1 00:00:02,000 --> 00:00:05,600 I'm losing everything. Everything I own is being taken 2 00:00:05,600 --> 00:00:09,000 away from me and they set up a movie company, right? 3 00:00:09,000 --> 00:00:12,900 Next to my outdoor patio, which is right over here. 4 00:00:18,200 --> 00:00:21,200 And people wonder why I'm protesting. 5 00:00:21,300 --> 00:00:26,200 And why I have had enough. They have not given us money and 6 00:00:26,200 --> 00:00:29,200 they have shut us down. We cannot survive my staff 7 00:00:29,200 --> 00:00:31,300 cannot survive. Look at this. 8 00:00:37,600 --> 00:00:43,900 Tell me that this is dangerous. But right next to me as a slap 9 00:00:43,900 --> 00:00:48,600 in my face and we need your help. 10 00:00:49,000 --> 00:00:51,700 We need somebody to do something about this. 11 00:00:52,800 --> 00:00:54,700 Welcome to Keith's night, don't try it on anyone. 12 00:00:54,700 --> 00:00:58,500 And the libertarian Institute today, I am joined by Carol Roth 13 00:00:58,500 --> 00:01:01,100 author of the war on small business, how the government 14 00:01:01,100 --> 00:01:05,000 used the pandemic to crush the backbone of America. 15 00:01:05,000 --> 00:01:07,800 Miss Roth, where is the best place to get the book. 16 00:01:08,200 --> 00:01:11,600 So I always tell people to support their local business 17 00:01:11,600 --> 00:01:14,400 Bookseller, if possible because that money stays in your 18 00:01:14,400 --> 00:01:17,100 community about 67 cents of every dollar. 19 00:01:17,200 --> 00:01:20,500 If you don't have access or you like to order online, there's a 20 00:01:20,500 --> 00:01:25,000 wonderful place called Bookshop. Dot-org that fulfills from local 21 00:01:25,000 --> 00:01:27,400 business booksellers and right up at the top there page. 22 00:01:27,400 --> 00:01:30,600 You can see all the money that they have helped get to those 23 00:01:30,600 --> 00:01:33,100 small businesses, which is really meaningful. 24 00:01:33,100 --> 00:01:35,300 So those are, those are my choices but I'm the capitalists 25 00:01:35,300 --> 00:01:38,300 as long as you get it. You know, that's up to you links 26 00:01:38,300 --> 00:01:40,500 to those will be in the description below. 27 00:01:40,900 --> 00:01:43,800 Miss Roth, closing small businesses in the middle of a 28 00:01:43,808 --> 00:01:46,800 deadly. Pandemic was necessary to save 29 00:01:46,800 --> 00:01:48,200 lives. How do you respond? 30 00:01:50,400 --> 00:01:55,200 Why was it necessary to close? Small businesses and not the big 31 00:01:55,200 --> 00:01:58,200 businesses that were next door. I didn't notice that there were 32 00:01:58,200 --> 00:02:01,600 any pools of death that were reported from either of those 33 00:02:01,600 --> 00:02:05,600 locations. I'm uncertainty as to why you 34 00:02:05,600 --> 00:02:10,100 could go to a big box retailer and get your pets Nails, groomed 35 00:02:10,100 --> 00:02:13,500 and your pet's hair done. But I couldn't go to a beauty 36 00:02:13,500 --> 00:02:16,900 salon and get my nails done or hair done and why there was that 37 00:02:16,900 --> 00:02:22,400 disparity between the employees and certainly if you had any day 38 00:02:22,700 --> 00:02:26,400 Or science to back that up which nobody did you would have to 39 00:02:26,400 --> 00:02:29,700 compensate people for taking their property for the good of 40 00:02:29,700 --> 00:02:32,400 society. That's eminent domain within 41 00:02:32,400 --> 00:02:34,700 the, the Fifth Amendment of the Bill of Rights. 42 00:02:35,000 --> 00:02:38,900 So you know if you were going to make some sort of scientific and 43 00:02:38,900 --> 00:02:42,700 data-driven reason why small business needed to be shut down 44 00:02:42,700 --> 00:02:45,300 for society. There's a compensation piece 45 00:02:45,300 --> 00:02:47,600 that went along with that, that was absent. 46 00:02:47,800 --> 00:02:50,100 None of this was done Based on data and science. 47 00:02:50,100 --> 00:02:54,700 It was done based on political clout connections and I have yet 48 00:02:54,700 --> 00:02:59,300 to see one piece of data that proves otherwise, When it comes 49 00:02:59,300 --> 00:03:03,200 to what the closures? Did you find any correlation 50 00:03:03,200 --> 00:03:07,200 between people who stayed inside versus people who didn't lock 51 00:03:07,200 --> 00:03:11,000 down countries or cities or states that lockdown? 52 00:03:11,000 --> 00:03:13,900 And those that didn't, how can we actually put this Theory to 53 00:03:13,900 --> 00:03:18,500 the scientific tests? So certainly, I am not a data 54 00:03:18,500 --> 00:03:21,100 scientist, but I am a numbers person. 55 00:03:21,100 --> 00:03:25,600 I've been in the numbers realm my entire life and early on. 56 00:03:25,600 --> 00:03:31,200 It was very clear that the Tactful Factor was if you were 57 00:03:31,200 --> 00:03:35,800 older or if you were very heavy and obese and may have had some 58 00:03:35,800 --> 00:03:40,100 additional risk factors that way it wasn't based on other 59 00:03:40,100 --> 00:03:43,100 factors. Now, certainly we know that the 60 00:03:43,100 --> 00:03:46,700 spread outside was different than the spread inside but we 61 00:03:46,700 --> 00:03:49,800 were never going to stop the spread of a virus. 62 00:03:49,800 --> 00:03:53,300 I mean that was an insane thing and I think we have proven that 63 00:03:53,300 --> 00:03:57,000 out that, you know, now, multiple years later, regardless 64 00:03:57,000 --> 00:04:00,000 of the plays even if you Were on an island and locked it down, 65 00:04:00,000 --> 00:04:03,100 you still cannot you prevent the spread of the virus. 66 00:04:03,200 --> 00:04:07,100 The idea was to slow the spread or to protect the people who 67 00:04:07,100 --> 00:04:11,400 were vulnerable and I think there are definitely been some 68 00:04:11,400 --> 00:04:14,400 folks who are within the medical community. 69 00:04:14,600 --> 00:04:17,500 That will tell you the opposite that will tell you the the fact 70 00:04:17,500 --> 00:04:22,300 that people weren't able to get sick and get over it and develop 71 00:04:22,300 --> 00:04:26,200 natural immunity actually potentially prolonged it. 72 00:04:26,200 --> 00:04:30,100 So, you know, the The and you can look in by country of the 73 00:04:30,108 --> 00:04:33,400 younger populations did better than the ones that had the older 74 00:04:33,400 --> 00:04:35,800 populations that thing. Same thing by States. 75 00:04:36,600 --> 00:04:40,300 Also, the states, that decided they were going to have mandates 76 00:04:40,300 --> 00:04:42,500 where they put covid patients back into nursing homes. 77 00:04:42,500 --> 00:04:47,600 That skewed data because obviously, that created a lot of 78 00:04:47,600 --> 00:04:51,300 contagion and unfortunately, deaths in the beginning, and 79 00:04:51,300 --> 00:04:55,400 those skewed numbers that models were built upon erroneously 80 00:04:55,400 --> 00:04:58,300 thinking that, that was representative of and Higher 81 00:04:58,300 --> 00:05:02,000 populations, instead of just you the people with those risk 82 00:05:02,000 --> 00:05:05,800 factors. So it was sort of sold to us as 83 00:05:05,800 --> 00:05:10,300 sort of putting paws on the TV. We're sort of putting pause on 84 00:05:10,300 --> 00:05:13,300 the world and then when we come back, we'll just pick up sort of 85 00:05:13,300 --> 00:05:16,800 where we left off. How would you explain the 86 00:05:16,900 --> 00:05:19,800 secondary tertiary consequences of things? 87 00:05:19,800 --> 00:05:21,900 Like the lockdowns to people who say? 88 00:05:22,100 --> 00:05:24,700 Well, you didn't go to work. Most of us got checks. 89 00:05:24,900 --> 00:05:27,900 And then we went back. What are some of the costs are 90 00:05:27,900 --> 00:05:30,000 down? Sides of these lockdowns. 91 00:05:30,400 --> 00:05:32,500 All right, so let's back up a minute and, you know, the 92 00:05:32,500 --> 00:05:34,800 interesting part. We talked about lockdowns, 93 00:05:34,800 --> 00:05:37,300 depending on where you live or your personal experience. 94 00:05:37,300 --> 00:05:38,700 You're going to have a different perspective. 95 00:05:38,700 --> 00:05:42,300 But most people seem to believe that there were Broad lockdowns 96 00:05:42,300 --> 00:05:45,300 and we were all in this together and that very much wasn't the 97 00:05:45,300 --> 00:05:48,700 case that the brunt was born by small businesses. 98 00:05:48,700 --> 00:05:51,400 As we know those bigger competitors were allowed to stay 99 00:05:51,400 --> 00:05:54,500 open and people who had alternate means of working were 100 00:05:54,500 --> 00:05:57,100 allowed to continue on. Doing what they what they did 101 00:05:57,500 --> 00:06:00,700 the stock market was well supported, you Amazon's 102 00:06:00,700 --> 00:06:05,100 Warehouse could stay open. So it is able to continue on for 103 00:06:05,100 --> 00:06:08,900 much longer than those proposed 15 days to slow the spread 104 00:06:08,900 --> 00:06:11,300 because the people with those cloud and connections were 105 00:06:11,300 --> 00:06:14,200 impacted, if those had been shut down, if you couldn't go to the 106 00:06:14,207 --> 00:06:16,800 grocery store, you couldn't get your Amazon delivery and you're 107 00:06:16,800 --> 00:06:20,800 stuck, you know, portfolio was in freefall, probably those big 108 00:06:20,800 --> 00:06:22,300 entities with Cloud. What is that? 109 00:06:22,400 --> 00:06:25,200 This is ridiculous. We can't do this and it would 110 00:06:25,200 --> 00:06:28,900 have shut it down within those 15 days but because they weren't 111 00:06:28,900 --> 00:06:30,300 impacted. And they were actually 112 00:06:30,300 --> 00:06:33,300 benefiting and multiple ways both from their competitors. 113 00:06:33,400 --> 00:06:37,700 Being closed as well as the support from the Federal Reserve 114 00:06:38,100 --> 00:06:40,700 as well as all the stimulus. You know, they love this. 115 00:06:40,700 --> 00:06:43,300 This was a huge bone Anza for them. 116 00:06:44,100 --> 00:06:47,600 So, I think that that's sort of the first piece, the second 117 00:06:47,600 --> 00:06:51,100 piece as you alluded to. Was this idea that you could 118 00:06:51,100 --> 00:06:54,600 just turn on and off the economy, like, you were power 119 00:06:54,600 --> 00:06:57,600 cycling a modem or I think you said hitting pause on the on the 120 00:06:57,600 --> 00:07:02,900 TV and assuming that there wouldn't be any impact, and this 121 00:07:02,900 --> 00:07:04,800 is unfair. Fathomable because I've had 122 00:07:04,800 --> 00:07:06,800 discussions with people all along going. 123 00:07:07,100 --> 00:07:09,200 These are the kinds of things that are going to happen. 124 00:07:09,200 --> 00:07:11,900 I wrote them about them. In my book, they disrupted the 125 00:07:11,907 --> 00:07:16,300 labor market, the way that it was constrained, in terms of the 126 00:07:16,300 --> 00:07:19,200 way that they structured it to make it more constrained and had 127 00:07:19,200 --> 00:07:22,400 a bunch of people, leave the labor market, three million 128 00:07:22,400 --> 00:07:26,800 early retirees, two million legal immigrants, that otherwise 129 00:07:26,800 --> 00:07:30,100 would have come in and a bunch of people who traded crypto 130 00:07:30,100 --> 00:07:32,400 started, side jobs or just said you, I don't care. 131 00:07:32,400 --> 00:07:33,700 I'm just not doing anything. Thing. 132 00:07:33,900 --> 00:07:39,000 Because of the way that this was structured and that created this 133 00:07:39,000 --> 00:07:44,600 epic supply-demand imbalance in labor, it sort of wreaked, havoc 134 00:07:44,600 --> 00:07:49,300 on the supply chain and with all of the stimulus and the FED 135 00:07:49,300 --> 00:07:54,100 intervention that went along with this created, as we know 136 00:07:54,100 --> 00:07:57,000 and are living through historic inflation. 137 00:07:57,300 --> 00:08:00,100 And just it, every part of the way, it's insane. 138 00:08:00,100 --> 00:08:03,200 Like, if you said, well, you really need it. 139 00:08:03,300 --> 00:08:06,700 Did the feds come in and prop up the stock market because you 140 00:08:06,700 --> 00:08:09,100 know, there were liquidity issues or it was an emergency or 141 00:08:09,108 --> 00:08:10,800 whatever. Ridiculous reason you want to 142 00:08:10,808 --> 00:08:13,500 come up with then you can say fine. 143 00:08:13,500 --> 00:08:16,800 But when did it ceased to be an emergency because this happened 144 00:08:16,800 --> 00:08:22,300 in March of 2020 by June 5th of 2020, the NASDAQ had an intraday 145 00:08:22,300 --> 00:08:25,400 record high. So if you have the stock market 146 00:08:25,400 --> 00:08:30,000 hitting a record highs, I would say, that's no longer emergency 147 00:08:30,000 --> 00:08:33,700 that you need support. Yet the FED continued to Press 148 00:08:33,700 --> 00:08:37,299 rates, it continued to add to its balance sheet. 149 00:08:37,299 --> 00:08:40,700 By the way, neither of those policies were stopped until a 150 00:08:40,700 --> 00:08:45,400 couple of months after we hit 40 year, historic highs on 151 00:08:45,400 --> 00:08:47,100 inflation. That's something that should 152 00:08:47,100 --> 00:08:50,500 have been seen in The Distance by quote-unquote experts that 153 00:08:50,500 --> 00:08:54,200 are making multi-trillion dollar decisions and impacting our 154 00:08:54,200 --> 00:08:57,600 economy. So all of these issues the 155 00:08:57,600 --> 00:09:01,100 inflation, the disruption of Labor, the disruption of Supply, 156 00:09:01,400 --> 00:09:03,200 you know, other supply-demand imbalance. 157 00:09:03,300 --> 00:09:08,200 Isis have created an environment that really is, frankly hurting 158 00:09:08,200 --> 00:09:09,700 everyone. I mean, it really at the end of 159 00:09:09,708 --> 00:09:13,000 the day was all for naught but the people who are the little 160 00:09:13,000 --> 00:09:15,400 guys, you know, the average person on Main Street, the 161 00:09:15,400 --> 00:09:19,300 average small business is much, you know, in a much worse 162 00:09:19,300 --> 00:09:23,600 position to be able to weather that than somebody who is 163 00:09:23,600 --> 00:09:26,600 wealthy a business that is well, capitalized and can take a 164 00:09:26,608 --> 00:09:30,100 long-term View. And so all of this just ends up 165 00:09:30,100 --> 00:09:32,900 being an epic, long-term wealth transfer. 166 00:09:34,200 --> 00:09:39,000 The magazine or website Jacobin actually had a tweet. 167 00:09:39,100 --> 00:09:44,100 It didn't come to me until now, but it actually reflected what a 168 00:09:44,108 --> 00:09:48,100 lot of people that I went to college with would say that look 169 00:09:48,100 --> 00:09:51,300 these small businesses I don't care if they go under their 170 00:09:51,300 --> 00:09:53,600 greedy profit-seeking institutions. 171 00:09:53,700 --> 00:09:56,700 If they all burned down tomorrow well tough luck. 172 00:09:56,700 --> 00:09:59,000 That's sort of like a predator drowning. 173 00:09:59,700 --> 00:10:03,700 Why is it that small businesses are not these terrible things. 174 00:10:04,100 --> 00:10:07,600 That we should see as parasitic, but they're actually a net 175 00:10:07,600 --> 00:10:11,600 benefit to society. It's so fascinating to me that 176 00:10:11,600 --> 00:10:16,600 the Socialist faction, you know, doesn't like the little guy like 177 00:10:16,600 --> 00:10:19,600 this, it's hard. It's a lot of mental gymnastics. 178 00:10:19,600 --> 00:10:22,100 I might have to give a gold medal in mental, gymnastics for 179 00:10:22,100 --> 00:10:25,500 that one, because it is, you know, the opportunity for each 180 00:10:25,500 --> 00:10:31,000 person to creates freedom, and economic freedom, and to create 181 00:10:31,000 --> 00:10:33,200 wealth, and to do well for themselves. 182 00:10:33,200 --> 00:10:37,500 And it's a Push back on these big corporations and big special 183 00:10:37,500 --> 00:10:41,100 interests and big government. And you would think that that, 184 00:10:41,100 --> 00:10:44,300 you know, if you're somebody who wanted to support the little 185 00:10:44,300 --> 00:10:47,900 guy, that would be great. You don't want Amazon to have 186 00:10:47,900 --> 00:10:50,900 all that power, you don't want Walmart to have all that power. 187 00:10:50,900 --> 00:10:53,100 You don't want your name, the company to have all of that 188 00:10:53,100 --> 00:10:55,800 power. You want that to be dispersed 189 00:10:55,800 --> 00:10:58,600 amongst the people write as isn't that the spirit the 190 00:10:58,600 --> 00:11:00,400 principle of what we're talking about. 191 00:11:00,400 --> 00:11:03,600 Well, that's what small business does, you know before covid if 192 00:11:03,600 --> 00:11:06,700 you Took the economy and cut it in half. 193 00:11:06,700 --> 00:11:11,200 You would have in the hands of what's now like 30 2.6 million 194 00:11:11,200 --> 00:11:15,200 small businesses, they created about half the GDP and almost 195 00:11:15,200 --> 00:11:18,700 have the employment and the other half was concentrated and 196 00:11:18,700 --> 00:11:21,600 like 20 plus thousand big businesses. 197 00:11:21,900 --> 00:11:26,900 So, yeah, I don't understand why they would say that these small 198 00:11:26,900 --> 00:11:29,900 businesses are the ones who are greedy. 199 00:11:29,900 --> 00:11:32,500 I mean, they're fulfilling a need in the market if they don't 200 00:11:32,500 --> 00:11:35,000 do that, then they end up. Going under but they're 201 00:11:35,000 --> 00:11:38,200 competing in a contest that is rigged. 202 00:11:38,200 --> 00:11:40,700 And that's the problem is that you know if they were competing 203 00:11:40,700 --> 00:11:44,200 in a fair contest it maybe they had some advantages and some 204 00:11:44,200 --> 00:11:48,400 disadvantages you know you let it play out but when you know 205 00:11:48,400 --> 00:11:51,800 the referee goes and gets with the people who are judging in 206 00:11:51,800 --> 00:11:54,800 says, well you know, let's just change everything around so that 207 00:11:54,800 --> 00:11:58,600 the big guys win, that's something you would think that 208 00:11:58,600 --> 00:12:01,900 the people who care about the every man would certainly be 209 00:12:01,900 --> 00:12:05,200 behind. I have a A Time explaining crazy 210 00:12:05,200 --> 00:12:08,100 but, you know, that's kind of the basis of it. 211 00:12:08,500 --> 00:12:12,500 It's very easy to work to explain if someone voluntarily 212 00:12:12,500 --> 00:12:16,400 offers you products services or a job that's evil, exploitation 213 00:12:16,700 --> 00:12:18,700 the running around, burning down your city. 214 00:12:18,700 --> 00:12:21,900 Well, that's your good comrade and we need to unite with them 215 00:12:21,900 --> 00:12:24,800 against the best, but force force versus free choice. 216 00:12:24,800 --> 00:12:27,800 So that seems like a really interesting Dynamic there. 217 00:12:27,900 --> 00:12:31,400 Always always, okay, lockdowns. Weren't that bad. 218 00:12:31,500 --> 00:12:34,700 They only closed non-essential. All businesses. 219 00:12:35,100 --> 00:12:37,100 Tell me. Well, first of all it you can 220 00:12:37,100 --> 00:12:39,800 explain how that's a lie but talk to me about this term 221 00:12:39,800 --> 00:12:43,500 non-essential, how they issued this opinion to the public and 222 00:12:43,500 --> 00:12:46,100 they just separated people from the essential in the 223 00:12:46,100 --> 00:12:49,600 non-essential. This was bizarre non-essential 224 00:12:49,800 --> 00:12:53,800 to whom not Essential by whose decision. 225 00:12:54,400 --> 00:12:59,200 I mean, if you're putting food on the plates of your family, it 226 00:12:59,200 --> 00:13:01,900 seems like you're pretty essential to your family if 227 00:13:01,900 --> 00:13:06,600 you're offering a value. Keeping your employees employed 228 00:13:06,600 --> 00:13:09,800 that's value to them, that flows through the community. 229 00:13:09,800 --> 00:13:13,900 Like the idea that the government would like put people 230 00:13:13,900 --> 00:13:18,300 in these boxes, I mean, in a sense, I'm glad that they did it 231 00:13:18,300 --> 00:13:21,900 because it, put it pretty much out in the open and it shows 232 00:13:21,900 --> 00:13:26,200 just how dangerous this sort of collectivist attitude is the 233 00:13:26,200 --> 00:13:28,300 thing. I find the most fascinating, 234 00:13:28,300 --> 00:13:31,100 you're now being able to look back on what's happened. 235 00:13:31,100 --> 00:13:35,500 After a couple of years, is that the People who were essential in 236 00:13:35,500 --> 00:13:39,600 the people who were Heroes. Once they didn't comply once 237 00:13:39,600 --> 00:13:42,600 they decided that they didn't want to get vaccines for 238 00:13:42,600 --> 00:13:45,400 whatever reason, they didn't believe in him, they had already 239 00:13:45,400 --> 00:13:47,900 had it and natural immunity. They had a religious exemption, 240 00:13:47,900 --> 00:13:52,800 whatever then all of a sudden you were essential and you were 241 00:13:52,800 --> 00:13:57,000 a hero and you work the whole time but now you can no longer 242 00:13:57,000 --> 00:14:01,100 have a livelihood because we've now changed what we have deemed 243 00:14:01,100 --> 00:14:03,600 as important to our narrative and you are no longer. 244 00:14:04,000 --> 00:14:06,800 Going along with that. So apparently you were very 245 00:14:06,800 --> 00:14:10,800 essential than but not so essential now and you know, that 246 00:14:10,800 --> 00:14:14,800 that's what happens when you allow some group of people to 247 00:14:14,800 --> 00:14:17,800 make these decisions. Instead of this being based on 248 00:14:17,900 --> 00:14:23,000 individual rights and free choice and opportunity, they 249 00:14:23,000 --> 00:14:26,000 decide they make decisions according to what they like, and 250 00:14:26,000 --> 00:14:31,400 then that shifts at their whim and that is not a way to have 251 00:14:31,400 --> 00:14:36,100 freedom to have wealth creation to Have set a success or any of 252 00:14:36,100 --> 00:14:40,000 the other key ingredients that you would want in terms of an 253 00:14:40,000 --> 00:14:45,000 economy and a nation chapter 5 is selling out Main Street to 254 00:14:45,000 --> 00:14:48,000 Wall Street, the federal reserve's decades-long role in 255 00:14:48,000 --> 00:14:52,100 helping government transfer more wealth to the wealthiest, what 256 00:14:52,100 --> 00:14:56,100 is the Federal Reserve? How is it an upward transfer of 257 00:14:56,100 --> 00:15:00,400 wealth in its activities? So the Federal Reserve is the 258 00:15:00,400 --> 00:15:02,800 Central Bank of the United States. 259 00:15:02,800 --> 00:15:08,900 It is a Quasi-government agency. It's supposed to be independent 260 00:15:09,200 --> 00:15:12,200 but they get their Authority from Congress and if they make a 261 00:15:12,200 --> 00:15:15,400 profit, they give it back to the treasury and they all sort of, 262 00:15:15,400 --> 00:15:19,500 you know, collude on what it is they're going to do so, is it 263 00:15:19,500 --> 00:15:22,000 really independent, you know, wink wink nudge nudge? 264 00:15:22,000 --> 00:15:25,100 Sure, sure its independence. But they make the monetary 265 00:15:25,100 --> 00:15:29,400 policy decisions, and somehow think that, you know, changing 266 00:15:29,400 --> 00:15:32,700 around interest rates and now going in and meddling in 267 00:15:32,700 --> 00:15:34,900 markets. And In a buyer of Treasury 268 00:15:34,900 --> 00:15:39,700 Securities or mortgage mortgage back Securities, somehow is the 269 00:15:39,700 --> 00:15:42,700 ultimate way that they can ensure that we have full 270 00:15:42,700 --> 00:15:46,800 employment and stable prices. Now, they've done such a good 271 00:15:46,800 --> 00:15:51,800 job of stabilizing, our prices that we have now based on their 272 00:15:51,800 --> 00:15:55,200 decisions, in conjunction with what they've enabled from the 273 00:15:55,200 --> 00:15:58,800 government in terms of overspending, we now have you 274 00:15:58,800 --> 00:16:02,700 know, historic inflation. So I'm going to go ahead and say 275 00:16:02,700 --> 00:16:06,500 they're probably not That great. But there is this weird Nexus of 276 00:16:06,500 --> 00:16:10,700 power between the, you know, the Federal Reserve and the sort of 277 00:16:10,800 --> 00:16:14,600 financial services company the treasury and the government, big 278 00:16:14,600 --> 00:16:18,800 business interest that all work together and they create these 279 00:16:18,800 --> 00:16:23,700 like crazy, boom and bust cycles and because they the wealthy and 280 00:16:23,700 --> 00:16:27,600 well-connected have the balance sheets to be able to wait that 281 00:16:27,600 --> 00:16:30,000 out. They end up benefiting, you 282 00:16:30,008 --> 00:16:33,900 know, they on the upside have more Stood. 283 00:16:33,900 --> 00:16:37,600 So they do well then. And when things go bust and all 284 00:16:37,600 --> 00:16:39,900 the little guys are sort of flushed out of the market. 285 00:16:39,900 --> 00:16:43,600 They act in the sort of vulture Capital way and go in and pick 286 00:16:43,600 --> 00:16:47,200 up whatever is left at bargain-basement prices and our 287 00:16:47,200 --> 00:16:52,900 position for the next run up. So that's really over the last 288 00:16:53,500 --> 00:16:56,400 30 plus years kind of how I viewed. 289 00:16:56,400 --> 00:17:01,000 The FED really started with Alan Greenspan and his Greenspan put 290 00:17:01,100 --> 00:17:04,599 where he was basically saying I'm not going to The market ever 291 00:17:04,599 --> 00:17:08,700 go down so much without intervening, you know, basically 292 00:17:08,700 --> 00:17:10,900 allowed for excessive risk-taking. 293 00:17:10,900 --> 00:17:14,400 And, you know, basically, they think they, they project that 294 00:17:14,400 --> 00:17:16,900 they're smarter than everyone else and that they are going to 295 00:17:16,900 --> 00:17:21,500 do a better job, but really, it is just a mechanism to make sure 296 00:17:21,500 --> 00:17:24,599 that their cronies are taken care of and it ends up being a 297 00:17:24,608 --> 00:17:27,800 wealth transfer. So it started with Greenspan 298 00:17:28,300 --> 00:17:32,600 Bernanke under at the Great Recession financial crisis. 299 00:17:32,600 --> 00:17:36,800 You took it to Another level yelling perpetuated that and 300 00:17:36,800 --> 00:17:40,100 then Powell, you know, what he's done over the last couple of 301 00:17:40,100 --> 00:17:44,300 years is just complete Insanity and yet he was rewarded with 302 00:17:44,300 --> 00:17:47,800 another term so they are all in it together. 303 00:17:48,000 --> 00:17:53,100 It's a really bad thing for our economy and for wealth creation, 304 00:17:53,100 --> 00:17:57,400 for stability of our money and unfortunately it is opaque by 305 00:17:57,400 --> 00:18:01,300 Design, not enough people understand it and so we don't 306 00:18:01,300 --> 00:18:05,300 have people like they did you. Back in the 80s marching on 307 00:18:05,300 --> 00:18:08,100 Washington. You know for what the FED did. 308 00:18:08,200 --> 00:18:10,800 We should be doing that now but there just aren't enough. 309 00:18:10,800 --> 00:18:14,400 People who really fundamentally understand the mechanism and 310 00:18:14,400 --> 00:18:18,700 that really is by Design. Chapter 8 is protecting the 311 00:18:18,700 --> 00:18:20,900 smallest minority. How individual rights and 312 00:18:20,900 --> 00:18:25,000 capitalism set the foundation for economic freedom. 313 00:18:25,500 --> 00:18:28,000 What is it? That you mean when you say 314 00:18:28,000 --> 00:18:29,800 protecting the smallest minority. 315 00:18:30,400 --> 00:18:35,800 So this is an Ian, Rand Sort of concept that the smallest 316 00:18:35,800 --> 00:18:38,800 minority in the world is the individual. 317 00:18:39,100 --> 00:18:44,100 And so, if you really want to protect going against the grain 318 00:18:44,100 --> 00:18:47,600 of the mob, you have to protect the individual and the 319 00:18:47,600 --> 00:18:50,100 individual rights. And which we have been endowed 320 00:18:50,100 --> 00:18:55,300 by our creator and those are the most sacred government's job 321 00:18:55,300 --> 00:18:59,100 isn't to be a nanny. A fairy godmother, a sugar, 322 00:18:59,100 --> 00:19:03,100 daddy, a provider or whatnot that there the way that are 323 00:19:03,800 --> 00:19:07,200 Representative constitutional republic was formed was for them 324 00:19:07,200 --> 00:19:10,100 to uphold and protect our individual rights. 325 00:19:10,500 --> 00:19:13,700 And unfortunately, they have done just the opposite. 326 00:19:13,700 --> 00:19:15,800 They've gone into the position of subjugating. 327 00:19:15,800 --> 00:19:18,800 Those and you know, becoming all of those other things, sugar, 328 00:19:18,800 --> 00:19:23,600 daddy, and Fairy Godmother. And what nods to basically, you 329 00:19:23,608 --> 00:19:27,300 know, our detriments, you know, the closer we get to that, that 330 00:19:27,300 --> 00:19:31,400 free market, free choice scenario, where we have the 331 00:19:31,400 --> 00:19:34,600 guardrails of property rights and individual rights being 332 00:19:34,600 --> 00:19:37,700 protected, the more prosperous we are. 333 00:19:37,700 --> 00:19:41,500 And frankly, everybody else ends up being, you know, by by 334 00:19:41,500 --> 00:19:45,200 default and as we've moved away from that, you know, that's 335 00:19:45,200 --> 00:19:49,200 where people who are working and saving and you're trying to do 336 00:19:49,200 --> 00:19:52,000 the right thing and still not able to get ahead and I kind of 337 00:19:52,000 --> 00:19:55,500 can't Peg what's wrong. You know, that really is the 338 00:19:55,500 --> 00:19:59,300 core of what's wrong here. So if I'm someone, who sort of 339 00:19:59,300 --> 00:20:05,100 sees the world as an oppressed versus oppressor, kind of Layout 340 00:20:05,100 --> 00:20:07,900 and I just want the working class to do. 341 00:20:07,900 --> 00:20:11,600 Well, I sort of throw these things like, you know, Screw the 342 00:20:11,600 --> 00:20:14,300 Canadian truckers because I have to because I support your doe. 343 00:20:14,500 --> 00:20:18,700 If I really just want to help the working class and the poor, 344 00:20:18,700 --> 00:20:20,500 I just want to give people opportunities. 345 00:20:20,800 --> 00:20:25,100 Why should I embrace this sort of pro small business for Pro 346 00:20:25,100 --> 00:20:28,000 free market ideology? Well, I would just look at the 347 00:20:28,000 --> 00:20:31,100 results. I mean that the people who have 348 00:20:31,100 --> 00:20:34,200 been, you know, quote unquote, Press tour. 349 00:20:34,200 --> 00:20:38,200 Had the fewest opportunities are those, you know, typically in 350 00:20:38,200 --> 00:20:42,700 urban areas of big cities, like you, my city of Chicago that are 351 00:20:42,700 --> 00:20:48,700 controlled by those people who espouse those values yet, I have 352 00:20:48,700 --> 00:20:53,400 not seen the benefits being ascribed to them, you know, 353 00:20:53,400 --> 00:20:57,100 they're not Building Wealth. They're not creating 354 00:20:57,100 --> 00:21:01,500 opportunities for themselves to get to the next level and pass 355 00:21:01,500 --> 00:21:03,500 things on to the next generation. 356 00:21:03,500 --> 00:21:07,300 We pay for their schools, but they're their schools are 357 00:21:07,300 --> 00:21:12,400 certainly run in a worse manner than those that are in wealthier 358 00:21:12,400 --> 00:21:16,100 neighborhoods. So, you know, basically by 359 00:21:16,100 --> 00:21:19,700 saying we're going to trust somebody else to know what's 360 00:21:19,700 --> 00:21:21,600 best for us instead of ourselves. 361 00:21:21,600 --> 00:21:26,400 They've given up the opportunity to create and participate in 362 00:21:26,400 --> 00:21:30,900 that economic freedom. I can tell you from somebody who 363 00:21:30,900 --> 00:21:32,900 comes from a financial background, I've been an 364 00:21:32,900 --> 00:21:35,200 advocate. It of wealth for the little guy 365 00:21:35,200 --> 00:21:38,200 because I've benefited from it. My father was an electrician and 366 00:21:38,200 --> 00:21:40,100 grew up on the west side of Chicago. 367 00:21:40,700 --> 00:21:43,500 You know, my grandmother used to wash paper plates, not only 368 00:21:43,500 --> 00:21:47,100 through the depression, but the entire time that I knew her and, 369 00:21:47,100 --> 00:21:50,200 you know, was the first person in my family to graduate from 370 00:21:50,200 --> 00:21:55,500 college wealth, comes from ownership and it comes from 371 00:21:55,600 --> 00:21:59,600 owning anything, owning a home investing in stocks and owning 372 00:21:59,600 --> 00:22:03,400 that owning your small business. But in order to have wealthy 373 00:22:03,600 --> 00:22:07,000 Have to own something that appreciates in value. 374 00:22:07,000 --> 00:22:12,000 That's what creates wealth and being on the government Dole 375 00:22:12,300 --> 00:22:14,700 never does that. The government doesn't create 376 00:22:14,700 --> 00:22:17,600 wealth, they have no mechanism to create wealth. 377 00:22:17,600 --> 00:22:21,000 All they do is move Dollars around, but we know that doesn't 378 00:22:21,000 --> 00:22:22,800 work. We've seen lottery winners who 379 00:22:22,900 --> 00:22:27,900 won tens of millions of dollars who end up bankrupt because they 380 00:22:27,900 --> 00:22:30,500 were just given something. They were given the skills. 381 00:22:30,500 --> 00:22:33,200 They didn't earn it and they didn't invest it in something 382 00:22:33,200 --> 00:22:35,700 that that created that wealth opportunity. 383 00:22:35,700 --> 00:22:40,700 If we want people to be able to participate in wealth, they need 384 00:22:40,700 --> 00:22:45,600 to participate in ownership and having a decentralized free 385 00:22:45,600 --> 00:22:49,700 market economy, accomplishes that we're having something. 386 00:22:49,700 --> 00:22:52,800 That is a centrally planned. Economy were saying we're seeing 387 00:22:52,800 --> 00:22:56,300 what happens to that, you know, five dollar gas, historic 388 00:22:56,300 --> 00:22:59,300 inflation. These are the things that happen 389 00:22:59,600 --> 00:23:02,700 when the people who think they know better than everybody else. 390 00:23:03,200 --> 00:23:05,500 Take Don't? We have living proof that. 391 00:23:05,500 --> 00:23:09,100 Now, people can point to I, like what you said about giving 392 00:23:09,100 --> 00:23:13,300 people the opportunity, because you can think that even below 393 00:23:13,300 --> 00:23:17,100 minimum, wage jobs like internships that pay $0 an hour. 394 00:23:17,300 --> 00:23:19,900 Well, this is so bad. We need to outlaw these. 395 00:23:20,300 --> 00:23:23,200 Well, look, you can have all the opinions in the world but give 396 00:23:23,200 --> 00:23:26,200 someone that opportunity if they want it offer them an 397 00:23:26,200 --> 00:23:31,000 alternative and that's why the opportunity aspect is so 398 00:23:31,000 --> 00:23:33,100 different. Thomas, Soul sums this up very 399 00:23:33,100 --> 00:23:35,600 well. He said the very same people who 400 00:23:35,600 --> 00:23:38,500 say that the government has no right to interfere with sexual 401 00:23:38,500 --> 00:23:40,500 activity between consenting adults. 402 00:23:40,800 --> 00:23:43,800 Believe that the government has every right to interfere with 403 00:23:43,800 --> 00:23:46,600 economic activity between consenting adults. 404 00:23:47,100 --> 00:23:52,300 How has such a scam been able to come to fruition and full so 405 00:23:52,300 --> 00:23:55,200 many people blatantly in so many high places. 406 00:23:55,300 --> 00:23:57,600 I think we could spend an hour on several quotes, right? 407 00:23:57,600 --> 00:24:01,200 I mean, it's not, so he's so incredible and, you know, the 408 00:24:01,200 --> 00:24:04,200 way he talks about greed and the way he kind of What's one thing 409 00:24:04,200 --> 00:24:06,600 against each other? I don't know. 410 00:24:06,600 --> 00:24:10,200 I think that people just aren't principled and, and I put this 411 00:24:10,200 --> 00:24:13,100 on both sides of the major aisle. 412 00:24:13,100 --> 00:24:15,900 I know that your libertarian and, you know, kind of in the 413 00:24:15,900 --> 00:24:17,100 middle. But you know, if you look at the 414 00:24:17,100 --> 00:24:21,600 two big classes, neither of them has sort of a strong commitment 415 00:24:21,600 --> 00:24:24,600 to principles and individual rights, it seems like they like 416 00:24:24,600 --> 00:24:27,600 big government when it suits whatever narrative that they 417 00:24:27,600 --> 00:24:32,100 have and it is a good question to ask people as we know why do 418 00:24:32,100 --> 00:24:34,900 you think this is okay? Hey, when that's not okay. 419 00:24:35,100 --> 00:24:39,300 And it's never based on a basic principle like, oh, because you 420 00:24:39,300 --> 00:24:42,100 know, I believe in the protection of the individual, 421 00:24:42,100 --> 00:24:43,700 right? It's because I believe in this, 422 00:24:43,700 --> 00:24:47,200 but I don't believe in this or I understand this and I don't 423 00:24:47,200 --> 00:24:50,800 understand the other thing. And so it's a very emotional and 424 00:24:50,800 --> 00:24:53,600 visceral response and I completely understand and don't 425 00:24:53,600 --> 00:24:56,500 blame people. I mean I wasn't educated on a 426 00:24:56,500 --> 00:25:00,000 lot of this myself, even though I went to, you know, the 427 00:25:00,500 --> 00:25:03,400 arguably the best undergraduate business school in the world. 428 00:25:03,600 --> 00:25:08,300 It wasn't until I started accidentally getting involved in 429 00:25:08,300 --> 00:25:12,200 the political realm that some of these things really kind of 430 00:25:12,200 --> 00:25:14,600 occurred to me. So it's not something that's 431 00:25:14,600 --> 00:25:19,500 taught probably by Design and you know, it's unfortunate and 432 00:25:19,500 --> 00:25:22,600 we lack economic and financial literacy. 433 00:25:22,900 --> 00:25:27,100 And you know, that creates a pipeline of people who think 434 00:25:27,100 --> 00:25:29,400 because they don't have the vision and the deep 435 00:25:29,400 --> 00:25:33,300 understanding that that's going to make people's lives better. 436 00:25:33,600 --> 00:25:37,800 I also think there is a piece of it that is trying to Outsource 437 00:25:37,800 --> 00:25:42,200 personal obligation used to be that when we had issues, they 438 00:25:42,200 --> 00:25:44,100 were solved within our communities. 439 00:25:44,100 --> 00:25:46,300 And with Charities, and by taking a personal 440 00:25:46,300 --> 00:25:50,000 responsibility. Now, people feel like well, I 441 00:25:50,000 --> 00:25:54,000 can just pay taxes and I will off, you know, offload this to 442 00:25:54,000 --> 00:25:57,100 the government and I'm sure they'll take care of it and 443 00:25:57,100 --> 00:25:59,500 since, you know, I'm not paying as much as somebody else. 444 00:25:59,500 --> 00:26:02,800 Like, you know, I'm okay with them paying more, and it's a 445 00:26:02,808 --> 00:26:06,100 people are just Kind of looking at it from a selfish 446 00:26:06,100 --> 00:26:09,900 perspective, which is okay, people are self-interested, but 447 00:26:09,900 --> 00:26:11,800 they have to understand that everybody else is 448 00:26:11,800 --> 00:26:15,200 self-interested to and that works not just at your level, 449 00:26:15,300 --> 00:26:18,600 but at the government level and that's why these things that 450 00:26:18,600 --> 00:26:21,600 sound great in theory, aren't in reality. 451 00:26:21,600 --> 00:26:24,800 And I had to tell you Keith, you know, there is this like huge 452 00:26:24,800 --> 00:26:28,600 decoupling from reality that we're living through right now 453 00:26:28,800 --> 00:26:33,600 whether it's the oh were the mmt, the modern monetary Three 454 00:26:33,600 --> 00:26:36,700 or I call the Magic Money Tree, folks, who say, oh, well, we 455 00:26:36,700 --> 00:26:39,000 could just print as much money because we've got the printing 456 00:26:39,000 --> 00:26:42,200 press, like, it doesn't matter. Will never default done anything 457 00:26:42,200 --> 00:26:44,000 because we can, we can just print more. 458 00:26:44,500 --> 00:26:47,300 You assuming that there was going to be no consequences to 459 00:26:47,300 --> 00:26:50,300 that or the people who are pushing the green agenda and 460 00:26:50,300 --> 00:26:54,400 being like, we need to, to be green and decarbonized and 461 00:26:54,400 --> 00:26:57,500 trying to move us away from that without having a viable 462 00:26:57,500 --> 00:27:01,900 replacement that works today at scale, you know, at an 463 00:27:01,900 --> 00:27:05,300 appropriate price. You've got people who are living 464 00:27:05,300 --> 00:27:09,400 in fantasy worlds and it sounds nice to some people, you know, 465 00:27:09,400 --> 00:27:12,400 rainbows and unicorns but in reality it sucks. 466 00:27:12,700 --> 00:27:17,000 And so we need to get back to reality and have the reality 467 00:27:17,000 --> 00:27:20,400 check and we now have all of the data of which I'm sure 468 00:27:20,400 --> 00:27:22,800 somebody's going to say, oh well you know it was different or it 469 00:27:22,800 --> 00:27:24,700 wasn't really tried the right way this time. 470 00:27:24,700 --> 00:27:28,600 But no we need to just stop indulging the fantasies and go. 471 00:27:28,600 --> 00:27:33,300 Can we listen to your Insanity? We get that you feel this way. 472 00:27:33,600 --> 00:27:37,400 But in reality, this is not how it works and have that reality, 473 00:27:37,400 --> 00:27:42,100 check that come to Jesus meeting with people who are living in a 474 00:27:42,100 --> 00:27:45,900 complete fantasy world because they have had the privilege of 475 00:27:45,900 --> 00:27:48,900 living in the United States of America during an unusually 476 00:27:48,900 --> 00:27:51,400 prosperous time. The best time to ever be alive 477 00:27:51,400 --> 00:27:55,200 in history, the best place to ever live in history and this is 478 00:27:55,300 --> 00:27:59,100 the anomaly. This isn't the isn't the rule 479 00:27:59,300 --> 00:28:03,200 and I just think people don't have enough. 480 00:28:03,500 --> 00:28:07,500 Depth and worldliness and understanding of History to 481 00:28:07,500 --> 00:28:10,000 really have a grasp on that or reality. 482 00:28:10,900 --> 00:28:13,500 Yeah I wish the modern monetary theorists could just make a 483 00:28:13,500 --> 00:28:17,000 phone call to Haiti and tell them you idiots print more 484 00:28:17,000 --> 00:28:19,700 you're welcome, goodbye help North Korea. 485 00:28:19,900 --> 00:28:23,700 Bob way works out well for their Raylan, turkey's turkey, it's 486 00:28:23,700 --> 00:28:26,900 good going great there. Raise the minimum wage just just 487 00:28:26,900 --> 00:28:30,700 do it, but there's a study, the impact of regulatory costs on 488 00:28:30,700 --> 00:28:33,300 small firms 2010 from the small business. 489 00:28:33,600 --> 00:28:37,700 Advocacy Association, the cost of federal regulations by Farm 490 00:28:38,000 --> 00:28:41,800 by Farm size per employee, seventy seven hundred dollars 491 00:28:41,800 --> 00:28:47,300 for big business, 500 or more employees and 10,500 for small 492 00:28:47,300 --> 00:28:51,700 businesses, meaning that every additional regulation, literally 493 00:28:51,700 --> 00:28:55,600 helps big business at the expense of small business, 494 00:28:55,900 --> 00:28:59,000 giving consumers, less choice and employees, less choices. 495 00:28:59,500 --> 00:29:03,300 What are, what is some reason that people should have to? 496 00:29:03,500 --> 00:29:07,400 If that regulation the idea of helping the consumer or worker 497 00:29:07,700 --> 00:29:11,700 actually hurts the consumer or the worker, so I can just give 498 00:29:11,700 --> 00:29:14,200 you an anecdote. Because as we were talking about 499 00:29:14,200 --> 00:29:16,800 sometimes just the seeing what happens. 500 00:29:16,800 --> 00:29:20,100 Makes it more clear to people. So I have a scenario. 501 00:29:20,700 --> 00:29:23,900 For example, I have a small business in Chicago and I have a 502 00:29:23,900 --> 00:29:29,300 worker who works from home on computer answering emails and 503 00:29:29,300 --> 00:29:32,700 you know, doing that kind of thing a very highly dangerous 504 00:29:32,700 --> 00:29:35,400 job, right? Sitting on your computer and I 505 00:29:35,400 --> 00:29:38,700 have to spend thousands of dollars a year and lots of 506 00:29:38,700 --> 00:29:42,500 paperwork headaches, getting them Workers, Compensation 507 00:29:42,500 --> 00:29:45,600 Insurance. Now again, if I they're working 508 00:29:45,600 --> 00:29:49,200 in a dangerous Factory with blades and sticking their hands 509 00:29:49,200 --> 00:29:53,300 in there, I can understand. But please anyone, Keith explain 510 00:29:53,300 --> 00:29:58,000 to me, why does my worker who sits at home on their computer? 511 00:29:58,200 --> 00:30:01,400 Have to have Workers Compensation Insurance, there's 512 00:30:01,400 --> 00:30:04,100 no reason. And by the way, Happens to be my 513 00:30:04,100 --> 00:30:05,700 sister. So you know what I like and even 514 00:30:05,700 --> 00:30:09,500 like it's even dumber. So the the thought is that your 515 00:30:09,500 --> 00:30:14,300 that's money that it cost me to have this employee that could be 516 00:30:14,300 --> 00:30:18,900 going to that employee or it could be you know with the other 517 00:30:18,900 --> 00:30:21,800 stupid regulations and things that I have to pay for other 518 00:30:21,900 --> 00:30:24,800 other people and other facets of my business could be going to 519 00:30:24,800 --> 00:30:27,600 hiring more employees and growing the business. 520 00:30:27,900 --> 00:30:31,600 But instead is going to the prophet ears, it's going to 521 00:30:31,600 --> 00:30:34,700 these insurance companies. Our big who have lobbied the 522 00:30:34,700 --> 00:30:37,800 state of Illinois, who brags that they have more Insurance 523 00:30:37,800 --> 00:30:42,000 firms that work with them than any other state out there, which 524 00:30:42,000 --> 00:30:45,100 I don't know why they're bragging about because you 525 00:30:45,100 --> 00:30:49,200 they're all seeking rent they're all sticking profits at the 526 00:30:49,200 --> 00:30:53,400 expense of my small business and so I'm not getting to direct 527 00:30:53,400 --> 00:30:58,900 that and I'm not doing that in a way that is adding to, you know, 528 00:30:58,900 --> 00:31:02,200 profit centers and making people's life better and 529 00:31:02,200 --> 00:31:05,600 increasing productivity. Tivity, it's just a money grab 530 00:31:05,700 --> 00:31:08,300 and I have a small business Community, I serve a them a few 531 00:31:08,300 --> 00:31:13,200 years ago, they said they spend forty percent of their time on 532 00:31:13,200 --> 00:31:17,500 administrative items and things that don't directly produce 533 00:31:17,500 --> 00:31:20,200 Revenue. So imagine even if you cut that 534 00:31:20,200 --> 00:31:24,000 in half, how much extra time letting a small business owner, 535 00:31:24,100 --> 00:31:28,200 focus on growing their business and adding to people's lives and 536 00:31:28,200 --> 00:31:30,500 adding to the economy and getting more workers. 537 00:31:30,500 --> 00:31:33,200 Like, you know, how much better that would be for? 538 00:31:33,400 --> 00:31:36,200 Them the community is the people who work for them that the 539 00:31:36,200 --> 00:31:39,600 opportunity for wealth creation and so on and so forth. 540 00:31:39,600 --> 00:31:44,200 But instead it's constrained in government you know BS in my new 541 00:31:44,200 --> 00:31:47,400 shh and as you said the smaller the businesses you know we don't 542 00:31:47,400 --> 00:31:52,400 have human resource departments or you know these people who can 543 00:31:52,400 --> 00:31:55,400 we can just kind of offload this to this is coming from the 544 00:31:55,400 --> 00:31:58,000 people who are wearing all of the different hats in the 545 00:31:58,000 --> 00:32:01,400 business and it ends up being very, very costly. 546 00:32:02,500 --> 00:32:04,900 You wrote a book, The Entrepreneur equation, 547 00:32:04,900 --> 00:32:09,000 evaluating the realities, risks, and rewards of having your own 548 00:32:09,100 --> 00:32:13,100 business, walk us through some of the myths about 549 00:32:13,100 --> 00:32:16,800 entrepreneurship. So my favorite myth is that you 550 00:32:16,800 --> 00:32:20,500 get to Be Your Own Boss, right? Like that's that's what the the 551 00:32:20,500 --> 00:32:22,500 Pinnacle is, like, I'm gonna leave. 552 00:32:22,500 --> 00:32:27,000 I'm sick of reporting to people. And then when you find out, when 553 00:32:27,000 --> 00:32:30,100 you run your own business, is that you report? 554 00:32:30,100 --> 00:32:32,400 First and foremost to your customers, Because if you don't 555 00:32:32,400 --> 00:32:35,400 have any customers, you don't have any business, you report to 556 00:32:35,400 --> 00:32:39,200 your landlord and your vendors and your employees, and you're 557 00:32:39,200 --> 00:32:43,000 making sure that like everybody is Happy paid taken care of 558 00:32:43,000 --> 00:32:45,100 before that, like even comes to you. 559 00:32:45,500 --> 00:32:49,200 So it ends up being that you probably especially in the 560 00:32:49,200 --> 00:32:55,500 beginning have more hours worked more stress and equal less pay 561 00:32:55,600 --> 00:32:57,200 than if you just stayed at the job. 562 00:32:57,200 --> 00:33:00,700 But for some reason, people think that they are now the boss 563 00:33:01,500 --> 00:33:06,000 and You I think that's a big, big shock to people when they 564 00:33:06,000 --> 00:33:10,000 first start their own business. When looking at a lot of 565 00:33:10,000 --> 00:33:13,600 successful entrepreneurs, what are some of the traits that you 566 00:33:13,600 --> 00:33:16,500 most commonly see in those people that you think are a 567 00:33:16,500 --> 00:33:20,700 causal result of their success or have led to their success? 568 00:33:21,200 --> 00:33:24,500 Yeah, there's a saying when you make an investment like as a VC 569 00:33:24,500 --> 00:33:27,300 or private Equity that you are betting on the jockey, not the 570 00:33:27,300 --> 00:33:29,900 horse. And that really is the case. 571 00:33:29,900 --> 00:33:33,200 That, you know, there are these personality traits that can make 572 00:33:33,200 --> 00:33:37,700 you very successful. I think, having sort of the the 573 00:33:37,900 --> 00:33:44,500 Perseverance and the willingness to Pivot at any point in time is 574 00:33:44,500 --> 00:33:46,100 huge. You know, you need somebody 575 00:33:46,100 --> 00:33:48,800 who's like going to keep trying to run through wall, run through 576 00:33:48,800 --> 00:33:52,000 a wall, run through a wall and then what it doesn't work, build 577 00:33:52,000 --> 00:33:54,100 a ladder and then try to climb the ladder and when that doesn't 578 00:33:54,100 --> 00:33:57,500 work, then try to figure out a way around and you just that 579 00:33:57,500 --> 00:34:00,400 kind of a personality that they're not giving up that 580 00:34:00,400 --> 00:34:03,300 they're tenacious, whatever happens that they're going to 581 00:34:03,300 --> 00:34:08,400 Pivot is really critical. And I also think that At having 582 00:34:08,400 --> 00:34:13,900 some hubris and thinking big is pretty important too because 583 00:34:13,900 --> 00:34:17,100 frankly, it's pretty much as difficult to start a small 584 00:34:17,100 --> 00:34:21,900 business as it is big business and you know having the the 585 00:34:21,900 --> 00:34:27,000 scale sometimes actually gives you some benefits and some 586 00:34:27,000 --> 00:34:29,500 leeway that you don't get as a small business. 587 00:34:29,500 --> 00:34:35,000 And so I think somebody who's willing to, to think bigger and 588 00:34:35,000 --> 00:34:37,400 it will be on, just what's in front of them. 589 00:34:37,800 --> 00:34:40,400 Something that I would definitely look for in an 590 00:34:40,400 --> 00:34:43,500 entrepreneur. You yeah, you got to have the 591 00:34:43,507 --> 00:34:46,699 perseverance, you got to have the pivoting and you got to have 592 00:34:46,699 --> 00:34:52,100 these sort of a bit of a vision there when it comes to the risks 593 00:34:52,100 --> 00:34:56,100 of being a business owner you have a general idea of how many 594 00:34:56,300 --> 00:34:59,800 businesses go under and one two five ten years. 595 00:35:00,100 --> 00:35:04,400 So like this is the mythical number structure because like 596 00:35:04,400 --> 00:35:06,900 you can ask all different kinds of people and all different 597 00:35:06,900 --> 00:35:09,700 kinds of sources. Has and they will all contradict 598 00:35:09,700 --> 00:35:12,800 each other. We know that the majority fail 599 00:35:12,800 --> 00:35:19,100 within the number that's usually quoted as three to five years 600 00:35:19,100 --> 00:35:20,700 periods of feel pretty good about that. 601 00:35:20,700 --> 00:35:23,400 And then it just kind of depends on the industry like in 602 00:35:23,400 --> 00:35:28,000 restaurants, like, 90-plus percent of them fail within, you 603 00:35:28,000 --> 00:35:30,700 know, kind of five to seven years, but I don't think that 604 00:35:30,700 --> 00:35:34,600 just the like straight-up failure is as important as the 605 00:35:34,600 --> 00:35:38,200 failure to succeed, because there are a lot of Small 606 00:35:38,200 --> 00:35:43,000 businesses that are kind of glorified Hobbies or a little 607 00:35:43,000 --> 00:35:46,100 side gigs, which is great, you know, again you're making some 608 00:35:46,100 --> 00:35:49,300 money, but as long as you're viewing it, as such as long as 609 00:35:49,300 --> 00:35:52,000 this is not, you know, you understand that this isn't your 610 00:35:52,000 --> 00:35:55,400 livelihood in the only thing that you're doing, I think that 611 00:35:55,400 --> 00:36:02,400 the failure to succeed afflicts many, many businesses, probably 612 00:36:02,400 --> 00:36:06,300 the majority of them out there and they never kind of get to 613 00:36:06,300 --> 00:36:09,400 that next level. The Ones, who do you have? 614 00:36:09,400 --> 00:36:13,800 Can learn a really nice living but, you know, there are a lot 615 00:36:13,800 --> 00:36:15,900 of people who kind of just get stuck in. 616 00:36:15,900 --> 00:36:19,300 The this is a thing and it's a thing that I'm doing and it's 617 00:36:19,300 --> 00:36:21,800 not really going anywhere. I'm sort of like on a treadmill 618 00:36:21,800 --> 00:36:25,500 or treading water and you know those are the people who really 619 00:36:25,500 --> 00:36:27,300 need to reassess and go. Okay. 620 00:36:27,300 --> 00:36:31,700 Are you going to get this to the next level or you know, is that 621 00:36:31,700 --> 00:36:33,200 maybe something else that you should be doing? 622 00:36:33,200 --> 00:36:35,200 Because not everybody was cut out to be an entrepreneur. 623 00:36:35,200 --> 00:36:38,600 It's not an easy thing. When it comes to what meeting 624 00:36:38,600 --> 00:36:43,600 consumer demand, how is it that companies can constantly be 625 00:36:43,600 --> 00:36:48,100 innovating and keeping up with all the competition that's going 626 00:36:48,100 --> 00:36:50,400 on? What is an entrepreneur have to 627 00:36:50,400 --> 00:36:52,700 do to make sure they're staying on top of things? 628 00:36:53,600 --> 00:36:56,700 I think it depends on the entrepreneur, you ask Theo. 629 00:36:56,700 --> 00:37:00,900 Some entrepreneurs would say it's about taking the pulse of 630 00:37:00,900 --> 00:37:03,500 your customer and understanding what they want and giving it to 631 00:37:03,500 --> 00:37:05,900 them the really Visionary entrepreneurs. 632 00:37:05,900 --> 00:37:08,900 Like the, the Steve Jobs is of the world will say it's about 633 00:37:08,900 --> 00:37:11,100 projecting what you think they want that. 634 00:37:11,100 --> 00:37:14,600 They don't yet know and so it becomes a really difficult 635 00:37:14,600 --> 00:37:19,800 balance but it is amazing that just small shifts in the way 636 00:37:19,800 --> 00:37:23,500 that we do things and also small shifts in the environment 637 00:37:23,500 --> 00:37:26,500 creates, you know, the right person pursuing the right 638 00:37:26,500 --> 00:37:30,000 opportunity at the right time. If you go back to like the 639 00:37:30,000 --> 00:37:34,800 first.com bubble, there was a company called webvan, that was 640 00:37:34,800 --> 00:37:38,500 a grocery delivery service. And they went from like zero 641 00:37:38,500 --> 00:37:42,100 dollars. So it like a billion-dollar IPO 642 00:37:42,300 --> 00:37:46,200 to bankrupt it out of business in a very, very short period of 643 00:37:46,200 --> 00:37:50,200 time and part of it was just like the infrastructure we 644 00:37:50,200 --> 00:37:53,400 didn't all have smartphones at that point in time, you know 645 00:37:53,408 --> 00:37:56,000 that the internet was very nascent. 646 00:37:56,600 --> 00:37:59,600 People were just in a very different Space versus today. 647 00:37:59,600 --> 00:38:02,500 Think about all the things that, you know, are on demand and 648 00:38:02,500 --> 00:38:04,900 delivery including in the grocery space. 649 00:38:05,200 --> 00:38:09,700 So part of it is Is just you doing getting the timing right? 650 00:38:09,700 --> 00:38:12,600 And making sure that your the infrastructure is there. 651 00:38:13,700 --> 00:38:18,100 It's the same idea and it was just executed differently with a 652 00:38:18,100 --> 00:38:21,000 different environment and backdrop and that's been the 653 00:38:21,000 --> 00:38:24,400 difference in something that was, you know, a huge epic 654 00:38:24,400 --> 00:38:27,300 failure to something that's been very successful. 655 00:38:28,400 --> 00:38:31,900 Are you familiar with the difference between Market 656 00:38:31,900 --> 00:38:34,700 entrepreneurs versus political entrepreneurs? 657 00:38:36,300 --> 00:38:38,900 I have not heard those designations, but maybe 658 00:38:38,900 --> 00:38:40,500 understand the the underlying theme. 659 00:38:40,500 --> 00:38:42,000 Tell me, tell me what you're thinking. 660 00:38:42,100 --> 00:38:45,400 Well, so the theory was put forth by Bert Falls and he says, 661 00:38:46,000 --> 00:38:49,300 vilifying the rich is a ridiculous concept. 662 00:38:49,300 --> 00:38:51,700 How did they get there? Did they get there as a result 663 00:38:51,700 --> 00:38:53,800 of lowering prices staying Innovative? 664 00:38:53,900 --> 00:38:57,700 Or did they get handouts from the state uses all the examples? 665 00:38:58,300 --> 00:39:02,200 Of for every Carnegie who did something in the free market. 666 00:39:02,200 --> 00:39:04,800 There were people lobbying this, yes. 667 00:39:05,000 --> 00:39:08,600 Instead there instead of Vanderbilt doing steamships, 668 00:39:08,600 --> 00:39:10,800 there was a guy. Edward Collins who kept 669 00:39:10,800 --> 00:39:13,500 increasing the amount of money, every year, the state would give 670 00:39:13,500 --> 00:39:15,600 him. So when it comes to this 671 00:39:16,000 --> 00:39:20,300 important difference, why is it that we should look at free 672 00:39:20,300 --> 00:39:24,200 market entrepreneurs to innovate as opposed to what is constantly 673 00:39:24,200 --> 00:39:27,300 being pushed on us? We need more Federal funding for 674 00:39:27,300 --> 00:39:29,400 a be And see you have an opinion on that? 675 00:39:29,400 --> 00:39:32,600 Yeah, I mean it's just the basic philosophy that the the 676 00:39:32,600 --> 00:39:35,200 government shouldn't be a venture capital firm. 677 00:39:35,400 --> 00:39:39,200 Right here, their job is to preserve and protect our natural 678 00:39:39,200 --> 00:39:42,500 rights. And as we have ascertained and 679 00:39:42,500 --> 00:39:45,600 seen even the quote-unquote smartest people in the room have 680 00:39:45,600 --> 00:39:48,700 made a lot of really bad economic decisions and they're 681 00:39:48,700 --> 00:39:51,700 making those decisions you from a human nature standpoint, 682 00:39:51,700 --> 00:39:55,100 they're making them from the point of what's going to benefit 683 00:39:55,100 --> 00:39:56,400 them. What's going to get them, more 684 00:39:56,400 --> 00:39:59,300 power and more. Dollars into their political 685 00:39:59,300 --> 00:40:01,800 coffers and whatnot. They're not actually doing 686 00:40:01,800 --> 00:40:05,600 anything to benefit you. I think once people get that 687 00:40:05,600 --> 00:40:09,700 points that that's fine. It's very different than a 688 00:40:09,700 --> 00:40:14,600 traditional Venture Capital fund who participates in the upside 689 00:40:14,600 --> 00:40:16,600 with you. And so if you're giving them 690 00:40:16,600 --> 00:40:20,200 money to invest and they don't make any money, you know, they 691 00:40:20,200 --> 00:40:22,700 may have some small management fee but you know, ultimately 692 00:40:22,700 --> 00:40:25,900 they're not going to get the big paydays and eventually you're 693 00:40:25,900 --> 00:40:27,200 not going to invest with them again. 694 00:40:27,200 --> 00:40:30,500 So there, Is an alignment of incentives. 695 00:40:30,500 --> 00:40:33,300 There's a great Charlie, Munger quote, for people who don't know 696 00:40:33,300 --> 00:40:36,100 who Charlie Munger has, he is Warren, Buffett's, partner and 697 00:40:36,100 --> 00:40:39,600 Berkshire Hathaway and he's a show me the incentive and I'll 698 00:40:39,600 --> 00:40:43,600 show you the outcome. And so you we know what the 699 00:40:43,600 --> 00:40:48,100 government's incentives are and those incentives are not aligned 700 00:40:48,100 --> 00:40:53,400 with what benefits you and me or frankly the economy broadly and 701 00:40:53,400 --> 00:40:56,800 so it's really important in any scenario to align those 702 00:40:56,800 --> 00:40:59,200 incentives. And the government shouldn't be 703 00:40:59,200 --> 00:41:03,000 in a position where it is picking winners and losers. 704 00:41:03,000 --> 00:41:06,900 That should be a function of the free markets and you know, 705 00:41:06,900 --> 00:41:10,500 ultimately that has the the built-in mechanisms, to course 706 00:41:10,500 --> 00:41:14,500 correct over time. Whereas with the government it 707 00:41:14,500 --> 00:41:17,600 doesn't there are no course, correction amount of benefits. 708 00:41:17,600 --> 00:41:20,600 And frankly, there's a ton of moral hazard. 709 00:41:20,600 --> 00:41:26,400 I mean there are absolutely no consequences for not only being 710 00:41:26,400 --> 00:41:28,700 wrong but like out. You know, outright basically 711 00:41:28,700 --> 00:41:31,200 being fraudulent doing, nefarious, things. 712 00:41:31,200 --> 00:41:34,400 I mean, maybe they get voted out of office, but like, how many 713 00:41:34,400 --> 00:41:38,600 people have any real accountability in government for 714 00:41:38,600 --> 00:41:42,300 the things that they have done regardless of what the outcome 715 00:41:42,300 --> 00:41:45,800 is? How can workers improve the 716 00:41:45,800 --> 00:41:49,700 amount of skills they have so they can demand a higher salary. 717 00:41:50,500 --> 00:41:55,500 So before the first skill that you should perfect is the asking 718 00:41:55,500 --> 00:42:00,100 for what you're worth skill. And also asking for Equity, this 719 00:42:00,100 --> 00:42:05,100 is an unknown wealth creator. For many people that if you work 720 00:42:05,100 --> 00:42:08,900 for a firm, whether it's public or private that has shares of 721 00:42:08,900 --> 00:42:12,800 their company available, that sometimes you can get shares. 722 00:42:13,000 --> 00:42:17,200 Or options to buy shares in the company and participate in the 723 00:42:17,200 --> 00:42:20,500 value that you're creating and participate in long-term wealth 724 00:42:20,500 --> 00:42:22,800 creation. And so your first skill that you 725 00:42:22,800 --> 00:42:27,200 should focus on is asking for more when it's appropriate and 726 00:42:27,200 --> 00:42:31,200 asking for some Equity. But, you know, it's funny. 727 00:42:32,100 --> 00:42:36,400 I really have this like, feeling at heart that like, you can 728 00:42:36,400 --> 00:42:40,200 teach people skills, but you can't teach people to give a 729 00:42:40,200 --> 00:42:43,200 damn. And so the biggest death Run 730 00:42:43,200 --> 00:42:47,300 shaders in the market right now, are people who actually care 731 00:42:47,500 --> 00:42:50,000 like, who care about the customers, they're serving, who 732 00:42:50,000 --> 00:42:53,800 care about their work product, and their name and what they're 733 00:42:53,800 --> 00:42:57,500 delivering. And I think if you can focus on 734 00:42:57,500 --> 00:43:00,700 that, that's the most important skill. 735 00:43:00,800 --> 00:43:03,500 You'll things change around us all the time or learning new 736 00:43:03,500 --> 00:43:06,300 technologies, and new Industries and all kinds of things. 737 00:43:06,300 --> 00:43:09,800 And that's all stuff that you can go online and watch some 738 00:43:09,800 --> 00:43:14,300 YouTube videos or whatever and find out about Out but to really 739 00:43:14,300 --> 00:43:20,300 be somebody who, you know, shows up and does the job and is 740 00:43:20,300 --> 00:43:25,800 dependable and kills it. Like those are the people who 741 00:43:25,800 --> 00:43:29,900 are irreplaceable in any sort of jobs market. 742 00:43:29,900 --> 00:43:32,700 And so, I would Advocate to spend more time on sort of the 743 00:43:32,707 --> 00:43:36,700 soft skills than some of the hard skills. 744 00:43:37,700 --> 00:43:40,900 And final question. I've heard that almost every job 745 00:43:40,900 --> 00:43:45,000 is selling when your In an interview for the job, you have 746 00:43:45,000 --> 00:43:47,100 to sell yourself when it comes to sales. 747 00:43:47,100 --> 00:43:51,000 You have any tips for people, how can how people can improve 748 00:43:51,100 --> 00:43:53,900 the amount of sales they have or be a better salesperson in 749 00:43:53,900 --> 00:43:55,700 general. Yes, this is important for 750 00:43:55,700 --> 00:43:58,100 entrepreneurs to because entrepreneurs a lot of times 751 00:43:58,100 --> 00:44:00,500 hate to sell and that you know, that's just where we are. 752 00:44:00,800 --> 00:44:04,900 So there's a saying that I use that everybody is tuned in to 753 00:44:04,900 --> 00:44:09,600 their favorite radio station and that is called wiifm. 754 00:44:09,900 --> 00:44:13,100 What's in it for me? And I think when people we'll 755 00:44:13,100 --> 00:44:16,900 sell, they don't spend enough time going into the other 756 00:44:16,900 --> 00:44:20,400 person's shoes and putting it from their perspective and 757 00:44:20,400 --> 00:44:22,800 focusing on what's the benefits for them. 758 00:44:22,800 --> 00:44:24,900 How's it going to make them smarter? 759 00:44:24,900 --> 00:44:29,900 What their boss or sell more or whatever it is that it's their 760 00:44:29,900 --> 00:44:31,900 issue that you're solving for them. 761 00:44:32,100 --> 00:44:37,500 Like most people don't care about like the typical marketing 762 00:44:37,500 --> 00:44:40,400 push bells and whistles that you hear about. 763 00:44:40,400 --> 00:44:44,000 They just want to know. You know how does Help me how 764 00:44:44,000 --> 00:44:47,500 does it make me better? And so, if you want to sell 765 00:44:47,500 --> 00:44:52,200 more, you have to put yourself in their, you know, in their 766 00:44:52,200 --> 00:44:54,400 shoes. I will also say it's a numbers 767 00:44:54,400 --> 00:44:56,600 game and just get used to rejection. 768 00:44:56,600 --> 00:44:59,800 And so, if you were just a Terminator about, I'm going to 769 00:44:59,800 --> 00:45:03,700 call X many people, or email or have lunch or however, you do. 770 00:45:03,700 --> 00:45:07,200 You're selling with this many people, a that up and be 771 00:45:07,200 --> 00:45:10,100 consistent. And, you know, and have those 772 00:45:10,100 --> 00:45:14,000 consistent touch points that the consistency in the Persistence 773 00:45:14,000 --> 00:45:17,500 is key and a lot of it is is that Moneyball is those numbers. 774 00:45:18,200 --> 00:45:20,900 But, you know, if you're finding even with those numbers, you're 775 00:45:20,900 --> 00:45:23,300 not doing the right thing, it's probably because you're not 776 00:45:23,300 --> 00:45:28,200 tuned into wiifm. The book is the war on small 777 00:45:28,200 --> 00:45:31,800 business, how government use the pandemic to crush, the backbone 778 00:45:31,800 --> 00:45:34,700 of America links will be in the description below. 779 00:45:35,100 --> 00:45:36,600 Miss Ross, thank you so much for your time. 780 00:45:36,600 --> 00:45:38,300 Thank you for having me.