Get a little bit of a slow start today.

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

This is the higher standard Again.

Welcome back again.

Welcome back again.

We've opened the show three times now.

Sitting in front of my partner in crime, Christopher Nahibi.

And sitting across from me is the quarter zip king.

The man, the myth, the legend, the guy who wears boat shoes for fun side Omar, everybody.

Trend setting.

We're translating out here.

Why are we translating?

What's up, Rajeel?

What's up, 50, aka Ferrari.

Well, 55 now.

Get.

Bro's losing way too.

£5 a week is a little wild, bro.

Wait, seriously?

Yeah, he's just not eating before he gets on the scale.

This is insane.

Are you.

You feeling okay?

Yeah, I feel good.

I feel good.

Well, I'm gonna feel better after this first form energy drink.

And this is a good time to.

To mention that this episode is brought to you by Fridays.

Yeah, that's right.

Go to www.join Fridays.com, enter the code higher and you will get a discount.

And you will help us help ourselves and help you and all that fun stuff.

And you know what?

I microdose GLP once.

Yeah.

I'm on trt.

And for those of you thinking.

What?

You don't have any muscles?

Yeah, it's weird.

Yeah, I don't.

I don't get it either.

No.

Chris wears really baggy T shirts.

He's actually really jacked.

You can't tell.

He was really humble about it, actually.

I used to be.

And now because I wear the baggy shirts, you can't tell that I'm not anymore.

Can't tell.

I'm up here, dog.

Up here.

I'm giving cerebrals.

We're going to get into a whole lot of things in tonight's episode.

We're going to.

We're.

We have to touch on what's going on with Jerome Powell and the Fed.

Right.

Oh, the back and forth is so good.

My favorite daytime soap opera right now, just for those of you who want to know, it's watching.

J. Jamie diamond, the president, and Jerome Powell all make comments at the same time.

So good.

We have to get into that.

We have to get into some of the things that the president is calling into action.

Like he wants to cap interest rates on credit cards to certain percent.

Yeah.

He wants all cap, no facts.

He wants just to be clear.

Yeah.

Cap and everybody.

Right.

But first we're going to start off with this.

Chris has been doing some deep dives into creating some charts.

Right.

And he's done, he's done, he's done.

He's created these charts that we, he's presented on the lives and we're going to get into explain how these are valuable and what these actually mean and why you should be paying attention to them if you want to be a well informed investor.

This is the first I've actually seen them on the, on the bigger screen there.

So I think it's important to, to break the charts down because I think people understand a little bit of the, the why and for those of you who don't follow the lives, which I understand is a lot of people who listen to the show because I can have seen the numbers.

I'm lonely on the lives.

Everybody.

We try to create some proprietary hedge fund like is kind of what I've been calling it.

But we've been trying to come up with some proprietary algorithms, ways to look at the market that'll help you invest without being super sophisticated.

Right.

A lot of the stuff you see if you were to turn on CNBC are numbers that only make sense to you and register to you as impactful if you've been constantly following it or constantly engaged.

So how do you remove this?

I guess background necessity.

You make something very clear, very transparent.

The first chart we have up here is the US Market risk profile chart.

And I'm fully aware that people listening to the show are listening likely not looking at this.

So that's okay.

I'm going to explain to you why this chart is meaningful and why some of the things you look at on a daily basis actually can be a little skewed.

The this chart currently shows that the market's closed.

It shows a Dow Industrial S P, NASDAQ Composite, Russell 2000 and the Invesco QQQ.

Now for those who aren't familiar, the Dowager basically follows the industrials and a lot of the business stocks that are out there.

The S P 500 top 500 performing stocks, NASDAQ Composite is the NASDAQ Composite index where you have all of the tech focused trading.

You have the NASDAQ and the NYSE.

Russell 2000 is just the upper one.

I'm sorry, is the upper industrial.

Actually you can look up the, the RIL.

You did that.

Look up the, the Russell 2000.

I always get that one screwed up, so I'm not gonna go there.

And then you have the QQQ which, the top 100 performers in the, in the NASDAQ.

All that is complex in and of itself and you have to follow these indices every single Time.

So basically what we did is we took ETFs, the DIA for the Dow Jones spy.

Oh, here you go.

Thank you.

Jill.

Look up what, what is in the Russell 2000 or what makes up the Russell 2000 index.

I always screw, screw that up.

So I just want to make sure I get it right.

I had to look it up like 4,000 times.

So basically I put together a proprietary way to look at these, these five different indices vis a vis ETFs.

ETFs trade with real money, all the derivatives, all the real action, the market comes from their site.

If you can help me out.

Yeah.

The Russell 2000 is made up of approximately 2000 of the smallest US public companies.

Small cap.

Yeah, small cap.

Selected from the broader Russell 3000 index, which covers about 98% of the entire US market.

So small caps.

All right, there you go.

So the smaller cap companies versus the larger cap companies.

And, and basically the algorithm here gave me a way to look at the market from a holistic perspective.

Looking at the cash coming in, cash coming out and sides, looking at the notes.

It should have my, my full description of this.

But rather than looking at the values of these things, which are really irrelevant to most people, we're going to look at the percentages up or down.

Right.

And then we're going to come up with, based on a chart, whether you're in a liquidation market, a risk off market, a defensive market, a mixed day, a tech led rally, a growth run or a broad rally where the market's just growing.

Right.

You'll be able to look at this and look growth, growth run, broad rally, those are green, those are positive.

Right.

Tech led, still kind of positive, but only the tech's really leading the way.

I think Mag7 is having a great day.

Then liquidation, bad, risk off bad.

So we'll know by looking at this chart really quick if the market, everybody out there is feeling like we're in risk on or risk off economy.

Right, exactly.

And for, for most other places, because like Chris said, this is proprietary.

Right.

You're not going to get this anywhere else.

So there was a lot that went into this.

For most other, you know, platforms that are maybe showcasing some of this, you're either getting a red, a red mark, like a red chart or a green chart letting you know things are good, things are bad, whatever.

What this is really showing you is where the capital is flowing to, right?

That's right.

And where from.

So it lets you know where is there more risk and where's where maybe there might not Be as much risk.

Well, where the money's going.

Exactly.

Risk on, risk off, and where the money's going.

And we did have, we did inject.

Normally I probably wouldn't inject tech into this, but because tech's been such a huge part of the growth story the last decade, I think felt that having a mix day, tech led growth run, differentiation was more important.

Yeah.

Go to the next chart while he's doing that.

Yeah.

Because what we really want to hyperfocus on.

Right.

Is now that we've officially launched the live shows, Right.

That Chris is on, that Chris is hosting for us, we want to get out in front of the headlines.

We don't, we don't want the headlines to really move anything.

We want to see where.

Where are people more defensive and where are people more confident.

Right.

So if you can take a look at a chart like this, you can actually get in front of the headlines and don't let the headlines move you.

Yeah.

And I also think that part of our show, as we go through today's episode, you're going to find this.

There's a big delta between headlines and the reason for the headline versus what we're actually seeing and feeling in the economy.

You're going to find that in today's show in particular, there are reasons that a lot of headlines are being made that aren't necessarily true and impacting the market in the way you would probably think of because they're, they're, they're there for ulterior motives.

Mm.

We're gonna prove it out.

Yeah.

Before we do that, however, let's go to the next chart here, which is one of my personal favorites.

This is the Synthetic Volatility Index.

A lot of people have looked at the VIX as the fear gauge.

Talked a lot about it on the shows and prior shows.

And the VIX just shows you how much fear is in the market.

And traditionally speaking, below a 20 score is generally considered to be a stable Market.

Above a 20 is usually generally considered to be a riskier market and more fear in the market.

But let's just maybe, maybe help people understand why how real dollars are actually changing the vix.

Right.

So it's actually people putting their money where their mouth is.

It's not just, you know, a survey that you might get from.

From somewhere.

Right.

From a, you know, you know, one of the feds.

Right.

Though this is actually people putting options or puts.

Right.

Yeah.

The VIX is really traded off of the spy, I believe, which is an ETF for the S&P 500.

Yeah.

So the Vix is supposed to be a proxy of all the real money trading activity that's going on to the day, which includes derivatives.

It includes all the money FL in the markets.

Right.

I felt that was kind of a narrow gap of, of the markets.

And we decided to come up with something that I think more hedge funds used.

What we're doing is, is we're looking at realized volatility.

We're looking at intraday range stress gap risk, cross market volatility.

Don't worry, ths hedge fund sounds sexy.

Yeah, I mean, it's probably going to be real thing.

So we came up with this what I'm calling a synthetic volatility score.

But long story short, we broke this down into what we all experienced in high school.

Right.

If you get a 90% or above, you got an A.

Right.

In this case, you're in a calm market.

If you're in 60 to 80, because I like to give everybody a passing score, you're in a normal market.

You're a healthy, normal kid.

Yeah, right.

It's not, it's not a D.C. and.

A B. Oh, we're gentle parents.

This isn't what I grew up with, by the way.

I just want to make that very clear.

I got punished for the 90, 40 to 60 range.

You're, you're in a tense territory at home.

Kids progress reports all day.

Yeah.

Not good.

If you're in the 20 to 40, you're an unstable little bastard.

Okay.

And if you're in zero to 20 panic, that kid's gonna kill somebody.

So have you gone like far enough to test this and to see like, like previous dates on when, when they should have, you know, signaled that it was unstable or panic?

I have been beta, beta testing the math on this for about two weeks.

I've been beta testing the chart with the math in it for about a week and a half.

Yeah.

And I've done three shows.

Thanks for watching.

Yeah.

Where I've actually seen this in play.

So it does work.

It's quite, quite good.

And people are going, okay, Chris, what the hell?

The idea is we're going to put together a composite index which allows us to tell you, okay, today is a tech rally or tech led rally in a calm market or a normal market.

Yeah.

And because you're going to have that risk perspective and volatility perspective, you're going to feel more comfortable in any investment decisions you make in any space that day.

Because.

Cause you're gonna know what the general trading activity is telling you for the day.

We're gonna combine that with things like the liquidity in the market from the Fed by looking at the reverse repo line.

We're gonna look at some of the QE that's going on in the market.

We'll put together a risk on, risk off, based on Fed liquidity in the system.

So, you know, at any point in time there, right.

And this is my time to pause and go, okay, we just nerded out hard, everybody.

Yeah.

All right.

And I know everyone's going, like what?

Come on, Chris, just talk about boobies and stuff like normal.

You know what I mean?

Like, what is this?

No, let me explain.

What we're going to do is we're going to weaponize a lot of what we talked about on the show to give everybody a composite view, the same composite view that index funds typically have.

Whenever you walk in their door and you look at their internal operating systems, they have a snapshot of the market that day.

Yeah, we're just building that same snapshot out piece by piece and then beta testing it live in the live streams.

All the reason for you guys to check those out.

And we'll bring them on the show and talk a little bit more about what we're seeing in the markets with a holistic view.

And we'll also include things like macro events and stuff like that.

But this is all coming through our server, our own private database.

It's pretty cool.

Yeah.

Why this is actually really important for people to follow.

And if you, let's say on the show, we want to try our absolute best to teach people, right?

To teach people certain things.

And we're going to start releasing the evergreen content that is more educational.

But this will also be something that you can come to every day or at least every live, right.

And tune in, check in to see, you know what, what are the THS guys saying?

You know, where's the market right now?

Is it.

Is there a false strength right now?

Is the strength that's being carried in The S&P 500, is it really only being carried by a handful of names or is it.

Is this signaling something else?

Right.

Well, I also think too now is.

Is probably more appropriate time than, than many of the times in the economy's history.

We've got a lot of volatility and today's show in particular is really going to talk about some of the things that, that have tested this and we're gonna get into some of the headlines and the reasons, the motives, the responses and throughout all of this I want you guys to keep one frame perspective using just the two charts we pulled up.

Throughout all of this, we have been at the lowest point in a mixed day where there's no real consensus on where the things are going.

We've seen it largely a tech led rally and we've seen a little tiny bit of a growth rally at the very end of the chart in the total growth space.

On the other side of things, the volatility index, we have been above 80 in the calm territory, the entirety of all the things we're going to talk about today.

Okay.

So there hasn't been a volatility injected in the market because of these things, which is crazy when you think about it.

Right.

And we're still rallying forward even though it's tech led or growth, but it's still tech led predominantly.

So it's S P500, the NASDAQ, the is still rallying more and the.

Which is interesting, right, because I guess historically speaking, when we've had like these record highs or close to record highs, but at the same time we see like gold because gold is also used as like a fear gauge too.

When this starts to go up, right.

It's.

There's a lot of, is a lot of uncertainty with what's around the corner.

Right.

So the fact that this isn't signaling, I mean, it's comforting.

Right, because it makes you realize, okay, nothing is imminent.

Right.

Right around the corner, but it's still something that we should all be prepared for.

Yep, I think that's right.

Before we get into the first article tonight, I have to apologize.

I'm a little rattled.

I was sitting in the studio earlier today and it was probably like, I don't know, 9am and I'm sitting, you know, at the, the, the desk that Brazil's at right now and I'm doing some of my usual work and my dad walks in.

Yeah, my dad is a five foot five Iranian guy who looks like Danny DeVito but a little.

Used to be a little more rotund.

He's lost a lot of weight recently.

My dad, he's got a big gray beard now, which he didn't always have, and he's wearing a cowboy hat.

We live in Southern California.

Yeah, Okay.

I can appreciate a good cowboy hat, but I mean, I mean, it kind of catches you off guard a little bit.

There were so many questions.

Right.

First of all, just right out the gate, where did you get that?

Where do you go to buy it?

You're not in Texas.

Right?

So honestly, Rajeel where would you go, honestly right now if you had to buy a cowboy hat?

Please enlighten me.

Where would you go?

Probably boot barn.

That's a pretty good poll.

I honestly don't even know what boot barn is.

One right on the corner.

Okay, what about Bass Pro Shops?

Is that.

I don't think Bass Pro Shops would be a cowboy hat.

No, they don't got them there.

No, I think you got like those weird.

I'm just thinking of.

Dude, perfect.

That's.

That's all I can think about.

Dude, perfect is your only.

Yeah.

You're from California.

Yeah.

Yeah.

So he had the hat on and it was like one of the ones that, that are like.

It's.

It was all black and it had like the really narrow sides, like tilted up.

So it was like an attitudy.

Sassy cowboy hat.

Sassy cowboy hat is wild.

But what's the purpose?

What's the purpose behind it?

There has to.

That has to serve a purpose.

I think it's just a different style, personally.

I'm sure there's a history behind the style, but it's just a different style.

No, when people, when people fold their.

Like yours, you fold it because you were trying to block their walk in the shade.

It's not a.

It serves a purpose.

I only folded it because my.

I had a flat build hat on because my wife washed his hat because she said it was dirty.

And then it got all soft.

So then I had to.

Had to reform it.

I see.

Okay.

Yeah, but yeah, so he was wearing a black suit, a red tie, a white shirt and a black cowboy hat.

Walking around the halls here with a.

Big gray beard, gangster.

It was very strange.

It was off putting.

Ruined my entire day.

What are you just.

And then to make matters worse, and then this is where the emotion comes in.

I'm sitting at my desk, it's like now, noon.

I haven't eaten and I. I just got off a live stream.

My dad sits down and goes, I'm gonna apply for a gun permit.

Apply for a gun permit.

I said, I'm sorry, you're gonna do what now?

Yeah, I'm gonna.

I'm.

I'm gonna get a gun.

Explains the cowboy hat.

Is it.

And so of course I'm looking at him going like, is.

Is there something you want to tell me?

Like, are we.

Are we okay?

Yeah.

Yeah.

Have you been watching Landman?

Have you guys had discussions?

Oh, Landman.

Okay.

None of this ever come up before?

None of it.

He never mentioned a cowboy hat growing up.

Was he ever like pro guns against guns.

Like, never.

Never had a conversation.

Never.

Zero.

Okay.

I mean, we.

I was born in Oklahoma.

He was in Oklahoma.

Yeah.

So, I mean, there's a proximity to the culture there, but never in my adult life has this been a thing.

Okay.

So when I. I asked him about the hat, he goes, I like it.

I'm like, yeah, I get it.

But, I mean, that isn't.

Like, you started wearing T shirts, right?

You know, now you got to one up him.

Now you got to go get it.

You got to go get a cowboy hat and get it embroidered.

I think we're getting a horse.

A horse.

Hey, dad, my new.

My new car's got one horsepower.

Yeah.

I was joking around before the show.

Like, I. I'd be the guy that goes to lids and says, got any cowboy hats?

I need seven, five eights, dog.

You're gonna walk out with a leather baseball cap?

Yeah.

All right, let's get into the first article, y'.

All.

Imagine how insulting that would be, though, getting a cowboy hat with the LA Dodgers, like, embroidered on.

Just, like, guarantee you I'm mixing cultures.

I'm mixing cultures now.

Oh, there it is.

Hey, no.

Hey, Google this.

Let me know if that's out there.

Plus, stick horse with.

Let me know if that's out there.

It's got multiple sounds.

Multiple sounds.

Wait.

Go Google cowboy hat with the L with the LA on it.

See if it comes up.

Oh, yeah, they got those.

They got those, bro.

I'm gonna have to do that for the show.

You're not gonna do that so hard.

You will not get to the front door.

I'm gonna do that.

And it's got the rope, too.

First order.

Yeah.

Let's go.

Los Angeles Dodgers, solid team color, cowboy hat.

Yeah.

So listeners like only women by that, right?

Listen to the show.

Actually, told.

Told me to tell you that you need to get new.

A new hat.

Hi.

Dave Matsuchi.

I was gonna.

I was gonna out him.

Yeah.

Every time he said, you need championship hats.

Every time I talk to him, he brings up the fact that my hat is lacking a.

A timeliness.

Yeah, Championship.

Yeah.

Patch.

Shout out.

David.

Yeah, let's get into the first article here, cnbc.

A major development in Trump's Fed feud is set to happen next week in the Supreme Court.

And I think this has got way more importance than people understand.

We gotta get into this.

I mean, when people tune into our show, I think they actually tune in because they want to know what we think is going on with the Fed.

Well, it's about to Go weird.

Yeah.

That's what's going on with the Fed.

Okay, so let's set the stage before we get into this article here.

Jerome Pal is the chairman of the.

The Fed.

He's a chair.

Right.

He's a Fed secretary.

And he.

He is coming off his term in May.

So he will no longer be the head of the Fed in May because the term will be up, but he will still be on the FOMC committee.

Right.

So if you're, let's just say, hypothetically, a president who didn't like the current economic policy of the FOMC and you wanted to, you know, instigate pretty significant change, what would you do?

Right, right.

You would say, I'll put people on that are probably a little more aggressive as it relates to rate cuts who echo my thoughts.

And I think with everything that's going on.

Well, hold on.

Let's.

Let's.

Let's backtrack a little bit in case everyone doesn't remember exactly what's going on here.

Right.

Lisa Cook.

No, no, no.

The Federal Reserve started renovating their building in 2022.

Okay.

Oh, yeah.

This is just Lisa Cook, though.

This isn't even that part yet.

Yeah.

Okay.

You want to do this part first?

Yeah.

Okay.

Okay.

Okay.

I know.

And I'm getting excited for the soap opera.

I can tell.

Yeah.

Yeah.

Young, ambitious, super eager.

First time.

Yeah.

Yeah.

Second time.

Yeah.

Second time.

Yeah.

I like to think of other things while I'm doing it, just to keep the excitement down.

Okay.

So, yeah, just.

Just.

What's your go to?

Try that.

What's your go to.

Usually every once in a while, sports, because I'm disinterested.

It's very unexciting.

I wonder what's going on with LeBron right now.

Yeah.

Thinking about LeBron's airline.

It's very unattractive.

I guess they focus all the time, kills the excitement.

Everyone saw Rejeel.

All right, so for those of you who don't remember about Lisa Cook specifically, the executive branch decided to say that Lisa Cook had committed mortgage fraud on a second home that she called a primary residence.

Right, Right.

And because she called it a primary residence and not a second home and are not an investment property, whatever the hell.

She got a lower interest rate.

She got a lower interest rate.

So they're accusing her mortgage fraud trying to remove her from the FOMC as a result of this, quote, fraudulent act.

Okay.

And I guess.

Look, is it wrong?

Yes.

Does it happen every single day?

Yes.

Oh, yeah.

Oh, yeah.

All the time.

Thousands of times, probably.

Right.

In fact, I think I'm gonna be honest, like there, there is a good argument to be made that the banks got screwed.

But other than the banks getting screwed, which I think most Americans, I mean.

I mean screwed is like, I don't.

Know, it's a kind of a victim is crime kind of.

They could have made a couple more thousand dollars, like maybe.

Right.

Be honest.

The bank sold it just to somebody else.

Right.

You know, and she didn't default.

So the extra risk they would be paying, paid for in the interest rate on a non defaulting loan really isn't there.

And I gotta be honest.

And she probably drove more business that way.

I don't know.

I'm just saying if you're gonna give someone the benefit of the doubt on a rate, you're probably gonna give someone on the fomc, you know, that's probably a little bit less of a default risk.

Yeah.

Again, neither here nor there.

They're now in the Supreme Court debating whether or not Trump can replace her.

So the outcome of this Supreme Court decision, which has been very slow to respond oddly, is going to really tell whether or not he can come in, I. E. Trump and say, hey Jerome, you committed fraud.

You committed fraud in a grand jury testimony about Insight, if you want to remind people.

Yeah.

So what the FOMC and the Fed did was they were renovating their building back in 2022.

Mind you, this building was built like 1910 or something.

1910.

And I know this is going to.

Sound crazy and it is a multibillion dollar renovation.

It's a multi one point and originally estimated to have a 1.9 billion DOL renovation costs.

Right.

Three years later, 2005, that estimate got bumped up as all construction projects do.

Right.

And it went up to 2.5 billion.

Okay, I'm.

I'm just going to pause right there.

Okay, let's just.

Does it sound like I'm defending aside?

It does sound like you're defending.

I'm, I'm just going to put.

Okay, look, if something goes from 1.9 billion to 2, that's $100 million, bro.

No, no, no, no, no.

I get it, I get it.

You're talking.

Okay, I get it.

There is a little thing called inflation.

No, no material costs.

Okay, wait, hold on, hold on.

Okay.

I get where you're going with this and I'm just saying.

But let's just.

Okay.

1.9 divided by 2.6, was it 2.5?

2.5.

Okay.

Yes.

2.5.

76%.

Okay, so that's a 24% increase.

It is a 24% increase.

I mean, he, He.

I'm not going to take a side.

A lot of inflation in there.

But.

But I'll play the devil's advocate, okay.

Probably bad, bad calls from the devil.

I'll play the other side's advocate here.

You're tearing down part of the White House.

Oh, to build.

Was it a ballroom?

Yeah, a ballroom.

For how much?

It was like 300 million.

That's a lot of money, bro.

I mean, a historical part of the building, I might add.

Right.

I feel like that really, though, is like.

I feel like, if I'm being honest.

I feel like 400 million.

400 million.

Okay.

That's pretty close, man.

100 million off.

Whatever.

Yeah, that's the creatine kicking in.

Yeah, there you go.

Is that.

You're on creatine now?

Oh, yeah, I'm on all the creatine.

I'm at like.

I'm on, like, 10 milligrams a day.

You don't really need that much.

No, I think you do.

The science is out now.

You need more than five.

You need a gram per pound of body weight.

Yeah, no, it's more than more than five.

So it's like.

It's somewhere around, like, seven to ten is a sweet spot.

And Rajille, this is a classic example why not everybody should listen to Andrew Huberman.

I think mine was from Dr. Rhonda Patrick.

The science is out now, and it says you need more.

So I'm going to take 10.

Right.

But hold on.

Let's remember another.

Another key point to this is it.

They're really building a secret base under the White House.

Space was justified.

Oh, the data center under the White House?

I didn't say that.

Is that what you're saying?

I'm saying there's conspiracy theories out there.

I mean, there are some theories out there.

We can.

Conspiratorial.

It could be for aliens that.

Yeah, could be.

For sure.

Dude, can we just be honest?

Did you see that episode with Rogan and Tom Segura where they.

They brought this up and they're like.

They're literally found, like, mummified aliens that are.

It's, like, out, and it's open as well documented, like nobody's talking about it.

Oh, yeah.

Well, the problem is they found, quote, mummified aliens before that were really made up of, like, different animal bones.

Yeah.

So, like, that one instance of that happening has really, like, screwed up.

Everybody's.

Everyone's like, ah, they're fake.

Yeah.

Here's the sad part.

How are we not talking about it?

I'll be honest.

This.

This could absolutely be the truth.

This is our truth.

Now, you can live it or not, right?

You could literally have aliens land, okay, in your backyard, right?

Get out of the ship, come up to you, be like, what up, my guy?

Yeah, we here in peace.

And you could.

You could post the ring footage, camera footage.

You could post that.

And guess what?

Not a damn person going to believe you lying.

No one's.

No one.

Yeah, that's AI.

No one is going to believe you.

Right?

I'll be honest.

You showed me that.

And you came to me with, like, 100% conviction.

Be like side dog.

Stop playing with Sora.

I know Higgs Field's dope, but this ain't the way.

This ain't the way.

You.

You.

We've now reached the point where aliens, even if they do exist, unless it's like a mass event.

Nah, it didn't happen.

Yeah, I got more stuff.

I got better stuff to worry about.

My household credit card debts getting out of control.

Yeah, mine, too, man.

It's at a point.

It's getting too much.

Okay, so.

But back to this point.

Okay, so he.

He updates the renovation cost to 2.5 billion.

Is it right?

Damn.

Billion.

It hurts saying it, but the other component about this that we do have to keep in mind, all right, is.

I know.

I know he works for the Federal Reserve.

There's nothing federal about the Federal Reserve.

They are not part of the government.

Right?

Yeah.

They are independent.

Supposed to be.

Supposed to be.

Right.

And they're supposed to be independent so that there isn't any influence by a political party one way or the other.

Right?

So that's the other component of this.

And then when this current administration took office in January of 2025, what happens?

He came in immediately, started demanding to lower interest rates.

And when JP from the hood, Jerome Powell, chose to not follow that rhetoric and not agree to do it, he got a little testy.

He's like, I'm coming for you.

What does he call him?

Too late.

Too late.

Jerome.

He's got too many nicknames, man.

Bro, He's.

He's nicknaming everybody Sleepy Joe.

Yeah, he's got.

He's got nicknames.

He had one from Nancy.

Right?

Bro, I was watching what he called Nancy.

I can't remember.

Crooked Hillary was one.

Yeah.

Yeah, bro.

I was watching him give a speech the other day at, like, just some random Michigan economic event.

Yeah.

And I ended the live Stream to get on.

And bro, he's taking shot after shot after shot at Joe Biden.

I'm like, bro, it's gone, it's over.

Like, he's dead already.

Like, I'm pretty sure they seven.

I mean, like, I don't know where he's at.

Yeah, but he ain't like, I mean, bro, I'm just like, God.

Like, bro, you're kicking him like, yeah, let it go.

So this is, this is the part of the show where I've got to explain all of this.

Seems just looking from the outside, looking in all of it.

I'm right, Jerome.

Too late.

Powell.

This is, this is from DJT has done it again.

He is too late and actually too angry, too stupid and too political.

You gotta capitalize on that.

I mean, I know, I know.

How many times have we flagged the show already to have the job of Fed chair?

He is costing our country trillions of dollars.

I mean, he's not personally costing the country.

There are many other voting members that are also costing the country.

Dog.

You appointed him, right?

That's your hire.

Yeah, you appointed him actually.

Right, exactly.

Now I guess, look, bro capitalized total loser.

Damn, bro, that's cold blooded.

So let's get.

Let me finish my point.

Total loser is wild.

So bad.

All right, so the midterms are coming up, okay?

And right now the Republicans control the House, the Senate and the executive branch.

You've got to throw stuff up.

We got a virtue signal a little bit to see what happens.

And let me explain to you unfortunately how this works now and this sucks, okay?

We're all victims of this.

I am 100 at fault here for doing the exact same thing.

So I'm not sitting here telling you that I'm different.

Okay?

All right, here's what happens.

And Trump, love him or hate him as a master at this, he's going to throw out all the things you think he's posting this stuff, the true social and X.

And he's not scanning through these social platforms.

He's 100% scanning.

His account is too late, Joe.

Or too late Jerome at X.

So he's.

He's looking through.

Or Darth Powell.

That's his.

So he's going through.

He's looking at these things.

And he knows that he's got to appeal to the American populace in order to keep his party in the office they're in.

Right.

A lot of people supported him to win the presidency, so he's got to make sure they're supported as well so he can accomplish his goals, and he.

Has to control the narrative and begin pointing fingers.

What you're experiencing and what you're going to be experiencing is not based on.

It's not a reflection of my work, it's somebody else.

So what you do politically is you throw things out that you know are common conversation points on social media.

Like what?

Long before he talked about this stuff, people were talking about, how do we solve the affordability crisis.

Oh, I know, a 50 year mortgage.

So then he throws it out and then he watches the narrative.

Well, that narrative fizzled out because most people, most Americans, more Americans than not, more voters than not, said, I'm not gonna pay more interest for the rest of my life.

Right?

And there was a.

There was plenty of content going around exposing why that made zero sense.

And then there was an institutional comment where everyone on the line was saying, hey, institutional buyers, now they're the problem.

So what does he say?

He says, okay, I'm gonna ban institutional buyers from being able to buy real estate because people live there, not corporations.

And then a quick Google search proved that out to be that they only made up of 2 to 3% of the entire market.

But I will say there is still a pretty healthy divide there.

Now, let's be clear, it's unclear whether or not that's even legal to be done vis a vis executive order.

There's an argument that he's going to present a lot of this to Davos when he goes there to present the World Economic Forum coming up, I think next week.

And in doing so, an executive order might be part of that conversation.

But there were some, a lot of corporations.

There's definitely some PE firms that took a hit.

Yeah, we're going to get into some of those too.

Home builders as well.

But the largest PE firm that owns residential real estate, and I'm saying residential real estate because I'm including multifamily apartment complexes, is Blackstone.

Blackstone's been a net seller for the last 10 years.

Okay.

They have sold more properties than they've bought into the market.

So they're not the issue for the supply.

Okay, there you go.

You could argue that, you know, maybe they've hindered prices, but here's what I'll say is, yeah, he was right in the statement that corporations don't live in the properties, but they rent them.

They're not sitting vacant.

Right.

So you've got more rental stock.

Right.

The homebuilders, a lot of them will actually rent their stock out and not just release it entirely to the Market.

Well, if they don't rent their stock out because they can no longer own homes, then they're not going to build as many homes.

There you go.

Having less rentals in the property means rent goes up.

Having less supply in the market means housing prices go up.

Right?

This ain't a solution, kids.

Yeah, the builders really learned their lesson, you know, back from 08.

Great financial crisis, right?

They learned their lesson like, okay, no, what we're gonna do now, because I mean, there's really what, there's three big key players, right?

Lennar, Toll Brothers.

And Dr. Horton.

And Dr. Horton, right.

So they're the really, the, the big, big players that actually can move enough units to where it can make a shift and make a dent, right?

So they're going to be like, all right, we're going to control all of us, and they're all keeping tabs on each other and they're going to control how much product goes into the market, right?

And we'll just, we'll create our own little mini market, right?

Because they took some pretty big hits back in 08, some crazy price cuts just because they had to.

Why?

Because they need to, you know, get some of their capital back.

Yeah, well, again, they manage their capital a lot better.

They're not over leveraged.

Before.

Before it was simple like you leverage, leverage, leverage, leverage, leverage.

The more leverage you have, the more you can build, the more money you're gonna make.

And then you just pay back the leverage over time.

But when that merry go round stopped, they were left with all the leverage and the inability to pay back those lines, and it wound up hurting them a whole lot.

So they just don't have lines.

And quite the leverage they once did before.

Yeah.

So it's a very different aspect.

Let's get into the rest of the drone pal stuff.

I have a whole housing segment later on because some of the housing information came out today.

And then I want to break down a very misleading headline that came out today about mortgage refinances.

There was a 40% boom in mortgage refinances in the, in December.

Okay.

And, and after Trump started making the comments, and I got to tell you, that statement, if you didn't catch it, was very deceiving.

And I'm gonna explain why.

Okay, okay, okay.

But go ahead and let's finish off the drone pal.

Go to the next article here.

We.

So we know the Supreme Court's gonna rule.

At least Cook, Lisa Cook is not as impactful for Lisa Cook, because look, you have a Myron, there Adding Lisa Cook to its one thing, but if you can add somebody to replace Lisa Cook, who's also aggressive like Myron.

Because she could self select, right?

If she could self select to not want to deal with this anymore.

What really, this is, is.

This is.

I'm.

I'm sending a signal out.

What I'm showing you is this.

Okay, let's just say drone pals out in a couple months anyways.

Okay.

What this is what?

Only as the Fed secretary.

Right?

Only as the Fed secretary.

What this is really doing in my mind is, hey, I know I'm going to hand select this next person, but don't think you're above this.

I will come for you if you don't play ball.

Yeah.

I will drag you through this and you have a full term to deal with me.

So whoever decides to take that nod and take that seat, best believe there's been a handshake.

Deal, bro.

Come on.

Well, I mean, if you're going to work with me, you're going to work with me.

You know what I mean?

Yeah, I get it.

The independence of the Fed is an interesting thing.

We should probably do an episode in the future about how the Fed came to be in the first place.

It's actually a really.

Yeah, yeah.

And the timing of it all.

Yeah, the timing of it all is very interesting.

It goes all the way back to Titanic.

And let's just say as much as we've taken these things to be, I guess the rule of law, it wasn't always that way.

And there's some strong opposition to the Fed being the Fed.

Yeah, yeah.

You think, you think.

You, you, you're.

You're raised and you're taught to think that these agencies and departments are all put in place to help protect us.

Really?

No, man, it's.

It's really to protect the system.

I'll give you a great example.

It's to make sure.

Food Pyramid.

Great one.

Yeah.

Full stop.

Great.

You know those carbs side.

Yeah, Right.

Yeah.

Yeah.

Food Pyramid was completely manipulated to support the grain industry.

Right.

And it's all modified.

Right.

Like.

And there's an argument, there's an argument to be made that even, even your HR department at whatever corporation that you.

Work for, they don't protect you.

They're not.

They.

It's.

It's presented to you like we're here for you, right?

No, they're there to protect the company.

Yeah.

Let me tell you right now, right out the gate.

Okay.

Like this or not.

All right?

If you feel the need to go to HR and vet out an issue.

Okay.

It ain't going your way long term.

Okay.

I'm just.

Right.

I'm gonna be honest with you.

But they serve a great purpose for the company to.

To grow and scale.

Like, you need.

You need that, right?

You need somebody looking out for the company, right?

Yeah, but they're.

They're a fiduciary for the company.

Same thing with the board of directors, right?

The board of directors job is look out for the shareholder.

You are an employee, right?

You think going to them, they're like, oh, tell me more, Billy.

Right?

They don't care about you.

They care about Tommy, the shareholder.

He owns shares.

You just work here, dog.

Right?

It's true.

Yeah, yeah.

They're there to extract value.

Extract, yeah.

Hands on extract.

So I literally had this conversation with my son Adam last night.

About shareholders and companies.

No, no, no.

Just value extracting.

Extracting value, right?

I'm trying to.

I'm trying to, like, have him look at big picture.

He asked me how much Bronnie James is getting paid.

Oh, it's millions, right?

Yeah, millions, right?

He's like, that was a terrible decision, right?

I was like, really?

You think it was a terrible decision?

He's like, yeah.

I'm like, why?

He's like, look, he can't even.

She's like.

Because he sees it very linear.

Like he can't even score in the game, dad.

Right?

What does it say?

Show here.

Okay.

Four year, 7.9 million dollar rookie contract with the Lakers signed in 2024.

What I have to tell him is this.

Why don't you Google up how much the Lakers have made in Bronnie James jersey sales?

They extracted the value.

They knew what they were doing.

I think he's made over 50 million in Jersey sales.

So just to make sure that we're on the same page here, I wanted to still this down a little bit.

Your nine year old is a nine.

He's nine, right, bro.

Look at that.

Exceeding 500, 000 units, generating 50 million in revenue.

Worth it.

So your son is nine, right?

Nine, yeah.

So your son, a nine year old, can recognize.

Can recognize the disproportionate treatment that I have been arguing with you about for a great period of time.

No, no, he wasn't talking about treatment.

So much so that you had to reference tertiary irrelevant data.

Which.

Irrelevant data.

Hold on.

He made the company money.

Millions of dollars.

Okay?

50 million.

You heard him.

Say it again.

Say with your chest next time.

50 million.

There you go.

50 million.

Congratulations, Rajill.

I Tell you, actually talking to Mike.

All right, look, I'll.

I'll give you the pass on that, but I would say the Lakers were not that astute on the jersey situation.

That's just an anecdotal benefit they incurred by chance.

There's no way they.

There's.

You think anybody was like, oh my God, we got to get him because his jersey sales are gonna be $50 million.

I'm pretty sure.

Yeah, he had a pretty large.

He's a gen Alpha following.

Yeah, he's a gen alpha.

Yeah.

Yeah.

He's up next.

Absolutely.

He's killing in the G league anyways.

I gotta be honest.

I digress.

Yeah, you do digress.

Hold on, hold on.

We're onto something here.

Oh, so we're on to it.

What are we doing?

The most sold rookie NBA jersey was from Bronnie James.

Again, like, what do you want me to say?

I want you to say thank you, Saeed, for enlightening me.

That's what I want you to say.

You're welcome.

Nobody knew that was gonna happen when he got in the league.

It happened though.

Doesn't mean that his salary is justified.

You know what it means?

It means that he was a good investment.

That's what it means.

You can't deny it.

Was it a good investment or not?

It was a good investment.

But I digress.

Yes, you do.

I support your 9 year old's logic.

Yeah, yeah, yeah, yeah, yeah.

He's a smart kid.

Yeah, yeah.

This doesn't make any sense.

So you're telling me if my jersey sells a whole lot, I can make the NBA too?

Yeah.

That's less the morals you're teaching.

It's not about your talent level, son.

It's not about your talent marketability.

But it's also about who your dad is.

That I mean.

Yeah.

Oh, he's got that goal.

Yeah.

Nepotism is a real thing.

Yeah.

In the real world, unfortunately.

Yeah, that's the real problem there.

Let's go to the next article.

Jill, the next article is about the fomc.

And now is where the comment color commentary really gets into effect.

We have an article here.

I think it's on Jamie Diamond.

The Fox one is.

It was.

Next.

There it is.

Yes, sir.

Jamie Dimon Warren's Federal Reserve subpoena.

Not a good idea.

This kicked off a little bit of what I like to call cheeky conversation between some titans.

JP Morgan Chase CEO Jamie Dimon said Tuesday that just department grand jury subpoenas issued to the Federal Reserve risk undermining the Central bank's independence and could ultimately push inflation expectations even higher.

Ironically, not in this article, but still worth noting.

JP Morgan Chase revised their estimates for Fed rate cuts this year to have no Fed rate cuts this year in 2026 and have one Fed rate increase in 2027, which I thought was weird.

They revised it.

They revised it.

Yeah.

Wow.

Meanwhile, I think we have a meeting next week, right?

We do.

So we're going to cover that live on the show because that's what we do here, kids.

Yeah.

We got the lives.

And thank you for all three of you who've tuned in and watched those.

Yeah.

This is a direct quote from the article.

While I don't agree with everything that the Fed has done, I do have an enormous respect for Jay Powell.

Didn't call him Jerome, by the way, because they homies like that.

The man diamond said during a call with reporters after the company announced its fourth quarter earnings report.

According to Yahoo Finance.

He went on.

Everyone we know believes in Fed independence.

Anything that chips away at that is probably not a good idea, in my view.

It will have the reverse consequences.

It will probably raise inflation expectations.

Diamond's remarks followed a video statement Sunday from Federal Reserve Chairman Jerome Powell, who said the Justice Department served the central bank with grand jury subpoenas.

And I gotta be honest, that was rough.

He came out on Sunday.

I was driving back to Disneyland, you know, we were playing Pokemon Go all day long for Jill.

Gotta catch them all.

Always, always, gotta catch them.

Game, game.

And my wife and I were driving back and then I get a text message from.

From some homies.

It's Federal Reserve, you know, Dang, dang.

They're like, yo, you gotta see this.

And I'm like, is this AI?

First thing I thought, of course.

Yeah.

Then I realized it was posted on the official channels.

I'm like, oh, my God, it's real.

You know what that looked like to me, man?

It looked like he said, I don't care what my attorneys or the.

Any attorneys say for me how I should handle this.

I'm gonna do this.

I'm gonna do this my way.

Two minutes.

Succinct.

He did, like, a lot of like.

He looks like.

He's like, let me see what happened.

I mean, it was.

It was.

It was stoic.

Yeah.

And he doesn't.

Honestly, if you've seen any of the postgame press conferences, it's not like he's the.

He's not acting like that looked real.

Yeah.

Did we play this on the show last week?

No, we did not.

You.

You played it on the live.

Oh, yeah.

Go to.

If you go to X and go to the Federal Reserve's account, you can find it.

It's a two minute video, Rejeel.

And let's pull it up and put it here.

Just make sure to move the level up on the orange bar whenever we play it so the audio comes through.

Okay.

I thank God he's back there because, you know your boy can't see orange.

Yeah, I do.

So ironically, while he's doing that, I was working on these charts, right?

The.

The risk index, everything else.

You thought of me.

You're like, poor.

I did.

I was like, damn, bro, he can't appreciate this.

He doesn' like.

Like that I'm doing all this work.

And he can't even appreciate what you.

I put the numbers in.

Yeah, because it were just the colors, the gradient, color spectrum.

I was work.

At first, it was just a spectrum, right.

It was literally red, orange, yellow, green.

Right.

Well, dude, It's.

It's like 8 to 10% of the male population.

And then I'm like, damn, site can't see this.

Yeah.

All right, give me.

Back it up a little bit.

Give me the audio.

From the very beginning.

You heard what he said?

He said back it up.

Good evening.

On Friday, the Department of justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.

That testimony concerned, in part, a multi year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy.

No one, certainly not the chair of the Federal Reserve, is above the law.

But this unprecedented action should be seen in the broader context of the Administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.

It is not about Congress's oversight role.

The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.

Those are pretexts.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.

In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum Employment, public service sometimes requires standing firm in the face of threats.

I will continue to do the job the Senate confirmed me to do with integrity and a commitment to serving the American people.

Thank you.

Wow.

Last time I saw a speech like that is when Eazy left NWA Just.

I mean, look at me.

I'm the bed chair until May 2026.

Honestly, he's.

That made him like, ten times more likable.

It did.

He seemed uncomfortable.

The swallowing was very audible.

I mean, he was.

Yeah, he was choking that back a little bit.

You know.

Also, shout out to Fridays for the ad at the top of the Fox News here.

Don't click on it if you're watching the ads and click the ads.

You got to go join Fridays.

Click Use higher.

Yeah, higher is the promo code to use.

Exactly.

But Jerome Powell, you know, he's feeling some type of way.

And of course, I would be remiss to say that the President didn't respond to all these things.

Look, it's.

It's extremely, extremely rare for a Fed chair to be investigated for, you know, some type of criminal investigation.

It is not extremely rare for the President and the Fed chair to have contention.

Contention, Right.

No, obviously that has happened.

They're gonna.

Many, many times in the past.

They're going to be at odds and they know it directly impacts, like, okay, especially if they're in their first term, whether they're going to get reelected or not.

Right.

Yeah.

And look, it really affects the, the budget and the, you know, total.

Our total deficit.

But it's extremely rare for a sitting Fed chair to be invested, you know, have a criminal investigation go against him.

I'll just leave it at that.

Yeah, I mean, I get that, and I think that's probably a rough set of circumstances, but keep in mind the President also had one while he was in the president's seat.

So, again, not advocating one way or the other.

This from Bloomberg Law.

President Donald Trump dismissed Jamie Dimon's criticism over the Justice Department's probe into the Federal reserve, saying that JPMorgan Chase Co chief executive officer was, quote, wrong to suggest that he was undermining the independence of the central bank.

Another quote.

I think it's fine what I'm doing, Trump said, and we have a bad Fed person.

Not mincing words there.

He goes on.

There's more.

Oh, wait.

Earlier Tuesday, diamond expressed concern about the investigation of the Fed chair, Jerome Powell, over the cost of the central bank's headquarters renovation and his subsequent congressional testimony about the project.

Again, quoting again.

Yeah, Everyone we know believes in Fed independence, Diamond said.

And anything that chips away at that is probably not a great idea.

And in my view, we will have the reverse consequences.

As I noted earlier, it'll raise inflation expectations and probably increase rates over time.

Asked about the remarks, Trump said, I think he's wrong.

Trump said earlier Tuesday that he would press ahead with plans to announce Powell's replacement within the next few weeks.

Despite the backlash to the probe, which has drawn criticism from Republican lawmakers, including a threat by Senator Thom Tillis, a retiring North Carolina Republican and swing vote on the Senate Banking Committee, Tillis has said that he would block new nominations to the Fed until the matter is resolved.

Interesting.

So now you're not going to be able to nominate anybody new to the Fed until all of this gets worked out, which delays things even further.

Now this you would think would cause volatility, but not according to the synthetic volatility index and not according to the market.

Seems like most people are listening to this.

Going like this is just rhetoric.

Until something actually meaningfully happens, it doesn't matter for my paycheck.

And then of course, your boy Trump wasn't done.

He went on to say.

Trump also defended his proposal to cap credit card interest rates at 10% for a year, which will likely require congressional legislation.

Banks have warned the move could restrict access to credit and undermine popular rewards programs, basically suggesting the fact that if they have to take additional credit losses or make less money, they're going to give less perks.

And of course point system just going to go to crap.

Yeah, yeah.

You're going to get like 1/2 of 1 mile for every thousand dollars you spend.

Yeah.

I think that people are, that are paying 28% interest should be protected, Trump said.

We're talking about for a one year period.

Trump added that he did not think it was right for Jamie Dimon or anybody else to, to charge customers high interest rates on credit cards.

I got, I got some thoughts on this too.

All right, do tell.

Calling for interest rate cap is like me calling for world peace.

I'm calling for it.

Come on, guys.

I feel peaceful.

Yeah.

Getting it across the finish line is going to be a little bit more difficult.

Getting over, you know, 60 some odd votes to, to get that thing passed.

Yeah.

Probably not going to happen.

From all of the articles that I've read and in the things that I've seen online, this has been the number one most lobby thing against by, by banks since Dodd Frank.

Yep, they are, dude.

This is going to cut right into the corporate profits.

They're never Going to let this happen?

Nope.

So I mean, in an ideal world.

Yeah.

Do I agree with it A hundred percent?

I think, you know, charging people 20 some odd percent on their credit card industry because it's, I think it's predatory.

Right.

We've talked about this before.

Like there's not a lot of due diligence or, or any underwriting going literally state your income, it's stated income.

Right.

To get started off with the credit card and.

Yeah, credit, yeah, yeah, yeah, they check your credit.

But like a lot of people don't know how to manage their debts like that.

And it's just another way for people to get trapped.

But you know the crazy part of all the things that have been said, of all the things that happened, this is the one that moved.

Credit card companies, Capital One, Visa, MasterCard and American Express all got kicked in the ding ding on the day, down several percentage points.

Yeah, they should because everyone is worried that those.

Now you're not talking about banks, you're talking about the credit card companies.

Solely banks were largely.

Okay.

I mean there's just too much money that the banks are making to ever let this go.

I mean, multiple streams of income, baby.

Right.

I mean, we're talking only one part of that.

We're talking billions, man.

Yeah, billions of dollars a year.

Right.

And they're going to make sure that they do whatever lobbying because like they're handcuffed and they're held hostage to their shareholders too.

But again, this is one of those narratives.

I'm thinking that this is just a way to appeal to the masses ahead of midterm elections.

Yes.

So let's throw it out and see if the populist vote rallies behind the concept.

Let's watch the socials and see how emotionally charged this argument gets.

And if it gets argument, you know, the arguments get sizable enough.

Yeah.

Then we know that we can run further down the path with this and win voters.

Win voters and never actually get anything done and get it across the finish line.

That's what this is about.

But that is what this is about.

But also, and watch what this is.

Watch where this is going to end.

You might, hopefully we're still around by then and you can come back and be like, oh, Saeed and Chris, you guys are right.

And Rajille, you were right.

Hopefully right years down the road after, you know this, this administration's over with and the next administration comes and eventually, if it's ever a Dem in the seat, guess what they're gonna do.

They're gonna cite this same stuff and, and hope to bring over people from the, bring over people from the other party and be like, look, your old guy was even running on this.

We're running on it, too.

This is something you can get behind.

You think anyone's going to call him Orangey Trump?

We need somebody to, to, to come out with a, a fire nickname for him.

I mean, nothing sticks.

Anybody who runs next is going to win.

If they're going to be the opposite side, they're going to have to, to play the game his way from a media perspective.

Yeah, let's give them existing home sales and the end of 2025.

They end 2025 with a strong beat as prices ease further.

This data came out today.

We're recording this on Wednesday, the 14th of January, 2020, 2026.

I really struggle with 2026 still.

2026, scary for me, man.

Approaching 40.

Shut up.

Sales of previously owned homes in December rose to a seasonally adjusted annualized rate of 4.35 million units, a 5.1% increase from November, according to the national association of Realtors.

That was higher than analyst expectations for a gain of 2%.

Sales were 1.4% higher than a year earlier.

For the full year, there were 4 million 600 or 4.06 million existing home sales, unchanged from 2024.

I can go on here, but effectively, here's the, the distilled version of this.

2025 was another tough year for home buyers, marked by record high home prices, historically low home sales, said Lawrence Yoon, chief economist for the national association of Realtors, in a release.

However, in the fourth quarter, conditions began improving with lower mortgage rates and slower home price growth.

Listen to that statement from, from them, Lawrence Yoon, you son of a bitch.

Okay.

He's not a fan of the program.

I'm not a fan of him either.

Yeah.

His solution is always keep home prices up, lower rates.

Okay, listen to his statement again.

However, in the fourth quarter, this is a quote.

Conditions began improving with lower mortgage rates and slower home price growth.

Hey, Yoon.

Yeah.

Okay, Lawrence.

How about home price declines?

Matter of fact, Jill, do me a favor.

Let's go to the next chart there.

This from the Federal Reserve bank of St. Louis.

This is $410,800 median home price as of Q. I think it's Q2, 2025, not Q3.

But is it Q3?

Hold on a second.

It says Q2.

It's Q2.

Yeah.

Q2.

21.

Okay.

I don't want to be the guy.

Yeah, that price is going down.

Yeah.

As it should, though.

Yeah.

As it should.

It came.

It's coming off a high from 2020.

Coming back down now it's coming back down.

Very slow.

Yeah.

But the average home price is starting to decline.

You are seeing this in, in submarkets across the country.

And the average figure, this 410,800, is starting to come down.

Lawrence is trying to spin it to his base by saying slower home growth because you can point to certain regions, but the average price ain't that, chief.

And this is where misinformation gets put in the markets.

People get confused.

Okay, okay, let's get into it.

This is not an increasing home value.

This is.

This is a flat, if not declining market.

So him to suggest, oh, it's slow.

But this happened because rates went down, America.

No, it didn't, dude.

Yeah.

Again, we've covered this in previous shows and this pisses me off to no end.

40% of homes in this country are owned in cash.

Yeah.

Free and clear.

60% of homes in this country that have a mortgage on them, the overwhelming majority of them have a mortgage rate below 5%.

If mortgage rates drop, they like over like, like 60%.

Yeah, yeah.

And mortgage rates drop from in the low 6% to the high mid 5%.

There's still no motivation for people to refinance, you ass.

Yeah, I know.

Yeah.

I know.

You're right.

And here's the thing, right?

I know there was that rhetoric going around last week, and you're the perfect person to talk about how the administration said they're going to force Freddie and Fanny's hand to, you know, buy 200 billion more in mortgage backed securities.

Right, okay, they said that.

Right.

They were already planning to do that.

Okay.

But apparently that narrative and that headline really pushed the market and it actually drove interest rates down a little bit.

Okay, it did.

What I think everyone needs to understand is if rates were to come down, let's just say another 25 basis points.

So if you're, you know, the current rate is 6% and it comes down to, you know, 5.75%, that really only increases your buying power by 3%.

Okay, so let's.

It doesn't help.

It does not help a whole lot.

3% of the home you could buy.

3% more home you could buy, yeah, 3% more home.

And then if it comes down, if it comes down 50, the average home.

Buyer, that's $12,000 more home, let's just be clear, $12,000 more home than most Americans can buy as a result of this change.

And there's an argument to be made that can actually be more damaging and actually, you know, there could be more bidding again and ultimately making prices go up.

Yeah.

Right.

So it could actually work in the reverse.

Oh, it will work in reverse.

And let me.

Let me just.

Okay.

Clear.

God, I get so angry.

I'm trying.

I'm trying my heart to the cusp.

But this kind of stuff pisses me off to knowing.

Because it's taking advantage of Americans.

Okay?

It's a complete lie.

Okay.

Freddie and Fannie were already ramping up, buying mortgage backs, their limits like $225 billion.

Right.

Okay.

They were already on that path anyway.

Once they hit their limit, they can't buy more without Congressional approval.

Right.

Or the other.

Some other approval process that was already happening.

The max impact, assuming they were to buy all the way up to their cap, is somewhere between 25 to 35 basis points on effective rates downward.

Right, Right.

That's the most benefits you're going to get.

To your point.

$12,000 for most Americans.

It might sound like a good headline, but that's like me calling Bronnie, saying, hey, Bronnie.

Back to Bronnie.

Yeah, hey, Bronnie.

Poor Bronnie.

I'm going to help you sell more jerseys.

He's gonna be like, what?

I'll need you, bro.

I got this.

I'm doing this already.

I got.

Yeah.

This is actually what I do.

This is what.

This is what the President said that he did with Fannie and Freddie.

Hey, dog, I'm gonna help you buy more.

More securities.

And second, you know what?

Go do this.

You go do that.

You need to do this.

Right?

They're like, hey, we are.

Hey, everybody.

Ths.

We're.

We're gonna be.

We're gonna be hosting a live on Monday.

I'm gonna make sure that we host a live on Monday.

Yeah.

Thank you for that.

You're already doing it.

Yes, Saeed, but.

But here's the problem.

Okay?

So.

And again, 25 to 35 basis points, improvement on rate.

Think that through.

Okay.

Yeah.

You've now done the work of the next Fed cut for the Fed.

There you go.

The Fed knows it.

You made press releases about it.

You put out statements about it.

Well, guess what?

They're probably not going to cut rates now because they're going to, I don't know, be data dependent.

I'm glad you pulled that.

I'm glad you brought that up because right before the show, I looked it up.

The Fed watch through Chicago Mercantile Exchange as an currently right now, 95% chance that there will not be a rate cut next week.

Yeah.

Yeah, that's right.

By the time people hear this episode, it'll be this week.

And I can't wait to see Jerome Powell walk out during the press conference smoking a blunt, bro.

If he doesn't, he needs to come out with some shades.

Yeah, he's coming out hard.

He's gonna be like, look, let me.

Tell y' all some.

I want to come out full Jimmy Butler.

You know?

Why does he do.

Why does it.

The bangs.

You know why he does that, right?

Huh?

You know why he does it?

Hates it.

I don't know.

No, you know, okay, so he does that only on media day, so.

Media days before the season starts.

Yeah.

And he does that right, because he knows those photos get syndicated out for the rest of the year on all the nationally televised games.

So it's like.

For the rest of the year, it's.

It's like.

It's him poking fun at it.

All right.

He just pulled it up.

2022 dreadlocks.

2023.

Like Fallout Boy Bangs.

Yeah.

Yeah, exactly.

2024 looks kind of normal.

I mean.

Yeah, yeah.

Stud.

All of them.

All of them studs.

Yeah.

He looks like the.

The photo quality is much better in 2024.

They have, like, a camera upgrade or something.

That's true.

Oh, he looked real today.

Take a photo.

That's true.

But I still can't get over that they use Wilson now, not Spalding.

Yeah, that is strange.

I like.

I like Wilson balls better.

You do?

I've got a preference.

My balls.

I like the stickier, squishier balls as opposed to the harder, more natural leather balls.

Yeah.

Authentic.

Yeah.

You don't like that?

I grew up being able to grip and palm the balls well.

So the old school harder balls were always a little bit harder to break in, if you will, or break in.

I like to break in.

I see constant movement with the balls, so a lot of experience here.

Yeah.

Very sticky.

Every once, I'll spit on my hands and clean them up and then grab the balls because it's stickier.

You spit on it.

So I always would wipe the sweat off my chest and then.

And then touch the ball.

Yeah.

I don't have the chest hair that you do, so I watched myself into that one.

It's not gritty.

Sandpaper is crazy.

Yeah, it's not that gritty.

You know, I had to, you know, whatever.

Oh, yeah.

So.

Yeah, yeah, yeah.

So no, he would do that just to poke fun.

And they got to Use those photos for the rest of the year.

Hashtag science rates.

Yeah.

So you're not getting rate cut, kids.

Let's go on to CNBC via Instagram.

Mortgage refinancing surges.

This is the article that I referenced earlier.

Dude, no.

No rate cut for the rest of the year, though.

That kind of hurts.

J.P. morgan Chase.

That hurt to think about.

I was like, man, I was kind of banking on at least one.

I can know how this.

I know it's happened.

You want.

This has happened.

Yeah.

All right, so I'll be Jamie Dimon, ready.

Okay.

Hey, y'.

All.

Y' all hear that Trump response to me?

What do you say?

He said that I should mind my own business a little bit.

He.

You gonna let him talk to you like that?

No.

Hold on a second.

Hey, David, Kelly, do me a favor real quick, okay?

Cut the rate outlook, and then, you know what?

Increase it in 27.

Okay.

Are you really gonna do that?

Yeah, I already called Jerome.

It's.

It's done.

I got him in my back pocket.

Can you imagine?

Jerome Powell does a press conference with Jamie Dimon standing behind him.

That would be legendary.

He's just the Kanye in the back.

Yeah, Jamie.

Yeah, what he said.

Just sipping some cognac, like.

Yeah, just his hype, man.

Yeah.

Anyway, so mortgage demand spiked, Mark.

Mortgage demand spiked markedly high.

I hate that word.

Markedly high.

Yeah, markedly in general last week as consumers returned from the holidays to find overall lower interest rates and a sharp rate drop.

Friday on the news from the White House.

No.

Yeah, mortgage rates.

Mortgage refinance demand ramped up because we ended the holiday period where nobody refinances anything.

Right, Exactly.

It wasn't because rates dropped, you morons.

It's because the holiday ended and people wanted to get in the transactions.

And you've had the first company.

Come on.

Yeah.

I mean, and there's.

I mean, there's definitely a lot of people that, you know, had, you know, rates in the sevens with the seven handle and maybe even high sixes.

But the only people who are going to refinance in that space, people got a.

Properties in the last couple years, Right.

And they could really use the bump.

But here's the other thing, right?

If it spiked and you got.

No.

And you got.

And you got to think you're only going to refinance if you really feel like rates bottomed out.

Yeah, well, I mean, not really.

No.

Because you're not going to refinance again.

It's not going to make sense for you.

Right.

I mean, if you Factor in all the costs associated.

Well, again, so I'm gonna read the direct quote here because it's funny.

President Donald Trump posted on social media late Thursday that in an effort to lower mortgage rates, he would order the mortgage giants Fannie Mae and Freddie Mac to buy $200 billion in mortgage backed bonds.

Just on that news, the average rate of the 30 year sunk.

Sunk, that's the word.

Briefly sunk briefly below 6% on Friday morning before bouncing slightly higher again.

So I'm sorry, it sunk briefly below 6%.

Yeah.

A full percentage point higher than the average American rate right now.

There you go.

Right.

And you saw a 40% spike in mortgage rates last week from the previous week, which was the week of Christmas and New Year's.

Yeah, right, exactly.

I mean, just help me understand.

Yeah, maybe, maybe if we saw who's reporting it, it might help out who.

Oh, I'm sorry, It came from the Mortgage News Daily.

Oh, that's convenient.

Yeah, 40% spike from the previous week of a holiday.

This just in.

Yeah, the Higher Standard is the best podcast in the world according to the Higher Standard.

There you go.

Yeah, there you go.

Hey listen, top 1% globally.

Don't like, don't poke fun.

That's a real thing.

Well, let's look at John Burns or John Brooks via X. Lennar is now selling homes for than 2018 prices.

Oh, that's convenient.

Lennar is now selling homes below these prices net of incentives.

Imagine being the person who bought in 2022.

If you're that person, what do you do?

That's a good question.

What would you do?

Here you go.

Now I should be clear.

Okay.

There has been a lot of inflation from 2018, sorry, 2019, whatever, till till now.

But certainly you're 27% below the peak of home prices net.

So what home builders will do is they will post that we sold a price a home for $500,000, but they won't disclose publicly that they gave them incentives for.

And I'm just using an example for a hundred thousand dollars, making their net sale price really $400,000.

There you go.

Right.

What are some of the incentives that they give?

Oh, you could get a rate buy down on your mortgage, you could get higher upgrades on the space.

I mean there's tons of things they can do to throw money at you.

Right, right, right.

To incentivize you to buy.

Yeah, that's why it's such an ambiguous term is that can be done in many different ways and usually you see a combination of both ways.

Now, right Maybe they'll pay towards your closing costs.

That's right.

They'll do all those things.

Money all up in all the holes.

Yeah.

So in this case.

Right.

In order to get that information, you have to go to their publicly filed SEC statements.

Lennar, Dr. Horton, Toll brothers.

You go to their statements.

In this case, it's.

It's Lennar.

Okay.

Right.

And Lennar has been selling a huge amount of properties at a discount relative to where they're telling you they're selling them.

So the numbers that we're seeing posted are not true and accurate descriptions that.410,000 as of Q2 because our government's so behind on data.

And that's why housing is lagging indicator, which is complete.

Right, Whatever.

Here you are.

And this is included in that top line number.

But if you net it out, you're seeing a massive discount.

The biggest discount we've seen since 2018.

I believe it.

Okay, so I'm actually seeing people I saw.

I can't remember.

I wish I had the name of the guy to give him a shout out.

But he goes.

He goes around, I think different markets within Tennessee.

And he's just saying, like, look, this person is underwater on their home.

They just bought.

They just bought their home.

Can you imagine that guy shows in front of your house?

Yeah, he's just, get out of here.

He's literally walking around this.

Walking around like neighborhoods just being.

Just pulling up the data.

So it shows you on the screen.

This person bought the house for this price at this time, and they're now listed it and they've had price cuts of over like a hundred grand.

You're like, jeez, man.

Yeah, scary.

It's hard when you're rubbing in people's realized losses in their face when it's unrealized.

You're using Zillow as a proxy.

This, like, this is what's happening over so.

But he was using it as a way to attract buyers in Tennessee.

Like, look, you can come get a steal over here.

That's the problem.

The Internet, man.

Everything's.

You got it.

In order to be on the Internet, man, you got to say sensational stuff.

And unfortunately, whether you like it or not, there's only two types of sensational that work.

It's the dodo.

What's the dodo regil?

Do you.

Can you believe this?

What's it.

You pull your mic up, you need to talk about this.

Tell me what's the dodo regil?

Is he pulling it up?

Do you not know what dodo is.

Seriously, I seriously don't know what the dodo is.

Please explain for us.

Oh, he doesn't know.

Come on, my guy.

All right, go to Instagram, pull up the dodo.

The dodo is the.

You knew.

You knew I wholesome.

No, I didn't know.

I thought you were.

You know, we're not crazy.

The dodo is the most wholesome Instagram account you will ever see.

It's the, ah, post that you've all cats, kittens, like animal stories.

It's the most adorable damn Instagram page I go to.

I gotta follow this for my kids.

Okay, this is what you want on your feedback.

The dodo is always a wholesome story.

Okay.

And see, I know that you are an only fans person.

I'm a dodo person.

That's the only fans person.

Yeah, I know.

I get it.

I know.

Stop winking at me, bro.

It's awkward.

My eyes are wide open.

Your wife listening to the show now know what's going on.

We talked about this.

The dodo.

Okay, how do you spell it?

You don't even know how to spell it.

My guy.

It's not even that much typed in.

Do.

And.

The screen man, don't worry about it.

We'll do.

I'll show you some other time.

Yeah, do the doo.

So there's.

Okay, there's a dodo approach.

The wholesome super a.

Even though it's like, like.

And the problem is the AI is now creeping to the space because they can make animals whatever the hell they want with the.

Aw, I ain't going to lie.

The other part is, is it stigmatized?

It's.

It triggers something in you.

It's trigger speech.

Right, Right.

And unfortunately, anger.

Rage.

Right.

Yeah.

Why do people.

Why do we like watching?

Because we love the rage.

We love the drama.

We're voyeuristic.

We love seeing that.

Yeah.

You don't want to spy on to people that are doing normal stuff.

Yeah.

You don't want to spy on people that are doing like the appropriate thing.

You want to spy on people are doing something naughty.

Yeah.

Or maybe like on the.

Yeah, like watching somebody like, people like.

Like, got him a Jill.

I told you he was a sicko.

No, they filmed.

They filmed.

They film people like on the.

On the.

Like, that's how like the Karen's got so popular, right?

The filming Karens.

It's like you're watching someone literally lose it.

You are like the First Amendment auditors.

You've seen this, right?

What?

They stand out in public places, recording people.

Yeah.

First Amendment Right.

To be there.

Yeah, yeah.

There's like, they just, like, poking.

I'm like, I could do it.

I'm allowed to.

Well, they're doing it solely because they know that someone will come along and give them content.

Yeah, that's what that's for, right?

It's called a rage bait.

Right?

Yeah, yeah.

Rage.

Yeah.

It's like, why, man?

Why?

So at the house, we are, like, trying to be really, really aware of, like, you know, scrolling and getting off that completely, especially at night.

The doom scroll at night.

So literally we're like, now, like, phones away.

I have a whole, like, sleep time routine now where the phone just basically, you know, goes into sleep do not disturb mode.

And so I just.

I just want to be off it because, dude, I catch myself, like, blowing.

20, 30 minutes.

Yep.

What.

What's going on?

What's.

What's the look for?

I just.

I want to hear more about your routine.

My routine?

Uploading.

20, 30 minutes.

Yeah.

You're wild.

That's a wild boy.

Oh, boy.

Walk me through this.

This prep and routine.

No, no, no, I'm.

What I mean is.

No, no, no, no, no.

Give it to me.

No, the routine.

Making the tea and having a conversation with the wife.

You still doing that?

I'm still doing that.

Every night.

No, when we can.

Okay, so you make tea, the wife have a conversation, then you guys.

Okay, it's bedtime.

She says yes, bedtime.

Go put the kids down.

We're trying to be a little bit more.

You're not going to sleep with the kids.

You would.

You have tea after the kids are down, right?

No, tea after the kids.

Decaf tea after the kids go down.

Okay, right.

And then.

And then wind down, get ready for bed.

What does that entail?

What does that entail?

She gets ready first.

I always let her get ready first because she has a whole, like, skincare routine.

Women always take longer that she.

That she does.

That she does after.

And while she does that.

You don't have a skincare routine?

I'm cleaning up the whole house.

I have not as many as her, but, like, I got a good skin.

Got a couple.

Got a couple moisturizers, you know, some vitamin C creams, some.

Some oils.

What's the.

It's Diddy's baby oil.

So did his baby oil.

And what is it?

And then after we get ready, we'll.

We'll get into bed.

We'll actually.

We'll pray together.

What do you wear to bed?

Huh?

What do you wear to bed?

Do you want to know what I would.

I want to know.

You were bad boxers in a tee.

Okay.

Yeah.

I can't sleep in boxes.

Really?

Yeah.

Too tight?

No, no, not briefs.

Boxers.

Yeah.

So I have boxers just to go to sleep with.

Not briefs.

I sleep in bathrooms.

I. I wear briefs.

I wear basketball.

Short sleep.

Can't do that, bro.

Too thick.

Thick.

Yeah.

No, my basketball shorts, always thin.

No.

Yeah.

But then I got to make sure that I don't wear our, our higher standard merch T shirts to go to bed because they go too long and it looks like it's covered.

Both you and your wife wearing T shirts?

Yeah, it's like, what's going on over here?

But yeah, now, now it's to the point where it's like, okay.

When we get to bed, it's just like, okay, put, put the phones away and just don't doom.

Scroll.

So what do you do?

What do you mean, what do you do?

What do I.

What do you mean what do I do?

If you put the phone away, I'm like, there.

No, there's some, there's like.

You guys talk.

Yeah, of course.

More talking.

We're gonna leave this PG show.

I'm just at.

No, I'm not.

Friends of the program are listening to the show.

I've known your wife for way too long to go there.

I don't want to go there.

I'm just saying like, you know, but so you have the conversation, you talk.

Yeah, I have conversation.

Then we go.

And then we go to sleep.

Yeah, Simple.

I'm trying, I'm actively, actively trying to give sleep, you know, more attention this year.

Trying to.

It has been very tough as of late.

Eight sleep sensational.

Once I can afford one of those.

Possibly red light therapy.

We have a juve panel.

It's.

You track your sleep score.

How is your sleep score?

Not too good.

Last couple weeks I haven't been sleeping a whole lot.

Yeah, I've been working, you know, 18 hours, ish a day.

But normally it's been pretty good.

It's been in the 80s and 80s for a while.

This is weird.

I was during the height of the turmoil that was happening at my previous corporate life.

I got into this routine where I woke up super early and I would get on the bike, get in the cold, plunge and start my day right.

But I also had a nighttime routine which included red light therapy.

Kind of a wind down, no technology.

And if I did have technology, it was only reading.

It wasn't scrolling on websites, it was only reading stuff.

And I had like high 90s like, almost 100.

Really?

Even with all the anxiety, are all.

Your lights on dimmers in the house?

Yeah, so I. I was an early adopter in hue light bulbs, and I even have the hue vintage, like, light bulbs.

The Edison style ones.

Yeah, yeah.

Everything in the house is on, like, a time, like, lighting system.

Oh.

And then all the lights in the house are all, like, kind of like the orangish glow amber at night.

See, this is my bit.

And so, like, you know, anyone that knows about, like, sleep, and you've.

You've gone down this path and you're tracking, like, you know, what kind of light are you absorbing in?

Right.

Spend a lot of time with that.

Like, I'm.

I hyper obsessive over this right now.

And, like, I'm trying to.

I want to get into that, but it's like, how many.

There's so much that.

That I feel like needs to be corrected first, but that.

That's a real thing.

So, like, I'll try to take showers at night.

Like, you know, like, dark.

Right.

With light just coming in from, like, the bedroom.

Right.

Because I don't want.

Because we have literally, like, a recessed lighting, like, right above you.

You know, I'm just.

I'm just trying to wind down.

And I only have.

We only have one small corner lamp in our bedroom, and that's by design.

And we have plantation shutters on both the windows so that it is intentionally very dark.

Yeah, yeah, yeah.

The bedroom is always dark.

It's never, like, super well lit.

You can open the plantation shutters, and it's pretty, pretty bright during the day.

Yeah.

But there is no way to turn on, like, a lot of lights in the bedroom.

Yeah.

Because if you were having to sleep with me every single night, you probably wouldn't want to see me.

Yeah.

Why?

Why what?

Just.

Geez.

What's your bedtime routine?

It's.

Dude, it changes a lot.

Like, when I'm working, like, I'll put Joanna to bed and I'll do, like, you know, I'll do some coding like we've been doing recently.

But normally Joanna will go get shower and get ready to bed first, and then if I'm going to shower afterward, I'll do it after.

After her.

I don't shower every night before bed.

If I don't go to the gym.

I got to shower.

That's crazy me.

Rajill, do you shower before going and get into bed every night?

Depends.

See, there you go.

You're the outlier here.

Dude, this is so, like, wild to me.

I think I. I have a. I have a theory.

Tell me.

I want to know.

Why am I like this?

Help me.

No, that I can't help you with.

But I have to.

For me, it's like I have to take a shower right before getting into bed.

I think there is something healthy about not showering every time before you get into bed.

I shower before bed.

Probably, probably five times a week.

Okay.

Right.

But every once in a while, like, I'll not.

Because your skin needs like extra moisture.

It needs extra.

Yeah, yeah, yeah, yeah.

So I don't like, wash my hair.

Is going to take a shower.

Yeah, I've heard you're not supposed to.

I don't shampoo.

I wash my water, but I don't shampoo it every time they shower.

Okay.

When you pay $26,000 for hair transplant.

You got to take care of this bad boy.

You know, you got to, you got to save it.

But then I'm usually in bed and I read almost every single night when I'm in bed.

Okay.

And I don't read books anymore.

I went through a long period of my life where I read books and now I read the news.

I read the analytics or the data.

And what people are getting on the.

The live streams is really what I do is I'm going through articles constantly looking at stuff and that, that has become, I guess, kind of like the hobby to the hobby, if you will.

Like, the show is the purpose for it.

But it's always been something that I did even before the show got to where it's at today.

Right.

I just, I like being in the know.

And the worst part about it is the more, you know, the more uncomfortable you are.

Yeah, that's true.

And it's true that it's.

We.

We had this conversation.

I mean, ignorance is bliss sometimes.

We got a lot more here, but I'm not gonna go through it.

I'm just gonna give the headlines real quick.

I think it's important to talk about because there are some things that we should bring up on another show.

Percentage of subprime auto loans that are 60 days or more overdue on their payments.

Hit an all time high of 6.65% auto loans.

Wow.

Yeah, I mean subprime.

But granted, big problem.

Prime loans are performing like they normally would.

Nothing out normal there.

Capital One amex shares sync on Trump's credit card threat.

We covered that already, but CNBC via Instagram Sachs Fifth Avenue filing for bankruptcy.

It is a Chapter 11, so it is technically a reorg.

What's going to Happen, don't you?

It doesn't affect you and some one of your perks.

So funny you should mention it.

That was what was all over the headlines of social media.

Is that the American Express point?

Because if you read a platinum card or a black card, you got a certain amount of perks and they're different for the levels that you have, but you got a certain amount of credit every quarter for your spending.

They just credit you back the difference.

Yeah, yeah.

So they got hit and flooded hard with Amex buyers that were worried about they were gonna go out of business.

I look, I look at North.

I've never, I can't tell you if I've ever even shopped at Sax.

Sax sucks.

Okay.

But I'll tell you, super overpriced.

I'll tell you this though.

My father in law, for Christmas, one of his clients sent him like apparently a vase.

Okay.

I mean this is some rich people stuff, bro.

Who sent somebody a vase is kind of crazy, right?

As your here's my Christmas gift.

So follows it here.

You can have it.

You can go return it to like how all like I'm going to need it.

So go return it.

And whatever you get from it, you know, store credit, go ahead and have it.

It's your splurge, right?

It's enough for a down payment on a mortgage, right?

So it was 300.

It was like 300 bucks, right?

Neiman, right?

Neiman Marcus.

And I can't tell you the last time I've been inside there.

Okay, so we go down.

It's very sterile now.

It's weird.

It's.

First of all, it was very empty.

Yeah.

Okay.

And we go and return it.

We don't have no idea what the price of this thing is going to be.

And then, okay, it's $300, you know, here you go.

And I told, I told my wife, okay, like I'll take the kids outside.

And we were at Fashion island.

And you know, you like just go find some that you like, right?

Five minutes goes by, ten minutes.

You can't buy any 300 bucks, bro.

It's on.

There aren't even, they don't even sell Nikes.

Yeah.

Do you know what I mean?

Like I'm looking at, I'm looking at the sneakers.

I don't even know the name of the shoe.

You know the, the shoe with like there's like a shooting star on it, right?

It's like 600.

Oh, golden goose.

Yeah, golden.

Like who's buying this?

My wife has us.

They're so Expensive.

And the worst part about them is, is they're intentionally beaten up.

Yeah.

I looked at them like, dude, this looks like it's time to get a new pair.

Yeah.

That's like buying jeans of a.

With tears on them.

No, it's worse.

No.

Yeah, it's worse.

Strategically placed tears can be kind of sick.

Right.

But this is like.

This is beat up.

No, my wife has those.

At what point did, like, a fresh pair of kicks, like, go out of style?

Yeah.

Oh, I'm sorry.

The new wealthy is looking poor.

Yeah.

Wild.

These are really popular for a little bit of time.

Luckily, they're not as popular as they once were, but.

But yeah.

So then she couldn't find anything, so she ultimately went, like, perfume route.

So that's unfortunately what you want.

So with Sachs, I give a 250 credit.

My wife and I each.

Every quarter.

Right.

That's cool.

You either spend it or you lose it.

But basically they just reimburse you for up 250 bucks no matter what you spend there.

Yeah.

And I went on like a week ago, and I couldn't find a damn thing to buy.

They used to carry aloe and I could get, like, you know, like some of their stuff there, which is cool.

Fitness apparel.

I don't even see that anymore.

Oh, wow.

And then I'm looking through, like, all their prices and stuff, and I'm like, man, even for some of the skincare products, like 350.

I don't want to spend more than I'm.

I'm trying to be really conscious around spending right now.

So I don't want to spend more than I get credit for.

Right.

I can't find the bot.

I know.

Maybe I should buy a candle or something.

I mean, I know, like, obviously, like, we're all trying to be a little bit smarter with our spending habits, but I'm getting, like.

I'm at a point now where I'm getting, like, sick pleasure out of, like, saying, like, no to things.

Me too.

Yeah.

Like, I'm getting like.

I'm enjoying being like, nah, I don't need it.

Yeah.

Like, I don't know if it's just like, an age thing or if it's me understanding, like, what's going on in the market or.

I have taken personal pride in not buying anything on Amazon.

Amazon recently.

Yeah.

Well, I never got into that.

I've literally never, like, like, bought something for myself on Amazon that wasn't, like, a need.

Oh, I mean, yeah.

Okay.

I mean, do you get what I'm saying?

Yeah.

I've never, I've never, like, I don't like, I'm not like an Amazon going, ooh, I should buy this because.

Oh.

Like, I think the only thing that I routinely buy on.

On Amazon is hair gel for Adam and I.

Right.

That's.

This is literally the only thing that I buy.

And then I just recently, after like three years, I bought new shaving gel.

But I'm also not upkeeping a house.

Right.

Like how it does all that stuff.

It makes it easier to upkeep the home.

But that's literally all the only things that I'll buy for myself.

I haven't bought much anything lately.

Today, even today.

Like, I've been going to Whole Foods at lunch.

Yeah.

And grabbing like the pre made.

Can we, can we just call out Lucille's for a little bit?

Can we?

Yeah, Lucille's.

Need to catch a stray right now.

I. I was very disappointed.

You.

Why?

Your bowl was fine.

No, but there's multiple things that went wrong tonight.

Yeah.

We're gonna sound so bad, though, if you, if you don't deliver this message properly.

We're gonna sound like some pricks.

We walked in at 6pm to a relatively empty restaurant.

Us three, all of us regil side.

And I was team meeting.

Yeah.

And we requested one high chair for three of us.

And we're all gonna sit on each other's laps.

Apparently.

That's offensive.

But they asked us to wait for 10, 15 minutes even though there was tons of tables available.

So red flag number one.

I don't understand that.

I need, I need somebody to explain that to me.

The.

The waiter came to the table, bro.

He was.

He looked very disinterested.

He's like, can I help you?

Yeah, cool.

Yeah, Yeah.

I asked him specifically for biscuits.

Didn't bring us the biscuits.

We never got the biscuits.

He asked twice.

I asked twice, bro.

You go to Lucille's for the biscuits?

Yeah.

No honey butter, Nothing.

Honestly, you know what happened?

He probably looked at me and was like, bro, that guy, he's had one too many biscuits, dog.

You look like you just had three.

You look puffy.

You look like you had some in the waiting room, sir.

Yeah.

And then, you know, we, we got terrible service.

Rest of the time, nobody talked to us when we.

It was time to check out.

Oh.

And then my bowl came a chicken.

Chicken mashed potato bowl.

How much chicken was in there?

There was probably, and I'm overstating 2 ounces of chicken.

It looked like somebody had deep fried like a chicken foot.

Yeah.

And left it in there.

I mean, that was all.

It was there.

I took one bite and looked down like, wait a minute.

Where's the rest?

Chicken.

I kept digging around the bowl, looking for more.

More chicken.

There was nothing else there.

It was all carrots, which.

Fine, I guess I'm a vegetarian now.

Shout out to the vegetarians out there.

And then he turns around the tip thing on the.

On the computer, and it's 18, 20, 22, 25.

Starting at 18 is crazy.

Starting 18 is absolutely wild.

Meanwhile, by the way, I have to bring this up just because you said it right now.

I recently went to one of those, like, Middle Eastern markets.

Right.

I love those markets.

Yeah.

Right.

And I don't know if you've ever.

When's the last time you guys have been to one?

But.

So they had this aisle, like, an hour.

People just like, you stand in to go to the checkout line, and right there is where, like, all the.

All the meats are, too.

And there's, like, chicken feet there.

Right?

Yeah.

I had never seen it.

Oh, really?

I had heard of it.

I had never seen it before.

Right.

And I understand it could be, like, viewed as a delicacy.

Right.

I'm from the south, but they did in Midwest.

Really?

I had no idea.

I'm sitting with my kids, and my daughter's asking me, what's that?

And I really, genuinely had no idea.

I just, like, lean in to look at the label and.

Yeah.

And the claws on them.

And I'm like, what?

And I had.

I didn't even know how to explain it to him.

Yeah.

I have family from Louisiana.

They're like, how do you cook it?

How do you make it?

I'm like, I have.

I. I don't even know where to do them.

Cook them in stew for a long time.

You enjoy them.

They soften up.

I'm not a fan.

Okay.

Yeah.

I mean, I've had, like, crawfish, frog legs.

I mean, you name it.

I've had, like, all, like, the real Southern.

Could you, boy?

Yeah.

I mean, I grew up in Oklahoma.

My family's from Louisiana, so.

Yeah.

You ever talk to somebody from Louisiana, Like a real Louisiana?

No.

Oh, my God.

The French accent is.

It's.

It's.

It's English, but it's French.

Like, overlaid English.

It's very different.

Very.

It sounds like they're intentionally speaking, like, slang to you, but they just have a different language system that's based more on French slash, like, English, and it's very different.

And I've got family who sound like that.

Really?

Yeah, it's very trippy, but you can use it after a while.

You think.

You think at first they're playing with you, huh?

But then, like, who that out there, boy?

Yeah, yeah, yeah, yeah, yeah, yeah, yeah.

I mean.

I mean, I went to New Orleans, but I didn't get any of that.

Oh, yeah, you go to some of the smaller towns.

New Orleans.

Yeah.

Yeah.

All right, let's.

Let's call it, shall we friendo?

Yeah.

Shall we Brigil.

How you feel about tonight's show?

It was good.

Yeah?

Yeah.

You got anything?

Yeah, the teleprompter here is really blocking him for me.

I can't have you guys locking eye contact anymore.

It's getting very awkward for me and the rest of the audience.

You guys have.

I keep looking over.

I'm trying to get.

Keep him engaged, but you're like, no, absolutely cannot pass go.

I asked you if the teleprompter was okay right there.

No, no, I was just kidding.

I'm just.

I couldn't see him the whole show.

Really?

I kind of tried to look at him this whole time.

Look at that trend setting with the quarter when he wasn't so skinny.

You can see him the whole time.

There you go.

Good job, dude.

Next week you'll come down, say, I'm down 60.

Watch.

Yeah, we got to have an intervention at some point in time.

Yeah, bro.

At some point.

Exactly.

The burrito chose.

You were Jill.

Yeah.

I mean, the goal is 180.

So, you know, how far away are you from that right now?

About 10 to now.

Probably 12 pounds away since eating at Lucille's.

That's incredible, man.

Who do you.

Who do you credit that all to?

Me, obviously.

Fridays, good night.

Everybody.

Dunked it.