Speaker 1: this time it's different. This is the new economy. We are just coming out of the longest bull run in history, 11 years, started in 2011. And at 2011, I made the biggest fortunes of my life because that was the MBS, mortgage-backed securities and the CDO crashes, the real estate crashed. And I backed up the truck and I borrowed $300 million to buy the best real estate all across the Southwest. This is the largest, longest bull market in history. And I look at some of these young kids, and I own some Bitcoin, I own some Ethereum, but they're all saying the same thing, this time it's different, and Bitcoin's crashed. And the Federal Reserve Bank, I can't believe that. I mean, people say, don't fight the Fed and all this. Well, my question to everybody is this, can the Fed print oil? Can the Fed print gas, I mean, gasoline? Can it print food? But everybody sits there and they've been brainwashed by Wall Street to go, do as the Fed tells you to do. Well, you got to be kidding me. Those guys are the three stooges, Janet Yellen, Biden, and Powell. You got to be kidding me. Why would you listen to them? Volcker saying it's going to crush, so he raised interest rates, right? So Powell is now channeling the spirit of Volcker. And when Volcker crushed inflation, debt to GDP was 30%. And today it's 125%, if you believe the numbers. So if he channels Volcker, another thing about history will tell you this, there's never been a soft landing. It's more Fed talk. I've made more money in the last three years in my whole life. And so that's what I want to talk about with you today is that there's other ways of looking at investing, but to think that Powell is going to save you when, as you may know, the reverse repo market is running at 2 trillion a day today, 2 trillion a day. And people are listening to Powell. You got to be kidding me. I own no stocks, bonds, mutual funds, ETS. I do not touch paper. I'm not saying that you shouldn't, but I say people have been brainwashed by the Fed, the Treasury, and whatever those guys are. Go to school, get a job, pay your taxes, get a high paying job, and invest in the long-term, the well-diversified portfolio, stocks, bonds, mutual funds, ETFs. It was in 1974 when I came back from Vietnam, a two-tour marine helicopter pilot. I saw communism at work. It was not pretty. And I come back in 1974, they passed ERESA. ERESA stands for 401k right now, or IRA. And I went, oh my God, they're funneling my generation, the boomers, into the stock market. And they don't know anything about money. And in 1974, the biggest exodus, Adam, was school teachers suddenly becoming financial planners. I watched that with horror. I watched it in horror. That's the poor leading the blind. And today we have baby boomers who are hoping the stock market stays up under 401k just as social security goes bust. You think that's an accident? That's all I'm saying. I'm just a marine. I'm a dumb-ass marine lieutenant. Flew the gunship, went down three times. But today I listened to this bullshit and I go, oh my God, how can we be that stupid? Because they went to school. We did as we're told. Don't fight the Fed. Do as the Fed tells you. Invest in a long-term, well-diversified portfolio of stocks, bonds, mutual funds, ETFs. And don't worry, Powell is now channeling Volcker. When the debt to GDP is 120%, you got to be kidding me. So when they were dropping the interest rates, I thought I went to heaven because I'd buy a apartment house. I own 13,000 apartment houses. Every time the Fed dropped the interest rates, it jacked the value of my properties up, but I also improved the properties and I refinanced out. So today I own no money in any of my properties, 13,000 units, all throwing cash. They said in a bull market, even idiots feel smart. I'm listening to all these idiots. After 2011, the market crashed in 08 because the repo market went bad. And the repo market is the credit of Lehman Brothers and Bear Stearns was bad. And so they hammered, and anyway, it's a long story. My friends are all inside that world. But then when it came back out, they just started pumping money. Just like you said about Christine Lagarde, start lying. And what they did was they kept printing more money to save a bad economy. It was already crashing again in 2011, but they kept printing money. And today we're going to pay that price. I use debt because debt is tax-free money. So what I did was I'd rehab my apartment, 13,000 of them. I just kept buying more with the cash flow and I'd refinance out as interest rates dropped. So I'm in good shape now that I took them, then I set all interest rates right now. So I use debt. And who's that guy that says, live debt-free? Well, that's his opinion. I don't do that. I don't flip houses. Remember all those guys who were flipping? They were stupid, stupid. When the moment you flip, you have a tax consequence. I never flip. I finance out this tax-free money. And not only that, is when I started investing, I had to invest at 12% interest rates. I like debt and I don't pay taxes. Because every time I borrow more money to float my properties, there's three types of tax breaks. I've got appreciation, depreciation, and amortization. So I zero out. So my cost of money is my tax on debt is zero. And I use that tax appreciation, depreciation, amortization, all in which I had poor debt, to offset tax in my income. When Biden took the Eastern XL pipeline off, my oil I was selling from the ground, which is a tax break also, went from $30 a barrel to $130 a barrel. Today it's like 120. But I'm like, oh my God, this guy Biden is going to bankrupt this. I'm not saying him, but there's somebody who wants to bankrupt because oil is the lifeblood of civilization. I worked for Standard Oil of California as a tanker officer when I graduated from school. I understand oil. I was on the Alaska pipeline and all of this. I'm like, he's screwing us. So when he raises inflation, the poor and middle-class will go broke. And that was just done as soon as he was being done before he took office. And so I'm looking at this, this guy's going to sell America down the drain. I'm not saying it's him, but somebody wants us to go broke. And I'm watching this going, oh my God. So what else can I, so I have oil wells. I get tax breaks for those because I don't invest in oil stocks. I worked for Standard Oil, but I don't invest in Standard Oil. I invest in the oil on the ground. I'm a wildcatter. Everybody says, don't do it. I don't recommend it, but I like doing it. Gold mines don't do it. I like doing it. There's more opportunity today than ever before, but not if you've been brainwashed into going to school, getting a job, paying taxes, live debt-free and invest in the stock market. This bubble right now, Adam, is a bigger bubble than 2008. This is the everything bubble. It's going to be not only stocks, bonds, but also credit. I mean, but it's more opportunity is going to come out of it. And that's what I'm saying. Be careful who you listen to because your best asset, but also your biggest liability are the ideas in your head and be careful who puts them there.