:Okay, I get it.
Speaker B:I get it.
Speaker B:Just.
Speaker C:That's on the seat.
Speaker C:That's why you need the.
Speaker C:The.
Speaker C:What'd you call it?
Speaker C:The wax gasket.
Speaker C:What'd you call it?
Speaker B:The wax paper ass gasket.
Speaker C:Yeah, the wax paper ass gasket.
Speaker B:Wpags.
Speaker C:Wpags.
Speaker C:That's what.
Speaker C:That's what they're called.
Speaker B:Wpags.
Speaker B:What do you call them?
Speaker C:Dude, there's so.
Speaker C:There's so many, like, things out there that I didn't realize.
Speaker C:Like, for instance, like Tupperware.
Speaker C:That's the name of a company.
Speaker C:That's not the name of the actual thing that you're using.
Speaker C:That's just a plastic container.
Speaker B:That's right, right.
Speaker C:Ziploc.
Speaker B:That's the name of the company.
Speaker C:So what do you call.
Speaker C:What is it?
Speaker C:What is a Ziploc?
Speaker B:It's a plastic bag.
Speaker C:It's just a plastic.
Speaker C:No, but it's got a seal, right?
Speaker B:I'm not a big fan of Ziploc bags.
Speaker C:Jacuzzi.
Speaker C:It's not a Jacuzzi.
Speaker C:That's a Brand.
Speaker C:Yeah, it's called.
Speaker C:It's a spa.
Speaker C:It's a hot tub.
Speaker C:It's a hot tub.
Speaker B:I don't like spa.
Speaker B:Spa makes me feel like I'm going over a retreat.
Speaker C:A retreat?
Speaker B:Have you been to a retreat, like a spa?
Speaker C:No.
Speaker C:The kind of retreat that you're referencing.
Speaker B:I never, never gotten, like, one of.
Speaker C:Those mud ones, like the shaman ones.
Speaker B:You're in, the Korean ones, where you go to the Korean spot, they give.
Speaker C:You a scrub that looks like.
Speaker C:That looks like a certain type of dungeon.
Speaker C:I know I can't do that.
Speaker B:Really?
Speaker C:Yeah.
Speaker B:Those are sensational.
Speaker C:Talked about this when you were showing me houses.
Speaker B:We.
Speaker C:We went into a house, and it looked like it was a Korean spot.
Speaker B:That was creepy.
Speaker C:Right.
Speaker C:And then we found out that we thought we were viewing the home.
Speaker C:This is true story.
Speaker C:We thought we were viewing the home by ourselves.
Speaker C:And they were just in the garage.
Speaker B:Yeah, they were just hiding in the garage where you were looking at the house.
Speaker B:Wow.
Speaker B:You remember those dogs in the backyard that.
Speaker B:Running around like all nuts, barking like crazy.
Speaker C:Now we know.
Speaker C:Yeah.
Speaker B:Because they're German shepherds.
Speaker B:Yeah.
Speaker B:The people were in the garage, locked themselves in.
Speaker C:I'm like, yeah, this.
Speaker C:I feel like this is a sign.
Speaker B:That was weird.
Speaker C:That was a weird.
Speaker B:Whole situation was weird.
Speaker B:Yeah.
Speaker B:But their entire bathroom, when you walked in, Rachel, it was crazy.
Speaker B:The entire thing was, like, this weird.
Speaker B:It was a green tile or blue.
Speaker C:Tile, I think it was.
Speaker B:It was blue, right?
Speaker C:Colorblind.
Speaker C:Ah.
Speaker B:Fun fact.
Speaker B:Meta display glasses as part of the setup.
Speaker B:I didn't know this.
Speaker B:They actually have a colorblind adjustment.
Speaker B:They call it the Saeed.
Speaker C:So I would be able to see purple.
Speaker B:I have no idea how it works.
Speaker B:I'm not colorblind.
Speaker C:The irony, right, that I'm colorblind.
Speaker C:I can't see purple, but my favorite team's the Lakers.
Speaker A:What color is this can right here?
Speaker C:This is a meme.
Speaker B:What color is the can?
Speaker B:Right.
Speaker C:No, it's grape.
Speaker C:Grape is purple.
Speaker C:I know that.
Speaker B:So we understand that you understand the color blue.
Speaker C:It all looks blue.
Speaker C:Like a darker shade of blue.
Speaker B:This looks blue.
Speaker C:Like a darker shade of blue.
Speaker C:Yeah.
Speaker C:I don't know the difference.
Speaker A:What about the other can under the monitor?
Speaker B:What about the.
Speaker B:These.
Speaker B:These cans, right?
Speaker C:Yeah, just a different shade of blue.
Speaker B:These all look blue to you?
Speaker B:Really?
Speaker C:Yeah.
Speaker C:It's unfortunate.
Speaker C:It's like.
Speaker C:It's like a sick joke God is playing on me.
Speaker A:He's like, make this guy sing blue Dabadita.
Speaker C:Yeah.
Speaker C:I'm gonna make him like the Lakers.
Speaker C:But you can't really see it, though.
Speaker B:So when Lakers wear, like, their throwback blue jerseys.
Speaker C:Yeah.
Speaker C:I always.
Speaker C:I always.
Speaker C:I always thought that they were.
Speaker C:When.
Speaker C:So when they were saying the team's purple and gold, I'm like, no, they're not.
Speaker C:What are you talking about?
Speaker B:Gold?
Speaker B:Are you.
Speaker C:Yeah, yeah, yeah.
Speaker C:What are you talking about?
Speaker B:What other colors can you not see?
Speaker C:Sometimes red and greens.
Speaker C:When they blend, they blend together.
Speaker C:So Christmas time is a really difficult time for me.
Speaker B:Yeah.
Speaker B:Light thing to me is just like, I don't want you driving anywhere.
Speaker C:I'm arguably the best driver in this room.
Speaker B:Yeah.
Speaker B:Because you can't tell whether to go or stop.
Speaker C:I'm the.
Speaker C:I'm the safest.
Speaker C:I'm the safest driver.
Speaker B:Yeah.
Speaker C:Mind you, I. I'm official.
Speaker C:Look, it.
Speaker B:I hate.
Speaker B:The only thing preventing you from dying is you knowing if the light on top or light on bottom is.
Speaker C:Yeah, I know.
Speaker B:That's all.
Speaker B:You don't.
Speaker B:Can't tell the difference in the color?
Speaker C:No, no, I can't.
Speaker C:No.
Speaker C:It.
Speaker C:It's its own color to me.
Speaker C:It's not that it's the same color.
Speaker C:So the green light doesn't look green.
Speaker C:It looks white.
Speaker B:I'm sorry.
Speaker B:So your.
Speaker B:Your colors are red and white?
Speaker C:No, so.
Speaker C:And then red looks orange.
Speaker B:Okay.
Speaker B:This is.
Speaker C:So if anything, if any, my probability.
Speaker B:Of death is based on using orange or white.
Speaker C:No, no, no.
Speaker C:Your probability of death is actually, it makes me safer because red and yellow look more similar.
Speaker C:So I just naturally am preparing to break on red.
Speaker B:That.
Speaker C:That's.
Speaker C:I think it's a red.
Speaker B:This does not make me feel safer with driving with you anywhere.
Speaker C:Why?
Speaker B:You would not be allowed to drive me anywhere.
Speaker B:You're not allowed to drive me anywhere.
Speaker B:No, Never going to happen.
Speaker C:Slide.
Speaker B:Not happening.
Speaker C:Come on.
Speaker B:You can always be a passenger in my car.
Speaker B:You never drive me.
Speaker B:Would you feel comfortable, that guy driving you anywhere?
Speaker A:All right.
Speaker A:This is probably going to end up Poly Market now.
Speaker B:Odds of saying crash in the next two weeks.
Speaker B:58.
Speaker C:He doesn't understand.
Speaker C:This is the long play of me saving gas money.
Speaker B:That's fine.
Speaker B:I have to save my life.
Speaker B:Yeah, can't have that.
Speaker A:Your car is electric, man.
Speaker B:What?
Speaker A:Both your cars are electric?
Speaker C:Yeah, the one.
Speaker C:I. I drive my wife's car here.
Speaker C:Yeah, yeah, the ID4, bro.
Speaker B:Igor charged me five grand last week.
Speaker C:For the car?
Speaker B:Yeah, for the BMW, which.
Speaker C:I mean, is he working on both?
Speaker B:The Datsun, too?
Speaker C:Yeah, he's working on both.
Speaker B:Yeah.
Speaker B:So I'll just get random charges.
Speaker C:Do you tell him, like, hey, once you stop working on this, I want.
Speaker B:You working last week.
Speaker C:Or do you let him, like, kind of freestyle, like, do what you feel is right.
Speaker B:They send me pictures and I'm like, bro, it doesn't look like this.
Speaker B:Looks like you just put some glue on it.
Speaker C:Yeah, that has to have happened, right where he send you a photo.
Speaker C:You're like, what did you do?
Speaker B:No, I mean, usually you can tell parts look new and they used to look old.
Speaker C:Okay.
Speaker B:But for the most part, you're like, they were $5,000.
Speaker A:That's his subscription fee.
Speaker C:He's listening to the.
Speaker C:You know, he's listening to this episode, too.
Speaker B:You are?
Speaker B:Yeah.
Speaker B:He doesn't listen.
Speaker B:The ends.
Speaker B:Yeah.
Speaker B:Early.
Speaker B:Yeah, he's in the beginning.
Speaker B:Listen, your episode, bro, what was it about?
Speaker B:Oh, stuff.
Speaker B:Stuff.
Speaker C:Talk about that J.P. guy again.
Speaker B:Yeah, He's a big fan, though.
Speaker B:He does listen a lot.
Speaker B:Yeah.
Speaker A:Nice guy.
Speaker C:Thanksgiving tomorrow.
Speaker C:You making anything?
Speaker B:Oh, yeah.
Speaker B:What are you making?
Speaker B:I'm making jalapeno cornbread.
Speaker B:It's kind of something that I started making.
Speaker C:That's your go.
Speaker C:That's your thing.
Speaker B:I don't know why people like it.
Speaker B:It's.
Speaker B:It's just like a spicier cornbread.
Speaker B:A little bit of honey.
Speaker B:So it's got a little bit of sweetness to it.
Speaker B:And I dump a ton of butter into it.
Speaker B:For some reason, I made it like three or four years ago, and people liked it, so I just keep making it.
Speaker C:I'm making corn casserole.
Speaker B:Oh, you really?
Speaker B:I saw one of those recently.
Speaker B:My wife sent me a picture of one.
Speaker C:It's delicious.
Speaker B:It looked really good.
Speaker C:It's probably my favorite side dish.
Speaker B:But to you, it looks white.
Speaker C:No, that looks yellow.
Speaker B:Are you sure?
Speaker B:Yeah, it said orange and white.
Speaker C:I know you guys, all you guys all at your house cook too, right?
Speaker C:So what are you making?
Speaker A:Yeah, we do.
Speaker A:But this year, the wife and the son and I are gonna go to Disneyland.
Speaker B:So turkey leg.
Speaker A:Live a little.
Speaker A:Magical.
Speaker C:Oh, yeah.
Speaker C:They just have turkey year round over there.
Speaker B:Turkey legs all year round.
Speaker C:I've never ate one of those massive turkey legs.
Speaker B:I have never either.
Speaker A:You gotta.
Speaker A:You gotta go there with a bag of Hawaiian buns and some barbecue sauce and just.
Speaker A:There you go.
Speaker A:Make some sandwiches, right?
Speaker B:I gotta be honest, man.
Speaker B:I can't be walking anywhere that in my bag.
Speaker B:God forbid.
Speaker B:I have a heart attack if somebody goes to my stuff one day.
Speaker B:I get robbed, bro.
Speaker B:I know.
Speaker B:I'm always this dude had a wine, rolls of barbecue sauce.
Speaker C:I always think like that too.
Speaker C:Anytime we, like, leave the house for like an extended period of time, if we're going somewhere for the day, I always make sure that the house is like clean and spotless in case I die and somebody, they gotta come to the house after, like, God damn, this guy's living like a mess.
Speaker B:You know, I routinely do.
Speaker B:I won't go to the gym because I'll lift like Olympic lifts with no shoes on.
Speaker B:Yeah.
Speaker B:But I'll go to the gym sometimes and forget that I got holes in my socks or something.
Speaker B:You don't want to be like, dude, it looks like mildly homeless at the gym.
Speaker C:Yeah.
Speaker C:What are you doing, bro?
Speaker B:I don't really shave right now.
Speaker C:It looks like you're investing in Equinox.
Speaker C:Yeah, but it's like, you can't buy new socks, bro.
Speaker C:That's disgusting.
Speaker B:Oh, sorry, guys.
Speaker A:Yeah, Black Friday is coming up, so there you go.
Speaker B:I refuse to do it.
Speaker C:Not even socks, huh?
Speaker B:Nope, nope.
Speaker B:Nothing.
Speaker B:I will not support this.
Speaker B:I'm trying to tank the economy on my own.
Speaker C:I don't.
Speaker B:I would.
Speaker C:Honestly, I don't support.
Speaker C:I don't support Black Friday shopping at all either.
Speaker C:I refuse.
Speaker C:I absolutely refuse.
Speaker C:I'd rather pay full price.
Speaker A:Okay, well, I got some stuff right here.
Speaker A:You can pay full price for the higher standard merch.
Speaker B:I'd love to tell you that we give you a Black Friday deal.
Speaker B:Except we're selling it at cost.
Speaker C:Yeah.
Speaker C:So what?
Speaker C:I mean, it's already a year round.
Speaker C:Black Friday deals.
Speaker B:Come on now.
Speaker C:Or we could do like other companies, just mark it up and then discount it for Black Friday.
Speaker C:So it's the same price.
Speaker B:Yeah.
Speaker B:Hey, everybody.
Speaker B:The all facts no cap hoodie, which normally retails at a hundred dollars, is actually on sale for less than 40.
Speaker C:Yeah, you're welcome.
Speaker B:Happy Black Friday.
Speaker B:Discount code is.
Speaker B:I don't think so.
Speaker C:Yeah, this is.
Speaker C:This sweatshirt right here is actually.
Speaker C:I really like this one.
Speaker C:It's.
Speaker C:It's really soft.
Speaker B:It's funny how neither one of you have it, but I have this one.
Speaker B:Oh, you do?
Speaker C:Yes, I've worn it on the show.
Speaker B:Really?
Speaker B:Yeah.
Speaker B:I gotta be honest, I don't remember that.
Speaker C:I've been thinking about growing my beard like this guy.
Speaker B:You should.
Speaker B:Long beard.
Speaker B:Yeah, I would love that.
Speaker C:Yeah, long beard on me.
Speaker C:It's just.
Speaker B:Yeah.
Speaker B:I thought that was you when I first saw it.
Speaker B:No, it looks good.
Speaker C:I mean, obviously the mustache ain't it though.
Speaker B:What?
Speaker C:Yeah.
Speaker B:You can't go like one of the Ukrainian dudes where you shave the mustache.
Speaker C:No, you Gotta clean.
Speaker C:No, not.
Speaker C:No, not like.
Speaker C:That's wild.
Speaker C:Yeah, Yeah.
Speaker C:I don't like that look.
Speaker B:The big bushy mustache where they shave the top.
Speaker B:Yeah, yeah.
Speaker B:I don't like that look either.
Speaker B:It looks a little too European.
Speaker C:Which, by the way, all those Dagestani guys in the ufc, they're all in my feed right now, so.
Speaker C:I liked one video.
Speaker C:It's just like, non stop.
Speaker C:Non stop here, man.
Speaker B:You too.
Speaker A:Yeah, yeah.
Speaker A:Islam wanting put double belts on.
Speaker C:Yeah, that was pretty epic.
Speaker B:Those guys are animals, man.
Speaker B:Like, they.
Speaker B:They fight with a passion that's, like, palpable.
Speaker B:You could see it.
Speaker C:Yeah, there was a.
Speaker C:You know that streamer?
Speaker B:That.
Speaker C:A massive streamer.
Speaker C:Aiden Ross.
Speaker B:Yeah.
Speaker B:Oh, yeah, yeah.
Speaker C:He went out there.
Speaker B:I saw that.
Speaker C:You saw that?
Speaker B:They started punking him.
Speaker C:They started and just toying with him, and they.
Speaker C:They literally.
Speaker C:He came with his security guard.
Speaker C:He's like, brother, you came with security guard?
Speaker B:Why?
Speaker C:What's he gonna do?
Speaker B:Yeah, he's at a.
Speaker B:He's at a compound in Dagestan or wherever he's at.
Speaker C:What is he gonna do?
Speaker B:Yeah, all trained fighters.
Speaker C:And it was funny because he was like.
Speaker C:They were warming up, rounding the mats for like 10 minutes, and he had.
Speaker C:Did you.
Speaker C:So you saw this?
Speaker C:He had his phone with him the entire time.
Speaker C:He said, what are you gonna do?
Speaker C:Why are you holding your phone?
Speaker C:You're gonna call the police?
Speaker C:What are the police gonna do?
Speaker B:It's such a weird, different world out there.
Speaker C:So funny.
Speaker B:You just tell.
Speaker B:Like, it was.
Speaker B:It was.
Speaker B:They were laughing at it, but at the same time, like, Aiden was laughing.
Speaker C:No, no.
Speaker B:Yeah, the light bulb went on.
Speaker C:No, it was.
Speaker C:It was extremely awkward for him.
Speaker C:And when they.
Speaker C:When he was rolling around with one of the guys who wasn't even.
Speaker C:He doesn't even fight in the UFC or anything.
Speaker C:He's just, I think a guy that rolls around with him.
Speaker C:Like, he made him, like, black out for a second.
Speaker B:Yeah.
Speaker C:Like, he tapped in.
Speaker C:He didn't listen.
Speaker B:He kept going.
Speaker B:Yeah.
Speaker C:Crazy.
Speaker B:I've been trying to do that to you for years.
Speaker B:Yeah, I got invited.
Speaker B:By.
Speaker B:By who?
Speaker C:Ali.
Speaker B:I know you're the boss, sir.
Speaker C:That's why you never asked.
Speaker B:Oh, invitation.
Speaker C:But he wanna go match with me.
Speaker B:Who are you?
Speaker B:Oh, my name is Aiden, sir.
Speaker B:Okay.
Speaker C:What are you doing for life?
Speaker B:I don't know.
Speaker B:I question myself every day.
Speaker C:He challenged me.
Speaker C:You want to do crap?
Speaker C:No, go back.
Speaker C:And then later in the episode when after he leaves, he tells me, he's like, next time, wear different shorts.
Speaker B:Oh, it's wearing pink shorts.
Speaker B:Yeah, that's.
Speaker C:Bro, that's.
Speaker C:That's a lot.
Speaker B:You can tell it was serious.
Speaker B:Yeah.
Speaker C:Bro, you're.
Speaker C:And that was in Dagestan, right?
Speaker A:I don't know.
Speaker B:Yeah, it was.
Speaker B:It was at his compound.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker C:Training is life for these guys.
Speaker B:Yeah.
Speaker C:They asked.
Speaker C:They asked Islam, I think, before the fight or after the fight, he's like, you just had a kid, right?
Speaker C:Like, congratulations.
Speaker C:Like, how do you do it?
Speaker C:You know, with, like, training, he's just like, I don't see my kids.
Speaker C:I just train, just focused, bro.
Speaker C:When you're that great, it's like, I'm gonna be great.
Speaker B:That's it.
Speaker B:It's a different lifestyle.
Speaker C:Yeah, I'm just gonna be great.
Speaker C:That's all I'm focused on.
Speaker A:I've seen videos of them fighting with bears.
Speaker C:Oh, yeah.
Speaker C:That's the real thing.
Speaker C:Khabib.
Speaker C:Khabib's dad, right?
Speaker C:They used to make them train, and they would wrestle bears, like, when they were younger.
Speaker C:And he.
Speaker C:When one of the first times he went, the dad made him.
Speaker C:He's like, dad, what if he bites me?
Speaker C:As a kid, he's telling his dad, what if he bites me?
Speaker C:He's like, bite him back.
Speaker C:You can't make this up, bro.
Speaker C:That's it.
Speaker B:Yeah.
Speaker C:It goes to show you, man, it's like, I feel like gentle parenting out here has gone a little bit too much.
Speaker C:I'm not saying that's the right way.
Speaker C:And I'm also saying what.
Speaker C:What we're growing accustomed to seeing here.
Speaker C:I'm also feeling like it's become a little too much.
Speaker C:We need.
Speaker C:We need to.
Speaker C:We need to take the kids back to the 90s.
Speaker C:At least show them the 90s way, right?
Speaker B:I. I do not want to get canceled tonight.
Speaker B:You guys are touching all the topics that I can't touch.
Speaker C:What's nothing wrong with that?
Speaker C:Well, I got.
Speaker C:Hey, I was raised in the 90s.
Speaker B:No, no, I get it.
Speaker B:I'm just saying, like, you're not the one getting sued for now.
Speaker C:Not for this.
Speaker B:I'm just saying everything I say is good.
Speaker B:Look, I told you, he's a bad person.
Speaker C:Look, look, he wants to go back to the 90s.
Speaker B:He wants to slap kids, and he was talking about Muslim fighters on a show.
Speaker B:It's like, I'm not doing that.
Speaker A:And gambling.
Speaker B:Yeah, and gambling.
Speaker B:Like, come on.
Speaker B:So I ate paper hands trying to give me lawsuits.
Speaker B:Suit it up.
Speaker B:Come on, bro.
Speaker C:You don't go.
Speaker C:You don't hit on polymarket.
Speaker B:Oh, I thought it was polygamy market.
Speaker C:Yeah.
Speaker B:How do I buy a wife?
Speaker C:Yeah.
Speaker B:All right, man.
Speaker C:You got anything else?
Speaker C:Ril, you got anything?
Speaker A:No, just everyone.
Speaker A:Have a happy holiday, Thanksgiving.
Speaker A:Spend some time with your families and live life to the fullest.
Speaker B:Yeah.
Speaker C:Thank you, guys.
Speaker C:Reach out to us.
Speaker C:Leave us a comment down below on our YouTube channel.
Speaker C:Make sure you subscribe.
Speaker C:Hit that, like button.
Speaker C:Ring that notification bell.
Speaker C:If you leave us a comment on Apple or Spotify, we'll make sure to read it.
Speaker C:Make sure it's honest.
Speaker C:Because if it's honest, you know, it's five stars.
Speaker A:Buy some merch.
Speaker C:Buy some merch.
Speaker C:Hellotushy.com hellotushy.com promo code.
Speaker C:Chris Nahibi.
Speaker B:That's right.
Speaker C:N, A, G, H, I, B. I did.
Speaker B:You don't know how to spell it or something?
Speaker C:No, I just wanted to make sure Not.
Speaker C:Yeah.
Speaker B:All right.
Speaker B:There you go.
Speaker B:Yeah.
Speaker B:You got anything?
Speaker B:Nope.
Speaker B:I'm done.
Speaker B:I'm probably going to get sued.
Speaker C:Happy?
Speaker C:All right.
Speaker C:Happy Thanksgiving, sir.
Speaker B:Cheers.
Speaker B:All right, bye.
Speaker B:Good night, everybody.
Speaker C:Why would you get sued?
Speaker B:You kidding me?
