John Truman Wolfe on Justice Vs. Social Justice and Bank Bail-Ins

John Truman Wolfe on Justice Vs. Social Justice and Bank Bail-Ins

In this episode, Jason Hartman talks about the 2020 presidential election just a few hours before the polls close. In the interview segment of the show, he is joined by John Truman Wolfe. They continue discussing the election, and they also talk about migration patterns in the US, lithium batteries, and Bank Bail-Ins.

Announcer 0:02
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multimillionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on Now, here’s your host, Jason Hartman with the complete solution for real estate investors.

Jason Hartman 0:53
Hey, everybody, fellow voters, fellow citizens, good day, good day, it is voting day in the United States. I know we have viewers, listeners followers from 189 countries worldwide. But in this country today, it is a big, contentious election. And this is not our election coverage. This is just a quickie. Because, you know, I don’t think we’re going to know very much today. We had planned to do election coverage tonight. But again, we are going to wait and do an election recap tomorrow night. Now, who knows what we’ll even know tomorrow, maybe we’ll have to postpone that one. In these crazy times. This could be tied up in in the supreme court for weeks, who knows what will happen? Who knows what will happen? But it will sure be interesting. I hope you went out and voted. And I hope you went out and voted against Joe Biden, who is a complete idiot and unfit to be president. And I’m not saying Trump is the greatest guy in the world. But you know, I understand why people don’t like him. It’s clear, right? But I understand why people like him too, because he he’s kind of kept his promises, which is a super rare through you like his promises or not. It is a super rare thing as a president. But just thought we dive into a couple things. This is an intro for our podcast, the full podcast will be posted in about an hour or so. But I thought in the intro portion, I would share a few things with you might as well just go live to share this stuff. But again, tomorrow, our full election recap is planned for 5pm. Pacific time 8pm Eastern Time. Tomorrow night. Hopefully we’ll know who the President is by then. But if not, we’re certainly going to know about some of these crazy ballot initiatives in my former home state for most of my life, the Socialist Republic of California. Yeah. Boy, there’s some crazy stuff on the ballot in California. And, you know, why is that important? You might be thinking, Jason, I don’t live in California. I don’t care about California, folks. As California goes, so goes the nation. Things that happen in California tend to be contagious. Why is that? Well, because the government in California, when they can get away with something, other governments who are hungry for tax dollars, they look around and say, Wow, this passed in California, maybe we can pass a watered down version of it here. We realize we’re not a crazy state like California, but you know, maybe we can get get some additional tax revenue. And so it is important and remember something, love it, hate it, if it were a country. And again, I am not crediting the current California regime for this at all. In fact, it’s much to their this credit. But there was a time decades ago, when California was the Golden State, when it was the place where people would go for opportunity, where the streets were lined with gold, where opportunities were made where dreams came true. And it has written and milked that reputation for so many decades. But the benefits and the reality of that disappeared a long, long time ago. But again, living somewhere is a sticky situation. People don’t just get up and move that easily. Right? It took me 15 years to get out of California. So understand this is important stuff. It is important stuff. And so a lot of that stuff will be apparent tonight or tomorrow as to what happens with some of these crazy ballot initiatives. Also, we’re going to know you know who takes the senate tonight, probably and that’s going to be super important. Most people focus on the presidential election. But hey, you know, Congress as a whole, I’m talking about, you know, both sides, right? That’s where the bills come from. Right? The House Ways and Means Committee, that super powerful committee. That’s where all your tax increases come from. Now, the president gets a chance to veto things, obviously. But no, it’s not just about the president, there’s a lot more to it than just the president. Just, you know, that’s that’s one branch of government, we have, thankfully, thank God in this country, we have this balance of power, right. This checks and balances system, we have three branches of government, we have the executive, the judicial, and the legislature. So we got a Supreme Court. And, you know, Trump just pushed through his pick. And, and that was great, right? We saw that just last week or the week before. And now if the democrats win there, they want to pack the Supreme Court, they want to take it from nine justices to 13 justices, just so they can have their pics on the Supreme Court and get what they want. That is absolutely absurd. Let’s hope that never happens. Because it’s completely ridiculous, of course. And, you know, I say this, regardless of what side of the political aisle you’re on, folks, you gotta just remember that, you know, I don’t know it. I think it’s just long past our culture. Nowadays, sadly, everybody’s just out for whatever they want, whatever they can get. It’s awful. It’s awful. What happened to it? And you know, I say to my podcast listeners all the time, I say, you must watch old movies, you must watch old TV shows, you must be read old books, and you must listen to old music, to see how screwed up the world has become. And, you know, listen, in a lot of ways the world is better than it used to be. But in a lot of ways, it’s really worse. So it’s a it’s it’s a mixed bag, obviously, to gain perspective on how things used to be, you must consume old media from and when I say old, I mean, 20 years ago, 30 years ago, watch movies from the 70s and 60s. That wasn’t that long ago, folks. Okay. I’m not talking about reading books from 1850. All right, I’m not talking about reading books from when Gutenberg invented the printing press. I’m just talking about you know, stuff from a couple decades ago, when you were probably alive. Look at how much the world has changed. It helps spark your memory, right, it helps you remember how things used to be? That is very important. There used to be a sort of a decency to things, sadly, so much of that has has gone away in the world in which we live. You know, it’s not all bad. There are a lot of things that are much better now than they used to be. So it’s a mixed bag. Right? It’s definitely next. All right, let’s jump into a few things here, then I will let you go. First off, remember speaking of old things, remember Johnny Carson, this is from 1987, Johnny Carson, talking about one of our presidential candidates. And it’s it’s interesting to get this insight from 1987. About one of the people you may have voted for today or recently. Let’s listen in.

‘Excerpt from a Clip’ 8:18
On the political scene, one of the Democratic candidates, Senator Joseph Biden, I just think the problem he’s been having, he went around and made a speech. And apparently, he quoted a I think, was a British politician, took his speech and kind of paraphrased it as his own. And then the press guy, and then he was charged also with taking part of Bobby Kennedy speeches. And Biden says, Not to worry, we shared his path. He said, We have nothing to fear, but fear itself.

Jason Hartman 8:55
Now, that was pretty funny. So Biden, the plagiarist. Pay, you know, hopefully you watch Tucker Carlson last week, Tucker Carlson really is a national treasure. I mean, that guy is brilliant. He is the most brilliant guy in the media. No question about it. Tucker Carlson really interesting. But hey, I thought we would look at history a little bit too and look at the chart on the screen. And let’s look at the winning margins in some past presidential elections, right? So in 2016, everybody thought Hillary would win, right? The the criminal known as Hillary Clinton, they thought she would win. She thought she would win. She thought it was a shoo in because she’d been around the political establishment. Here comes this outsider, Donald Trump and just totally shakes things up. And I understand that half of you hate him. Half of you love him. There isn’t much middle ground. It seems like with, with Trump, but whatever. Listen, when you when you’re a disrupter, when you shake things up, you know, you’re gonna have a lot of haters. Throughout history, if you think about it. I mean, there were people that had hated Martin Luther King. They hated Jesus Christ. They hated Mahatma Gandhi, you know, disruptors are hated, okay, whoever they are. And there’s that old saying, no prophet is ever revered in their own time. And I’m not saying Trump’s a prophet, I’m just saying conceptually, understand, be intellectually honest about it, that a disrupter has to encounter a lot of opposition, a lot of hatred. Anybody that fights for new rights, that wants to, you know, eliminate the deep state or drain the swamp, and I know you that hate Trump will say, he didn’t drain the swamp, he made it worse. I’ve heard it. All right. We’ve all heard it all. But regardless, okay, so let’s just look, you know, you need 270 270 electoral votes to win. We’ll see what those delegates do tonight. And we’ll see if the balance get counted fast enough. I don’t know. You know, I don’t think we’re gonna know tonight, but maybe we will. Maybe we will. And even if we do know, it’s going to be tested, most likely. So we’ll see. We’ll see. But Trump one last time, of course, with 304. Obama, one with 332, Obama was a disrupter. Look, I wasn’t a fan of Obama, I thought Obama was, you know, like an empty suit. President. I, I didn’t think he had any qualifications really, at all. And, you know, you could argue that Trump doesn’t, or, at the time, now he does, because he’s got experience now. But the time he came in, he’d never been in politics, but he didn’t know how to run a business. And I would say at the end of the day, a country is really sort of a giant corporation. Of course, it’s different. Of course, there are humanitarian issues and other issues that a government needs to attend to, that aren’t just business. But like I posted on Facebook yesterday, you know, mostly, and it’s not completely I get it, it’s not completely I didn’t say this. But mostly, the business of America is business. When business works, and people have jobs, and they have money, and we have private property rights, that is inextricably connected to human liberty and human rights. You know, when you read the philosophers from the past, you know, and the way they develop the thought about human rights, and the idea that people just have natural, inalienable, right, inalienable rights, because they exist, nothing earned, they just exist. So they have rights. And to obtain those rights, you must have private property rights. And for private property to exist, you must have the right to your own time, and the fruits of your own labor. Without that, you do not have rights. So when I say the business of America is business, that’s just true. Because business is what gives people human rights. You don’t have human rights in North Korea, because you don’t have business. You didn’t have rights in the former Soviet Union, because you didn’t have business that wasn’t the business of the state. It wasn’t the private property of the people. In Cuba, you don’t have human rights, because you don’t have. I mean, I know you do a little bit in all these cases, especially Cuba, there are some European companies and so forth in Cuba, I get it. But they’re largely beholden to the state. And that old saying, I think is really important. In here it is. The bigger the government, the smaller the citizen, the bigger the government, the smaller the citizen. You know, it’s that concept of crowding out in any marketplace for anything in the marketplace for healthcare, in the marketplace. For ideas in the marketplace for widgets. There is a crowding out concept, okay, this crowding out concept always occurs. And when you don’t have human rights, when they get crowded out by the government, when you have the government controlling more and more of the economy, the citizen shrinks in importance, and their rights shrink, it naturally must happen that way. So when the government is 20, some odd percent of the gross domestic product, the GDP of a nation, then the humans, the people, the citizens have 20% less rights because you don’t Have the recourse against the government, the way you have it against business, in the idea that you can vote with your feet, you can vote with your wallet, you can vote with your pocketbook, right? Now, sadly, and don’t confuse this. Because the the big business we have in America is absolutely shameful. It’s disgusting. The big tech monopolies, the Wall Street monopolies. You know, I would say Wall Wall Street is the modern version of organized crime. You know, why is there no startup culture on Wall Street? I’ll tell you why. Because of government regulations. Wall Street is so highly regulated, that the entrenched players on Wall Street love the regulation because it keeps their competitors out and builds a wall. You know, everybody says, well, Trump will build a wall. Well, Goldman Sachs built a wall around their business. Okay. You know, JP Morgan Chase built a wall around their business. And so they keep startups they keep competitors out by building these walls of regulation. And the government is big when they become a competitor, any government, right? When they get big, and they make all kinds of regulations. All that does is guarantee a concentration of power for the already established players in that market. That could be Google. It could be for alphabet, I should say. It could be Facebook, it could be Amazon. It could be Goldman Sachs, it could be JP Morgan Chase, it can be Merrill Lynch, it can be anybody. The more regulated, the more the government gets involved, the more the big entrenched, competitors get to consolidate power. You’ll hear them on TV saying, oh, there’s too much regulation. They grouse about it. But in reality, they secretly love it. They love the regulations. And listen, you’ve heard Mark Zuckerberg say it himself. And I’m not a good Mark Zuckerberg a little bit of credit. Right? You know, usually, I’ll be critical of them. But I could give them a little bit of credit, because, like Ted Cruz said last week at that hearing, jack Dorsey is just abusing freedom and democratic principles left and right. Zuckerberg, it’s, you know, has made a small attempt to be a little more reasonable about the whole thing now, you know, we’ll see if it last or whatever. But anyway, that’s that. So you’re you see Bush, you know, w e, one with 286 and 271. In his two elections, and Reagan was a landslide. And, you know, I think Trump’s gonna win. I think he’s going to handily win, actually. And you know, it’s very hard to say that, because the media just keeps telling you, that’s not the case. Like they told us in 2016. The media just keeps saying that, no way, you know, Biden’s gonna win his head and all the polls, all this bias stuff. Well, let’s take a look at that for a moment. So here are the newspapers and who they’re endorsing for President. How could anybody possibly think that the media is like this impartial watchdog of justice, right? I mean, it’s absolutely ridiculous. Like, if this doesn’t tell you, okay, this is the American presidency project. Okay. Who are America’s newspapers endorsing for president in 2020 2020, General Election editorial endorsements, by major US newspapers. Joe Biden has got 4047 of them. Trump only seven. Now why? Well, Trump says he hates the media. And he’s exposed the media and he’s, he’s held them to the fire. And he doesn’t put up with their bullshit. I should believe that he doesn’t put up with there. There’s my bleep. Okay, this is an adult program. So, yeah, so the media hates him. But you look at the rallies that aren’t covered very much by the most of the media. I mean, a little bit, you look at the rallies, and you compare them to the Biden rallies. And you just, I don’t know, folks, it seems like seems like Trump is probably going to win in in light of all this stuff. Now, you know, what was really interesting that there was this right after the 2016 election, I was listening to none other than NPR. Okay, NPR, the most left wing liberal outlet right. And somehow they let this in you know, sometimes they don’t censor what they really probably should be censoring for their own pathetic agenda. Okay. But I’m listening to NPR which I occasionally do because I want to know what the devil is up to. And they go to Michigan, and they go to this county that has voted democrat for ever like for decades. And decades and decades, and the NPR reporter, you know, is interviewing people. Why? Why did you? You know, why did why do you think the county went for Trump, this time when it’s been democrat historically, and they put they put a microphone in front of a woman who voted for Trump. And the reporter says, Why didn’t you vote for Donald Trump? I mean, you know, everybody’s pretty much a democrat here. She said something really telling, I thought this was really telling. And we’ll see if that plays out here tonight. In 2020. She said, you know, all we heard is Hillary Clinton talking about identity politics, and this and that, and, you know, she insulted us and called us the flyover states and all this kind of stuff. And, you know, and just kept talking about identity politics. And at the end of the day, we just want a job. We just want a job. Why Why is that significant? Is that because that woman saying that? Who was a lifelong Democrat who turned and voted for Trump? Was she out of her mind? No, she understood that a job is the foundation of human liberty, a job the right to one’s time, the right to the fruits of one’s labors, the personal property rights that go with that. That’s human liberty. That’s the main ingredient right there. The right to earn an income and to have life liberty and the pursuit of happiness. Right. That is human liberty, in essence, right there. j. o. B, the opportunity to have a job. So yeah, there you go. We’ll see if that happens this time. You know, I’ll probably do this one tomorrow. I got some great clips for you. Well, let me do a little bit of this one. We’ll do maybe the rest tomorrow. But listen to this commentator, Steve Hilton, talking about the Trump presidency. And I think he gives a pretty fair and balanced idea of it. Okay. But, you know, it’s just a facts are facts, you know, you’re not entitled to your own facts, right, as they say.

‘Excerpt from a Clip’ 22:07
Let’s start by going back. For years.

‘Excerpt from a Clip’ 22:12
I’ll be the greatest jobs president that God ever created.

‘Excerpt from a Clip’ 22:15
Well, he was he delivered the highest number of people working in American history, the lowest unemployment in 50 years, the lowest for women in nearly 70 years. The lowest black, Hispanic and Asian unemployment ever.

‘Excerpt from a Clip’ 22:27
Forgotten men and women won’t be forgotten anymore.

‘Excerpt from a Clip’ 22:32
They want for the first time in decades, earnings rose faster for the lowest paid than the rich. under Obama inequality went up with Trump, it came down. By the end of last year, three quarters of the people entering the labor force were coming off the sidelines, the highest since records began to keep our country

‘Excerpt from a Clip’ 22:51
out of war. We will remember those three very famous words, peace through strength.

‘Excerpt from a Clip 23:02
Trump is the first president since the 1970s. Not to start a foreign conflict. Our troops are coming home from the Middle East, our military power has been massively

Jason Hartman 23:12
a liberals liberal friends, do you hear that? Trump is the first president since the 70s. Not to start a foreign conflict. Hey, remember, you’re the flower children of the 60s. Right? Peace, right, give peace a chance. Trump is the president of peace. Compared to all the rest Republicans and Democrats before him. He’s the peace president. None of these awful wars, a enhanced Trump defuse the North Korean nuclear crisis he inherited. He’s achieved peace deals in the Middle East that eluded his establishment predecessors. Yeah, I think peace through strength just about covers it.

‘Excerpt from a Clip’ 23:52
Our horrible trade agreements with China and many others will be totally renegotiated. That includes renegotiating NAFTA, to get a much better deal for America.

‘Excerpt from a Clip’ 24:07
That’s literally what he did. He put tariffs on China. He renegotiated NAFTA to produce the US MCA, the most pro worker trade deal ever. global supply chains were reconfigured, jobs came back to America.

Jason Hartman 24:19
And Clinton by the way that our liberal friends liked so much. He’s the one that sold your job down the river. Clinton. Now listen, Bush wasn’t much better. Okay, I’m just on balance. But Clinton was the guy who really put the nail in the job’s coffin in America, and just sold us out. Okay, in terms of American jobs, it all rests on slick Willie Bill Clinton. Now, you know, Bush, they’re all globalist except Trump. He’s only non globalist, right. But Clinton was the worst offender in terms of the suppression of wages in America. The job losses I mean, absolutely. I’m Pauling Clinton really, really screwed American workers like no other. Household earnings rose and inflation stayed low. The globalists were wrong and Trump was right.

‘Excerpt from a Clip’ 25:12
I will produce for the inner cities and I will produce for the African Americans.

‘Excerpt from a Clip’ 25:18
Opportunity zones with billions of dollars of new investment for urban areas record funding for historically black colleges criminal justice reform to reverse the destruction of joe biden’s crime bill. The only federal action on police reform after George Floyd while Kamala Harris blocked police reform in the Senate, all that on top of the lowest black unemployment ever the lowest black poverty ever, and a massive rise in average income for black families.

‘Excerpt from a Clip’ 25:43
a Trump administration will secure and defend the borders of the United States

‘Excerpt from a Clip’ 25:49
catch and release terminated the war nearly finished asylum seekers remain in Mexico. caravans turn back thanks to the threat of tariffs that result illegal border crossings down gangs under attack immigration under control.

‘Excerpt from a Clip’ 26:06
We are going to appoint justices of the United States Supreme Court who will uphold

‘Excerpt from a Clip’ 26:15
our Constitution.

‘Excerpt from a Clip’ 26:18
Gossage Kevin Barris moving on.

‘Excerpt from a Clip’ 26:24
I am also going to propose a massive tax cut to unleash prosperity

‘Excerpt from a Clip’ 26:29
in every city, every state in our country. Trump’s tax cuts, gave the average family an extra $2,000 a year and reduced our business taxes from among the highest in the developed world to one of the lowest as a result, companies came back to America and investment boomed. We’ll get rid of these horrible regulations that make it

‘Excerpt from a Clip’ 26:50
impossible to do business in this country.

‘Excerpt from a Clip’ 26:53
And the massive program of deregulation that the high investment, which boosted productivity, which increased workers pay energy,

Jason Hartman 27:01
right there is the monopolization concept I was talking about earlier, the more regulation the more of a wall, it builds around the entrenched businesses. And when they have that wall around them, they have no competition. Guess what? They don’t have to raise wages. They don’t have the pressure of the labor market. They don’t have the pressure of you know, providing the best product for the customer at the lowest price. It’s just unbelievable. Yeah, really is

‘Excerpt from a Clip’ 27:25
on defeating terrorism and destroying ISIS.

‘Excerpt from a Clip’ 27:30
Well, given that focus, they were given operational control of the years of second guessing by Obama Biden. ISIS was destroyed, losing 100% of its territory, get the picture. That’s just a top 10. Has there ever been a president who delivered so many of his promises in so many policy areas as Donald Trump, Biden says, Who cares Coronavirus? What is he even talking about? Trump’s shot down travel from China in January Fauci says that saved thousands of lives. Where’s the highest death toll New Jersey, run by Democrats, New York, run by Democrats, Republican Florida, no lockdown, no masked mandate, many more elderly people much lower death rate. What’s the best single thing any leader could do? Bring the pandemic to an end as quickly as possible. The only way is vaccines and treatments. Trump was on it right from the start. He brought the drug companies together the military, the bureaucracy. Yes, he yelled at the FDA. If ever, it was vital to have a businessman in the White House. This was the moment if you’d had Biden there we’d be waiting years for the vaccines years for the treatments. Idiots in the media attack. Trump is saying we’re rounding the corner. But even the New York Times own pandemic expert now says this, quote, experts are saying with genuine confidence that the pandemic in the United States will be over far sooner than they expected. Don’t vote for Trump despite his pandemic response. But because of it. That’s like the other big issue that’s dominated this year. We’ve shown you Trump’s record on racial justice. And yes, he’ll bring law and order. But equally he’ll bring opportunity with his Platinum plan for black America, boosting community lending for black entrepreneurs, millions of new jobs. Biden was shut down opportunity zones, Trump will expand them. Biden would abolish school choice with Trump. They’ll be more Wyden says he’ll heal our racial divide. What Mr. You ain’t black, Mr. Predator, Mr. Crime bill that destroyed countless black families and communities on the issues on the policy. Trump is the right choice. On the economy, he pioneered a new conservative populism pro business on tax and regulation, pro worker on trade and immigration. It led to the greatest economy. we’ve ever seen a blue collar boom, lifting up those left behind by the establishment economics Biden would take us back to our foreign policy, perhaps Trump’s most consequential achievement and greatest legacy, reversing decades of establishment surrender, to confront China’s rise. Biden says normalcy. But working Americans normalcy is cruelty. They send your jobs to china and go to China to get jobs for themselves. You get poorer, they get richer. normalcy is career politicians like Biden, and Harris, totally controlled by the bureaucrats. The administrative stays. Biden says his tweets, we won’t Calm, calm. Biden’s practically comatose the feeble stooge of fighting factions, and the far left the snooty, snobby superficial establishment want this election to be about style, not substance. Well, that may be fine for the already comfortable. But for Americans who are struggling, who want to climb the ladder of opportunity, try doing that with a Biden speech about the soul of the nation. On the substance in any fair election, Trump would be resoundingly reelected. But we don’t have a fair election. NBC, ABC, CBS, CNN, NPR, New York Times Washington Post, Facebook, Twitter, all of it non stop water or Biden propaganda, the alliance of bias colluding to suppress information and suppress the Trump vote. They’re the ones undermining our democracy. Well, three and a half years, they plotted and schemed against President Trump from morning till night and look what he was still able to accomplish. Now, they want to destroy Trump and his supporters. Not because a policy or results or anything real, but because of that insane, irrational hate. Yes, there is the policy argument.

Jason Hartman 31:58
Okay, folks, that’s enough for that one. I hope you enjoyed it. I gotta go. Because I’ve got to get this to the producer tomorrow during the election coverage, we’re gonna tie got a bunch of charts for you to go over. Okay. We’re going to talk about, you know, what Americans fear in the future in terms of what’s coming up. Possibly. This is interesting, though, because this is before the election. So we do need to talk about this one real quick. Republican satisfaction has been rising ahead of the election. You know, still nobody’s not satisfied. So just keep it in context. But it’s interesting, you know, I mean, this is the only one that’s like way up. I mean, the independents are and by the way, I’m a registered independent, the independence are sort of flatline the democrats down came up a tad. I think adding Harris got them a little better off. And we’re going to talk about the law enforcement powers, because that’s been a topic of the show lately. But hey, folks, we will see what happens tonight. Hopefully, we’ll have some news. I may come back and join you tonight. If we get any big news, but if not, it’ll be tomorrow. And oh, boy, we got still got some comments coming in here. Let me just put in by the way, thank you for all the nice kind words, everybody. David, thank you. I am not running for president. Not that I would win but or could win or could even be a contender, but I’m not running. Okay. So just want control of my properties. Yeah, I agree. So half my Seattle rentals, that was a good idea to sell those Seattle rentals because Seattle’s a disaster. All right, everybody. If you didn’t vote yet, go out and vote, cast the right vote cast the vote for smaller government, meaning bigger, bigger citizens. The bigger the government, the smaller the citizen. Just rejoice in the fact that if you’re listening to this, you probably live in a free country somewhere. Okay. Somewhere in the world, you know, you are you are lucky and rich, just right there, no matter what happens. And just remember, you know, it’s a lot of my conservative friends. When Obama got elected the first time, they thought the country was going to go to hell in a handbasket. And I said to them, Look, it takes a long, long time to destroy such a great country with the checks and balances that it has. So even if your candidate doesn’t win if your senator if your president if your propositions or referendums, whatever is true in your state, if it doesn’t work out the way you want. Just remember, you still live in a free country if you are watching this anywhere in the world. So congratulations for that. And I wish you all the best. We will talk to you very soon. Happy voting and happy election watching. Let me play a little bit of this O’Reilly clip here. And you know, I don’t see no Riley in a while, but he’s just talking about like, you know, very rationally about the differences between a Trump reelection and a Biden presidency, and what that would mean what they would do, and I think you’ll be interested in hearing what he has to say, let’s just play a clip. Here we go,

‘Excerpt from a Clip’ 35:03
we got 300 and 30 million Americans, Genesis was just completed, we got 15 million undocumented people living here. So that’s a 345 number as a lot of folks. First thing that’s going to happen is the 15 million undocumented will get amnesty, if the senate goes democrat and by intellect. So, like, the second thing that’s going to happen is going to be a new border policy, much more lenient, for they’re going to say it’s for asylum seekers. But that is just an invitation for everybody in the world to come here and say, I want asylum. Somebody’s mean to me back in Honduras, and there’s a gang after me. Alright, so right away. I mean, right away, the democratic ranks will be swollen by 1520. New citizens know your eventual, it’s not gonna happen overnight. But that’s what they want. No. Watch,

Jason Hartman 36:01
which by the way, what’s interesting about that is a lot of people have predicted, you know, if Trump loses, then he will be the last republican president for who knows how long because the democrats will build in their voter bloc, and O’Reilly misspoke, he said, 15 to 20 million 15 million New Democrat voters, you know, they’re just going to lock that in by just providing an amnesty. And those people typically vote Democrat. So thoughts on that?

John Truman Wolfe 36:31
Well, that and add to that they’re giving the Washington DC and Puerto Rico statehood, both very strong democratic strongholds, which throws

Jason Hartman 36:42
four new senators for New Democratic senators. Yeah, right. Right. For New Democratic senators, thank you. You know, it

John Truman Wolfe 36:49
breaks my mind, actually, it breaks reason in my mind, to think that it makes sense to let 10s of millions of people into the country that are here illegally, and then give them health insurance and education and so forth. You know, when

Jason Hartman 37:07
we have a massive homeless problem, an opioid epidemic, we have veterans committing suicide, those people need care, they need the financial aid, and we have not to mention a pandemic, and all kinds of problems. They’re, you know, very uneven recovery. What about helping the people who contributed to the country,

John Truman Wolfe 37:28
right? I mean, absolutely. I live in Southern California, Jason, and the ethics here are really out of balance part of the problem. And I’m a listen, I love Mexico, I got I love Mexicans. I’m serious. I got a lot of a lot of work with the that community, but along with these 15 million, 13 million, whatever it is, comes Ms. 13, which is actually not Mexican, but from San Salvador, the and these people are net, these are nasty

Jason Hartman 38:02
kill and the drug cartels. And you know, we know about the kidnappings in Arizona and all of that stuff. This is problematic stuff. I mean, what what is the big deal about a country controlling its border? Like why is that controversial? By? You know, and interestingly, you know, what’s interesting, john, about that it’s so hypocritical, because Mexico is very, very much about controlling its southern border with Guatemala. Right? Isn’t that ironic?

John Truman Wolfe 38:35
Listen, it’s a mindset. And I talk to people that are of that political point of view. And there’s no reason there’s no logic. It’s some kind of bizarre low toned emotion, propitiation towards others, and some kind of feeling of superiority towards minorities, and I have to give them this or give them that. Let’s go to that clip

Jason Hartman 38:59
in a moment. Okay, because I’ve got something for you coming up on that. Yeah. You’ll love it. You’ll love it. You’ll love it. Let’s hear a little bit more from O’Reilly here for a second. Okay, because he says a few interesting points. You know, this is what it may mean to all of us, folks. So we’ll see.

John Truman Wolfe 39:14
Number two, you’re going to mess around with the Supreme Court somehow, because they don’t want six justices doing the bidding of traditional Americans, which I don’t think they do anyway. But that’s what the Democrats, right. So there’s going to sort of mess around that gets complicated because it’ll be litigated. So whatever the democrats tried to do, there’s going to go into litigation, someone will sue and spring court have to hear all of these cases, and then it’ll be rattling about where we go be in a state in Washington, DC. I don’t think that’s coming fast. But what will come fast is the tax rise. Now, I don’t know how the stock market is going to react to a buying victory. I don’t know. Right? No one does. But you will get February, March. A substantial tax rise on corporations. If not, it’ll be retroactive back to a date. I don’t think they can make profit ministration sort of happy January, right. And that’ll royalty income royalties are or what, so you’re gonna have Biden wins, you’re gonna have legal immigration, gonna have tax rise, but you’re gonna have a lot of social programs. So Trump did a lot of executive orders, they’re all gonna go, and there’ll be a lot more regulations on oil, all of that, and then you’re gonna start to see the unintended consequences of all that, in the meantime is going to be a really nasty, nasty media payback. You’re going to Trump will be hauled in and they’ll do stuff to him and everybody who served in his administration, and commentators and it’ll be really nasty. It’s not like, Oh, we want we’re Democrats, let’s just get everybody together. That’s right, it’s going to be bad. And the political correctness, the totalitarianism on college campuses, all of that struggle through, alright, canceled culture and be too crazy. first six months here, really not good. So if you have a long, you can even travel because of COVID. As soon as they take a trip to Nepal, somewhere south for six months. Now, I’m going to be here to tell you what’s going to happen and how you protect yourself. That’s how this program is gonna function. So we’re gonna, sorry, here, here’s what they’re doing here is what you’re doing there is what you have to do, because there are going to be ways to protect yourself. But it’s going to be bad. It is, if the democrats sweep, it’s gonna be bad for two years, because they’re going to be so much damage done in those two years, that in 2022, and you have the midterms, Republicans come back and control Congress. I mean, Nancy Pelosi and Chuck Schumer, next, and next, and then you’re going to have the green New Deal that’ll take a little longer to start spending trillions of dollars to alter global warming. But Biden’s gonna have to do it. And then his cabinet position got to do Attorney General, that’s going to be like, Obama’s Attorney General Holder, not gonna enforce the law. prime is gonna go crazy everywhere.

Jason Hartman 42:15
I think he’s right about that. I mean, look at the crime already in these democrat control jurisdictions. And I mean, that’s a state of lawlessness on john,

John Truman Wolfe 42:24
I couldn’t agree more. And you make a good point. Look at it now, with Bill Barr is the Attorney General. And they’ve been arresting, you know, hundreds and hundreds and hundreds of people at these so called protests at these riots, if there’s a Eric Holder type Attorney General, God help us.

Jason Hartman 42:44
Yeah, it’s just a selective enforcement. Well, you’ll get some, you know, soccer mom driving a Volvo, who will get in trouble for something ridiculous yet. These, you know, the saddest thing about these war torn areas of our country where these riots have just been allowed to continue, whether they be Portland, New York now, Philadelphia, I mean, all of these Minnesota, you know, all of these places, right, is that these stores are not opening up again, because john, I don’t think they’ll ever be able to get insurance. And if insurance companies will write insurance for them, they’re not going to be able to afford it. The rates will be so high. I mean, like, Fifth Avenue, the famous Fifth Avenue in New York City, shopping on Fifth Avenue, right? It’s It’s like an iconic thing. The windows of the merchants decorated for Christmas, the Macy’s Thanksgiving Day Parade, all of this stuff. It’s over. The stores will not open again. I mean, a few of them will. And that’s of course, a figure of speech, but nothing like it was before, huh?

John Truman Wolfe 43:52
No, this is a this is not just a bump in the road. This is a deep blow to the country to its economics. And you have the riots combined with this economic shutdown policy, which in my opinion, is insane. There are companies falling by the wayside, declaring bankruptcy and they’re closed. That’s it, they’re gone. So rebuilding the economy. I mean, it’s gonna take Trump to rebuild this economy are starting next year. But there’s some of these folks that are never going to recover. Now, hopefully, there’ll be you know, new entrepreneurs to take their place and move on and bring entrepreneurship back to, you know, back to the economy. As you know, I mean, it’s the small business guy, man and woman who is the backbone of this economy, but these drives are devastating. And take Portland as an example, you’ve got, you know, Black Lives Matter and an Tifa destroying black owned businesses. They don’t care. They’re driven by hate and anger, not on

Jason Hartman 44:59
And then followed by George Soros.

John Truman Wolfe 45:02
Yeah paid for by by George Soros Don’t get me started on this guy who is one of the most evil people on the planet. He misses communism from his childhood in Hungary. He must miss it. Yeah, totalitarian dictatorships, he misses it for whatever reason, a really, really bad actor, but the PR line is social justice. But when you look at the products, or when you look at the results, that’s social justice, it’s pure hatred and destruction. And if going back to the point that you made earlier, there’s an Eric Holder kind of Attorney General, this stuff will continue, and there will be no enforcement.

Jason Hartman 45:42
So it’s unbelievable. Give us your thoughts on the migration patterns, every place that is run by the left becomes a disaster. It’s just amazing how how accurate that is time and time again, you know, we’ll start with Detroit, that used to be one of the flagship cities of the world that was just destroyed, it was just completely ruined that city, the population, less than half of what it was at its peak, right? Well, well, outside the population of the country has massively increased at the same time. And then, you know, we see a lot of areas in Illinois, we see California people are leaving, we see New York, people are leaving. And and you know, people are voting with their feet, and they’re taking their money with them. They’re taking their brains with them. Many years ago, I left the Socialist Republic of California, where you still are, you’re hanging there long. I left, nine years ago, and I said that California would attempt to build an economic berlin wall to try and stop the money drain. And you know, that’s actually a proposal now. Right? They’re talking about it, they’ve got the bill to do that the wealth tax that is 10 year retroactive wealth tax. I mean, I could be liable for my last year there. If they pass that. And you know what, here’s the thing about it, folks. It doesn’t have to pass. Prop 13 doesn’t need to get overturned in in the next time around. The wealth tax doesn’t need the tax doesn’t need to pass this time. It’s coming. Okay. It’s a slippery slope, this stuff is introduced. And then everybody starts to get like comfortable with it. People rearrange their lives, some people leave, others sort of accept, and then it passes. And here it is. What are your thoughts about the migration trends? JOHN?

John Truman Wolfe 47:36
Well, let me just step back a little bit in terms of talking about the cities. I’m originally from San Francisco. I’m a San Francisco boy. I love that city. And it has just been destroyed. I just just started starting with Gavin Newsome, who was the mayor there, who I mean, here’s a guy that was the mayor of the city. He has an affair with his best friend’s wife. They’re both working for him as the mayor. And so he’s having an affair with his best friend’s wife. It becomes public knowledge, the San Francisco Chronicle reports on it. And he he kind of issues this mushy kind of apology. Well, you know, things happen. And then he becomes a governor. And you know what he’s doing? I mean, there is a serious effort to recall him. I don’t know if it’ll come off. He should be thrown out of office in a heartbeat. So he’s destroyed San Francisco. Eric Garcetti would do the same to Los Angeles. I’ve got to go back to the migration. I’ve got a lot of friends leaving California. A lot of friends. They’re going to Arizona, they’re going to Texas.

Jason Hartman 48:46
Vegas, they’re going to Nevada. A lot of them now.

John Truman Wolfe 48:49
Yes. Yeah. I got a very good buddy and just just moved over there. So you know, people do vote with their feet. And the answer to the finances of it is Oh, goodwill, raise taxes,

Jason Hartman 49:00
and then more people leave,

John Truman Wolfe 49:02
which drive, which is just drives more people out? If I weren’t, I mean, I’m living in a gorgeous Mountain Community north of LA. I love it here. If I weren’t here, I would pack up and go. Yeah,

Jason Hartman 49:15
I understand. I mean, if Biden wins, you combine the California Tax with Biden tax. Yeah, effective tax rate in California would be 62.8%. Can you imagine plus, that doesn’t. That’s just income tax. It does include all the other taxes we all pay. I mean, that’s, that’s right. Wow, that’s just unbelievable.

John Truman Wolfe 49:37
So we’ll see. I mean, I’ve met you know, we’ve got an election. We’ve got possible recall of him, the California legislature. I don’t know what to do about that. I mean, it’s like they pass laws up there. They pass a law up. They’re sending up a committee to look into reparations for people that were who served ancestors were slaves. I used to teach California history at San Jose State University. Here’s a clue. California was admitted to the union in September of 1850. As a free state, Jason, it was against the law act on a slave here, right? Yeah,

Jason Hartman 50:16
yeah. And then 15 years later, that went away anyway, right. But But California was never a slave state. So that’s, it’s what they want to do is they’re just they’re just pandering to buy votes. That’s always what they do. It’s nonsensical. It’s just completely nonsensical,

John Truman Wolfe 50:33
you know, anyway, we’ve got 24 hours. And I’m hoping I think that Trump’s gonna, when I look at these rallies, they’re awesome. I’ve never seen rallies like this in the history of this country.

Jason Hartman 50:45
I know. And you look at the polls and what the media is saying, and you got to believe they’re just lying. I mean, I it does it like if you go with your gut, it really looks like assuming the election is fair, which I think now we’ve seen with all the mail and voting and all of this stuff, you know, why can’t I buy a gun in the mail? I can’t do that. Right. If it’s so safe, right. You know, it’s, it’s just, it’s just absolute hypocrisy. But, you know, that’s, that’s a way to have a lot more voter fraud with mailing ballots. And what you don’t see is the ballots that never get there. It’s very easy to know which districts are Democrat and Republican. Almost everybody that works for the post office, I’m sure is Democrat, be pretty obvious, right? Like anybody would have to, would have to disagree with that. Right? You can tell which areas lean to the right in which lean to the left. So if the mail delivery person sees the ballot, which is clearly marked, right, you know what it is in the envelope, you don’t have to open it, it just somehow doesn’t get there. It’s just so easy to suppress votes. Yeah, it’s it’s pretty scary.

John Truman Wolfe 51:53
That’s an avid coals to the to the fire of this election. If Trump’s elected, a god willing and the creek don’t rise, there will be riots. And hopefully we you know, we can bring some peace and ongoing prosperity to the country. If Biden’s elected, it’s going to get nasty Tad, just as Bill O’Reilly bill o’reilly was saying taxes are going to go up social justice will prevail. Political correctness,

Jason Hartman 52:20
the name of that is such a misnomer. There’s nothing justice, social justice, that is such a scam. That name is a complete lie. The social justice warriors couldn’t care less about social justice. I mean, that’s the irony of the whole thing. Right? You’re right, you’re absolutely right. But john, I’d like to play this little clip. And we’ll wrap it up. I know, we probably got to wrap it up. And I’d also like to just get your take on a couple of financial things before you go. Have a minute. But this is just interesting, because it just shows the way mostly elitist, white liberals view minorities, and it is so insulting, it is so ridiculous. Here’s a little clip on that. It’s, it’s pretty interesting.

‘Excerpt from a Clip’ 53:06
Yeah. I’m ami Horowitz. I’m here in Berkeley, California to find out if voter ID laws suppress the black vote.

‘Excerpt from a Clip’ 53:22
voter ID laws.

‘Excerpt from a Clip’ 53:28
voter ID laws are a way to perpetuate racism. And

‘Excerpt from a Clip’ 53:32
those laws are racist for sure. And if you can suppress it,

John Truman Wolfe 53:39
because they’re less likely to have state ideas,

‘Excerpt from a Clip’ 53:42
minority voters are less likely to have the kinds of ideas

‘Excerpt from a Clip’ 53:47
described or

‘Excerpt from a Clip’ 53:48
required. These type of people don’t live in

‘Excerpt from a Clip’ 53:51
areas with

‘Excerpt from a Clip’ 53:51
easy access to dmvs or other places other than get identification, you can always get IDs do over the internet.

‘Excerpt from a Clip’ 53:58
Does that also make it difficult for for black people in particular? Yeah, you have to have access to the internet, you have to be able to pay an internet service provider for certain fees. You think that’s harder for black people to go online? They don’t have the knowledge of how, like how it works. People have smartphones, we might not have data for most of the communities, they don’t really know what is out there, because they’re not aware or like they’re not important. I also think there’s a repression of like black voting with how they how if you’re a convicted felon, like you’re not allowed to vote and everything. And when you look at swing states like Florida, that’s a huge population of the, like, African American. Now I’m here in East Harlem to ask black people their thoughts on what you just heard. Do you have ID on your idea? Yeah, iD iD. Do you carry Id just like do you know, anybody? Any black person doesn’t carry it? No. And when did I know? Why would they think you don’t have ID?

‘Excerpt from a Clip’ 54:52
That’s a lot.

‘Excerpt from a Clip’ 54:55
Do you have ID?

‘Excerpt from a Clip’ 54:55
Yes, I have my ID and my friends. How do we know? We’ll be Need to carry around? Everybody not know how I do like, that’s one of the things you need to walk around with New York with.

‘Excerpt from a Clip’ 55:06
I didn’t know any black adult does not have any noise. Is it a weird thing to even say that?

‘Excerpt from a Clip’ 55:13
Yes, it was some type of security cameras.

‘Excerpt from a Clip’ 55:19
That’s the only thing I brought with me. good ideas. I heard a lot also that black people can’t figure out how to get to the DMV.

‘Excerpt from a Clip’ 55:27
That thing that was that said, you know, if

‘Excerpt from a Clip’ 55:30
you don’t like the idea that the DMV is running 125th Street if you don’t want to get there. Yeah, you have a problem getting there get together. It’s like silly question. You know how to get the point where it is? Yeah. No problem. No fun checking. Okay. And I also heard a lot that black people pushing pull back people have no access to the internet. can’t figure out how to use the internet.

‘Excerpt from a Clip’ 55:57
Honestly, everybody has access to the internet, even little kids.

‘Excerpt from a Clip’ 56:02
I had access to the internet for years. not use it properly. I’m not using it all. I have iPads, iPods without your phone as data limited, unlimited. If I use my phone as a hotspot, what does that say to the people who has perception of money? I’m

‘Excerpt from a Clip’ 56:23
pretty much ignorant. That’s my thought process.

‘Excerpt from a Clip’ 56:27
I just think that ignorant. ignorant.

‘Excerpt from a Clip’ 56:31
Very, very.

Jason Hartman 56:33
I mean, the the white liberal class at Berkeley is so insulting. I can’t even believe it. Like you can’t make that stuff up. It’s ridiculous. Isn’t that just ridiculous?

John Truman Wolfe 56:45
The university is now operating a little bit to the left of mouse a tongue.

Jason Hartman 56:50
Yeah. Wow. Where are we going in this country? JOHN, where are we going with this style? This is just it’s absolute. You can’t You can’t write fiction like this, Kenya. No.

John Truman Wolfe 57:05
No, you can’t. But or you can because I’m just finishing my fourth fiction book. And I’ve got a lot of la ma and they’re the Mexican Mafia, which rules California drug trade anyway. But when you’re educating kids like at Cal, that becomes the problem. Now you

Jason Hartman 57:26
You said it Cal you mean Cal Berkeley, right?

John Truman Wolfe 57:28
Is that what I mean? I mean, I mean, Cal Berkeley, okay. I did graduate research there.

Jason Hartman 57:34
And my mom went to Berkeley in the 60s of all things, and did not turn out to be a crazy leftist. Well, that’s when

John Truman Wolfe 57:42
I did my research there. And in the 60s, it was a great university. But what they teach there, here’s what you get. When you get that kind of education. You get Bill deblasio, an actual communist who’s the mayor of New York City, you know, he went to Havana to get married. Did you know that?

Jason Hartman 57:59
No, I did not know that. But why am I not surprised? Steven Spielberg, I had dinner with Fidel Castro. And praise him like crazy saying it was the best 12 hours of his life dinner with Castro, meaning that Castro could talk and talk, you know, when he was alive, everybody knew you’d give these insanely long speeches. He said it was the best 12 hours of his life dinner. Yeah.

John Truman Wolfe 58:26
It’s the right the right target, actually, in terms of correcting this. This, you know, nutty political environment is the education system, where on the one hand, they’ve got that the New York Times 1619 history of the United States, which is completely revisionist.

Jason Hartman 58:46
Yeah.

John Truman Wolfe 58:47
So, you know, the reform has to should start there is my opinion.

Jason Hartman 58:52
Yeah, absolutely. Absolutely. Well, hey, thanks for talking about politics, folks. You know, we’ll be back to financial stuff, but we got a big election tomorrow. So we had to talk about politics today. But I just want to get your take, and I’m sorry, to nask earlier, you’ve been researching lithium a lot lately. And obviously, electric electricity is a big deal. battery technology is a big deal. What’s going on in that market? What were you gonna say about that?

John Truman Wolfe 59:19
I just published today, our monthly newsletter on that subject on lithium, titled The Art of the newsletters is lithium, the new oil and you need lithium for rechargeable batteries. So think about cell phones, think about computers, think about that kind of thing. And then start looking at the electric vehicle market, which you know, publicly is driven by Elan musk and Tesla and us car manufacturers. But the Eevee market the electrical vehicle market is booming in China. It’s booming in India, and these cars need lithium for their batteries. So it’s a hot area, kind of a somewhat new area of investments, and it’s going to grow and grow. So, you know, watch for good lithium stocks, I actually mentioned a couple in the newsletter. So I’m a big fan of that as an investment area now,

Jason Hartman 1:00:16
good stuff. And um, last time you were on, we talked about bank bail ins. And that was a really popular piece that we talked about tons of views on YouTube, and so forth, as I mentioned, explain what a bail in is real quickly, just you know why this is a possibility and and concern, and especially couched in the political environment we’re in. Because, as government, you know, what the one thing I say, and the one reason I really wanted to leave California for so long, and I repeat this off, and you never want to live in a jurisdiction where the government is desperate, where they are so desperate for money, that they become predatory on their own citizens, you know, with parking tickets, with red light cameras with speeding cameras, you know, these are all the police are the modern day tax collector, they won’t stop the riots and the destruction of Minneapolis or Philadelphia, or certainly not Portland, OR Seattle, or New York. But Heck, they’re given tickets, because that’s where the money comes from. Right. And so you know, you see that soccer mom going five miles an hour too fast or Volvo, you better pull her over and give her a speeding ticket, because you can raise revenue there. You’re only going to lose money, arresting people for rioting. Right. So it’s a it’s a messed up system, isn’t it?

John Truman Wolfe 1:01:40
Yeah. Don’t let your parking meter run over in Los Angeles. I’m telling you, it’s uncomfortable financially. And in terms of having to get your car if you happen to get towed. There is metal. I’ll be brief on this. Jason just kind of hit the high points. The Balian, you know, there has grown in the last decade or so, a kind of security called a derivative. There are 1.2 quadrillion dollars worth of derivatives in banks on the planet. Most of these derivatives, these securities are bets on the direction of interest rates, that’s all they are. B of A says the interest rate on Greek bonds is going up. Deutsche Bank says they’re going down they bet that bet becomes a security people bet on those bets. People bet on those their bets. And there’s this pyramid of these Vegas like securities, I think somebody’s going to stick a bubble in that world

Jason Hartman 1:02:41
mean a pin in the bubble right now.

John Truman Wolfe 1:02:44
Pin in the bubble, thank you. There are 220 $7 trillion worth of derivatives and the major New York banks. And so the godfather of the global financial mafia, the Bank for International Settlements in Basel, Switzerland, who basically rules banking on this planet, basically structured something to protect the banks from being taken down by derivatives exposure. And that’s called bail. And bail in means that if a bank is troubled and going bankrupt, that they have the right to take your deposits and converted to bank stock, take your deposits and convert it to bank stock. So

Jason Hartman 1:03:24
this is literally, if you have money in the bank, the bank can just take it and say instead of your deposit account, you know, own stock in our bank, in our failing bank in our failing bank. Yeah, even if you didn’t want to buy the stock and they’re failing bank.

John Truman Wolfe 1:03:41
That’s right. Yeah. So that’s official policy in the EU, Canada adopted the policy a couple of years ago. And when you read the dog, Dodd Frank bill, it permits that in the United States, there’s actually a memo online, people could go find it written by the FDIC and the Bank of England jointly, that explains how bail and policy would work here. Well, so I just you know, to tell your listeners, make sure you’re in a strong bank. I encourage them not to bank with the big money center banks find a good regional bank, because the big money center banks are the ones for derivatives. But that’s what the bail in is it’s there. It’s my opinion that the Bank for International Settlements didn’t do this for no reason. So I don’t like to prognosticate prognosticators are nice to cake.

Jason Hartman 1:04:36
They don’t pull up Joe Biden on me.

John Truman Wolfe 1:04:40
A bad news, but I do think the banking system in the United States is going to have some trouble.

Jason Hartman 1:04:46
Yeah. So you did let me ask you about the derivative thing. Just super quickly. We’ll wrap it up here. So you know I’ve long called derivatives. I like doing these folks these simple things right? I call a derivative. The thing about The thing, okay. And so the interesting thing about derivatives is like, like any investment or any asset, there’s always a Counterparty. So if one person loses another party wins. So my question is, I mean, those numbers with derivatives are obviously astonishing, right? They’re they’re insane numbers. I mean, the global GDP, just to give a comparison is about what 80 trillion a year or 100 trillion a year, I think, about 100. In the US is like 22 trillion a year or something like that. So that’s a person for how massively giant the derivatives market is. But say it collapses. So someone will lose and someone will win, which is I mean, yeah, the you know, the chairs move around in the game of musical chairs. But does it really lead to such a disaster?

John Truman Wolfe 1:05:53
Here’s the question, can the loser afford to take the hit? JPMorgan Chase, Jason, last time, I looked at about $50 trillion worth of derivatives closure? Wow. The numbers are eye watering. They’re almost you know, you can’t even think with them. Yeah, yeah. So. So I think if one bank takes a hit, you’ll have something like 2008, where it will just spiral out of control. It may or may not have anything to do with who’s actually healthy and who’s not, as we’ve seen, and as we’ve been talking about, it’s a PR world. And the financial press can be as biased and as jaded as the political press. So it’s very, very disconcerting, for sure. JOHN Truman Wolf, what is your website strategic Financial Intelligence, calm bit of a mouthful strategic Financial Intelligence calm.

Jason Hartman 1:06:51
JOHN Truman wolf. Thanks for joining us again.

John Truman Wolfe 1:06:54
My pleasure. Thanks for having

Jason Hartman 1:07:01
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