Yeah, I want to try the pistachios.

You look like you would want to try the pistachio flavor.

I want to try the pistachio flavor.

You, too.

They have, like, a Dubai.

What flavor did you get?

You got sea salt.

Huh?

You got that sea salt foam.

No, I got the banana.

Banana foam.

I told you this is a banana.

You did not get a banana foam 100.

I got the banana foam.

I don't know why you're judging me.

Like, you wouldn't want to try it.

That's disgusting.

That's not disgusting.

It's sensational kind of disgusting.

I've tried the vanilla and the banana.

Although I would be open for the pistachio.

They have, like, a Dubai cream thing.

I feel like these are all euphemisms.

Not euphemisms.

Don't slap that table.

Don't you start a show like that.

Don't you do that.

Welcome back to the number one financial literacy podcast in the world.

This is the higher standard.

Welcome back, everybody.

Feels kind of like a lower standard today.

No, it's.

You're going to.

You're clearly going to take it to a higher standard right now.

Yeah, I got all the energy drinks.

I'm pretty much getting all the flavors in one show.

Sitting in front of me in the Thriller in Manila hoodie, Christopher Nahibi, also.

Known as the pinky dinky do with the matching energy drink.

There you go.

That's what you're doing.

Color coordinating.

I am color coordinating.

Sitting.

Crossing my partner in time.

The one, the only, the man, the myth, the king of the quarter zips side Omar, everybody.

Thank you, my man.

And sitting behind the desk in the production suite, my guy Slim Rajil.

What's up?

What's up, everyone?

Welcome back, guys.

We got a lot to get into it today.

We're going to talk about how retirees are here stealing jobs.

We're going to talk about the jobs report that came out that we all kind of know and label as for.

And some manipulation is going on.

But first, we're going to talk about a certain sector that is clearly signaling it being into a recession.

Manufacturing, baby.

So look, the jobs report came out today.

It's the 11th of February.

Happy early Valentine's Day.

Happy late Valentine's Day.

By the time you hear this.

Yeah.

And, well, we're gonna spread the love tonight.

We are.

Yeah.

Actual love, huh?

We're gonna talk all the trash that's love.

Yeah.

You know, the higher standard guys love.

You talk trash.

If we're not talking trash against you Then just.

You're not relevant.

You know, I haven't.

I haven't shared with you guys the Jim Kramer, like, article that I found where, like, there's people just tearing him, like, they're so pissed off at some of the stuff that he says over.

Oh, okay.

I think.

I think it started.

I mean, it's always been like, the inverse Kramer find everything else.

But I think it started up again recently when he went on, like, cnbc and he was just, like, hyping up bitcoin.

Oh, it's gonna bounce back.

It's amazing.

Everyone's like, no, no, no.

Because everything he says, it takes, like, a 40% dive.

Yeah.

It was bad.

And then.

And they all said to get out of crypto.

But there's a theme that we're going to talk about tonight because Rick Santelli did this on cnbc, where the mainstream media has a way of hyping headlines.

And you could look at it from, I guess, two perspectives.

Perspective one is they just need something to talk about that's sensational to get you hooked.

Mm.

It's about viewership.

Yeah.

And then there's a darker path where you could say they're saying the things they say because they want to control a narrative because there's billionaire dollars behind them.

You know, Rupert Murdoch owned a lot of the new news and media outlets back in the day, and a lot of these companies are owned by very wealthy, affluent individuals who have connections and.

Controlled by a lot of corporate dollars.

Yeah.

And if the Epstein files taught us nothing about how sick some of this pedigree is.

Damn, bro.

Three minutes in.

I'm already there.

That's it.

We.

Boom.

Yeah.

No monetization.

It's over.

Flagged.

But it did tell us that we were.

We would be flagged this channel forever.

I'm not even worried about getting flagged at this point.

I'm like.

I'm more.

I'd be more surprised.

We got unflagged.

Yeah.

So what it did tell us was that this tight group of people at the upper echelon, the elitist, the elites of the world, they do talk to each other.

They do do favors from one another.

This is real percent.

So we're gonna.

We're gonna see a little bit of the media reaction to some of the things we're gonna show you from a data perspective and just show you how w. Some of the rhetoric that's going on from mainstream media is and how inaccurate it is.

Yeah.

And why it's so important to, you know, promote and, you know, Your independent media outlets, the higher standard being one of them.

If you.

That's one of us.

Are you independent media?

We are part of the independent media.

We're part of the media.

So if you want to promote independent media, you.

What you could do is you subscribe.

Hit that like button.

If you hit that like button, here's the thing, it sends the video out to more and more people, or you can send it to a family or a friend and get them hooked on the show, too.

We also like money.

So go to join Fridays.com, use the code HIRE.

You'll get a discount, about 100 bucks on your order.

But more importantly, you'll support us.

We'll support you.

And you know that if you go to joinfridays.com, use the code higher.

That will be tracked and logged, and we'll love you forever.

Yeah.

And you might actually look as sexy as Regil.

Yeah.

Rajille, leave us.

Leave us out.

Don't worry about going.

I know you're probably pulling up the Friday stuff right now.

Don't do that.

Oh, no, I was also going to pull up the.

Oh, the merch.

The merch store.

Yeah.

I haven't updated the merch store.

Look good.

Yeah.

On the outside and feel good on the inside.

Yeah.

True story.

And I don't think I've ever had this conversation out loud.

I've done this internally.

My little internal monologue.

This is all I wear now.

Like, I. Yeah, I went from wearing suits and getting dressed and like, even, like, attempting to get dressed straight to merch from thc.

I just wear our own merch now.

Like, that's all I wear.

And I'm getting to, like, hobo chic status.

It's a problem.

Hobo.

You've convinced yourself that this is Chicago.

Yeah.

Okay.

Like, I've just.

I've convinced myself that this is cool.

Yeah.

It's crazy.

I was at a store over the weekend, and you see, like, sweats on, like, being sold for, like, $120.

The pants alone.

It's not even like, a matching set.

Essentials, bro.

Fear God.

You know?

And you're like, damn, what are we doing this at the end of the day?

These are sweats.

It's not even inflation at this point.

Just robbery.

Just go to Costco.

It's right.

It's right there.

For 20 bucks, be that guy.

You.

Could you be any less of a dad at any point?

Like, I get so excited at going through the Costco, I won't go.

Why?

Because, you know you're going to Buy.

I won't go.

You know, you go by why you.

Can'T leave Costco or Trader Joe's without spending hundreds of dollars.

Trader Joe's is wild, bro.

It's.

You can't.

Exactly.

There's so much good stuff.

Like 50 different items for 300 bucks.

Yeah.

299.

Great.

Done.

The problem is those 50 items that you get for, like, 200 bucks, you eat in one sitting every single time.

Yeah, they know.

And they're super salty and they're sneaky.

They put out those viral videos of, like, using their stuff.

Yeah.

But you're buying, like, five different things from them to mix together so that, like, cheap meal winds up being a much more expensive meal.

But you mix this cocktail of, like, crap.

So, you know.

So, you know, I'm.

I'm part of, like, the pickup crew at the school.

Right.

And usually I'm surrounded by a bunch of moms.

Right.

That seems fitting.

Yeah.

And.

And there was a big lots down the street from the school that was recently closed down.

I'd say, like six months ago.

Yeah.

Discount stores are going down.

Yeah, they're going down.

Right.

And so there's now clearly been some development going on in there.

They've split.

They've split that unit up into two.

Two units.

This is what you.

The moms talk about.

No, I've seen it in all the moms.

All they can talk about is like, do you think they're gonna put in a Trader Joe's?

Please, God, let them put it.

Because we don't get.

We got.

The closest one to us is a neighboring city.

Right.

And you're.

That's all.

That's like.

That's all they talk about all the time.

I mean, when are we going to find out?

Like, man, if.

If that opens up, that's gonna be a real problem.

Real problem in my community.

You know?

You ever see those, like, the nature Channel, National Geographic.

Right.

And you got these lions that are out there that are vicious and just, like, angry, like out in the field.

The killers.

Yeah.

And then you got those ones on YouTube that are like house pets, like, sit on people's laps, look up at them, lick their face.

Yeah, yeah.

That's Saeed.

That's.

That's me.

He's domesticated.

I'm ready.

I'm out here.

I am, too.

Quarter zips, dog.

I like to pretend that I'm not.

Yeah, but you embrace it, man.

It's so comfy.

You can't deny it's cozy and true story.

Sai didn't actually Go into the office today.

He just likes dressing like this at home.

I actually did have to go into the office today.

All right, let's get into non farm payrolls before we lose the one person we have left listening to the show.

All right, so this is a chart for the non farm payrolls going all the way back to 2020, all the way through December and then early 2026, first couple months.

Here it is showing you 32 consecutive months of losing jobs in the non farm payroll manufacturing sector.

So manufacturing jobs right now that to me struck out as a couple different, really concerning things that I don't think we're getting caught up in mainstream media the way that it should.

As a matter of fact, I didn't see anything in the mainstream media about this.

Number one, this is the manufacturing sector.

Right.

The whole point of tariffs, at least in part was to bring manufacturing back to the United States.

You had all these companies, Apple, everybody pledging to bring all the manufacturing back here.

Billion dollar pledges that were being talked about in the news media.

Well, that's clearly not happening.

And maybe you could argue, I mean it's a fair argum that you haven't had tariffs in place long enough to see an increase in manufacturing.

True, maybe valid.

Right.

It takes time.

Takes time.

But I mean, here's the problem.

32 consecutive months, that's almost three years of decreased employment in the manufacturing sector because you have had automation there, not AI, but automation in a lot of these jobs machines that are taking over for what humans used to be able to do and more efficiently.

Right, right.

So because of that, you've seen a pretty palpable invisible this chart.

I mean, look at, look at the jobs going all the way in the part that struck me here.

And we're going to come back to these trends.

Remember this as we go through the rest of the job data.

You had a lot of hiring and manufacturing.

Matter of fact, it was only one year that was down.

And this is 2020 in the, in the pandemic era.

But outside of this one like, you know, period of time, it was always notably positive and then out of nowhere negative, a couple more smaller positives, a negative again negative again, one more positive and then wham.

Yeah, all negative since then.

Yeah.

And this is unfortunately the way it works.

You have to think of, of economic data like physics.

Right?

Okay.

For everything, there's an equal and opposite reaction.

You don't just see a swing one way typically.

You typically see a swing down and then back up and swing down and back up.

And swing down or swing up.

Right.

And that's why when you zoom out on some of these charts, they look like straight vertical rises, but when you zoom in on them, there's peaks and valleys in between, little spikes up and down.

Right.

And that's something that's really important to consider here because some of the data we're gonna look at today are gonna show you some trends that suggest that we are on a path downward that needs to be acknowledged.

So if you read this chart and you're spending some time looking at it, US Manufacturing sector has officially plunged into a recession.

New data reveals the sector lost 8,000 jobs in January alone, making the 32nd straight month of declines, the longest losing streak since the records began back in 2010.

It started tracking this data.

That's insane, because I think the, the numbers that were out for the private sector as a whole was.

They added like 170,000 jobs.

Yeah.

So.

Well, this month or what?

Yeah, this month.

Yeah, it was 130,000.

Yeah, well, that one, that was the.

Oh, headline.

Headline number.

Right, right.

But this, I'm talking about private adp.

Yeah.

So kind of shocking when you think about it.

And that's why so much of this conversation tonight makes you go, huh?

The numbers don't make sense.

Yeah.

And you see the headline, the fanfare around it.

We're gonna, we're gonna see Rick Santelli later on.

Come on and talk about how enthusiastically proud he was of the numbers.

I mean, he was, he was on.

Cocaine, he's drinking the Kool Aid, and he's.

Look, he's part of the machine.

Yeah.

And you know, and that machine right now is being told to control the narrative into optimism.

Well, you got the NASDAQ where it's at.

You got the Dow above 50,000 all time high.

Well, that's the thing, right?

You got, you got corporations out there making more and more profits every year.

Stock market is reaching all time highs or getting dangerously close to getting new all time highs every single week.

Right.

All this while companies are investing more into AI and automation.

So the jobs numbers are, we're going to get into it.

And this is just, just on manufacturing, you got to think, where's this all headed?

I had a dude today.

It's very rare that somebody in the comments section makes me go, damn.

Hmm.

But he got really upset about one of my posts where I talked about AI taking entry level jobs.

Yeah, yeah, yeah, yeah.

And that's what was his comment.

It was about.

It was like, that's what they want, you to believe that AI is taking over when really it's not.

Right.

Well, yeah, and he's right.

I've been privy to that and I've seen the way companies will manufacture around this.

Some companies will say, we want everybody to come back to work not because they want everybody to come back to work, but because they want to force those who aren't going to come back to help them decrease their payroll.

Self select.

It's self select out.

Exactly.

So you have to kind of walk through the logistics of what that look and feels like.

But he's not wrong entirely.

It is early for AI to be taking jobs officially.

Yeah.

Now do I think that companies have to be more efficient and learn to be more efficient with the tools they have?

Yeah.

So if you're an analyst, Claude now has a sensational analyst Excel tool.

Right.

Which is going to make you as a human much more efficient.

It is certainly going to help your efficiency.

Does that mean you hire less people?

Maybe, maybe not.

Right.

I mean, I think Meta's out here saying that, you know, AI should ultimately be used as a tool to allow you and help you to be more productive.

And the anticipation is that, you know, the employee from five years ago, like in the not too distant future, should have enough access to AI tools to where they can do the work of 20 employees.

I saw a really interesting comment about this today.

They, the guy said that he was investing in video game stock.

Okay.

And I was like, that's left.

What the hell is that about?

And he goes, look, we're gonna have AI, people are gonna be more efficient.

They're gonna have more time on their hands.

So what are they gonna do?

They're gonna play more video games.

And I gotta be honest, like, that's not necessarily wrong.

That's genius.

Yeah.

I mean, it's not necessarily.

I could see that.

And that's the creative thinking that you need.

Right.

There was.

I can't remember, I can't remember the name of the page, but we've talked about it before on this show.

Maybe now is a good time to look into the energy companies out there that have secured the contracts and have already built out the infrastructure.

Right.

Oh, did you hear what's in Pennsylvania.

To help Support all the AI CapEx spending that's going on.

And if you go on, I think the website maybe pull this up.

It was follow the Watts.

Follow the Watts.com.

Was that what you're talking about today?

I just dropped it in because I saw it and it literally will go through and it'll Tell you the names of the companies that have secured the contracts, you know, for cities all, all across the nation to, you know, help support the energy for some of these businesses.

This is becoming a real problem for the power grid.

Like Pennsylvania just had a huge issue.

This is the website, this is the infrastructure thesis.

So this looks very like, cool.

Yeah, yeah, this is, this is.

So it takes some time.

We'll plug it.

Make sure we plug it down on the episode.

Yeah.

But it'll give you the names of I think like five, five or seven companies.

The AI infrastructure requires power.

Power takes years to secure.

Five companies positioned early and now hold $58 billion in contract and infrastructure revenue.

From hyperscalers to adjacent players selling GPU compute add another $30 billion.

The market values all seven at roughly $86 billion combined.

While speculative AI plays with zero revenue trade at similar or higher multiples.

That's true.

They are using power now.

AI is hoping to be profitable later.

These guys are profitable now.

And to that point also is.

Let's just say let's paint out worst case scenario.

You're in an AI bubble and it pops.

Right.

So much money has gone in and invested into AI that they will, it will, it will eventually rebound and go right back to where it is.

Right.

So it's just, it's inevitable.

So this goes on to say either the contracts are worthless or the market is still catching up to who actually benefits from AI infrastructure build out.

This thesis argues it's the latter, distinguishes infrastructure from compute, acknowledges what could prove it wrong and provides the milestone to track.

And so there's a fascinating business use case conversation that's built into this that nobody really goes down.

I saw Elon Musk kind of refer to the other day.

He suggested that finding a way to create power outside of the planet and beam it back down to the planet.

Significantly cheaper.

Significantly cheaper.

Exactly.

Yeah.

That's the only way that power companies get usurped.

Yeah.

Sat vocabulary.

Shout out to usurped.

Yeah.

Usurped.

You served?

Every once in a while.

Regil.

He partakes.

You partake in the scissor?

That purple punch.

Yeah, Purple punch.

All right, now it's a monster.

Ultra peachy keen punch.

There you go.

Ultra.

Are you with the peachy?

I don't like the piece.

Oh, I love the peach.

Do you really?

Yeah.

You always struck me as a peaches guy.

I got my peaches out in Georgia.

Yeah.

Ah, see, there you go.

Shout out to Bieber before, you know, he became this version of Bieber.

Is it a bad Version, I don't know.

I'm not pulling up in underwear, only doing songs.

Is that what he's doing?

He wore his boxers only at some event that he was at and he started singing.

I mean, if Cardi B can do it, why can't he do it?

Yeah.

Why are you hanging, bro?

I'm not saying Cardi B is appropriate either.

I'm going be honest with you.

Nah, definitely not.

But yeah, Danny Bieber, that.

Huh.

And who is this Cardi B person you speak of?

Why?

I don't know.

Why you don't know?

I haven't seen a female since the day I got married, so I'm assuming it's a female.

Isn't that Stefan Diggs?

Oh, you're doing too Stefan Diggs.

That's right.

Can you imagine going to super bowl, having a good time?

Your girl break out with you?

He got arrested right after the game.

Did he get arrested?

Yeah, he was in trouble or something.

They were waiting for him.

Just.

They were waiting for the super bowl to end.

Got him.

Let's go.

That's a messed up assignment.

Messed up.

Hey, Matt.

What have you won?

I need you to go.

He lost too.

He lost.

It's not.

It's not good.

All right, let's go on to the next topic.

We're going to spend some time talking about retirees increasing the workforce labor market.

I talked a little bit about this in the live today, but I wanted to break down the nuances of why this matters a little bit more.

Because it is the future of, I think, where things go.

But it's also a scary future.

Right.

So if you look at this article that Rajille is going to pull up here, retirees are increasingly re entering the labor market and they're doing so where so much that the share of workers aged 65 starting new positions has risen sharply since the mid 2010s with a notable acceleration after 2022.

Over the same period, the share of workers under the age of 25 entering new roles has declined steadily, falling from roughly 16% to single digits by 2025.

The single digit was about 9% last I checked.

If you make this chart bigger, rejo this to me, I mean, it's very rare.

You see charts that have.

So this is tracking the same thing, age and percentage, and by year, it's very rare.

You have a chart that's tracking things on the same x and y axis that has this much of a divergence.

Right.

You've got two charts that were flowing in kind of the similar direction that Just went vertical and both way, both ways, up and down.

Right.

So now you've got a lot less 25 and under employees entering the market.

15 down 9%.

And it was already on the decline, clearly.

And then now you got all these retirees entering back in the market and it's, it's having a pretty dramatic nose.

Dive for the 25 and under.

Yeah.

And you think about in the context of two different paradigms, you need to unpack paradigm number one.

We are living longer, healthier lives.

A 65 year old today does not look like or act like a 65 year old from 20 years ago.

It never ceases to amaze me when you go back and look at old films and movies.

Some of the celebrities that were in their older age versus some of the celebrities now.

Brad Pitt is in his 60s.

Yeah.

That dude still looks like a stud.

Yeah, he's crushing it.

Exactly.

Right.

But I mean longer and healthier, I mean for a majority of the population.

So we're going to get into this with the job numbers later in the show.

But you know, health care costs, it's, it's expensive.

And part of GDP is revenue generated by health care.

A huge portion of it subsidized by government spending.

Yes, absolutely.

And you got to think, well, if our GDP is, is growing on a certain percentage basis based off of, you know, what health care is producing, is that really the GDP we want to be measuring?

That, that doesn't, that, that doesn't really explain a growing healthy economy.

Right.

It's something to think about.

Right.

So if people are living longer and they're seeing the doctors more and they're having a, you know, these medical bills are getting outrageous.

Those companies are making more money.

That goes into the GDP figures.

That's a little skewed in my opinion.

When was the last time he was a doctor?

A year ago?

Yeah, Rejeel.

A year.

Almost to the day.

Maybe within the month or like last month.

For what?

Physical?

No, not for a physical.

Cough.

Follow up on with my migraines.

Oh, okay.

Oh, yeah, yeah.

Why we put him in front of like.

Why'd you do that?

Yeah, you shine the light in his face every, every episode.

I gotta make sure he looks good.

If you're gonna have migraines, you might as well look at while you're doing it.

He doesn't look good either.

He looks good without the light.

You don't think you got a light shining in your face?

No, that's at a certain 45 degree angle.

Well, I mean, I would Put his at a 45 degree angle.

Except for his face.

Beautiful from the front.

Unlike yours.

When's the last time you went to the doctor?

I need shadows.

A shabby fight, bro.

I went for like the last three weeks straight.

It was disgusting.

A doctor.

I had MRSA in my nose.

I had, yeah.

Staph infection or something like that.

Yeah, My nose, Mercer.

Yeah.

And then I had.

I poop my nose.

If that's what you want.

Right.

I got a six year old.

Oh, I don't know where it came from.

Yeah.

Actually, I shouldn't have snorted that one thing.

And then I had, I had a sty in my eye.

Yeah.

And then.

And then I just got sick.

Yeah.

And I thought maybe the sty and the Mercedes involved in something else.

I went a lot, but it's different, I think, man.

Like I, I think that the age demographic work.

So I know a lot of 70 year olds in the workforce.

I know a lot of 60 year olds who didn't want to retire, who did retire.

I mean, I'm telling you, I think, I think the working world is different.

And I think that people who have three decades of experience, four decades of experience, are going to be the people that they want to oversee the AI.

Because we know AI makes mistakes.

Right?

Right.

The younger person isn't going to have the experience to challenge some of the things AI says, but that older person is.

So I think this landscape is going to continue.

But when you think about the best use case for something like AI, you got to think about it in the context of, okay, where do you roll this out?

And we've all talked about the same basic things.

It's the administrative jobs, it's the upfront starting jobs, entry level jobs.

Exactly.

So where if you're a 25 or younger person and you get out of college and you want to start, you start off as a legal researcher doing legal clerk work.

They don't need you for that now, guy.

Right, Right.

So what are you gonna do?

Do you start off as an analyst in a finance firm doing spreads?

Well, now I got Cloud working through Excel.

Like, what are you doing for me?

Yeah.

So how do you get that?

30 years of experience now, if you see what I'm saying, like this shift.

Shift becomes problematic because you're gonna need the experience.

But we're giving that experience to machines now.

What, you're gonna work365, which are gonna, you know, be more efficient.

You pay them less for sure.

Right.

So which is not, which is not the solution to this problem.

That we're dealing with, which we're going to get into later.

Wages aren't inflationary, you know, increasing wages.

Yeah, you have that in the show.

But it's like you can't go the opposite way.

That's, that's only hurting the affordability issues.

So.

Yeah.

And then you, you wind up looking at the comment that, that was made by, I think it was a person, the video game comment.

You go, okay, maybe this is, this is, there's some truth to this.

Maybe.

And maybe this is why Elon Musk, like, it doesn't really matter how much money you save.

In a couple years from now, it won't matter.

Is he thinking that through?

Like where?

I don't think, I don't know.

I mean, how could, how could it not matter?

You know, I mean it, that's very easy to say when you know you're worth what he's worth.

But it's, you got to think people, people.

I think he's alluding to universal basic income.

Yeah, for sure.

They're, they're gonna, they're starting to float the idea for people to get comfortable with that idea.

How do you roll that out?

Good luck.

Hey, everybody.

You know, we're all.

Who's putting that bill though, huh?

Who's footing that bill?

We have a national debt problem.

Yeah.

China.

Hey guys, we're going to support you, right?

Yeah, I don't, I have no idea, I have no idea how that works.

Elon Musk's comment on that when he was poked was, yeah, I'm having the ultra strawberry dreams.

That's a good flavor.

It's a good flavor.

He was, he was asked about that and he said the only way we can make the money to get rid of the national debt is by using robots.

Which granted is a self serving narrative.

Because he makes robots.

Yeah.

He says he's gonna stop producing the.

X and the S. No, it's definitive now.

It's time they've, you know, stop, stop producing those.

Yeah.

So it'll start focusing on the robots.

And then I had the thought the other day, we've had my wife's car since the first thing Gen 1 or Gen 2 of the model X that came out.

We've had it for so long, they don't produce it anymore.

That's a wild thought.

That's a problem.

Yeah, that's a big problem.

Regila.

Let's, let's get into this next article here from the retirees.

This is the one with the.

So ignore the, the site from this rapid Response site.

They're very political.

But I saw the comments from cnbc.

That's, that's going to be attached to this video here.

And we're going to listen to Rick Santoli.

Yeah, there you go.

Perfect.

And just make it a big screen.

Perfect.

Thank you, sir.

All right, so don't forget to push the audio up when you do that.

So Rick Santoli came out hot.

He was so damn excited when he saw the jobs number.

He knows better.

I, I just think he was looking.

This is a good dude.

I respect him a great deal.

But Regil, I got I and I got some follow up data on the jobs report that actually is somewhat promising and actually is somewhat good.

But we'll get into it after this.

All right, here we go guys.

Non farm payrolls for January coming in twice.

Expectations at 130,000.

130k.

That would be the juiciest going back in April of last year when it was 158.

Now if we look at a couple of months worth of revision, they came in at minus 17,000.

Now let's look for average hourly earnings month over month up 4, 10.

That's 110 higher than both booking back and looking forward, 410 would equal October last year.

You are all the way back to the summer of 24 to find a higher month over month earnings number.

Let's go year over year.

3.7 exactly as expected.

110 light to 3.8 in the rearview mirror.

So how does that stack up?

3.7 would be the lightest since it was actually 3.6 Thanksgiving of last year.

Now let's look at hours work, shall we?

34.3 that increase, that's a good thing.

That's up a tenth from both what we were expecting and our last look.

34.3 would equal November to find a higher one year all the way back to March of 24.

Now the unemployment, unemployment rate maybe the most important number of all and it moves down 1 10, 4.3%.

All the naysayers out there, they're going to like this set of data points.

4.3 would be equal to where we were in August of last year.

To find a lower number, you're looking at June of last year.

Labor force participation moved up as well.

More good news.

62.5.

That would be the best since it was 62.6 in April of last year.

And drum roll please.

The final number I'm going to give you is U6, the underemployment rate.

And it comes in at 8%, 8% last look was 8.4.

8% would be the best, going all the way back to July when it was 7.9.

Look, I don't have a problem with his enthusiasm.

Good for you, bro.

But he's selling hard, bro.

He's selling hard.

He actually came out after this and opened an umbrella up, said no one's going to rain on my parade.

He's talking about the dow being over 50,000 all time highs.

And I thought to myself, he's a smart man.

I've seen his comments.

He's done this for a long time.

He knows what he's doing.

How are you going to ignore the revisions downward that we have seen?

You know, anybody in this business has seen the same Zero hedge articles you and I have been watching for two plus years.

Close to a million jobs revised down.

Where they have taken apart the jobs numbers, the algorithm, the way they calculated the changes they made.

And Rick Santoli is sitting here saying hey look, we just saw this change, you know, blah blah, blah.

It's 130,000 jobs unemployment from 4.4 down to 4.3.

This is amazing.

Okay, you want to ignore the zero hedge commentary.

Why are you not talking about the fact that this is not zero head speculation.

This is just the God's honest truth from the Bureau of Labor Statistics.

The bls.

They changed the way they look at this for this report.

Yeah, they just move the benchmarks around.

Right.

And they change the, the birth, death rate.

And this result came as a result of those changes in part as well as the data that came out.

Right.

What are we doing?

What are we doing?

So the, the parts behind this report that were actually somewhat, somewhat promising.

Okay.

The number of people who are part time and voluntary, those are people who want more work than they can actually get.

That fell by450,000 people.

Which means.

That's great.

Right?

People who were part time have been able to get more work.

All right, the share of job quitters amongst those who are unemployed.

So meaning the people who are unemployed are unemployed because they just, they decided to quit their job.

Right.

You want that number to be higher.

Right, let's just pause there.

Just listen to these categories.

These are not categories that are easy to quantify and they require people to self state in many cases.

Exactly.

So this is not reliable.

This is not, it shouldn't be reliable.

But that rose up to 13.7%.

Okay, I did hear, I can't remember the senator's name that was on, on TV today talking about we need to adjust what we've become accustomed to seeing.

We've been seeing 200,000 jobs added and that's like a certain level of expectation.

And I know that 100,000 jobs added per month is typically the benchmark for to keep up with population growth, but we should really be adjusting that down to 50,000 because with automation and AI and more productivity, they're not going to, you're not going to need as many.

So we need to adjust our expectations down a little bit.

No, dude, population growth is population growth and you.

There's going to need to be that much in order for a healthy economy.

Right.

What this report, what no one's talking about is we can't have certain people out here demanding rate cuts when you're showing that the economy, the data points are saying that the economy is fine, you don't need rate cuts.

Right.

That's supposed to be, especially with the new Fed chair coming in.

He's like, I'm not cutting rates until something breaks.

We're already at a 92% probability based on the results of this today from Chicago Mercantile Exchange, the Fed Wash tool.

Right.

That there's not going to be any rate cut at the March 18th meeting.

Yeah.

The best guess, best bet would probably be sometime in the summertime.

Right.

If there is a rate cut and you have some of the big pundits like JP Morgan Chase who've come out and said multiple times, I. E. David Kelly, they don't see a rate cut at all during 2026 and the next probability of rate cut for them it would be 2027.

And they see that more as a rate increase, not a rate cut.

Right.

And I can see that.

I didn't see that argument in the beginning, candidly.

I thought with Jerome Powell and this Lisa Cook situation and all the stuff that was going on in the background that at some point in time there would be rate cuts with political pressures maybe being some part of that decision.

But the, I gotta say, and I it's just on the live today, JP Morgan Chase has been really good lately as far as data and the reporting goes.

Okay.

I really like some of stuff and we're going to talk about some of their housing data at the end of the show.

But they've, they've really been spot on and they've, I don't know how they got this right, but I think they're right.

I, I don't see a way if, if government spending is what we're going to talk about here, doing what it's doing and corporations are doing what they're doing.

Even if Wash gets in and even if the pressure is to cut rates, the tenure is starting to creep up as it is now.

Yes, the Treasuries are moving up, which some people are saying was the catalyst for bitcoin's fall.

I don't know if you saw the price today.

It's back below 70, 000.

Right.

Do me a favor, go to CNBC.

I haven't checked it since the Live today, but it was, it was like 67, 68, 000.

I thought 69.

Yeah, go to CNBC.

Top, top up there is crypto.

Yeah.

And then you'll be able to click on bitcoin.

But of the, of the130,000 jobs added this, this should be, this should be pointed out.

Right.

86, 000 of that 130, 000 jobs was in healthcare.

That's two thirds of the gain.

Yeah.

Right.

Which is again, government sponsored spending.

So the government spending, which is inflationary, more so than wages.

And we, we have a breakdown on that coming here a little bit, but a big.

So now if you have government spending, which is causing inflation and is in fact inflationary, propping up these job numbers now you've got job numbers which are in line, but inflation which will fall out of line further putting weird pressure on the Fed again.

Yeah.

Over the last year, 122% of the job growth was in health care.

Would you pull it over on the screen?

The CNBC homepage.

I'll show you how to get that.

If it wasn't, if it wasn't for healthcare, we would have lost jobs.

I mean, you tell me we're getting a positive, a positive job print, but the only headlines I'm seeing, the only ones I'm seeing are layoffs.

Yep, there you go.

Bitcoin, top left, red box.

There you go.

Perfect.

Yeah.

67,000.

Yeah.

Click on that red box.

67.

I mean, click on the red box.

Perfect.

No one knows what it means.

It's provocative.

It's provocative.

It gets the people going.

Yeah.

67,000.

Again, being below 70,000 is not a good sign.

And I have not seen this creep up or improve at all.

Shout out to my guy, Don.

Yes, I do feel vindicated.

Oh, did he say he texted me?

He's like, I know you've, you've recently changed your stance and you're willing to accept some, some crypto diversification, but this has to somewhat make you feel a little vindicated.

And I'm like, absolutely.

Hey, Rajeel, you Might not be able to find this, but Michael Saylor S A Y L O R. Oh yeah.

He'S in the hole.

He did an interview on this and they were talking about what a crypto goes down to $8,000 for Bitcoin.

He's I'll buy more.

He's like, I'll just, I'll just get loans.

And they're like, do you think a bank would finance you?

And he looked a dead in the face, said yeah, like just, he was just so, he was so obstinate.

I'm like, bro, that's like me saying my house went from, in your case, $1 million.

Wow.

Down to like $100,000.

But you can still get financing on it.

Like that's not the way this works, my guy.

Yeah, well, maybe, maybe in his world.

Maybe in his world you got loans on this stuff.

Most crypto had loans at a 50 of the value of the time they did it.

And they had margin calls if it went below.

Yes.

And they, they try to re leverage as it went up.

And I mean it's just, it's an ugly picture, man.

Yeah, it's an ugly picture.

Yeah.

And then look, and this could very much, this could very well rebound in the future and it might, it might take some time to.

But, but this was my, my stance the entire time.

Not that it's all.

It's going to fail and it's going to zero.

That's not my stance.

My stance has always been this is way too volatile for me to ever be comfortable in.

You know, that's why they consider this a, a riskier asset.

This is a risk on asset.

This is not.

This, this is not a risk off value asset.

It is.

And then forget the Michael Saylor thing.

I, I would go to that rabbit hole some other time on a show.

I'll have to find the interview.

It just happened too, so it might not be there, but go, oh, did you find.

Oh, this is not the one.

But let's see what he says.

Ball.

And look at that.

Look at that palazzo.

It looks like your house.

It wasn't as broad based that there wasn't the kind of price discovery that's now available today.

And maybe give me a little more volume, more realistic than what had been the case before on the control panel.

No doubt the asset is seasoning and that's a good thing.

We just had an all time high, Andrew.

Four months ago, October 6th, I believe.

So if, if you've got a time horizon of less than four years, you're not really A capital investor, you're a trader and the traders are having a field day with the volatility.

Good for them.

But the capital investors are looking out four years.

And if you look at a four year time frame, Bitcoin is 2 to 3x the performance of the alternative capital assets and anything built on Bitcoin over a four year or more time frame is going to output perform for the same reason.

The concern, as you know about strategy itself, to the extent that there are worries within the bitcoin community is that, you know, if Bitcoin continues to fall, and I know you've made the argument that you have enough cash on hand to handle this for the next two years, that there could be a moment at which you have to sell, not buy.

Yeah, that's an unfounded concern.

The truth is our net leverage ratio is half the typical investment grade company.

We've got 50 years worth of dividends and Bitcoin, we've got two and a half years worth of dividends just in cash on our balance sheet.

All right, so he is so wildly dismissive of the risk.

He's comparing himself in his position to other firms and it's like, yeah, but you also lost 50% of your value.

Right.

Like what other firms and what other alternative assets are losing that much value that quickly?

Right.

Oh, we can go for two more years.

Can you really?

I think it's interesting that he was wearing that same outfit because that same outfit with that stupid logo in the middle of his T shirt.

Yeah.

Was the same outfit he's wearing the other interview.

So he clearly did a press junket where he was just trying to cover all the topic.

Yeah.

And it's self serving for him to be this staunch about his positioning on cryptocurrency, particularly bitcoin.

Right.

And it's like, I don't know how much we can take that with more than Facebook.

I mean he's saying he can go with two more years.

Okay, let's say you do, then what, then what?

Right.

If we go two years and you don't get recovery, then what?

Bro, that's, that's my concern.

Right.

And that, and that's, that was been my stance the whole time.

I think some of our listeners get paper towel hands confused with what it is that I'm saying.

But would you prefer poo poo hands?

Wet paper towel hands is good.

I thought it was a good example.

But what we try to teach people on the show is, and I think what gets lost in all this is currently what we're going through is a version of a cycle.

Right.

There are cycles and cycles are real.

Okay.

And this type of assets is considered a riskier asset.

So when.

If we are at.

If you want to, if you want to be successful in this, in.

In any space.

Right.

In anything that, anything that you do, it's all about pattern recognition.

And if you, if you feel like we're in the beginning of a cycle, you gotta look at where's.

Where's the capital flowing to.

And you, you do a good job at covering this on the lives.

Right.

Whether something is risk on or risk off.

And typically what happens based on the research that I've done during this stage in a cycle, if it's now risk off, people pull out of riskier assets and they'll go into some more value assets.

Yeah.

Which is no secret as to why I think Schwab's like dividend fund their dividend.

I think schd, right.

That's that popular one everyone gets into.

That's up over 20% on year to date so far.

Yeah.

People want, they want the safety of dividends coming from established companies.

Rigil, play this real quick.

Let me see what he says again.

Same stupid ass outfit.

I think this is it.

Percent for the next four years will refinance the debt.

That's refinanced where, Michael?

We'll just roll it forward.

I mean, again.

But you think banks would lend to.

You at that point?

Good question.

Yeah.

Because the volatility of bitcoin is such that it's always going to be value.

Look, you're at 68,000 right now.

Literally has to fall to 8,000.

Then we just refinance the debt.

If you think it's going to zero, then we'll deal with that.

But I don't think it's going to zero.

And I don't think it's going to 8,000 either.

But the credit risk is de minimis at this point.

De minimis.

Good find by the way.

Rajeel, solid work, dude.

Thank you so much.

He talks all this trash behind your back when you're not here.

This is why I support you.

This is why you know.

You already know you.

I don't even need to defend myself.

You've been very butthurt about the whole fact that he's skinnier and better looking than you now.

Well, we need a before and after.

Yo, can I be honest about summer, Jill?

I mean this in the most non strange way.

Where you go, I know you so well that I know how you tap.

Dance around that Non strange ways.

A strange comment.

I know it's gonna be a strange comment.

All right.

I don't know what kind of strange you're talking about.

I know what kind of strange you're talking about.

Have a geographic.

Like you're Dr.

Strange.

You're a good looking dude, Regil.

Thank you.

I'm just saying like between the eyes, the skin color, it's a good looking dude.

With the weight loss, it makes him lethal.

Boom.

Yeah.

Dangerous on these streets, bro.

I told my wife if you lose like 5, 10 more pounds, it might be over.

So over.

Yeah, exactly.

I mean, how many times you can say your spouse is Fijian, right?

You know, answer.

Yeah.

Anyway, thank you very much, guys.

No, not guys.

What are you talking about him on that?

Hold on, I've been, I've been.

No, no, don't, don't backpedal.

You guys are my support system, so.

You know, since day one.

Well, actually it was Chris from day one.

He was the one.

I'm self invested in his.

So what happened was it was after Hawaii I was like, all right, fine, I'll do it.

And then next thing you know, boom.

No, see, I, I, I found you likable and lovable just the way you were.

He was like trying to get you on.

He's like, look, this is what you need to do.

He wanted, he wanted you to change.

Yeah.

I like, Yeah, I like.

This whole show is about the higher standards.

Saeed, that's great.

Why don't you take some drugs?

I'll give the rest of us.

I know I need to.

I got my drugs in the mail today.

Getting them.

I am going to get them.

Stop.

Why are you lying?

I am.

Don't worry.

I hope you do.

You say that a lot.

This is him trying to sell Regio.

It's not him actually trying to do it.

Come on, man.

You're selling.

Okay, fine.

Let's get back to Micah Saylor in his stupid bitcoin T shirt.

Back to it, boys.

Yeah, sorry, Rajeel.

I apologize for his interference.

How arrogant can you be?

She asked some pretty well going to lend you.

Yeah, he's got to play the part.

He's a sales guy, bro.

That's what he is.

He's sales guy.

But he's so obstinate about it.

Why doesn't he at least acknowledge like look, we, we, we would have some challenges at $8,000.

Cuz you would.

It's kind of wild that she checked him like that.

She went deep.

That's, that's like, that was A she checked him as he came across the paint.

Boom.

Hit him in the chest like, no, you're not.

Who's going to refinance you?

There was some history there.

There's something.

Something was going on there.

She's like, I don't like you.

She's like, I got weapons too.

Say who's.

She's literally looking at like, he's crazy.

Who's going to refinance you?

I mean, he did answer like, it was crazy, though.

So I was wondering, because he had the setup and you couldn't see his desk, you saw a little bit of the mic on, on, on the frame of him, and he's clearly sitting at a desk in his house.

Looks like yours.

Very.

Palazzo is right.

You think the crack pipes are on the floor or do you think they're scattered on the desk in front of him because he was smoking something?

Yeah, that desk got to be messy for sure.

Just not for sure.

Yeah.

Is all disheveled.

He's got all the pipes.

Yeah, he definitely.

He's having a bad week.

Honestly, I don't know how people could, like, live like that.

That's a lot for the portfolio to swing that much, man.

Well, for right now, the market is going in, in fact, in risk off, which also means that you're going to see people diverging a little bit away from the MAG7 growth that we've seen the, the, the mega caps leading the stock market.

You're going to see some of the small caps creep back in and boost up.

So I think you're going to see less pressure on Nvidia, Microsoft, Apple.

This is the interesting thing that I think that, like, I, I feel like maybe listeners would like to get your take on my take.

Your take?

Why does my take matter?

The market expert, bro.

Three lives a week, you know, and.

I still get the trolls.

They trolling, come at me like, hey, bro, you don't know the definition of a recession.

Everyone's.

Everyone out here trying to be 50 Cent, bro.

They just want.

They just want to be the next best draw.

I had one guy today, I kid you not.

This just.

He responds with a political comment, and I'm like, this is not political.

Let's keep it not political.

And then I respond back to him.

He responds with another political comment.

I'm like, what part of non political was this for you?

He's like, this campaign, that campaign.

I couldn't tell who he was hating on, but he hated somebody politically.

Yeah.

Then I went to his page and it was all like, trump is the devil.

And Biden's amazing.

And I'm like, bro, like, what makes you think one party is better than the other?

Because one's red and one's blue.

Yeah, man, there's a reason why there's only two main parties.

It's just to make you have to pick a side.

And then I'm like, bro, I can't have a common conversation about economics like without you going here.

Yeah.

Like, I'm just trying to tell you the jobs numbers are messed up.

And you're like, oh, this person did it.

You don't know that.

Right?

The job number, dude, how these, how these reports get reported out is just to serve a purpose at the end of the day.

True story.

The data from the St. Louis Feds Real Time API, which we use in the show is so backed up, I've had to check it five times to make sure it wasn't like, is this, is, is this an error?

Right.

The last housing data I have from this Q2, 2025 wild, we are in Q1 of 2026.

That's a little outdated, my guy.

Little.

It's a lot outdated.

Doge, where you at in the.

It's like the average interest rate is 12%.

Like what?

Doge time make this more efficient?

Doge.

Yeah, I mean that's the problem.

Right.

So you have, you have lagging indicators, lagging data collection and lagging reporting and people giving you information.

I don't necessarily blame the BLS for the bs, so.

Right.

So I mean, not a lot, not a lot has changed since last year.

Right.

Q3 of last year, Q4 of last year.

But what starting to happen now is, and these are the, these are the headlines, these are articles.

This is what they're saying, why investors are reacting.

The way that they're reacting is Amazon stock dropped 9% when they announced that they're going to invest another 200 billion into AI.

Yeah, because people see that you're spending money that's not going to go to us, the shareholder.

Right.

It's going to capital expenditures which are unproven, untested.

Well, it's becoming harder and harder for investors to see a return on that in the short term.

Right?

Yeah.

So it might, it might be a huge boon in five years.

But dude, I mean, I'm talking about it literally three, six months ago, an announcement like that to the moon baby.

This stock is going to boom.

Let's go the same headline.

Well, how many billions of dollars can you put out?

I mean, I think open AI, you can look this up has like trillion, like $1.4 trillion in commitments over the next couple years, bro.

I mean, they're hurting, let's just put it like that.

And I'll be.

Look, I'm, I'm not gonna lie.

It's to the point where I'm, I'm worried.

I'm starting, I'm starting to get worse.

GBT guy.

I did, I was a hardcore chat GPT guy.

Claude is better.

That's the thing.

I was having, I was having this discussion with some of the people I know, like in the space.

It almost feels like when they kind of went off and running, all the other big time players were like, yo, look, that's cute.

Hey, go ahead, be the guinea pig.

Go.

You go out there, have fun.

We're gonna, we're gonna build our own at the same time.

And all the missteps, all the mistakes that you make, we're gonna correct our end.

Now look at Claude, Gemini, everyone coming out like we're better.

I, I still think Claude is the best out there right now.

What do we got here?

Massive infrastructure and compute commitments.

Jesus, you wanna, you wanna read that list?

Yeah.

Massive infrastructure and compute commitments to power its models.

OpenAI has secured partnerships and made substantial spending commitments.

Oracle, a 300 billion dollar five year deal commencing in 2027 for dedicated AI compute capacity to support the Stargate project.

Microsoft, a roughly 250 billion dollar commitment for Azure cloud services.

Azure, is that how you pronounce it, bro?

You work in corporate America, bro.

You're the guy that can't read.

You're going to call me out?

Cloud services over several years.

Hey, Rajeel, I'm gonna give myself a compliment, you're gonna acknowledge it.

We're gonna both burn.

Say.

Oh, look at my reading.

Lately has been good.

The TV's right here.

I know I need to keep it like two inches from my face, but hey, if it's close enough to my face, right, my blind ass can see it.

I can read, right?

In the other studio, I'm reading through cameras and you in the room and moving stuff around.

Y' all make me sound stupid, bro.

So it's to the point now you got Amazon on here, Nvidia core weave.

And it's to the point now where they're saying it's going to take them into the 2030 before they actually can even have a chance at being profitable.

Yeah, return on investment.

Yeah, that.

Just think about it this way.

That money that you're planning to invest over time for the future, to commit to this project could go to other things that will pay you back or frankly could go to shareholder returns.

Yeah.

You are going to retain capital, earnings as capital and then deploy that capital in the capital expenditures.

Right.

Things you're going to spend money on that you hope will make you more money, more efficient over time.

And yeah, it might work, but for a long time, for the foreseeable future, these companies are going to be bleeding money on this.

And here's.

Here's what happened.

I'll tell you all what happened colloquially, because this is the truth that no one's going to say, tell me.

Okay, here's what happened.

Everybody was like, great.

AI is amazing.

Look at this vertical uptick.

And we heard Ben Affleck, of all people break it down very eloquently.

Right?

And he was not wrong.

Every single model that's come out has gotten incrementally more efficient, but cost exponentially more in power.

Yes.

And the problem is, we've seen enough models come out now.

4.5, 4.6.

That you go, okay, wait a minute.

This curve of efficiency is starting to bend downward now.

Starting to flatline a little bit.

Plateau a little bit.

Right?

And as look at you SAT vocabulary say Omar, everybody.

So, yeah, it's plateauing.

A lot of it.

Not a little bit, a lot of it.

So people are going, okay, wait a minute.

We thought this was going to continue at an exponential pace because the promise was that AI would get to the point where AI did it itself, and then it's just going to lift off straight to the moon, baby.

Right?

Well, that's not happening.

So now people are going, okay, we invested all this time, we gave you all this hope, and now we're seeing a plateau.

Yes.

Whoa.

This is now, this is a different dream now.

Beginning.

You're starting to have sold onto you.

Right?

But companies are tripling down on the spend.

They have to bro.

At this point, you're pot committed.

And now the general public saying, you know what?

That's good for you.

Yeah, good.

We like you.

Congratulations.

That's awesome.

But I'm gonna put my money in these other companies just in case.

As you should.

Right.

And this is.

I think this is the fear, Right.

If you.

If you're going to invest in a company that is, you know, spending a lot in capital expenditures, right?

You got to feel like, I trust this company knows what they're doing there.

Like, there's a.

There's a clear path into me getting a return from this.

Right.

Like Amazon aws.

That makes a whole lot of sense to me.

Right.

I'm surprised you didn't call it.

Oh, oh, yeah, Yeah.

I think it's.

What is it?

Web services.

Right?

It's a web services.

I don't know.

Azer.

Azur.

Yeah.

Azure.

But a company like OpenAI.

I'm like, I'm having trouble, man.

I'm having trouble seeing, like, right now.

It's.

I think Ben Affleck mentioned it.

We've talked about it before.

A lot of people.

It's like, people use this as a companion to talk to.

Yeah.

It's sycophantic.

I love it.

You know, I do it like, I do it from time to time, too.

Every once in a while I'm like.

Hey, Chad, I love calling it chat.

Yeah.

Hey, Claude.

I speak to, like, his German when I call it Claude, though.

Ze Claudes.

I have a question for you.

Yeah, yeah.

But I will.

I will ping every once in a while and ask it, like, just to see if my logic is right on things.

I don't go like, hey, am I okay?

Yeah.

Am I healthy?

Yes, you're doing great.

No, because you always get that response.

But what I will say is take the.

The negative approach and give me feedback on this, like, thought process.

I do this a lot for, like, litigation.

I do this a lot for a lot of the things that I'm thinking about business wise.

It's just gonna get some feedback and it's pretty useful.

Yeah.

Yeah.

But so those are the ones that I'm a little bit more concerned with.

Right?

Yeah.

So I can see, I. I can see the.

The pessimism around it too, and how like a.

A company could lose a little bit of value.

But it's.

And we talked about this last week, on last week's episode as well.

All these companies, especially like the Max 7, they're in a race, dude.

There's gonna be winners.

And they're all.

It's kind of like, it's.

They're all intertwined together.

At least a handful of them.

Right.

So some of them are winners.

Others will win too, because of the investments that they've made into each other.

Right.

But some will be losers.

And then what's going to happen to those companies?

Well, that's that and that's the AI bubble that everyone's talking about.

If they're ran by Michael Saylor, they're gonna be just fine.

Because, dude, if one.

If one of them goes down, just one of them, there go.

There goes s p500 boom right there.

Too big of a concentration.

Oh, the Fear the shock waves of that cataclysmic event.

Yeah.

Even if it's like an outlier tertiary AI company at this point in time.

Yeah.

If.

If one AI company goes down, the entire sector is going to have reverberating impacts that'll be felt everywhere.

Right.

You know, it's not good.

And I think that that's.

That's a real concern, not because of the technology, but because of the spend that's required.

At some point in time, people gonna be like, look, I need my money.

And look, let's.

Look, let's.

Let's remove the AI conversation because everybody thinks it's sexy and just say, private equity, venture capital, these people all put money in, money that is not entirely their own.

They invest, hoping to get a return on investment.

If that return on investment is 10 years out, they're going to want a whole hell of a lot of return.

But at some point in time, let's call it five, six years in, they're going to go, we're not giving you any more money.

Okay, Guy.

Yeah.

Like, show me the money.

Yeah, yeah, exactly.

You know, it's gonna be like, what are you doing?

Right.

So I, I think that you're gonna get to that point where the money train stops at some point in time, because people can.

Here's the problem.

Most investments you go into, you go, okay, I'm gonna give you some money.

You have multiple rounds, blah, blah, blah.

The problem here is, is the rounds of financing, the rounds of money going in.

Commitments now are so massive.

Yeah.

That at some point in time, you get someone like Nvidia going like, you know what?

We don't necessarily 100% agree with Open AI's business model.

We're rethinking the amount of dollars we're going to put into this thing right now.

Yeah.

And it shows, Right.

It caused a lot of controversy when that conversation.

And it shows.

Yeah.

I mean, you look at.

And then now the real.

What's really going to start happening is this.

You're going to start looking at.

Investors will start looking at companies and seeing, all right, what are their debt payments and how much of their free cash flow is going towards their debt payments and how much is left over.

And if it's.

It makes up an overwhelming majority of it, guess what?

Their bonds are going to start getting traded like junk bonds.

Yeah, that's right.

Let's go to Mark Zandy's comment on.

On X My boy Zandy, who's the chief economist over at Moody's.

Great, great.

Human being.

I like him a lot.

Got a lot of good things to say about him.

And he sat across from me at a table and treated me with respect and dignity.

And you know what?

I love him for that.

I never got to sit across the table from Mr. Zandy.

Yeah, I call him Zaddy.

Zaddy.

Zaddy, aka Mark Zandy, has taken increasingly interesting positions, and this is not like him.

Historically, I've not seen him be this contradictory or contrarian, if you will.

I would exhale with today's job numbers.

Wouldn't.

Wouldn't read, brother.

I would.

It's the opposite.

I would not exhale.

We're gonna.

We're gonna talk now.

Is that we're doing.

Hold on, bro.

That changes the entire.

I was gonna get it.

I was going to get back to.

I like to read out after you just said, I'm a great.

I'm a great reader.

I didn't stutter.

I was changing the direction I was going.

That's all I'm doing.

You're going to say psych.

Okay, Allow me to restart.

Thank you.

I would not excel with today's job numbers.

The job market remains fragile and highly vulnerable.

Is that satisfactory to you?

Say thank you, sir.

All right.

No problem.

Yes, payroll employment increased by 130,000 in January.

But given the big downward revisions to history, there has been no job growth since last April, AKA Liberation Day.

Moreover, nearly all of the job growth in January and over the past year has been in healthcare.

Indeed, over the past year, without the job gains in healthcare, the economy would have lost a bunch of jobs.

And this is before artificial intelligence has meaningfully impacted productivity growth and thus jobs, which feels dead ahead.

So soak in the January job gains.

I suspect there won't be many more months with job gains like this in 2026.

And he provides this chart with Regil lovingly pulled up here, showing the average monthly payroll job change, six months, moving average in thousands notwithstanding, of course, job growth has flatlined.

So he's basically trying to suggest that if you remove this January 2026 healthcare ad, you continue to be on the negative downward slope, which is what we talked about at the start of the show.

This is the monthly payroll job change, not too dissimilar from the manufacturing isolated stuff that we looked at the top of the show, right?

And we saw that number started up high every month, was positive, then went down negative, came back up a little bit, then went down negative, came back up a little bit, and went down negative, Negative, negative for 32 straight months.

Right.

This has done the same thing.

October, November were very, very low.

We saw it creep up a little bit in December.

We saw January creep up.

We know it's going to be revised down probably at least 50 to 60,000 jobs.

About half.

Right, Right.

And then guess what?

I would not be shocked.

To Zandi's point, this continues a downward trend.

Doing exactly what manufacturing did at the start of the show for jobs in aggregate.

The people over at the Bureau of Labor Statistics need to explain themselves.

Right.

I mean, if they're relying a lot of this.

Okay.

It's no secret.

A lot of this is relied upon estimates.

So if they don't get responses back, they're allowed to estimate, right?

Estimate.

Yeah.

Well, they're allowed to estimate on what.

What they think is.

They provide an estimate.

Right.

Or they estimate.

Right.

Yeah.

Right.

You're correcting me on things tonight.

Okay.

Geez, someone's butt hurt.

Okay.

But if they're gonna.

Good comparison.

Regila, I appreciate you if.

Yeah, that's really good.

Thank you.

If they're going to continue to estimate incorrectly.

Right.

Then they have to explain why.

Why are you estimating so so much higher and needing that much of a revision downward?

You had, you had an entire year last year where you had a downward revision of like 800,000.

A million jobs.

Right.

Explain yourself why you're still so high in the positive or.

I got an alternative theory here which I think is just as fair and probably easier for everybody.

You see this column here, which is January 2026 and the number's up.

Yeah.

Just put a fucking asterisk on it, man.

We changed the model.

We did X. Yeah.

You know, give yourself some breathing room.

So if that number does pivot, you know, heavily, you can say the model's different.

Guys, look at the little asterisk right there.

Tiny little thing.

Little star looking thing.

Right.

I mean, this is, this is tough for the administration to come out.

Demand rate cuts.

Why?

Why?

Yeah, this was, this is a kicked.

In the ding ding to using my vernacular.

Yeah.

I thought I was the only person in the show.

I talked about ding ding regularly.

Well, the listeners have become accustomed to it.

They have become.

That's.

That's our catchphrase.

Yeah, Ding dings.

Ding dings.

Yeah, we'll kick you right there.

Go to join Fridays.com.

enter code ding ding.

And no, it's.

It's ding.

No, it's not.

I'll do that again.

Oh, that's the magic word.

Yeah.

Ding ding.

That's the safe word.

Yeah.

Pineapple ding Ding D, come on, bro.

That can't be your mixtape.

Outside Omar, everybody.

Welcome to Pineapples and Ding Ding.

Oh, man.

So anyways.

That sounds like the bad porno phrase.

I don't know what that is.

What's that?

What's that?

I don't know either.

Yeah.

All right.

The next post is from a brilliant guy following X.

His name is Chris.

Chris, Genius.

Wages do not cause inflation.

I posted this today.

This side's been talking about this non stop, the healthcare side of things.

But I wanted to explain a little bit more about why that is.

Inflation is a currency problem.

It is what happens when the government spend.

Government spending and money creation outpace real economic growth.

Now look at the 12 month job data.

Government jobs are up.

Much of the private sector flat to negative.

Headlines will focus on January's 130k plus, which will be revised down.

Not May, not likely, but will be revised down.

You can go to Zero hedge and get a ton of information on this.

Matter of fact, I think we'll probably cover that a little bit in the show here.

If job growth is concentrated in government and government adjacent sectors like health care, that's not organic strength.

That's not the market being resilient.

That's artificially propping it up.

Right.

If you got to use a pump to get things up, then that's not organic.

That's not.

You can't feel good about yourself afterwards.

Yeah.

I mean, yeah, you got the job done.

No, you can feel good about yourself.

Nah, you can't.

We got one listener for sure is using one of those things, is really offended.

That's fine.

Hold on.

I apologize.

We can still be friends.

We could still be friends, right?

No.

Okay.

And yet we're told wages are the problem.

Of course people say wages are inflationary.

That's the conversation that you hear the most in mainstream media.

Wages, wages, wages.

People have more money so they can spend more money, so they buy more stuff.

No, that is not the case.

Do not let that rhetoric fool you because that's a convenient narrative to not pay you, me and everybody else more money.

Right.

I don't like it.

I don't like it either.

Historically speaking, the average GDP growth that we would see is somewhere around 1%.

Okay.

And if you got 1%, that would mean that there would be 150,000 new jobs added every month.

Okay.

That's typically what the historical data would show as a healthy economy.

Okay, but we're not playing under the same rules anymore.

It's not the same.

Things are getting manipulated look, it's.

It's either government jobs or government adjacent jobs like health care.

Right.

Right now we're projected to have a 2% increase in GDP for 2025.

Yeah.

Strong.

We did.

Strong economy.

That's strong.

Yeah, the strongest.

Some would say.

Yeah, right.

They're doing huge numbers.

Huge, huge, huge numbers.

Right.

We're not seeing 150,000 jobs.

Real.

150,000 jobs added every month.

It's not.

These numbers are skewed.

And so I feel like nowadays, in order to get to those figures for real, we would probably need to see GDP growth of like 3%.

And that is.

Hold on for people.

Like, I know that we're getting into the nitty gritty of like these numbers, but like, that's like have.

We're all swimming in gold at that point.

If you're having 3% gains on a year for GDP, right, that means the economy is booming.

Yeah.

And it's not, it's not statistically likely either.

No, no, it's not.

No, no, it's not.

And unfortunately, if that does happen, then that means that the people who suffer the most are probably going to be the workers in that space, because that would mean that AI was successful.

Exactly where all the dollars have gone.

That would mean that AI has absolutely been successful.

And that's, that's.

It feels like the entire economy is betting on one technology.

That's not good.

No, no.

Let's go to the zero hedge article jail.

There's a chart in there in particular I want to cover which shows some of the changing landscape of the revisions.

I think when people, we talk about revisions, people think this is a consistent reoccurring phenomenon.

What they don't realize is really, this started happening in 2023.

Click on that there.

It takes you to the article.

Perfect.

And we're going to scroll down and I'll let you know when we get there.

Keep going, keep going, keep going, keep going.

There it is right there.

The bar chart with the ones read down right there.

There you go.

Click on that bad boy.

Okay, so you can see here in 2020, 2021 and 2022, there were almost no revisions at all.

And they were all up right.

To me, that seems like a pretty well functioning response mechanism system.

You got a system where in 2020 they didn't revise anything, right?

Nothing.

Nothing.

These numbers were accurate.

Well, shit, you know, like.

Yeah, yeah.

Whatever y' all were doing back then, y' all were doing a pretty Dang Good job.

2021, you revised at 35,000 jobs up to my benefit.

You know what?

That's not terrible.

You were conservative in your estimations.

Right.

And they were a little bit less than we actually had.

Yeah.

Good for you.

Good job.

Yeah.

You get a sticker.

2022, almost right on the money again.

6,000 jobs up, huh?

Sensational, as some would say.

Yeah.

And then, well, 2023 hit 73,000 jobs down.

You can't tell me.

You can't tell me.

Companies just stopped responding.

So you think somebody was like, all right, here's how we click the books, boys.

Here's what we're gonna do.

We're gonna overstate, let the headlines leak out, carry the economy up, and then we'll see how it goes.

No, bro, this is.

This is controlling the narrative.

That's what this is.

This is if we produce certain numbers, then we get to dictate what we do to with the Fed rate cuts.

That's what this is.

Could very well likely be.

I'm not saying no.

I'm saying yes.

I haven't heard the word pineapples yet.

2024.

Negative.

413,000 jobs.

413,000 jobs that they said were there that year were removed.

These are real jobs of people working, doing real things they said were out there working that are not working.

That's half a million, almost.

People that are not actually working.

They say they're working.

And then, okay, 2025, over a million.

One million, 29,000 jobs they said were there, were not there.

You know what they're saying?

They're like, oh, sorry, guys.

They just didn't respond.

We estimated.

Sorry.

So what happened between 2020 and 2025, where your estimations went from zero, not inaccurate at all or negligible.

Right.

To a million jobs in the wrong direction.

Can we address that, please?

Somebody needs to explain themselves.

That's my point.

Okay, where's the asterisk?

Yeah, you know, you know what this is?

This is the National Bureau of Economic Research.

End burn.

Be like.

This is what happens when you talk too much.

This is why we don't say anything.

Yeah, we're staying quiet.

Yeah, speaking of the devil, man.

National Bureau of Economic Research.

Like, they get paid.

Are they doing research still?

Yeah.

Pull up their website.

Regil.

They get paid a lot of money to not say anything.

Yeah, there you go.

I'm surprised it's still active.

Yeah, look at this.

Someone's managing said.

Let's see, what's some of the latest research?

Yeah, look at this title.

Conducting and disseminating non partisan economic research.

Fine.

Except for the whole dissemination part.

Yeah.

Where is the information going to?

AI Managed EV charging.

Come on, bruh.

Featured working papers.

How about, are we in a recession?

Pricing residential mortgage prediction markets and macroeconomic forecasting.

Come on, dog.

What are y' all doing over there?

Subcontracting and federal spending.

Calcium.

Maintains a perfect forecast record in predicting Fed rate decisions, according to Fortune.

Yeah, it's not that hard.

Just pain management and the opioid epidemic.

Oh, they're on drugs.

That makes sense.

Hey, Charles, we've got to test the opioids today.

The clinical trials.

Oh, man.

I mean, it's a great website if you like research, but how about researching stuff that matters?

Yeah.

Economics of science.

That seems fun.

It's so funny that they do all this and the only thing that they're really known for, right, is, hey, bro, can you let us know if we were in a recession?

Yeah.

All this other stuff you're doing is cute.

Yeah.

Yeah.

But you know, it's cute talking about drugs.

Yeah.

Recordings of presentations, keynote addresses and panel discussions at Inberg conferences are available on the videos page.

I feel like somebody needs to revamp this website, make it sexier.

No, I think this is totally.

You don't want a sexy website for researchers.

Come on.

Yeah, you do.

You want guys who are.

Do you know?

You want nerdy, like, tranquil.

Don't be.

You're part of the problem, bro.

This is why we got to start dressing like this on the show.

The people want nerdy guys.

They're in Massachusetts and Cambridge.

Go up to the top.

See what we got here.

Cambridge research programs, conferences, career resources.

About.

Yeah, let's go to about affiliate leadership and governance, baby.

Please tell me they have photos.

Please tell me they have photos.

Please tell me they have photos.

No photos, officers.

Oh, they got photos.

Nerds.

Cool.

Nerds.

Oh, Mohammed Al Rains on the institute there.

Is he advisor.

Look at that stash, though.

Yeah, yeah, he's got that good stash.

Keep going down.

Keep going down.

Karen Horn.

Lisa.

All right, none of these guys really matter.

These guys are all.

Just go up to the top.

I want to see the actual team here.

There you go, officers.

We got Peter Blair.

Henry, he's the chair.

Stanford University.

Stanford University.

NYU Stern.

He got some chops.

Karen G. Mills is president of Tootsie Roll Industries in American Manu.

Come on.

The butterfly.

Oh, that's.

Oh, come on, man.

Look, between Peter and Karen, looks like they both worked under the Obama administration.

These people are plugged in, bro.

Plugged in.

So wait, wait.

The officers are they got multiple jobs.

What do you mean?

Of course they're part of the jobs reporting problem.

Well, they can't have multiple jobs.

They could do multiple things.

Are they not dedicated to this?

I mean, bro, they're not.

This isn't.

This isn't paying for their home.

Come on, man.

So, James, the President and CEO, James.

Porter.

Porter.

This guy didn't go and get his PhD from MIT to just be the chair of Edinburgh.

Come on.

Studied economics in undergraduate at Harvard and received a Doctor of Philosophy.

Philosophy.

I can't ever say that word.

Degree in economics from Oxford University, where he was a Marshall Scholar.

Yeah, he's smart.

We get it.

All right, well, these are people that are not working.

Muhammad Al reigns on the.

On the.

As a director at large.

That's interesting.

What a student.

Mm, Stud.

Okay, well, that's that.

We could go into more, but you know what?

We're in extra innings.

Yeah, let's just.

How do you feel about everything right now?

Pineapples.

You feel like pineapple?

That's your favorite.

Don't talk about this.

I don't talk about how I feel.

I.

What do I feel about everything?

I feel like we're in a very interesting transitory time frame.

Do you feel like we're in a.

Fork in the road?

Like things could go, like, multiple ways?

I've been having a lot of conversations with you of all people, which is dark because I know how you think about, like, life in general.

Yeah, we're at that age, man.

It's not the age thing, it's the time period.

And granted we're plugged in, so I get that.

I'm looking at social media as we know it is likely going to change with AI.

You just watch.

I watched a video earlier today of the President and the Prime Minister of Israel fornicating.

That was on social media that someone created.

Now you can put aside the.

The political commentary.

Somebody can make that at a whim.

Today, early in the morning.

That was it.

It wasn't even announced publicly until this morning.

By mid afternoon, somebody had produced that and put that on social media and it looked real wild.

We're at a point now where I'm sitting here going like, the cadence and the velocity of all this is happening so fast.

People are fascinated, but is that really what people want?

Like, I think people are fascinated by, like, what they're able to create.

I have.

I have friends that never studied a lick of software engineering and they're out here making apps.

Yeah, me.

Yeah, you too.

You're one of them.

Yeah.

You know, and I'm like, I can.

Now do all the things I wished I could do when I didn't know.

Coding.

Yeah, literally.

And for those of you here.

Oh, the vibe coding.

I'm vibe coding.

All that is is speaking colloquially asking AI to provide code that does what you want it to do without using code language.

I want this to be blue.

I want this to be over here.

I want this to be able to go out and pull this from the Internet with an API.

Can you help me out?

I want you to mimic this other website.

This other.

Well, it's not so good at that because you have to tell it to mimic something.

Somebody else's aesthetics.

But if you just tell it what you want, yeah, it's really good.

And that, that is vibe coding.

That's what it is.

But to your point, it just.

I'm.

I'm deeply, deeply afraid.

And I know it's easy to say, well, when the TV first rolled out, it was going to rot kids brains.

When the iPads came out, it was going to destroy kids concentration.

Yeah.

But this isn't being.

This isn't being sold to everybody as a form of entertainment.

This is being sold to everyone as this will.

The purpose of this is to be transformational and to.

Yeah, take your job.

Tens of millions of jobs.

Yeah.

This is going to transcend.

That's the part, that's the part behind it where I'm sitting here left scratching my head like how can you so comfortably come out and say that's the goal without a solution?

Because I don't think people care.

No, I think people care.

I think that they know that they can't answer it.

I don't think they care.

I think the people who stand to gain the most from this are people who are already financially in a position where this wouldn't change their life.

Oh yeah, those, the people who are talking about it.

Right?

Yeah, the people who are make.

I'll use Sam Altman.

Something about his face bothers me.

I could be perfectly great human being.

Do I can Moore or Zuckerberg?

Moore, old Zuckerberg.

Zuckerberg gave me serial killer vibes.

New Zuckerberg, new hip with the chain.

Out doing jiu jitsu.

I like that Zuckerberg.

That's cool.

That's a cool Zuck.

Yeah, I think he's.

Maybe it's being a dad, maybe I'm romanticizing it, but something has humanized him in recent years.

Maybe it's just a brilliant PR campaign, but him, I mean, both of them are married.

But I, I don't know.

Zuck, Zuck's coming.

Come around to me.

But he's also testifying at Capitol Hill as well as Mosseri, Adam Mosseri, who's the CEO of Instagram, about the addiction in social media.

I think about all the movies, man, the Matrix being plugged in, you know, and we're living this life in our head.

I think about every dystopian movie I've ever seen.

IRobot so many of these concepts.

Remember when Back to the Future came out?

Or Terminator.

Or Terminator came out, Skynet's great example of it.

Right.

It's really dark.

But when Back to the Future came out, it took place in October 2025.

We still don't have hoverboards, but we got self driving vehicles, you know, we still don't have flying cars, but we got drones everywhere, you know, And I look at all these things and I.

Think to myself, you got FaceTime, you're there.

Yeah, the FaceTime of the facts.

When he got fired, you know, went all through the house and, you know, I'm not wearing two ties at the same time.

Not wearing ties at all anymore.

As a matter of fact, this is the new dress, right.

Suit for me.

It's called the hoodie.

It's very fashionable.

But I do have two strings on the drawstring.

Yeah, yeah.

So anyway, I look at that and I think to myself that to get from there to here, that movie came out in the 80s to here, you know, 40 years.

Ish of human evolution.

The next variant to get from here to where AI does what it does isn't going to take 40 years.

No, it's growing exponentially at a faster pace every year, every month.

And because of that, unlike the fear our parents had where this could affect the future generations, this is gonna affect our generation.

Yeah, it's gonna affect us.

You know, we were having this conversation and Rajille, I mean, feel free to chime in too.

It's like if he doesn't need your.

Permission, bro, if you're.

He works here, show some respect.

I got your back.

I'm trying to, I'm, I'm trying to give him a segue to jump in on this.

We're all, we're all dads, right?

If you're, if your child was graduating in the next two to five years.

What do you tell them to do?

He's like, dad, okay, I understand what you're concerned with.

I have a whole career in front of me.

So let's say they're Coming into this.

Optimistic.

Optimistically.

Right.

What should I study?

What do you, what do you recommend?

I. I should go into woodworking.

Trade.

Trade.

Trade schools.

Yeah.

Be an electrician.

Electricians, yeah, yeah.

Plumbers, Right?

Yeah.

What?

It's like, I don't wanna, I don't want to work hard with my hands.

But think about that though.

How crazy is that?

Right?

Like we were growing up, you got to be a doctor, a lawyer.

Sam.

Yeah, that's.

You can pick one of the two, or you can be an engineer or you can, you know, it was.

But those professions.

Yeah.

I'm telling you right now, lawyers, you're cooked.

As the kicks, you're cooked.

My son started, My son started a new one because the coach asked him a question.

Like, look, you get somebody on an island out there, one on one with them, that's got to be barbecue chicken for you, right?

Coach is telling them, he's like, you gotta go, you gotta attack barbecue chicken.

He's like, no, coach, I want to deep fry him.

Like, damn.

Deep fried is nice too.

You're not allowed to make up.

Why?

New vernacular.

Why, yes, you are.

He made it up.

The kids made it on the island.

And frying, I don't know, man.

What are you talking about?

Pineapple, Deep fried.

What's, what's.

I don't get the.

I don't get the reference.

What do you mean?

He's trying to bait you and explaining it to him.

Oh, okay.

Yeah, don't do that.

Yeah.

Here's what you say.

You go, you know what I mean, sir?

How dare you.

Yeah, they're cooked, though.

You're right.

They're cooked.

Yeah, it's a problem.

And I think that there's going to be a.

There's going to be a very different shift.

And it used to be coding.

Coding was a fast track to guaranteed money in Silicon Valley.

Why would you code anymore?

Yeah, you can just ask Shazi bt.

And then you have these picture perfect videos now.

Like for this, for example, you got these so good.

Oh, the one of Trump playing Kobe.

President Donald Trump facing LeBron James in a one on one matchup.

The clip shows Trump putting LeBron on skates with surprising confidence.

The video is fully generated by artificial intelligence.

Trump is shown with a smooth jumper in a crossover reminiscent of Allen Iverson.

Even though it is not real, the AI creation sends social media into a frenzy.

If I were to show this to some elders in my family, they would believe this.

Yeah, it looks good.

Yeah.

They even had his mannerisms, his hand, fingers, finger pointing his jacket, like, popping in the wind.

He didn't have six fingers.

Right, Exactly.

I'm telling you, it's a problem.

It's getting.

Six months ago, you would have had that sixth finger.

Well, and here's the.

Here's the real problem.

Okay?

Let's be serious about this.

What's the.

What's that banana one?

The banana nano banana that has gotten to the point where it's indistinguishable.

Yeah.

Higgs feels better.

Yeah.

Higs feel is better.

But so here, here's.

So let's just go down conspiracy theory, like real world practical lane for a minute.

All right?

Back in the day, you would have doubles, right?

Everybody's like, oh, Biden really had health issues.

There's another.

There's a double out there.

You know, look at the difference between the two of them.

Right?

The conspiracy theory.

Theories are crazy.

Right?

But there's a couple different ways this can play now.

Yeah.

You don't need a double.

You could.

The President could not be alive tomorrow and you could have a fully functioning, talking, moving around a room, video variant of him everywhere, and no one would know.

Right, Right.

You just wouldn't know because we don't.

I don't see the President on a regular basis.

Do you?

Yeah.

How are you.

How are they going to, like, combat this?

How are you going to be able to validate that something is real or not?

Well, and so here's the problem with that too, is now let's say you wanted to have the President respond to things, but the President is incapacitated.

You don't need a body double.

You just put a digital skin on anybody you want to talk.

They can make it sound and look like him in real time, responding to people on, like a conference call.

Right?

So there's enough.

There's enough content out there to recreate it.

Didn't you have a friend that does like a.

Like a Only Fans kind of thing like that?

Yeah, a dude who.

Who.

I know a guy who's.

You got a friend on Onlyfans, huh?

Is that what you're.

Is that what you're.

Technically, he is not on Only Fans.

His avatar is on Only Fans.

Okay, so you have, you know a creator on OnlyFans.

I know a creator on OnlyFans.

There you go.

That's the clip through you.

That's the headline of the episode through you.

So this creator, who shall remain anonymous is like a 5 foot 8, 5 foot 9, like skinny, very normal looking dude.

Okay.

Right?

So me, no, we know when your booty's been AI skinned.

The thick.

Thick, you know, sticky thick.

Yeah.

Unless you're Megan Thee stallions guy page.

So shout out to Khloe Thompson.

Holding it down.

Yeah, holding it down for us three point shooters.

Anyway, okay, so he has an entire.

Only fans where he uses a digital AI avatar of a blonde girl of his same shape, size and proportions who literally poses and responds to people in real time.

People are paying for it, right?

People are paying for it.

And does he.

Does it disclose that it's AI?

So he disclosed to some people that.

Because it's not AI because technically it's him.

No, it's AI though, but.

But it's not him, Right.

So he disclosed.

Some people.

Hey, it's really me behind this.

I don't care.

What do you think the response was?

I don't care.

Yeah, I don't care.

People, they want that connection.

That's the problem, man.

They want that connection, man.

That's so sad, man.

So let me ask you a question, both of you, and answer honestly.

One of the biggest.

It's one of the biggest scams on people on.

On like, on men in general, right?

Is that.

That compassion, like a companion, right?

And they get scammed like this.

Have you seen some of these?

Oh, God damn it.

I wouldn't do it.

They.

They have robots that they sell now and they.

They range in price.

I read an article late at night.

I don't want you guys making comments.

I did not look convenient late at night.

Conveniently.

2 o' clock in the morning.

It was raining.

It sounded really pretty out.

I'm gonna read an article.

This is the one that came up.

It was about.

So we haven't gotten like fully integrated, but some of these have AI.

The heads can move.

Oh, God.

But the bodies don't stop.

I'm just.

Just hear me out, okay?

Just try to be an adult.

Well, pineapples, it always.

It always starts with this, though.

So there's variants that go up to like several thousand, like seven to ten thousand dollars, right?

People are paying for this, brother.

There's some that are like 3 to 4,000.

There's some that are like 1800.

But they all have varying degrees of functionality built in.

But almost all of them can like respond to you remember things.

So when you think about in the context of being plugged into something like Claude or chat, GPT and AI, it's keeping a log of your conversations and it knows you, right?

So it's not a far leap and already happening with these basically sex toys.

Next generation of sex Toys where you get to pick the hair color, choose all these options, the skin color, the feel.

Rachel, do me a favor, can you look.

Don't, don't.

Not on my search history.

Nothing.

Just following that statement.

Can you log into Chris's account?

No, I'm saying can you look into.

Are our birth rates falling currently already?

They are, yeah, they are, right?

Yeah.

Birth rates are falling.

Yeah.

No, in the US they're falling in the US That.

Which is which.

Okay.

With stuff like this rolling out.

What?

I mean, just think five, ten years down the road, where is it going to end up being?

And that's going to create another problem.

Well, you've got testosterone going super low in men.

You've got.

And now the graduation rate is super high for women in college as opposed to men.

The US Birth rate is hovering near historic lows with a total fertility rate of approximately 1.6 children per woman as early as of early 2025, which is well below the 2.1 replacement level required for population stability.

Yo, I don't see this.

Oh, what happened in the 1930s that led to them just in the 1957s?

I mean, they went up.

Birth rates went up.

They were, they were getting down after the Great depression.

Well, no, 1930s it dipped.

So after the Great Depression, it dipped.

So I think all the ptsd.

Yeah, yeah, yeah.

And then after that, maybe something happened.

1957, they were, they were out there.

But the 1960s went down.

1976 went down.

It's been on a pretty steady decline since 1957.

What do you attribute that to?

You know, it's got to be like food related.

Birth rates for women under 30 are declining while rates for women in their 40s have seen increases.

Yeah.

Because people have to start families later because of everything that they got to deal with now.

Average age of a first time of a new employer.

No.

Average age of a new employee is 42.

Average age of first time home buyer is 40.

Yeah.

Right.

So to your point, these are all pushing out birth.

Birth rates.

But yeah, I think.

But we do have.

But we do.

We are seeing also an aging population too, where we're living longer.

Yeah.

And.

And I think that's going to change things a little bit there too, but big.

But here I think this gets a whole hell of a lot worse before it gets better.

I can't see this.

I can't see a spike like that in, you know, 57.

I can't see.

I'm gonna tell a story and I don't even want to do It, But I feel like it's compelling enough to.

Share who's listening, bro?

Or an hour and 27.

And if you're still here, they deserve the story.

Except for my wife.

If you're listening, turn it off.

We'll give you time.

Back in my late mid-30s.

Mid-30s, mid-30s, I thought you're gonna say my heyday.

My heyday.

Back when I was pimping, I was out here slanging.

No, I never slung anything.

I, I, it's very small, so it's more like I was tapping back out here when I was tapping the petite way of slinging.

In my mid-30s, I, I went.

Made.

Mistakenly went on a date with somebody who was in their early twenties.

And the cultural differences were wild.

Like, just very, very different.

But one of the biggest cultural differences was like, the, the way they approached intimacy.

Oh, okay.

And it stood out to me as there is something here that's not caused by trauma.

It's caused by a very different view of what that should be and how it should should be done.

Yeah, yeah, yeah, yeah.

And this is a popular person, an attractive person.

You know, nothing wrong with them all.

By all outward measures, they are very desirable in society.

But it was extremely awkward and it left a lasting impression on me.

And as I've gotten older, I see more of that in people of that age demographic and slightly older now that I'm in my, you know, mid-40s, that I can tell you that something has been lost socially.

It's like, it's almost like we over stigmatized.

We were these things we were in as a family.

We went down to San Diego and there was this huge.

Where's this going?

So there's, there's this huge statue of In San Diego.

Huh?

Yeah.

He's like, where is this going?

It's in San Diego.

It's in San Diego.

Continue.

And there's that, there's that famous statue, right, Of, I think, somebody that just got out of the army and he just grabbed a, grabbed a girl and he gave her a kiss.

And remember that that picture was like, idolized and pushed out everywhere.

It's a comic.

Yeah, right.

And my kids saw it and they asked, oh, like, they were asking about it.

And my wife, like, started explaining, like, the picture.

And I was thinking, literally thinking real time, like, you couldn't do that today.

Oh, no.

Oh, no.

You could not do that.

Yeah.

Not only is you getting me too'd, right?

Like, you're getting smacked.

You're getting slapped.

Like, that's not even, that's not even considered respectful.

Right.

It's like maybe wildly finished.

Offensive.

It'd be wildly offensive.

And look, different times, right?

And different expectations, I guess.

But look, now, just as a whole, people aren't even acting that way anymore.

I think there's.

People are so afraid of doing the wrong thing.

You look at.

There's even.

I know there's still college.

I don't think it's that college.

There's.

Look, let's take it a step further.

Forget even.

Forget even this aspect of, you know.

Can you.

Can you imagine dating at this point in your life?

Like, how would you even.

It's.

First of all, I never use a dating app, but can you imagine, like a dating app, how hard that's got to be?

I had.

I do.

I recently had.

I recently had a conversation with a friend who's like ultra successful, right.

And they haven't been able to successfully find like a partner to like, build with a relationship with and grow with.

And they're like.

He's like, you got.

He was telling me because I got in way before, like, the dating apps.

Right.

With.

With my wife.

Thank God.

He's like, you wouldn't even know where to begin, bro.

It's.

It's bad out here, right?

Yeah.

Dude, think about, like, we post stuff on social media to try to get views.

That's what you're doing when you're dating now on these.

On these pages.

Yeah.

That's crazy.

It's crazy.

But okay, let's take it a step further.

Let's.

Okay.

Step away from intimacy, dude.

College campuses used to be a place where you could go to.

Yeah.

And ex.

Have ideas and not be judged for your ideas.

Just to speak and talk about ideas freely.

Now, that was supposed to be a place where you can talk about an idea.

You can explore the options.

That's how people would learn, right?

Yeah.

There was a time and a place for threesomes, everybody.

It was called college.

Not even.

Not even.

Not even intimacy.

I'm talking about, like, if you.

If you didn't know how.

Let's just real basic, right?

If you didn't know how you felt on pro life versus pro choice, you do.

Is triggering to somebody.

If you didn't know.

Yeah.

If you didn't know how you felt about pro life versus pro choice, and you've never had this conversation with, like, parents or family, you could have a.

Philosophical debate about it openly because you're curious to see.

Yeah.

And you're in college.

That's what college is for.

Now you say that, bro.

Forget it.

I mean you're gonna, you're gonna start a riot at school, you know, and that's.

Or worse.

Yeah.

Yeah.

Or worse.

Yeah.

So I think this is, I mean, I don't.

This is a problem that you can't even fix overnight.

This is a societal problem.

I just think there's a lot of discouraged people out there.

I don't think the next generation is getting hit, hit every which way from Friday.

It's from the social positions, it's from the dating positions, it's from the monetary positions, it's from the work in future positions.

And I think we need to have a carrot here.

I'm going to end the show on this concept and I think it's a real one.

We have built a unbelievably wealthy generation that owns assets that's getting wealthier and wealthier by the day, by the minute.

And as a result of all these things, we've discouraged the living out of the next generation.

And decreasingly amounts of people are able to break through and actually build something for themselves.

And after telling people that you can do it, you can do it, you can do it, you can do it on social media.

Just pay me my five thousand dollar fee for my course.

Yeah.

For so long people have hit the threshold of breaking.

It's happening in relationships.

It's happening.

I watched a guy the other day on social media get back on social media and say that he was married young, got divorced in his mid, late 30s and late 30s, started dating again and had a terrible self image after going on dates because even girls that he classified as fives and fours weren't attracted to him because he wasn't enough for them.

And he's like, we have warped the idea of what we all should expect and what we all think is normal to a point where it doesn't make sense to even try anymore.

Yeah.

And that's when we've got to look at what we've offered the world and say, hey, look, what we're offering here isn't enough anymore.

And I don't think the solution is, hey everybody, it's a zero sum game.

The only way to win is not to play.

Here's your universal basic income.

You guys all have the same thing.

Go about your merry way.

Yeah.

Then you wind up in, in, in a glorified Pixar movie, you know, and you're all riding around like Wally, you know.

Yeah.

Fully controlled.

Fully controlled in an ecosystem just waiting to die.

It doesn't even matter what you do.

And this, this world is frankly, not that dystopian.

It's real.

It's here.

We got to figure out a solution.

Birth rates are declining.

People are struggling to make money.

Data that's coming out is wrong.

It's a grim picture.

But that's why we exist, damn it.

That's why we're here.

Yeah.

Pineapples, ding, ding.

And facts.

Exactly.

That was good.

Was it?

Yeah.

Was it?

Yeah.

You said it.

Last show, too.

It's always good.

Yeah, Always good.

Always good.

I'll remind you of that, please.

You will?

I will.

All right.

You got anything else, my guy?

Let's see.

Pineapples, Ding, dings.

And merch.

Merch.

Get your merch.

Get your merch.

Yeah.

Ths pot dot com.

I really like the record in LA hoodie.

Very soft material.

I have it actually.

Super soft.

It's really, really nice.

Big.

Yeah, a little bit is nice.

And I will make some more merch.

If anybody has any good merch, ideas, hit me up in the.

In the.

In the DMs.

I need to make some new, new.

New stuff.

Yeah, People really like that.

Guard your heart.

Yeah, that was cool.

That was one of the listeners sisters.

That was right there.

Yeah, she made that for us.

Really, really cool.

I like the retro, the old school vibes ones, but, yeah, just me.

Cool.

All right, man.

I appreciate you.

Good episode.

Yes, sir.

Good night, everybody.

Okay, bye.

It.