Episode 99: Inflation, Interest Rates, and the Impending Recession

When rent, gas, and food costs keep increasing, people start worrying about the future. What do the increases in interest rates mean for our economic future? Are we heading into a recession? What exactly is inflation? Stu and Todd welcome Joe Selander, a broker who has over 20 years of experience in the mortgage industry, to talk about what the future might hold and how to prepare.

- Check out the short video Only Government Creates Inflation with Milton Friedman
- Great resource: www.ramseysolutions.com

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Transcript

Todd  0:06  
Welcome to the Truth Wins podcast where the truth hurts sometimes, but it could save your life. Our heart on this podcast is for you to know why you believe what you believe and to be able to give a defense for it. This is Episode 99, called inflation interest rates and the impending recession, hoping to get a few people's interest with that title. But we're going to be talking about all that's been going on here in 2022. With interest rates going up, gas prices going up. People are nervous, they're scared, they're not buying stuff. They're buying stupid stuff, whatever else we're gonna be talking about it all today, we got a special guest with us. Least his mom said he's special. And so we're excited to have him with us today. But before we get to that, I want to welcome Sue hit say, hey, Stu is too. And we're going to be starting as always with time to stump stew. Alright, so this is from Episode 90, should Christians be pacifist? If you're not sure what a pacifist is. It's somebody who doesn't believe in violence that we should never do anything violent. So first, Braden, because I usually just go straight to the the counter arguments or the statements that we probably wouldn't agree with. But it's good to because we get a lot of great comments, a lot of good feedback. And so we appreciate all that too. But this one, Braden says some things that I think would piggyback off that episode says love is the guiding principle. If love requires violence, then it would be a sin not to engage. Imagine a child being tortured, and you have the means to stop it. And we brought that up in the episodes like for good men just to sit back and do nothing. That's the way that evil prevails. And so there is a time when need to step in and stop evil. But Bernie has a different take on it. Bernie says Odin is as much a God as your God, but you were far more brutal and killed the heathens. You all make me sick. All right, what do you say what say used to?

Stu  2:06  
All right, Braden, well done, bro. I like what you said there. Imagine the child being tortured and you have the means to stop it and you do nothing, then you're complicit in what's happening. So it was a great quote, that's all all it takes for evil to triumph is for good men to do nothing. And so we need to stand up to evil when we see it, or else it's coming to our doorstep. Bernie, just curious if your last name was Sanders, and you had a brother that was big in the chicken industry, but you say Odin is as much a God as your god I used to teach Norse mythology, Bernie Odin gave up his AI to meme or the guardian of the wealth of knowledge to gain information about Ragnarok the final battle when the storm giants and frost giants come up by frost the Rainbow Bridge and take over and kill Odin and all the good Gods the asyr. So Odin is powerless and he's going to lose. My God actually wins in the end, Bernie. So I hope you learn.

Todd  3:18  
So he's the one eyed God he had to lose. He gave it to me match. Yep. Mima that's a pathetic that's not intimidating already and of the wealth of knowledge. But I think his point Bernie's point, though is that Christians have killed more people than Odin, the God or the Norscot of that. What? Any, any pushback on that done

Stu  3:36  
previous episodes on this. So we've talked about, you know, people saying, well, what are the worst things Christians have ever done? Yeah. Like, you know, the Crusades or the Inquisition. And we always go, you do need to do your homework and do the statistics on that. Because basically, during the Crusades, it was the high end estimate by far would be 3 million. And it's probably more like, several 100,000. But even so, were they following the commands of Jesus when they did that? Did Jesus tell them you know, if somebody doesn't convert, you put him to the sword? No, Mohammed said that. So, when the atheists and guys like Bernie talk about things like this, they forget their own bed skeletons in their closets like the Marxists and Mao, who kills somewhere between 40 and 80 million of his own people, and mouse and Stalin in Russia, who kills somewhere between 30 and 60 million of his own people. So it's not even comparable. But the key point being those guys were actually following the dictates of atheistic Marxism.

Todd  4:49  
Yeah. Go. All right. That's today's time to stump stew. All right, so this episode of Truth Wins is brought to you by can instruct fi, they're your go to solution for home improvement in energy efficient projects where they construct it for you. They'll tackle your windows, siding, roofing decks, painting projects, whatever you have around the house, that your significant other has been hounding you for months or years to finally get done. Take care of it, make a call 303-502-1096. Talk to Joe and his team at constructive phi and they can talk you through whatever project you have, you can go to constructive phi.com hear about the great reviews, or email info at constructive phi.com. Go to our Facebook page, you can find a link there. When you do talk to Joe or anyone on his team mentioned Truth Wins podcast and you will receive Yes, today and today only in the next 24 hours 15% off whatever they're going to do for you. And that's a lot of money when you're talking a big project. So it's not just the next 24 hours, but I would encourage you to jump on it. Don't keep putting it off. Alright, we're gonna be talking about inflation, interest rates and the impending recession what's going on here in fall of 2022. We have a good friend of mine on with us today. But it's not just because he's a good friend because he has been working a lot in finance and business and understands this stuff. This isn't. I mean, some of this stuff's new, I'm guessing, but a lot of it's been done before, too. So our guest today is Josie lander. He's been 20 years in the mortgage business. He's only 30. So you started pretty young then Joe. So that's at age 10. Yeah, he's like a prodigy, a financial prodigy. 10 years, he's been with megastar financial and they're locally owned here in Denver Metro area. They're a mortgage company. That's all about trust and nurture sales. Little plug there, he threw out there. But I'll plug him. He's seven time President's Club winner for volume and sales with his company. He's a hustler, he gets a lot done. He's also a great golfer. He didn't put that in saying, but I like playing with Joe effect. keep encouraging him. Not that you're there yet. But in the coming years, play the senior tour the Champions Tour. I think if you spent that 10,000 hours around the chipping grain you you'd be there because, dude, he just drives it down the middle all the time. Anyways, he's loved, love Jesus for a long time for 37 years now. And he's got my three sons. He's the modern day version of my three sons, what are their ages?

Joe  7:16  
Two, three, and Jack is about to be 12 to three and

Todd  7:19  
12. So he's hustlin when he's at home, trying to help Liz, his wonderful wife out, keep those boys in line. But thanks for joining us, Josie lander. Glad you're here.

Joe  7:28  
I'm glad to be here.

Todd  7:30  
Thank you. So starting with Joe while back and just picking his brain because I do real estate investing. And of course with these interest rates going up, sales of homes has gone down, what are we going to do? Hold on. But before we jump into interest rates, I want to just talk about inflation in general, and and we're gonna land this plane at the end here with how do we respond as for those of you are listening or Christ followers, you you have a Christian worldview, like, how do we even talk about this kind of stuff? Is it important because we're going to heaven anyways. So we want to talk about that. But as we work our way there, what's this whole thing about inflation, because everybody's heard the word inflation, but what actually is it causes it? Where does it come from?

Joe  8:13  
Well, it's just, you know, when you have not enough supply, and you have an excess of demand, you're always gonna have inflation. So an example would be what's kind of going on in the real estate, you know, this year, I mean, obviously, back in January, February, March, April, everybody knew, you know, you gave your firstborn son appraisal gap, and you did $100,000 over list price to get the deal, right. And now we're in a situation where you can underbid and you can get a very good deal and you can beat the seller up and inspection and it's become much more of a buyers market. You know, and this is caused because of rates going up. So inflation is always going to happen. When when you have a situation what we had was a historic to and about a quarter years of the lockdown, where the government was basically doing a bunch of things that they're not doing now. So one of the things that they were doing is they were printing money, they were giving it away right PPP loans, giving people checks $1,500 from this governor, whatever that looks like. The other thing that they were doing that they're not doing any more is they were buying 90 billion a month in mortgage backed securities. Okay. So that was artificially lowering the mortgage rates at the same time. They were also keeping the federal funds rate as low as humanly possible. They backed out of all of that, right. That's the federal federal the federal funds rate is the prime rate. That's what we're talking about when when people say that they're raising rates, okay, we need to differentiate on that. A lot of people think, Oh, God has my mortgage rate going up know, your mortgage rate and mortgage rates have nothing to do when they raise rates or lower rates. That's two different things and people get that confused. The Fed Neural funds rate is the rate at which the government is basically lending money to banks. Okay. So we've got to kind of understand that. So the federal funds rate is affecting the prime rate. Prime rates are what is credit cards, it's he locks, it's car loans. Okay. So when they're lowering, and they're toggling the federal funds rate, essentially what they're doing is they're messing with people's spending habits. Okay? The the mortgage rates are actually predicated on the demand of treasuries, and bonds and mortgage backed securities, and a lot of people struggle kind of understanding that. So what's happening right now, what the Fed is trying to do is basically cool down this economy, we are having historic highs and inflation, they're over eight, they want them down at two. Okay,

Todd  10:50  
what do you mean, eight and two?

Joe  10:52  
So 8%? Is our inflation rate right now? Okay. They want it down to two. In other words, they don't really want the price of things to be exceeding any more than about 2% 2% a year. Exactly. Okay. Yeah. So, you know, which would be pretty normal. Okay. But at 8%. That's, that's monumental.

Todd  11:08  
And it's been a percent the last 234 years or how long?

Joe  11:12  
It's, it's it's been that way. I think it was probably right around February, don't quote me on that. We might have to do a fact check on that. But that's kind of when it started hitting these historic highs where we got north of eight. Yeah. So yeah, I mean, that's kind of what's going on is that I don't think it's like a conspiracy theory. I don't think that it's like one of those things. That's crazy. It's just one of those things that this is what the Fed has to do to cool this down. And this is the one button this is the one ability that they have to toggle things is to raise the federal funds rate, which makes Americans cut down on their spending.

Todd  11:47  
So can we go down the conspiracy path just a little bit? Because, again, the last two years, you know, the joke out there is we need some new conspiracy theories, because they've all come true, right? For years. So some thing out there that you have this world economic forum that's trying to control all the world, all the, you know, basically one world government, all that stuff. So they're, they're messing with people financially, to press them to a place where they're hurt so that we're more dependent on the government. Do you think is that even a possibility in the situation? If so, I mean, who? How do you how do you orchestrate that in each of these governments around the world?

Joe  12:25  
Yeah, I mean, I think all that stuff is always a possibility. And I think time will tell me personally, I don't actually think what the Fed is trying to do right now, is some sort of conspiracy theory. Personally, I think they're just trying to deal with the fact that inflation is absolutely spun out of control. They printed way too much money, they gave way too many things away, they let raid stay down for too long. And they were they were buying their mortgage backed securities at 90 billion a month. And they realized we can't keep doing this. The problem is is the consequences that come from that. So I they are doing what they can I really don't think that it's it's a conspiracy theory, I think what you actually have, in my personal opinion is negligence. So I mean, you've got somebody like Powell, right? I mean, he's the head of the Fed, he actually came out and said, what's his name? Jerome Powell, Jerome, and he'll be speaking as we speak right now. Okay. So they've got a meeting right now. And it's going to be a very big meeting. And it actually could be a turning point in our economy, depending on what he says today. How do you spell the last name? P O. W. E LL, I believe, Jerome Powell. So he's the head of the Fed. He's speaking today, there'll be he'll be drilling, he'll be drilled on questions, most likely, who will raise rates, again, 75 basis points. If he does it, 50, I can tell you that the mainstream media is going to run with that, like it's over hallelujah, we did it. You know, we got the pain in the economy that we are we're all looking for. And now we can begin to kind of lower these rates or stop raising them as much as we were doing. The best case today, in my opinion, that'll happen is he'll come out and say we're gonna raise it 75 basis points. We still don't have enough pain in this economy. We're still not seeing the statistics that are that are showing that things are slowing down. Okay. But I think he may say a dovish comment. Like, I think we're approaching where we're getting to a place where we don't need to keep hiking rates at 75 basis points a clip every time we do this.

Todd  14:23  
So why does the Why does the Fed the government care? They can quit doing all that other stuff. Right. But why do they care if people are buying houses buying too much stuff? Yeah. Are they always connected? Are they? That's a good question.

Joe  14:37  
That's a good question. And, you know, I think one of the things that happens with inflation is, you know, it's kind of like, we'll break it down for me. It's, it's where the rich get richer and the poor get poor. I mean, that's what inflation becomes is like when you put a bunch of money into the economy. And, you know, Joe Schmo over here gets their little check or their PPP check or their little $10,000 handout, and they decide to take that money and go to a restaurant, go to a bar, go to a casino, throw it into the wall, do whatever they end up doing. Where does that money eventually get to? Right? Like, let's take the example of like Amazon. How did Amazon do during the lockdown? Crushed? Right? They also own Whole Foods, what is their incentive, when you have like, literally $300 billion plus in the bank to lower prices, it doesn't matter, they're doing fine. And so that's what happens with inflation is is that the money ends up into the hands of people that no longer need to lower prices, they don't have to be competitive anymore. Right. And in our capitalism concept can go out the door, the fear of inflation is is that you no longer have a middle class. Right? What you would have is an economy where you just have the Uber wealthy and the Uber poor, who sued the who served the Uber wealthy, and that's the economy. And we see that in a lot of countries. We see that in numerous countries. And it does, I mean, it kind of it can work. It's just not the economy that we wanted. You know, America definitely thrives on having these middle classes and all of that. So that's the fear of it. But shouldn't

Todd  16:05  
capitalism and the economy take care of that itself? I mean, does, that's the whole point of capitalism is that the government doesn't get involved. But the government's gotten more and more involved in the last few days.

Stu  16:16  
Kind of the problem, too, we're one of the two times in our history, where the national debt supersedes our GDP. Like our gross domestic product, we were produced 23 trillion, we have a huge economy, largest in the world. China's next that, like 17, but we're 31 trillion in debt. So we're the only other time that was true is in World War Two. So we're having some issues because of I think the guys who are in the government right now, are coming at this from a leftist perspective. And this is

Todd  16:53  
keep spending provide for you, right? Yeah, it's the socialist socialism is

Joe  16:57  
now taking a bite, and they waited way too long. To do this, to slow down. Gosh, they should have been slowing this down a long time ago. And Ian, just put something up. That was good. So that's exactly what happened when I just called they did the full 75 basis points. But they did hand out some dovish comments that this is probably we're gonna start slowing this down. So that that should help our economy. And it should get people back buying in the stock market and get people back buying in bonds, which, which, which will help the economy for sure. From a statistical perspective. Okay.

Todd  17:27  
Which is interesting, because we record these and usually they're uploaded 123 weeks later. So it'll be interesting. By the time this goes live, what what we find out it? Could it be that quickly, where you already start seeing Yeah, we'll get

Joe  17:41  
market now if you look at like what the Dow is doing, like it'll have an immediate response here, into the closing.

Todd  17:47  
So I want to talk more like when we were talking before this, just how do we respond to it? But before we get there, talking about inflation, Milton Friedman, assuming you've heard of the economist of the 60s 70s 80s, was a great man. Was he Okay, so his, you've probably seen that video actually

Stu  18:06  
was at the University of Chicago when he was there. Really? Yeah. So he

Todd  18:10  
was a professor there. Yes. Okay. So there was a viral video now because I this is stuff that I've dabbled in a little bit, but nothing like what you guys have. But there's a video out there only government creates inflation. It's just a soundbite from him for five minutes. It's like it's not consumers. It's not trade unions. It's not anything else. It's the government is the one that causes inflation. How would you do you agree with that? Or there's maybe agree with some of it?

Joe  18:38  
Yeah, I mean, I wouldn't say I'm incredibly prepared to answer that or like counter Milton Friedman. He'd be a tough person to counter he was very well versed and I remember falling in love with him when I was in college a little bit just because I was so libertarian back then. And I hated the government and tell us more about in Mill and falling

Todd  18:52  
in love with Milton looks like for Joe. Yeah.

Joe  18:57  
Yeah, I was I was attracted more to a little bit,

Todd  19:00  
a little bromance little man crash, just on the intellect.

Joe  19:04  
I think we could have been a good couple emotionally. I'm not sure anything else would have gone if it wasn't like 50 years

Todd  19:09  
older than us. who get to travel the world. All right. We'll be talking about pedophilia and a couple episodes from now but for this one, let's just table that.

Joe  19:18  
No, I mean, that's a that's a common complaint is is why do we not just have simple supply and demand and just leave things alone? You know, I think it really goes back to kind of what I just said, I think that America has always been in love with the fact that hey, we're different. We have a middle class we have the ability for somebody to make 45 $60,000 a year take their family to Taco Bell, spend $22 And, and, and survive and make it happen. There's a whole lot of countries that don't have that. Like either you are cleaning, you know, a million dollar square foot home or you own the million dollar square foot home. And I don't think we want to be that economy and that's what's so Scary with inflation at least that's how they sell it.

Todd  20:02  
Okay, good. Well, how do we respond, then you can touch on anything else that you brought to the table. But for those who say, you know, the traditional middle class, you know, you've got your mortgage, you got a car payment or two kids in school, all that stuff. Maybe you have enough where it's getting crunched. Now, there's not a little lot extra for investing right now. But let's say somebody has one or 200 a month that they could invest in something. Is there something that would be good to get in right now? Or should they still be on hold and wait to see what this whole economy does?

Joe  20:33  
No, I think I think now is an incredible time, I know that all of the clients that I'm working with probably in the last five to six months, I've been able to coach them into what I think is going to be generational wealth for them. So right now is an incredible time to buy. I mean, basically, what you got to do is you got to look at your pre approval, you look at your mortgage payment, you barf, you flush it down the toilet, and you say, Well, here's the deal, I've got a chance of probably making anywhere between 30 to 150,000 in equity, if I buy now, and I wait for all the sheep to get back into being buying when rates get back down to two and three or four, like they very well might, then so you finance them? Absolutely, you can refinance. But now you've earned all this equity, because you're probably buying at a price that might actually be circa 2019. You know, so it is an exciting time to buy. And I've definitely got some faithful clients that have listened to this coaching. I'm not just preaching it, I'm doing it myself, I just me and my father and mom, we just bought a home in Phoenix, my wife as well, we all went in on it. And I mean, we're talking about a $600,000 home back in March, and we got it for 473 with all their furniture, you know, so I'm not just preaching it, this is Lord willing going to create some generational wealth, real estate has a very hard time going to zero, you know, you can buy a stock and that thing can go to zero and you are broke on that stock. I don't think that can really happen with real estate. It's a wonderful time to be a buyer. It's a wonderful time to be a landlord. I'm coaching people on being both let's not sell your home right now. Let's see if we can rent it out, leave it and you go buy a home for a steal of a deal. And then let's see what happens when the rains come back. And the sheep come back to to buy so that's an incredible investment. I think any stocks that have like income you know, I hate to say it on a you know, faith based type program, but I mean, like, you know, cigarette stocks, alcohol stocks, I mean, these all have like unbelievable dividends, right?

Todd  22:27  
Let's just, let's start with Joe, shall we? Stu? Could you put your hands on it? It doesn't matter.

Joe  22:33  
It doesn't matter what economy you have. People are gonna drink or smoke more. I mean, I'm

Todd  22:37  
looking at the COVID lockdowns, right, they shut down the liquor stores for 24 hours and they're like, there's going to be mass chaos and burning. Okay. Liquor stores can

Joe  22:44  
be absolutely, I mean, I can remember that I've invested in Brown Forman right away and I made unbelievable returns on this guy. Speaking of Brown Forman, Brown Forman is who owns Jack Daniels, and probably almost like 80 to 90 other liquors. But Jack Daniels is where they, you know, got their wealth.

Todd  23:01  
Okay, so you're saying real estate. Totally buying that that's kind of been my strategy to doing fix and flip. I'm looking at re refinancing a lot of those now, because to your point, back in March, we were getting multiple offers by Sunday afternoon, well over list. Now, I just listed one last week and I got to lowball offers already, like weighed 50k, under in this nice house. So makes no sense for me to dump it for a big loss just to hold it even if I'm losing a couple 100 A month as a rental. And then when things heat up again, do that. But all that to say that validates what you said on real estate. Second, like you said, alcohol, tobacco, what's another What's your third, like this big thing? I

Joe  23:42  
think anything related to you know, the lack of health in this country. To be very honest with you. I mean, the medical world is definitely not going to suffer with the way that Americans are treating their bodies. So I've always been a huge proponent of that.

Todd  23:57  
Like, what would you invest in?

Joe  23:59  
I mean, just I think anything that has to do with with hospitals? I mean, I don't know you can drive down i 25. They're building them everywhere you drive it. Yeah, it's like, where are the cranes? Oh, they're building another hospital or something that sells, you know, medical equipment, whatever that looks like, I don't have a bunch of ticker symbols for you. But I can probably get back to you on that for episode 200. But But yeah, I think I think those are all strong investments. I think you want to stay out of technology right now, I think that you want to stay out of kind of just those little household names that are going to take a huge hit. You know, where you can get just a much better P E ratio as things kind of go down. And we're seeing that but I think ultimately, in a time like this real estate is just such a tangible, wonderful investment, where the stock price cannot go to zero. And people are not qualifying for Home Loans they've got to rent and so you can get these homes and you can change your strategy on the homes from just just want to buy and sell later. You can also change the strategy to becoming a landlord and seeing how that works. Short term rentals, whatever that looks like, it's such a diverse way to make money. Yeah. Cool.

Todd  25:05  
Still, you got any other questions on your end there?

Stu  25:08  
I was just, you know, wondering about how the whole money supply thing versus, you know, when we put print too much money that's doesn't have anything backing, it creates this kind of runaway problem with our value of the dollar going down compared to other currencies. But also, you know, in terms of like Joe is talking about real estate. So what would be your advice to someone, you know, that's got some money and thinks, what should I do with this? What would be my best deal in real estate?

Joe  25:44  
Yeah, I would use that money as a downpayment. See if you can get a home, see if you're in a position where you can change your primary residence. So one of the most difficult things in lending right now is to buy a second home or an investment property. One of the least difficult things right now, as far as like downpayment, all the bells and whistles of rates and closing costs come when you buy a primary residence, if you've got a client or like kind of what you talked about, where you have people that are like, look, I'm willing to kind of get a little bit crazy in this market, now is an unbelievable time to take that money that's on the sideline, and become both a landlord and a buyer at the same time. So you leave this primary residence that maybe, you know, hopefully, you haven't gotten too attached to, and you can't live without, and there's no other place that you can ever like, rest your head, and you may be looked to rent that out at absolute top dollar, you're gonna get first, last and deposit line out the door way too many people are going to like be demand on that property. And now you can go buy a home at what would be almost a pre 2019 Price, put little money down, get the best rates and the best closing costs, because you're declaring it as a primary. That's right. That's exactly yeah. Oh, yeah,

Todd  26:50  
that's exactly what I did two blocks away last year,

Joe  26:53  
there's like 11 doors down. Yeah.

Todd  26:55  
So if you love your neighborhood, you can still do this. You can still Yeah, it's a different one.

Joe  26:59  
I mean, it's you know, and you're seeing that right now, where, I mean, I'm seeing that where I've actually put people into a neighborhood in March. And then I put a different client three doors down, you know, four or five weeks ago, and they paid like 100 $250,000 less than this person, this person still has a better mortgage payment right now. But, you know, Fast forward four or five years from now, this person is going to be in a general generational wealth position that this person is not.

Todd  27:24  
And that's the big thing with with finances is people don't have that long term vision. They want immediate results, or at least in a few years. But if you're able to think ahead and say, yeah, what is real estate done historically, and you're willing to wait it out for 234 or five years, then you do have a lot better asset than just okay, I want a quick return tomorrow.

Joe  27:46  
Yep. If everyone's doing it, you may not want to be if you're actually trying to create wealth.

Todd  27:52  
That's true. Because you said the sheep, right. The sheep are just reactive. They just want a mortgage payment. Yeah. Well, people are proactive. People who create wealth are proactive, and they they take risks, but they're also very calculated risks.

Joe  28:04  
Absolutely. I mean, I got I got a client right now. I won't say his name. If he hears this will know it's him. But I mean, what a creative guy. This is a 23 year old guy, just graduated from Berkeley as an engineer. We met for drinks and I was telling him all this, he got so passionate about it, he's buying a home right now getting his dad to cosign, and he's moving into a four bedroom property with three renters and he's going to house hack the whole thing. And basically he's still losing like six 700 a month with that many people moving in. However, he's buying a home in Broomfield for like 527 This home will be worth 750 As soon as the sheet come back,

Todd  28:39  
yeah. Soon as those interest rates go down, everybody's back in the pool. Absolutely. Do you have any thoughts on precious metals silver gold? Get some none.

Joe  28:50  
I don't think I have too many thoughts on that. I don't know. I think that's kind of scorched earth type stuff. I'm not sure we're quite there yet. That'd be my opinion. I like the stocks of those like I buy gold x is the ticker symbol. But I always feel like when it scorched earth I mean what's going to happen is is like you know, you're gonna have all the water and gold but then I shoot you and I take all the water cold so

Todd  29:12  
I have guns and ammo as well so you have to have that if you're

Joe  29:15  
gonna have your water and gold

Todd  29:16  
make sure you gotta cover

Joe  29:19  
I just don't know enough about that. I've always kind of been like if it's that bad it's probably just my time to go see Jesus. So

Todd  29:27  
yeah, my thought too is like be prepared for a couple months or maybe six months but if it gets past six months, is that bad? I don't know if I want to keep living you know three years into the apocalypse and right Mad Max coming around the corner, you know, and having to join his gang kind of thing. So yeah, what do you got to do?

Stu  29:44  
Nothing. I was just laughing it you're about ready to say something. I was gonna say there was another thing that you know, Milton Friedman did. He made friends with the dictator of Chile, Augusto Pinochet, and he went there at a time when she He was suffering from runaway inflation, I mean, way worse than what we have. And all basically he said was the key thing was cut public spending, elimination of wage and price controls deregulation of financial markets and foreign trade. So in other words, get out of it stop trying. The government trying to influence things too much. usually ends up being like, somebody tried to do surgeries, got the shakes, and you're causing more damage.